The New York Herald Newspaper, June 17, 1862, Page 6

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6 NEW YORK HERALD.| JAMES GURDON BENNETT, * gprroR AND PROPRIETOR. DFPICEN. W. CORNER OF FULTON AND NASSAU 8T3, LS cash in advance. Money sent oy mait rill he at the vidio the sender. "Nome but Banke bills current im New York late DAILY HERALD. two centeper copy. $1 D¢r anmen, TI! WEEKLY HERALD, every Satnrdiy, ot she cente par Wednen lay, $3 per annum: the Kuropean Hei er, Be Canta por copy: $4 per annum to art of Great Britain, br So 12 toumy part o/ the Cuntiment, bat) to include postage: the Cu ormia Edition on the lst, 1th and het es each month, at sie cent: ner copy, or $2 T5 ner anim. THE VAMILY HERALD, on Wednesday, at four cents per fopy. oF $I mer anmii. VOLUNTARY CORRESPONDENCE, conta’ important ters, solicited from any quarter oF the wort: , woul be clly paid for, BaPOUR Foreign CoRKESPONDENTS Aka 1 Pi a eit Biguerrun to Sma aus Larrens amp Pace Gs SKNE ACO NOTICE taken of anonymous correspondence, We do not " d communicuti ma, DP VERVISEMENTS venewed every day: advertisements in- grits the Weneur Hensin, amity Hemain, and ta the + cwnia and European Evlitio OB PRINTING executed with neatneay, heapness and dew a re TRIPLE SHEET. ACADEMY OF MUSIC, Irving Place.—Italian Opera.— « Eonva pt Cunmounts. NIBLO'S GARDEN, Broadway.—Tam Sreem, WALLACK'’S THEATRE, $4 Broadway.—Rervanso Voronruen—Lapy oF Los LAURA KEENE’S THEATRE, Broadway.—Fancnon, oKER. ou te WINTER GARDEN, Broadway,—Tme Wreamp’s Tax. PESr. NEW BOWERY THEATRE, Bowery.—Magerra—Snis- Dau ANN'5—OssxcT OF INTEREST. ry. —ORLANDO VaNDORER— ov AuGieRs. BOWERY THEATE Female PRiVATEER— BARNUM'S AMERICAN MUSEUM, Broadway.—Cow. Nore—Livinc = Waal at all honrs.—Gwyx.eem Vavauan—Jounnxy 1 onp-—Afternoon aud Evening, BRYANTS’ MINSTRELS’ Mechanies’ Hall, 472 Broad- way.—Ox To Kiwnuoxn. AMERICAN MUSIC HALL, No. 444 Broadway.—Sonas, Buninsavas, Dasors, 2c. NATIONAL THEATRE AND MUSIC HALL, Canal Btrect.—SONGs, Dances, Boruesauxs, dc. GATETIES CONCFRT HALL, 616 Broadway.—Dnawina Roos Entuataniments, PEOPLE'S MUSIO HALL, 45 Bowory.—Sosas, Dancxs, Buxuusguus, ac. TARIS!AN CABINET OF WONDERS, 563 Broadway.— Open daly from 10 A. M. Ull 10 P. at. New York, Tuesday, J Daily Circulation of the New York Herald for Last Week. Monday, June 9. Tuesday, June 10. Wednesday, June 11. ‘Thursday, June 12. This ia the largest circulation of any daily jour- mai in the world, and the largest in the history of the newspaper press. It is equal to the aggre- gate circulation of all the other daily journals in New York. THE SITUATION. Despatches received from Gen. McClellan's aricy at the War Department yesterday evening state that all is quiet ia front of Richmond. . The telegraph line to Fortress Monroe has been com- pleted to Norfolk and Suffolk, and the line recently destroyed by the storm has been repaired, thus restoring the connection between Washington and Fortress Monroe. We give to-day the particu- y@re of the late skirmish with the rebels near Tun- stall's Station, which we have before alluded to. ‘The details will be read with great interest. General Halleck states in his latest despatches ‘that Beauregard has his army scattered at different points—principally at Okolona, Overton and Co- lumbus. We give some highly interesting details to-day from Port Royal, in our spocial correspondence, relating to the operations against Charleston. The news from Fredericksburg represents every- thing in that quarter going on satisfactorily. Our oavairy have scoured the country for several miles south of that city without discovering any indica- tions of a rebel raid, though it is rumored among the farmers that such a movement is contemplated by the rebels. It will be seen by our correspondence from Nas- eau, that there is a large number of steamers lying at that port, loaded with arms, ammunition, &c., ready to sail for ports in the South, with the inten- tion of running the blockades. Among them we notice a new steamer called the Oveto (also from England), which, it is understood, is intended for 8 privateer, to take the place of the Sumter, to be commanded by Captain Semmes and manned by the officers and crew of that vessel. She is said to be a very fine steamer, exceedingly fast, well armed with rifled cannons, and may, if allowed to cruise in our waters, do considerable damage to our shipping and commerce. The government is doubtless in possession of this information from our Consol at that port, snd we look for some prompt action in the matter, so as to prevent @ recurrence of the numberless seizures and crimes committed by those in charge of the Sumter, Nashville, Jeff. Davis, and other piratical orafts, s year since. CONGRESS. fa the Senate yesterday, petitions in