The New York Herald Newspaper, June 10, 1859, Page 6

6 NEW YORK HERALD.!* JAMES GUBRDUM BRANT, next mevtiug will take plase on Monday ive Commissioners held a meetlag yester- flernvon, and granted tive licenses, on the AOLWK AND PROP MEELOR, FLO’ NW. OORNE® OF FULDON AND NABSAD HT TERMS, cash in advance, Money aang by mei? risk of Vie sender. Postage stamps ma revived « Tie DAILY HERALD. too conta yer copy. 81 ver THS WEEKLY HEKALD. every 1, OF BS por annum; the European sas conser ene. 4 per annum to any & Jr Ld ay vs the Continent, hots (0 inet wilt he at te rr om * on the Mh asd Bth of each POUR EAMILY HEALD, on Walncaity, at four sents yor ROT UN RINT CORRE SPONDENCA, com ‘any quarter of the se Gun Fontan o ng PmpOrians 4 eset, s00ll ba LONDENTS 44% Pawriocutar.e Bequasren 10 Sear aut Larges 4xp Pace- } ONO NOTICE taken of nom ymeus correxpondence. We de not return rojedted communsrations. TPRTISEMBNTS renewed every day: advertisements in- nay Engine Honaid, Famiuy Hamat, and in the ‘ Europea Eltions CO PRINTLYG excculed with nouns, choapress and dae Wolume XXIV,.........:c0ece eres se eeeeeeMl@e 160 AMUSEMENTS 1418 EVANING, ACADEMY OF MUSIC, Fourteenth street—Irartam Ora- ma—La Teaveata. WIBLO'® GARDEN, Broadway.—Gor Maxxanixa—Buc- Gan's OreRa. SOWREY THEATSE. Bowery.—Csrtaix Krv—Foun Lover—U' Neu, 188 GREAT. PY i a eal THEATRE (late Surton’s).—Joux Tira LAURA KEENE’S THEATIME, Mo, 624 Broadway. Coust ax Stace. BARNUWS AMERICAN MUSEBOM. Broadwe: \ +c Tom's Oasin, Evovlag—Duxp, or 7 ane, ‘WOOD'S MINSTBFL BUILDING, 36! and 863 Broadway Bewrortan SonGs, Dances, &0.—SCamriat. BRYANT# MINSTRELS, MECHANIC HALL, 427 Broad- wayeeitvane Boxes, £0.—Usep Ur, HOOLEYS MINSTRELS, 444 Brosdway.—Bunsesques, Bowes, Dawons, £0.—Ronsine THE Man. ‘TRIPLE SHEE T. terms tis probable that the proceedings ed by the District Attorney in the Court law bas induced others to make application use to the Commissioners. celpts of beef catile during the paat week with the receipts of the week previous. The lomnand was active throughout the week, and for quotations were $gc. a 12c. Cows and calves were | The receipts of veal calves were heavy, and the de- { mand moderate, at Sc. a 7c., according to quality: | Sheep and lambs were plentiful, and sold at previ | ous rates, $3 a $6. With moderate supplies, the de | mand for swiue was very fair,and sales were freely made at 6c. a TJe. ‘The Eoropean news yesterday had the effect of atrength- | ening the cotton market. ‘the purport of the private let- ' ters was also more favorable than the publishod ac- 440. to 24e. per Ib. over the lowest quotations of the pst | week. ‘The sules reached about 1,000 a 1,200 bales, | ctosing firm on the basis of Llc. per Ib. for middling up- | twzds. Flour was again heavy and lower, espocialiy for the lower and medium grades, while sales were moderate. | Wheat was beavy, and transactions light. A small lovot handsome new Southern red was sold at $2 05, and some white Michigan sold at $1 55. Corn was heavy and irregular; now Western mixed sold at 86c., and old do, from store at 87c., an@choice Southern yellow at 95c. Pork was dull and prices rather easier, with sales of new mess at $17 (though held by some persons at higher figures), and prime st $15. Beef and lard were heavy and transactions moderate. Sugars were steady, with sales | of about 600 hhda., the bul of which wag Cubs, includ. ing refluing, with some pure grocery goods, together with 960 boxes, all at rates given in another column. Coffee was quict. Freight engagements were moderate, but | with rather more inquiry, while rates were without change of moment for staple articles. } t ‘The News from Europe=The Strategy of the Emperors. us against some of the violators of the | head, an increase of 187 as com. | better qualities prices were maintained, while | luterior qualities declined a trifle. The extreme | in good supply, and sold at about the asual rates. | counts. Prices improved about 340. per lb., which, with the | previous advance of 3c , gives a total improvement of | New York, Friday, June 10, 1850. Yesterday we published very interesting tele- | graphic intelligence from the seat of war in ‘The News. The Africa, which left Liverpool on the 28th ult., arrived at this port yesterday afternoon. Advices to the S0th, two days later, received via St. Johns, where the Argo, from Gulway, arrived on Tuesday last, were published in the Henanp yesterday morn- ing, and we have, therefore, no news of any impor tant movements in Italy by the Africa, Our tiles, however, are filled with interesting details of the recent engagements, which we give today, with a number of interesting extracts and letters concerning the positions, numerical strength and prospects of the contending armies. Prince Napoleon had gone into Tuscany, but in an address to the people he deprecated the idea of bis wishing to obtain any power in Italy. The excitement in Germany appeared to have spread very much. England continued her war preparations, and volunteer riflemen and sailors were had by the thousand. Sir William Armstrong was to soon supply seven bundred of his new guns for the defence of the coast, with a vast number of his one hundred aud twenty pounders, destined for use in the Channel fleet. From Manila we have