The New York Herald Newspaper, January 28, 1861, Page 4

‘" NEW YORK: HERALD, MONDAY, JANUARY 28, 1861. NEW YORK HERALD. JAMES GORDON BENNETT, EDITOR AND PROPRIETOR. OPFION N, W. CORNER OF FULTON AND NASSAU 8TH, erenenennnenenmnrent advance, Money mad will be at the SL GE Seal ls Strrene cs Now York DAILY HERALD, two conte 81 FHE WEEKLY HEHALD. ‘evory Raturday or 88 per annum; the European Editum ove: eer eeD tA scent bak alan sua THE SEDI HERILD. me Wednesday, at four conte per copy, or $2 per annum. Volume XXVI.... AMUSEMENTS THIs BVBNING. NIBLO'S GARDEN, Broadway.—Rroux.ixv. BOWERY THEATRI : Bowery.—Tirroo Sas, O« THE ‘tomaina OF Sanuaaratan - ee WALLACK'@ THEATRE, ‘Broadway.—Tas Lapr or St. Teores a 2 — LAURA KEBNE'S THEATRE, No. 6% Broadway.— Sevan busters. + NEW BOWERY THEATRE, Bowery.—New Your As It Ie—Vaninty—Ls Tour ps Nestx. ‘8 AMERICAN MUSEUM, Broadway.—Day and mu akD Tuans—Tum Lapy or St. Trorez— waromres, £0. BRYANTS' MINSTRE! way.—Buecxsques, Sones, HOOLEY & CAMPBELL'S MINSTRELA, Nidlo’s Saloon, Broadway.—Erutorian Sonos, Danoxs, BuRLEsques, &0.— Bervaned Caciroamans. Mechanics’ Hall, 472 Broad anous, &0:—Masque Bau, CANTERBURY MUSIC HALL, 663 Broadway.— Baba Gonee Danek, Buninscees, oo. eee te MBLODEON, No. 639 Brosdway.—Sonas, Danoxs, Bi Easquns, 20. gid sess OONCERT HALL, Newark.—Bupworrs & Camppete': Wooo's Mixsrasua—Boncasau on Banat. ee === New York, Monday, January 28, 1861. The News. From Washington we learn that the city was very quiet yesterday. Despa:ches from Charles- ton received theye state that much excitement @xisted in regard to the departure of the Brooklyn from Norfolk with troops. Ex-President Tyler Q@ddressed a note to the President inquiring whether reinforcements had been sent to Fort Sumter. The President, in reply, gave him no Gatisfaction, and it is pretty evident the government hereafter mean to keep their own secrets, The rumor of a conspiracy to seize the federal capital was revived @gain yesterday, but received little credit. The President, it is said, will to-day send the Virginia Fesolutions to Congress, in which he will refer to the mission of ex-President Tyler, stating that he can, as President, make no arrangements in regard to the future, and leave the whole matter in their hands. Mr. Adams’ plan for adjustment of the existing troubles seems to be gaining friends, and the friends of the Union are in hopes that means will be speedily adopted to heal the present diffi- culties. As soon as it became known that the Brooklyn ‘and other vessels had been ordered South, des- patches were sent to Charleston and Pensacola in- forming the authorities at those places that these vessels had reinforcements for the Southern forts and to be on the look out. The destination of the Brooklyn is said to be Pensacola, where she may be expected to arrive the latter part of this week. Tt was stated in Washington that late Saturday evening a despatch was sent to Major Chase, in command of the State troops at Pensacola, advis- ing him to seize Fort Pickens without delay. Should this officer see proper to follow this advice ® collision between the State and federal authori- * ies is almost inevitable. A report of the conservativegspeech of Cassius {. Clay, of Kentucky, in Washington city on aturday night is given in our columns to-day. r.C. favored Mr. Adams’ proposition, that the orritory South of thirty-six degrees thirty minutes, where slavery now existed by local law, should be admitted as a State, to be slave or free as the peo- ple may decide, and thought the present the pro- per time for the republicans to do something to- ward the pacification of the country. The Louisiana Convention on Saturday passed the ordinance declaring that State a free and sovereign republic by @ vote of 113 yeas to 17 nays. A resolution declaring the right of free navigation of the Mississippi river and tributaries to all friendly States was passed, and the Conven- tion adjourned to meet in New Orleans on the 29th inst. The resolution to submit the ordi- mance to a vote of the people was defeated. In the Massachusetts State Senate on Saturday the Judiciary Committee were, by a large ma- jority, instructed to report a bill authorizing the endorsement by the State of United States Trea- sury notes to the extent of $1,300,000, being the amount received by the distribution of the sur- plus revenue in 1836-7. From Springfield we learn that Mr. Lincoln will start for Washington on the 14th of Febroary, and will proceed by the way of Indianapolis, Cleve- Jand, Buffalo, Albany, Harrisburg and Baltimore to the federal capital. The steamship Karnak, Capt. L. Messurier, from Havana the 19th and Nassau, N. P., the 21st inst., arzived at this port yesterday afternoon. There is no news. A vessel from Inagua, which arrived at Nassau about the 6th, had reported that salt was selling at Mathewtown at ten cents the Dushel—an advance of one cent. The schooner Orianna, from Matanzas, had been ashore on Blackwood’s