The New York Herald Newspaper, May 10, 1859, Page 7

6 NEW YORK HERALD. JASwS GOKDGOHA BEAANBS, HOMO AND PROPEMETOR, OPFIOe &. HW. COMNES OF FULTON AND N4saa0 OTH RKME, cash tn advance gra cord by meeth wile De cx He wish of the sender, Pastage stomps nc eecelved as misorivtion Fie ALLE HBRALD. peo conte per ope: Bl ge on BHR ss tne Bivoyean arial Cel ry. 88 Ber amor ie Bavopein, Bin rs sen hat Coico inctuae FA ratte the Beh hn monk Pru Fas LU TERALD, on Wednesday, at four cents per be contatnény dmportan tox faity co CORRESPONDENUR, cts eta te aes nat jicited from any quart om Wotan pace id for wa Gen Fouwrcn CownesnoxDERTe, Prcnccleniy Bxaveste TO Smal Ai LATTRMS AXP Pace Acre Ser? v8. ee, ead commanteatont tre [SEMENTS every day ; advertisements sett the Wenuy fipcat@y Paws kato, and tO a os PEN TEN eaaed eih neainess, cheapness and de- ; patch AMUSEMENTS THIS @VENING, NIBLO’S GARDEN, Broadway.—Ror Ror. BOWRRY THEATRR. Rowery.—PLowegrs or Tis Fonrst Swiss Swarns—Jomao Jom, METROPOLITAN THEATERS (Late Barton’s).—Anrieyxc ~Paerrr Pircr or Bosixess. "S THEATRE, ‘WALLACE’ Groadway.—Caagiss X{1.— Mounwe Cat.—Box anv Cox. waco LAURA EREFE'S THEATRE, No. 524 Broadway.—Mi- Svunse Nicur’s Daman THEATRE FRAMCATS. RS Kroadway.—Les Fours Dra- Matigoa—L' Amovn Que Qu’c’ wer Qu’ Oa’ Broaderny.— After Brening—Ovr, BARSUA'R AMERICAN MITRYU Bee—LONS OF THE Beronto—Harry Man. Tursu Cousin. KINETREL PUILOING, BM and 563 Broadway mrmcrus Sones Dances. 4¢.—Gani of tan Lace. BRYANTW MINSTRELS, MECHANICS! HALL, €27 Broad way —mecen Soman, ke —SHTLOCR, Tuesday, May 10, 1859. 1LS FOR ECROPE, Whe New York Berala—Edition for Hurope, ‘The Cunard mail steamship Africa, Captain Shannon, will leave this port to-morrow for Liverpool. ‘The Europeans mails will close in this city at half-past Cleven o'clock to-morrew morning. The Europoas edition of the Hato will be published at ben o'clock im the morning. Single copies, in wrappers, ix cents. Subscriptions aod advertisoments for any edition of the ew Yor« Hxzaty will be received at the following pinces tu Burope — Vener eer a tee ing, Baldwin & Bf de Ia Bourse Saye jsossog, Start. Oo., No, 9 Onapel street, R, Stuart, 10 one strect, Exst. Havas. ‘21 Rue Corneille, ...Tansing, Baldwin & “De Chapeauronge ‘Tho contents of the pace chs of the Hxrarp will @ombine the newer received by mail and telegraph at the Moe during the previous week snd up to bour the of pabucaticn. The News. The arrival of the Anglo Saxon at Quebec and the Adelaide at St. Johns, places us in possession of a week's later advices from Europe. The news is of the highest importance, politically, financially and commercially. The great war had almost com- menced, though no act of actual hostilities had as yet occurred. The hopes of peace hung upon a very slender thread, namely, an offer of mediation onthe part of England, based upon the accep- tance of one of the two following conditions:—Ist. The immediate, absolute and simultaneous dis- armament of Austria, France and Sardinia; or, 2d. The consent on the part of all, pending the sult of the mediation, to retain their armies in p cisely Qe seme CUnRiCLUT, (NO matotonion POSE tion, if not of peace, al all events of inaction. This proposition was transmitted to Paris and Vienna on the 25th ult., but so late as the 30th, France had not signified her acceptance of ul, and notwith standing the report of the acceptance of the offer by Austria, one hundred and twenty thousand of her troops had crossed the Ticino and entered the Piedmontese territory. This was regarded oficially in Paris as an overt act of war. French troops were pouring into Italy from every available point; France and Russia have formed an alliance; England was strengthening her squadrons; Sardinia was aroused to hot enthusiasm; all Italy was in a white heat, while Tuscany bad joined with France, and the Grand Duke had fled for safety. The news of the alliance of Russia and France seems to have astounded the British government, and to have exerted a more disastrous effect upon public securities than any other event. Consols in one week declined from 944 to 89,a fall of over five per cent, and forty failures had taken place among the stock brokers, while at Lloyds war pre- mniums were demanded upon policies of insurance. In the Liverpool markets cotton had declined one-quarter to three-cighths of a penny, with sales of only 30,000 bales during the weck, while a; Manchester business was almost entirely suspend- ed. Breadstufls and provisions were buoyant, at a considerable advance in prices. The United States frigate Sabine, Capt. Adams, arrived at the Brooklyn Navy Yard yeste: evening, after a very rapid run from Montevideo, having left that port on the 24thof March. She brought hone Commissioner Bowlin and Samuel Ward, Esq., Secretary of Legation. Immediately after the Sabine anchored, Thos. J. Page, Jr., Bsq., Secretary to Flag Officer Shubrick, set out for Washington, bearing important despatches from the Commodore and Commissioner to the govern- ment. The Paraguay expedition is thus ended. Immediately after the dispersion of the fleet—as will be seen from the interesting letter of our Montevideo correspondent, ing—Lopez recommenced his tyrannical cor rule by the imprisonment of some six Par ans and one Englishman, supposed to haye