The New York Herald Newspaper, January 11, 1862, Page 4

4 NEW YORK HERALD. JAMES GORDON BENNETT, EDITOR AND PROPRIETOR, See od Q@PFICE NW. W. CORNER OF FULTON AND NASSAU STS. cane sent by mail will beatthe SRPMS coe, tn osreets Maaeh tas arveat Nao Tort THB DAILY HERALD. two cent sper copy. $7 per annum. | PRE WEEKLY HERALD, every Saturaay, at stzcente or $3 per annum; the European Edition very Wadneaday, a Sas rn en ka Bh ion the at th ‘ond ila of wach womth tats ae ‘ait HBiALD, on Wedneeday, at four cents per apy ecmrono oe masrecrct sewage’ Rowtercae so Maat aie Lamteos tae Face eNO NOTICE taken of anonymous corresponiencs. Wedono eommunications. \ ADVERTISEMENTS renewea every day; advertisement: in (3d Heratp. Famity HeRaLp, and in the fornia an a. JOB PRINTING executed with neatness, cheapness and de is ine -No. 10 AMUSEMENTS THIS EVENING. NIBLO'S GARDEN, Broadway. —Orux110. WINTER GARDEN, Broadway.—Dor~My Neicuzon's Wire. [pWALLACK's THEATRE, No. 844 Broadway.—Roap 10 LN. LAURA KRENE'S THEA’ 2 ‘ LAURA TRE, Broadway.—Ovr Awxnt NEW BOWERY THEATRE, Bowery.—Ancet. or Mip™ S@icut—Skeronss in Ixvia~—Four Lovuns—Pavt Jonxs. “ BOWERY THEATRE, Bowery.<Sricxxzr' “ Cinces. ‘Afernovn and Brenna er BARNUM'S AMERICAN MUSEUM. Broadway.—] Srening —Onpria—Hirrororanus, Wuare, an foes bing BRYANTS’ MINSTRELS, Mechanics’ wey -ou Bae x Mascaxaas Tat, G2 Broad ‘gHOOLEY’S MINSTRELS, Stuyvesant Institute, No. ‘Broadway.—Emuorian Soscs. Dances anh NO. 8 "_ MELODEON CONCERT HALL, No. 539 Broadway.— Gonos, Dances, Buxusgvss, &0.—Diaxa. i 585 Broadway.—Sowas, “CANTERBURY MUSIC Hal RLKSQUES, RCHALUMEAU, Daxcxs, Bu &c.—Mons, ‘ GATETIES CONCERT ROOM, 616 Broadway.— Room Eraetanuxnts, BaLirrs, Paxtouiaes, i eg eS, Farcys, £0. ‘| AMERICAN MUSIC HALL, 444 Broadway.—Sonas, B. ‘Lets, Paytomimes, &¢.—Scaurint. ba wrap CRYSTAL PALACE CONCERT HALL, No. 45 — Buutxsavns, Sonos, Dances, &c.—New Yeai's cna bi PARISIAN CABINET OF WOND Broadway.— Open daily from 1A M.D Fa OS Broadway. NOVELTY MUSIC HALL, 616 E = OVELTY MUSIC HALL, 616 Broodway.—Boauxsavrs, DODWORTH'S HAL: — " ieee Geemaee. iL, Broadwar.—Vocan axp Ivsrev. New York, Saturday, January Ll, 1862. =— THE SITUATION. The quiet of the lines along the army of the Po- Gomac was yesterday slightly disturbed by a skir- mish with the euemy near Pohiok church. It ap- pears that the Fifth Michigan Volunteers were on picket duty in front of General Heintzelman’s divi- pion, when Company H went out from the main body on a scouting expedition. On reaching the bank near Pohick run the detachment was fired on by a small force of rebel infantry concealed in the woods: The fire was instantly returned with effect. The rebels finding they were being worsted re- treated rapidly. From the Potomac correspondent of the HERALD @n announcement has been received of attacks made on the rebel batteries at Aquia creek and Boyd's Hole, also further particulars of the en- @esement with the Yankee on the 2d inst. The Potomac is still full of ice, enough to impede navi- @ation, which is not at all improved by the fog. A skirmish has taken place at Bath, Va., be- ‘een the advance guard of General Jackson's els, 8,000 strong, and a small brigade of General lly’s troops, under Captain Russell. The Union infantry was placed in a dense wood, as Skirmishers, when the Union cavalry decoyed the rebels into the ambush. The mancuvre is pro- Bounced at Washington as being one of great brilliancy, and Captain Russell has been praised therefor on that account. The news from Cairo and Chicago is to the effect that the advance of the great expedition had com- menced a southward movement, and the main body ef the troops had embarked preparatory to leav- ing. They were expected to start carly this morn- ing. The various brigades were to be placed un. der the command of Generals Paine, McClernand, Smith and Wallace. General Paimer, in Missouri, reports, from Otter- ville, to General Halleck that an engagement took Place on Silver creek, between a battalion of Dnion troops and the rebels, under Poindexter, pumbering about thirteen hundred men. The re- dels were totally routed, with great loss in wound- ed and prisoners and seven killed. The Union loss as four. The rebel camp was destroyed and a Jarge number of horses and teams secured. By the Oriental, from Port Royal, full details of ‘the engagement at Port Royal Ferry with drawings of the line of march, &., have been received. Both details and sketch are published in to-day's Henatp. It had been asserted by a despatch from Charleston, circulated through the rebel States, that on the 3d instant the Union soldiers were Griven at the point of the bayonet from their posi- tion by the rebel troops. The Oriental left on the Gth, and no sch repulse had taken place, General Gtevens being able to hold his own. Figm Boston intelligence has been received that Aho troops of General Butler's division that were embarked on the Constitution have been again or. Aered onshore, but no reason for the movement | has been assigned. It is, however, positively as- | ported that the expedition has not been abandoned. The mails by the Canada betoken a far different | focling in Great Britain than has heretofore been manifested since the receipt by