The New York Herald Newspaper, January 30, 1862, Page 4

4 NEW YORK HERALD. JAMES GORDON BENNETT, EDITOR AND PROPRIETOR, OFFICE N. W. CORNER OF FULTON AND NASSAU STS. AMUSEMENTS THIS EVENING. NIBLO'S GARDEN, Broadway.—Jane Suoxe—Bricx ByEv SUSAN. inerwe WINTER GARDEN, Broadway.—Nata QusEx—Toopirs. ANALLACK'S THEATRE, No, 814 Broadway.—Tux Howry. LAURA KEENE'S THEATRE, Broadway.—Ovr Auzut- caw Cousi! WEW BOWERY THEATRE, Bowery.—Haray Buxy- Mam—Jacwes SrLOV—CLVes alte Thuars, oa THEATRE, Bowery.—Sricxzr's Nitroxat BARNUM’S AMERICAN MUSEUM, Broadway.—Day and Bvening.—Onp1n. ita nasianeneeae Wate, ayo Orusk Cu BRYANTS' MINSTRELS, Mechanics’ Hall, 472 Broad- ‘way.—Wuo Srauck Buty Parrsnson. HOOLEY’S MINSTRELS, Stuyvesant Institate, No. 059 Brosdway.—Enuortan Soxcs, Daxcas. £0. MELODEON CONCERT i HALL, No. 539 Broadway.— ‘Dances, Boaiesa' Boxcs. &c.—Houipay ix Insiaxn. CANTERBURY music |ALL, 585 Broadway.—Soxas, Dances, Burtxsqvs, &c.—Maccux, tux Nigut Swi. GATETIES CONCERT FROM, 416 Broad r_Dmawixa at Panne MUSIC HALL, 4 44 Broadway. aera Ba.- Pantomruss, &0.—PoRTRAIT PainTER. pens PALACE CONCERT | HALL, No. 45 Bowery.— ‘BUuRLEsques, Sonas, Dances, 4C.—O' FLANAGAN aT THE fan PARISIAN Eon OF WONDZ! 663 Broad: _ Open daily from 10 A. M. til9 P. M. “a 0 di NOVELTY ae HALL, 616 Broadway.—Bur.esques fonas, Daxoxs, & New York, Thursday, January 20, 1862. THE ITU ATION. Nothing more of importance from the Burnside expedition has been received. The accident, arising from the tempestuous weather which befel afew of our vessels and delayed the progress of the expedition for a considerable time, only shows that we exercised our judgment prudently and patriotically in withholding the publication of the details of Gen. Burnside’s force, its strength, des- tination and objects. One of our city papers, vio- tating good faith, has given publicity to facts that may be of service to the rebels, owing to the delay which the fleet has experienced, and for the paltry purpose of appearing to possess know- ledge in advance of its cotemporaries, whereas ‘the whole facts in connection with the expedition were within the reach of newspaper enterprise. But while other journals were conscientious enough to refrain @om publishing the facts within their knowledge, the sheet referred to has done so to its own discredit, and probably to the assistance of the rebels. _ The Thirty-seventh New York Volunteers distin- @uished itself yesterday in a skirmish with a body of Texan Rangers who were ensconced in Mrs. Lee’s house, on Oceoquan bay. Colonel Hayman, of the Thirty-seventh, sent out a party of fifty men, ‘ander Lieutenant Colonel John Burke, on a recon- Roissance, and upon reaching the house of Mrs. Lee they found it occupied by ten Texan rebels. ‘They opened fire upon them, and killed nine of them, taking the remaining one prisoner. Another interesting instalment of Southern news from late papers has reached us. The Richmond Dispatch of the 27th inst. has an editorial on the blessings of peace. The subject is treated in a Scriptural tone, and compares the rebels and their Cause to the Israelites in their pilgrimage to Ca naan. The article alludes to the independence of the South as already won, and makes large calcu- lations of the benefits resulting therefrom. The Memphis Argus of the 20th says that the inhabi- tants of Paris, Ky., are in a fearful state of trepi- dation from the fact that the Union army in large force had arrived at Murray, within twenty-five miles of Paris, and were expected to advance on ‘the latter town. According to the Memphis paper the people were leaving with their negroes and other property for some point South. A project is on foot in the South to hold a « vention of the Southern Railroad Companies on ‘ 5th proximo, to devise measures for the manufac- ture of railroad iron and other articles of indispeu- sable necessity. .' The rebel chief, Major General Holmes, of Aquia district, has published an order to his troops, urging those whose term of service is about to ex- pire to re-enlist for the wan He thinks itis the solemn duty of every man to dedicate himself to his country, until every foot of Southern soil is purged of the pollution of invasion. The capture of Cedar Keys, Florida, by our mili- tary and naval forces, is commented upon by late Savannah papers. The Repwhlican thinks, ‘with the Tortugas, Key West, Cedar Keys and Fort Pickens in possession of the Union army, there is mothing left of the State of Florida worth hold- ing,” and the Republican is not far out in its esti- mate. The rebel newspapers still continue their spect- lations in regard to the Burnside expedition. Newbern, North Carolina, is in a ferment of ex- citement in expectation of an attack in that quar- ter. The town is under martial law, and every preparation is made for the reception of the Union troops. From a telegraphic despatch received from Wilmington, N. C., dated January 26, to the Richmond papers, it is stated that a British vessel, named the York, went ashore a few days