sympa- thized with our policy towards him. His ox- tensive and very complete spy system enables him to know every sentiment—almost every thouglit— Of the people he rules over. It was believed that President Urquiza would goon force, by war or ne- Gotiation, Buenos Ayres to «rejoin the Argentine Confederation. Captain Page continue his exploration of the rivers, his little steamer Canton cross the sedge and shore weeds by wi interrupted in his first attempts. He hopes thus to go up the Paraguay and Pileomayo war vessels of the late expedition which have not arrived at home. We have news from Venezuela, dated onthe 12th and Puerto Cab ‘The country continued in a very un and several severe battles had taker represented that the patriots wil & confederacy js established similar t: United States, General Paez was at thongh gradnally vering. The general election takes Place in August, and General Paez will un- Was thonght, be on President. As Puerto Cabello prc freely, owing to the adn 1 to the system of go By the arrival of the newly estab! ton, we have advices from © ihe to th The health of Wavuna was good. The Spanish 6team fleet had orders to look after all flibuster invaders. We have advices from S There was a complete « business. The we and the health of the is! \ a anonymous correspondence. Wedo not | published this morn- vse of § ch he was | We ! Bive reports of the disposition and stations of the | NEW YORK HERALD, TUESDAY, | MAY 10, 1850.—TRIPLH SHEET. to the 1 Fohraary, but news a fortnight later had alr ched na. The California overland mail which loft this city | on the 2tst and St. Louls on the 2th of March last reached San Francisco before the mails and passen- gers that le w York on the steamer of the 21s. | ‘The bids tor the California mail contract w re serutinized at the Post OMce Department yester- , day, but the Postmaster General, it is reported, do- | clined to make public the names of the successfat bidders. The people of Massachusetts yesterdiy voted upon the proposition of law requiring a !opted citi- zens to reside in the State two years after natura- lization before acquiring all the rights of citizen- ship. The returns already received indicate that | the law has been endorsed by & majority of the people who took the trouble to vote ou the ques- | tion, The vote was a very light one. The Board of Councilmen were in session fast evening, and after disposing of a fow routine pa- pers, & resolution presented by Mr. Ottarson, to the following effect, was adopted:—That the Croton Aqueduct Board report to this Board, as soon as possible, plans and estimates for the placing of five hundred drinking fountains in the streets and squares of the city, such fuuntains to be used for drinking only, and to be under the supervision of the Croton Board. Mr. Bulteel was the only member who voted in the negative, charging Mr. Lent, who seconded the resolution, with forcing his temperance principles upon the Board That gentleman replied by saying that the object of the resolution was to furnish the inhabitants of the city with pure water instead of bad whiskey. The resolutions subsequently received the assent of the Board of Aldermen. We are glad to see that the Common Council has acted upon a suggestion made in our editorial columns, and we hope that the ity government will furnish our citizens with this desirable boon without delay. The Mayor submitted a list of the assessments awaiting confirmation by the Common Council, which was referred. A large number of reports of committees was laid over. At the regular meeting of the Board of Alder. men yesterday the Mayor sent in the nomination of S. Benson McGown for the office of City Inspector, but after some discussion it was, by a vote of ten to five, returned to the Mayor. A resolution from the Board of Councilmen, asking the Mayor to convene the Board of Health at an early day, was concurred in. A resolution, directing the Committee on the Croton Aqueduct Department to confer with the Croton Aqueduct Board, with a view to the erec- tion of free hydrants, at which citizens and strangers may slake their thirst, was adopted. A report authorizing the employment of seven additional clerks, two deputy collectors of city revenue, and four messengers in the Comptroller's Department, was agreed to. The Aldermanic Committee on Streets met yes- terday afternoon to hear parties in reference to the proposed grading of Doane street at its junc- tion with Elm street. A large number of property owners were present and advocated the elevating of Duane street at the point named five feet, which would raise it to the level of the adjoining streets, Mr. Clancy, the County Clerk, argued against grading the street on the ground that the change would be detrimental to the sewerage in the vicini- ty, though it might benefit a few property holders in Duane street. The committee then adjourned. The writ of mandamus recently issued by the Supreme Court to the Metropolitan Police Com- missioners, relative to the claims of certsinmem- bers of the old force claimed to have been illegally dismissed, was served yesterday mornizg. The counsel for the policemen are desirous that the matter of the back pay should he adjudicated by the Board of Supervisors. At a late hour last evening the jury confined in the case of James Glass had not agreed. They have been in deliberation (or by law supposed to he seriously deliberating ep giana Friday lost, at three o'clock. ‘Ine system of thus imprisoning twelve citizens to coerce them to a verdict, and perhaps perjure themselves for tle sake of liberty and the love of their homes, will bear supervision. The time has come to devise a law where the verdict of the majority of a jury should prevail.’ The auuiversaries were in full blast yesterday. We give in to-day’s paper full and interesting re- ports of the proceedings of the meetings held. The receipt of the European news by the Angio Saxon yesterday failed to reliove the sugpense of the cetton trade, No eaies of moment were reported, while a dispo- sition prevailed among dealers to awnit the reccipt of the Persia's nows before moving to any extent. Some sup- posed that the effect of the war had,to a considerable extent, been already anticipated, and that after ite actual occurrence and its provable limits were known somo reaction might follow. Tlour was again higher and as- tive, and closed at an advance of Sc. to ISc. per barrel; and in the afteracon, subsequent to the close of the Cora Exchange, holders, it was ead, demanded higher ratce, ‘based on the charactor of the Angio-Saxon’s news, It is alittle singular that no advance in Liverpool so far ap- proaches cur prices here as to allow any margia to ship pers. Wekeepahead of Liverpool quotations all the timo; if they advanos there, our market, as soon aa the fact is known, immediately advances here so far as to etill keep prices proportionately above those in Englund, which to a great extent cuts off purchases for export. This !s supposed to arige in a great degree from an easy money markot, moderate stocks and a good home demand, The same rule holds with regard to wheat, which advanced yesterday from 3c. to bc. per bushel, and with a fair amount of sales. Corn was le, a 2c. per bushel higher, with a good demand and fair esles. Pork wes irregular and lower for mess on the spot, with eales of now mess at $16 1214 a $16 18%, prime moss at $16 50. $17, clear at $19 50,and $12 75 a $12 873; for prime. Before the war in Europe aegumed so threatoning a character, prime mees pork sold for less than new mose. Leing of that description in best demand abroad in caso of war, it bas now acvanced 59 far as to sell for more moacy than mees. Beef was also excite, active and firmer. Rice was firmer, though less active, with sales at 3c. a 42¢c. Shipments of rosin and other naval stores, under the circumstances of low freights, continued to be made pretty freely for Europe. Sugars were steady, witn sales of 200 8 408 hhds. ColTee was steady, with sales of Bt. Domingo, Rio and Java at prices given In another colamn. Freight eogagemonts wore light and rates heavy. The True Issue of the War in Europe=Its Ovject Does Not Concern the Protestant Na- tions. The advices from Europe received yesterday bring us seven days later intelligence, and show that the Italian question, has come to a focus, Of this there is no doubt, for it is a con- flict of ideas that dates far back in the po- vied of recorded history, which has been fruitful of blood, aud which can be settled only by the sword. A careful study of it, however, would seem to prove that it will not necessarily iavolve , the Northern nations in the contest. The ques- | tion at irene between France and Austria is | ove belonging peculiarly to the Latin family of | Gatlous, und it may wieely be left to them to settle. A cursory examination of the points of tory will chow thia, During the first three centuries of its existence the Christian church wus a vagabond, Constautiue thea introdaced it to good society, and from that time it went on increasing in pride and arrogance. The East- ern ond Western churches quarreled about the spoils, and thus gave rise to the Latin and Greek Christianities. The bishop | of Rome claimed to be the Pope of the West, while in the Greek church the Emperor was locked upon as the head, all the bishops being equal. In the eighth century Pepin, Mayor of he palace of Childeric of France, designing to usurp the throne, bargained with the Pope that if he would say that “the Divine law permitted concede to him the temporal jurisdiction of the domains of Ravenna Tsis arrangemeat wa- afterwards ratified by the Empe. or Charlemagao, 6on of Pepia. Then came Hildebrand, in the eleventh cen- tury, asserting the supremacy of the Pope in all things. He deprived the princes of Christen- dom of the right of nomivating bishops, and fa- sisted upon their obeying the Vicar of Christ not only as their spiritual, but their temporal lord. Then arose the struggle of the Guelphs and Ghibellines, which so loug deluged Italy with blood. The Guelphs took the site of the Pope, and he triamphed. After three centuries the Reformation came, and rolled back the Papal power from Northern Europe. And it did more than this. It brought, too, a epirit of reform to the bosom of the church, and established the old contest between the political and the theoc ati-:al idea, under the names of tramontanism and ultramon- tanism. Napoleon seized upon it when he re-estab- lished the church in France and made ft entirely subordinate to the secular power. Louis Napo- leon now seeks to carry