The New York Herald Newspaper, February 3, 1862, Page 8

| | | } | i NEWS FROM THE STATE CAPITAL. The Singular Developements Brought to Light om the Tax Resolutions—The - Mission ef the Republican Party—Its Contest with the Rebellion and the M@orts to Keep Up the Slavery Issue— The Republican Party Unable to Agree Upon « Financial Pelicy—The Last of the Negro Worshippers—New Tests to be Applied to Party—Analysis of the ‘Vote im the Assembly—Its Significance tm the Reorganization of Parties—The Democracy Pull Together om the Fi- wances—The Probabie Pulitical Result— Meath Bill—Herrmann as a Lobby- iat, die. Aumany, Feb. 1, 1862. ‘Mo exciting contest in the Assembly over tho Anance and taxation resojutionp was ended yesterday, as far as the direct issue is 0p that question before ihe Bouse. ki bas beem @ contest of far more than ordinary Interest, carefully watched by politicians and public mea from its commencement. And no person could have Ihstened to the debate and noticed the formation of the Jines jo this important battle without becoming con- ‘vineed that we are ou the threshhoid of new party issues and a geners) reorganization of parties. The republican party came into existence upon the slavery question, ‘That question dealt the finishing dlow to the old whig party, and buried the noble statesmen who were the (guiding stars under the whig regime under the anti-clavery waves. The Sage of Ashland and the Giant of New Eng” Jand were both consigned to their graves by this anii- slavery tide. Im tovir tombs were laid the buiwarks that resisted the elements of destruction to the party. ‘Those giant minds no longer standing in the way, tbe tide Folied op, and no one was found in the party powerful enough to stay its progress, and the purty was soon Known only 26 a thing of the past. Out of its rains way formed the republican party. ‘This was organized upon ene idoa, and that anti-slavery. The old issues that had for years divided the parties were laid on the shelf, and ‘wpon that single issue the party drew into its ranks the free poi) and barnburner portion of the democratic party. ‘Theve elements had been antagonistic to each other upon @very question before the country prior to that time. @me was for ahigh tariff and protection, and the othe, for free trade; one was for expansion and limited credit | the other forpay as you go. All of thoge issues upon which their leaders had measured their strengh upon the stump before the people and in legislative bails were laid eve side, and, like a happy family, all gatbered around ‘the same political altar, offering up their sacrifice to the seme god—the mogro. For his sake they forgot ail past ‘Under this banner, wish anti-slavery inscribed upon ita elds, the only question upon which they agreed, they masched onward, conquering 28 they went, crying down ‘@il discordant elements in their ranks, and finally suc- eseded im bringing under their influence every Btate north ‘ef the lino dividing the free from the slave States, and splnced their standard bearer in the Chief Magistracy chair @f the nation. No sooner was this accomplished than a ‘Diack cloud was seen in the Southern horizon threaten- ‘outpost ‘upon them, oa , Sweeping over State after ), Until it fimally reached the dividing ‘Mae between the free and slave eaery Hagen confronted pects pre ge non radee card river that di- them. It floated eround and in the rear of the capital of the nation, and fora time seemed to engulf it |. ‘end swallow ail in the maelstrom. But, as if by inagic, ‘the bands and the minds that had stood up in the North to stay the anti-slavery tide torned in and marehed in ahoulder to shoulder with their former political opponents, moon driving back the storm and freeing the national r ‘the dangers that beset it. to roll in’ upon it. For two months it remained there, Bow moving on and then retreating, until the very minds, the hands that dealt the blow to the giants of ‘old whig party, cried onward, onward, demolish the the country from its presence, Up- , andrilled and unconscious of the strength of the they were to meet, the guardians of the nation yielled to the pressure, and onward they went; undisciplined aud tw straggling colmas they marched into the very strong- hold, and there met what none of thom supposed existed. ‘The Southorn soil drinking their best blood, the broken oolumn, panic stricken, returned, leaving many of their to the merey of ate, to die in the hands of the @memy , and pine away in Southern prisons. The cord that the Nortbarn heart was touched; its hundreds is left their homes and rushed to the rescue of the nation, the jand of their birth and the country of their ‘adoption. Months rolied round, and the numbers still increased , and again hope lighted np every countenance. But at length another dark cloud loomed up, aud every ‘We saw that something must be done to avert it, or all ‘would be lost. The natioual Treasury was nearly empty, | fll aa upthought of issue. The half a milion evdars raul be fod and Sothed: they mint have: reap one and necessary equipments to prepare them to meet the foe. Todo all this money must be bad. The great question arose, how should it be obtained? Oue eried onward and conquer at once, while who really understood the true couditivn for a more practical mode of pre. for the worst. The republican party had charge wheels of government; its rauks were filled by all political creeds, who had been slavery issues; bat upon all other much confusion and opposition in belief as there confusion of tougues @} (0 bujding of tbe Tower of Babel. As jong as they could keep the negro uppermort everytbing moved aioug smoothly: but the moment any other question was made the test a jargon of ideas and ‘vetief confronted each other. Would this party be able to manage the of the country in this trying hour wag a question that ws asked in grea seriousness. In this condition of atiairs Congress arsembled , and the to Ett : a Lf ry mn together t tt oountry them a5‘the onty power at eee tars mish che necessary. Time rolied alon, y had done nothing to avert the storm. ‘They Vere chosen to their position before the new issues were thought or dreamed of. They wore selected because they worsbip- and were communicants around the anti-siavery sth came from the fact sacrifice their energies, ali to the republican negro. Uuabie to realize that those issues were Delonged to the past, they played their tunes on p, and could not be induced to touch , evidently considering that that was that the people expected of them. they ecnoed aad re-ecboed ite exploded of Congreas day after day and week it to be wondered that the universal