favor of s uniform bankrupt law, and in favor of the enlarge- ment of the Erie and Oswego canals, were pre- sented and referred. The bill increasing the army medical corps, with the House amendment abolish- ing briga‘e surgeons, was referred to the Military oommittese. A report from the Conference Com- mittee on the bill making appropriations for boun- ties was presented, The circumstance that the Committe had, conteary to parliamentary rule, al- tored the text of the bill, instead of confining their action to the disagreeing amendments of the two houses, caused some debate, but no action was taken on the subject. The Naval Appropriation bill was tekea up, and Mr. Wilson's amendment, that no slaves shall be employed in the navy yards, dock yards, &c., was rejected by @ vote of weventoon yeas’ te eighteen nays. The appro- priation for repairs at the Nval Academy build- ings at Annapolis was adhered to, and the bill passed. A joint resolution authorizing the Presi- dent to purchase Jones’ improvement for operat- lng heavy guns wae presented. A long debate ensued relative te changing the hour of the Benate’s meeting, and it was finally resolved that the Senate, on and after the 19th inst., meet at eleven o'clock. In the House of Representatives, the Committee on Blections reported against the claim of Charles Henry Foster to represent the Second Congres- sional district of North Carolina. A joint resolu- NEW YORK HERALD, TUESDAY, JUNE 17, 1862.—TRIPLE SHEET. nant Genoral of the army, to be filled, on the res- toration of peace, by such eminent Major or Briga- dier General as may be nominated by the Presideut and confirmed by the Senate, the grade to coatinue only during the life or service of the person appointed. Reselutions were adopt- ed directing inquiry as to whether our wounded soldiers at Port Republic have been subjected to un- necessary neglect; whether rebel prisoners at Port Royal have been treated better than our own troops, and whetter General Banks, while on his retreat provided transportation for negroes, making our sick soldiers walk; also requesting the Secretary of War to inform the House by whose orders the rebel General Lee’s house, near Richmond, is guarded and withheld from hospital purposes. The bill to establish and equalize the grade of line offi- cers of the Navy was then taken up and passed. By this bill aimirals take rank with major gene- rals, commodores with brigadier generals, ko. The Senate bill reorganizing the Navy Department was also passed, and the House adjourned. MISCELLANEOUS NEWS. The steamship Ariel, Commander Seabury, from Aspinwall on the Sth inst., arrived at this port at four o'clock yesterday afternoon. By this arrival we learn that there had been another attempt a revolution in Arequipa, Peru. The plot was, how- ever, discovered, and the conspirators arrested. There had been an earthquake in lima, but the results were not destructive. The ministe- rial crisis in Chile has been the cause of great trouble. Some new and valuable silver mines have been discovered in Copiapo; but the copper and gold mines were in a languishing state. “The demand for cotton goods was large, and American provisions were very scarce, From the Argentine Confederation we learn that Gen. Penabosa had marched against the city of San Luis and com- pelled the garrison to surrender. Montevideo has consented to pay ‘up the French and English claims. of four millions of dollars. There was considerable excitement in Panama, in conse- quence of the arrival at Aspinwall of some soldiers sent from Carthagena by Gen. Mosquera. It was said that the Governor would not allow them to lank but as he has no force to prevent them it seoms 8 foolish and empty threat. We have late advices from San Salvador, in- forming us that the Pope has decided in favor of the government in the case of the disputes be- tween the clergy and the President. The Pope decrees that the clergy shall swear obedience to the constitution and the laws, as President Barrios had commanded. Mr. Mathew had arrived at Salvador as the British Minister. In his address to the President he strongly recommended the uniow of Central America, and congratulated the govern. ment on having satisfied the claims of Great Bri- tain. The President said it was his anxious desire to see unity and peace in ali Central America. The killed, wounded and missing on the Union side at the two battles of Cross Keys and Port Republic, which were fought within five miles of each other, on the 8th and 9thinst., were, as nearly as can be ascertained, as follows:— ‘illed. Wounded. Missing. Cross Keys. m od 456 20 Port Republi a 370 523 Total loss..........