T1TE PAH.?- EVENING TELEGRAPH PHILADELPHIA, FRIDAY, AUGUST 7, 1368. SPIRIT OF THE PRESS. gDITOBlAL OPINIORB OF TBI LEADING JOURNALS BP0S CCBHMT TOPICB COMPILKO BTKBT DAT FOB nt IVKNINO TELBOBAPH. Governor Seymour's Letter of Acceptance. From the N. T. Timet. Governor Seynioar at length sooept his no mination in a letter which has all the had characteristics of his recent speeches. It la loose in its statements of fact, Jesuitical In its reasoning, and evasive in its treatment of the issues presented by the Democratio party. The first impression prodaoed by the letter Is, that its writer realizes the odium inourred by the revolutionary programme ot his party. This odium he seeks to break by charging upon his opponents purposes and tendencies which have no existence except in the mlnda of his friends. "The minds of business men are perplexed with uncertainties," as he remarks, but it is mainly because of the attitude assumed by the Democracy oa the subjects of finance and reconstruction. In one case the publio credit is threatened; in the other, the new order of things in the Southern States. The two causes are quite sufficient to explain and justify the uneasi ness whioh pervades business ciroles; and there will be no escape from it until the party whose aotion excites it shall have been again rebuked by defeat. The continued advance in the price of gold, is an illustration of the effeot produced by the Democratio platform upon the most sensitive indicator or commer cial opinion; and the audacious preparations of the Southern leaders to overcome the au thority of the new Governments by violence, exemplifies with equal point the encourage ment received from the New York Convention. When Mr. Seymour does venture to be speoifio in his accusations, it is at the expense of truth. For example, referring to Congress, he says: "Its acts since the adjournment of the Con vention show an alarm lent a changeof political power will gl ve to the people waul they ought to have a clear statement of what has been done with the money drawn from them during the past eight years." The truth being that "dear statements'' bare been given by Mr. Blaine, in the Bouse, and more recently by Mr. Wells in the press, which show not only "what has been done with the money," but that the stories put in circulation by Democratio orators, and by few more unwarrantably than by Mr. Seymour, are perversions coined for the basest uses. We are not -unqualified eulogists of the finan cial management of the dominant party. We know that Congress and the Treasury are chargeable with many sins of omission and commission, of a fiscal and financial charaoter. We know, too, that frauds have disgraced the administration of the Internal Revenue, the responsibility for whioh must be divided be tween the President and the Senate. But when Mr. Seymour alleges that there have been financial wrongs "which have been kept ' from the publio knowledge," and for whioh Congress is accountable, he indulges a mis statement which partisan ardor does not excuse. Again, Mr. Seymour writes: "The Congressional party has not only allied Itself with military power, which Is to be brought to bear dtreotly upon the elections la many States, but it also hold Itself in per petual session, with the avowed purpose of making such laws as it shall see nt, in view of the elections which will lake place within a few weeks." The answer to the allegation that the Con gressional party intends to bring military power "to bear directly upon the elections" is, that under General Grant's orders, the Dis trict Commanders relinquished all the extra ordinary authority conferred by the Recon struction acts, so soon as the newly-formed Governments came into operation. The fact, then, is the opposite of Mr. Seymour's state ment; and for this fact the Republican party Is entitled to credit. The intervention of the military may yet be necessary in Louisiana, and perhaps else where, but it will be in oonsequenee of the disloyal organization whioh is at work to dis franchise the colored voters. If this necessity arise, some of the Southern adherents of Sey mour and Blair may come to grief. The cir cumstance, if it happen, will not prove an improper alliance between the Republican party and the military. It will simply show that there are rebellious fools who have already forgotten the risks of rebellion, and need be reminded anew. Mr. Seymour must cot suppose that his friends in South Carolina and Louisiana will be allowed to set law and local authority at defianoe. Nor must he wonder if he and his party everywhere be held responsible for the revolutionary utter ances and plans of the Southern Democracy. Mr. Seymour's affected moderation takes another and more amusing shape. From untruthfulness it passes to hypocrisy, lie patronizes the conservative Republicans, and substantially olaims affiliation with them. Their errors, he thinks, have been of the judgment merely, and he bids them welcome to the Democracy. "They must now see," he Suggests, "that the Republican