The New York Herald Newspaper, January 31, 1862, Page 4

4 ee ee os NEW YORK HERALD. JAMES GORDON BENNETT, EDMOR AND PROPRIETOR OFFICE N. W. CORNER OF FULTON AND NASSAU STS. ‘RMS cash in advance. M: it ty mail will beatthe re the women, “None tut Dank bitte current ta Wow York DAILY HERALD. two cent sper copy. $7 ver annum. Volume XXVII. AMUSEMENTS THIS EVENING. ACADEMY OF MUSIC, Irving place.—Iratiay Orzta— In Puovarons. women GARDEN, Broadway.—Mezry Wives oF WALLACK’S THEATRE, No. Sit — ‘Tusk Likak? ACHE. why FRONT -<h. Cane me LAURA KEENE’S T! LAURA Ki '$ THEATRE, Brosdway.—Our Auxat- NEW BOWERY THEATRE, Bowery,—' sare abreaur- Dice, uu Newenoy—Jacgss Boa BOWERY THEA’ nery. one TRE, Bowery.—Sticexzr’s Nationa BARNUM’S AMERICAN MUSEUM, Broadway.—] BRYANTS’ MIN: Mechanica? woy.—Wao Siagce Bit Pasrensose HOOLEY’S MINSTRELS, Stuyvesant Institute, No, 659 ‘Broadway.—Bruworiax Sones, Daxczs, 40. MELODEON CONCERT HALL, No. 539 Broadway. Bones, Daxvss, Buucesguus, éc.—Wosipay in TReLaxD. CANTERBURY MUSIC HALL, 585 Broadway.—Soni Dancas, Buausquns, é0.—Marvim, THE Nigur OWL. re GAIETIES CONCERT ROOM, 616 Broadway.—Drawixa Boom Exruntaixaxnts, Baviets, Pantomumes, Faxces, &c. AMERICAN MUSIC HALL, 444 Broadway.—Soxes, Bat- nits, Pasrouiuns, bo-—Poutasty Paiatan CRYSTAL PALACE CONCERT HALL, No. 45 Bowery.— Bvuresqves, Sones, Dances, eee ome aT THE Fun PARISIAN CABINET OF WONDERS, 563 Broadway.— Open daly trom 1AM. Wad Fe = siss NOVELTY MUSIC HALL, 616 Broadway.—] Bones, Dancis, 8o ” Se Hall, 472 Broad- New York, Friday, January 31, 1862. THE SITUATION. We are able to record to-day information of the highest importance, which reaches us from rebel sources, by way of Richmond, from Savannah. It appears by despatches received by the Richmond papers from Savannah, that the naval expedition from Port Royal, under Commodore Dupont and General Sherman, has succeeded in, getting to the rear of Fort Pulaski, by going round little Tybee Gsland, and has thus jeut of all connec- Yion between the fort and the city of Savannah. In some of their despatches thirteen of our vessels are reported to have got behind Wort Pulaski, while others state that six of our ‘Wessels have got to the north end of Wilmington sland, which they shelled in passing. Commo- ‘Gore Tatnall’s rebel fleet was said to be at Thun- derbolt, when the Union vessels made their sSppearance, but they immediately pushed on to Savannah. The Richmond Dispatch of Wednes- day makes a show of denying the import- ‘ance of the point gained by our ficet, and says that even when it gets to Savannah it will not have accomplished much—thus admit- ting that Savannah is lost to the rebels. Our fleet may burn Savannah, it adds, but what then? It is wot a place of much importance; has no cotton nor specie, and, in fact, ‘is not as big a8 New York.” Nevertheless, the possession of Savannah or the disabling of Fort Pulaski by Dupont’s fieet ds undoubtedly a feat greatly to be rejoiced over. We give to-day a map of the scene of operations in the vicinity, which will enable our readers to comprehend the value of the position that Dupont and Sherman have attained. We publish in to-day's Heranp another batch of interesting news from the rebel confederacy from Aate Southern papers. We would call the atten- ‘tion of the readers particularly to the editorial of the Richmond Enquirer of the 27th inst. It is par- ticularly interesting, as its tone betrays the strait to which the rebels are coming and the futility of their unholy cause. The rebels indirectly admit that our Napoleonic McClellan has been placing a military cordon around them which, by a simulta- Beous constriction—as the anaconda crushes its victim—will, unless’ promptly checked, deprive them of their military and political life. The rebel editor, with this horoscope before him, makes the best of it, by stating that ‘‘The very difficulties with which our enemies hope—the very danger with which they urge on every side, will add to the heroism of our fighting and the energy of our movements.” He continues his article by insist- ing that the army of Scott in Mexico was nothing but a “forlorn hope,” and at all points they had but the hard alternatives of victory or death, suc- cess or annihilation; and for this reason they were victorious. He thinks the rebels are now in the position that that “ forlorn hope’’ was under Scott; and this fact will “add vigor to their blows and endurance to their courage that will make every man count double.” He concludes that the war spirit must be revived. They want war speeches at the court houses and cross roads. The rebels should organize as one man, and prepare for the most determined war. Apart from the highly important intelligence re- lative to Savannah, the rebel accounts of the Burn- side expedition, which we give to-day from late Southern journals, under date of Tuesday and Wed- nesday, will be found most interesting, and, with the official knowledge of facts now in our posses- sion, are not a little amusing. The disaster is, of course, greatly exaggerated by the rebel writers, amounting, indeed, in some stories, to the total destruction of the fleet and the surrender of the Union army at Hatteras. The official despatch