The New York Herald Newspaper, October 19, 1857, Page 4

4 NEW YORK HERALD, MONDAY, OCTOBER 19, 18657. NEW YORK HERALD. JAMES GORDON BENNETT, EDITOR AWD PROPRIETOR, OFFICE N. W. CORNER OF FULTON AND NASSAU GTS. teteceeeereeereeesse ess Ge BOS AMUSEMENTS THIS EVENING. oe BROADWAY THUATRE, Broadway—Manainy Rixe— Guamy Baiisr oF Favet. NIBLO’S GARDEN, Broadway—Acaista—Borzas, BOWBRY THRATER, Bowery—La Tova ps Nxise—Sariy ty Panis—Gix DEGREES OF (IME. BURTON'S THEATRE, Brosdway, opposite Bond sireet.— ‘Tun actusss or Papua -2 es ume Brie, WALBAOK’S THBATRE, Brosdway—Past ann Parsent —A ercenpw Investuast LAURA KSENE'S THEATER, Broadway—Briexp:p Mi GERY—APROTRE BRIDEGROOM. BARNUM'S AMERICAN MUSEUM, ue WELSH *IGHTINGALE—JRAND AQUARIA, OF ‘pas Ovmiositigs, 40. WOOD'S BUILDINGS. 661 and 563 Broadway—Brmorian Mee Meanie. ouniesaons -Manaino 2a SUuIED, MECHANICS’ HALL, 472 Brosdway—NeaRro Mecovies— Buniesque -Tacexr ON 4 cP RRE. NEW OLYWPIC THEATER, Broadway—Rovc Driwonp ear "Sum tux Walbing - Caring Bans. EMPIRE BALL, 0% Beradway—Paintincs Liiosteamye or Du. Kame’s Auctic Exrwornon &c. New York, Monday, October 19, 1857. -—Sonas 3Y man GAR Dally Circulation of the New York Herald— Renewal of the Cype—Second Hand Type Sor Bale Cheap. ‘The dally ctrou'aiion of this Journal haying reeched the ‘amount of between eighty and ninety thousand copies per Gay, and sowotimes exceeding ulnoty thousand, tt becomes Roosmary often and again to renew the type of all sorts poo which i} @ printed In © fow days we expex to receive cor new fonts of type, which are cow being ma- Rufactored a the founary of measre. Conner, when the Hmnu wil) immodiately appear ln ts now dress. In tne meaniime ihe type acon which our paper is now pripted, is not by any moans worn out. [i will be found 00d enoogh for the purposes of weekly or o2uniry jour mala. We therefore offer the fonts of type with which the Himnacn ts now printed for sale, on cash terms alone, to such ‘woebly or country jourvels as may be in need of tt All printers or proprietors who desire to purchase this type will edévess James Conner & ous, who will treat wilh them on the most favorabie cash terms. Gslls for Kurope. THE NEW YORK HEBALD—ADITION FOR BUROPE ‘The Onnard eteamabip Nisgara, Oapt Wictman, will leave Boston on Wednesday, at 2008, for Liverpool. ‘The European matis will olore tx this city at two o'clock to morrow afern von ‘The Europese edition of the Hwxato, printed iu French and Englisa, wili be publisn+d #4 ten o’clocg in the morn tng. Bing!e copies, ia wracpers, six cents. BubsortjAions and advertisements for any edition of the Mew York Exuat> wil! be recetved at the following places in Burope:— Lospos... Samson Low, Son & Co , 47 Ladgete hill. 4am -Earopeas Express Uo , 61 King Wiltiaw at . Ain -Europeen E+ p-ees Co. , 8 Piace de la Bourse Am. -Earopesp Ex eS eee Moklopa.gh, will leave this port to morrow afternoon, af two soioek, for Aspinwall ‘The malis for Usiifurme snd other paria of the Pacific Wil clone at ove 0 clock. Tac New Yorn Wasxrs Hmna:o—Oailfornia edition— eontaining the iatest niclligeace from all parts of the world will be published at eleven o’olock im the morning. Bingle copies, in wrappers, ready for mailing, sixpsnce Agonts wil! ploase send in their orders as carly as possible. ‘The United Biases mail steamship Northern Ligat, x4 fue Rews. j We again devote a large portion of our space to | the great topic of the day—the monetary crisis. Several interesting communications in elucidation of the subject are given, together with accounts of the state of affairs in various parts of the country. Bishop Potter has told us that the country has been ruined by the extravagance of the ladies in jewelry, dresses and millinery, and we publish an article showing that the jewellers, dresemakers and milli- ners have been forced to the brink of bankruptcy by | the mania for economy which so suddenly come | over (be fair sex in the full flush of the fall fashions. | Several clergymen yesterday again enlightened their congregations by delivering dissertations upon the condition of the times. Dr. Cheever preached his third sermon on the subject, his text being “ Man's way in the Panic, and God's way ont of it.” He persists tm atteibuting the visitation to the Dred Soott de- cision ard the iniquity of the slaveholders, but claims that the breaking of the Sabbath by ranning railroad care on Funday bad some small share in it, The movements of produce at the lake ports on Batarday, were quite extensive, as will be seen by the figures annexed: — owe, Phew, Cole a Wheet uth = Corn bush Bufftlo,... ao 61.090 17 069 Orwreo . noes ae 32 200 Lis 00 5,000, aa) oene 10,400 pone 2590 16 Os 9,000 Ching? 