them of the news of the seizure of the rebel emissaries. The hot blooded rush to arms has cooled down, and the dread of the horrors of war and dangers to com- merce are making themselves manifest, while ome are considering the chances of ‘‘no war at il,’ and begin to count the cost of their hostile Acmonstration. It is asserted that the money expended would have relaid the Atlantic cable, by (which means so vast a waste of cash would have ym saved. Deputations from several reli- gious bodies, peace societies and other corpo- rations have waited on the Premier and memorials have been presented to induce him, Sf possible, to refrain from war, and arbitration, if pot recommended, is broadly hinted at. Kngland fo very anxiously awaiting the arrival of the answor from thie country relative to Mason and Slidell to NEW YORK HEKALD, SATURDAY, JANUARY II, 1862, cond important document on the question of the ‘Trent difficulty ‘from the Opinion Nationale,which shows that France considers that » war made by England upon the United States would disturb the whole of the other Powers in Europe, and calls on the French nation not to aid England in such an act. CONGRESS. In the Senate yesterday, Mr. Lane, of Kansas, referring to some remarks in the Henatp in refe- rence to the contest between himself and Mr. Stanton, who disputes Mr. Lane’s right to a seat in the Senate, said it was not true that he had sent his resignation to the Kansas Legislature, but it was true that he had accepted the Brigadier Gene- ralship tendered him. The report of the Judiciary Committee in favor of expelling Waldo P. Johnson and Trasten Polk, Senators from Missouri, who have joined the rebels, was adopted unanimously, and the Vice President was instructed to notify the Governor of Missouri of this action of the Senate. A resolution was adopted calling on the Secretary of State for a list of all the American Consuls. The bill providing that persons confined in the jail of the District of Columbia prior to the last term of the Criminal Court be set free if no indictment be found against them, was taken up. As the object of the bill is to liberate the fugitive slaves now in prison, Mr. Powell moved as an amendment to except said fugitives, when, on mo- tion of Mr. Pearce, the further consideration of the subject was postponed, and the bill made the spe- cial order for Tuesday next. The motion to refer the credentials of Mr. Stark, the newly elected member from Oregon, whose loyalty is questioned, tothe Judiciary Committee, was then taken up, discussed at some length, and finally adopted by a vote of twenty-eight to eleven. The bill organiz- ing the signal department of the army was passed. ‘The bill relative to the appointment of sutlers and defining their duties was taken up. Mr. Lane, of Kansas, offered an amendment abolishing the sut- ler system, as it wasa nuisance and an injury to the service. Mr. Carlile moved to recommit the bill, with instructions to abolish sutlers and furnish soldiers tobacco rations; but without any action on the motion the subject was dropped. In the House of Representatives a letter was re- ceived from the Secretary of War, in which he states that measures have been taken to ascertain who is responsible for the disastrous movement at Ball’s Bluff, but that it is not compatible with the public interest to make known those measures at the present time. The paper was referred to the Joint Committee on the Conduct of the War. A resolution was adopted directing inquiry whether any legislation is necessary to procure a decent burial place for those who have died at the Alexandria Hospital and its vicinity. A reso- lution calling for information as to the number of paymasters in the army, and how many are necessary for the service, with a view of dismiss- ing such as are incompetent or are not required, was adopted. InCommittce of the Whole, the Civiy Appropriation bill was taken up, aud along dis- fussion ensued on an amendment offered by Mr. evens, appropriating $150,000 to supply the de- ciency for printing Treasury notes, in which frauds between the officials of the Treasury and the engravers were charged. Finally the amendment was rejected, as was also a clause ap- propriating $100,000 for engraving and printing Treasury notes. The committee then rose and the subject came before the House for action, when Mr. Stevens asked for a vote by yeas and nays on concurring with the committee, saying that if the question should be determined in the affirmative, self-respect would compel the Secretary of the Treasury to resign his office. Further debate en- sued; but without taking the question the House adjourned. Both houses adjourned till Monday. The public frequently get the names of the three United States Senators Lane confounded. Joseph Lane was one of the first representatives in the Senate from the State of Oregon, and his term ex- pire: with the last Congress. He was killed off po- litically by running on the ticket with John C, Breckinridge for Vice President, in 1860. James H. Lane was elected to the Senate from Kansas, but has recently accepted a brigadier gencralship in the army. Henry S. Lane is now one of the Senators from Indiana. MISCELLANEOUS NEWS. The State