it farther, and to estab- lish a State in Italy upon the same basis, Aus- tria undertakes, on the other hand, to marshal the old elements and to preserve the Pope from being reduced to a merely sp ritual officer. In this conflict the French Emperor is undoubtedly the representative of the spirit of the age ; and whatever may be the immediat+ result, some good must grow out of the contest. But, because it has this politico-theological character, it should be confined to the Latin ua- tions, whom a‘one it concerns. Protestant Eug- land and Prussia have no interest in it, while every fibre of their organization has a direct sym- patby in the establishment of the supremacy of the State over the Church. Greck Russia can only sympathize with France, for it involves the old principle of the contest of the Greek against the Latin church. In Germany, Italy and Spain, Francis Joseph may fiad the partisans of the church interested in defending its pre- sent corrupt and worn out temporal power. Louis Napoleon will lead the Catholic chucch ia France and the liberal elements of Cuatholicity in the other Latin nations ; and the cvatest cau very appropriately be confined to Italy, from whence it sprang centuries ago, aad to the Latin nations, with whom it is a family matter. To them it is a matter of high import, for it is the inauguration of their liberation from the thraldom that for fifteen centuries has prevented the regeneration of Italy, and that crushed Spain even in her palmiest days. Everywhere has this fact been recognized by the men of progress; and the same conflict that Louis Napoleon is now beginning on a grander scale in Europe ‘has been waged for years in the Catholic States of America. Mexico, Central America, New Granada, Pera, Chile and the Riverine States of La Plata, all exhibit the varied phases of the struggle between the secular and the spiritual power for supremacy. Our position in this coa- test has been similar to that of the Protestant nations of Europe in the coming contest there. We had no interest in it and took no part in it. But we s:mpathized with the liberal aud pro- greseive idea, as does the popular heart in Europe sympathize with Louis Napoleon today, because we believe that wherever an exclusively spiritual rule has been established with tem- poral sway—whether it be Roman or Paritan— IU Mus Ween tue Werov Uf TYTALMEr, and most depressive in its influence over the nature and powers of man. The Republican and Democratic Parties ‘The Next Presidency—Trouble all Round. We transfer to this paper two significant news- paper articles on the republican party and the next Presidency-—the first from the New York Tribune, urging the policy of a fusion of all the opposition elements in 1860, upon some generous concessions from the republicans to the rump of the American party, the old Iliac whigs, &c.; and the second from the Washington National Tra, earnestly and indignantly pleading aud protesting agaist the suicidal programme, which, the Hra contends, would involve the hu- miliation, defeat and destruction of the republi- can party. Between these two violently clashing republi- can orgsns, we apprehend that the programme of the Tribune is the true policy for success in 1860. To be sure, a victory thus gained upon a grand ccalition for the spoils, regardless of prin- ciples, would be turned to ashes in a division of the plunder; but a clean sweep of these fede- ral spoils and plunder of one hundred millions a year, for four years, is something worth fighting for. On the other band, the republican policy urged by the Washington Hra, substantially the same as that of Mr. Soward’s Rochester mani- festo, while it would result ia a present defeat, and in two or three sucecssive President’al fail- ures, would probably, at the expiration of ton or twelve years, culminate ina solid aad positive republican victory, including spoils and priaci- ples, but at last lead to dissolution and disunion be- yond doubt. The great question to the republican party, therefore, is eimp!y this—shall we coalesce with all the odds and cads in 1869, regardless of our peculiar principles, or shall we adhere to our principles regardless of the spoils, and equally regardless of the Union hereafter? The floating political elements of the couné try (now occupying to a very great cxtent a po- sition of armed neutrality in reterence to both the republican party and the democratic party) comprehend, througbont the Uuioa, nearly a mil- lion of intelligent v¢ Tt is thus perfectly clear that these pendent reservos bet the two great parties of the day hold the balance of power, and can turn the Presidential election to the one side or the other, or carcy it into the House of Representatives. Our democratic and our republican managers, therefore, have com menced their man res, and are spreading their nets to catch these abandant and impor- tant floating materials, and henestorward for the next twelve moaths this of hide aud seek on both sides will be intense! ly interesting To go buck no farther, we may that 0 test since the election of ‘Van Buren has been carried by the oating vote of the country. In 1840, in a colid mass, it fused with the whig party, under the pressure of the financial disneters of Van Baron's ad: ministration, and the resalt was a most