since, north of Swansboro’, in Onslow county, North Carolina, and was subsequently burned by Union gunboats. By the arrival of the City of New York, the Glasgow and the mails of the Europa yesterday, ‘we received our European files to the 11th inst., containing the details of the nows telegraphed a few days since from Nowfoundland and Halifax to the Hzranp. It will be seen that the report of the surrender of Mason and Slidell produced a feeling of satisfaction in the manufacturing districts, ship- building depots and commercial centres of Eng- land. Not so much, as we take it, on account of ‘ny approval of what might be supposed to be a triumph to the rebel cause of the South, as from the feeling that the solid interests, trade profits and revenue of the British capitalists were saved from the losses which they would inevitably have Sustained from a war between Great Britain and the United States. As an evidence of the prevalence of the spirit among the masses we find the London Times deal- ing in the most costic abuse of Mason and Slide}! Personally, and warning the poople against making any display, either from rospect or | in the seceded territory. NEW YORK HERALD, THURSDAY, JANUARY 30, 1862. curiosity, ‘in their’ behalf on their arrival They are both described as trading “‘revilera’’ and “haters” of England, and it is asserted that in her eyes they are of mo more consequence than ‘‘two of their own negroes,” and scarcely so important as Tora Sayers when walking out with one of his friends of the “‘ring.”’ The London Herald, the organ of Lord Derby and the aristocrats, states that the rebel Agents in London have offered on behalf of the Confederates the basis of s treaty of commerce to England. This journal holds forth the most liberal induce- ments for the recognition of the Jeff. Davis gov- ernment by Parliament and the Queen. Great Britain is to enjoy a perfect free trade with the revolted States, an equalization of her flag with that of the South, a freedom of traffic on the ceast, and the chance of supplying all the manufactared goods required for the use of the working millions On these grounds the Derbyites advocate the immediate recognition of such excellent customers. ‘The London papers assert that the Emperor Na- poleon approved of Englan1's policy all through the ‘Tent affair, without qualification; but it is easy to see, from the articles in the Paris journals, that the French people at large do not entertain such a high oninion of her honor and international good faith. Indeed, the Opinione Nationale—the organ ‘of Prince Napoleon—says that she will make war on the United States whether Mason and Slidell were given up or not, and the writer warns France against abetting her designs against the Union. The news of the surrender of Mason and Slidell was announced from the stage in the Drury Lane and Glympic theatres, London, to delighted crowds. It appears that Lord Palnferston concealed from the people of England” all knowledge of Mr. Seward’s despatch to Mr. Adams, in which the act of Captain Wilkes was described as one undertaken without the order or cognizance of the govern, ment, although it had been read to the Cabinet by our Minister in the third week of December. It is now said that if this fact had been made public the war excitement against America would never have made so much progress. The Mexican Minister of Foreign Affairs has addressed a letter to the Mexican Consul in London on the subject of the foreign invasion of the re- public. He states that Spain precipitated a war on his country at a moment when the government could, within a year, have paid off her debts to the European Powers, secured internal peace and consolidated her power by the extinction of faction. ‘The design of the writer isto interest England, even yet, in behalf of Mexico and against the policy of Spain. CONGRESS. In the Senate yesterday, Mr. John B. Hender- son, appointed Senator from Missouri, in place of the rebel Trusten Polk, was qualified and took his seat. The Naval Committee made a report, ask- ing to be discharged from the further considera- tion of the subject of a steam mail line to San Francisco. A resolution calling for information as to the number of cavalry regiments in the ser- vice, distinguishing those mounted by States, and how many are necessary, was adopted. The resolution relative to breaking up the line-of- battle ships Alabama and Virginia was re- ferred. The joint resolution amending the ru'es 80 as to allow secret sessions of either house on subjects pertaining to the suppression of the rebellion was passed. The bill providing for the organization of the staffs of the various divisions of the army was taken up. An amendment to the effect that if a sutler violate the rules of sale he be dismissed was agreed to, and the bill passed. The consideration of the resolution regarding the expulsion of Senator Bright, of Indiana, was then resumed, and a lively debate ensued, which con- tinued until the Senate went into executive ses- sion. In