of Commander Goldsborongh to the Navy Department yesterday is in itself a cheerful assurance that the prospects of the Burnside expedition are all that we could wish under the circumstances. Our news from the Potomac is not very im- portant. General Heintzelman, it is said, is to be placed in command of o new grand expedition to the South, the details of which are as yet kept secret. The President and General McClellan are in hourly expectation of news of important military movements in Kentucky, Tennessee and Missouri, which may greatly facilitate the progress of the war. The City of Washington and Anglo-Saxon bring important nows from Europe, dated on the 17th inst. By these arrivals we are enabled tp publish to-day the reply of Lord John (Barl) Russell to Mr. Seward’s despatch announcing the surrender of Mason and Slidell to Lord Lyons, with other official communications from the Secretary of Fo- reign Affairs in London to the English Minister in Washington, instructing him how to conduct his nogotiations with the American government pre- vious to the adjustment of the Trent difficulty. It will be seen that Lord John states that the British Cabinet is fully satisfied with the action of Presi- dent Lincoln, although we can detect an anxiety on the part of the Minister to find an explicit apo- logy for the act of Captain Wilkes in our State paper. Inthe Russell document the rebel agents are, curiously enough, described 99 “insurgents,” the terms “belligerent,” ‘‘ambassa- dor,” “agent” or “representative,” being studious- ly, it would seem, avoided. Notwithstanding Lord John Russell’s statement, the leading London journals continue to speak of Mr. Seward’s diplomacy, as well as of the military, naval and financial prospects of the Union, ina very unfriendly strain. Indeed the London Post and London Times assert that the United States are on the verge of bankruptcy, a fact which illus- trates their utter ignorance of the resources of the country and the plans of the Treasury Department, as well as their bad taste and unkind feeling at one and the same moment. In contrast with this we find Mr. Gladstone, the Chancellor of the Exchequer, taking occasion to make # speech on American affairs, in which he seems very anxious to allay the war fever which had been so industriously propagated over the country just immediately before. The Chan- cellor denies that England was ever jealous of our commercial progress, and alludes in terms of thanks to the splendid reception accorded to the Prince of Wales when in this country. He also hinted very plainly at the immense expenditure which had been incurred by England’s war move- ment towards North America. The preparations for war were still continued in thatcountry, and it is said that the frigate War- rior is to be despatched to this side of the At- lantic. The English journals profess to be highly pleased with Napoleon’s course during the Trent case crisis. The general tone of the Paris press is un- favorable to the position of England notwith- standing. ‘A late despatch from Berlin intimates that Great Britain may soon consent to treat a revision of the law of neutrals, but not before a Congress. The King of Prussia mentioned the settlement of the Mason and Slidell case in his speech to Parlia- ment,at the opening of the session on the 14th inst. Liverpool was placarded with papers calling on the people not to notice Mason and Slidell, and the feeling of the English was very adverse to them personally. Lord Derby’s organ—the London Herald—came out for their sustainment, but under difficulties. ‘The Tuscarora had the privateer Nashville still cooped up at Southampton. Certain destruction awaited the rebel cruiser if she came out. There was a report that she had been sold to foreigners, but at the latest moment she still displayed the Confederate flag. Seamen from the English frigate Dauntless guarded the docks at Southampton, to see that England’s neutrality was preserved be- tween the parties, and a large body of artillery- men had been thrown into Hurst Castle. CONGRESS. In the Senate yesterday, petitions in favor of a general bankrupt law, and in relation to General Sigel, were presented and referred. A bill pro- hibiting American aitizens from engaging in the coolie trade was reported from the Committee on Commerce. Resolutions were adopted directing inquiry as to the expediency of requiring shipmas- ters sailing to foreign ports to take the oath of al- legiance; calling on the Secretary of War for a tabular statement of the number, character, &c., of all vessels purchased or chartered for the War Department since April last, ask- ing when ‘the sailing ship of the line Franklin was changed into a steamer, and when she will be finished; and authorizing the Secretary of War to procure from officers and soldiers now prisoners of war, allotment pay for their families. A resolution to print five thousand copies of the eulogies upon the late Senator Ba- ker, was negatived? The Military Committee were directed to inquire into the management of the ar- my hospitals and report what legislation is neces- sary tocorrect any abuses existing therein. A bill providing for *the construction of a military