ter. rible defeat of the democracy. In 1844 this floating vote was pretty eqnally absorbed between the democratic and whig partice; bnt there was a small opposition balance of some fifteen thousand men in Western New York which went off upon the anti slavery tack for Birney, and thus Henry Clay, in losing the vote of New York, lost the Presidency. Ia 1848 this anti slavery diversion, under the management of the Van Buren demo-sratic York to the oppos! faction tion; and ¢ pence on the slavery question being the general with of the people, the floatiag vote of the country, en masse, rallied upon Franklia Pierce, in apposition, not 30 much to General Scott as to W. I. Seward, whose influence as an anti-slavery agitator, it was feared, might be seriously felt should Scott be elected. Thus Pierce was elected almost by general acclamation, and thus the great old whig party was borne down to the dust and H destroyed. In the important ‘nterval from 1852 to 1856, from the scattered materiuls of the old whig party, and from the demoraliza- tions and disintegrations of tho cumbersome democratic party caused by poor Pierce, two new parties were formed—the Know No- thing or American party, and the republican party. In 1856 the republican became the | great overshadowing Northern anti-slavery party, while the democracy became the great pro- slavery party of the South. The floatiag vobw between these parties was mostly absorbed by the American party, and from this diversion of the opposition forces Mr. Buchanan was nicely elected, with an aggregate popular majority of nearly four hundred thousand against the demo- oracy. The campaign of 1856 teaches the democracy their game for 1860, They must harmonize aud unite among themselves, and they must do what they can to keep the opposition divided into two or three partics, A fusion of the opposition forces upon such a national man and patriot as Cen. Scott settles the question at one. Greeley is right upon this point. Ina general coalition they could spare one hundred thousand votes: and still carry the day. But between the re- publicaus of the North and the old whig ele- meate of the South, accordiag to the facts and | arguments of the Washington Fra, there is no prospect of a coalition. The plan of the republi- cans, therefore, is, just enough of modera- tion to secure the floating vote of such otherwise doubtful Northern States as New Jersey, Pennsylvania and Indiana, leaving the opposition in the South to take their own course. The Southern opposition, we know: wish to go shares with the republicans, in view of the spoils; but the republicans will not hazard their occupation of the North for a doubtful footing in the South. We may, therefore, safely count upon at least three parties in the field for the succession ; aud, considering the revived prosperity of the coun- try, the rapid replenishment of the federal Trea- sury, and the good prospects of Mr. Buchanan’s administration, there is still a chance for the democracy, in 1860, to win the buaitle as they won it in 1856. Ex-Governor King, the other evening, in view of the departure of Mr. Seward for Europe, suggested pretty broadly that out hopeful Senator would be the next Presi- dent of the United States. But Mr. Kingy in the sequel, will, we snspect, be dis’ appointed. The more sagacions of the re publicans have evidently discovered that Seward will not answer their purposes, and hence their only chance is with euch a man as General Scott. The democrats for 1860 are equally as bad off for a good candidate. None of the Southern politicians will do. Wise, Hunter, Orr, Stephens: Slidell, &c., cannot carry any of the Central States, without some of which there is no chance for the democracy next year. The democratic Presidential candidate, to succecd, must be a Yeeveru or Northwestern man, not compro- mised in any of the recent sectional contro- versies. Douglas, if he bad sustained the admi- nistration, would have had the vantage ground; but he made opposition, and demolished his chances for 1860, From what class can the Charleston Convention select? Where can they get a-man that can unite the floating materials? There is no old, solid statesman like Mr. Buchanan alive now. They must take one of the heroes of the Mexican war—such as General Wool, Twiggs, Joseph Lane, or Harney: With such a candidate they have a chance of success, but not otherwise. Reaction of a European War on Our Com- mexeial Interests, The effects of a European convulsion on the commercial interests of this country are already foreehadowed in the news which reaches us from the other side. No sooner is it made certain that war is unavoidable than there isa heavy decline in foreign stocks and on cotton, whilat on breadstuffs and provisions there is a corres- ponding advance. The advices received yester- day by the Anglo-Saxon show that the move- ment which has set in, in both these directions, is likely, in the course of a few weeks, to reach an extreme point. War, in the outset, exercises cither a marked depressing or stimulating infla- evce on the securities and commoditles affected by it; and it is not until the public mind be- comes accustomed to the contemplation of its conseqnences that anything like steadiness can be again attained. Until this normal condition of things