Bush Reef, but got off with the as- pistance of wreckers, to whom was paid $5,000 salvage. Our thanks are due to Purser Allen for favors. The letter from our correspondent at Jeddo, Japan, published this morning, furnishes full particulars of the return home of the Japanese Embassy, the. ceremonies attendant upon their landing, with many interesting incidents of the trip of the Niagara, notices of the places at which she stopped, the appearance of Jeddo, Ac. In view of the present threatening aspect of af. fairs in Europe, the letters from our correspon- dente in London and Paris, published this morning, ‘will be found of peculiar interest and worthy of From St. Louis we learn that Messrs. Waddell, , Jones and others, representatives of the overland lines to California, have made an assign- ment of their asseta, to the amount of $1,500,000, for the purpose of securing their home creditors and endorsers. The amount of their Wabilitios is unknown. ‘There was no skating in the Central Park yes- terday, although the city railroad cars stated there was, and many persons were greatly disap- pointed when they arrived atthe pond. If nothing intervenes to prevent the operations of the work- men, some portions of the ice will be ready at nine o'clock thie morning, and the calciume will de lit up this evening. Tho official returns of the visiters to the Ventral Perk uy to five o'clock P. M. yesterday were:—Podestrians, 45,000; equestrians, 60; wheel vehicles, 450; sleighs, 2,260. A full ac. count of the sleighing carnival will be found in another column. About ten thousand sleighs travelled on the Bloomingdole road yesterday, the greater part during the #{ternoon. The Sound steamers that were detained on Baturday night, in consequence of the storm, all proceeded through when it subsided. ‘The sales of cotton on Saturday embraced about 8,000 alee, about 1,200 of which were sold in transit, The market was firm, at 12)¢0, for middling upiands. Flour ‘was firmer and in better demand, with more doing, and for nome graces of State Buri \) o8torn prices improved about Bo. per bgrrel. The receipts wore ligut. Wheat was alzo in fair demand, though not active, and closed at about le per bushel higher Corn was Grmer and in good de- msud, and closed at an advance af about 20, per bushel. Lork was some easter, with ealos of new mess at $17 76 8 FT OF, ame WOW primg BLS* Sugars were without clongo of IMPpOFanco, while sales were to a fair oxtemt; the salek embraced aboot 600 bhyis and 2,600 bags. Cof- foe was in fair demand, and sales of 600 bags of Rio were made at 1230. Freights were steady, while ongage ments were Lo a fair extent. ‘Two Confederacies or & Compromiso— The Hiten at Springfield, The secession on Saturday of Louisiana from the Union, the conservative speech of Cassius M. Clay, delivered in Washington on Satur- day evening, and the reports from our Springfield correspondent, which we publish this morning, reaffirming coercion as the polioy of the incoming administration, are the facts | which in this WINTER GARDEN, Broadway, opposite Bond sirect— | 24 article we purpose briefly to consider, in connection with the momentous issue of a Union compromise or two confede- racies. Louisiana, by the overwhelming vote in hor State Convention of 113 to 17, has been de- clared “a free and sovereign republic.” This emphatio manifestation of the public sentiment of the State in behalf of Southern indepen- dence is very significant; for in throwing off their allegiance to the government of the United the people of Louisiana sacrifice the fed protecting duty of twenty-four per cent, which adds to the cash value of their sugar crop from four to five millions of dollars, But what are four or five millions, they aay, weighed in the balances against the comprehen- sive advantages of a Southern confederacy, a homogeneous political system, free trade, anda free and unlimited field of expansion? This is the underlying idea which, in such rapid succession that it has astounded the world, has carried Florida, Mississippi, Georgia, Alabama and Louisiana into the disunion ex- periment of South Carolina. Nor is this the last of it. The Texas Convention on the sub- ject meets to-day, and doubtless before the expiration of the week that Convention will have adopted an ordinance repealing the act of annexation, and all other acts recognizing that State as one of the members of our federal Union. On this day, too, the delegates toa State Convention are to be elected in Arkansas; so that we may pretty safely conclude that before the end of February not only will the eight cotton States have withdrawn from the Upion, but that meantime, in their General Convention, which a few days hence is to as- semble at Montgomery, Alabama, they will have formed an independent Southern confede- ration, including the needful provisions for the election of a President and Vice President thereof. The border slave State, and the two great conservative slave