advices to the 4th of April, bat they are unimportant. Exchange on London, six months sight, 4s. 4d. We have files of Bermuda papers to the 21 inst, The Bermudian of the ist says:—The long preva. lent easterly winds still cling to the same quarter, preventing the arrival of vessels from the United States which have been looked for more than a week past. This circumstance keeps as ignorant of the progress of the great struggle in Europe, which ts now the all-absorbing topic of the day. Sir Houston Stewart sailed for Halifax inthe Indus on the 26th. The gunboat Jasper had arrived from Valparaiso and Havana, aad left for St. Johns, Newfoundland. Governor Hamilton, of Antigua, hadleftfor England. Lieut. Gov. Robinson, from St. Kitts, was administering the government of Antigua. We have advices from Turks Islands to the 25th ult. The Hoyal Gazetle says:—The salt market oontinues dull, with very little doing; a few car- goes haye been sold daring the past weck, but the demand is very limited. We have a good supply on hand, without any alteration on former quota- tions. We publish to-day reports of the preliminary caucus and two days proceedings of the Conyen- tion of Maryland slaveholders, held at Baltimore to consider the question as to the best means to regu- late the free negro population of that State. The Business Committee of the Convention presented | two reports for consideration. That of the minori- ty, offering free negroes the alternative of banish- ment or re-enslavemen jected by a large m: ity, and a pr a the gradual ex m of the poli the State regarding free negroes advisable, was rejected by a vote of thirty- three to fifty-nine. The majority report, which em- bodied the sentiments of the conservative portion of the Convention, declared the removal of free ne- Sroes to be inexpedieni and impolitic, but recom- mended the adoption of proper regulations to,make them useful. This view the Convention endorsed Ly adopting the report. The Board of Aldermen did not organise last | evening for want of a qnorum. The Board of Councilmen were in session last evening, and referred an unusually large number of reports of committees, which will be called up for action the next meeting of the Board. A reso- tution instructing the Mayor to offer a reward of $500 for the apprehension of the murderer of Mrs. Fanny Halsey was presented and jaid over. A proposal of John S. Masterson and Thos. Hagan, to keep all the roads of the city in good repair for $35,000 per annum, was referred, as was also 2 pe- tition of William S. Thorp and James Steers, | offemg to clean the streets and remove the nigh? soil at $228,000 per annum. A con- tract awarded to Charles (iuidet for paving Columbia street and avenue D, from Grand to Elevonth streets, with trap block pavement, at #2 LO per yard, amounting to $22,/ ed, he being the lowest bidder. A contract awarded to Jones & King for an alarm bell for the Yorkville bell tower, the bid being $1,000, was also confirmed. The Comptroller was directed to draw his warrant in favor of Janics Donnelly for $2,619, for splitting 2,700 loads of wood for the public buidings during the years 1957 and 1858. The Street Commissiouer was directed to cause the flues of the City Hall to be examined, as there had been appearances of fire there lately. The City Inspector was instructed to advertise for proposals to contract for the removal of the conteats of tue sinks and privies of this city. The committee of the Common Council Pit had a meeting ye no 01 them to speak upon the subject. It is understood, ho: r, that the o mites ave. datricted the city eouetlng aie ‘%%, aud that th epare: Port at the next me rei hh an ameemae The Councilmea’s Commitic and Slips, held a me various papers now | the leasing of piers, fore them who felt inte in the they adjourned without doiug anything, There was a mecting yesterday of me Board of day to consider a vint com, mittee of the Common Counci inted to make arrangements for celebrating th: wth of July in becoming style. Alderman Peck, being chosen Chairman, informed the reporters that he desired to have the meeting private, They agrecd to ap- point committees on fireworks, music, stands, Ke, 50, was conlirm- | on Wharves, Piers | | | Borope, by the Argo at St. Johns. To-day we | publish details of the news received by the | Attica, The operations of Garibaldi in the | | north of Lombardy, in cutting off the Austrians | | from the Splugen Pass and driving them south- | ward to the plains, in the direction of Milan, is not only highly important in itself, as turning their position, but still more so as being part of a strategical plan conceived by Napoleon IIL, and the first developement of his genius as a general, It will be in the recollection of our readers that at the very commencement of hos- | tilitivs the Swiss government demanded both | { | from France and Austria a declaration that in | the coming war they would respect the neu- | trality of Switzerland, guaranteed “forever” by | the treaty of Vienna. { The French Emperor replied that in no case | would he violate the neutrality of Swiss terri- | tory; but the Austrian government not only re- | fused to give any pledge, but from the tenor of its answer it appeared bighly probable that it | | would violate