party is in that condition that it cannot carry out a wise and peaceful policy." Therefore, quoth he to the conservatives, come and help to elect the Democratio ticket 1 The Governor does not ohoose to remember that conservatism in the Republican ranks ceased its murmuring and Its opposition when Copperhead) sm proclaimed its continued mas tery of the Democratio party. Such is the case, however. The conservative Republicans struggled a couple of years to moderate the course of the dominant party, but were uni formly frustrated by the uu principled parti sanship of the Democratio members. They contributed their full share to what ever is extreme in reconstruction legis lation. And when they and their party raised the ling ot resistance to law in Tarn many Hall, incorporated Wade Hampton's doctrine in their platform, and otherwise afforded proof that Copperheadism is still in the ascendant in their councils, the last plea for conservatism, as a disintegrating element in tue ueputmcan ranks, vanished. The nomination of Grant at Chioacro. on a platform at once conciliatory and just, laid the founda tion for the reunion of all shades of Republican opinion. The New York nominations, on a platform of rermdiation and revolution. r. moved all lingering doubts as to the oourse of duty, and rendered tba Republican strength more compact than ever. Mr. Seymour, therefore, may dismiss the hope of hlp from those whom he htyls "the best men of the Republican party." They Win not furnish mm a corporal s guara. The Threatened Rebellion) PVnm the N. Y. Tribune. The World recently devoted several leaiara to proving tue seu-eviuent saci mat tne n Statu (Invvrnmunta in tha Smith nan liu ln fully changed only through the regular action of their own Legislatures and legal voters. W did not BUDDORH that the RhIihU wnnlii acrrua to this, but we did count on the perseverance of the World. Yet that journal now prints an old speech of Frank Blair's, and says: "Vf O UiUol Itul l UulihlsC.KHl Urn lliiuliu lL.li pe.cli aj un to dencr.! IUau" uiojo repent letter. There is nothing In that letter which we oould wish him to retract or explain ny. HI pnallloa Is, that if a Democratio Predentin elected, the negro reoonstr notion cannot aland. We are aware that the Hepabli can Senate cau offer a prolonged resistance to its overthrow; and weonrselvea took pains to have this obstacle lully weighed and appre ciated before the Democratio Convention met That obstacle Is but temoorarv; for the Senate must nltlmitely be brought into harmony with toe rubllo sentiment or t no country. Bat the repugnance of the Southern people to negro reconstruct ion Is settled and insurmountable. In full view of the political complexion of the Henateand the long terms of the Senators, the Southern people decide that they will never voluntarily submit to the usurpations of Congress. This inflexible opposition la M mnoh a fact as the long terms ot the Senators. The Senate eau In time be ohanged; but the Intense repugnance ot the Southern whites to be ruled by their former slaves Is a permanent feature of the political situation. TblB unconquerable repugnance, which no ob stRcles can daunt or opposition shake, renders it impossible ever to tranquillze the country and disband onr expensive armies unlesa negro supremacy in the Sonth is abollHhed. General Ulali's letter la, In substance, a statement of that faot. It secured his nomination simply because the fact is true. The hundreds of arti cles denouncing It which we have read in the Republican papers, all cob cede that It aeou rately reflects the publio sentiment of the Sonth. If this be so. If it be true that, notwith standing the great obstacle Interposed by the Republican Senate, the Southern whites will never give over their opposition to netsro su premacy, this fact must be faced as well as the fact that the Senate is, for the present, Hopub llcon. "When the Democratic party has elected the next President, it will be manifest to everybody that the negro governments cannot be perman ent. If the .Senate and the Southern negroes shall then yield to the will of the country, we shall have immediate tranquility. But if they choose to make a factious opposition, the Southern whites will probably cut the gordlan knot without waiting for a change in the Senate to have it untied. If the negro govern ments should suddenly collapse, a Democratic administration will not interpose to resuscitate them, and the local authority will easily revert into the bands of the whites. If there should be a deviation from the usual forms. It will be because the Senate and the negroes refuse to comply with the will of the majority, as ex pressed In the Presidential election." Comments by the Tribune. I. The World falls into the rebel mistake of confounding the Southern rebels with "the Southern people." The census returns and popular vote concur in demonstrating that a majority of the whole people of the States lately in revolt approve and sustain the recon struction policy of Congress. In the States