1,100 51,000 16,900 A despatch from Buffalo states that on Saturday evening a large fleet came in, and other vessels were expected to-day, bringing say 300,000 bushels of wheat. ‘The steamship Black Warrior arrived at this port last evening, with Havana dates to the 14th instant. Owing to favorable reports from Europe, the sugar market was quiteactive, and heavy shipments | were being made to European ports. Freight hed | consequently improved, snd a dozen or more vessels bad been taken at £258 to £2 108, The weather was fine, with every prospect of a very large sugar crop. Bozal negroes and Asiatics continued to ar- rive. It was thought that Capt. Palmer, of the al- leged slaver Paez, would be summarily condemned. Advices from Banda, Java, state that during the month of May the nutmeg gardens yielded about | 15,300 Ibs. of natmegs and 4,600 Ibs. of mace. The prevalence of southeasterly winds had damaged s portion of the crop. We are again cal'ed upon to chronicle @ case of | wanton and cruel murder im our midst. At ten o'clock on Saturday evening, as Mr. John Swenson, an engineer, residing in West Twenty-seventh street, was quietly walking along Tenth avenue, near the corner of Twenty first street, in company with his wife, he was set upon by three rowdies, one of whom, without any provocation whate drew a dirk kaife and etabbed the unsuspecting ani nnoffending citi- ven tothe heart. The senrsine (ed, and although pursued by some citizers who wore in the imme. Ciate neighborhood at the time, they managed to eff.ct their escape. A ‘ew moments previous to the morder the same party attacked a lad named David Scott, and twice cliased him into « grocery s:ore on | the corner of Twenty-second street, with the evident | intention of taking his life. Coroner Hills is busily engaged in investigating the matter, and is aided by | tre Sixteenth ward police in his endeavors to terre: out the authors of this most foul and cowardly mur Ger. The neighborhood where the assassination took place is frequented by » gang of dangerous characters, who have long been @ terror to respecta bie citizens residing in that district. On Saturday lest, Mr. Alfred E. Baker, the effi- client Fire Marshal of this city, was sworn in as a special policeman for the city and county of New York. The Disteict Attorney made the application to the Commissioners, velieving it to be necessary for the Fire Marshal to be armed with police autho" rity in order to more fully carry out the arduous duties of Iris office Tue Executive Committee of the American Indas- trial Association held mesting on the 14th inet., when the annual report was read. The receipts for the year from subscribers were @2.427 wee expended for tl 5, of which ¢ benéHciaries, $709 17, the ! res‘dne having been spent for salaries, rent of office’ Ac. This association was instituted ostensibly for the purpose of finding employment for poor people out of wok. This year they have ebtained situa- tions for 1,507 persons, of whom 1,203 were males and 304 females. At this meeting it was deter- mined to send circulars to clergymen, merchan's, and other parties in the West, to interest them im transferring the unemployed from the seaboard to the interior. A circular was also drawn up to editors, setting forth the advantages o1 the institu- tion. There can be no question but that it is very desirable that the poor should be induced to go to the West. A missionary meeting, having reference particu- larly to Presbyterian Missions in India, was held at Dr. Kreb's church, in Rutgers street, last evening Addresses were delivered by Rev. Dr. Lowery, Rev. Dr. Krebs, and Rev. Dr. Hewett of Bridgeport. Som» interesting facts were stated concerning the Presbyterian mission stations that have been affected by the Sepoy mutiny. ‘The Nutional Chess Congress gave a dinner at the St. Denis Hotel on Saturday evening. Wine and wit flowed freely, and its participants hada happy time. We give an account of the affair elsewhere. ‘toe annexed table shows the temperature of the atmosphere in this city during the past week, the tange of the barometer, the variation of wind yurrents, and the state of the weather at three pe- ‘iods during each day, viz.: at 9 A. M., and 3 and 9 o'clock P. M.:— ReaRee. ereeationn, clear; afterno2, overcsst; aight tlear ‘Sun ay—Clear ai! day and night, Monday—Morning, overcast: dense fog during evening Ano night ‘Tuceday—Mornir, , fog and rain; foggy ali day and eve PM etneaday —Fost all dav, light rain daring bight. Teer Ene, evorast ots Wise ee: et dar ‘ng evening end vigh:. A gaia ae overcast; rein daring evening and F ccparday—Morning, clear ead 000! On Gavurday the ma ket for cotton continued quiet The movements in shipmens from the South to any quarter bad been cheoked by ihe low rates of sterling oxobange, which had eleo bad a depressing influence upon prices At las: accounts from Liverpool there was not a stock of Cotton sufficient for more thas about eight woers’ con wamption. This renders the fact clear that the Manchest«r epinners must ore long be forced to send specie to make purcbases, or to close their establishments. With bills at ‘Ta8per cent against them, the only altersative will be to send the specie. It is true, that with gold and silver to purebage it they will be enabled to obtain cotton on more favorable terms. The reduction in the prices of on ton and the pacification of the Fast, re-opening markets for the export of beavy American sotton goods, wiilensb!> our suspended maaufactuvers to recommence operations 8810 cents per pound. There will not be more cottos yisided by the late crop than what the world will require. The feasts tbat the planters, b tng tn most onsen well off, ‘will not be deposed to stip thelr cottvn to marke! as thoy @id [net year when prices had an upward tendency. The ook of breadst: {%s continues light for the reason and re- ceipts moderate. Flour sold toa fair extent without ehacge in prices. Wheat was irmer, with sales of fair Maryland white of $1 87, end red Southern at $1 960 $1 27%; white Odio at $1 16 a $1 18, and Milemukis clad at $1 (3 Corn gold at 1Sc. 0780. for Wentern mixed. Pork was quiet ei $22 26 a $22 60 for ee Sugere wore \a fair Gemmnd, with sales of 600 «700 hhds at steady prices. Uofhice was unchanged § Froights wore withoat change of mon cnt {3 quotatiogs, while engagements were moderate The Two Commercial Systems—Cash and Creatt Uperations ‘Those who are observant of the times, and who note the changes that are being brought about by the financial revulsion, cannot fail to perceive that while the credit system of business is falling to pieces the cash system is being screngthened acd extended. 