Senate met yesterday, but, on calling the roll, a quorum not being in attendance, it ac- journed till Monday evening. The As¢embly held ashort session, during which some twenty bills were introduced, and notices given of the future introduction of some dozen more. Among those introduced was the New York and Brooklyn Bag- gage and Passenger Express bill, which was re- ferred to the Judiciary Committee; algo one to amend the Revised Statutes relative to contracts in this city. The remainder were not of particular interest. Among the bills noticed were one toregu- late the di nds of fire insurance companies, one toamend the Firemen’s act of 1863, and one in rela- tion to an amendment of the Revised Statutes. A resolution relative to the irregularities in the State printing contracts was discussed and adopted. A resolution was offered, but laid over, inquiring of the Governor whether the volunteers enlisted in April last have bten paid, and if not, whether legislation is neceasary on the subject. The As- sembly adjourned till Monday evening. On Thursday night a light air prevailed from south and east, which was accompanied by a thick fog, which settled over our cities and bay all yes terday, and at sunset became very dense. The progress of the ferryboats was much impeded, and the navigation of all vessels rendered very difficult and dangerous both by fog and ice, large quantities of the latter being broken up by the soft and murky weather, and drifting about. Should this weather continue a short time, there is no doubt but that the ice will disappear. As yet we have heard of no accidents to the shipping or about the harbor. The Sound boats bound east were all detained in consequence of the fog. News has been received at Cairo confirming the reported resignation of Gen. Pillow from the rebel army. He surrendered his commission on the 34 instant. The rebels report that they have over one hun- dred and fifty rifled cannon mounted on the bluffs at Columbus, and that the boats which sustain the chain across the river contain torpedoes which can be easily exploded, A deserter from the rebel General Price's camp, who has been with him through his whole cam- paign in Missouri, says that although his ragged and half starved followers have often numbered as high as forty or fifty thousand, yet atno time, from a combination of causes, could he have put over ten thousand fighting men in the field. The re- mainder could not be viewed in any other light than as an undisciplined and unarmed mob of camp followers. He has now twenty thousand poorly supplied rebels under him hanging about Spring- field, with forty-six pieces of cannon of all sizes and descriptions. The Cherokee Indians, having become about equally divided on the question of loyalty and re- bellion, are now fighting among themselves. The loyal party—headed by John Ross, who has for so long @ time been their faithful chief—recently gained two victories over the rebels. The Chero- kees at first evinced a strong desire to remain neu- tral in regard to the present disturbances, and the government, was disposed to allow them to main- potters them of an intolerable suspense, and decide of cither peace or war between Bn- tain such a position, but some wicked and unscru- pulous emissaries of Jeff. Davis went among them, and succeeded in getting a large number to forswear theit allegiance to the govern. ment that has fostered them, and the result is that they are now engaged in slaughtering each other. An election was held on the 30th ult. in the Third Congressional district of Missouri to fill the vacan- cy caused by the expulsion from the House of Re- presentatives of John B. Clark. Judge Wm. A. Hall was the successful candidate. In the Fifth district of the same State an election was held on the 6th inst. to fill the seat left vacant by the turn- ing out of the rebel John W. Reed. General Geo. R. Smith and Brigadier General Thomas L. Price were the candidates. The latter is probably elected. General Lander has been ordered to relieve Ge- neral Kelly in Western Virginia, instead of General Reynolds, who has resigned. It has been a:serted in London that the German papers had stated that France alone had expressed views on the American conflict. They also state that the circular of M. Thouvenel was not commu- nicated to all the European Powers, and therefore it was questionable whether a reply would be given to the circular. Judge J. W. Hemphill, whose death we an- nounced on Wednesday, was a member of the United States Senate from Texas, He was elected in place of Sam Houston, and took his seat in 1859. If he had remained loyal to the constitution his term would not have expired until 1865. We be- lieve Mr. Hemphill did not formally withdr» from the Senate, but on the breaking out of t!. rebel- lion he dropped off, like a rotten apple from a tree. The message of Governor Dennison, of Ohio, oc- cupies fifteen and a half columns of the State Jour- nal. This is about equal to some of Governor Wise's productions. The body, of Mr. L. W. Newson, of New York, who has been missing since the 25th ult., was found on the 8th inst. in the woods in the town of Woodbridge,Conn. He had evidently committed suicide by shooting himself