cry the party could not deal witha ical national Treasury saw no relief,a wide fore us, the nation stood upon the verge of liable at any moment to pluoge into the people saw the danger, and besought their jes to prepare @ mode of escape. ‘Ibe only came up from the halls of Congress in response was emancipation and arm the slaves. Again the people eried out for relief. Having given their drat born and their mobiest blood as asacrifice upon the altar of their coun- try, they offered their worldly goods, but called upon to provide theirown way to use it; but siill ir tupes and sang their songs tothe strains anti-slavery harp. increased: no mode of relief was suggested by those whose duty it was to provide it. Se uo Dope, the Lagisiature of the Kmpire State stepped in and vandered its counsels. its members, fresh from the people, elected at the time that th r ‘Yhe State saw the clouds that for storm preparing, were ready to grapple tho question and come to the rescue. The Cominitive of Ways anil Means , with @ unanimous re; endorsement by the Legislature. The pr: of this pian brought up new issues: men edu- the financial school of the old whig party looked ‘one light, and those of the democratic fauncial another, and hero the warring elements met led with ouch other like giants. The progress struggie was watched with intense interest. sixty-five members who for several years dont worshippers in the republican party, in ite anti-slavery cree! and sabseribing Lo its ; Against ther were sixty-two who, unui shie offered their sacrifews upon the democratic 4 republican party proper was in the x a8 all the questions that they had been calle. consider since the formation of the party theoretical, this was the first time that they had been ealled upon to act pon @ practical question, aud vb lem was to be solved whether they could deal with practical question of fiuauce. This was the lrst cial ‘and the people of the State looked on with a warked \u terest. No soover had the debate opened wu ik war i ‘Ad : ut FeGie 5 ay i 3 RE RERE re ll fi Pi jority nan, £ 52 t; for each wing adhered principally to its orig financial education. Extended crodit,or pay as you }, Were the dividing lines; but it was mauivest that the party, were unable Lo agree upon and switio x would meet any aud all emergencies of the ‘This is the first time that the republican party of tbe State have been called upon to leave their borse* Theory” fand take hold of practival things aud the floances of the country; and how have they bandied them? The deva'e was lengthy and excitiug; all the speakers ou ove wide were theoretical, and relied wholly upon faith, with the exception of Raymond, the master apirit of that side of the House, ‘The other side wore generally more practical, a large portion of re handing the question upon its Oaanctal av Straight democrats Jid not participate in the de: Dut stood looking ov, ready for voting, leaving the r Means and Union democrats to do all Na oe gubstitute offered by those of the old whig financial echoo! were Anaily so mod fied by the mover of thew that about the only difference between the two set of resolu tone was in regard (o taking the Tronsury notes tender. The votre having een reached, the substitate of- fered by Raymund received in the Coinesit:-v of the Whole Qhirty-nime votes; when before the jivueo and on the call of yous abd pays they received forty.thres vores. OF r i ‘Tho | United siates NEW YORK KERALD; MONDAY, FEBRUARY ,3, ,1862. i é repal ‘voted against the substitute, there 4p the whig school, twenty of barnburner antecedents nd forty-one reared as hunker democrats. Of these forty one | bunker demoerats one were elected as siraight speaker Raymoud’s amendments having ali been voted dows, all the resolutions except the last ono wore adopted w: opposition. Upon that resolution the yeas and pays sailed, amd twenty-cight persons recorded their votes them. Of these twenty-six were educated whigs iu favor eleven wore educated as whigs; two of these, ob the death of the whig party, went to the democratic, Tavebeen acttve partisana in tbe republican party ve been active iD le the otber sixty aight recorded in favor of the resolution twenty-two were elected as str: balance on republican and Unio them voting agains. were elected as sir ‘The above facts have been deal of eare, and are worthy of @ careful study. lt reveals more shan chapiers of surmises and ets; two-thirds of ht republicans. we are upon the eve of a reorganization of parties. What will be the basis of jon is question has long demanded attention, as 1 have shown in the party down to the present time. The question drawn together the cong! mass that forms that finance bas become ides of the hour. That class of politicians and agitators who know that the slavery bobby is their only forte, aud the only issue which they cam get into office upon, are busy as mortals well can be, endeavoring to force the military power of thecountry into @ position on the slavery question that will make an issue upon slavery ti © will overshadow everything else. Hence the cry of emancipation in and ont of . Tt 13 an attempt to work theslavery question into # position that will make it, even after the close of the war, paramount to and overshadowing all other questions. ‘There is, however, a prevailing impres- sion everywhere that the present is the last that will be selected for some time to come upon the slavery issue. Mon will have to have sone other merit than that of worshipping at the antirlavery | ticles, as well as many descriptions of dry goods, altar. It is generally admitted that finance will be the test question upon which party lines will be drawn. The enormous debt tbat this war will place upon the | whether the war goes on or is ended. Itis only country will rest upon ts for years, and until the way is seen clear on that question the partics will rally their forces upon diilerent plans to dispose of that debt; and | #mple revenue. that wiil be the test party question, unless there is a fo- reign war; and even then the financial question will form an important feature init. With this view the analysis of the vote in the Assembly on these resolutions fur- nishes a starting point, @ base of operation to stand upou and look down into the future, where the rapid by occur- ring events are drifting us. This is the first time that the republican party bave placed themselves upon record on aquestion of such imporsance; and they bave shown ‘that it will be impossible for thein to hang together for a moment when the question of finance takes the place of the negro. The voie in the Assembly has settled that question. Now