of North and South Carolina, Louisiana and Florida, this majority is decided unquestion able. In Mississippi there is a large majority of blacks, and only common sense is needed to convince any one that they approve the polioy that found them slaves and left them freemen and legal voters. The recent rebel triumph in that State was achieved just as Tories are frequently chosen to represent Irish Catholics in Parliament just as Wade Hampton proposes to carry South Carolina for Seymour, by saying to the black voters: "We own the land you live on; we employ and pay you; if you do not vote as we dio- tate, your children shall have no shelter and no bread." We defy any intelligent Demo crat to deny that this is the way, and the only way, in which colored men are induced to vote the Democratio ticket. But the Rebels are not "the southern peo ple" not even a majority of them. Assuming that the ten States recently unrepresented in CongresB have a population of eight millions, that population is politically divided very nearly as follows: White Republi Wnlte Demo cans l.WW.OUU crats 3,500,000 Colored do....3,!&0,000 Colored do 250,000 Total 3,730,000 Total... ,.4.250,000 What sham Democracy demands is the dis franchisement and political nullification of the blacks in order that it may work its wicked will on the Republican whites. "Never speak to one of the wretches 1" is the watchword of Cobb, Toombs, the Mobile Register, Charleston Mercury, and other oracles of Rebellion. "No scalawags (white Republicans) are wanted here, is advertised with their goods by Rebel merchants. "When Seymour is eleoted, we'll make short work of the carpet-baggers," is the general cry of the World's political allies in Dixie. The Charleston Mercury gives formal notice that no debt contracted by "General Scott's Government" will be paid or acknowledged after the Mercury's fritnds get the upper hand in South Carolina. That journal, like the World, reoognizes no "Southern people" but suoh aa are technically white. Now this is an assumption utterly unsup ported by fact, reason, or the Federal Consti tution. There is not even a hint in that Con stitution that a free colored man is not equal in political rights to any other man. "Free persons" are discriminated from "all other persons," but blacks from whites never. Impregnably fortified by that charter, we most emphatically deny that "the Southern people," or a majority of them, are opposed to what the World calls "negro reconstruction." II. Now as to "the intense repugnance of the Southern whites to being ruled by their former slaves." Is it any stronger than was their repugnance to having those slaves freed ? or allowing them to give testimony against whites ? or conceding to them civil rights f And have they not conquered their repugnance to these f Then why may they not oonsent to their votirjg also f But admit that "their inflexible opposition" to negroes' voting is a fact. Is it auy more a fact than their opposition to the Uniou re cently was ? And have they not bravely sur mounted this T III. The talk of the Southern whites being "ruled by their former slaves" is dishonest. The blacks are a minority of the Southern people. They have little education and next to no property. Nineteen-twentieths of them are the tenants and hirelings of Rebels. If these Rebels are now ready to let bygones be bygones, and close up the controversy on the comprehensive basis of universal amnesty impartial suffrage, they will find the blacks ready to meet them on that ground and unite in the repeal of all disfranchisements and dis qualifications. Why not? IV. But the World misrepresents General Blair's position as palpably as it deceives by its talk of "negro supremacy," "negro ruling," etc General Blair proposes the overthrow of the new Southern State Govern ments by usurpation and violence by means which involve the renewal of civil war. Hare are Lis preciee words: Blair's Letter to IJrodhead. "There Is but one way to restore the Govern ment and the Constitution, and that Is for the l'rtsident elect to declare these (Reconstruc tion) aota null and void, compel the army to onilo its usurpations at the Mouth, dUpersa the carpet-bag Slate Uovernmeuta, allow tue white people to reorganize their own governments, and elect Senators and Representatives, The House of Representatives will contain a ma jority of Democrats from the North, and they will adult the ltepresentallvei elected by the while people of I no South; and, Willi the co operation of the Prealdeut, it will not be UUU cult to compel the senate to submit ouos more to the obligations of the Constitution. 1 repeat that tit Ih is the real and only question that bhould be allowed to control ns. "Fbanic I', BLAIR." ,., ."Here, you see, "the President eleot" is to "declare null and void" laws whlah have never been repealed nor adjudged unconstitu tional, and, by the use of the army, "disperse the carpet-bag State governments, ' aud ' 'allow the white T.e0p!y to reoraa'.j tUoIr uxu govcxuuienU aud elett 30ato3 aaifiop.