rail- road from Kentucky to Tennessee was reported. ‘The consideration of the resolution regarding the expulsion of Senator Bright was renewed, and Mr. Howe, of Wisconsin, and Mr. Wilmot, of Pennsylvania, spoke on the subject. In the House of Representatives, the bill to pay the expenses incurred by States in enrolling, fit- ting out end transporting troops, was laid on the table by a vote of 83 to 42. The consideration of the Treasury Note bill was postponed till to-day. In Committee of the Whole, Mr. Cox, of Ohio, in an able speech, replied to the remarks of Mr. Gurley upon the conduct of the war answering the general charges of the latter against General McClellan, The House then passed the Army Ap- propriation bill, as originally reported, and ad- journed. MISCELLANEOUS NEWS. By the City of Washington at this port, and the Anglo-Saxon at Portland, yesterday, we have news from Europe to the 17th of January—ijive days later. The Liverpool cotton market was dull on the 17th inst., and prices had not rallied froma decline of the previous day. Flour was heavy. Consols closed in London on the 17th inst. at 93). The bullion in the Bank of England was increased by £245,000. Napoleon was secking to economize the ex- penses of the different government departments. Pope Pius the Ninth, in speaking on his relations with Russia, hoped that the Czar would do some- thing for the unfortunate Poles. Animportant council of the Austrian Cabinet, with an after consultation of the foreign ministers, had been held in Vienna. In the Senate.of our State Legislature yester- day the} bill to prohibit the concert saloons in this city received @ favorable report from the com- mittee. The Brooklyn Charter Amendment bill was reported for consideration. Bills were intro- duced to enable married women to effect insur- ance on the lives of their hasbands; appropriating $260,000 to facilitate the construction of the Al- bany and Susquehannah Railroad, and to withdraw from circulation and receive the redemption of the bills of banks whose charters have expired. The Benate occupied a great part of the day in a dis- cussion of the resolutions favoring the expulsion of United States Senator Bright, but adjourned without coming toavote on them. In the As- sembly the bill legalizing certain ordinances of our Common Council for raising money to equip and forward volunteers to the seat of war was passed. The bill appropriating tho pro- coeds of State taxes to the support of schools was ordered to a third roading. The committee appointed to examine the affaing of the State Military Board were granted leave of NEW YORK HERALD, FRIDAY, JANUARY 31, 1862. absence till Saturday to come to this city and ex- amine witnesses. A communication was received from the State Comptroller, giving the amount of the State taxes unpaid on the Ist of October last and up to the present time. The entire amount at present unpaid is about $152,000, of which $21,000 are due from New York county, $89,000 from Westchester, and $9,000 from Richmond. The annual report of the Superintendent of Salt Manufacture was received. An evening session was held by the Assembly, which was taken up in a continuation of the debate on the national tax Tesolutions, without any vote being reached. During the day a joint session of the Senate and Assembly was held to elect a State Superintend- ent of Public Instruction and a Regent of the New York University, vice Hon. Gerrit Y. Lan- sing, deceased. Mr. Victor M. Rice, of Erie county, was elected to the former office, and Mr. George R. Perkins, of Oneida, was unanimously chosen as a Regent of the University. The names of the bridgeburners who have been found guilty by court martial and sentenced to be shot, in Missouri, are:—John C. Tompkins, William J. Forshey, John Patton, Thomas M. Smith, Ste- phen Scott, George H. Cunningham, Richard B. Crowder and George M. Pulliam. They have been warned to prepare for execution, and informed that any one who attempts to escape will be imme- diately shot down. Mr. Samuel Engler, the rich secession merchant of St. Louis who was recently ordered out of Mis- souri, was taken to the military prison on the 24th inst. The report for that day shows the following named persons to have been incarcerated:—John B. Hamilton, Company B, Thirteenth regulars, drunk; Frank Sloman, Company C, Stewart's regi- ment, drunk; Patrick Kellick, Company A, First Missouri, drunk; James Johnson, Company B, First Missouri rifles, drunk; Samuel Engler, merchant; Lieutenant Ellis, Company E, First Missouri caval- ry, drunk. James H. Birch is announced as a candidate for Governor of Missouri at the August election. One of the members of the bogus Legislature of Missouri, which recently met‘at Neosho and passed the State over to Jeff. Davis, has published a state- ment to his constituents, in which he says that the pretended legislation which was there enacted was a stupendous fraud on the people of the State as well as on the Southern confederacy. He states that at no time was there a constitutional number of cither house present, and that, in order to cover up this fact, the number of votes cast was not allowed to be placed upon the journals. Bands of Jayhawkers are