the question arises, how will the lines be drawn? On this we have the inexcrable logic of the As- sembly vote to post us, from which any person can read | por the week. thas the republicans of whig antecedents and those of democratic antecedents can never unite upon a financial question. You might as well try to mix vil and water. ‘There is no question upon which the barnburner republi- cans will etand out so long and work 20 persistently for as that of finance; pubiican Lap Spree the question formation of the platform, obtain the adoption of their creed upon that point, away goes the a already symptoms of a new deal, and we 5 surprised, in jess than six the old democratic part} burvers and hunkers and and 5 i f u over it, and take warning from its teachings. Having shown the effects of that contest upon the eyed sion in financial circles about the true position of cal issues of the country, let us turn fora momen: some of the matters inthe debate. Mr. Hul- 4 who reported these reso- lutions. spoke tirst in favor of them, and, ag a matter of course, reviewed the operations of the different financial | Most persevering advocate of the suspension of whole life. Raymond e point as an attempt to raise the old barnburner foeling, ‘and attempted to rally the dominant party by ringing the party bell. But the trouble of this was that he al- ready lashed the democrats over the shoulders of the Ada: and Argus. Several of the Union democrats having committed ves to the resolutions, be en- deavored to frighten them off,on the ground that the Alas and Argus, which supported the famous ninth reso- lution in the Syracuse platiorm, also supported these re- wOlutions; therefore they must tend to disloyalty. In- stead t the Union democrats against the resolutions, it made them only the more fierce for them. This insinuation of disloyalty was at once seixed upon, and the forces rallied against Mr. Ray- mond. A number of those of whig antecedents, who telt that injustice had been done, went over to the opponents of Raymond. The result was that only twenty-eight sus- pone — atlast, The issue made was an unfortunate one for will comtinue during the whole session. He is now ina Hight fix. How be will come out of it, we wait for time to elope. A large portion of the time of the Senate was taken up this morning in the discussion of the standing of Jesse D. Bright, uow United States Senator from Indiana. parties who originally introduced the resolution b: slightly had the wind taken out of their sails during this deate, ‘The only speech of any note made to-day was that of Senator Folger, who spoke in favor of the resolu- tion and in reply to some of the weak points that Senator Pruyn left open. It, however, matters but little now what the Senate does ‘on this question. Those in favor of instructing Senator Harris have been obliged to sub- mit to another modification of their resolution; and as it now stands it is merely au expression of opinion on the part of the Senators that, in their belief, 8 uatos Lright is traitor, In tis shape it may possibly pass when they reac @ vote. Noone of the opponents on the start ap- ars to care anything about it now. ‘The discugeion was kept up until the hour of adjournment. Several votes were taken, which were considered test votes, which ju- dicated that the resolution, as it now stances, would s8. caer PPoi little was dune of public importance im the Aesom.- bly. There was quite alengthy debate on printing ai binding the department reports, several unimupo: bilis reported {rom the comuaittees, some fifteen or t ty bills noticed, and quite a number ivicoduced. Among tae latter was One ia relation to the pubiic hea!th in the city of New York. This is the bill that has been got up by Dr. Griscom and his party friends, and ¢omecitaes goes by the name of Delavan’s bili, and on ot as: | cn Sions as the dispensing bill, The latter is provably wm oo It provides for 4 Board of Health, to consist of the more appropriate name for it. - Mayor, City Inspector, Prenident of the Commissioners of Charities, President of the Board of Commicsiouers of gration, President of each of the dis: ies, and three to be selected from the Board of ‘Truntess of cach of the dispensaries, to be chosen by the mauagers of those u- stitutions themselves. This will make a board of over tweuty members, to serve, we believe, without compen- sation. Herrmann, the great prestidigitateur, is now perform- ing at Tweddle Hail to crowded housos. He and his com- pany are stopping at Congress Hall. Now that ie is ‘among us, I would advise the lobby, expecially these who got dotected at their work last winter, Ww employ Horr- mann to Ubrough their bills. They cam never detect him at the work; the bill will be started in one hour, and the first that ite friends will know the committee have reported upon the bill, had its three several read. ings, all the members recorded on it without their know- ing how or when. untii they see the bili fiying through the air to the Lxee Charaber. ‘The i make a good thing in employ ing him, and say ful amount of tribulation and fear of investigating com- mitiees. Why can’t the lobby induce bim t try his eva? Format or Gevnxat Count pe Boscans.—The funeral | ceremonies of General Theodore Xavier Thomas, Count do | Bongars, an old French officer, resi umber of years, aud well known throughout the coun try, took place yesterday afternoon from bia late resi- | dence, No. 38 Lispenurd street. General Bongars was an officer high in rauk ia the Freuch army, and during the | Mexican war coumanded & regiwent of volunteers from this State, distinguishing himself in marked manner, | ‘tuod gaining the good opinion of his saperior officers. He | belonged to & noble amily ix his oative country, ia- | heriting the title of count frow bi | greatly esteemed as a man of bo mon years age be took great intorest in the mil tions of this city, aud war one of the origi Of the Garde Lafuyettc. [ie was leo conaeet the Military and Naval Ary shed | in this city somefew years ago, and devoted to news pertaining to those classes of (he community. He was Seventy yeurs of age at the time of bis death. | The une ral yesterday was quite imposing detachments of twe or three different military coupaniey escorting the rema which were interred in Greenwood Cemetery number of ed the fum wl + Quite a liane on foot and in carriogns Miso attend. Coroners’ Inquests. Kuinn ut tue FALLING OF 4 SiGNBOARD.