-e- sentatives." The existing Btate governments are to be overthrown precisely as Bonaparte overthrew the pre-existing republican govern ment oi rranoe in low, or as Louts iNapoiaou overthrew that under which he was first chosen President. The representatives thus ohosen by a part of the people of the South, in defiance of their Slate Constitutions, are to be admitted to seats by the Democrats from the North; and then this revolutionized House, "with the co operation of the President," is to "compel" the Senate to acquiesce in the acaomplished revolution. The World, therefore, substitutes a programme of Its own for that of its mau Blair, and tries ts pass off the former for the latter. It won't do 1 ' V. But, "if there should b a deviation frem the usual forms," whereby "the negro governments should suddenly collapse," we are told that "it will be because the Senate and the negroes refuse to comply with the will of the majority." Majority of what f How esti mated f Let us know if a vote for Seymour is to be counted as a vote for the Blair pro gramme of subversion and revolution f Is a vote for Seymour in New York a vote to dis franchise the blacks of the Caroliuas f Let us understand I The Key-note of the Campaign. From the N. Y. World. It is easy to see, from the whole texture of Governor Seymour's noble letter of acceptance, that he expects to be eleoted, and he writes under the feeling of responsibility which befits suoh an expectation. He is already the selected and recognized leader of one of the great political parties; and in this his last publio utterance before the election, he seeks to mould the publio sentiment of the party into conformity with the course he will think it his duty to pursue as President. The con fidence whioh the party feels in his sagaoity and statesmanship, binds it to conduct the campaign in accordance with the views whioh its candidate has so ably and so deliberately put forth. While Governor Seymour takes no pains to conceal the hostility and soorn with whioh he regards the bastard State governments and the injustice and absurdity of admitting their boguB Senators, he speaks of the honest masses of the Republican party with a candor and considerateness which foreshadow the healing moderation with which he will ad minister the government. He gives promi nence to the fact that many of the wisest leaders of the Republican party have disap proved and protested against the violent counsels which have prevailed in Congress; counsels whioh he attributes to the fact that the party has been free from the wholesome restraint of a powerful opposition. The head long courses into which itftas been hurried by its most impetuous and passionate men, have resulted from the inevitable tendency of all unchecked power to abuse; and Governor Sey mour evidently expects that, after a great Democratio viotory, the wiser and more mode' rate portion of the Republican leaders, whose influence has been overborne, will reoover the ascendancy due t their talents, and that there will alterwards be no difficulty in trauquuliz ing the country on the solid basis of justice, moderation, and good sense, uue ot the best fruits which Governor Seymour seems to ex pect from a Democratio triumph, is the spon taneous change it will cause in the leadership oi tue republican party, by dwarnng the influ ence of the reckless and domineering spirits wno now Hold the renin and crack- tha vhln. It is by such a change, aud not by subversive violence, that Governor Seymour expeots a satisfactory settlement oi the prevailing diffi culties. We ask attention to the following pregnant sentences: j. lie republican party, as well aa we, are interested in putting soma cheok upon this vlelenoe. It must be clear to every talaklne man tbata division of political power tends to cneca tue violence oi party action, aud to assure tue pence and tfood orner or society. The elec tion of a Democratio Executive aud a majority oi jjeinocrauo memuers m me ttouse oi rtepre sentatlvea would not elve to that Dartv oreanl. zatlon the power to make sudden or violent changes, but It would serve to cheok those ex treme measures whioh have been deplored by the best men of both political organizations. The result would most certainly lead to that fieaceful restoration of the Union and re-estab-ibhment of fraternal relationship whioh the country desires. I am sure that the best men of the Republican party deplore as deeply as I do the spirit of violence shown by tuose re cently an ran tea to seats in uongrass rrom the South. The condition of civil war which they contemplate must be abhorent to every right- luiiiKing man. "I have no mere personal wlsheB whioh mis lead my Judgment in regard to the pending election. ' JMo man who has weighed and mea sured the duties of the office of President of the United States can fall to be impressed with the cures and tolls of him who is to meet Us demands. It la not merely to float with popu lar currents without a polloy or a purpose. O i the contrary, while our Constitution