both the Swiss territory and the | treaty of Vienna together, whenever such cir- cumstances arose as would make it the interest of the Austrian government to do 20. The French Emperor, of course, was made | acquainted with this answer, and though he was silent (for reticence is one of his greatest gifts), he secretly made np his mind that as Austria | using the Splugea Pass in the operations of the war, he would take good care to prevent her, by seizing it at once. For this service he selects bold Garibaldi, with his revolutionary volun- teers, many of them from the very terri- | tory where he was destined to strike; and at the same time he detailed Cialdini to support | him with hia corps, by advancing on hia right. | He knew that these revolutionary spirits would kindle the flame of revolt in the breasts of their | countrymen—the bardy mountaineers of the Val- | telline—who were so persistently revolutionary in 1848 and 1849, and were the last to lay down | their arms, holding out in the Pass of the Splugen even when there was no chauce of success, His calculation was fully borne out, and the operation of Garabaldi is so far crowned with success. “The effect of this movement will be to secure the Pass of the Splugen, and probably that of the Stelvio, which it cost the Austrian government so much money and labor to construct, in order to connect the | main road through the Tyro) from Vienna to Verona—the great stronghold of her Venetian | province—with the Valtelline, and thence’! through Como with Milan, the capital of Lombardy. This route connects the valleys of the Adige and the Adda, and enables Austria, who uses it solely as a fortified mili- tary road, to send an additional column of troops over the Alps to her Italian provinces, further westward over the Alps she constructed the Splagen road, which she completed in 1823. \ On the Italian side it runs through the Valtelline parallel with the Swiss road, which runs through | It meets the Swise road at the village of Splagen, ; four miles north of the eummit, and thence it continues through Swiss territory into Germany. This would be a very convenient route by which | Austria might receive aid from the German Con- | federation, or send reinforcements to assail the | Allies in the flank and rear so soon as they had | penetrated into Lombardy. The Swiss Confede- ration is bound to prevent this pass from being used by the belligerents, and it declares its de- | termination to do so; but whether it might not | yield to the threats of Austria is hard to say. It | joined a European coalition against the French Detore, under the terror of Austria, and it may | do so again under the same influence, Notwith- standing its declared neutrality when the allied armies advanced to invade the French territories in 1813, the Austrian corps, under Prince Schwartzenberg, passed through the territory of Switzerland, and crossed the Rhine at three , different places, without opposition from the | federal troops. Again, the perpetual neutrality of Switzerland was recognized by the act of the Congress oi Vienna, March 20,1815. But when Napoleon returned from Elba the allies invited | Switzerland to join them. She did so by arming, under pretence of guarding the neutrality of her frontiers, just as she is doing now; and while she | prevented the French from crossing them, she | permitted the left wing of the allied army to | pass the Rhine and enter France through her territory. Admonished by the past, and fearing | treachery, Napoleon IIL takes time by the fore- | lock, and makes assurance doubly sure by a suc- | ceesfal operation to cut off communication with the Austrian army in Lombardy through the Splugen Pass, This ig only a part of bis plan. While the main body of his troops bave been advancing from Alessandria against Milan, the and very near the frontier of Piedmont. Still | the canton of Ticino, over the same mountain, | French Emperor eonds Prince Napoleon to Leg: born, in Tuscany, with a corps for the ostensible | purpose of protecting the revolution there, bat | rewlly to turn the left of the Austrians, as le | turned their right at Como, and to cut off | their eastern communication with Austria by way of Venice; Trieste, Laybach and Bruck. He will quietly add more troops to those in Leg- horn, aud when a sufficient number are concen- trated he will, perhaps, kindle the fires of | revolution in the duchies of Modena and Parma, and, if necessary, in the States of the Church. He will, no doubt, direct Prince Napolvon’s corps to proceed over the Apennines to Bologna, which fs a stropog central position in the States of the Church, svoat half way across the peninsula to | Venice, while in the other direction it stands | | about midway between Ancona, on the Gulf of the Adriatic, and the strong position of Piacenza, on the frontier of Parma, where it adjoins Lom- bardy. Austria is fortify ing the port of Ancona, in the States of the Church, lest the French abould land troops there. But the movement from Leg- horn will render that proceeding useless, as Leghorn is much nearer to the field of opera- tiona. And when the time comes for the assault ou Verona the destination of the corps of Prince Napoleon will be revealed. Meantime, no doubt otber French troops