—Johm Perry, & native of Scotland, aged (forty-seven years, died at his once, No. 615 Washington street, yesterday, from the effects of injuries received on the 26th ult. by a sign- ‘board falling upon him frem the roof of No, 301 Canal street. " conjectures cap tell. Everybody admits that | took frem abroad came to reply he took that | tender, and to be in favor of an issue of ‘Treasury peaker Raymond, and has originated a feud that | our government, people were tempted to hoard, | that Bunvay, Feb. 2, 1862, ‘The imports last week were unusually heavy, the principal items being American cotton, sugar, tes, wool, coffee and guns. The cotton, which has been imported frem Europe, has almost inva- riably paid » profit to the importer. Our exports of produce were lighter than usual last week; but still the aggregate for January is in excess of that of barnburoer democrats. Of those who voted | January, 1861, which was a very good month. Adding our specle exports to our exporta of pro- fall of Sumter, and the balance | duce and merchandise, our foreign trade for the month leaves the balance on our side. Congress jot democrats, the | may take a hint from the heavy import of dry goods. An increase of ten or twenty per cent on with @ great | most of these goods would yield revenue, and not probably diminish consumption. We last week nearly $70,000 worth of iron and steel, and $58,000 worth of lead. On both of these articles increased duties brief review of the rise and progress of the Legg would yield present revenuc, and develope, in a short while, home production. We imported last party has been laid — the shelf, and the question of | week $34,700 worth of tobacco; a large increase of duty here would be proper. Finally, of tea, coffee and sugar we imported $610,000 worth. The present duties on these articles do not affect the consumption in any material degree, nor would duties very much higher. These three ar- ticles, in the opinion of many of the best informed merchants of New York, might be made to yield $40,000,000 per annum in the shape of customs duties, and increased duties on lead, copper, iron and other metals $10,000,000 more. All these ar- will be consumed by the North in large quantities, necessary for Congress to tax boldly to secure The following are the official tables of the trade of the port for the week and since January 1:— Iarorts, y ‘gene: 8,100,165 784,961 Geteral merebandise..*2'450/007 | 1200467 | 2.118812 Total for the week...$6,759,078 4,508,652 2,908,763 Previously reported... 14,224,764 abeatove 8,819,779 Since January 1....$29,083,842 20,029,998 11,718,542 Exrort or Propucg aNp Si 1860. 1861. 1862. + seeee+-$1,631,842 2,765,740 2,090,767 Previousiy reported... 4,087,579 7,775,490 9,182,654 Since January 1.....$5,460,421 10,541,230 11,223,421 Exrorts or Srxci. 1860. 1861. For the $81,800 280,609 Mose Preendp cases 1 432,082 201855 2,304,872 Since January 1.:.... $514,762 312,524 2,705,356 The banks showed last Monday a specie average of $26,698,728, being an increase of $577,000 over the previous statement. Since then they have con- tinued to gain specie, and to-morrow they will probably show about $27,400,000, while they really hold more. We note a great deal of misapprehen- the banks and their relations to the government. A prominent bank officer, who was the first and specie payments, is now understood to be violently opposed to an issue of paper money made a legal notes and bonds to be sold for what they will fetch in open market. It is clear that this individual, at all events, didn’t understand the motive of his own action when he advocated a bank suspension. Our banks suspended specie payments simply and sole- ly because it was evident that, sooner or later, government would have to pay its way with paper made a legal tender, that this paper would neces- sarily be forced upon the banks as deposits, and that hoarding would probably ensue. From the hour that the hard necessity of resort- ing to paper money issues was forced upon and in that hour, if the banks had been.wise, they would have suspended—with near fifty millions in coin in their vaults. If, at the time of which we speak, some ten weeks ago, there had been the faintest shadow of possibility that money conld have been raised for the prosecution of the war by any other means than by an issue of paper moncy made a legal tender and bankable, there would have been no necessity and no excuse for a sus pension of specie payments by the banks, and this journal would have been the last in the country to apologize for sucha step. That there was not then and is not now any way possible for raising money except by sach an issue of paper, made a legal tender, every honest and clear headed finan” cier now admits. And this isthe reason, and the only reason, why our banks are ina state of s1 pension. The bankers who want Mr. Chase to pay his debts in paper not a legal tender, and who re~ fuse to receive United States notes on deposit, have no excnse for not paying specie to their depositors, and if equal justice were meted out to them the Bank Superin- tendent would proceed te wind them up forthwith. Another delusion which prevails is that issues of paper money by government will raise the price ofevery commodity to an enormous extent, and that gold will rule at 10 to 20 per cent premium. These fallacies are engendered by too servile a study of past history, and too careless an examination of present circumstances. Because a pair of boots once cost $1,000 in continental money, for which no scheme of redemption had ever been devised, and no market or resting place ever provided, it is absurd to argue that a like in- flation of prices will be caused by an issue of Trea sury notes amply secured by wholesale taxation, and receivable for all dues to government. When the loyal people of the North are paying, directly aud in- directly, $10 to $15 per head per annum to govern- ment, in the new Treasury notes, and when those notes become, as they will, the only, or at least the chief, circulating medium of the country, the amount authorized by Congress will be found far too small to cause any permanent disturbance in prices, As Yo a premium upon gold, it is only ne- cessary to observe that the Northern States con- tain, at the present moment, over $500,000,000 of gold—fully $80,000,000 more than usual; there is no use for this large quantity of the precious metal, except as a ulatiag medium, and that there is no prospect, if Congress passes @ proper tariff, of any conside- Table export. Every hoard of a million in gold costs | $70,000 a year, or $1,400. week, in loss of interest. At the present moment gold is only maintained at a premium of 34% per cent by the operations of speculators, and any morning itis in the power of three or four banks to break down the market. It is always safe to rely on