the House of Representatives, the bill making he usual appropriations for the executive, legis- lative and judicial expenses of the government was passed, with an amendment that nothing in the act shall prevent hereafter a reduction of salaries, and that mileage shall be allowed to Congressmen for each regular session only. A Dill appropri- ating $3,000 for the purchase and distribution of cotton seed through the Patent Office was pass- ed. The bill providing the usual pay and allowances to commissioned field ofTcers and captains from the time they were authorized by the President, Secretary of War or Governor of their State to raise a regiment was passed. The Senate bill authorizing the President to take pos- session of railroads and telegraph lines in certain cases was passed by a vote of 113 against 28. In Committee of the Whole the Demaud Treasary Note bill was called up, and Mr. Pendleton, of Ohio, made a speech on the subject. At the con- clusion of his remarks the Army bill was taken up, and Mr. Gurley, of Ohio, delivered a speech, urg- ing a forward movement of the Union armies. When he had finished the committee rose, and the House took up the joint resolution from the Senate providing for secret sessions on subjects connected with the war, which, after some debate, was adopt- ed, and the House adjourned. MISCELLANEOUS NEWS. In the State Seuate yesterday the following bills, among others, were introduced:—To correct the abuses in regard to the relaying of pavements in this city; for the relief of owners of land formerly under water in front of this city and Kings county, and authorizing the Kings County Supervisors to borrow money to build a new court house. Notice was given of a bill for incorporating the New York Homeopathic College. A resolution was adopted requesting the Governor to inform the Legis- lature as to all proceedings under the act appropriating $500,000 to arm and equip the State milit. A revolution to the effect that the Canal Contracting Board be instructed to inquire into all claims and damages connected with the canals, and report thereon at each session of the Legislatare, was introduced and laid over. The bill amending the Brooklyn Common School act was ordered to a third read- ing. A resolution, instructing our Senators in Congress to vote for the expulsion of Senator Bright, of Indiana, was brought in, but was tabled. In the Assembly, favorable reports were made on ‘he bills to amend the Kaickerbocker Life In surance Company‘s charter, and to amend the general Fire Insurance law. The bill to legalize certain acts of our city Corporation was moved forward to the first Committee of the Whole. The bill authorizing the Kings County Supervisors to aid volunteers’ families was ordered to a third reading; also that amendi jing the charter of the Republic Fire Insurance ‘ompany, The concurrent resolution in favor of the expulsion of Senator Bright was also introduced in the Assembly. Caucuses were held last night by the democratic and republican members of the Legis, lature to nominate candidates for State Superin. tendent of Public Instruction and for Regent of the New York University. For the former office Mr, Victor M. Rice, of Erie, was nominated by the republicans, and Mr. Joseph Warren, of Erie, by the democrats. For Regent of the University, Mr. George R. Perkins, of Oneida, was nominated by both parties, We have news from the West Coast of Africa dated at Cameroons 29th of November, Old Cala- bar 3d, Bonny 7th, Lagos 10th, Cape Coast Castle 14th, and Sierra Leone 21st of December. Trade was brisk, Considerable excitement prevailed at Lagos, arising out of the recent cession of that place to England. The native chiefs were discon- tented. Serious disturbances had taken place in Quioh territory, near Sierra Leone. All the troop$ and native militia had gone to that place. Despe- rate fighting was going on. A native stockade at Madenka had been destroyed by the British Major Hill was mortally wounded. Captains Jones and Williams, Sergeant Evans and twenty-three privates were also dangerously wounded. ‘The value of the munitions of war captured from Zollicoffer’s rebel army at Mill Spring and Cumber- land river may be estimated as follows: The Superintendent of ‘the Funes Department in St. Louis has given notico that he will receive mo more forage purchased throngh the old seces- sion Chamber of Commerce in that city. The Wisconsin Assembly, by an almost unani- mous vote, have expunged the joint resolutions, which were called the secession or State rights resolutions, passed by the republican Legislature in 1859. Donald McKay, of Boston, has ready for shipment to France and England sixteen hundred tons of white oak ship timber, for which he is to receive sixty dollars a ton. One-half of it isin Boston and the other half in Delaware. 