with a pistol. A number of blue noses, who have formed them- selves into a debating society in Halifax, N.S., have decided, after arguing the question three nights, that the Southern rebellion is legitimate, and that the Southern States had a right to secede from the Union. A military court at St. Louis has imposed a fine of one thousand dollars on Edward M. Mabie for disloyalty to the government and running the blockade at Cairo. The tobacco warehouse of Kerr & Co., of Liver- pool, England, situated in Henderson, Kentucky, was burned on the 5th inst. Nine thousand dollars worth of tobacco was destroyed. Total loss twen- ty thousand dollars. The iron foundries of Troy have a contract from the government to make eight thousand thirteen- inch shells, weighing two hundred pounds each. ‘They are to be landed on Governor's Island, oppo- site this city, within twenty days. The village of Lockport will apply to the New York Legislature this winter for a city charter. There are now thirteen cities in this State. ‘The ch’ef feature of interest yesterday in the cotton market was the public sale by Messrs. Burdett & Jonos of 79 bales of Sea Island. The sale was well attended, and went off with spirit. It was sold under the govorn- ment order of confiscation. Some portion was inferior and brought low figures, while the good qualities pre- dom‘nated and sold high, ranging from 57c. a 63c., giving an average of about 60c. per Ib. Mr. Wm. Lattimer pire chased 46 bales at 621zc., 1t waa supposed, for shipment to Europe, while some portions were purchased on ac- count of spinners of cotton thread, the only article hither- to produced from this kind of cotton in the United States. Hitherto nearly the entire yield of this description of cotton has been exported to Europe. The largest crop ever made was in 1859-60, when it amounted to 58,000 bales, 18,000 of which were produced on the seacoast of South Carolina, about 18,000 in Georgia, and most of the remainder on the coast of Florida, with small lots on the coast of Texas, The cotton brought by the Vanderbilt from Port Royal was chiefly packed in the seeded state in gunny bags, a part of which has beon operated on by saw gins since Its arrival. by which it has sufferod matorial injury, The staple of Sea Island cotton is so fino and delicate in its fibre aa to require to be cleaned by the roller gin, which is comparatively a slow process. The flour market was rather firmer for somo grades, with some better demand, Wheat was firm, while sales were light, Corn was heavy, and transactions 1i* mited , at 66c. for mixed, delivered. Pork was more active, while prices were unchanged. Sugars were quiet, while salos embraced 284 hhds. Cubas. Whiskey further ad- vanced, with sales at27c. Freights were steady, with more offering. The War and the Sinews of War—Con- gress and the Army. The two great questions which now monopo- lize the public mind are, first, when are we to have a great and decisive battle? and, second, are they doing anything in Congress to save the government and the country from the ruinous | consequences of a threatened irredeemable and constantly depreciating shinplaster currency? | We are happy to say, in reply to the first of | these questions, that the army is in motion— that the several detachments of the powerful | column of General Buell, in Kentucky, from | different points, are closing around the rebel in- | land stronghold of Bowling Green; while from our own stronghold of Cairo a formidable flo- | tilla, with a corresponding land force, is on the eve of starting towards the fortified rebel camp at Columbus, on the Mississippi river. The rebel army at Bowling Green is supposed to | be not less than sixty-five thousand men, and | their army at Columbus is set down at about twenty thousand. On our side, the advancing forces of General Buell will, it is believed, pre- sent an aggregate of not less than seventy thon- | sand men; and that the column of General McClernand, from Cairo, with some important reinforcements from General Smith, at Pa- ducah, will amount to full thirty thousand men. Both of these moving columns are | admirably equipped and amply provided with good artillery; and from the splendid fighting | qualities already displayed in every sort of en- counter by our Western Union troops, we have no hesitation in submitting the prediction that before the end of the present month we shall | have some grand and decisive Union victories in the West. At the same time the Burnside naval expedi- tion has moved down from Annapolis to Hamp- ton Roads (Fortress Monroe), and is only waiting the signal for a dash upon the enemy at some important point or two on the Southern seaboard. The practical knowledge derived from the Cape Hatteras and Port Royal expedi- tions has contributed materially to make this expedition of Burnside a certain success against any point which it may assail, and to justify the opinion that Burnside, having dislodged his enemy from his first position, will instantly fol- low him up, disperse his forces or capture them, and strike at their main arteries of inland communication between Virginia and the cot- ton States. Simultaneously with the thunders of our artillery in the West