The New York Herald Newspaper, September 26, 1860, Page 6

6 NEW YORK HERALD. JAMES CORDON BENNETT, mn AND PROPRIETOR. OFFICE N. W. CORNER OF NASSAU AND FULTON 87S. eee nee TERMS, cash to adeance, Money; sont dy mai! will be at he Postage stamps (risk Of the eonder. Rot received as subscrt) tian - shinai THE per annum; the European Si per annum fo 2-u Pa 96 any, Colonna - Y HERALD two conts a LY HERALD. sccrs catariy, af vz cents er ov cas emia per copy. rb ‘Continent, doch al tha ries ths Onntinret veiieies of enth mnonthe at va TTT TREE B on Wadrcsday, at four cents per | | RM, Ray Cons ESPONDENCR, comsaining brporcans naan, satlcaicd from any of thessorld; Y weed. wil [iterally pasd sor. eg~ OUu Fouuias CORRESPONDENTS Ake Pienewaney Buauerren to Ama: aut Larraus amp Paow v8. ASE eT cam apermyrens coronas Woda return rejected comm rs cen’, AMUSEMENTS ACAMEMY OF MUSIC, Fourteen) sreet.—Faenca Ore ei—koeret 1s Diapix. FTBLO’S GARDEN, Brosdwny.—Hiuuer. Bronaway, opposite Bond street.— ) DOMNELL~ [Ris ASSURANCE, THIS MVENING. WINTER GARDEN. Magic Joxe—Pusum BOWERY THEATRE, Bowery. —Tax Hiopan Hanp— Laor or tax Lake. WALLACK’S THEATRE, Rroadway.—Tas Rovauist— Bace vou a Winow. LAURA K3ENE’S THEATRE, No. 64 Bros¢way.—Tae Monxsr Ber. NEW BOWERY THEATRE: oni—BeLt Riscar oF Bosse: BARNUM’S AMERICAN MUSEUM, Broadway Bvening—Josera axp His Baxaxey— Livin ‘LE, foa’ Hall, 472 Broadway. — J —doowey & Cawrrent’s "B SALOON, ond way oe Bons, Buxtesqus Dances BMinereeis uy Rruorian Isauousatios Baie NATIONAL THEATRE, Obstbam atreet.—Davit's Danca- femj—Macic Baxuxi—Tue Moucy Macurnes, CANTERBURY MUBIC HALL, 663 Brondway.—Songs TRIPLE SHEET. w York, Wedmesday, Sept. 26, 1860, MAILS FOR EUROPE. She New York Herald---Kdition fur Europe. ‘The Ouaard teamehip ASia, Capt. Lott, wil! leave this port to day, for Liverpool ‘The European matls will close in this city this morn- fog at clover o'clock. ‘The Roaorsxx Kortos or ms Aeuarp will be published at ten o'clock in the morning. Single copies, tn wrap- pers, atx conta. ‘The contents of the Evrorgn Kprriow of Tum MERALp will combine the mews recetved by mal! and telegraph at tae office during the previous week, and up to the hour ef publication. The Ne By telegragh from Montreal we are advised that the steamship Anglo Saxon, with news from Li poo! to the Kith and Londonderry to the 14th in ther Point yesterday afternoon. Owing uption in the working of the wires be Point and Montreal raphed. The Anglo Saxon is due arly hour this morning. passed F to an ji tween F news was at Quebe The investigation by the Grand Jury into the tragedyfon board of the sloop Spray, commenced at Trenton yesterday, there being present the sis ters of the murdered victims, and other witnesses possessing corroborative testimony of a strong character. As a wonderfal illustration of Provi- dentia! interposition, the body of Captain Leete, one of the victims, was identified the day before . the investigation, the discovery being made through none of her ' given in another place. | chaoged. The receipts of whoat were larg’ mede bere and for future delivery were heavy, aud the ' market closed 2c. per bushel higher, Corn, out of store aud aficat, waa in light supply, while prices were firm, with @ fair amount of gales. Pork wus iuac- five, with limited sales, at $19 25 @ $19 85 for new mess, ocd prime at $140 $1425 Sugars were quiet but steady, with emlef of aout 400 bbds. aud 450 boxer, at rates Coftee was quict but firm. A cargo or two of Rio bavg arrived at this port, but bare | bot yet been placed on the market. Freights to Eoglish | ports were frm, with froe cogagemonta, Wheat, in bulk Bod bogs, Was taken @t 12s¢d. a 154, fer the former, aad Od. per busbel, with other articles at full rates. ‘The Contest in New England—Her Old Democratic Hacks ead Organs in the Way. ‘Three months after the dissolution of the de- moralized democracy at Baitimore a Union | movement is organized in New York, com- | petent to wrest the Northern balance of power from the black republicans, and to crush out their sectional anti-slavery agitating organiza- tion with the defeat of Lincoln in November. New York, as in 1844 and 1818, is the battle ground, although we have s\rong hopes that Pennsylvania will anticipate the FE in a decisive blow to the republic ‘ her Pennsylvania October 1, and thus turn the tide of victory, ag ic | Meantime cur attention has been called to the distracted, demoralized and divided con- | dition of the anti republican elements of the w Epgland States. Last epring, by a sen- | coalition these conservative elements car ried Rhode Island against the republicans, in a fair ond square contest, by a very handsome majority, and came withio a few hundred votes of revolutionizing Connecticut. From these authentic manifestations of a healthy Northern popular reaction, the conservative masses of the | people throughout the country were encouraged to hope for a brilliant triumph over this Northern Loly anti slavery alliance ir November. These hopes, however, were soon paralyzed by the reckless