1s the Secretary of the Navy aware of this fact? On the 25th inst. a flag of truce arrived: at Mun- fordsville from Bowling Green, asking for the body of General Zollicoffer. ‘The jury in the case of Samuel H. Merritt, tried for the murder of John Swain, secessionist, before Judge McCunn, in the General Sessions, came into Court yesterday—having been locked up during the night—with a verdict of manslaughter in the third degree. The jury recommended Merritt to mercy, and he was remanded for sentence. Felix Sanchez, who attempted to kill one of the keepers of the city prison, pleaded guilty to an assault with a dangerous weapon, and was sent to the State prison for five years. Charles Schultz was tried and con- vieted of an aggravated assault and battery upon Mary Whitworth. He will be sentenced on Satur- day. . The wind during yesterday was from the north- east, with a drizzling rain and thick fog. The steamships Arabia and City of Manchester, for Liverpool, were detained in consequence, but will leave at an early.hour this morning, weather per- mitting. The Eastern boats left at their usual time. The boats on the different ferries made their regular trips without interruption. We have not heard of any accidents on the rivers. No business of public importance was transacted by the Commissioners of Emigration yesterday. From the usual weekly state:nent it appears that the number of emigrants who arrived here during the week ending on the 29th inst. was 260, making a total of 1,372 during the present year, against | 2,369 up to the same date last year. The numbei of inmates remaining on Ward's Islund is 810. The Treasurer's report shows a balance in the bank o¢ $4,312 08. Skating was allowed yettahasy on both the ponds of the Central Park: but in consequence of the thaw, fog and drizzling rain the ice was far from being ina good condition for skating. Many persons visited the ice di:ring the carly part of the day; but as dusk spproached they made the best of their way homeward. The Park generally pre- sented anything but an inviting appearance to pleasure seekers. The market for beef cattle was somewhat unset- ted yesterday, from the fact that a large propor- tion of the stock was delayed by the ice and snow on the railroad, and did not arrive until a late hour. Prices were rather firmer, varying from 6c, to 9c. a O4c., the latter fur extras. Cows and veal calves were quiet and unchanged. Sheep and limbs were rather starce, and about 25c. per head higher. Swine sold quite freely at 3c. for still fed, and 3+4c, a 35,c. for corn fed. The re- ceipts were 2,384 beeves, 46 cows, 228 veals, 7,106 sheep and lambs and 2 ‘ihe cotton market yesterdey was firmer, aud more active, with sates of ubynt 700 a 800 bales, chi spinners, on the basis of for middling and strict middling uplands, ‘The dour market was i and sales light, while pr Corn was doll, with 1m mixed, in store. Provisions were rather more active and firm, with saies of new mess at $13, and new prime at $0 25 a $950. Sugars were quiet, and sates confined to 44 bhde, Cuba and 3,000 bags Pernambuco. Coffee was quist, and sales Ii Froights were moving to a fate extent at rate ther columa anv Irs Bans ano Cus. MPLE Bacts—In our reports of the dificulties experienced by the ships of the Burnside expedition at Hatters suspicion is thrown ont against the loy some of the local Union pilots, and against the truth of the reports made to General Burn-ide at Annapolis, as to the depth of water of said inlet. These insinuations, we think, are ex. tremely unjust, as a few simplefacts will serve toshow. The narrow sandspit which the waters of Pamlico and Albemarle Sounds from the ocean is nothing more than a long heap of shifting sand thrown up by the sea, The outside ehove line is changed by every storm, as are the soundings near shore, and the inlets of that sandspit by those shifting sands Thus we have no reason to doubt that liatteras Inlet carried over cight feet of water thre, weeks ago, although Gen. Murnside’s vessels carrying over seven feet three inches stuck fast in attempting to run through. Those terri- ble storms had driven the sand from the shore line into the inlet. That is the simple explany. tion; and we cannot hold’ men reapousible fur the irresistible forces of stormy winds and waves upon @ coast t of shifting sands, Tlavieras Iter sELs—A Few 3 Tue Pay or vue Anwy.—The “bill which is shortly to be brought before Congress for the reduction of the pay of the army is a measure which we do not hesitate to say is exceedingly ill advised at the present time. It is true that the government ought to study economy as far as possible, without injury to the public ser vice. But we have come to the conclusion that to redace the pay of the army would be to im- pair its efficiency to some extent, by creating dissatisfaction among the officers themselye* and increasing the embarrassments of their families. If retrenchment in the government expenditure is needed—and we think it is—let it be made in the-pay of the persons holding civil appointments throughout the country. The army is only a temporary expense, and when this war is over it will ‘be disbanded as rapidly as it was created. It is now engaged in a