be reached, of course speculation will be active to profit by the opportunities which these fluctuations will throw io its way. Out of the numerous interests that will either directly or indirectly feel its influence, there are but few in regard to which, at this early stage of the complication, any positive calculation can be made. We can ouly generalize as to results ; but these, on the whole, we think, will not be fonnd to bear unfavorably on our own business prospects. One of the first effects of the war will undoubt- edly be to create such a stagnation in manufac. taring industry abroad as to diminish the demand for cur cotton to an extent which can only be determined by the circumstances under which hostilities are entered upon and their probable duration. If it is to be a struggle such as Lord Derby and English statesmen generally antici- pate, then we may calculate that for a long time to come the agricultural interests of the South will be eevercly affected. Butas there is no evil with- cut its compensating good, the effect of this check will probably be to develope our own cotton ma- nufactures, and to thus eventaally render us iade- pendent of foreign consumption. In our import trade there will also be some distarbiog influ- ences at work, The necessity that foreign maau- facturers will be placed under of realizing their stocks at almost avy sacrifice, will for a time flood the market with cheap goods, The large importing houses which have already disposed of and summer purchases will not feel of the competition, but it must burt the retwilers, Its effects, however, will be only temporary so far as French manufactures are concerned, and, as regards German goods, thore who choose to hold on to their stocks will he interest of their money, A block. Gerwan ports by France, if the war beyond Italy, which will be one of the diate ities of a general war, will ef p to eny farther importations lore on ade of U extends } | ebeering circumstances, Agoinst these inconveniences, such as they are, we bave to balance mauy encouraging and Ifthe Sonth is to suffer for a season, the West, which bas bad its poriod of ordeal, will benefit by the faflucuces which produce that suticring, Its brendstuffs and pro- visions, which for the last few seasons could not ficd a toarket, will become at once so enhanced in vatue as not only to repay its farmers for past losece, but make them rich, Tue Svuthera planters cau ive for a while on their profits of the last few yeare, whilst but for this godsend of awar the Western farmers would have been sti} coudemaed to a profitless struggle, literally starving iv the midst of abundance. It is im- porsible to predict the extent to which Europe may become dependent upon us for the neoessaries of Hfe for some years to come. If, as there is reason to believe, the war becomes gencral, vast numbers of pro- ducing hunds will bo withdrawn from agricul- tural pursuits, and to us the belligerents will have to look for « large proportion of their food supply. The result will necessarily be to seud to this country, from this source alone, an im- mense amount of forcign capital, which will more than compensate us for the falling off in the consumption of cotton. ‘Thus we see that in a commercial point of view the results with which we are threatened by this European convulsion are not of a very alarming or discouraging character. Tinan- cially speaking, we do not see that we have any greater causes to fear them. In proportion os foreign securities become depressed it is certain that our own securities will become enhanced in value. Capital abroad, under the influence of the lopg continued stagnation by which it is menaced, must seck new and safer channels of investmeni, and these can only be found here. We have, therefore, between the revenue arising from the additional importations which will be thrust upon our markets, and the increased value given to our government securities, a fair prospect of being placed in a posi- tion not only to discharge the arrears which Congress failed to provide for last seseion, but to wipe out the public debt itself. Thus, whilst the European nations are compelicd to increase the heavy burdens under which they are already staggering, we shall be free from obligation ia regard to all the world, and at leisure to give full developement to those grand schemes of im- provement which are necessary to complete and fortify our chain of communication between the remote points of our vast empire. If these deductions be based on correct pre- misee—and to all appearance they are—the war in Europe will not only not injure seriously any of our intercsts, but ultimatcly benefit the whole. It will give us the means of paying off our debts, place capital and customers within the reach of our manufacturers, enrich our farmers, furnish their wives with cheap crinolines and laces, and give us a good time generally, until the plethora induced by euch a comfortable etate of things calls for the correction of another panic. The American Balance of Power—The Policy of the United States, On the threshold of a general war, involving a “rectification of the boundaries” of, perhaps, every State of Europe—a contest which, io its consequences, may prove to be a counterpart of the wars resulting from the first