-++- 198 “826 “643 The new constitution of Illinois will be voted on to-day, in slices. It is strongly opposed, as a whole, by the republicans, who call it an Egyptian swindle, and as strongly recommended by the de- mocrats. The form of ballot will be as follows, tickets being printed for and against:— ‘New Constitution. Article prohibiting banks. Exclusion of negroes and mulattoes from the State. Right of sutfrage or office to negroes and mulattoes, Exclading negroes and mulattoes from coming to or ‘voting in the State, Congrossional apportionmeat. The fourth annual convention of the New York State Sportsman's Club will commence to-day in Rochester, and continue three days. The firat day will be devoted to business. The second day, rifle shooting, throwing the fly and pigeon shooting— the latter between the representatives east and west of Cayuga Bridge. Third day, trap shooting for prizes of $100, $50, $35 and $15. The dinner will be served in the evening, at eight o'clock, af- ter the delivery of the annual address by Captain, C. B. Hill. There will be no celebration of the anniversary of the battle of Bunker Hill to-day, in Boston and Charlestown, beyond the ringing of the bells firing salutes and the display of flags. The ceremony of laying the corner stone of the First Congregational church, corner of Henderson and York streets, Jersey City, took place yester- day afternoon, in the presence of between two and three thousand spectators. The pastor, Rev. Mr. Holmes, Rev. Dr. Thompson, of New York; Rev. Dr. Budington, of Brooklyn, and Rev. Mr. Bartlett took part in the exercise. In the case of the schooner Hannah M. Johnson sdecree was entered by Judge Betts yesterday refusing the application of the master to be awarded his proportionate rate of proceeds from the cargo. F In the case of the Stephen Hart, captured and ordered to be sold as a prize, the proceeds, amount- ing to $219,000, Judge Betts, on motion of Mr. Karshardt, ordered the settlement to be made this morning, andthe money paid into the hands of Mr. Cisco, Sub-Treasurer, at four per cent, to await the further order of the Court. Libels were filed by the United States District Attorney yesterday against nine cargoes of rosin captured off Newbern by Commodore Rowan. Upon the report of the Prize Commissioners the Court granted an order for the cargoes of these vessels tobe sold. The cargoes comprise property estimated at over $50,000. According to the City Inspector's report, there were 335 deaths in the city during the past week— | an increase of 20 as compared with the mortality of the week previous, and 52 less then occurred during the corresponding week last year. The re- capitulation table gives 3 deaths of alcoholism, 3 of diseases of the bones, joints, &c.; 71 of the brain and nerves, 8 of the géhérative organs, Dof the heart and blood vessels, 96 of the lungs, throat, &o:; 5 of old age, 28 of diseases of the skin and eruptive fevers, 4 premature births, 55 of dis- eases of the stomach, bowels and other digestive organs; 33 of ancertain seag and general fevers, 3 of diseases of the urinary organs, 1 unknown, and 16 from violent causes. There were 217 na- tives of the United States, 6 of England, 76 of Ire- land, 3 of Scotland, 22 of Germany, and the balance of various foreign countries. Stocks were very active yesterday; but prices, ar a general rule, were not as high ae on Saturday afternooe, Contral, which i¢ the most active stock on the list, closed ‘at o decline of #4 from the last price of Saturday. The speculation in geld still continues, and people were found to give 106% for the precious metal yesterday afternoon, and 1175 for sterling bills, Parties jiving in the interior and the emailer cities will doubtless make hastete avail themeelves of the opportunity offered them by this sudden outburst of speculation here, and will send their Gold here for sale. Every twenty dollar gold piece is now worth in Wall street $2130, The price will pro- bably fall as quickly as it rose, The bank statement of to-day shows no Material change, except am increase of $1,605 960 in loans. % ‘The cotton market was firm yesterdey, though not” very active. The sales embraced about 360 & 400 bales, closing on the basis of Sic. a 31}g0. for middling ap- lands, ‘The flour market was heavy and for some grades of State and Western prices fell off be. per bbl. Good to prime lots of shipping wheat were wcarce and firmer, while salee were moderate, Common qualities were unchanged. Corn was rather scarce and the mar- kot highor, with sales of old Westérn mixed at 620. « 63¢., in store and delivered. Pork exhibited rather more stendinéss, with #ales of mess at $1057 a $11, chiefly at the inside figure, the latter quotation being for heavy barrels, and for prime $9, with some lots reported at$8 76. Sugars wore more active, with a firmer foal, ou was introduced creating tue