1p fact, this is the natural result of euch a financifl storm as that which the coun- try is now passing through—a storm to which the oldest and best established commercial houses bave had to succumb, and which has exposed to the penalties of insolvency ninety-nine out of every bundred banks in this and the neighboring Statee. Such a lesson as is read to us by this re- vulsion in the financial world should not be un- noted or unprofted by. If we understand it aright and bave the common eense to profit by it, we may avoid henceforth the perils that now en- compass the country, and may go on building up our trade and commerce on firm and abiding foundations, In 4 former article on this subject, published some dayseince, we alluded to the fact that while some weeks before the amount of exchange at the Clearing House showed that the credit operations amounted, in this city alone, in one day, to the enormous gum of $25,000,000, the sudden contraction by the banks had reduced that figure | to some $12,000,000. It may be fairly assumed that the diminution then noticed has been going on ever eince, and that a figure one-third lees than $12,000,000 would now show the daily credit transactions in business in this city. At the same time the great cash syetem of business has been advancing with strides proportionate to the retrogression of the credit system. For every twenty millions worth of operations that mey have fallen off under the credit system, at least five millions worth will have been added to the businers done for cash. And as eventually the same, or nearly the eame, amount of con- sumption will have taken place, nobody will be the loser by the change, bat the community generally will be the gainer, because all the heavy discounts and bad debts with which the merchant used to eaddle his goods will have been avoided, and the consumer will not have to pay therefor. The blow struck at the credit system by the recent expoeures of ite rottennees, will, therefore, we have no doubt, redound to the advantage of trade and commerce. It may, and will, limit, for a time, mercantile operations. Jobbers and importers will henceforth exercise some little cau- tion as to the persons to whom they will give goods on credit and also as to the amount to which they will trust them. Heretofore, Tom, Dick, or Harry, bailing from some hamlet of ten log cabins, situate at the farthest limita of civi- lization, bad hardly anything more to do than to present to a jobber or importer a letter of intro- duction from some neighbor, and, on the strength thereof, obtain goods to any amount he chose to order. Business men seemed to ptide them selves more on the extent than on the direct net profits of their operations. Aud as a matter of course, the losees sastained by this reckless extension of credit had to be defrayed by the honest denier and caeh-paying consumer. This iteelf wae an evil so great, an injustice #0 grose, as to damn the eystem of trade which gave rise to it. If the financial crash had done nothing else than expoee the rottenness of that syetem, and thereby to break it wp to a Great exteat, it wae s visitotion for which—even with ite accompanying evils—this community ought to be grateful As to the banks, there can be little doubt that their too great readiaces heretofore to give facili ties in the way of discounts, developed the rotten and over-inflated syetem of credit, and that their haety and ill-timed contraction, when they caw the bubble ready to burst, precipitated the catas- trophe. But they did not take the back track in time to eave themselves, The storm reached them, and placed them where the merchants had preceded them, in the condition of euspension—merely another word fof insolvency. Had they not withdrawn too suddenly and too generally the facilities which they were in the habit of exteoding to the merchants, the crash might have been staved off for a time, and then its effects might not have been so dizastrous and univereal Merchants saw the storm cloud just as soon’as the banks did; and if the latter had not deserted the chip, the sails might have been taken in and but little damage have resulted from the gale. Asit is, the banks have gained nothing by their cowardice, for they are at this moment liable to the penalties provided agaiust a suspension of specie payment. The Bank ot France invariably acts on the op posite principle when commercial and financial affairs are in a strait in that couatry. Instead of contracting suddenly, as our banks have just cone, it expands, It buys specie wherever itcan got it, and on the basis of this extends its loans, The increased discount which it derives from these loans enables it to pay a premium on the gold, and the aid thus oppor- tunely given to commerce enables it to ride out the storm. Now, is not that a much more sensi- ble plan than for the banks to contract suddenly, ex they do here and in England, and leave the merchaute to their fate? Certainly itis. If our banks bad imitated the example of the Bank of France, our merchants would