desperation of the rival Presideatial jugglers and gamblers of the democracy at | Charleston and Baltimore, and from that day |_| to this the election, by default, has been to a | great extent, on all eides, considered a foregone | conclusion. Acting wader this impression. our rival de- mocratic cliques and leaders, managers, place- men, oflice seekers and organs, all over the country, have been followiag up the miserable game of theic self appointed masters at Charles- ton and Baltimore, in tearing each other to pieces. At length, here in New York, fladiog it impossivie to endure any longer the senseless juggleries of Richmond, Cagger, John A. Green, Gideon J. Tucker, and such like party managers, we find our independent Union men, or volunteers in this ciiy, coming to the rescue, und organizing in a few days the very Union movement demanded by the crisis. Practically & corresponding movement is undef a good beudway in Pennsylvania, aud the same spirit of everything for the cause, and nothiog for meu who stand in the way, bids fair to restore to her proper position the conservative State of New Jersey. But why are there no sigus of a similar Cuion movement in any of the New England States? Simply because the people of those States, of all parties, have become too much accustomed to leave their political duties to the control of their old party hacks, leaders and organs, aod because these old party managers of the demo- cracy in the New England States, looking to the monopoly of the federal spoils, have found @ paragraph which appeared last week in the 1 nal. of Wales and party left Dwight yes- terday ona shooting excursion to Stewart's Grove. ‘i fine day's amusement Ming quail. , who is an excellent shot, enjoyed the cessful, sport highly, and was very su It & reported that no difficulty exists regarding the cession of the Bay Islands to Honduras, and that the stories respecting the disaffection of the Brigish residents were get op to further the designs | cf Walker, whose filibustering schemes had de- layed the cession. ‘The Neapolitan Minister has taken leave of our government. his diplor ¢ functions having been terminated by the late revolutign in Naples Files of Buenos Ayres papé¥s to August 8 have been received. The elections to the Conventions od hoc took place on the Sth, 6th and 7th, but with what precise result is not yet known. The Tri wna supposes that both pa in the confede- vation will be pretty equally represented, yet | speaks very Lopef sario party feeling | was runn F had taken pre cautionary measures in view of anticipated ditt lef there on July 31 for eived via New Orleans, progress of prepa mat Havana. Twenty thou- sand veteran soldiers are to be sent. Official advices received at the State Department resent that no action Has been taken by Pera n against Mexico is in | it their policy to keep their party “conveniently small,” depending upon the South and upon the great Central and Western States to pull their chestnuts out of the fire. By way of example, let us take those model twaddling democratic organs, the Boston Post, the Providence Post, the Hartford Ties and | the New Haven Fegisfer. These organs, like | the miserable party journals that live upon the | drippings of the Treasury at Wasbiogton, have no vocation except that of feeders at the public | crib. All these aforesaid papere affect to be | devoted to the cause of the democratic party. They have not yet learned that the democratic | party and its principles were broken into pieces | at Baltimore, and that the union of all the frag- ments with all the other conservative forces of the North is demanded to defeat this proud and domineering alliance of Northern abolition cru- saders. The Boston Pos! is a perfect specimen of the antiquated horseleech. As a newspaper | it is of no sort of value; for in its distinguish. | ing feature of stale jokes and silly conundrams | it is surpassed by our caricature pictorials, and they, in all conscience, are poor enough. | But still, as the Boston organ of the democracy, this Boston epecimen of an old ivssilized newspaper of the Saurian epoch, the Post, for time ont of mind, has been kept alive by the | res neat of pending diffoultes | federal spoils claimed as its share, with every with this governin The Peravian government | election of a democratic President, when all had not replied te Clay's note containing the | d States. | mM Between two persons in | Water street ye morning, one of the parties | drew a knife and seve the jugniar vein of his opponent, killing him instantly. The person who streck the blow is pamed John McKeogh, that of Lis victim Daniel O'Rourke. Both are said to have been intoxicated at the time of the occurrence. Tle Board of Supervisors met yesterday after- noon, The business of preparing the registry list was postpon next week, in consequence of the « being ready at present to re port on the Ina communication sent in by the Comptroller he states that the only money paid into the city treasury for the past ten years on account of forfeited