grade of iieute- | ing, The cules embraced about 1.600 bids, at steady prices. Coffee was in fair request, with sales of 2000 bags Rio and email lots of Java, 5t. Domingo, Maracaibo and Jamaica. Froights were steady, but leas active. Wheat was taken to Liverpool, in bulk and bags, at 10d. and flour at $3.94. To London wheat in bulk was taken ab 10d. and dour at 33, The Restoration of the Union, and Our Disorganizing Abolition Faction. From the very interesting letters of our New Orleans correspondent which we publish to” day, our readers will perceive that under the firm, vigilant and sagacious administration of General Butlor the work of the restoration of the Union in that quarter goes steadily and cheeringly ‘on. Trade is reviving; large quanti- ties of cotton and sugar are coming forward for shipment to the North; life and property are fully protected; the provisions supplied to the suffering poor by General Butler’s orders are gratefully accepted; the secession ladies of the city are becoming more amiable, while those of the Union party are manifesting their patriotism inthe fabrication of flags for our Union volunteers; the monetary affairs of the city are steadily improving; confidence be- tween man and maa is reviving, and, underlying and cropping out through all these wholesome changes, the paramount idea of the downfall of the rebellion and the supremacy of the Union is becoming more and more apparent from day to day. In the city of Memphis, which, down to the day of its occupation by our troops, was one of the rankest hotbeds of secession violence and ruffianism, the same salutary reconstruction of public affairs is going on. In fact, from every quarter of the rebellious South (excepting South Carolina) which has fallen under the control of our advancing fleets and armies, our advices satisfy us of a broad underlying Union sentiment, awaiting only the opportunity when, without the hazard of secession vio- lence, it may manifest itself. Our readers will remember that when our visiting fleet, some months ago, took possession of Jackson- ville, Florida, the people of the town, en masse, welcomed our sailors and soldiers as deliverers, but that sub- sequently, our fleet being called away, the peo ple of the town, en masse, in order to save their lives from the violence of a band of secession marauders, were compelled to fly to the North. With the repulse of General Banks from the valley of Virginia, many Union citizens of that valley followed the protection of his army into Maryland; but let the inhabitants of Virginia, North Carolina or any other Southern State (not excepting South Carolina) be convinced that they are placed beyond the reach of the armed forces of this rebellion, and we shall very soon discover that the Union is still the paramount wish and hope'of a substantial ma- jority of our Southern people. We are entirely confident that with the fal) of Richmond, and the capture or the rout and dispersion of the officers of the rebel govern- ment with its last remaining army, the work of the restoration of the Union will be substan- tially accomplished; because’we believe that with the last army of this rebellion, and its government, and its financial paper system, broken up, the moral power of the rebellion over the minds and bodies and pockets of the people of our so-called “Confederate States” will be destroyed. The only serious impedi- ment to an immediate and overwhelming popular Union reaction throughout the South, with our occupation of Richmond, is the disorganizing, fanatical, radical, nigger-wor- shipping, disunion abolition faction of the North. We believe it was Hon. Owen Lovejoy who expreased the apprehension the other day that this rebellion will be put down without putting down slavery. This is the fear of all the radi- cal abolition tribe, of which Lovejoy is an anointed apostle. The grand scheme of these disorganizers comprehends the extirpa- tion of Southern. slavery by fire and sword, the reduction of our rebel- lious States to the crude condition of Territories, the obliteration of their boundaries, and their restoration to the Union under new boundaries, names and local institutions, and under a new federal government, upon the im- possible platform of negro equality, political and social. This programme, which, if entered upon, can only result in the disruption of our whole political fabric, and in a war of races, sections and factions as endless as the revolu- tions of Mexico, is the entertainment to which onr radical abolition faction insist we shall be invited. Could anything be imagined more beastly and horrible than the degradation of this war for the Cnion into a war for its recon- struction upon this abolition basis of the poli- tical and social eyuality of our