have been able to get eafely through the dangers that wore imme- diately impending, and then, by curtailing their ex- peusee, lopping off their extravagance and gra- cually gettmg in their debte, things would have fivally come round into their regular channel. Even now, the best thing that our banks can do is to expand to the amount of come twenty or thirty millions of dollars. There is but little risk in it, for they are in just as bad a condition ae they can well be. The banks of Boston, Philadelpbia, and other large cities, will follow suit, aud the immediate consequence will be to impart ease to commercial operations, to restore confidence to some extent, and to al- low matters to resume their usual eouree. The lesson that we have received will not be without its salutary effects. The merchant will not henceforth be so incautious as to whom he per- mits to be his creditors ; the man of capital will not embark in all sorts of stockjobbing specula- tions, and the community generally will not be so extravagant in their tastes and habits. It must not be supposed that, because there is an improvement in the stock market for the last few Gays, the financial pressure has been lightened. The improvement is illusory—it is the last floundering of the drowning man. The same phenomenon was obeerved in the revulsion of 1887, The pressure bears as hard now on com- mercial men as it has yet done; and unless the banks pursue the course we have indicated, the whole credit aystem of the country will be shat- tered to pieces. * Much as that system has been perverted and abused, its total extinction would be, at this time, a serious loss to the country. It should be allowed to be gradually and imperceptibly ab- sorbed by the cash system. That absorption is this moment going on; and in proportion aa it progresses will the country itself progress in the establisbment of trade and commerce on a sound and enduring busie. Errect of THe Panic oN ovr FYINanctan Decoy-Dvcks Asroap—Homewarp Migration or ocr Jeremy Drovuers —Amongst the variety of interests which will be affected by our mone- tary embarrasements, there is one class whose sufferings will not, we apprehend, excite much sympathy. We allude to our financial agents and decoy-ducks, who for some years past have inundated the European capitals and coatributed to the respectability of the American name abroad. The expansion given to railroad enter- prises in this country by the discovery of gold ia California called this class of adventurers into existence, and the eagerness with which foreign speculators caught at the temptations held out to them furnished them full employment. Immense sums were made by some of these persons, and, as in Europe, in order to make money it is necessary to make a show of it, the amounts expended by them in keeping up appear- ances were proportionately large. Thus in London, Paris, Vienna and Berlin—the chief scenes of their operations—they lived in a style equal to that of the wealthiest nobles, and scat- tered money abont with a prodigal hand. Their dinners at Mivart’s and the Clarendon--their epicurean banquets at Tortoni’s and the Maison Dorée—their luxuriously furnished apartments — their eplendid equipages, and their reckless ex- travagance generally—all combined to gild the bait which attracted so many dupes. How could enterprises be otherwise than sound that maintained their representatives in euch princely style’ Where could one’s money be more profit- ably invested than in speculations which offered, in aédition to enormous dividends, the palatable enjoyments of costly dinners and the rarest wines’ Under such a flourishing aspect of things, it was not surprising that our railroad agents made hosts of friends in foreign capitals, and found influential persons ready to promote their schemes, But, ungrateful az it may appear, there was a large class amonget the Americans—resident or travelling sbroad--who were dissatistied at the manner in which these parties con- Cucted their operation. They found no fault of course, with the large amounts of capi! which wore sent cut to this country through their instrumentality, They grumbled only at the in- conveniences to which their style of doing busi- nese subjected themrelves. The expensive habits ard profuse expenditure of these agents had in fact run up the American name for extravagance, amongst the Continental shopkeepers, to a point which rendered it difficult for an American of moderate meats to. get fairly treated in his dealings Even the Russians, those reckless Sybaritcs to whore appetites whole principalittes are compelled to pay tribute, wore gradually falling back into the second rank in the eatime- tion of the Boulevard des Italiens and the Rue de la Paix. American fortunes and American captices were believed to be an exbaustless field for exploitation, and consequently wherever the Amcrican travelled he was sure to be duped and pillaged to an extent to which even the prover- hial conceit and ostentation of the English and the loxutious habils to the Russians had rarely exposed them. But this was the least of the grievances to which our moneyed reputation subjected sober Americans abroad. The fagility with which our railroad agente made and spent money induced a host of blacklegs and other adventurers from this country to follow in their wake, and under the pretence of being also in the employment of the railroad companies, they cheated and swin- dled the foreign public