prowling about the western’part of Missouri, committing all sorts of depredations. Nine of them were recently caught by Captain Sherman, of the Eighteenth Missouri regiment, and taken to Weston. The Mechanic Fusileer regiment at Chicago are to be mustered out of service, in consequence of disagreements among the men. Inducements were held out by the officers to secure enlistments which the government cannot recognise, and, after a cost of over two hundred thousand dollars, the regi- ment will now be disbanded. It is stated that the government has ordered thirteen fifteen-inch col s for the defence of the harbor of Parlin ee" Fall River, R. I., with three thousand six hundred inhabitants, will be annexed to Fall River, Mass., on the Ist of March next, making the total popula- tion of the city 17,262. : At the meeting of the Board of Aldermen last evening a resolution was adopted requesting the Mayor to communicate with the President with a view to obtaining the release of Colonel Corcoran and his fellow prisoners of war. A resolution pro- viding for the appointment of a joint committee on the tax levy was also adopted. A resolution with regard to the celebration of Washington’s birthday was laid over under the rules. The proposals of the Independent Telegraph Company were referred to the Committee on Railroads. The Board of Councilmen met last evening, when a resolution was adopted proposing the appoint. ment of a joint special committee to make ar- rangements for a suitable celebration of Washing- ton’s birthday, the preamble stating that at this time every opportunity should be embraced by loyal and patriotic citizens to show thcir apprecia- tion of the liberties so nobly secured and bequeathed to us by the Father of His Country. Mr. Steven- son offered a resolution, which was adopted, re- questing the Croton’ Aqueduct Department to inform the Board what would be the probable ex- pense incurred in obtaining the necessary surveys and plans for the establishment of a uniform sys- tem of drainage for the upper part of the city, as a matter of economy. In consequence of a deci- sion of the County Clerk, to the effect that the Common Council had the power of appojnting as many commissioners of deeds as they saw fit, a number of applications for this office were referred to the Committee on Salaries and Offices. A reso- lution having been proposed at the last meeting asking for information relative to the publication of the ‘‘Manuai,’’ Mr. Valentine voluntarily senta com. munication setting forth the significant fact that the control of the printing and binding of the “Manuals” was vested in the Finance Department, that the publication of the ““Manual’’ on such an en- larged scale for the past few years was in accord- ance with the wishes of the Common Cofincil, and that during the last three years only twenty-five copies had been sold, and the trifling amount re- ceived therefor was expended upon the City Li- brary. The facts stated by Mr. Valentine entirely éxonerate him from an imputation which might be inferred from the resolution which was offered but not adopted last week. The Police Commissioners replied to a resolution of inquiry about the repairs of station houses, stating that the amount paid for this purpose during the last year was $18,740, and the work was done under the authority of the Com- missioners. Mr. Babcock offered a resolution di- recting the City Inspector to report at the next meeting why Andrew J. Hackley has not been re- quired to fulfil the requirements of his contract to clean the streets. A resolution was presented in favor of giving the Zimes the Corporation adver- tising, which, on motion of Mr. Hogan, was refer- red to the Committee on Printing and Advertising. ‘The cotton market early yesterday forenoon opened with firmness, and with a good inquiry from spinners, while the sales embraced about 200 bales, on the basis of 38¢. for middling to Sdc. for strict middling uplands. ‘The receipt of news per Anglo-Saxon afterwards checked sales, while holders made no abatement in their de- mands. The Brokers’ Circular of Liverpool, of the 10th instant, states the actual shipments of colton to America from the Ist instant had amounted to 8,285 bales. The stock in the number of bales at Liverpool on the 10th, though slightly in excess of that at the same time last year, when estimated in pounds and compared, ‘will be found materially lees in quantity, as American bales (in which the greatest deficiency occurs) weigh on the average at least 450 pounds, while East india, Surate and other foreign growths, upon the whole, average only about 300 pounds, if so much. ‘The cotton at won, on its way to England, for the periods named, was as follows :— 1861 —1862—. Wotaia. “te Notale. te American........220,000 99,000, - India and aii othor Kinds.....+..+» 69,000. 18,900,000 103,000 20 000,000 NR ccna 283,000 117,900,000 103,000 30,001 103,000 0,000,000 ii tact Decrease ....... 