recognizances was a pay- | | largely due to the importance which he attached ment of #2,000 by Peter B. Sweeney. A resolu- tion appointing additional gnards for Eldridge street prison, which was stated by the Sheriff to be in an insecure condition, was adopted by the Board. The weekly statement aury showed @ balance on ha The wills of Hermann Th Asher Riley and William Huy wobate yesterday in the Surrogat Pills distribute real and personal estate a: ng ‘n the aggregate t6 more than $200,000, whic! is divided among the relatives of the testators exclu tively The Excise Commission received yesterday, at sing of the office, check No. 1,340, thus leav- 31,832, in T. Ogden, over to the attorney of the Board to commence puit thereon forthwith The four mile race between Planct and Congaree over the Fashion Course was won by Planet, who Alatanced Congarce in the first heat. Time, 7:39. Daniel Boon had been previously withdrawa on account of an accident which befell him while ex. | ercising. | The sales of cotton yesterday embraced avout 2,500 bales, The Grmnees previously noticed was malotained fend closed sti, on the basis of 10%». per Ib. dling uplands, Among the eales were some parcela for uel licenses uncalled for, which were Landed | its labors have been devoted to the single ob- ject of keeping the party in Massachusetts “conveniently small.” On a emailer scale, ‘ touching the spoils, the Hartford Times, the Providence Post, and the New Haven Register, bave been and are worthy colaborers of this Boston retailer of old jokes, cogundrums and boarding school poetry. They all belong, in a dull, stupid way, to the same selfish, mean and unscrupulous school of party spoilsmen as the Albany Regency. Under the lead of such sordid and contracted | organs and engineers, the New Englaad demo- cracy have been trampled under foot since the downfall of poor Pierce, and their disasters are to such worthless party leeches as the Boston Post. If the remains of the demooratie party of the New England States would recover of the county trea- 4 commanding position they must combine with all the other conservative elements around them, regardless of thelr party organs and party principles, and platforms aad claptrap; for all euch staf and nonsense amounts to nothing. The sound conserva ive public opinion of this city has brought the quibbling intriguers | of the Albany Regency to terms of reason, and _ New York State will yet be redeemed. Let the independent Union men of all parties in New England imitate our example, for the day of all these old party dogmas and organs, and whippers-in, has passed away, and “ we are in the midst of a revolution.” Tur Lapy Exors Drsasrer.—The verdict of the coroner's jury in this case will, we trust, open the eyes of the public to the risks at- tending travelliog in our lake aad river steam- ers. The defecta and omissions which it sig- nalizes constitule, in nine cases out of ten, the expert. Flour was in good request aad more active, and in some descriptions the market improved be per t eoteera Sour was in moderate request and prices un- otdinary condition of the vessels to which the safety of hundreds of thousands of lives is an nually entrusted. Even here, in our own bay, NEW YORK HERALD, WEDNESDAY, we are daily exposed to the occurrence of simi- lar calamities, from the absence of the eafe guards and precautions which the companies are bound by law to provide. There is not a | ferry or excursion boat that leaves our piers | that is not liable to founder within eight of the shore, with just as extensive a loss of life as that which occurred on board the Lady Elgin. On none of them are proper provisions made against a collision or fre. Even in the simple matter of life preservers, there is either no suf- ficient stock of them, or the few that are to ‘be found are ia such a condition as to be next to | useless. It is time that some effort chould be made to protect the travelling public against the dan- | gers to which they are exposed by the parsi- | mony of steamboat companies or the incompe- tency of their officers. What the frequency of the catastrophes due to these causes has fuiled to effect, in the way of example, legislation should accomplish. There may be differences | of opinion as to the measures that should be adopted to render steamboat travelling less | hazardous than at present, but on two conditions all will be agreed. Passenger SEPTEMBER 26, 1860.