we may expect*to hear of the shelling out of the enemy some- where in the southeast by the Burnside expedi. tion. But what of our grand army of the Potomac? Is General McClellan, with his two hundred thousand men, to remain stationary all this time? Beauregard, it appears, is under this impression; for he has put his troops at Cen- treville, and along Bull run and the Occo- quan, actively to work in the erection of log huts for their winter quarters. But this signi- fies nothing. We presume, on the contrary, that, as General MoClellan has not proceeded to the building of log huts, he expects soon to put his army in motion: We think, too, that the intelligent reader will be able to discover, from the other army movements indicated, that they are but parts of a grand system of com- bined operations, in which the army of the Potomac will strike the heaviest and finishing blows. The facta we have recited are sufficient to show that the grand win- r campaign of our, army and navy, which will inevitably crush this rebellion, has already begun, and that, so far as our army and navy are concerned, there is no longer any ground for complaint of a wasteful and demo- ralizing inactivity, The army and navy are in motion, and we shall not have to wait much longer for some decisive results. Our second question, which refers to the sinews of war, and to the prospects of seasona- ble, broad and comprehensive measures of Con- gressional legislation on the subject, we cannot answer so satisfactorily to our readers. The House of Representatives, paid off in gold, ap- pears still to be ignorant of the fact that gold in New York is selling at three to four per cent premium. And why this premium, with a specie basis of three hundred millions in the country ? It arises from the absence of any provision on the part of Congress for the interest and final redemption of the present and prospective paper money issues on the part of the govern- ment. An expenditure of six hundred mil- lions a year upon a cash basis of sixty millions of receipts is shaking the confidence of the country in Treasury paper and all other sorts of paper money. The safety of the Trea- sury and the interests of the financial, com- mercial and all other business classes of the country demand a cash basis for these war ex- penses of the Treasury of two hunired mil- lions, or additional direct and indirect taxation on the part of Congress equal to one hundred and fifty millions income to the Treasury. The war is progreasing finely; but the sinews of war will surely fail us unless Congress, dropping this worse than useless agitation of slavery, and these disorganizing inquiries con- cerning the leaders of our army, shall promptly interpose to save the country and the Treasury. We want one hundred and forty or fifty mil- lions more actual cash receipts for the Trea- sury. Let them be provided by taxation, and the work of sustaining the paper issues of the government and of our banks upon the par basis of specie will be simple and easy. Next give us a general bankrupt law, to lift from the shoulders of our business classes some of the oppressive burdens resulting from this rebel- lion, and our people will not complain of the extraordinary drafts upon them to sustain our army, the Treasury and the currency of the country, from the dangers of a financial revu'- sion. As the army is in motion for a vigorous pro- secution of the war, we call upon Congress to provide the sinews of war without further trifling, equivocations or delay. Revolation in Taxation. Now that the Committee of Ways and Means is about to urge upon Congress the Secretary of the Treasury’s plan to raise by taxation upon the whole community a sufficient revenue to sustain the paper money about to be issued, for the purpose of carrying on the war, it is deemed advisable that our State Legislature should follow the exam. ple, and effect a reform in the mode of taxa- tion which has hitherto prevailed. As the taxes in this city have become so enormous, it is impossible that they can be raised by real estate alone, especially since the disruption of the Union and the war have so greatly reduced its value. In England taxation is not confined to real estate, as in the State of New York. Money is raised by duties upen articles of home consumption produced in the country as well as upon those imported—articles in general use, such as sugar, tea, offee, tobacco, wine, spirits, malt—by stamps. by direct taxes, by assessments upon occupants of dwellings, and by a per centage upon income. Thus taxation is distributed over the whole body of the peo- ple, and is not limited to a class. This is as it should be: but more particularly would its jus- tice be felt in the United States, where all have a common interest in the public safety, and where equal protection is afforded to all. In this city the taxes for the year 1861 amount to $12,000,000, Of this sum real | and personal estate pay $5,800,009, of which the real contributes $4,000,000 and the per- sonal $1,800,000. About sixty thousand persons pay the whole of the $12,000,000, | which will be increased to $14,010,000 in 18) It is clear, therefore, @at out of a population of nearly 1,000,000 persons, upwards