180,000 "97,000,000 ‘Tho roport by the Anglo-Saxon gives the stock of Amori- can on 17th inst. at 235,000 bales. The nows had an un- favorable influence on the market for breadstuifs yostor- day. Flour was hoavy, and fell off c. por barrel. Wheat and corn were both heavy and dull,and sales limited, Pork was more active, including sales for future delivery, while prices were without important change. Sugars wore steady, with sales of 763 hhds. Cubas, 600 of which were sold to go West, chiefly to Cincinnati and St, Louis. Coffee was quict, Freight engagements wore fair, at rates given in another column, formulated by Earl Russell to the recommen- dation urged by Mr. Seward, to have the rights of neutrals placed on some definite basis of set- tlement that cannot be disturbed by the inte- rests or caprices of governments merely be- Earl Russcll’s Reply to Mr. Seward’s Despatch. The City of Washington brings us the reply of the English Foreign Secretary to Mr. Seward’s despatch explaining the grounds on which our government consented to the rendition of Messrs. Mason and Slidell. It is friendly in tone, does not attempt to conceal the feeling of relief with which the decision of our govern- ment was received by the British Cabinet, and expresses its confidence that it will conduce to the maintenance of the most amicable relations between the two governments. To the form and manner in which the surrender was made no exception is taken, nor is there any ground laid for fresh demands in connection with it, as the London correspondents of the rebel press 80 confidently predicted would be the case. So far, then, as the Trent affair itself is concerned, the controversy is at an end. Not so with the points raised in Mr. Seward’s despatch in regard to the ef- fect of this precedent on the international issues of a similar character that may hereafter arise. Earl Russell states that he and his col- leagues differ from Mr. Seward in some of his conclusions; but, inasmuch as better understanding of the legal value of the points in question, he will embody their objec: tions in a second despatch, to be forwarded in afew days. In the meanwhile, it is intimated that it would be desirable that the federal government should issue instructions to the commanders of its war vessels to take care not to repeat acts which they are unable to justify, and for which redress would again have to be demanded. This recommendation is mere sur~ plusage; for Lord Palmerston and his col. leagues may well be assured that, whether right or wrong, until the rebellion is put down, there will be no disposition on the part of our Cabi- net to afford them the slightest pretext for making another domestic party move at our exponse. it may lead to a Of the nature of the reply which is to be cause they are powerful, we glean no inkling from the English ministerial organs. From Berlin, however, we have a statement that is probably not far from the truth. There it is reported that Great Britain will not object to enter upon a diplomatic correspondence for the consideration of a guarantee for the rights of neutrals, but that it will set its face against any congress on the question. This is entirely in keeping with the line of argument adopted by the English journals on the Trent question—that is to say, there must be one code of maritime laws for Epgland and another for the rest of the world. Were the question left to a con- gress of nations, England knows well that she would be voted down, and she would of course be compelled to abide by th ii and hy 2 her. dieaclipatign to 66 toa ; Sis ‘ecisely putting an end to this arro- gant pretension that our government has gained such a great moral victory in the surrender of Mason and Slidell. The argument used by the English journals, that by refusing to give up these traitors this country would become the Ishmael of nations, will now be turned against themselves. The main reason of the unanimity that decided all the European governments to press upon us the policy of making this con- cession to England was, that they felt it would place her in a position of difficulty on the ques- tion of neutral rights from which there would be no escape but by submission on her part to the public opinion of the world. The con- clusive arguments put forward in Mr. Seward’s despatch will be eagerly seized upon by the presses of the different Enropean capitals, until such @ pressure will be brought to bear upon the English government that from very shame it will be compelled to give its assent to the de- finitive settlement by a congress of all disputed points involving the rights of neutrals. Asa great maritime nation, and the Power that has suffered most from the arbitrary interpretation by England of the public law regulating the commerce of the seas, we shall have reason to congratulate ourselves on having, bya tempora- ry mortification, secured an object so important to our future security and tranquillity. The ren- dition of the “worthless booty” whom we have abandoned to the tender mercies of the London Times and a London mob is a cheap price to pay for a victory so fraught with benefits. Gexerat McCrennan’s Axacoxpa—Tae Re- puis Fricntenep—Rend the leading editorial from the Richmond Enquirer, which we publish to-day, on the great federal anaconda which is coilinig itself around our revolted States. The rebels are frightened, and their leading journals no longer attempt to disguise their apprehen- sions. They