States adjoining the border tier, to wit: North Carolina and Tennessee, are also in great danger of being carried away by this resistless tide of revolution swelling up from the cotton States. The conservative ele- ments of all those intervening States are re- duced to the last resort of delay; for only through delay can they prevent a general union of the South around the plucky, intracta- ble and belligerent little Commonwealth of South Carolina. Nor can this Union saving policy of “masterly inactivity” be much longer maintained in the border slave States, unless some encouragement in behalf of a compromise shall be speedily extended to them from the republican party. In default of any such en- couragement, it is by no means improbable hat before the end of the first month of his ad- ministration President Lincoln will find the tobacco States the active, armed allies of the cotton States in resisting his authority within the limits of this impending Southern confede- racy. Cassius M. Clay, of Kentucky, understands the case. A radical anti-slavery republican, whose life has been devoted to the cause of negro emancipation, and under perils and diffi- culties among the slaveholding people of his State which have established his courage and consistency, he has not the recklees hardihood to stand still and let this Union go to pieces. He has the sagacity to see that the republican policy of coercion is the policy of destruction, and he would save the party in saving the country. He therefore manfully comes forward at Washington for a compromise. A Southern man himself, he knows something of Southera public sentiment. He comprehends the drift of these secession movements and the folly of attempting to arrest them, except in nego- tiations for peace; but we fear that he comes too late with his appeal to the republican party, or that he has made it in the wrong quarter. The great difficulty to any propositions of compromise from the republican party is not located at Washington, but at the little village of Springfield, Illinois. The President elect is this difficulty. The magnates, the managers, and all the Wide Awakes of the republican camp, look upon Mr. Lincoln now as their foun- tain of authority, power and spoils. They esteem him as a sort of General Jackson, a man with a will of his own, and they think it wiser to follow than to attempt to lead him. En- couraging this impression, Mr. Lincoln, except in the matter of his Cabinet squabbles, remains undisturbed in the midst of all these disastrous Southern revolutionary events. He has no compromises to make. He was elected upon the Chicago platform. He will stand fast. He will enforce the laws. It will be his duty to do #0, and as President of the United States he will discharge this duty fearlessly and faith- fully. From time to time, down to our latest reports from Springfield, this is the substance of our news from that quarter. The President elect stands firm; and thus the republican mem- ber of either house of Congress, who may have ventured, in a mild form, to suggest a compromise, shrinks from his own propositions when put to the test of a vote. The Union is dissolved. Within a month there will be an organized Southern confede- racy; and then, as the attempt to enforce the federal laws within ite boundaries will be the inauguration of a general war, the question re- curs, not how are wo to save the Union—for the Union is gone—but how can we preserve the relations of peace? We answer, in the recog- nition of this Southern confederacy for the sake of peace, and for the sake of all our great in- terests of industry, property, society, law and order, North and South, that are bound up in this question of peace. If the Union cannot be restored through peaceable agencies, let us have a peaceable separation aud two govern- ments. Thus the alienation of the two « tions will result in the construction of two great confederacics, destined to expand north and south, till the magnificent regions extend ng northward towards the Arctic sea, and southward to the Orinoco, are embraced within the folds of the two American republics, But the firet broadside of federal coercion will olese the door of peace, and burry us downward into all the horrors of Mexican anarchy, The Union is broken; to restore it our first necessity is peace; and if we cannot restore it, still our only course of wisdom and safety is peace. National Suicides im Ancient and Modern ‘Times. ‘The diligent explorer of the befogged chro- nicles of past ages, finds it impossible to deny the truth of the comparison between the life of man and that of nations; yet as mo generation ia inferior in natural energy and vital power to that which preceded it, it would eppear that a young Assyria, a young Egypt, a young Baby- lon, or a young Greece might have perpetuated the spring time or maturity of those people, if they brd possessed the wisdom to do so. Where one empire that has monopolized power in