strug- gle upon which the very im‘egrity of the Union depends, and we ought r to begrudge the money we pay for the services of our gallant! defenders. We consequently trust that the bill will be defeated. The National Finances and Resources. Whosoever has read the important statement of Mr. Spaulding, of New York, in the House of Representatives, published yesterday, intro ducing the bill to authorize the issue of United States notes, and to make provision for the re- demption and funding thereof, and for the fund- ing of the floating debt of the United States, must have been agreeably startled at the an nouncement from official documents of the astounding progress of the nation in material wealth during the last decade, It appears from the census returns, now for the first time pub- lished (the statistics having been expressly pro” cured by Mr. Spaulding from the Census Bu- reau), that the value of real and personal es tate in this country has more than doubled during the ten years from 1850 to 1860. Atthe former period the aggregate value was seven bil. lions one hundred and thirty-five millions seven bundred and eighty thousand two hundred and twenty-eight ($7,135,780,228); in the year 1860 the total stood sixteen billions one hundred and sixty-one millions two hundred and sixty. one thousand two hundred and thirty-1 ($16,161,261,239), being an increase of $9,025,- 418,011, or over nine biltions—an increase of 125 per cent in the accumulated wealth of the country. A billion is a thousand millions, and the present value of the real and personal estate is therefore! over sixteen thousand one hun- dred and sixty millions. Here, then, is the vast capital upon which will be based the bonds and Treasury notes about to be issued by the government for the sustainment of the war. In the history of na- tions was there ever such a foundation before for the credit of a government? What security jn the whole world can equal this? All this property will be pledged to the pulic creditor, and he will have a first lien uponit. For the payment of the interest and the redemption of the principal of the debt already incurred for the war, and the estimated expenditure for its completion, it is proposed to impose an annual tax of $150,000,000, in addition to the present receipts from customs. This whole tax, large as it may seem, is only the one hun- dred and seventh part of the value of the re- sources upon which it is to be levied, or con- siderably less than one per cent. Now Congress has a constitutional right to “lay and collect taxes, duties, imposts and ex- cises, to pay the debts and provide for the common defences and general welfare of the United States.” It would therefore be compe- tent to the national legislature to levy the whole expenses of the war upon the people, and to pay in cash for everything as we go, instead of incurring a debt to be paid gradually in twenty years. But as the constitution also pro- vides that “Congress has power to borrow money on the credit of the United States” fér the same purpose, and as it is more convenient to the people and less onerous and oppressive to the present generation to spread our liabilities over twenty years than to pay them off in one year or two years, it is proposed to issue “bills of credit’”—in other words, Treasury de- mand notes and six per cent bonds—into which said notes will be convertible at the option of the holder, and only to levy by taxation the amount necessary to pay the interest of the bonds and provide a sinking fund for the re~ demption of the principal. The aggregate of the debtincurred in various forms for the war to January 15 is $306,764,613. The estimated expenditure from thence to July 1 of the present year—by which time it is hoped the war will be finished— E 387, and that includes $100,000,090 of indebtedness not yet audited by the proper officers. The iotal expenditure up to July 1 would therefore be $650,000,000. This amount would be about ‘ch part of the value of the property ol the nation, or_four per cent, if it should be all paid by to@ raised in the current year. National | Now, even if it were necessary to do this, whet loyal man, who thai has any appreciation of the price blessings of the Union, would obje But it is unneces- savy. The national credit stands above that of every other nation, and a tax to pay the interest in coin, and to create a sinking fund for the principal, will be su‘ficient for every purpose rhinent and the country. We ve that the Chairman of the Com- of the go glad to perei mittee of Wa gestion we have made, and that he will pro- pose as an amendment to the bil to pay the interest in coin—en amendment which we trust the sity of adopting in order to p good sense of Congress will sce the neces, ent the depre. ciation of the national sccuri Taking the most gloomy view possible of the r, and giving the widest margin for expeadi- . let the period for the pacification of the South be extended to the Ist of July, 1863, and let the cost be one billion and two hundred