—TRIPLE SHEET. SN and te the surplus population which has emi: grated from the Eust. Theee new eettlers could not go to the South in any event, slavery or no tlavery, as the climate would kill them. But to go even further than that, we look now at tbe South, aad find it teemiag with wealth, while the West cannot pay its honeat debts. The Southern States increase eteadily in popu- lation, white and black, and if the foreign trade should be suppressed altogether, slavery is too firmly rooted to die out. So we find that theve is a good deal of non- sense in this last barangue of Mr. Seward's, and that ke has employed all the graces of rhetoric to trick out a few illogical propositions and psendo-philanthropic conclusions. His real points are the eame as those made by Spooner and others of Mr. Seward’s favorite “Massachu- setts school,” that slavery is unconstitutional, and that it isto be abolished gradually and through the means of the repubiican party. The government having once passed into the baeds of Mr. Seward and bis friends, all of its power, legislative, executive « Judicial, is to be devoted to the extinction of slavery wher- ever itexists. The agitation fs not to cease vessels should invariably be built with water | tight compartments, and there should be such a | uniform arrangement of lights and fog signals | on board of them as would render a collision in | the darkest night next to impossible. Hud the | Lady Elgin been thus provided, we should, is | all probability, have been spared the harrow- ing details which have inflicted eo much pain upon the public mind. Mr. Seward in M sota—An Epistle from St. Paul. If Mr. Seward bad been deep ia Western lands, and was endeavoring to get them off bis hands by means of a fret rate notice, he could not have given the great Northwest a more magnificent puff than that which forms the ex- ordiam of bis speech at St. Paul, which we print in full elsewhere. Mr. Seward is not, we presume, in the land business. His imagina- tion sears above pre emption rights, town lots and city sites. He looks forward to the time when the seat of power in this republic shall be located in the Northwest, when the interior ehall give the law, and the Gospel es well, we presume, to the seaports. and when New York shall be no longer the Empire State. He en- larges upon the idea that our Northern boundary is to be moved up to the frontier of Russian America, and that the Southern limit of the republic will eventually extend to the Isthmus of Panama, perbape to the Straits of Magellan; that the man is already born who will see slavery abolished from all this land. Mr. Seward then enters into a philosophical disqui- sition, social and political, and lays down as his theorem that this continent had been designed eepecially by Divine Providence as the theatre of a grand experiment in the acience of govera- ment; that for six thousand years society had with the election of Mr. Lincoln. The soldiers in the abolition army are enlisted for life. We meed hardly say what would be the result should the Seward idea be practically carried out. There would be civil war, anarchy and bloodshed ia the land. All sections would suffer, but the North more then the South. The commerce of the city of New York would receive a blow from the effects of which it would never recover. And, Giually, we can assure the men of the North- west that whatever may happen hereafter, New York is just now the.Empire State, and that we intend to exert the imperial privilege, 0 far as the defeat of Mr. Lincoln is concerned. Aficr much difficulty arrangements for the com- bination of the opposition to the republican party have been made, and the chances for the joint electoral ticket in this State are more than fair. All that is needed is earnest, devoted work from this time till election day, The State is against Sewardism by at least a bun- dred thonsand majority, and the utmost exer- tions should be made to get out the whole con- servatire vote. To the merchants and me- chanics of New York this election is especially important. Let them work, then, while it is yet day. ‘The Prince of Wales in the Uuited States. The Prince of Wales has now acquired some experience of the United States, haviog visited at least two large Western cities, and geen one of our grand prairies. He has got a little in- sight, also, into the way this great Yankee na- tion receives distinguished foreigners. One of the first evidences of popular feeling in this country towards the beir to the British throne was manifested at the very moment when he set his foot upon our soil. His first formal landing been a failure, becauge of the political and so- cial inequality of its members; that the fathers of this republic, knowing all this, adopted laws to repress the foreign slave trade, and passed the resolution of 1787, in order that slavery might gradually die out, and then the world would, for the first time, see a real democracy. But, says Mr. Seward, a number of the slave States adhered to their system, and the consequence is that they are ina terribly bad way, while the free States, and especially thore made from the territory embraced in the ordinance of 1787, have prospered beyond the most sanguine ex- pectations of their founders. Notwithstanding | all this, the people of the North and West have been faithless to their trust, in permitting. new slave States to be admitted, in consenting to | the abrogation of the Missouri line, and in al- lowing the Supreme Court of the United States to decide that the institution of domesti: | slavery is legalized by the constitution. Thus, through the timidity of the North, the South | bas had all the power