the history of the world, has died a natural death, or perished by unavoidable casualty, ten have dropped down from apoplexy produced by the imprudences of too great prosperity, or have deliberately destroyed themselves at the very period of their existence when mankind has believed that they must be immortal. From the day when Adam and Hve ate themselves out of Paradise, down to Napoleon I. or Francis IL, it has bees the fate of unintereupted great- ness never “to let well enough alone;” but, in- fluenced by such bad advisers as the “old ser pent,” or Troya and Bianchiai, to experiment with vegetables and constitutions, in a manner which has invariably proved destructive to themselves. The people of the United States ought to take warning from the teachings of the past, and pause in their suicidal warfare with things as they are before it is too late. Change should not involve hostilities, and if two con- federacies must be formed out of the Union, it ought to be accomplished in a sensible manner. Troy perished, with apparently no better purpose than to give Homer the chance to write apoem. The history of Athens and Sparta, contains a moral that humanity ought never to forget. Endowed with heroism, wisdom and almost inspired lawgivers, the giants of Ther- mopyle defied the millions of invading Persia, conquered every enemy, and raised their re- spective republics to pinnacles of greatness, which lasted as long as they were true to them- selves, and the theory upon which their nation- ality was founded. Their statesmen and ora- tors are still models for the world; their con- stitutions teem with sagacity; and poetry and the arts founded home temples among people who offered them a willing and graceful wor- ship. Yet, at the very moment when the glo- rious conclusion of their Persian wars had made them the wonder and admiration of mankind, the demon of jealousy and discord incited them to deeds of violence which re- sulted in the decay and fall of all Greece. Atbens would make no compromise which should lessen its supremacy, nor modify its tyrannic exercise of rights which the majority of the day had succeeded in fastening upon other States with which she was confederated. Wise Minerva proved a foolish goddess, or else she had lost the fascinationus of her pristine beauty, as she was growing old. The tribes were divided geographically. The Dorian had ascendancy in the Peloponnesus, the Ionian in Attica, Euboea, and many of the islands. Their dialects were different, and their manners more so. So they began to snarl and then to fight. The Dorian cities helped the Syracusaas, and the Ionians the Leontini. Then ensued hatred, originally causeless, but inflamed by local am- bition and the demagogues of the day. At last came the Peloponnesian war—a civil strife with such parallels in history as the thirty years’ war in Germany, and the Reformation struggles, in the seventeenth century, in Eng- land and France. Morals decayed, a soft sun- set preceded, it is true, final dissolution; but deserted by itself and therefore by destiny, poor Greece sold its own corpse to the Romans who had so long coveted possession of her, dead or alive. Still more pregnant with instruction is the curious history of the “chosen people of God;” the children of Abraham, Isaac and Jacob, from whom 80 many old clothes-men of the Minories, the Ghettor and Chatham street, are regally descended. They were supernaturally protected, by a series of miracles which lasted for ages. Their constitution and laws, were delivered to them under circum- stances of the utmost sublimity. Yet they have taught the feartul lesson to mankind, that the Almighty himself cannot so far swerve from his laws as to save those who are bent on self- destruction. He delivered them from the hard yoke of the Pharaohs, where they made bricks, and opened the Red Sea for them to pass un- molested into the most fertile garden in the East. They almost instantly began to grumble, because they had to fight with the Anak tribe of Indians, whom our Pilgrim Fathers would have devoured in a mouthful. Then Korah re- belled against the President, Moses, and had to be destroyed. Afterwards they quarrelled with their food, and put back their own history nearly half a century. At last they got into the promised land; but one of their first steps was to establish pro-slavery in a geographi- cally unsuitable section, and to yoke uader the Gibeonites. This led to innumerable dis- asters. Finally, after they had destroyed their enemies, with thunder storms for artillery, and the sun in the firmament as one of their field marshals, so far from being grateful, they fell at once into a worse than Mexican period of anarchy, out of which they did not evolve fairly for a couple of centuries. Their rows with Messopotamians, Hittites, Amorites, Moabites, Amalakites and Jebusites would have resulted in their own annihilation, but for a few able goverals like Samson, Jephthah and Saul. Seul was