mil- lions of dolls ($1,200,000,000), as Mr. Spaul- ding calculates it, which is three hundred mil lions ($300,000,000) more than the estimate of Mr. Chase, it would not break us if we were to pay the whole amount during the next twenty years. It would be only three and one-cighth per cent per annum upon what we are worth, But when it is raived gradually in the form and man- ner proposed it will not be felt by this great and vigorous young nation. Let it be spread, not only over the whole of the real estate of the country, but the personal, on the banks throughout the United tes, the specie in their vaults, on commerce and manufacture-, on railroads and steamboats and their passen- gers, on gas companies, on newspapers, and on all kinds of prod ction And business whatever: Tims distributed, T wiil hot bo burthensome to any, and the country will be repaid a thousand- fold by the sustainment of the national credit, and by the fruits of the successful prosecution of the war for the Union. The plan proposed, it will be perceived, is what we have advocated from the beginning in these columns. It consists of three parts, which are, briefly, as follows:— * 1. Raise by taxation, in the current year, $150,000,000 over and above the amount re- ceived from duties on imports. No nation, ex- cept England, has ever attempted to do this. The effect of the direct tax will be to make the people vigilant as to the manner in which their money is expended, and the public robbers may expect their vengeance. 2. Issue $100,000,000 demand Treasury notes, not bearing interest, in addition to the $50,000,000 authorized in July, making them a legal tender, and exchangeable for United States six per cent bonds, to be issued; also giving authority to make a further issue of de- mand notes if the exigencies of the government require it. 3. Issue all the twenty years six per cent coupon bonds necessary to fund the demand 8 and Means has adopted the sug- | Treasury notes to be now or hereafter issued— | lation at the reults present and prospective of say $650,000,000 to July next, and pledging $39,000,000 of the new taxes to pay the half yearly interest of six per cent, and $32,500,000 as a sinking fund to redeem the principal in twenty years—being less than $72,000,000 in all. Thus, then, less‘than half the $150,000,000 tax will suffice to amply secure and redeem a na- tional debt of $650,000,000; and if it were necessary to pay off that amount in ten years, an annual tax of $150,000,000 would be suffi- cient for the purpose. But supposing the war debt on July 1, 1863, should amount to twelve hundred millions ($1,200,000,000), the annual interest at 6 per cent would be only $72,000, 000, and the annual sum necessary for the sink- ing fund would be $60,000,000—in all $132) 000,000. Now this is only about one-third the annual taxation of Great Britain; and who will pretend that the United States cannot bear taxation better than the British empire? The relative stability of our government and its resources may be estimated by comparing the prices of its securities in time of peace with those of the princip&l nations of Europe. Uni- ted States stocks have been as high as 125, and immediately before the commencement of ou? national troubles they ranged as high as 114 and 118. Even now, in the midst of the most gigantic rebellion in modern times, they are only 10 below par. The following table will show at what prices the national stocks of other governments are eelling for in time of peace:— English consols... Foglish 3 per cents Fronch rentes, 4}4 French rentes, 3)4 per cent 67 Russian 5 per cents... 93 Russian 43¢ per cents 91 Russian 3 per cents.. 58 ‘Austrian 5 per cont metailiques: 66 Austrian national loan. 81 Pruasian national loan, Spanish 8 ver cents Spanish new defer Dutch 4 per cents.. Dutch 234 per cent Turkish 6 per cents Turkish pew. Moxican 3 por counts. The Treasury 7 3-10 notes already issued by our government during the war sell at par. They were depreciated 24% per cent by the ridiculous rumors that Mr. any were paid that way the amount did not reach $50,000. But when it is known that the interest will be paid for the new bonds in coin, there is no reason that the demand notes based upon them should go below par- And when the war is terminated ail United States stocks will rise to their former high figure} for all the capitalists of Europe will eagerly purchase them, as the safest and most profitable investment in the world None will desire the American government to redeem its bonds; for if any Lolder wishes to part with what he owng he will have no difficulty in getting gold for them in the market, so good will be the credit of the government, and so secure the invest- ment, resting, as it does, upon the faith of the achole people and the pledge of their whole pro perty, amounting to sixteen billions of dollars! Toe Reset Ratway Comuvstcatioss— LooxinG ArTer THE Ixsipe Track.