of 900,000 do not contribute a dollar directly to the support of the city government. Foreigners and men of large capital, doing business in the city, and often residing out of the country, are not H reached at all. Other classes are exempted from their fair proportion of the burden which onght to be common to all. An entire change in the system of taxation is necessary. The re- duction of the burden on real estate would be | advantageous to the community at large. Rents would be reduced, and classes that do not occupy houses, but who are wallowing in | wealth derived from the national resources: would be compelled to contribute to the sup” port of the government which protects them. It will be necessary for the Legislature of thig State to devise a system of finance analogous to that of the general government. Other- wise bankruptcy will ensue. Taxes must be imposed to pay the interest and to provide for a sinking fund, and these taxes must be spread over the whole community. To issue unlimited paper money, without provision for the payment of the interest and the re- demption of the principal at a fixed date, would be only the revival of financial blun- ders exploded by the experience of the past. And this is just the mistake made by the finan- cier of the World, who identifies the plan of Mr. Chase with the system of the French finance of old, and the American Continental sys- tem at the time of the Revolution, when there was no revenue to pay the interest and reduce the principal. Now the case is entirely different. There is a wealthy population in the United States, able and willing to “pay for their whistle,” and revenue must be raised to meet both interest and principal. Had France and the American colonies had the same means of sustaining their paper money it would not have depreciated, and the debt would not have ac- cumulated as it did. We have the means, and we must apply them, both to the exigencies of the general and State governments. We have the resources, and all that is needed is to or- ganize them by means of a judicious system of paper money, supported by equitable revenues. The Sinows of War—The New National Currency. The world, the flesh and the devil—the World, the Tribune and the Times—are in league with each other and with the banks to overthrow the system of finance devised by Mr. Chase for the purpose of carrying on the war- Yesterday the World had a number of articles in opposition to it, but pretended that its fire was not directed against the Secretary of the Treasury and the government, but only against the Committee of Ways and Means, who have matured a bill authorizing the issue of Treasury notes to the extent of $100,000,000, payable on demand, but not at any particular place, and not bearing interest, but exchangeable at any time at their par value, the same as coin, at the Treasury of the United States, or at the differ- ent offices of the Sub-Treasury, for any of the coupons or bonds which the Secretary of the Treasury is now or may hereafter be authorized to issue. As these bonds are to bear interest, which interest is to be paid from revenues raised by taxation, the paper is evidently se- cured upon the credit of the government and the public revenues, and is just as good as gold for all purposes of internal trade. It is also made a legal tender for all debts, public and private—for debts due by the government as well as debts due to it, and for all debts be- tween one citizen and another. It is for this measure that the World assails the Committee of Ways and Means, but denies that it attacks Secretary Chase. This is worthy of the sanctimonious hypocrites and pious dis- semblers of the World. It is notorious that the Committee of Ways and Means is the Con- gressional organ of the Secretary of the Trea- sury and of the government; and the stab, there- fore, which appears aimed at the committee, is really directed over its shoulder to the breast of Mr. Chase, who stands behind. But in another article in the same journal the animus is revealed, and Mr. Chase is directly assailed because he does not issue the $50,000,- 000 Treasury 3.65 per cent notes which Con. gress last July authorized him to issue, instead of resorting to the demand notes of the new bill. Now, what is the difference? The World answers that the 3.65 per cent notes would an- swer every useful purpose of the new notes, while “they do not attempt to create currency, and therefore do not derange prices by depre- ciating the currency, which demand notes al- ways have done toa frightful extent in times past.” There’s the rub. Hine illa lachryma@. Hence the lamentations of the World that “the nation will be swept into the vortex of ruin,” when it really means that some rotten banks will be swept away, whose currency will be depreciated and whose circulation will be made “small by degrees and beautifully less.” The quarter whence the assault emanates, and who they are who prompt it, are thus unconsciously disclosed. The new notes “create a currency,” which will be national, and will supersede the currency of the State banks. The reason why demand notes intimes past have become depre: inated was be. cause there Was io revéaud ralsed to redeom them or pay