in its own hands, and the wrath of the antislavery men has been, in a measure, suspended. The South bas heretofore been able to bully or to buy the North. Now, however, the time has come when the South can no longer triumph over the fears or tempt the cupiditpef Northern men. They can only cry out “secession,” “disunion,”’ to which threat Mr. Seward derisively responds, “Who's | afraid?” and the adberents of the Senator echo was made at Detroit, and although it appeared that smple provision had been made by the par- ties who had the management of his reception, till it was found impossible to carry out the procession or other arrangements with any kind of regularity, owing to the spontaneous enthusi- asm of the masses. They rashed in such a vast throng to greet the Prince that the atreets were immediately blocked up, and all hopes of car- rying out the programme had to be abandoned, and the royal party were conducted to the hotel bya back street. This kind of a welcome, hearty and democratic as it was, must have struck the Prince and the stateemen who attend him as affording « marked contrast to the recep- tions in Canada, where everything was done ac- cording to programme, and under the control of the regular authorities; but in Detroit the masses did the reception in their own good na- tured way, withont being controlled by any military force, except the volunteers, who were there more for show than duty, and yet without Giscourtesy or offence to any one. They want- ed to see and welcome their young kinsman, the representative of the elder branch of the family, and they accordingly turned out en masse for that purpose in such numbers as en- tirely took the managers by surprise, andemust have astonished the Prince and his party. If they bad met with receptions of this character in the British Provinces they would have sup- poved that Jobn Bull held a perpetual lease of “Who's afraid?” Mr. Seward further tells the men of the Northwest that the slave power has been overthrown by the moral force of the ex- ample of progress, prosperity and material wealth in those States the territory of which was included ia the ordinance of 1787, and that the war against slavery is to be maintained until it bes been entirely abolished. Tie exact words are, that the men of the Northwest have enlisted for this war for the term of their aatn- ral lives. Now, we lay this St. Paul speech before our readers as the clearest exposition of the real platform of the republican party that bas ever fallen from the lips of ita great leader, and In that view call special attention to two or three of ite points. In the first place, Mr. Seward humbugged the people of Minnesots when he compared the old world systems of slavery with that which existed bere when the fathers founded this government. The systems of serf- dom, vassalage, villainage or slavery, both antique and mediwval, were quite different from any that ever existed here. Ia Europe the slaves were of the same race—the Caucasian—as their masters, and were held in a sort of military bondage. Their normal con- dition was that of freedom, and they were sometimes able to throw off their shackles, and obtain for themselves a share of political power. But the African bas no such talent of This has been proven in the case of Hayti. The black must serve the white man or amalgamate with him. And once let the African and Anglo-Saxon blood be tho roughly mixed, there is an end of all the energy, the vigor and the enterprise that belong to the latter. The state of things now existing in the slave States isa natural one. The exigen cies of that section demand slave labor. This is not a simple demand either ; itis an absolute condition of existence. Consequently, when Mr. tays that the man who will see slavery In the Gulf States is already born he is talking nonsense, and drawing on his imagination for his facta. Then, as to the result of the systems, Mr. ard claims superiority for the North and over the South, and all because of the ex- istence of the “peculiar institution” in the latter | section. Mr. Seward is wrong, and he kaows j te He knows as well as we that the West owes its progress aimost entirely to the influ of foreign immigration, thet portion of the empire. We are told that the royal party anticipated much pleasure from their visit to the United States, and we opine they will not be disap- pointed; but the visit will be productive pro- bably of as much astonishwent as pleasure to the sagaclous statesmen who accompany the Prince. They will find here a country and a people which they were not prepared to meet, and we sre wrong in our estimate of their saga- city if this visit does not furnish them with seri- ous and grave thoughts upon human govern- ment, which may prove of much advantage in their future career as statesmen and rulers. They have hitherto known the United States only through the medium of tourists’ books—a claes of authors who see everything through a colored glass, of bright or dark hue, according as the reception they meet agrees with or