the operation of the fundamental principles of political economy, the first of which is that price is regulated by sup- ply and demand. Our sapply of gold is thirty per cent greater than usual; the demand for gold is very much less than usual, as shipments to Europe are and must remain small, and less specie than usual is now in ordinary cireulation. It is there- fore reasonable to conclude that speculators will not sacceed, eo long asthe present state of af- fairs lasts, in raising the price of gold to any very when the jury, in rendering # verdict, tovk occasion io the partis who pat up the #igu for the insecure in which the ob was executed. Thirty ninth street, dropped dead in the store of George Tereill, No. 108 West Thirty-sixth strest, yesterday, while conversing witha friend. Death was probably caused by disoase of the Leart, ‘Thy hold ay inqu Personal Intelligence. Commodore Montgomery, of the United States Navy; General James, of Khois jsiso utonome 4 GW i nt Keotuci Pratt, of Ruffalo, and 1. 3. Shapaed, af 0% cage, rived’ at the St. Nicholas Hotet nan, Of Cairo, INL; W. TW. Wilson, of Milwan- kes; ¥.8. Suith, of Chicago, D. Mebonell of’Now vee R, M. Pease and (amily, United States Ariny: James Len of Philadelphia; Colonel R. H. Guinness, of Fruneyivau F. eee oi w. L- 3 of St. Louis, are emeng she high figure. The money market continues easy. On call, money is worth 5 to 6 per cent, and the market has a downward tendency. First class paper, 60 days to run, sells at 6 per cent, with an occasional ex- ception at 5. Loug paper of the highest grade passes at 7 per cent, and names less generally known and single names at 8 to 10 per cent. Abroad, money is unusually abundant at very low rates. The Bank rate in England is 2% per cent, and letters from London state that five joint stock bauka io that city have $275,000,000 deposited with thom at 134 pet eens, On comeols, monny is offered on ‘Change att per cent om call. Jt ned hardly be remarked that thie monetary plothora ix Englend will presently begin to esereive influence on our own market. Decided successes by the Union armies would inevitably lead to large invest- ments of British capital in American securities. Exchange on London closed yesterday at 113% 8 113% for the best bankers’ bills, and 1128113 for mercantile signatures. France are held at 4.97% by some bankers, and we hear of trans- actions at 5.00, At these rates, with gold at 103%, there is no profit on shipments of specie to Europe. Opinions differ so widely about the fu- ture course of the foreign exchange market that itis not worth while to give any of the current predictions. In this as in other markets, much must depend on the success of our armies. Decid- ed successes would lead to such remittances to this side for investment in our securities as would very speedily create s supply of bills far in excess of the demand. The following table shows the course of the stock market during the past week and month:— Jan, 4. Jan. 11. Jan. 18. Jan. 25. Feb. 1 42: 42: 42; 4. Missouri 6’s ..... 40 86 New York eairal 80 2S BRM Reading.......... 35; S14 20% ae ie Bt fon 40% © 405 «4036 ig 68% 85K 55 BG BBE 31K 88 40g 3s” 1181328 39 88%: The market was a steady one throughout the week until yesterday, when the fears of British intervention caused somewhat of a panic and a general decline. Some of the old operators were rather surprised that stocks should fall on prespects of peace; but the fact is, we presume, that some heavy holders took the opportunity of selling out with a view partly to a bear demon- stration. The belief in foreign intervention ap- pears to rest entirely upon the articles of London journals, which were certainly not in the secrets of either the British or the French government during the Trent negotiation; and both France and England would have so much to lose and so little to gain by interfering in our quarrel that the more long headed among the old operators seem to apprehend very little on this score. There has been a change of sides during the past week or two; some of the old bulls seem to have turned bears, and many of the bears have taken a line on the bull side. The chief reliance of the bears is on the inaction of Congress, and the success of the hard money party in throwing obstacles in the way of the legislation required for the crisis; the balls rest their hopes on the prompt passage of the currency measures, and on vigorous military de- monstrations. The Trent affair was less fraitful of profit to stock speculators on this side than it seems to have been to their confreres in London and Paris. There was no bear interest here to speak of when the British demand was received, the false news in the Scoteman having frightened the bears ‘into covering their contracts «few days before the true intelligence arrived, and, with one or two conspicuous exceptions, operators made but little on the subsequent advance. The British and French speculators did better. The British government kept the receipt of Mr. Seward’s first despatch to Mr. Adams a State secret, imparting its tenor to only a few privileged persons, and the Rothschilds and one or two others are thus under- stood to have cleared something like a million sterling by operations, first for the fall and then for the rise. A careful study of the movements on the London and Paris stock exchanges during the past month, and a comparison of the tenor and dates of the despatches with the articles in the British ministerial organs, would seem to justify a suspicion that stockjobbing had a good deal to do with the Trent faror. The House Committee of Ways and Means will to-morrow report to Congress Mr. Spaulding’s bill for the issue of $100,000,000 Treasury notes, made a legal tender, and an informal count has led to the conviction that it will pass without mach diffi- culty, though the Ohio delegation and some other members in the interest of banks are expected to oppose it, We have had frequent occasion to dis- cuss the subject, and the readers of the Heratp are familiar with our conclusions. Nothing is easier than to frame a set argument against paper money, and to adduce examples of the miscliefs which have flowed from its use or, abuse in times past. But.the question which the assailants of Mr. ‘panlding’s bill generally omit to discuss is—by what other method can money be obtained for the prosecution of the war? Some of the opponents of the measure advise government to raise money by selling its Treasury notes and bonds in open market for what they will command. These people are of two classes: bankers and speculators who have formed deliberate plans for enriching them- selves