will be lauded iu ports of the Adriatic to co-operate and combine with those under command of the Prince. If these strategical operations in the south should turn out as successful as those of Guri- buldi in the north, the Austrian army may never return over the Alps, but be either cut to pieces or be compelled to surrender at discretion. It has no fleet to carry it away, and if it be inter- cepted by the passes of the Alps and fairly beaten in the field, there is no escape for it but in its fortresses, and these will either be stormed or starved out. ‘ Tax Viraista Evection—Cvrious Resvrts ON THE Stavery Issve—The Richmond Wiig says that “Letcher owes his election to the tre- mendous vote he received in the Northwest—in those counties bordering on Obio and Penusy)- vania, in which there are scarcely any slaves, and in which there consequently oxists a strong and predominating anti-slavery sentiment,” The Weallsburg Herald (a free soil paper on the Ohio river boundary of the State) saye:— In nove of the western counties (thet is, in the north western) do there appear to leptin) oer mn the voto was rather a light one a!) over the 5 waa objectionable to many of liberal notions on the aia) TY question, who otherwise would have supported bi1 some of whom voted for Letcher, on the str opinions in 1848, and for the sake of the moral effect of his election, thinking that his conversion having been 80 recent and radica! the masses would set it down and ro- gard it ag insincere, and his election being thus equiva- lent, in some degree and ip effect, to a black republican triumph in the Siate of Virginia. Others, not Hiking to Wer soo ages? or Goggia either, stood aloof to witness 0 result, In support of these views, let us recur to the returns of the late election, as compared with that of 1855, taking the slave population of several counties (census of 1850) by way of illus- tration. First we select a few of the largest slaveholding countics:— ELECTION OF 1859 AS COMPARED WITH 1855. Number of sc ( Increase crease Corptier. Slava. Opp. Vole. Dim. Vile. + 18,888 88 188 Total comparative opposition gains... ‘This aggregate opposition gain hundred in five of the largest slaveholdiag counties of the State is somewhat remarkable; and the more 20, considering the fact that the uverage total popular vote for each of these counties is less than two thousand. In most of the other slaveholding counties the vote on both sides has fallen off, the superior weight of the lose being generally on the side of the de- mocracy. Next, let us look at © few of the ; counties in which the smallest Proportion of slaves is to be found:— Vo. of Slaves. Demoete Gein. Opp'n ton. x6 14 6 166 418 We find, however, that in some of the small slaveholding western counties the democracy have lost ground; but we have no doubt that the complete returns of the election will show that had the comparative gains on the opposition side | among the large slaveholding counties of the | East been kept up in the small slaveholding counties of the West, Goggin would have been | elected. We may thus conclude that there iss living free soil element among the politics of Virginia; and we should not be surprised, in the event of another election between the opposition and the democracy upon ultra pro-slavery issues, to sce this free soil vote assume the shape of a eeparate faction holding the balance of power. Tur Comme Ocesy Recatra—Ilists to Our YacutsMeN.—With such a noble yacht fleet as can be mustered in the Bay of New York, and such a course as that proposed, round the Five Fathom Lightship off Cape May—a distance of one hundred and fifty miles, on @ dangerous coast—the coming ocean regatta of the 28th inet. could be made the finest cver witnessed in this or any country, if our yachtsmen would only pluck up their courage. We understand that the ownera of the Narra- gansett, Plover, Manereing, Fanny and Has- well—nearly sll yachts under thirty tons—have expressed themeelves prepared to participate ia such arace. They can subscribe, say fifvy ora hundred dollare each, and have a sweepstakes of their own for small sloops. Then the Irene, Ju- lia, Rebecca and Deer (the one that took a prize for walking over the course in the late regatta) can have a sweepstakes for large sloops, with an entrance of one hundred dollars; while the Far vorita, Madgie, Ziuga, Haze, Widgeon aud Gyp- sey can have @ sweepstakes for schooners, Of course these larger yachts cannot keep ont, when the smaller ones are so willing to show that our yachtsmen are not all still water sailors, They ought allio have been entered long ago, to encourage the others, and give ample time for preparation. Such a race as this, and with an open unmis- takable course, has long been needed to dis- pel the prevalent idea, both among Haglish yachtsmen and many of our own sca captains, that our yachts dare not go outside of Saady Hook. If any fears of accidents are entertained, the club could, at a trifling expense, charter a steamboat to accompany the fleet to render prompt assistance in case of need. Surcly the members of 0 rich a club ag the New York Yacht Club could not begrudge this trifling out- lay. Let us have a eail round the Vive Fathom Lightship by all means, with our best yachts entered, three sweepstakes, and a tug to accom: pany the feet in conse of accident. Our word for it the occasion would prove an era in the histery of yachting. All aboard for the Ocean Regatta! . NEW YORK HERALD, FRIDAY, JUNE 10, 1859.