French Revolu- tion—the question naturally arises, is this great Power, the United States of America, to remain an idle spectator of this tremendous drama from the lifting to the dropping of the curtain? We should answer, no! For while the belligerents of Europe are absorbed in the formidable work of reconstructing their checks and balances against each other, there will be an opportunity afforded for the quiet settlement of the “balance of power” on this continent which our government cannot and will not regard with indifference. We have full authority for this declaration in the regular and special messages of Mr. Bucha- nan to the late Congress, concerning Mexico, Central America and the island of Cuba, They are each to us what Turkey is to Russia, a “sick man,” who can only be eaved from the most ter- tible dissolution by the most powerful remedica, It is reported that this European entanglement hinges upon an understanding between the Em- peror Alexander, the King of Sardinia and Louis Napoleon, in reference to the “sick mau” of Turkey and the eastward extension of the power and civilization of Russia, In any event, we may safely predict that in the terrible strug” gle between Austrian and French arms and ideas in Italy, the paramount ides with Russia will be the opening of her “road to Constantinople.” In view of this important element in the gene- ral European programme, England may now be occupying an enforced position of armed neu- trality; for ere long, with or without the co-ope- ration of France, she may be called to the de- fence of the overland route to India, Surely there will be work enough in this prodigious job of the reconstruction of the map of Europe to occupy fora year or two the undivided atten- tion of England and France. Nor is it probable that Spain will be permitted to play, meantime, the part of a passive spectator. She is too in- tensely devoted to and identified with the Pope and the Church of Rome to remain neutral in & contest involving the very existence of Rome as the headquarters of the Church, But if Spain ehould still find it her policy to stand aloof, the fierce contagion of war will almost certainly rekindle within her own borders the fires of insurrection and revolution. Thus, then, with France, England and Spain completely absorbed in the bloody European drama, what will there be to prevent the govern- ment at Washington from quietly settling the troubles and complications of our “sick” neigh- bors upon a strong sud solid American basis? Mr. Buchanan has definitely settled the Kansas question; and he has put the Mormon 4difi- culty into such a sbepe that it will very soon settle itself. At the same time, the revived and still increasing financial and commercial prosperity of the country dis- poses of the otherwise troublesome tariff ques tion. The schcdules of 1857 will answer the purposes of relieving the Treasury, and bounti- fol crops and an increased carrying trade will satisfy the present wants of the country. There will thae, in Congress, be no disturbing domes- tic iseves in the way of a hold and decisive Amo rican foreign policy. Under the pressure of the general war and bapkruptey of Europe, Spain may be persuaded to sell her “ever faithfal island,” Mexico may be quietly induced to part with half her territories, or to come bodily into the Union; and the States of Central America may be monlded to the ‘true intent and meaning” of the Monroe doc- trine. During the siege of Sebastopol there was such an opporte for these interventions on part, looking to the commercial and military ” on tt t Ris couti » dud iho a time and vooWatiog adtwiststration of poor Pierce permitted the occasion 10 pass away. Me Buchanan bas already indicated a more positive sud decisive policy; and hud he beew properlg ecconded by this late demooratic Congress, we belleve that, with the mesting of the new Cou erces iu December next, the wisdom and sagaoity of bis recommendations would be proved by the moet eubstantial results, We presume that the President in his noxt annual mesenge will adhere to the bold aud masterly foreign policy recommended ia his last, with such modifications of a more decisive character as circumetances and the occasion way suggest. In this he will be supported by the public opinion of the country, and he may thus be able to mske an impression upoa Coa grees, which will be equivalent to the shaping of the Issues and the parties for the Presidential succession, With all the dirty govdp, and | twaddle, and scandalous abuse levelled agalass him by disappointed office beggars aad opposi- | tion poets, penny-a-liners and bangers on outside the public kitchen, superadded to party rebel- lions, treacheries and conspiracies unprecedented in American politics, Mr. Buchanan's administea- tion has not been shaken. It stands ia a more promisivg position now than at any other time since his inauguration, In spite of a dis tracted, divided and powerless party, he bas cleared the main obstacles from his path. His course henceforward lies over a comparatively smooth and open plain. All the signs of the times are in his favor, Thus, by the meeting of the next Congress, in view of the troubles of Europe, Mr. Buchauan may be enabled to place our reiations aud our policy in reference to the weak, sickly, disorganized