gives Just weight to the publio will, its distinguishing feature is that it seeks to protect the rights of minorities. It greatest glory is that It puts restraints upon power. It gives foroe and form to those maxima and principles of civil liberty tor which the martyrs of freedom have struggled through ages. It declares .the right of the people 'to be secure In their persons. houses, and papers against unreasonable searches and seizures. That Coneress shall make no law respecting an establishment of reugion or tne iree exercise thereot, or abridging the freedom of speech, or of the press, or the rlgnt of the people to petition for rtdrtbs of grievances. It secure the rlgat oi a speeuy anu puoiio trial by an impartial Jury.' i "No man oan rightfully enter upon the duties of the Presidential ofllce unless he is uot only willing to carry out the wishes of the people ex pressed in a Constitutional way, but Is also prepared to aland up for the rights of mluoi i ties, tie must be ready to uphold the free ex ti else of rellulon. He must denounce measures which would wrong peraonalor home rights, or the religious conscience of the humblest citizen of the land, lie must maintain, without dis tinction of creed or nationality, all the privl leges of American citizenship." From these excellent paragiaphs, taken in connection with the whole tenor of the letter. we get a very clear notion of the method by whith Governor Seymour expects to bring back the reign of order, stability, and content ment. He does not accept General Grant's servile doctrine that the President is to be the mere passive tool of a majority. He reoog nizes and accepts the fact that his administra tion will be confronted by an opposition He Date, and thinks that honest, peace-loving Kepublicana should see in that lact a sure guarantee against any violent stretches of au thority by the new administration. It is not by subverting or clroumventfng the Senate that Mr. Seymour expeots, as President, to carry bis measures, but by the ascendancy, in that body, of its wisest and coolest heads, wLoae inlluenoe has been stifled by the arro gance of passionate fanatics, because their party Las been free from the salutary cheok of au efficient opposition. When the Republican party finds itself in a minority, it will consent to be led by its statesmen, and no longer by its demagogues and fanatics. After the election of a Democratic President and House oi Representatives, all wise Republicans will see that the revolutionary measures of their party cannot be permanent, and that the party would loue infinitely more than it could gain by standing out against a tranquillizing Settlement. The universal demand of the country will be for a prompt and equitable settlement, aud the cheok of the Senate upon the new administration, will prevent the Gov ernment from swinging from one extreme to its opposite, aocordiug to the natural tendency of reactions. The election of Mr. Seymour will rcLtcrc at once a system of elL'ctive checks aud balance?, ad iusu:t tLs iu9vcifi?ut o! the Government in that steady middle oourse whioh ia best fitted to satisfy all Interests. That the Senate will easily be brought to reason, after the election of a Democratio President, is inferred from the fact, so strongly Eut by Governor Seymour, that the wild and igh-hauded measures of Congress have been adopted against the judgment of many of the moot sagacious men of the Republican party. i nose Kepnblican Journals whioh have been demanding proofs of Governor Seymour's statesmanship may find them In this letter. It contains not a trace of that threatening, spas modic violence of tone wntoh marks busy, conse quential insignificance. He has a steady grasp of tne situation, and a cairn foresight both of ob stacles and the means of surmounting them. He speaks like a man consoious of resources, wno see; no necessity for violence, because he feels capable of putting things in suoh a light that candid opponents in the Senate will not refuse their co operation. The moderation, the self-poise, the calm and courageous confidence of a statesman, speak in every line of the let ter. He has so clear a oerceDtion of the creat moral effect of a Democratio viotory, that he feels no anxiety lest a hostile Senate should prevent the country from reaping its fruits. What we look to is an adjustment in which all branches of the Government and all sections of the country will participate and ooncur. AU will see the necessity of having this great quarrel settled at last, and the impossibility of settling it except on a basis of substantial jus tice. He looks upon the Senate less as an obstacle to his policy than as a guarantee of its moderation. He expeots to lift these irri tating questions out of the heated atmosphere of party and sectional passions, and to settle them, by general acquiescence, on such a basis that they will never be reopened. He treats honest Republicans with consideration now, because he expects their co-operation here after. He will be President, when elected, of