the Santa Anna of Judea. He laid the foundations of the fabric upon which David and Solomon, the two great politicians of four hundred and fifty years after the flight from Egypt, built their kingdom. They introduced compromise measures, made concessions, restored the Mosaic code, and, In less than sixty years, made Jerusalem the centre of the freest and most glorious empire on earth. But, under Rehoboam, Rhetts, Keitts, Davises, Slidells, Sumnere and Sewards arose, and divided the confederacy, ten States seceding from the other two, which latter, however, retained the na- tional capital. Disunion began with mob out breaks, like those we have recently witnessed in Charleston, and disorder and civil war were the conrequence. It was a cus the most guilty svieide, and entailed snch destruction a must overtake our own thirty three tribes, if we adopt the foolish notions of Greeley and other coercionists, in our inter-State relations. The Jows, once divided did aot evee help each other, Egypt, Assyria and the Philistines, whe were the France, England and [pdians of that age, took advantage of ther weakness, and treated them as though they were no better than goolieg or Hotteptots. Sennacheribs, Nebu- chadnezzars, Shishaks and Berodach-baladans, carried them into captivity as bad as that which Wendell Philips and Garrison desire for the South Carolinians, at the hands of some Black Hawk of the Rocky Mountains. The true pa- triote—Elijah, Jeremiah, Ezeohiel, Micah and Habaccuc—sew their influence counteracted by incendiary, stump speaking disorganizers of the Massachusetts school, and if a Nehemia and and Maccabee occasionally restored the ancient glory of the nation, the smallest retura to pros- perity made it “wax fat and kick” over again the bucket of Judean greatness. Thus, not helping themselves, they were incessantly in hot water, although God himself kept them from perishing as they deserved, until His pur- poses were fulfilled, and then they, like the Greeks succumbed by their own fault, under the power of the Romans. Rome was the only State of antiquity, in which national crises were invariably ever- come by the wisdom, forbearance and atates- manlike prudence of its own people. As exi- gencies arose which arrayed, from diversity of interests, Roman citizens against each other, patricians and plebeians were ever united in the determination to preserve the integrity of the republic, at whatever cost. If a dictator was necessary, authorities and subjects yielded willing obedience to arbitrary power, so long as it was needed to heal divisions or settle dif- ficultiea. If a minority proved factious, the majority were always ready to yield. Dema- goguism which, from time to time, gained tem- porary ascendancy, was swept away before the national spirit of the masses, whenever it be- came dangerous. Mutual compromise ended every complaint and settled every grievance. The consequence was that Rome outlived all of the Powers which were great, when the two brothers built the walls of the Eternal City, and many of those which were in their infancy, at the period of her own maturity. Let the people of the United States take warning from the past, avoid the errors of those States which have destroyed themselves, and tollow the example which Rome has transmit- ted to the world of forbearance, tolerance of each other’s views and peculiar institutions, and perpetuate the peace, without which the history of this land will present the saddest instance of national suicide that history can record. Tar Nawoation or THE MississtPrt To BE Un- OBSTRUCTED.—We are glad to see by the mes sage of Governor Pettus, of Mississippi, and the proceedings of the Louisiana Convention, that the people of those States have no ides of following the suicidal example of South Caro- lina, and ruining their own commerce in order to carry out their extreme political notions. The subject of the navigation of the Mississippi is one of great practical importance, perhaps the greatest among all the complications in- volved in the problem of disunion. Five and twenty years ago, before the whistle of the lo- comotive—the herald of progress and eivili- zation—had been heard west of the Alleghanies or south of Baltimore, the act of shutting up the lower Mississippi to Northern trade would have ruined the great West. Now, however, the farmers and producers of Ohio, Illinois, Indiana, Iowa, Michigan and Wisconsin’ have other markets, and the South depends upon them, not they upon the South. If Louisiana and Mississippi agreed to throw obstacles in the way of the free navigation of the Father of Rivers, they would cut their own throats; and they know it as well as we do. Latterly there has been a great excitement all over the North and West in consequence of the fact that the State authorities of Mississippi had caused the erection of batteries near Vicks- burg, and that steamboats passing down the river were fired upon in case they did not stop at