and troublesome republics, islands, &c., of the Gulf of Mexico and the Caribbean Sea ia such a “palpable shape’ before the two houses that they will be compelled to act upouit Aud why not? While the Powers of Europe are ab- sorbed in settling the “ balances of power” here, there avd everywhere on that coatineat, why should not we be doing the same thieg for the continent of North America? AMleged Corruption of the General Govera- ment, We print in this impression a letter from Mr. Toucey, the Secretary of the Navy, in relation to the manner in which the public business is transacted in our dock yards, and to whom be- longs the responsibility of fraud, if fraud there be. This letter contains a calm, clear statement of the whole matter, and should be carefully read by all who have received vague impres- sions from the loose statements of the opposition and fishy democratic newspapers. Tho evidence taken before the Congressioud! Committee in this navy yard affair showed that there was some corruption, or at least careless admisistation, but failed to connect the govera- ment witu it. The cry of corruption in naval mat- ters is no new one. It has been raised ever since the organization of the British navy; time and time again the House of Commons has voted censure upon the Admiralty, and once, in Wii- Jism ILL’s time resolved that such maladmiaia- trstion amounted to treason, Very recently Purliument has been engaged in discussing the navel reform question, which is simply how to gct money’s worth for moucy spent. In this country, as we all know, corruption extends through nearly every department of the federal, State and city government. But it is no new thing; it commenced as long ago as Joba Quincy Adams’ administration, and he is now considered, and justly so, as one of the purest and best of the old school of statesmen, who were both pure and good as a rule, whereas it is the exception that holds now-a-days. Coming down to the immediate predecessors of the present Executive, we shall fiod a haud- some record for those who are now so swift in denouncing the President because some naval officers have been cheated by some sharp traders out of a few barrels of pork or tons of coal. Let the opposition look at the Galphin frauds which Mr, Fillmore and his Cabinet swallowed without a wink. Look at all the ofher corrupt jobbery of that expensive administration. Thea we come to Pierce, who hada fall treasury— more money than Mr. Guthrie knew what to do with. But the kitchen cabinet—Forney, Pryor, Heiss & Co.—were not troubled in that way. They swore by the Marcy precept, and, as victors, seized as much of the spoils as they could carry off. It was the era of shameless extravagance and open corrupticn. The President's favorites were up to their armpits in the public money during the whole of his administration. When Mr. Buchanan took office he found the devises of two loose administrations weighing down the treasury. Long immunity had made the rats bold, and they now demanded as a right what they had before begged as a favor or stolen upon thesly. But Mr. Buchanan is an old line statesman, one of the school of Clay, ‘Webster, Calhoun and Jackson, and is, withal, a strict business man, which some of them were not. Mr. Buchanan commenced setting his house in order, and cleared the kitchen of such stuff as Forney, Pryor & Co. first. Put out in the cold, what should there dogs, who had so long curled themselves up in the warmest corner of the kitchen fireside, do but turn about and howl corruption against the inexorable hand that had cut off their supplies, That is the true state of the care, and every one farailiar with the workings of the executive part of the govern- ment knows it. A syetem of swindling has been growing up for many years, and cannot be ar- rested without patient investigation and perse- vering endeavors. It is this which Mr. Buchanan has been doing, and is doing now. Mr. Toucey’s letter shows that this administration has com- menced a system of naval reform, and corrected some abuses which crept into the department in Mr. Fillmore’s time. It is such a souvenir as that which Mr. Buchanan has to answer for. His own record will, for purity, honesty and integrity, challenge comparison with that of the early Presidente. Acapeaty ov Music —The Trovatore was givon last evem- Dg, with Piccolomini, Brignoli and Amodio, to amoderate house. The performance waa a very good one, but pre- fented no features which call for particular comment. ‘ L'Eiisir d’Amore”’ will be given on Wednesday, with Piccolomini first time here as Adina, a role in which wa may eafcly say beforehand she will be superb. Ninro’s Garonx.—The operatic drama ‘ Rob Roy’? was. revived here last night, and attracted a full and very much delighted audience. Tho noticoable points of the Performance were: Mr. Eddy’s Rob Reg, which was vigorously and energetically acted; Mr. Bland’s Dovgal, ® capital bit of character fecting; and ballads surg by Misa Lacy Escott ang Mr, Miranda. Mies Fscott {a finished and altogether excollent ringer, with only one fault, and that Is a tendency towards re- dundancy of ormament, which ia not apropos to ballad music, Mr. Miranda's fine tenor voice was beard to the best advantege. Tho an well received, and witl he feed Ong ba bay Seal