white and black races? And yet this is the only danger which we have now to fear. It is well that in I’resident Lin- coln we have found the man who has thus far been able to grapple it successfully. The time has come, however, when the conservative Union men of Congress and the country should rally earnestly to his support, and no longer stand as indifferent spectators of the bold and daring efforts of our abolition radicals to make the Union, the constitution, State institutions, and the whole order of our society, subordi- nate to this one idea of negro freedom and ne- gro equality. We call upon our honest Union men of the North and the South to er around onr honest Prosident, and to strengthen his hands, eo that im dispersing the last groat rebel army of the South he may have a free course before him in carrying out bis wise and beneficent policy of the regtoration of our re- volted States to the Union, with or without slavery, as they themselves may ordain. We have no danger now to fear except that which ip threatened by our radical negro equality abolition disunion faction. Mexico Recensratev.—The recent defeat of the French forces at Puebla may be the means of regenerating Mexico. The Mexican people, encouraged by success, may unite, as they never have united before, and they then become unconquerable. If Napoleon should send over sixty or eighty thousand more troops, the united Mexicans would defeat them easily. Why, then, should the astute Emperor of the French persevere in a campaign where every- thing may be lost and nothing can be gained? Why should he not rather turn his attention to England, and avenge Waterloo and St. Helens? New Yore Mrscniermaxers.—Ie it not piti- ful that, in the midst of a terrible civil war, in- atigated by thirty years of abolition agitation, afew men should be found, in this conservative city of New York, insane enough to subscribe money to revive the negro agitation in Ken- tucky—« Stute just restored to the Union more by the conservatism of the President tha: by the force of armaf Mr. Chase’s Recent Letter om the Our- remey. The foreign bankers and stockjobbers of this city are putting themselves in a furious pas- sion against the Secretary of the Treasury be- cause of his application to Congress for a fresh issue of a hundred and fifty millions of bank notes to carry on the campaign against the rebels and finish the war before the termina tion of summer, Mr. Chase and the two houses of Congress may make themselves perfectly easy. All this flood of bad temper and fiery heat will pass quickly away, like the rays of June, and only ripen the cherries and strawberries of finance. Of course some of the puny and ignorant journals of this city—sueh as the “World, the Flesh and the Devil”—are hostile to this move- ment. Some of them are predicting terrible ruin to the finances of the country; others are doubting, and cannot tell whether it is right or wrong. Some are perfectly confused and be- wildered in their total ignorance upon the sub- ject—particularly Greeley. The whole of this financial matter may be explained and comprised in a nvtshell. When this war commenced Mr. Chase came on to this eity and obtained from the capital- ists of New York, Philadelphia and Boston about one hundred and forty millions of dol- lars, for which he gave good government stocks, bearing good interest. When this money was expended in the prosecution of the war, the Secretary had to go to Congress for more money, inasmuch as the bankers could furnish him no funds beyond that limit, ex- cept by submitting to a vast shave. On looking into and examining the financial re- cords of Congress, and consulting the consti- tution, Mr. Chase fortunately discovered a mine of wealth, amounting to five hundred and fifty millions, in one gulch. He saw that by the constitution Congress alone had the power and authority “to regulate the currency,” and could prevent the several States from issuing a cur- rency. They have been doing this, however, surreptitiously, for seventy years past, and, by means of a thousand State banks set up, some of them in remote corners of the Union, have supplied a surreptitious cur- rency to the nation, amounting to an aggregate of from four to five hundred millions of dol- lars, ect afloat every year throughout the coun- try. ‘Now, Congress had only to exercise its own power and authority, and to remove the spu- rious local States currencies, by substituting instead a currency authorized by the United States, making it a legal tender. When Mr. Chase is authorized by Congress to issue the one hundred and fifty millions dollars which he has asked for, there will be in circu- lation two hundred and sixteen millions of dollars of this kind of currency—a free loan from the people to