the interest, and because they were notconvertible. But these demand notes are convertible into redeemable bonds, which bonds bear interest, which interest will be paid by revenue. Hence they are really a redeema- ble currency. One of the other organs of the banks, the “Little Villain” of the Times,comes out against another of the finance measures of Mr. Chase, and constituting a part of his comprehensive scheme. We refer to the bank bill providing a new national currency, based upon a deposit of United States stocks. By this bill banks may be organized by depositing bonds of the United States to the amount of not less than $50,000, when they shall be entitled to receive national bills for circulatioa to a like amount; in addition to which secu- rity it is provided that each bank shall keep on hand in moneys of the United States (includ- ing Treasury notes) one-‘ourth of its circula- tion outstanding at any one time. The Times objects to this bill because it gives too much security to the public against the banks, and because ii does not permit a profitable invest- ment of capital. It “doubts the practicability of the scheme,” and says the “law will be little better than a silent letter upon the statute book.” Just like his fellow co-operator of the World, the sneaking Times has not the manli- ness to attack Mr. Chase directly for his financial scheme, but does it in a cowardly manner, through the Committee of Ways and Means. Both these journals have conspired im the interest of the banks against the government. The banks have showed their hostility from the beginning to the new currency which is to su- persede their issues, and which will consoli- date the strength of the government in the same proportion as the banks are shorn of their power. All the influence of the latter and all their money will be employed to defeat the measures of the administration. But banks and all other things must, at this crisis, be rendered subordinate to the paramount inter- ests of the nation, and they must be either made subservient to the safety of the govern. ment or be crushed out of existence. The best | way todeal with them is to include them in the proposed bankrupt law, and wind them up under its operation, like all other bankrupt concerns. Thus disposed of, they will be power- less for mischief, and they will make~room for the new banks, which are to be based on United States stocks, and whose circulation will consist of a national currency guaranteed by the public faith of the government and the people, and effectually secured by a compre- hensive system of taxation. Esoeuisn Views or Ovr Fivanxctar, Coypt- Tiox.—In the last letter of that famous seer and prophet, Dr. Bull Run Russell, he predicted that before the close of 1861 a most extraordi- nary financial crisis would take place in this country; that a national paper currency would be issued, and that the whole banking system of the country would go down with a rush. The ides of January are past, and his vaticinations remain unfulfilled. The community are of course awaiting with some anxiety the action of Congress in regard to the manner in which our war burdens are to be provided for; but we have yet to discover the evidences of the financial cataclysm which was so clearly prefigured to the acute vision of the English oracle. There isan old but very true saying, that “people who live in glass houses should not throw stones.” In laying euch a stress on our financial perplexities our transatlantic cousins should not shut their eyes to the moral contained in this pithy axiom. Notwithstanding their boast that they were never so well pre- pared to go to war with all the world os a, Present, there is no disguising the fact tha¢ they were in a mortal funk at the idea of their being compelled to resort to the alternative which they made contingent on the non-sur- render of Mason and Slidell. We can judge of the extent of their apprehensions by the eagerness with which they seized on the hopes held out by the pacific tenor of Senator Seward’s despatch of the 23d of December last. And that they have good grounds for those fears will be seen from the following paragraph, copied from the Western Times, an English provincial journal of high standing in the manufacturing districts:— Baykrurtcy.—The enormous length of the list of bank- rupts trenching so much on our space, we omit it. The Gas-tte will afford a great treat to those fond of this sort of reading. The truth is that England, financially and commercially, was never in a more rotten con- dition than she is at the present moment. Her people are staggering under such a load of tax- ation that they are unable to support any fur- ther burdens. With her cotton mills closed or working on short time, her exports to this coun- try reduced by one-half, famine decimating the Trish portion of her population, and starvation impending over her English operatives, she was in no condition to pick up the gauntlet had we chosen to fling it toher. She might, it is true, have damaged our navy, temporarily ob. structed our commerce and wrought us some injury on our seaboard; but the cost of all this, like “ the last straw that breaks the camel’s back,” would have so ground down