that point. There was a good deal of fierce talk on both sides, and some Western Governors drew ensanguined pictures of possible difficul- ties to take place among the canebrakes and woodyards of the Mississippi. It appears, how- ever, that these batteries were temporary affairs, built to prevent the reinforcement of the forts at points below Vicksburg, more es- pecially those at New Orleans. The Louisiana Convention made haste to declare that the navigation of the river should be free to all “friendly States and Powers.” The Go- vernor of Mississippi recommends that the “most prompt and efficient measures be adopted to make known to the people of the Northwestern States tlint peaceful commerce on the Mississippi river will neither be interrupted nor annoyed by the people of Mississippi.” We agree with the Governor in the statement that “this will preserve peace between the South and the Northwest, if it can be preserved.” Further than that, we believe that civil war, if it comes at all, will not break out in that quarter. The war policy of the new administration would undoubtedly be the starvation of the South, by blooking up its ports and destroying its commerce. Accord- ing to present appearances, the Charleston and Mobile people having saved the republicans the trouble of shutting out their foreign and coasting trade, and the Orleanois seeming al- most as crazy as their friends on the seaboard, there will be no necessity for coercion in that -sh@pe. However that may be, we regard the course of Louisiana and Mississippi upon the matter of the river navigation as being not only very important in a commercial point of view, but likewise a very cheering sign that our political affairs are not in such a bad way as to be altogether hopeless. Let Chicago re- joice and Wall street be comforted. Trade, ‘the calm health of nations,” will still flow un- restricted from the Falls of St. Anthony to the Dekta of the Mississippi. Ruope Istanp anv THR Peesoval. Linerty Bru. The little State of Khode Island has taken the initiative in the repeal of the ob- noxious Personal Liberty bills which so many of the free States have enacted in nullification of the constitutional Fugitive Slave law. The lower house of the Legislature concurred with the previous action of the Senate by repealing that act on Friday, by the dec vole of forty-nine against eighteen. We hope now that her example will be followed by the other States whose statule box i the presence of l’ersonal New York, Massachusetis, Maine, the Northwestern it will be one obstacie path towards pacification ibe go and row removed history of one man—that political Mephisto- philes, Louis Napoleon. Hic of ubique is a motto peouliarly appropriate tehim. He towers, wizard-like, over every Court in Europe, and, Ifke Jupiter, he may be said to even shake the world with his nod. That he is ayorse 1 & united Italy we have evory reason to believe, ax well from the long continued presence of the French fleet at Gacta as the correspondence which has recently taken place on the subject between the governments of France and Eng- land. He has a decided preference for a con- federation of States,and would propose that Aus- tria should sell Venetia; that Victor Emanuel be named King of Piedmont, Lombardy, Venetia, Parma and Modena; that the Bourbon King of the Two Sioilies and the Grand Duke of Tus- cany be restored, and that the Pope hold the patrimony of St. Peter, and govern the Lega- tions, the Marches and Umbria by a Grand Vicar. We always knew that he was opposed to the unity of the Italian kingdom. And why? Because he was justly apprehensive that such a monarchy would become a greater power in Europe than even Austria, and act ag a check upon the power of France. Here wisdom and selfishness go together in diplomatic combina- tion; and meanwhile be is arming for the fray. He has recently been presented with a letter, at the hands of the Cardinal Arch- bishop of Paris, from the episcopal dig- nitaries of Syria, expressive of the gratitude of the Christians of the Lebanen for all the benefits which they have received from the generous policy there pursued by him. And from this and many other signs of the times we bave no cause to doubt his intention to con- tinue the military and moral hold he has ac. quired in Syria. That such a course, however, wil be asource of discord with England we feel convinced. The diplomatic correspondence between England and France is said to have resulted in an agreement on the part of the French Em- peror to withdraw the fleet from Gaeta aftor the expiration of a truce between the armies of Francis II..and Victor Emanuel, sufficient to allow of negotiations for the surrender of the fortress. When that event occurs, if no unex- pected interference takes place, we may look for the speedy defeat of the Bourbon king. But an unpleasant rumor comes to us that two Russian men-of-war, already before Gacta, may take the place of the French squadron, and