the whole American people; and he expects to knit them all together in the bonds of a re newed brotherhood. Current of rolllieal Sentiment and the Pre sidential Election in the South. From the JV. Y. Herald. An extraordinary and quite unexpected re volution is taking place in the politioal pros pects of parties in the South. The radical leaders spread themselves over the Southern States, alter reconstructing those States on the negro basis, to seoure the votes of the new born citizens of African descent. The first ora tors in Congress, both Senators and Represen tatives, left their seats and homes to stump the South and to control the negro vote. A vast exodus of radical carpet-baggers left the North, and principally the Eastern States, spreading themselves over the whole Soath like locusts, to secure the suffrages of the blacks, as well as the offices and the property of the whites. In fact, the Northern radicals had it pretty muoh all their own way. The South was their political elysinm. They had no doubt about controlling the votes of the negroes, not only for their own elevation, bat in the Presidential election also. All the trouble between Congress and the President arose from the struggle to gain the negro vote as a balance of poliUeal power, and the recon struction acts of Congress were framed ex pressly for this purpose. In truth, nothing was leit undone that could be done by all the means that an all-powerful party could use, and soaroeiy a radical in or out of Con gress had any doubt of the result. But what do we see now f Precisely what the Herald said long ago and all through would be the case that in the end the negroes would go with their masters and the Demo crats. Prom every quarter of the Southern States the fact comes to us that this is the case. A most thorough reaction is taking piace. ine press ana almost ail the corres pondence from the South show this. Our private and most reliable correspondence in form us that "every one of the ex-Rebel States will be carried by the Democrats; that the negroes are leaving the radical party by hundreds; that they are organizing oolored conservative ciubs, and that they are attend ing Democratio barbae uea by thousands." Never was there a more striking example of the old saying that the best laid plans may be defeated. And why are the negroes abandoning the radioals and going with their old masters and the Democrats f Beoause they believe their interests lie that way, and because the South ern whites know how to treat and control them better than the Northerners. In their brief experience with Northern adventurers pro perly called carpet-baggers, beoause the greater part of them were needy speculators, without any property but the carpet-bags they carried in their hands the negroes have seen that these men had really no sympathy with them, and only wanted to use them for their own selfish purposes. They see that their best friends are their old masters, and the white people among whom they were born and with whom their best interests are identified. The Northern carpet-baggers and orators have cheated and deceived them under the pretense of sympathizing with them and being their friends, and, as a natural conse quence, they turn to the people who employ them and with whom their destiny ia cast. What more natural f All this only shows how short-sighted the radioals in Congress and the radicals generally have been. Independent of party considerations and the immediate effect this reaction may have on the Presidential election, it must be regarded as a happy cir cumstance; for if the negroes and whites of the South act together, all fear of a war of races hereafter will be at an end. The employer and the employed will work together for their mutual interests and the interests of their common section of country. Que thing is certain, and that is that the radicals must change their tactios, cease their efforts to array one portion of the Southern population against the other, and consider the interests of the whites aud blacks of the South as identical, or they will have the whole of that section combined against them, both now and for all time to come. They have deoeived themselves up to this time. We shall see whether they oan retrace their steps or com prehend this most interesting political pro blem of the day. Can the Govern incut EoMimo Payment 1 From the N, T. Evening Post. The considerations suggested yesterday seem to prove beyond doubt that every danger which oan be apprehended from the return of national bonds now held in Europe ia made both more imminent and more formidable by the unsettled condition of the currenoy here. If specie payment could be resumed we should be less likely to have the bonds Bent back sud denly, and less injured by them when sent than we should be now. But can specie payments be resumed f That resumption ia difficult, all will admit. That the difficulty increaaea with every year of flnanoial "drifting," without a policy, ia plain enough. But some go further, aud con tend that