—Our readers are aware that the rebel Confederate govern- ment and grand army of Virginia derive their military supplies and reinforcements from the other rebel States by means of the great South western railroad line throngh East Tennessee’ and the great Southern seaboard lines through North Carolina. Al! these lines of communi- cation are now in danger from General Burn- side and General Sherman along the seaboard, and from the advanced detachments of General Buell’s army of Kentucky, which, from their victory near Somerset, have already pushed forward into East Tennessce. The rebels begin to comprehend their danger, and are beginning to move accordingly. From late Richmond papers it appears “ that a well concerted moveiment is on foot there for a general meeting in Richmond of rail- road officers, on the Sth of February, to de measures for the manufacture of railroad iron,’ ‘y having been m that “ to keep vet railroad communication through- out the South requires an occasioned renewal of materiel.” We suspect, however, that the main object of this railroad iron making enterprise is | gop of some forty mifes, more or less, of an in- | side line of ratiroads between Richmond and the Sonih, running down through the western part of Nor ina, and at a preity safe | distance from the # 1, in East Tea- nessee, and of Buraside, in Eastera North Ca- rolina. Jeff. Davis, in his last message to Congress, i to the impe » of finishing the work dd to open t inside tre Sut the » now that the hmond Railroad ; for, in all proba- line is completed our i east und west, will | have made a coanection across North Carolina. As the rebels understand the game, they will doubtless go to work with some energy; but the odds are against them; for it is evident that General McClellan already has them in bis | grasp. Let us wat atch and wait. Te Bens SIDE eDITION.—It is a source of satisfaction to us to know that, not- | withstanding the seyerity of the storm that | overtook the expedition under Burnside, and although the lat con fa hans and iweniy-five vessels, only two—nauely the New York and Grapeshot—were ac- tually lost, and of the three or four that were driven ashore it is expected that some, if not all, will be floated off again. It is even still more gratifying to learn that, of all the lives on board the hundred and twenty-live vessels of the fleet, only three were lost, and these while passing from one vessel to another. The loss of the sixty or seventy horses belonging to the Rhode Island battery was, under the circum, stances, unavoidable. All the disaster that has attended this expedition, as well as that to Port Royal, has been solely owing to the elements; but, notwithstanding all that the commanders of these have had to contend against, they have not for a moment lost fortitude, but remained perfectly undaunted; and, in all probability, before this, General Burnside has struck the blow for which the ex- pedition was organized. The expedition now being fitted out under Commodore Porter promises to carry out fully the design of these naval enterprises, and there is little doubt that if we persevere we shall soon be in possession of the whole of the Southern coast, from Norfolk to Matamoros, together with hundfed million dollars’ worth of cotton, which -there will be jittle difficulty in capturing aud shipping to the North. We have therefore reason for gongratu- | | our naval expeds tions to the Southern coast. ee) The Southern R.bellion im the British Par: iament. In another part of this’ day’s issue will be found two articles of a very rowarkable and signifi- cant character, copied from the London Herald, Lord Derby’s organ. They {ndicate the line of policy which is to be pursued by the oppo- sition in referénce to this country om the assem- bling of Parliament, which takes place on the 8th of February next. They are the more im-' portant from the fact that, in defining the sys- tem of tactics by which the tory party hope to pave their way to power, they lay bare to the world the plans and policy of Jeff. Davis and his associates. It will be recollected that soon after the rebels installed their bogus government in Richmond several English members of Parlia- ment visited this coun‘ry, ostensibly on a tour of pleasure. It was remarked, however, that, instead of passing a reasonable time in examin- ing what was worthy to be seen in the North, they proceeded almost immediately to the rebel capital. The fact elicited some commont at the time; but it was met by a sturdy denial that the Southern peregrinations of these gentlemen had any more serious motive than that of mere curiosity. In the articles to which we direct attention we have, if not direct evidence, at least a strong presumption, that such was noé the case. They went to Richmond for the ex. press purpose of collecting facts to prove the inefficiency of the blockade, and to ascertain what the rebels would be disposed to do for English commerce, in the event of their being able to obtain the recognition of their independence, It will be remembered that shortly after their departure from Riclimond the