maintain the blockade, with the tacit consent of Louis Napoleon. Should such occur there will be trouble in England. As to the chances of war between Piedmont and Austria in the ensuing spring, we are by no means certain. Cavour we know to be averse to it, and the peace party in Italy will decidedly make a stand against the proposed movement of Garibaidi. At present the reao- tionary spirit at Naples and elsewhere is not a symptom favorable to the long talked of cam- paign, so far as the government of the new monarchy is concerned. An Italian attack upon the Quadrilateral might be the signal for ageneral uprising of the Bourbon royalists, which would be serious in the absence of the Piedmontese army. That Austria, moreover, would be sustained by its natural allies of the Germanic Confederation is certain, and there would be a strong probability of Russia also coming to the rescue. The odds would, there- fore, be against the Italians, even when aided by the whole strength of Hungary. What next arrests our attention is the condition of .the Pope. Pio Nono pre- sents a melancholy spectacle, as, on the verge of losing his temporal power, through his own misgovernment and inca- pacity, he mingles anathemas with prayers and entreaties, without either the courage to defy calamity or the philosophy to suffer it in si- lence. Instead of courting his blessing as the natural guardian of her interests, Italy eyes him with aversion, and even Garibaldi has not hesitated to denounce him publicly in the Ca- tholic city of Naples, in language which the boMfest Orangeman would hardly venture to employ. Spain alone remains faithful to him in the midst of his tribulation, in which derision and despair, religion and worldliness, alternate with a deplorable want of dignity. Matters are bow reaching such a crisis as must shortly compel the Holy Father to seek humbler lodgings than the Vatican, or accept of a sub- sidy from the government of the new Italian kingdom; for whem divested of extraneous mat- ter the Papal question becomes a mere finan- cial problem. He is unswerving in his deter- mination to retain his temporal sovereignty on terms of absolute independence, and he spurns the idea of accepting subsidies—a consequence of which is that he has to rely entirely on resources arising from the patch of territory which he still re- tains, and the voluntary contributions of the faithful. By ascertaining the probable amount of these resources we can hazard a shrewd guess as to how long the Court of Rome can continue its present obstinate resistance; for as long as the money lasts the Pope will persevere; but when that fails he must surrender, like a starved out garrison. The revenue of the Papal government, prior to the dismemberment of its territory, was equivalent to sixteen millions of dollars, more than one-third of which had to be appropriated to the payment of interest of the debt. It is notorious that this income was ex- ceeded by the expenditure to the extent in some years of ‘wo millions, which led to the Roman government appearing at regular in- tervals in the money market searching after loans. How much was borrowed in this way it is hard to say, for the accounts of the govern- ment are in as much confusion as the other affairs of its administration. Moreover, there hasbeen an iseue of bonds to an amount which is quite uncertain. But the events of Jast spring in- creased the Pontifical expenditure so much as to necessitate a loan of forty-five millions of francs. Owing to the enormous expenses of Gen. Lamori ’s army, there waa an admitted monthly de 1 the Papal exchequer of moro than half a million dollars, and this lasted for at least six months. Since July, 1559, the Romagna has not yielded the treagury a single dollar; ond since August, 1860, the Piodmontese invesion dis- possessed the Pontiff of Umbrian and the Marches the moat fatal blow of oll —before he bad gathered half a year's taxation. Therefore during the course of 1860 all that the Pope has had to meet on expenditure budget of not less an cigbwen millions of dollars has been the balf year’s revenne from Umbria and the Mar joa, and the year's income from the Comaroa--amountivg in the aggregate to not the interest on the loam Yet we observe no signs of retrenchment ea the part of the Vatican. New levies are being raised and armaments perfected at immense cost, while the punctuality with which ali calls have been met shows that there is no present of dollars to resort to, he may maintain his present position much longer than the ensuing spring. But if not, and the sel- emn appeal which he has made to Catholic Christendom to contribute to the suppert of the Papacy at Rome does not meet with @ more active response than it has eves already done, there is every probability of his being speedily reduced to actual in- solvency. It may be that Pio Nono anticipates @ powerful reaction after the pending invasion of Austria, which, supported by a general coa- lition, may be triumphant, and lead to his re- storation as the tewporal sovereign of the old Papal dominions; and hence the strenuous ef- forts he is making to ignore the presence of danger. But if so, he is doomed to disappoint- ment, There is only the one alternative left for him, and that is to accept the subsidy from the new Italian monarchy. As the spiritual head of the church, he may still reside not only in Rome, but the Vatican. Sovruern Trape AnD Foreran Excuanors— A Worp To Lorp Patmurston.