confess their military inferiority as to the numbers of their troops, and their im- plements, munitions and warlike resources of all kinds; but the Enquirer falls back upon the consoling argument that determined and despe- rate men, when pushed into @ corner, can achieve wonders, even against superior means and numbers. But still our Richmond philoso. pher confesses that the rebel cause has become so very desperate as to demand another revival of the military spirit of the South. To this end he urges the immediate putting into the field, not a new rebel army of half a million of men, but a legion of stump speakers to revive the declining enthusiasm of the Southern chi- valry. These stumpers, each in the character of Peter the Hermit, are to go to: ver, city: town, village, hamlet, crossroad, tavern, way- side, post office, river ferry, railroad junction and county court house, to stir up the Southern people to a realizing sense of their dangerous situation, and to renewed efforts for Jeff. Davis and his visionary Southern confederacy. When such appeals as thisare made by the leading organ of the rebel Confederate govern- ment at Richmond to the people of the South, there is evidently something decidedly “rotten in the state of Denmark.” The original enthu. siasm of the rebels has died out; the confidence of the suffering people of the revolted States in Jeff. Davis and his spurious confederacy is gone; those suffering Southern people begin to be not only languid from exhaustion, but in- different from despair, or, peradventure, hope- ful of glorious resurrection of the old Union. The transfer of Beauregard from Manassas to Columbus, on the Mississippi river, indicates the point where the pressure of the federal anaconda is the tightest. But this pressure will soon be felt in every joint of the writhing dragon of this rebellion, At the same time our loyal people may rely upon it that when Joff. Davis calls for the quack medicines of the rebel doctors of the stump he is past tion which at this time occupies the attention of the government, of Congress, and of the whole country, is the provision of the ways and means for carrying on the war for the Union. As Mr. Spaulding stated the other day, the government is within a few days of an empty treasury, and the war will be brought to a dead halt if the indispensable sinews to move it are not sup” pushing forward the Demand Note bill. The step first in order ought to have been the Tax bill, and would have been had we a more prac- fully alive to the tremendous exigencies of the hour. The bill ought to be ready now—it ought to have been ready, in fact, at the opening of the session. But, as it is, it will take some time to prepare a well digested system of taxation; and our telegraphic despatch from Washington states that the bill cannot be looked for till about the end of March. It is evident that the Demand Note bill cannot be postponed till then, On the con- trary, the necessities of the government require its immediate passage. bill comes first, provided that it is well under- stood, and, in fact, stated, in the Demand Note bill, that the new issues are to be convertible into six per cent United States bonds, tho inte. rest on which is to be paid in coin, by the ap- propriation of a definite annual sum from the taxes to be raised for the war, and the principal of which is to be redeemed by a sinking fund created and sustained by the annual appropria- tion of the necessary amount from the proceeds of the taxation bill now in contemplation. be issued immediately with perfect safety, while those who are entrusted with the prepa- ration of the scheme of taxes may mature it at their leisure. Praying for; and all the rant, cant, fire, fuss and fury of all the roaring rebel demagogues of the South, from Wise to Wigfall, will not save him, The Great Question of the Hourj=The Finances of the Country. The most important, vital and pressing ques_ nation’s peril, would impair the popular conf- dence in the securities offered by the govern- ment on the national credit, and on the basis of ample taxation, deserve to be rogarded as treacherous recreants who are effectually giving aid and comfort to the enemy. All their efforts will fail; but their designs are not the less hostile to the interests of the nation. Tae Hon. Mr. Gunter on Tue War Pata.— The Hon. Mr. Gurley, of Ohio, fresh from hia late campaign in Missouri as an aid of Gen. Fremont, has opened his batteries in Congress against Gen. McClellan. The war goes on too sluggishly for Mr. Gurley, and he fintly con- fesses that he is out of patience with this mas- terly inactivity. He does not understand it as well as the rebels do; but, no matter, he insists upon it that, as our army has been raised, armed and equipped to fight, it ought to be fighting, hit or miss. He says that while “our soldiers are burning with a desire to strike at the traitors, and panting for the battle field,” it is painful to confess that all our efforts to eingle out “a commander-in-chief exhibiting the will and tRe requisite enterprise and genius to lead our forces on to victory” have been in vain. He says that Gon. McClellan is unequal to the task of handling our armies