for their individual bene- fit. Nothing could be more mortifying or embarraesing than the contrelemps to which the influx of this class of persons expoged respecta- ble Americans. Men of position and standing frequently found themselves presented to well known loafers from the Atlantic cities, occupy- ing the place of honor at come hospitable board. Frequently as we have beea duped here by “dis- tingnighed foreigners,” we believe it will be found that the balance of gullibility in these matters is in favor of the Continental nations, The English are too much on their guard, and too rich, to be easily taken in; but parade the evidences of wealth before a Frenchman, aud he is your bumble servant to command. It wasnot, therefore, difficult for these pseudo railroad agents to worm their way into the confidence of people so prone to stock gambling as the French, What individual warnings and individual suf- ferings have failed to effect in tne way of expo- eure, will, it is satisfactory to reflect, be at once accomplished by the financial disgrace that has just befallen us. The utter wreck of all the fine enterprises upon which the hopes of foreign speculators have been fed, and upon which such numbers of our ingenious countrymen have managed to cut a swell abroad, will at once put anend to the shameful practices by which our reputation for honesty has been more compromieed than bz even our financial misfortunes. Every steamer will now bring us liome crowds of the adventurers who have been living abroad upon the reputation of our prosperity, and whose actions have put to the blush every American of decent conduct and position. The failure of the schemes with which they have been connected will, for the future, put Europeans on their guard against such people, and will disabuse chem of the notion that Ameri- cans are at all times to be fleeced with impunity. Their prerent experience will teach them that where a Yankee shuts his eyes to the impositions practised upon him, he has some strong interest in playing the dupe. [egal Position of the Sauas—The Delirium ‘Tremens in Finance. We publish in another column several commu- nications in regard to the present position of our banks, and the course pursued by the Judges of the First and Second Judicial districts of the Sa- preme Court, in refusing to grant injunctions against them, that will not fail to awaken public attention, and lead men to reflect upon the present anomalous position of the banks, the courts, and the majesty of the law. One of the old red-mouthed loco focos of 1837 gives us eome startling revelations of the course pursued by the bankers at that time to procure the passage of the bank suspension re- lief act, and @ favorable report from the white- washing committee of investigation appointed by the Legislature at Albany. Another corres- pondent presents a startling view of the position in which the banks now stand. He looks upon them as having no constitutional or legal exist- ence, and consequently debarred from suing in the courts or obtaining judgment—thus relie their debtors from every legal obligation to pay. A third acknowledges the true cause of the bank suspension to be the action of the Anglo- American bauking houses here, who are stimu- lated by a desire to promote the interest of their principals in Europe, and not only stop the call of specie to this country, but to reinstate the flow of ite current in the opposite direction. He looks for a fearful load of suspended paper to be thrown upon our banks within the next two or three months, which, had the banks continued their conservative policy, would have had to be carried by the foreign bankers. A fourth diseents from the opinion of the Judges of the First and Second districte, and maintains with much plausibility that the act of 1849 is special act, and in no way repeals or supersedes the provisions of the Revised Statutes, He also argues that the Judges have erred in anotber material point, in holding that a bank ought not to be restrained by injunction, if sol- vent, and that the discretion of the Judge is ex- pressly limited by the fact of a bank refusing to pay its liability ; furthermore, that section eight expreesly declares that the iojunction shall not be removed—even after it is ascertained that the bank is solvent—until the demand is paid. The fact that all the banks refuse to pay does not diminish the turpitude of the act that would be criminal in one of them. A fifth discusses the law and the determination of the Judges not to grant injufictions from another point of view. Admitting that they have discre- tionary power in the premises, he holds that it can be exercised only after an examination of each particular case, in order to ascertain whether the bank is solvent or not; and that in presuming to give a pre-decision upon the policy and expediency of « law, rather than administering it as they find it, they are acting upon an unwarrantable assumption of Ju- dicial power. Each and all of these suggestions are worthy of deep and mature reflection. As for the usual proceedings of the bankers in endeavoring to procure some logal sanction for their course, they will receive the unqualified condemnation of the people #0 soon as the public mind returns to its normal condition, and begins to contemplate the position of affairs by the light of true principles, A wtay act of the Legislature, even if it could have been procured under the excitement of the moment, would have