falls short of the estimate they form of their own merits. Now, these gentlemen can see and judge for themselves. An incident occurred when the invitation to visit Boston was given to the royal party which ehows the kind of feeling with which they regarded the people they were about to come amongst. One of the suite remarked that they would be very glad to go to Boston, but asked, “ How will the people receive us there’ Boston, the nursery of the Revolution, the spot where the fighting began;” and he was answered, “It is true that your government imposed op- pressive and unjust laws upon the people of Boston, and they resisted them, and that it was there the Revolution broke out; but the people threw off the yoke of your government, and they arc now independent of every one. Your oppressive laws are forgotten. Come to Boston, and you will be received with respect and hos- pitality. They will show you Bunker Hill and tell yon all about the battle.” To which the attaché replied, “ What a pity we should have lost such » splendid country!” It is true that the Bostonians commenced the Revolution, and threw the British tea into the bay, in resistance to laws which are now acknowledged, evengp England, to have been unjusg and absurd; but things are all changed now, and there will be no necessity for a revolution in Boston again. We have a free and independent press now | which regulates the government, and is a safe guard against oppression. If there had been an entirely independent press in Boston at the time of the Rovelutfon the tea might have been differently disposed of, Wherever o ‘press wholly free snd independent exists there w."! be no need of popular revolutions, except at the bailot box; and this fict may im- press iteeif very forcibly upon the minds of the Duke of Newcastle and the other British etateemen during their observation of our people and institutions. It is quite pro- babie, too, that they wil! many times repeat the sentiment of the alfaché above referred to—" What a pity that we shou!d have lost such @ splendid country !” The Present Crisle—Walt sirect and the ercial World. The part which the Stock Exchange of New York plays in the great commercial and politi- cal crises of our country isa curious illustra- tion of Chancellor Oxenstierac’s sarcastic advice to his eon, to go onatour of the courts of Europe, that he might see for himself “with how little wisdom the world is governed.” The metropolitan journals publish daily re- ports of the transactions of this Exchange, and accompany these reports with comments which imply the serious importance to all the interests reprecented at the Brokers’ Board, and to the country at large, of these transactions. It fol- lows, naturally enough, that the great mass of the public, in turning to thete financial chroni- clee, fully believe themselves to be inspecting the natural tides—the legitimate ebba and flows—of the great corporate values which, in the course of the last quarter of a century, have grown up to such vast proportions, and have become the grand absorbents of the sur- plus earnings of the communtiy, the centre re- servoirs of the gains and economies of millions of industrious human beings. When pater familias takes up his money article in the morning at breakfast, and reads in that Delphic utterance how one thousand shares of Red Cat Railway were sold yes- terday at 76, he himself having bought as many more just a month before at 70, he goes down town jubilant and elated, be- lieving that the West is, after all, a very mag nificent country, that the management of Ame- rican railwaye bas been extravagantly maliga- ed, thet an increased freight and passenger traffic of the Red Cat line no more can assign a limit, and of which the prescient sages of the Stock Excharge have caught far reaching, pre- monitory glimpses, can alone account for this brilliant improvement in the prospects of his property. What, then, is the amazement of pater familias when, on glancing over the trans- sections of the second board at dinner, he is suddenly, as it were, struck in the pit of his stomach by the information that the Red Cat “gold down” after the board to 68. What has become of the Weet and ite wealth ; of the Red Cat directors and their fine business capacity; of the European demand for American cereals; of the general expansion and buoyant promises ofthe national commerce, in this brief interval’ Is it not surprising that, with a!l their profound sagacity andall their mysterious access to se- cret and anticipative sources of accurate iafor-- mation, the wise men of Wall street should have @iscovered, in the compass of a single morning, impending mischief, #0 great and so inevitable, that they cannot be too quick in throwing back on the hands of pater familias and his friends to-day at 68 the very same property which they were yesterday so eager to woo from him at 76? Can the faith of pater fa- milias in the honestly representative character of the Stock Exchange and its business bear up against so rude ashock? The philosopher in his