by the depreciation of government sccuri- ties, and honest but ignorant theorists, who have no practical acquaintance with business. A very brief experience in Wall street would satisfy the latter that it is out of the power of this or any other financial centre to lend to the government, at any rate of interest whatever, the enormous sums required for the prosecution of the war as fast as they are needed. There is not capita; enough in this or any other country to do so. Ig Mr. Chase attempted to raise two millions a day— which he necds—by the sale of bonds, a time would soon come when he would not be able to find purchasers for his securities at fifty cents on the dollar. Not that people would doubt their value, bit that there would be no moncy seek” ing investment. During the great railroad era in this country—that is to say, between 1850 and 1857—it is roughly estimated that a thousand millions of dollars were spent in this country in railway building, nearly one-half of which was native capital. Every one who knows the history of this period will recall the energetic endeavors which were made to draw out capital by the railway men—what large profits on investments were predicted and expected— what heavy discounts were granted in selling bonds—what a remarkable combina- tton of circumstances encouraged capitalists to subscribe for bonds and stock, and how com- pletely the money market was monopolized by the railways. Yet it took over seven years to draw out less than five hundred millions when the coun- try was prosperous and wealthy to an nnexampled degree. What reasonable person can expect, in view of these facts, that in # state of civil war the people of the United States will now raise and lend to the government a@ siugle year, more money than all the railways were able to scrape together in seven? Both theory and experience concur in indicating the course recommended by Mr. Spauld- ing ae the only one that is feasible in our present circumstances. The arguments of the hard money party are generally sound, and their maxims whole. some. But neither are any more to the purpose just now than homilies on the beaaty of peac® would be in the Army of the Potomac. The govern, ment must have money, and there is only one way of getting it—which is the way proposed by the Committee of Ways and Means. Members of Con- gress and State Legislatures may do and say what they ploase; but if the war is to be carrietl on Mr. Spaulding's echeme must be adopted. It is not worth while to notice the rancorous cavils which our financial policy meets with in England. We have yet to hear the first friendly word or judicious counsel from that country. From the outbreak of the war to the present time the leading organe of British opinion have steadily pursued a course of the most merciless hostility toward the United States. They have left nothing unsaid that could weaken our efforts, damage our government, disparnge onr leaders, injure our credit, or depreciate our resgarces. It is but na- tnra! that now, when our government is beginning {to adopt the policy which wee ineugurated ia Great Britain by William Pitt in 1797, and on the success of which much of that great statesman’s fame depends, these enemies should seize the op- portunity of dealing s fresh stab at us, Happily, We are not dependent on them or their good will- Their opinions are of no more consequence, and deserve no more attention, than those of the rebels st Richmond. It must be expected that some differences of opinion will be developed in Congress on the de- tails of the Treasury note plan. A majority of both houses is understood, however, to be in favor of paying the whole interest on the public debt in coin, We believe that the House Committee of Ways and Means is divided on the question whether the legal tender clause shall be made to apply to pre-existing contracts. Fairness to holders of mortgages would seem to require that their claims should not be prejudiced by new legislation, and that they should not be compelled to receive pay- ment of their dues in any other currency than that which they consented to receive when the mort- gages were executed. It is proposed, as a further encouragement to holders of Treasury notes, to al- low Sub-Treasurers to receive them on deposit, and to pay five per cent interest on them’ after they have lain thirty days in any Sub-Treasury or govern- ment depository. Another new point which will probably be raised in the course of the debates, will be the expediency of rendering Treasury notes and government bonds reciprocally convertible, so that a bondholder may convert his bonds into notes—that is to say into money—in the same way and as promptly as a holder of Treasury notes can convert them into bonds. This is the Russian sys- tem, and has been found to work very well in Rus- sia. Its adoption would probably have the effect of inducing temporary investments in United States bonds, and would likewise steady the price of the new sixes. All these points will doubtless be thoroughly discussed in Congress, and mature con- clusions reached. The disappointments to which the government has been subjected in the purchase of the vessels of the Burnside expedition attract very considera- ble attention among merchants and shipowners. People ask, who bought the vessels? Did the firm which acted for government know that they were unfit for the service required of them, or were they hoodwinked as somebody must be charitably supposed to have been in the Starbuck case? A very general impression prevails that parties claim- ing to extraordinary patrivtism and excessive highmindedness have been making fortunes out of government ever since the war began, and that the Investigating Committee in Congress has been so hot in the pursuit of Mr. George D. Morgan’s $70,000 that they have had no time to look after other leaks. It is due to the public interest, and to the honor of the mercantile community, that the whole of this Burnside matter be sifted. CITY COMMERCIAL REPORT. »Sarorpay, Fob. 1-6 P. M. Asues.—We have no change to notice in prices, while sales were limited, The stock comprised 312 bbls. pots and 162 do pearls—total, 474 bbis. Barapsrcrrs.—Flour—The market was quite firm, and for some grades closed at a slight improvement in prices. ‘The demand came chiefly from the domestic trade. The transactions embraced about 8,000 a 9,000 bbis., closing within the ringe of the following quotations:— Superfine State... 5 60 Extra to fancy State. 