of over six hundred thousand men, that his authority ought to be divided, and that our generals who are willing to fight ought to be indulged in the privilege. He substantially declares that, while the victo* ries we have gained have been without orders from headquarters, the victories we have lost, and many golden opportunities for victory, have been lost in pursuance of orders from Washing” ton, and so on to the end of the chapter. These are serious complaints; but we think they may be readily answered. And. first, with regard to the supervision of the whole army and all its movements, in every de- partment, by General McClellan. Clearly this is necessary, in order that all the operations of every division of the army may be made to work together. Next, with regard to the inactivity of the several grand divisions of the army. They have been making good use of their time in arming, equipping and drilling, and in collect- ing the requisite warlike supplies and materiale and transportation for a forward | move- ment. Wheré everything needed for the movement of an army column, by land or water, the government has been required to produce from the resources of a peace establishment of half a century, it has simply been impossible to advance to battle with the quickness of Napoleon, except to certain defeat. General McClellan, under the counsels of the administration, has preferred the wiser course of a complete organization and equipment of his forces, by land and sea, and their distribu- tion along the whole defensive line of the ene- my, before dashing in upon them. We are confident, too, that witha few days of good freezing weather, sufficient to harden the miry roads of Virginia, Kentncky and Mis- souri, there will be an end of the ¢roaking of such military critics 23 Mr. Gurley. Meantime, we contend that the inactivity of McClellan, in the matter of actual fighting, is, in truth, a “masterly inactivity” against the rebels. They confess it, "they protest against it, and for three months past they have left no devices untried to inveigle General McClellan into a premature advance. He is ready now, and is only wait- ing for a change in ,this unexampled winter season of rains and mud. If Mr. Gurley, mean- time, can show how heavy artillery and bag- gage wagons can be trailed three fect deep in mud, over the bills and hollows of Old Virginia, let him call at once upon General McClellan. plied. No time, therefore, ought to be lost in tical Congress whose leading men were But, practically, it is of small moment which Let this be done, and the notes and bonds gay measures are of the very highest national importance, for upon them everything depends. They are malignantly opposed by the intrigues of a set of heartless financiers, who are specu- lating upon our national troubles, and hope to become suddenly rich at the expense of the people—a class of men of the same stamp as those who sold kerosene and camphene casks to the government to carry water for the troops of the Burnside expedition, and. those who sold vessels, warranting them to draw only eight feet of water, when, by actual measurement, they are found to draw thirteen feet. These shameless Shylocks would cut their pound of flesh from the heart of the nation if it were to cost its life in one hour. As the Rothschilds, the Barings, the Goldsmidts and the Hopes became millionaires by the wars with Napoleon, so do the American financiers desire to make them- selves millionaires out of the present war. They are enraged at the government because its mea- sures will not afford them a chance for specula- tion. The most earnest wish of their hearts is to see the government securities depreciated to 75 and 50, and then to purchase and hold till the conclusion of the war, with the expectation of realizing from 115 to 125. Their organs in New York are crying up “gold against paper;” in other words, they are waging war against the credit of the govern- ment. Paper, well secured, is just as good as gold, when issuing from sound banking corpo- rations. If it were not so, the community would insist upon receiving gold instead of bills. What bank in Wall street, or out of it, is as good security to the holder of its paper as the United States government, with the whole property of the people, worth over sixteen thou- sand millions of dollars, pledged for its sol- vency? All nations, inextensive wars like that in which the American government is now em- barked, are compelled to adopt a system of credit, and the credit is depreciated or other- wise justas the provision for the interest and the security for the principal are good or bad. During her continental wars, Great Britain made the Bank of England notes a legal tender, and suspended specie payments from 1797 to 1823, a period of twenty-five years. . During this time she successfully resisted the power of France to subjugate her. Her paper money became depreciated because there was no provision made to fund it and pay the interest. We are wiser by expe- rience; we make provision for both; and our resources, moreover, are fresh and mighty, and continually growing. The specie in the coun- tty is not adequate to the tenth part of its com- mercial