study, reasoning from cause to effect, would probably say no. Chancellor Oxen- stierae in his cabinet, watching the actual world of men, would undoubtediy say yes. The singed cat, we are told, dreads the fire, in- stinct, speaking with irresistible voice in the dumb creature’s nerves. Mankind, gifted with reason, employ that divine faculty far more commonly in angrily stifling the accents of ex- perience than in obeying ite behests and giving weight to its warnings. Pater fu- milias is confounded by the Stock Exchange, but he believes in it. Its ways are past his finding out, but he has all the more faith in them for that. Will be thank us for trying to enlighten him, or pay the slightest attention to our warnings? Of course he will do neither the one thing nor the other. Populus vult decipi is as true now as in old Rome, and above all things true of financial mat- ters. What gambler will thank you for proving to him that roulette is only a synonym for ruin, and that his calculations on faro are all moon- thine? Nevertheless, it is the duty of the inde- pendent press to nail up facts before the pub- lic, and leave them to work their own work. Especially in great national emergencies like the present, when all is unsettled above us, when Europe is throwing back our harvest into our faces, and our whole political horizon is dark and uncertain, does the press owe this duty to the investing public. “Whether they will bear, or whether they will forbear,” is their own affair. Observe, too, that our na- tional character in the world of , well as the fortunes of individuals, must be held to be largely implicated in the estimate which we suffer men to put on Wall street and its transactions. If the fluctuations of th® Wall street stock market really represent the solid shiftings to and fro of ail the great material interests in which Wall street deals, then are we, of all people in the world, the most reck- lese, incompetent and undependabie in our commercial transactions. Take, for instance, the business of the great West, as represented in the stock list of the leading Western roads on the New York Stock Exchange during the past year. The prices of the stocks of these Western roads depend, as Wall street and those who put their trust on it would have us believe, on the business condition of the West and its resources. If this is really so, what terms of contempt can be too strong to apply to the Western commercial world! In January the commerce of the West has not vi- tality enough to keep the prices of most of its great arteries up to one-fourth of their nominal value. In August the commerce of the West attains a spasmodic activity which inflates these same prices up to an increase of thirty, forty and fifty per cent. This, at least, is the story of Wall street, which is passed from mouth to mouth by men who do not seem to perceive—| meo of business though they call themselves—how truly ridiculous such « story insuch @ con- nection is. And on the faith of this statement, eo flatly foolish that no sane man would lend fifty dollars to a tradesman who should pat forward a similar exhibit of his own little affairs, men rush into the Stock Exchange to invest, not only the savings of the past, but even the dis- counts of the future, at the dictation of the bro- kers who grossly put it forth aad maintain it. - Of what use fs tt to warn such men agalast the fruits of their conduct? Of what oy it to repeat the evidences already laid before them, @ay after day for three yeare past, that the comniercs of the West hus the very least part in determictog the New York quotations of this or that Western corporate property—that the recovery of business throughout the coum- try ence 1867 has been, not ut gradual; and that spasmodic inflations of parti cular classes of values are, therefore, of them- selves prima facie proof of the special mani- pulation of there classes of values to serves special and temporary purpose’? Were the Wall street theory of the present speculation im railway stocks a sound one, the West would be justly branded by all intelligent meu as a land of bubbles and spendtbrifts, living literally from band to mouth. But the Wall street theory is as far from sound as it possibly cam be, and the present speculation simpty shows once more the incalculable fertility of humaz folly. . Tow much reflection is needed to illustrate this truth? Take a term of six months at the New York Exchange. At the beginning of this term you find New York deciding that a rail- way property, nominally of twenty millions, is worth only five; at the end of that term New York decides that the same property is worth fifteen millions. What has happened in the interval’ The financial condition of the pre- perty is confessedly unchanged. The same men manage it; it owes the same debts, if not more; it has 9 largerJousiness to do, certainly, but requires new outlays for doing it. A sober judge never would pronounce, therefore, that the prospects for the property were improving, end that a slight advance in its market price