—The continued influx of gold into New York is the natural re- sult of a state of things which is destined te cause great distress in Europe, and, unless pra- dent steps are taken on this side, will react upon this city with fearful force. The states- man or merchant or banker who ignores the cotton product of the United States and the cotton trade of England ignores that element through which modern commerce lives and moves and has its being. To our old readers we have only to refer back to the crisis of 1837 and 1839. In that first conflict between the cotton power of America and the money power of England, we went to the wall. England put us to the wall because then her cotton trade was secondary to her moneyed interest. The Bank, by refusing all discount to those en- gaged in the cotton trade, smashed up the cot- ton manufacturers of Great Britain, to be sure; but this industry was then subordinate to the money necessities of the kingdom. The cot- ton spinners were ruined, the cotton weavers were ruined. But so were the cotton planters of America. Our great staple tumbled from fabulously high prices to 2d. and 3d. for mid- dling in Liverpool. And after the Bank had thus crushed us she extended her aid to the cotton manufacturers, who came in, and, at the ow prices for cotton, recovered their losses, and emerged out of the struggle with large profits. Since then times and circumstances have changed. Cotton is no longer a secondary in- terest. The cotton trade is no longer a subor- dinate element in England. It is now the im- perial question in the United Kingdom. The conflict is renewed between the cotton power of America and the money power of England. To do without a cotton supply is simply a cotton famine, and cotton famine in Lancashire is revolution. To obtain this cotton supply under the present violent disruption in ex- changes, by the means indicated in the con- tinual arrival of specie in New York, leads inevitably to the bankruptcy of the Bank of England. She cannot stand the drain if con- tinued ; especially at a time when a short har- vest requires extra disbursements; when affairs on the Continent begin to look black; when orders for British manufactures are not going forward as usual from the United States, and when a heavy specie drain to the East has already depleted the Bank of France. Lord Palmerston has been kind enough te extend to this country his sympathy in the hour of trial growing out of British freo negroism. Let the noble lord prepare for a new cause of grief, and one nearer hume. It is possible that this struggle may end in seeing the money con- trol transferred from London to New York. It is just possible that, in the event of a read- justment of our sectional difficulties, the free negro policy of England may be confronted by a tariff conflict with the United States, and in which the Southern people may develope 8 radical change of policy. But under all cir- cumstances we sincerely admonish the first lord of the Treasury, when he is called upon by Threadneedle street to suspend the Bank act, to remember that the bale of cotton, and not the woolsack, is the symbol of British power or weakness, as the end may show. Free negro England cannot afford to pay twice for the American cotton crop in the same year, especially in specie. Tur Rerorn or THe Japanese Empassy ro Jeppo—At last we have intelligence of the safe arrival in the metropolis of their native land of the Japanese, who quitted our shores at the end of June last. It is well that, after a voyage of one hundred and thirty-two days from New York, including thirty-two spent in stoppages at various ports by the way, the en- tire Embassy should have stepped ashore in the far Orient in as good health and spirits as they enjoyed at their departure. We can imagine the sensation which these shaven-headed tra- vellers created when they rejoined their coun- trymen after so long an absence, from wonder excited among their ancestors in the sixteenth century, when the two Japanese, princes, who had been on a religious mission to the Pope of Kome, returned and recounted the marvellous tale of their adventures, by sea and land, to the eoger multitudes who flocked from afar to vee and converse with them. Dut influitely grever in its altimate, and even ils preeent ofect, will be the result of this Em- bassy from the empire of Japan to the United States. No longer will the Japanese be stran- gers to our manners, our customs and our in-