her people and bankrupted her resources that rebellion and revolution at home would have been the in- evitable result. It is well for the people of England that the prophecies of the London Times in regard to the intentions and dispo- sition of our government on the Mason and Sli- dell affair were no nearer the truth than those with which Dr. Bull Run Russell, L.L. D., and A. S.8., has been recently favoring its readers on our financial and commercial prospects. Brass Bands for the Army. The statement that music hath charms to soothe and so forth is true; but that music hath charms to excite and stimulate is true also. From the creation of the world, when the morning stars sang together, down to the pre- sent period, when operatic stars are in the ascendency, no great undertaking was ever complete without music by the band. Horns and toots are terms symbolical of revelries and dissipations. Psalms and hymns are indispen- sable to religion. Even in Elysium the spirits of just men made perfect are said to play on a harp of a thousand strings. We cannot live, love, dance or be pious, and especially we cannot fight, without music. All history proves that music is as indispen- sable to warfare as money; and money has been called the sinews of war. Music is the soul of Mars. In old times Joshua sent Jeri- cho on a bust with his horns. The Greeks and Romans invented brass bands by clashing their shields together as they went into battle. The 1d Engl: yeomen were equally: a Sea tere the Low, and “hence & Lee and “one who draws the long bow” have be- come synonymous terms. The Crusaders had their troubadours. The cavaliera and round- heads fought out the respective merits of monarchy, democracy and short and long metres. The ‘‘Marseillaise” is the big colum_ biad of France. Tom Dibdin is the fighting ad- miral of the English navy. “Yankee Doodle Dandy” has put many ‘a feather into our national cap. With hosts of such facts before them, we wonder how our “Onward to Richmond” contemporaries can object to and propose to disband the brass bands of our army. Good martial, national music is one of the great advantages we have over the rebels- They have only bands of guerrillas and bridge burners, and are as destitute of musical notes as they are rich in shinplasters. They have not even one good national tune, if we except the “ Rogue’s March,” for “Dixie” belongs ex- clusively to our Dan Bryant. “Hail Colum- bia,” “Yankee Doodle,” the “Star Spangled Banner,” and airs of that sort, they left behind them with the other good things of the Union; and, in spite of every effort, England eannot be persuaded to lend them a little “ Rule Britan- nia.” Having thus no music in their souls, they are, as Shakspere says, only fit for treason, rebellion, stratagems, masked batteries, spoils and knaveries. Now, are we going to relin- quish our musical advantage, and lower our- selves to the key of the rebels? Is the Harp of Frin to be hung upon the willows? Is the Teutonic element to indulge only in swei lager, and give up its cornets-a-piston? Far from it. We might better give up Washington. ¢ The idea of so unpatriotic a measure could only have originated with those fanatics who have never been able to keep step to the music of the Union, and who prefer contrabands to any true constitutional melodists. They would like to have our army singing about Old John Brown, his body, bones, grave, knapsack and soul, but cannot endure our brass bands. Such men ought to be sub jected to the blowing up of a nightly serenade from the combined bands of our entire army. But, say they, brass bands are expensive, and you are in favor of wise economy. Very true; but so are cannon, powder and such things expensive. If, however, we can be shown any scheme to supply the army with music more cheaply, we shall advocate it as willingly as we oppose Fremont’s musket transactions or Cum- mings’ dealings in army ale. Suppose our soldiers were to take lessons from the abolition editors, and each learn to blow his own trum- pet. That plan has its advantages; for our mu- sic would then become an offensive weapon, and doubtless the enemy would ignominiously re- treat at the first blast. No true Union soldier would object to taking a horn and delivering a, blow for his country; but then we dread the effect upon them of such concordance and har- mony with abolition practices. Suppose, theny that we purchase a steam instrument—a mam” moth calliope—and do the music for the army by machinery and wholesale? Or if it be ob- jected that it would be difficult to average the melody so that each regiment in line should share it equally, suppose we have a largo donkey organ, of the kind used by vagrant circuses, attached to each division? These wind instruments might perform during parades when political colonels and brigadiers make Duncombe orations; and, for hand to hand fights, skirmishes and scrimmages, hand or double barrelled organs might be useful. We should favor this idea if all abolition organs, wind or hand, were carefully prohibited. Still, until some less expensive and as good music can be supplied, we insist upom our brae® bands. Read how the returned prisqners from Richmond danced and wept for joy when them,