it has now become impossible. Our correspondent, "A broker," arguea again to day that the large amount of our debt owned in Europe ia an insuperable barrier to resump tion here. It cannot be denied that any steprwhloh tn'"bt be taken towards a i-ound currenoy are liable to iaUriUptiou or defeat by the ocour- 218 & 220 S. FRONT ST. OFFER TO TUB TRADB, IN LOTS, FINE RYE AND BOURBON WHISKIES, IN BOND, Or 180S, 1800, 1807, una 18C8. THEE FINE ME AND BOURBON WHISKIES, Of GREAT AGE, ranging from to 1845. Liberal oontracU will be entered Into for lota, in bond at Distillery, otthui years' manufacture.! rence of war or panio in tne European mar kets. No matter how healthy our move ments towards specie, a sudden fright might be produced there by causes not to be con trolled in America; and would result in a rapid and large depreciation of our currency, as indicated by the premium on gold. But such a panio would not be oi long dura tion. In 186G, when the war broke out be tween Austria and Prussia, New York waa suddenly drained of thirty million dollars in coin. Gold rose nearly thirty per cent. But the evil soon corrected itself. War in Europe did not really Injure confidence in the credit of the United Statea. It was felt at once that gold was too high; aa soon aa the first fright was over our bonds were in uemaua again, and gold declined, though slowly, until the end of the year, when the premium waa lower by seven per cent, than at the begin ning. Thia experience confirms what reflection would indicate, that a panio in our bonda re sulting from any merely European cause oan not injute our currency seriously, nor for a long time. In any given oondition of the na tional credit, gold will be taken hence to Eu rope so long as it is in greater demand there than here; and a sudden stringency there will necessarily draw a supply from us, until the price of gold here shall be high enough to cor respond to the demand abroad. Beyond that point it oannot go. No one oan fix beforehand a limit, and say that the premium on gold cannot, by a dis turbance of the foreign markets be forced for a time beyond it. But the oriaia of 18GG has unquestionably had a great inlluenoe in Aurope in extending and strengthening con fidence in Amerioan securities. Were our oondition aa strong and aa hopeful at home aa it then was, it is certain that such a strin gency as was then felt in England and Ger many would affect us far less than it did then. The people throughout Europe have been rapidly learning to trust the United States, and that trust ia now harder to shake than it ever was before. But we are subjecting their confidence in ua to severe trials. We are quietly postponing a return to specie payments; and apparently acquiescing in a permanent failure to meet our obligations. We are openly diaousslng, aa a politioal question, the propriety of repudi ating our debt. We are giving utterance, through our leading statesmen, and even through Congress, to the crudest and most worthless plans now for paying our debts without bearing the burden of them, and now for evading them in part or altogether. And, to orown all, we are exhibiting in our own markets a deeper distrust, either of our ability or of our disposition to be honest, than Europe is ready to entertain. Here ia the really weak point in the situa tion. It ia not in the commeroial relations of the country so muoh aa in the financial polioy of the Government. It ia not in the danger of panio abroad so muoh aa ia the oertainty of distrust at home. Were there no question anywhere of the determination of the United States to meet its obligations, or of their wis dom in the use of their resources, our bond3 might still be shipped by hundreds of millions, not to pay for luxuries only, but in exchange for real capital to build railroada and to subdue the wilderness. But although a panio in Europe from Eu ropean causes could not seriously harm us, a panio there from distrust of our credit might overthrow our whole financial system. It ia suoh a panio whioh our long delay in returning to specie payments renders possible. It is such a panio whioh is now threatening ua, and the vague apprehension of which is the chief support of the steadily advancing premium on gold. Should it once become a probability in the minds of our European oreditora that the New York repudiation platform may be sus tained by the popular vote in November, there would inevitably be a general struggle among them whioh could first turn their bonda into real money. No man who has any knowledge of the subject will believe it possible that Governor Seymour should be inaugurated next March, with gold at aa low a figure as the highest that has been reached since the war. The true obstaole to resumption, then, does not lie in the mere faot that eur bonds are largely held by foreigners. Were our cur rency sound Europe might hold them all without endangering us. It is not oorreot to say that the exported bonds make it unsafe to resume payments, but rather that our fail ure to resume makes