595 6 60 675 6 50 625 6 90 1 425 335 —Canadian was more firmly held, with sales of 400 bis. closing within the range of the above prices. Southern flour was quite firm, with sales of 450 bbis., closing within the range of the above figures. Rye flour was steady within the above quotations. Corn meal was unchanged, and sales confined to about 60 bbls. Wheat— ‘The market was firmer and active, and advanced from lc. a 2c. per bushel, and fer some grades anadvance of 3c. a 4c, was claimed. The rales embraced about 70,000 bushels, at $1 47 a $1 48 for atnber Mich’gan m store and $1 48 a$1 60 delivered, $1 45 for mixed in- diana, $1 45. $1 46 for red Western delivered, $1 38 for ainber !owa, $1 37 for Canada club in store, $1 34a $1 35 for Milwaukee club aud Racine spring in store. Corn was fl. m, with sales of 30,000 bushels, closing at 6424c. a 65c. for torn mixed instore and delivered. Barley was firm at 86c. to$1. Rye was steady; sales of 3,000 bushels state at 83e. on the dock and at 85c. delivered. Oats were in fair request, chiefly to fill army order# at 40c, a 41 4c, for Western and Canadian and at 423¢c. a 4c. for Staze. he market was firm, while no sales of mo- reported. Cortox.—The sales embraced about 500 bales, mostly reimported lots, about all ot which were taken by spiu- ners, on the basis of 31}<c. a 8%c. for middling upiauds, the inside tigure for recent importations, which were about the only parcels pressing on the market. Faxicutts.—To Liverpool about 40,000 bushels of corn and wheat, in bulk and bags, at &d. a 83d. By neutrai vessels 1,000 bbis. flour at 3s., 500 packages provisions at 302, a 92%. 6d., by American vessel 60 boxes tallow at 25x. To Londen 1,600 bbls. tlour at 3s. To Brusscls 4,000 vashels wheat at 10d., in ships’ bags. A British brig took 15,000 bushels wheat for Gloucester at 94d. in bags, snd a bark was taken up for Marecilies at for heavy pipe staves. ¥ist.—The market exhibited rather more animation, with better demand, especially for dry cod, in part for export to the West Indies, with sales of large at $3 623. Mc. \cerel was also in some better request, with sales of No. 1 at $0 26 and at $7 25 for No, 2, and large No. 3's at $5 75.8962. Herring were in good demam'l at 24c. for sealed, and 12c. # 13c. for No.1. Pickled herring were quiet. Faurt.—The market was bays) while prices were quite stoady; layer raisins were in m¢ Pequest at $3 40 2 100 buch at $3 20. Almonds were im geod demand at full prices. Gcsxv Baos wore firm, with sales in Boston at 14c., Gunny cloth was quiet. Holders firm at 12)4c., Hay.—A fair demand existed, with sales of North river at S5c. a 90c. for shipping, and at 95c. @ $1 for city use. Hipes.—The business was checked by the extreme view! of nolders, especially of large lots. Among the sales were Buenos Ayres, 23 lbs., at 26c. ; California, 23 Ibs. , at 24c.., and within a day or two 2,006 Montevideos, 2134 Ibs. , at 26c.; 1,200 Mexican, 26 Ibs., at 20c.; 4,000 a 5,000 city ‘and couutry and Western slaughter, 66 @ 70 los., ut 73¢c. a 8c. ‘The stock on haud embraced about 229,600 against 260,500 in 1861, and 292.500 in 1860. The imports for the month of January were 230,514, against 251,420 in 1861 and 135,270 in 1860. Hors were steady, and prices unchanged. The sa‘es within a day or two have embraced 360 bales of 1961 at Iie. @ 230. Tron was quiet, and sales were unimportant. Leap was duil and tending downwards, owing to the i594 ita shipment in Engiand. Prices were oomi- s Leatava.—Hemlock sole was firm, with an upward tendency in prices. Ouk sole was in good demand, and prime descriptions were selling at full prices. There was no alteration in the prices of #rench or American calf- pking. Live.—The market was beavy and dull. The last eales embraced 800 bbls. common Rockland at 60c. Nava Srones were uasottied. The sales embraced gznall ota epi ‘at $1 40, and 600 bbls. common rosin at % a ‘Uns.—-Both crude whale and sperm were quiet, and quotations nominal. City linwced was selling in small jots at 86c., with small lots reported at a trite less, for cash. ‘Olive and taliow oils were in good demand at full pric s Within two or threo days sales of 500 bbis. of crude pe- troleum have been made tor refining wt 16c. as it runs, and 1,900 do. for export at 18c. in shipping ordor , und 1,600 do. refined for export at p. t., aud 200 do. West- ern at 28¢., 1,400 kerosene at 35c. a 37}¢c. Petroleum naptha was selling in lots at 120. a 18¢., and deodorized at Ie, @ 15c. cash. Provisione.—Pork—The market was some less buoy: while sales were jointly made in part for future delivery. ‘The rales embraced about 4, bbis., including 1,000 bble. for delivory on the 16th Jupe at $13 25 for new mess and 2,500 do. for spring dolivery at $13, the remain- der op the spot at $12 67 ig a $12 93 for new mess, $12 25 ind new prime at $950. Beof was iirm, Baies bbis. at $12 8 $1225 for plain mess, avd $15 76 a§14 for extra. Beef hams were steady. Asale of 26 bbis. Cragian’s extra was made at $17. Bacon was less buvyant and easier; sales of 1,000 boxes wore made at 6ie. for city, and 6%c. for light short ribbed Western selected. Dressed were uli, at $4a ‘80 for We . Lard wae bea wi PR, emt 400 bois. at Te. ok, with choiee at 8c. and cheese were unchunged. Rice was quiet, but frm, while the market was quiet, ‘The stock oa the Ist instant was 1, casks: Carovua, 6,681 bags cleaned East India end 5,493 bags uncleaned Enet India—againat 4,052 easke Carolina, 3,200 East Jndia at the samo time last year. +—Thore was a lull in transagtions, operators feel- ing inelined to await definite action on the part of Con- grees regarding further alteration ef duties. We have ‘ho change to notice in prices, Exeve wore dull: sales of clover were reported at 70. a 7 gah beh mprenrnigh 6. « —Pending the action ress, the market re- mained quiet and prices nominal. 7 ‘Scvoans.