-TRIPLE SHEET. me The Relation of War to Trade—A Word of Caution to Our Merohante There is no eubject apo which more crude notions are emitted by the self-styled commercial journals of this country, than that of the relation between war and the iaterests of trade, and the probable effect of the present war in Europe upon American commetce. With @ coolness and self-complacency that is refreshing to behold, they take up one after an- other several of the items that enter into the ag- gregate of our trade, and with an owl-like gravi- ty pronounce their fiat, which to their pigmy view eettles the whole question, -To them the vast complications of the effect of war upon pro- duction, consumption, exchange of commodities, eres): sud capital, are nothing. Thus they argue \.ss our agricultural intereata cannot be injured by war, becanse if war leasens producers in Eu- rope the deficiency arising from that cause must be supplied by us; forgetting that every nation’s power of consumption depends upon its pow- er of production and its facilities for ex- changing commodities, They insist that wat cavnot lessen the number of ships requir- ed to transport our produce to Europe—ergo, that our shipping must prosper—tnmind- fal that war, by drying up the employment of shipping in other branches of trade, may increase tke concurrence of tonnage to the employment offered by our commerce. They opine that war may greatly diminish tho foreign production of manufactured goods, and thus advance the price of our own fabrics, ignoring the potent fact that unless the war rages at the very scene of foreign manufactare—as, for instance, Lyoas and Man- chester, which fs not very probable—by cutting offsome of the consumiog markets it must in- crease the supply of foreign manufactured goods to our own, which will not be very likely to en- hance the price of our domestic fabrics. And, finally, they believe that, because the public securities of European goveraments have de- clined largely in value, every Earopean holder will sell them and invest in American secari- ties, which fact, they think, will have an im- mensely bencficial influence on our monetary affairs. In thus reasoning, too, they show very little reflection on the motives that really influence buman action. It is not necessary to refer to the limited knowledge possessed by the greater part of the people of Europe of America, three thousand miles distant, of American affairs and of Ameri- can securities. The latter, except among a very limited circle, do not enjoy a very good general reputation in Europe, nor even a very general good reputation athome. But the idea that be we Darexces bx Exorann Acarnér Lyvaston—Vo- | of Maryland mast sogaest the manifost destiny Loyrern anp Taras? Comrasues.—We see that a | pf the State. And the beet way is, a8 quietly as circular has been iseted by tho Englisly War | possible, to Ist the problem work out its owa Office inculcating the necessity of target prac- | solution; and thus, we think, that Seuator tice by volunteer companies, With this view, the circular says thut sites for rifle practice should be established in every locality where compauies or bodies of riflemen afe formed. It is surpris- ing that this idea should not have occurred to the heads of the War Department when the mili- tia of the United Kingdom was first called out, about two years since. There is sourcely a na- tion which Is less acquainted with the use of fire- arms than the English, and the notion of placing muskets in their hands without teaching them how to use them was 60 manifestly absurd that at the time earnest representations were made on the subject. The authorities at the War Depart. ment are as slow to entertain ianovations as are their brethren of the Circumlocution Office, aud it is only now, when the probability of an invasion is staring them in the face, that they are taking steps to secure effici#ney in the volunteer force. With characteristic libe- rality they undertake to serve out targets at cost price, and also to furnish an annual allowance of prestice and exercise ammunition at the rate of ninety rounds of ball and sixty of blank car- tridge for each trained volunteer, and 110 ball and twenty blank for each recruit, As the Lon- don Zimes pertinently observes, it isnot probable that English riflemen will learn much at the rate of three shots a week, halfbefog without bullets, ‘The reluctance with which English administra- tions have always resorted to the arming of the militia is well known. They have hada few ex- periences in this way which have rendered them rather timid. But it ehould not be forgotten that theese occurred in times when bad govern- ment had driven the people to desperation. In a more enlightened age, when power caa only be sustained in a constitutional country by the influence of public opinion, there is no necessity Pearce in this matter dceerves the thaaks of the whole people of Maryland. : ‘Tux Romonrs ov max Wan.