might be justified if paid by holders willing te wait till time should set his seal upon these new promises. The Stock Exchange cries out, on the contrary, that the past is all wiped out, and that happy is the man who can secure any share of this redeemed property at any price before the enthusiasm of a regenerated pecple raises its quotations beyond fever heat. Whem Peter Funk, after his vulgar fashion, parades this policy on Broadway, to the confusion of raw foreigners from New Jersey, we laugh at his victims. When we see it succeed in Wall street, the wider sweep of the mischief whick follows compels a very different emotion. The End of the Temporal Power of the Papacy—Workings of the New Political Life of Italy. The solution of the question of reorganizing the national form of Italy is presenting twe great difficulties to the statesmen of Europ:. from esch of which much danger is apprehen:- ed. These are the future condition of the Papacy, and the recovery of Venetia, with its famous quadrilateral, from the Austrian do- minion. It is from the first of these that immediate danger is apprehended. Louis Napoleon has been compelled by the fear that agitates all Europe to declare publicly that the Pope shall not be disturbed in the Vatican, and the same feeling has produced the cautiously worded ed- drees of Victor Emanuel! to his soldiers, on the cceasion of their entering the Papal States, to prevent the newly risen national sentiment from committing excesses that would react de- structively oniteelf. This fear has been fostered and industriously fanned by priests and zealets everywhere; but their appeals and their pro- testations have not sufficed to turn the spirit of the age from its course. The sentiment of Italian nationality has risen in majesty to re- assume its rights, and the Catholic monarchs of Europe have acquiesced in the necessity that has been imposed upon them by one man who understands his epoch, and have refrained from intervention between the Italian people nad the strangers that have so long oppressed them. If we look rightly at the progress of events in Italy, we shall see that it is not that the Pope bas been despoiled of his temporal power, but that in that respect the Papacy has fulfilled its mission, and the power has fallen spontaneously from hands no longer able to wield it. The temporal sovereignty of Italy never was pro- perly an attribute of the head of the Christian church. It was the decay and dissolution of the old Roman empire, long after its seat had bees transferred to Constantinople, that led the Italian people to look to the Pope of Rome ae @ temporal leader and sovereign, and to recognise in him the depositary of Italian nationality. His temporality grew by slow ard progressive degrees, as the bonds of the empire relaxed and fell away, until the expir- ing Latin rule flickered out at Byzantium, end left no one to dispute the claims of the Pope ‘The church wore wel! and nobly the honors it had won. For centuries it preserved the fruite of the older civilization which had enccumbed to the advance of the Northern hordes. Reli- gion, literature; ecience and the arte were all preserved and bronght down to us in her be- som, and it was under her guidance that the Malian mind ogain planted and watered the seeds of olden time, which have since produced such glorious fruit in every pursuit of the bu- man intellect. But now the world has outgrown the old forms that were established by the Stephens and the Hildebrands of the church, and Italy, imbued with the spirit of the age, demands « new national life, untrammelled by spiritual dogmas, and freed from the cassock of the priest, the gown of the monk, and the cloak of the car- dinal. It ie this new political life in Italy that bas long made it impossible for the Papacy to wield, unaided, its temporal power. There- fore it bas called in strangers to rule the land, end Anstrian and French bayonets have long constituted the only props to the temporal throne of Rome. Even with these ite prescripts are disregarded beyond the walls of the ancient seat of empire, and Italy now obeys other be- hests in temporal things than those of his foli- ness. It now becomes him, as a temporal prince, to recognise the fact that the honr of his destiny has come, and, wrapping his mantle round his head, to fall as gracefully as he may at the feet of the new emblem of Italian nation- ality that has been insugurated by those who have conspired with the spirit of the age against him. When he does this, the spiritual power of the Pope will at once receive s new vigor, and commence a new era of existence. While Italy is thus reassuming her own 98- tional existence, and re-establishing in other hands the political power that has fallen from thore of the Pope, it is inevitable that other forms of national existence sball return to her ‘the portions of her territory they have s0 long enjoyed. Tuscany, Modena and Parma were the first to obey the call of Italian unity. Bologna and Lomb: with sangul- nary throes. Sicily and Naples hare now