it unsafe to export the bonds. The remedy for the whole evil ia in restoring the currency and building up our credit. Let the currency be gradually oontraoted by the substitution of interest-bearing notes for the greenbacks. Let gold contracts be made legal. Let banking be made free, with the issues secured by deposits of bonda sufficient at the market rate to redeem them in ooin, with a mai gin of ten per cent. These simple mea sures, aa the Evening Post haa repeatedly proved, would bring ua back to specie pay ments in from three to five years, unless inter rupted and delayed by a crisis in Europe of unusual severity. But above all, and as the oondition not only of resumption, but of avoid ing a sweeping and speedy calamity, let the nation show ita determination to meet all ita obligations in uttermost good faith." PAINTED PHOTOS. NEW THING IN ART, BLIN PAINTED PHOTO A. S. ROBINSON, No 8.0 CHK8NUT Street, Ilea Just received a superb collection of BKBUH PAINTED PHOTOGRAPUd OJf FLOWERS. Tney are exquisite gems of art, rivalling labeanty, nuturaluesa of Hut, and perfection or form a great variety ot the choicest exotic Uowerlng plauta. Thar are mourned on boards of three sizes, aud sold front 26 cent) to (3 and 14 each. For Training and the album tUey are Incomparably bi ttuillul. t iH COAL. BMIDDLKTON A CO., DEALKR8 IN . HAhLKn.li I.KlilGll iid KaULv VK1M OiAI. U.t (tiyiiml.-r novor. rtr4l t)rnif ii f tauiijy uah. JU, ro. I.t6 w JtU.0lu JM Avcu. C3ic So. alWAil.UXb.rtU. ), 218 & 220 S. FROHT ST. & CO CHAMPAGNE. AN INVOICE OP "PLANT ior" (JhanipagD, Imported and tor iMe by JAUKS CAK8TAIRS, JR., 12S WALNUT and II UHANITKSlrmi; c II AMPAGNE. AN INVOICE OF "GOLD Lac" bbaipagUB, Imported and for sale by JAM KS OARHTAIKH, JR.. 126 WALNUT and 81 GRANITE Street. CHAMPAGNE. AN INVOICE OP "GLO. rla" (Jbampagne, Imported and for aale by JAM h'M CA KMT A I RW , JB., 4 111 1M WALNUT and l QKANITaBtreat; CARSTAIBS' OLIVE OIL.-AN INVOIC1 01 lb above, for sale by JAMES CAR8TAIR8. JK., 128 WALNUT and t 6KANITJC Street,' WATCHES, JEWELRY, ETC. JEWELRY! JEWELRY! S. E. Corner Tenth and Chcsnnt. NEW STORE. NEW GOODS. WRICGINS & CO., (Formerly Wrljrglns Warden. Fifth and Chesnntl Invite attention to tbelr New Jewelry btore. & S. cor ner TENTH and CHi&NUT SUeeia. ' We are now prepared, with onr Extensive Stock, to Offer OREAT INDUCEMENTS to buyers. ' WATCHES ot tne most celebrated makers, JEW ELRY, ana MiVER WARE, always the latest de sign and best qualities. Goods especially designed tor BRIDAL PRESENTS, Particular attention given to tit Repairing ol WATUUiS AND JEWELKY. Ulmwf WRIGGINS A OO.i S. E. Comer Tenth and Chesnut Btreeta. tvas LADOMUS & Cq7 'DIAM0XD DEALERS & JEWELERS. WATCHES, JEWEXKY A SILVER WAKk. .WATCHES and JEWELET EEPAIEED. . -02Chestnnt St., Philv Would Invite particular attention to their Urge and elegant assortment of LADIES' AND GENTS' WATCHES of American and Foreign Makers of thelflntat quality. In Hold and fcilver Cases. A varleiy of Independent X Second, for horse timing. Ladle' and Gents' CHAINS of latest styles, la 14 and IB ku BTTTON AND EYELET STUDS in great variety newest patterns. SOLID SILVERWARE for Bridal presents; Piated-ware. eta Impairing doue in the best manner, and war ranted. 6 j j4p FINE WATCHES. We keep always on hand an assortment of -i LADIES' AND GENTS' "FINE WATCHES" Of ihe beat American and Foreign Makers, all war r ranted to give complete satluaetion, and at GREATLY REDUCED PRICES. FAItR & brother; Importers ot Watches, Jewelry, Mnslcal Boxes, etc, 11 Jlsmtbrp No. 324CHE8NUT St., below Fourth. Evpeclal attention gtvnn to repairing Watches and Musical Does by FIBBT-CLABS workmen. 3 P E C I A L NOTICE. UNTIL SEPTEMBER 1, 18GS, I WILL CLOSE DAILY AT 5 1 M. G. W. RUSSELL, Importer and Dealer in French Clocks, Watches Fine Jewelry, and Silver Ware, Pio. 22 Kortb SIXTH Street, 5 PHILADELPHIA, DRUGS, PAINTS, ETC. ROBERT SLIOEMAKER & CO., N.E. Comer or FOURTH and RACE Sts., PHILADELPHIA, WHOLESALE DRUGGISTS. IMPORTERS AND MANUFACTURERS OF Willi Lead and Colored Taints, Patty, Vanishes, Etc. AQENT3 FOR THS CELEBRATED FRESCII ZIAC PAINTS. DEALERS AND CONSUMERS SUPPLIED AT LOWEST PRICES FOR CASH. U t INSTRUCTION. gTEVEH8I ALB INSTITUTE. BOARDING SCHOOL JfOB VOUNO t.atiti Terms Board,.Tnltlon, etc. per scholastic year,50J NO EXTRAS, Circulars at Messrs. Fairbanks A Swing's, No. Til CHESNUT Street; also at Measra. T. B. Peterson Brothers', No. 806 CHESNUT Street. Address, personally or by not, N FOSTER BROWNS!, Principal. 10 t thmtl ; Sonth Amboy.N. J. FURNISHING GOODS, SHIRTS,&Q H. 8. K. C. Harris' Seamless Kid, Gloves. F.VrilT FAIU WABKAHTED. EXCLUSIVE AGENTS I OR OENTfcV GLOVES. J. W. SCOTT & CO.. 8 278 p MO. H CIIEWWUTT WTltEKT. PATENT 8 II O U L D E E-S E A M BJIIIBT MANUFACTORY, AND GENTLEMEN'S FURNISMNGr STOEH. PFBVKOT FITTING SHIRTS AND DRAWERS niarit) Iroiu nivuburetJieul at vry Bliurt notice. AU oilier bMcUs ol UKN 1XHMK.VH DRE:9 GcOl-b iu full vat-icy. tvincui.t: h co., 112 No. 709 CULS. UT fcurtet.
Significant historical Pennsylvania newspapers