—It takes so mush ingenuity to bunt up aad detect the canards let fly by the partioaus of the belligerenis that the presses on both tides are likely to have a busy thue of it. We shall just sigualize two or three, One London journal, philo-Austrian in its procli- vitics, reports that am euvoy is about to procesd from Paris ou an extraordiuary aission to the Ger- manic Confederation, and that this fact strength- ens the supposition of a possible compromise at no distant day by means of Prussian agency. ‘The Vienna correspondence of the same journal asserts that Prince Gortachakoff is about to re- sign bis position in the St. Petersburg Cabinet because the Czar has intimated to him his inten- tion’ of breaking off from France and takieg | part with Austria, Nothing cam be .more probable than that the war can wow only be terminated by the «liandonment of the protenstons of Austria in Central Italy, aud her renunciation in addition, of her Lombardo-Venitian posses- sions, After the enormous expenditure which the campaign has already cost the allies, and the ravages committed in Piedmont by the ariay ua- der Count Gyulal, it seems to be out of the quea- tion that Francis Joseph can succeed in obtaining the same terms that he might have seoured pre- vious to the outbreak of hostilities. Whatever part the Germanic Confederation may be pre- pared to take, it is morally certain that its action will not influgnce the allies until they have touched the point where German interests are affected. The invasion of Lombardy caanot be coneidered as trenching upon those interests, as Prussia has allalong maintained. Without the concurrence of the Berlin Cabinet the Confede- forsuch caution. A government that is art ration will not move a step, anless it is prepared put arms in the neve of he Laude 3 to break up the federal pact. It is not prepared purposes of self defence has no upon thelr | to do this, and therefore it must wait until the support, and is therefore unfit to exist. Our English cousins have been some time finding out the truth of the axiom. It is well for them that they bave at last made the discovery, for times are approaching when its value will be appre- ciated. The introduction of steam in the navies of the world is fast doing away with ‘the maritime su- premacy of England. Ieduced in this respect to a level with her great military neighbors, she must look to other means of protection. She can cause European securities have experienced a large depreciation at home, the people whe hold them are going to cell out stocks that they have known all their lives, and invest in others that they know nothing about, is utterly fallacious. Jn the first place, though the market values of the securities have declined, the promised rate of dividend is thesame. Then,jif the holder were disposed to sell, he must make up his mind to submit to a large sacrifice in his invested capital in order to tura it into money, and then consent toan equal sacrifice of his yearly income in secking inyesiment at higher prices in securities which may command the general confidence. Bat beyond this it is not a characteristic of the human mind to accept large sacrifices of a slow- ly accumulated property by forcing sales at a time of sudden and unusual depression. Agitated by varying fears, it clings to every hope, and, re- fusing to throw away in one moment the gains of | life-time, it hugs the idea that half a ‘things will come round again. A thon- sand influences come to assist this hope: old confidence, the remembrance of re- ligiously paid dividends long continued, proju- Gice, the pride of national faith, ignorance of other investments, and, above all, the doubt in- spired in these by the fot of the decline of tho | favorite and cherished securitics. Who shall conyinge the holder of depreciated securities that ail other bonds are not just as liable to de- cline as his? The truth is, that a general de- cline in European securities may in some degree affect ours who in the European markets and Tepel investments from them. Itis thus that those who cry out that we are going to have such good times here misjadge the true relation of war to the interests of trade. The truth is, that the complications of cause and effect are so great that no man can obtain all the data necessary to a knowledge of the re- sults. We can only reason on them in a general way. We know that in a time of war the capi- tal that stimulates commerce in a time of peace is turned into new channels, that many of the | peaceful pursuits are stopped, that new sources | of business are created, in the shape of contracts, supplies for the army, loans for excessive gov- erment expenditure, and go forth, while the old systems of trade and finance, with their extended credits and obligations to mature, wither and decay; that the exchange of commo- ditics is attended with new dangers, new doubts, new expenees of insurance and of carriage, and the probability of great losses, accompanied with a vague hope of great profits, These in- fluences diminish the sum of commerce and its average reward. So connected are the ramifica- tions of trade that the injury of a part redounds to the prejudice of all, Let us now look at some of the signs that mark the course of the tide of trade in Europe and in this country. An article from a London paper, which we reprint in