—The sales embraced about 218 hhds., part at ‘Te. for retining, and the remainder within the range of |3¢0., amd 1,100 boxes at Tigc., and 46 do. at pri- ate terms. Wark xy was dull and lower, with sales of 300 bb! Mo. 023%. Arrivals and Departares. ARRIVALA. eMeATREEAENY Sal oo ® SHIPPING NEWS. Port of New York, February 2, 1862. Steamship John Bell {B1)- Boot, Li ir), i iver Wi 3 . Wiliams £ Guin. jan (7a Sab und ‘screw ste! wind Ey 26th, off Geor Steamship Arabia, hence for Liverpool, eduyeaa ‘orpool. Ship Prank Plates (of Portamou!t. NH), Brooks, Havre, 8 days, in ballast, cl . a. a oe 4& Bell. Has Peon ae tage Wot Rohifs, Bremen, 54 days, with mdse 0 Ruger Bros, Has been 10 dayson sound- TB Watson a ‘Willoughby, Palerm © days, Gibraltar 41, with fruit Pi ea Or S Eth RN Rae tetanc aaa Bark vy Weather on the coast; split mainsail. TLubeo (Lutbee), Leopoldt: Ro dancive via &t Thomas, and 60 days from Ke Waren codons Tenak, wens: Sanat Had ver weather; was on soun near Highlands at three ferent: and blown off hae received some dal le Brig E Baldwin, . Minatitlan, Dee 26, vis Vera, des be, to Dennis Perias a Ose "* Brig Andover (Br, of Kinssion, Ja), Revtaine o> Mar, Jan 16, with pimento &c, to Henry, De. 200. Mary Lowell, Jobaston, sailed ‘day previous fom ver, Thomas Turull (of New Haven), Thomporm, Mare , Jan 19, with sugar, to L & WP a: ‘of New fen Jan 2h, lat 27 40, lon 7010, passed sehr Ben Willlains, Sehr Billow (of Brunswick! Havana, 14 Bf ky i aa ‘Sehr America, Providence. Bloop Orecon, Rhodes, Providence, Gteamer Westchester, Jones, Provi ark veturned to fepuir, haviagea’the iat st 1a mlen 9 oF s ve » Barnegat, experienced a heavy gale, duriug which ene St teens sent esel nes ae ‘strained the spare which badly. BELOW. Brig Scotland, from —. Let-Steamahlp North Stan, Aspinwall rth Star, Asp 24—Br steamahip Oity of New York, Queenstown and Lie 5 ing sobre Ringxold, Merritt, with casks for Br Lois, ashore at South Bay Lighthouse; Ariel, Blair, for the ass! of bark Agnes Gi , ashore near Quogue. Wind at sunset NW, light, Miscellancous. Goop Passage—The shtp Jobn J Boyd, Captain Thomas, which arrived on Saturday from London, came over in 36 days, which is the shortest run made by a sailing vessel for for some time past, and considering the unusually heavy weather which has prevailed during the past month, this pas- sage may be considered a very good one, Rev a otha pipeenged == hence at Gibraltar, bad thrown Ba Bang Gi hence Deo 30 for Belfast, Ire, wit bushels cors, before reported abuudoned at” sea" wanbatieas ‘Halffax in 447 tons, and hailed from London. Br Bark Queer oF Suxna, hence Dec 11 for ( with 29,847 bushels wheat, before reported abandoned at la, was built in 1863 at Blythe, hailed from Shields, and ao lythe, Eng, ids, and regis- ePes ire martes cat einer atte Eng, 216 tons, and hailed froma London, * We eee Cop lesnanens, benee Das) fee Queenan. Yah 15,487 bushels w! before reported foun at sea. was aa at Sunderland in 18%, halied from Hull, and registered from Provincetown fc bands saved. for Gloucester, bef 5, Sie, toe cant atom ‘Jan 23, very little damaged. ‘Tux Late Gatz at Guazxronr. LI—The Greenport Waich- st saye:—Nine achrs and smacks, which were from thelr of the wharf, broke. moorings Pn bg mg Bete to p Centre ane Ratiroad before much damage been dome. ‘© Miller was slightly ite m wharf aftairs were not qu: weakian ening ine sheltered position, yet some loss was : anew sail ui schr’s chain: tide and beavy fall of rain flooded many ccliars and low places, Mi e .. Sh led. slaz sl lez ol nie wlnt slew jem: Sandwieh Islands dates of the 9th tant, In 1860, to 1861, on! end in 13s cm unin) 130 whalemen recruited at the 9, while the whole number North the whole fleet North, while for the coming t Waite, of bark Robert Morrison, NB, reports ber N, lon 20 W, with 120 sp. ‘The 2d otticer of schr Kiny . Lambert, FH, her at yea Nov 10, lat 12 N, lon 19 90 W, with 26 sp and 3 bikfsh, all wel «: Capt Burker, of bark Qeceola 24, NB. reports her at St Ma- dian Ocean, Ovt 22, 60 ep ail told, well. McFarlin, of bark Hope, NB, reports her at Zanziber ‘with 800'sp, all well, to sail next day on a cruise and Honus of bark Thos NB, reporta her off Max Robbins, 108 Pope, 9 her n- rit hos 22, all well; Taeid ores off Port Dauphin in De- comber, Capt ‘Thompson, of bark Mary, NB, reports ber off Cape Frio Dec 2U, with 40 sp (2 whe) since leaving Pernambuco, all. well; would continue in the Atlantic. Supt Collin, of bark Janet, of Westport, reports her no date a Mabe, having taken 100 sp in the last cruise of about 4 mos,. w Spoken, de. 3 ann Savane Anderson, bence tor Matanzas, Jan 22, lat ang Bayler, hence for St Croix, Jan 20, lat 28 68, Yon: Avg Cares, Jand—in por wht Bronte, Morton, from Bos- ‘Binckions. Jan 10—Arr Radiant, Taylor, Swansea; 2th, Gan Ede 71 dor, Inid up on account of privateers. Bkxacala, Nov #0—In port bark Warren White, Nelson, for Losndo. C. . Dec uy bark Con! Allen, from Bal- coe tas Baa aah N ‘Tianna, WOA, Dec 18—In port bark May from Bosion just arr; Tidal Wave, ‘une, bark Revolution, Web! Gromaurag. 140 Tr ort ships London, Htunibul, Yor evort Ba; Sendueny, Lene for do with despatch; Monsoon, yreemat or Locos, Dec 10—In port bark Manchester, Webber, anc. Siancel Orit, Meyer, ‘and Seid Bin ‘Sultan, Prince, in, in ‘port bark Ellen Morrison, Gardner,. for NYork ready. ‘Maractx7, Jan 19—In port brigs Neuvitas, for New York, wig catgo: Boho, for dodo; schre ‘inandn for dat Mary Alice, for Baltimore 8 days; keteh Commeree, for phis.’ 814 19h, sehr B er, NYork, Sowrnamrrox, Jan O—In port ships Bt Charles, Conway, from Antwerp for NYork, reng: Katahdin, Wetherbee, woe. Suntxaw, Jan 6—In port hark Saranac, Stafford, from Bos on arr Beod; wht antera Light, Day, from do arr 27th. id Dec lenry, ‘* ¥y ‘Sr lizcesa, Dee 10cArr Contest, Jennings, Bombay (aed #14 for Liverpool) ‘Sixnna Lyonr, DecZ1—In port brig Ann Blizabetb, Pow- ers, {ro mm Boston “rs No Am vessel in port. Feat ee Te ‘Alexander, Tucker, from. Mears, from. i cback cies fo Am vessel in port, Ge pid, from N¥ork, ‘ork, Seen 1), Whiting, Cn , Jan B—Arr pace Baward He \ ee nite, Griffin, 8m) rox; Cevestia, Blount, cet es Mery © Porter, Adams, Sarina. Teiegrapned, Bue 2 tlio, ita NYork. Cld aicamere,Atge, Darkdon, lonroe (24 cl); Saxon, Matthews, Phifadelphia; br gs Hal jackson, Weiss, Pacific ports; Baral r, Jeremie: Ws. Fort Ravel, BCs Parvere, Deal's isin wind NW, steamers Argo, Saxon; ship Sultan; Ciguena, Western Se: Feb 1, Abl—-arr burke John Aviles, Lee, Tia Caper Verde and Bermuda; Elien Sterens, Howe, "i i ebre rig Delhi, Crosby, t, Ire, via Fisher, Davis, Wiscnasett for Fortress Monroe. Kitapolny barke Rothatia=: (ir); Baker Live a8 Annapolis, Lin umarols Pmann, Minatitlan; actre, A italey, Bley, Balt re; Magniim Bonum, Harding, Aled airiat by (el) ahipa: Crystal + Auto crat, and Southern Chie, NYork; alias. Mendora, St Domingo; Ben) Burgess, ex, Cardenus; Chiral ‘2d—Arr (by | rn Len Porte. sitesi tn rick ; rf Fiore King, Me! ge ans Fiche pa an. HIGHLAND HOT ne ‘Bark hawrenee, from Cayenne = anchor a ere NYork for Boston, clear, y Si=In port sohrs Bast Wind, Bush, ee Hol snout Biromncse (Br), from. Ccrdenes from for de. KEW PORT, Jan 30-BKi schr America, Reynolds, NYork: wie Grepemienodes, do {buih (rom : Sia = 0 Providence). uy a AM. ochre Fischer, Hutchinson Balumore),, Buckaport; @ Buzton, Titcomb (from ™PURRLARD, J {AND, Jan 30—Arf Br stoamship A Liv. Mee dsedeeey Ola sent Gee Deaton, MEROVINCETOWN, Jan S1~Sld bark Azer, Burke (from my Fea. carat art ou'BAN of oan’ p Busaovonds 17 Kvork, wos oa error,