brought upon them a more severe reactive legislation, as that of 1837 gave rive to the act of 1849. The suggestion that the present position of the banks is one of unconstitu- tional and illegal existence, though warranted by a pre-deciaion of a portion of the Judges of the Supreme Bench, is a startling one. If this is so, then they cannot go into court except as defen- dante, and then they would appear there in a form that would bar them from attaining judgment | in their favor. Have the Judges who determined not to grant the injunctions against the banke, as stipulated by the law, determined also what course they will pursue if a debtor to a bank should plead the present in- solvency of the bank as a bar? Can they arrest the whole course of justice by a pre-decision without an examination or a hearing? And what will the suspension of the payments of their debts avail the banke, if thelr debtors have the same right to suspend? Yet why should they not have the same rights’ Have corporations immunities not enjoyed by the individual citizen ? The supposition that the banks having now suspended specie paymenta, will probably expand and thus re establish the flow of specie out of the country, is probably the true view of the fature- It ie an axiom in political economy tlat an irre- country. That itisalready doing eo we know. The eteamehip Fulton on Saturday took out $51,- 000 in epecie, in the face of the apparent adverse state of the exchanges, We may expect much more to follow, for the laws of trade are immuta- ble. The banks, in view of the penaltics of the law, resisted for a time the current toward sus- pension; but now that they have given way to the tide they must go with it, wherover it may carry them. If they do not augment their loans, where is the relief to come frem that was anticipated from suspension? It was only because, being relieved from the obliga- tion to pay their debts, they could loan their means more freely, that euspension was desired. If it chould be found, after a proper examina- tion of the eubject, that the Judges of the First and Second Judicial districts have erred in the course they have pursued—as is maintained by two of our correspondents—the position of the banks will be one of great complication, and pos- sible disaster. But even that will not be the worst part of the position. The fact that eight Judges, in private consultation, with closed doors, determined ina time of popwlar excitement to wrest the majesty of the law from ite course, and suspetd the administration of justice, is a fearful comment upon the stability of our institutions That the criminal upon the eve of execution should desire to have euspended the action of the law that condemned him to death is most natu- ral:fbut what could be hoped from the Judge that did suspend the action of the law, or the commu- nity that eanctioncd it? Let us see how near we spproach to such an instance. In a time of cool and calm reflection; after a deliberate view of the dangers to which the whole community are exposed by an undue ex- pansion of our banking institutions; with a per- manent desire to restrain such expansion, and to prevent, as far as possible, the evil effects of its imperative reaction, the sovereign voice of the people imposes upon those institutions certain penalties in case of a refusal to pay their liabili- ties, The fear of the incurrence of these penal- ties is the only restriction that can be laid by legislative action upon banking inflation. Al other systems have been found useless and in- operative. Bank commissions, to act during normal times, have no effect, for commissioners may be deceived or are venal. Laws to restrain loans and discounts are powerlees before the hope of profit. A salutary fear of the ultimate result is the only thing that can clip the wings of speculative hope. The calm voice of the com- munity establishes this fear, by a well digested code, knowing that it was a salutary restraint that it was imposing upon itself. In a time of health it preecribed the rules that should be fol- lowed towards itself when the fever of specula- tion should have displaced the operations of cool reason. The time of fevercame. Speculation in every- thing took possession of the public mind. West- ern lands were inflated; city lots were inflated; railway enterprises were inflated; prices of cot- ton, sugar, wheat, in fact of everything, were in- flated to a point of exorbitant speculative pros- perity. Everybody went to swapping jackets with promissory boot, and imagined all the while that they were getting rich, when they were only creating promises to pay. Many saw the evil that was coming; but they, too, leaped into the tide of speculation, confiding in their judgment and ability to get out of it before the impending crash came. The banks gave way to the current, and expanded their loans to « fearful extent. Then it was that they committed the crime which legislation had hoped to reach. But pay day came, as it always does come. The banks saw their danger, and suddenly contracted; ina few weeks they reduced their loans twenty millions of dollars, and the crisis was complete, But they were in the power of the epeculatore, who now saw that they must be irretrievably ruined if the banks did not expand again. This could only be done by violating the law. And they have violated it. Whatever may be the sanction that eight Judges, or even the whole community, lends to this violation now, its effects