another ‘column, closes its remarks on the quarterly returns of British trade with some significant facta. The imports into England of cotton, corn, flour, tea, sugar, coffee and epiccs had fullen off. Yet | elsewhere we learn that yarns, so greatly in de- mand for the continental markets, had fallen: and that cotton, sugar and breadstuffs have also fallen in price both there and here. These things occur because the war has diminished the confidence of merchants in the ability of the three hundred millions of people in Kurope to take and pay for these productions. In London we are told that “little or nothing is doing at the Bonk,” and tbat “call loans have been negotia- ted at one percent per annum.” To us this proves that merchants cannot find employment for money, and that the usual channels of trade are interrupted. When money is cheap, it proves that good cmployment for it and good «ecarity are scarce. S With these plain indications before us, we do not see where the good times for trade that are 80 liberally prognosticated are to spring from. And we advise our merchants, before they go into extended operations, and give out their paper, and increase their expenses and their luxuries, relying upon the good time coming to carry them through, to wait awhile, and see how the cat is going to jump in this European war. Many more protested bills will come hack than sanguine people now anticipate. never maintain a standing army sufficiently Jarge to protect her coasts, and she will there- fore ‘have to rely mainly on the patriotism of her militia, In point of bravery and piysical endurance these are equal to the men of any other nation, but in the use of firearms there are few to whom they are notinferiér, This deficien- cy has to be remedied in order to give to Great Britain the spirit of self-reliauce which will enable her to despise invasion. The movernent get on foot by the government for the formation of target companies is a stey'taken in the right direction, The conditions under which it is made will, however, have to be im- roved upon. This can be done by the liberality i the men themselves, as is the case here. Our companies, which are composed for the most part of mechanics and day laborers, receive no aid from the State, as the militia do, but they never- theless constitute the great arm of strength upoa which the country will have to rely in the hour of danger. They are, generally speaking, good warkemen, which is more than can be said of the commissioned force who soldom practice at the target. Weare glad to see the Kaglish appropriating the ideas which have given strength to and con- 4 they may be disposed to borrow something more of their spirit and essence. Tue Maryisnd Boavenotpens’ Convey- | day a very interesting report of the Slave- | holders’ Convention of Maryland, heid in | Baltimore. The question upoa which the | Convention was summonéd to act, was: What | shall we do with the immense (74,000) and still | increasing tree negro population of the State? | Avery important question, traly, aud one de- | Manding, in the handling, a good deal of cool | Gcliberation and prudence. There is a party of ultra pro-slavery, or ultra anti-free negro poli- ticlans in the State, who are in favor of that rigid policy which in a few years would cither drive all the free negroes now within the com- monwealth out of it, or reduce them to slavery. But there ig another party of sensible slavehold- ers who are opposed to this violent remedy, and | their counsels have ruled the Convention. At the head of this moderate party is Senator Pearce, formerly a whig, but now a conservative solidated our institutions. In the coursa of time | COM RECPA: cyentualitics of the campaign decide the course of thé Prince Regent. In regard to the sudden change which is alleged to have taken place in the polioy of the Czar, it is suflicient to state that all that | Russia bas to gain by the present complications the will more readily attuin by her «understand- ing with France ihan by the renewal of her friendly relations with Austria. Her people are animated by an ardent desire to revenge them- selves on Austria for the isgratitude which she manifested towards them dnring the Eastern war, end Alexander will not rua counter to this feel- ing from @ mere personal sentiment, which is the only motive that can be alleged for the course attributed to him. Of a character similar to these reports is the rumor that King Otho wili soon be compelled to abdicate in favor of the Grand Duke Constan- tine, The Greek monarchy is the creation of a European arrangement, and the motive of the statement is evidently to awaken Kaglish sus- ceptibilities and to enlist them against 'rance and Russia. The activity with which these stories are circulated at the present time is perhaps to be sccounted for. The English Parlia- ment is about to meet under circumstances which secm fatal to the duration of the Derby Cabinet. THe violently partisan course takea in faver of Austria by the Werald, Zimes and other journals identified with the aristocratic classes, fs awakening a strong feeling of indignation throughout Great Britain, and the speeches of Kosguth will no doubt contribute to increase the popular excitement against them. Under these circumstances a counter diversion has be- Lacer Beer Ax Isstrrvriox—In New York and ils suburbs it is estimated there are about two hundred lager beer brewer- ies, whoee immense product has driven the ; Tion—Cavriovs Procerpras.