busMess. How, then, could it be equal to the immense expenditures of the govern. ment in addition? There are three hundred millions of gold and silver in the country. The government contemplates an expendi- ture of twelve hundred millions. There is no nation in the world that could carry on such a war as the American government is now engaged in by specie payments. All the specie in the country would not suffice for six months’ expenditure. All the specie we can command will be needed to pay the balance of our foreign exchanges, and to purchase from foreign nations articles which we need for the war, or which the country does not produce. When the war is terminated we shall then gradually return to specie payments, which, in times of peace, is the proper basis for the currency of the country. Tho cry about gold proceeds partly from hostility to the government and a latent desire to prevent the restoration of the Union; partly from the mania of speculation, which would render all things in Heaven and earth subser- vient to itself, and partly from the stupid igno- rance of pretentious dabblers in finance, which is a subject entirely beyond their shallow com- prehension. Day after day the burden of their everlasting song is— Gold! and gold! and gold without end. If any reliance were to be placed on their crude theories there is nothing of any value but gold, whereas iron, for practical purposes, is a far more precious metal. Gold is useful as a medium of exchange, and particularly of foreign exchange. But we could exist forever and prosper if we never saw gold. It is only asign of wealth. The wealth itself exists in- dependently of its representative. Labor is the wealth of nations, and its accumulations can only be partially represented by gold. It is immaterial what is the token of wealth, pro- vided it is recognized and known to be genuine, and that the trading community repose confl- dence in it. Such a token is now presented for acceptance; and those who, in this hour of the These financial Tse Qvesrion or Taxation.—We recent- ly published a return showing the present imperial taxation of Great Britain to amount to £46,802,740, or about $234,000,000 an- nually. Of this amount, the greater portion is derived from the excise and the property tax, stamps, land and assessed taxes, and the post office furnishing the remainder. In ad- dition to this there is local taxation amounting annually to more than a hundred millions of dollars, and chiefly levied in the form of. pari-h rates. This gives us a total of nearly three hundred and forty millions of dollars, raised by taxation among a population of thirty millions of people. Now, if Great Britain can raise such a sum annually, there is no reason why we should not do so with eqnal facility. We have, indeed, many advantages in our favor over the Old Country. In’ the first place, although we have few large landed estates and great accu- mulations of individual wealth, we enjoy more general prosperity than the people of the Uni- ted Kingdom, and what property we have is not generally heavily encumbered with debt, as the estates of the aristocracy and landed gentry of England frequently are. We have, moreover, no class so poor as the operatives dependent upon the cotton manufac- tures, or the colliers in England, Wales and Scotland, who are incapable of paying taxes. Fully one-sixth of the population of Great Britain, from its extreme poverty, pays no di- rect taxation to the government; but in this country all are in a position to bear taxation, and without suffering from pecuniary embar- rassment in consequence. The same scale of taxation that applies to the British people would apply to us; for our modes of living are as nearly identical as possible. We live in the same kinds of houses; we wear the same kind of gar~ ments; we eat and drink pretty much the same kind of things; and, altogether, there is so much in common between us that what answers for the one would answer for the other. The taxation of England is based upon the long standing wealth and commerce of the coun try, which have earned for it its greatness, and in like manner we could base ours. We have sixteen thousand millions of property to be assessed, and we are as able as we are willing to pay whatever taxes the government may re quire to levy. It is true that already we have to pay a considerable sum in local taxes; bu® money is so abundant with us, and our extrava gance is so proverbial, that it falls very lightly upon ws. In an old country like that of Eng land wealth is hoarded more, and the rich are less extravagant than in the United States. But still, notwithstanding the heavy taxation. the English are more liberal in their expenditure than the people of any other European nation, They follow us in that respect, and we, above all other nations, are the most extravagant in the world. With such unbounded resources al our command, and such an example before ut as that of Great Britain, we have no occasion ta doubt our ability to meet the wants of ihe go, yornment by a judicious scheme of taxation. Tun Avotirton War. Uron tur Burnston Ex prorrion.—That faratical abolition organ, the Tribune, hod. ® long editorial yesterday upor