must ultimately be disastrous to all; and when reason ehall have again assumed its sway in the public mind; when every man, instead of contemplating his promise to pay, which he has been led into giving by the fever of expansion, ehall take a comprehensive view of the whole disaster and ite true causes, the majesty of the law will resume its sway, and speculators, stockjobbere, bankers and Judges may yet be consigned together to univer- tal condemnation. This is a fearful state of things, but there is a remedy, and we will see in future comments if we cannot find it. THE LATEST NEWS. Interesting from Washington, THB TRAUANTEFSO QUESTIOK—OPPORITION TO TUR AMBRICAN MINISIER IN MEZICO—INDIAN LAND BESERVATIONS—THE FROERAL WRVUNCE—\ QUe- KRK IN THE SLAVR TRALE—BEBROM LOADING FIRBARMS, BTC. Wasmrsotom, Oot. 13, 1867 ‘The Tehuantepec question is likely 10 come ap bers agtin ine new form, notwithsiandiog the ‘ate arrange ments a Mexico, Messrs. Benjamin and La Zore enooun- tered great opposition in getting their new grant frem the Mexiean government, and ear Mintster there, Mr. Forsysh, took part against them, althovgh he had. as they assert, direct instractions from the President to oo operate with them and to favor their views, They bave accordingly preferred against him a charge of maifens ince in o‘Tice, ‘a not obeying the instructions of his government. ‘Mr. Fore) th defends his coarse, on the ground that as Prentpotentiary Minister he bas necesag lly some disore- tionary pewer, and tbat as both the President aad Cabinet, ‘np iamuing h's instructions, are actualy dy a desire to serve the bent interests cf the country, If he, Who 1a Om the era where these lastructions are to be carrie! out, @nde that the government has ica mistnformed, and that the course he is imstracted to pursue really cov‘iow with what he knows to be the real desire of the government, he 's not ‘ous d to obey the Instructions to the letter. His opponents contend that he ts not the judge of the Ciroumstances, and they demand his removal. [1 is ald thas Mr, Slidell’s infuence will be brought aguinst Mr, For. aytb, while Judge [veson, the Senator from (eorgia, who ‘a Mr, F's brother in-law, will sustain nim. Jadge Ive- oon te expected to arrive bere very shortly to look afier Mr. Forsyth’s interest. As there are always more applicants to aid in getting a men out of office than there are friends to sustain him, ‘and aa the mission to Mexioo is worth $12,000 a year, it 18 not Improbable that ihe matter will go hard with Mr, Forsyth. Ttte said also that Presidemt Comonfort dora not like the opposition Mr. F, bas made to his course in this matter, ‘and that he is very desirous to have him removed. , The Interior Department havieg receives in>rmation that the tide’of emigration westward wae mot stayed by boundaries of (0 Territery legitimately open to location an‘ settlement, but was pouring into the Delaware and Pottowatomie reserves, the government ¥: considering (he policy Of grasting to exch Indian who desires to cultivate the pot! an absoinie foe in forty or sixty sores of land, and to provide @ lagme farther west for thoes who prefer to follow the chase, The Delaware reserve covers some three handred thousand acres, while the tribe numbers only nine hundred souls. The Pottowstomie reserve om- braces about nine hundred thonsand sores, while the several bands of the tribe number two thousand. [i ie estimated thai two thirds of the whole namber might be in tuced to settle dows upon thelr rexpective trast: if hed {1p fee aimple, and become biended with the white popuia decmable paper currency drives specie out of the | yom To grant them sixty acros of [and each would take 115,800 aeres. This deducted from the present reserves would leave 1,004,200 eubject to eottloment by white em. Pretcm. To this polloy the goverment will be driven, for the whole military fees of the country would be tn wofdclent to keep the ploneer from these /ands, on bracing (es they do the very garden of the whole West A equatter may be ordsred off by «company of dragoons, and he ‘will ipetamtiy obey; but no socwer are the soldiers out of Sight than the squatter retoras to bie cable, The conse. quence will be carly treaties with all these tribes, by which the Untied States will become purchases of thetr reservations, with the understanding thet a patent for sixty sores will issue to every one who desires it This wilt be an important and radical change in our Indian Secretary Cobb ar tict pates an improvement is the our Feat receipts of the treasury, es the financial cleuds are breaking away. The opinion of many of the oltest mer chants of New York assure him that the importations will voon arsume their reguiar flow, and the dues vary bet Iittle from the figures of last year. In 1837, when the banks suspended, there was a regular smash up. The wholo bansing sy stom was rotten to the core; but in 1867, things are in a very different condition. Many of the best and moet solvent houses have had to wes Pend. Sueh suspensions are only temporary. Ia 1890 there was an almost total fatlure of the crops; in 1867 the earth fs groaning beneath the weight and abundance of the barveste, When it ts ascertained that epecie cannot be bad paper currency will receive a new. imretus, money will be abundant, and prosoerity will again emile upon ak Glasses. Such are the donclasions of moneyea men here, expressed to-day about the t-eagury. C Ope of We government officials from Boston