—We publish to- | Philadelphia beer out of our market. The most extensive, aad, we believe, the best of these, is that of the brothers Speyers & Co, in the Twelfth ward of this city, near the northern eud of the Central Park, of which in another page the reader will find a fall description, to- gether with an account of the manufacture of lager both here and in Germany. In this single brewery, which is only twelve months estad- liehed, more ‘han three millions of gallons are made in the seven moaths of the year in which that kind of beer can be manufaciured. The increasing good quality tacreases the num- ber of drinkers, and now there is more of lager coneumed than of any other drink in New York. Unless lager beer is rapidly consumed after the barrel is tapped, it becomes “flut, stale and un- profitable.” But in a small consumption this is necessarily the case, and hence many persons have become, disgusted with lager beer from national democrat, with a strong leaniug, how- | haviog drank it in this deteriorated condition— ever, to the popular sovereignty ideas of Me: } when £0 far from being healthy, it is really ia- Douglas, if we are not mistaken. At all events, | jurions. The immense sale renders it worth the the sound policy advocated by Mr. Pearce upon | while of enterprising men to embark their capi- this free negro question cannot be disputed. | tal in the businese, and to produce the best arti- From the Committee on Resolutions he reported | cle that art can achieve. substantially, in regard to these free negroes, in Ton years ago it was impossible to find favor of letting well enough alone. He, as the | a glass of lager beer in New York. A year or organ of the committee, was opposod to | two later it might be found after a good acarch the forcible expulsion of this free negro | in some obscure German cellar in a back atrect, population from the State: first, because | in bottles, sent from a brewery in Philadelphia, their removal would deduct nearly fifty per | where it waa first made in this countcy. The cent from the negro lavor of the State. The | taste for it has gradually increased since that white and African population of Maryland ia | time, till now it has become an institution of the 1850 was thus divided: city as much as the New York Henanp. It is i bite popatation, everyWhere—on every block almost of the lead- - ck ing thoroughfares; in the American public houges as well as in the German saloons, and even in the first class hotels. It has become a | Secondly, because the labor thus furnished by | the free blacks is indispensable to the people of | the State—that the expulsion of these free ne- + fashionable drink in private houses. The quanti- | groce would cause great discomfort to house- | ty of lager beer now consumed in New York is | holders, and break up the business of many land | truly amazing. The causes of the great increase ) owners and land renters whose iaterests are en- | in its consumption are:— | titled to as much respect as those of any other First, The immense German immigration in class; and thirdly, because this remedy of ex- | recent years producing a demand for it, and the | pulsion would be oppressive to the free blacks | demand of course creating the supply. | themeclves, would violate the public sentiment, | Secondly, The gradual spread of the rational | and lead to other evils which the comatittee for- | principles of voluntary temperance—not the fana- bearte mention. We may, however, take the | tical total abstinence, or tyrannical prohibition liberty to mention them. The violent removal } doctrines; men who have been always ia the of the free blacks from Maryland would develope | habit of drinking something now prefer innocent in full blaze that anti-slavery sentimeut which is | and healthy lager beer even to good whiskey, { known to exist throughout the State, and would } good brandy and good wine, and of course mach thus kindle a politi¢al agitation of the most dan- | more to liquors of bad quality. It is found gerous character to all concerned. to slake thirst, to refcoeh, and to cheer without The policy of “masterly inactivity” recom: | inebgjating. ‘Temperance thus bogets lager mended by Mr. Pearce, from the committee, on | beer, and lager beer begets temperance. the subject, and adopted by the Convention, no] ‘Thirdly, the failure of the grape in the wine doubt is, therefore, the true policy for the slave- | countries of Europe for several years, and the holders of Maryland. With 74,000 free negroes, | consequent high price and deteriorated qualityy against, 90,000 slaves, the former class could not | of wine and brandy, bave driven many men ‘4 be expelled without seriously endangering the | drink lager beer instead of their accustoraed safety of the latter. At the same time the com- | beverages; and this is the case in France and paratively rapid increase of tho white population | other parts of Europe, for in those countriss lager and the gradual decrease of the slave population ' beer breweries are now established as well as in