President of the rebel confederation announced in one of his messages that he had taken steps to prove to foreign governments the utter inefficiency of the blockade. That these pleasure seeking gentlemen were the parties through whom he expected to accomplish this object there is every reason to believe. The evidence which they took home with them was, however, de- feated by facts that could not be contested, The enormous rise that took place in all the Chase was paying them to contractors. If | necessaries of life throughout the rebel States was proof sufficient to all candid minds that the blockade was as efficient as the requirements of international law could reasonably exact; and, besides this, the officers of the English and French naval squadrons themselves bore testi- mony to the fact. The results of the remaining branch of the mission of these gentlemen, of course, are yet to be ascertained. The articles that we quote give us a full statement of the inducements held out to them by the rebel go- vernment in return for the promised recogni- tion of the South. They may be thus briefly enumerated:—A treaty of commerce of the most liberal and comprehensive character; British merchants te be placed on terms of perfect equality with those of the South, and the flags of the two countries to he in all respects assimilated; the coasting trade to be thrown open to British vessels, and encouragement to be given to the establishmeng of direct lines of steamers between New Or- leans, Charleston, Norfolk and the large Eng- lish ports. These concessions, it was expected, would soon lead to the organization of a powerful opposition, which would either force the Pal- merston administration out of office or compel it to recognise the rebels and break the block- ade. The Trent affair arrived to crown the hopes of the plotters, and the English press was largely subsidized to fan the flame of resent- ment which it excited. But that affair was managed so adroitly by our government that instead of operating to our prejudice it has turned all Europe in our favor, whilst the miserable traitors that were the occasion of it are knocked about and maltreated as if they were indeed a couple of that unfortunate race of whom the London Times, erst abolitionist in its proclivities, speaks so contemptuously. The remainder of the game will soon be played out- The strength of the position of our government, the enormous m my th t it has accumulated, the developement of our financial resources on @ sound and he-lthy basis, and thé advance o¢ our land forces simultaneously with operations by our naval squadrons against the rebel coasts, will soon upset all these bright visions and schemes of European politicians, and give tu: m cause for uneasy reflection as to the con-c. quences of the base axd selfish line of ,policy which they have pursued towards us ever since the beginning of the war. Tax Sio® Futur axp tre Comments oF Tam Forrian Press.—We observe that the Eng- lish and French press still continue harp- ing upon the blockade ot Charleston harbor | by the stone ficet. The London Times in particular has taken occasion to use some ry hard names towards us in consequence, and it seems to regard the matter as an outrege upon the civilized world and a dis- grace to ourselves. But the English and French journals have far more reason to condemn the conduct of the South than the North; for, although we have closed one harbor, we have opened another and a much finer one, close by the old port—that of Port Royal—having capacity sufficient to ac- commodate the Great Eastern. But the South bag done what we should never have done under any cfreumstancas. It has destroye dno fewer than a hundred and twenty-five lights on different parts of the coast, the loss of which may result in the destruction of the lives of yaa of innocent people and millions of lars worth of shipping and other property These lighthouses were erected by the federal government at great cost and considerable risk,and it will be dificult to repair snch am amount of wanton mischief. Charleston, it is well known, has been the hotbed of rebellion for thirly years, and in closing that one harbor by the sinking of vessels, we have not acted contrary to precedent. Tu 1627 the French blockaded the harbor of Rochelle by a dyke, the remains of which are still visible at low water, and the British block~ aded the harbor of Boulogne in the very same - manner that we have blockaded Charleston, Moreover, blockades of this description are removable in the same way as sandbars—by dredging—so that if ever it becomes desirable to reopen Charleston harbor it can be done, It is therefore perfectly gratuitous on the part of the foreign press to view with horror our attempt, asit is called, to deprive future gene rations of the blessings which nature has de~ signed for them in the shape of harbors. It is» further, unjust to say that such proceedings are ficts of war against the whole human race, and qhat by the intervention of those who repre