told me to- day of « merch ent of that olty worth his millions, wag wanted, a few days Gince, to raise $300,060, aad ofered for the use of !t one thousand dollars per day for thres hundred and sixty five days, and could not procure it. Papers have been filed a} the State Departinent proving @ certain Qasker gentioman in the State of Maine te be extensively ergsged tm the slave trade. this came gem ‘Veman is such an abolitionist that be refuses to use sugar raised by slave labor. Where is Governor Wise? ‘The naval courts are confideat thes will be able to clear the docket before the meeing of Congress, when the deai- sions will all be communicated in ope baton. Secretary Floyd ts to decide to morrow what be will de towards purchasing breech loading fire arme for the army. General Burnsides, the patentee of the successful rife, ts here. Despatebes have been received at the State department from G. Eastace Hubbard, eur commercial agent at Cape ay tien, reporting a cave of outrage upon two American Citizens, Amariah Mayo, the master, and John P. Simpece te steward, of the American brig R W. Packer. Mr. Hubbard said the brig bad cleared, and was sbout leny- ing, when she was boarded by the government suihori- des and the master and steward arrested on the charge of passing a counterfelt two dollar bill. The prisoners were placed in solitary confnement, where they now remaa while the brig is in charge of s Haytien guard. Mr, H: ways there no evidence of guilt, and nota fact pom which to ground ao suspicion of guili. Gon. Casi very promptly made a demand of Secretary Toucsy fora war steamer to proceed with despatch to Caze Haytien, and ‘thore pot only demand the |mme tlate release of ‘he prison- ere, bute fall and sstisfactery indemaity fxr the outrage. The steamer Fulton, which is one of the sqiftest inthe Navy, and which leftaday or two eince for the gulf tm sen ch of Slibusters, will be ordered to touch at Cape ‘Bay ten, if instruotions can catch her commasder befer® abe gots out to sen. In the meantime orders promptly taaued for another sicamey to get reacy and depart on the same orread Whe ©. u0nal Finances, Wasaisaron, Oot. 18, L86t. ‘The following \s ‘he wee. ty statement of the Treasarer* showing the amouni ‘0 his credit, ac s0rding to revarns re cetved upto Monday, Ost. 13, in the United Sates trea” eury, with Arsistans Tressurers, and in designated depe_ iteries; also the amouni now subject to dra. — bree te am't. 1 Seon 88 1,908 300 oe “ 1,688,186 86 07 168 18 “ 128'218 81 168 276 68 “ 07.40 98 0817 : oases ot 1,508ten I te: SE ee bh ‘ De camere, 16/071 81 00,467 08 « Richmond. 66002 10 61'408 te « Norfolk 68,171 24 47,188 16 « Wilmigi ond 04 ‘os oe — Bavenvah 06,821 00. «= 86.868 OF «Mobile 170,808 68 169.116 41 “ — maahville $403 31 1,140 84 “ — Otctonatl 86,406 68 70,408 41 « — Pitabe 1a kal 8 11.728 84 « Galveston 3.47 20 2217 3 : fe: ee | Gee m < See Gas “oooh: ies ote OF 164,208 94 : Se ee ee U. 8 Amay show, 2,344'600 00 © 2,844'600 oo U 8. Mint, Potiedelphia... 2'260,606 18 © -9°268 C04 16 a, ©" Obariote .. 82,000 €0 32,000 08 Pr ; 7's60 06 7960 Br 480,287 48 1,480/207 46 Br 500;000 00 —-—1,800/0u0 00 38! 2388 ‘The recent rather lengthy passages from Europe show that the steam, hip North American, which lef; Liverpoo! on the th inet, is hardly due before to-morrow. The Unes | Quebec have therefore cot bees held open to-day. The Ohio State Election, Cumcrmmat, Oot. 17, 1867. Oblo ‘s yet undecided. The repeviiown returns give Chase 1,004 majority, and the democratic Ggures give him 860 majority. The republicans, however, de moi clatm the election, a« the official retarne may decide againat them, With the excoption of @ few official returns, the ‘me )orities are reported in round sumbers. Fatal Affray, and Murder of a Policoman tn Boston Bowron, Ow 18, 1867. A desperate affray occurred here on Seturday eveming. Hesry L. Sutton, of New York, but recently of Oslifornia, g0% Into e quarrel with John Donovas, rosiding in High street, on account of attempting to commit a onisacce ia Donovan's yard, and stapbed him with a dirk Donevam Hes tn @ critical state, Thence Bation fled to Liverposl, where he was followed by Donovan's coudn, Joan Hilllon, alias the ‘‘Limorio® boy,’ & well known pugilist. Words ensued, aed Sotion killed Hillon with the same dirk. Sutton was captured afer @ desperate resistance, curing which he seriously wounded Mr. Jaosd Todd, « well known citizen. Geo, J. Sutton, his brother, aad @yt. vester. Baoon, master of the eshooner dalota, were alse arrested, as they wore participania {n the affray at tte commencement. Potoeman Esekial Hodgdoa, of station No.7 Kast Basten, Arrested man early this morn.ag suspected of bergiary, when an accomplice of the fellow shot him through the head. Hodgdon died in about five hours, Tae murderer ‘fled; and one or two arrests have been made un suspicion The Bark Parodi Sull Ashore, Paovrpwmce, Oot. 18, 18, 1867. ‘The bark Parodi, henoe for Zanzibar, remained ashore ou the routhoast potmt of Block Iviand ap to this morning. Sho ia fall of water, and part of ber keel has come ashore. It le doubdsfal if she oan be got of Ail her cargo, it te thought, would be landed to day, in a damaged state. ‘veese!, cargo and freight are tawured for $72,000, all Boaton oMoee, excepting $6,000, whioh ta in thie city. The James Adger at Charleston, Crammerom, Oot 17, 1807, ‘The steamship James Adger arrived bere from New York at one o’dlook on Saturday afterncon.