the national government. Besides the issue which the last letter of Mr. Chase demands, he can get, if it should be found necessary to ask Congress for it,a hun- dred and fifty millions more without inflating the currency. All the States bank currency put in circulation by the States is an insecure and in- adequate currency. The whole West has been injured extensively for the several years past by a bad currency, and the South may be said to have none at all. It therefore appears that the government is only acting under the just and advised policy of simply using the dormant right and power of Congress of establishing @ national currency in substitution of one which has been surrepti- tiously introduced, and which is adverse to the interests of the Union at large. But beyond an aggregéte of four or five hundred millions, such as the internal commercial necessities of the country require, Congress must not go. The country requires that amount; but more than that would cause an inflation. The ignorant and assuming journals of the day, under the influence of stockjobbing gam- blers and others, may rant and rave as they please. If Congress passes the Tax bill as the proper basis of the public debt, the country will be in no danger, and our fmancial system will be the best and most flourishing in the world ; but if Congress pass Mr. Chase’s bill for the additional one hundred and fifty mil- lious of dollars without passing the Tax bill also, then indeed the country would be in dan- ger of a financial convulsion—not otherwise. Tue Pactric Rattroap Bru mw THe SexaTe.— The bill which has passed the House of Repre- sentatives, providing for a railway communica- tion between the Mississippi valley and the Pacific Ocean, is now before the Senate. This measure provides for a railroad of 2,425 miles in length, and for a loan of the credit of the government of sixty-five millions, in bonds, running for thirty years, and for a grant to the road, as the work is completed, of @ portion of the public lands on both sides. Mr. Senator Latham, of California, contends, however, that, as the government bonds will not be due for thirty years, and that as the road will be ox- ceedingly profitable, the public treasury will not really have to pay a single cent for it. We are inclined to this impression, from the route which the road is to pursue, and from the inexhaustible mineral riches which, within the last few years, have been discovered and pro- fitably worked along thisroute without a roed, It ig the great central overland route, skirting the Pike’s Peak gold mines, the Great Salt Lake, and passing through the great basin of Utah to the Sierra Nevada gold and silver mines, and thence through some eligible passes over that mountain range into the gold region of Cali- fornia, and thence to San Francisco. Here are mineral resources sufficient to enrich two or three railroads, and to establish, with a single road, = population of three or four millions along the route between Kansas and California within the next ten yoars. And we have eaid nothing of the coal and iron deposits of Missouri, Kansas and Utah; nor of the wealth which lies in the waters of the Great Salt Lake, three gallons of which are sald to be equal to one gallon of salt; nor of the vast commercial exchanges which will fol- low this road between the Pacific Ocean and the Mississipp! valley and New York. As for the proposed grants of the peblio lands along the route, if they are worth any- thing for cultivation, they will involve a0 lose to the Treasury, inasmuch as all our public do- main has recently been given away to actual sottlors in the Homestead bill. In @ military point of view the road has become indispensa- ble for the protection of our immense line of the Pacific cOnst, stretching down from the British possessions to Mexico. As this Pacific Railroad, therefore, will cost the government nothing, but will immensely strengthen it and benefit the public Treasury, in the settlement and developmont of tie rich mineral regions, a a es al which the road is to traverse, and as New’s0rk | their neighbor, and make short work of Fres®, city and State whl get their full share of #he profits, let the bill be passed. The Secrets of the Mexican Expedition Revealed. The whole story of the breaking up of the European coalition, by the withdrawal of two of its members, and of the motives which impeiled them thereto, is told in the highly interesting correspondence between Earl Russell and the British Minister to Mexico, Sir C. Wyke, which will be found in our columns this morning. From these despatches it appears that the de- sign of Napoleon in the expedition was totally distinct from that of Spain and England, and utterly at variance with the convention of Lon- don, agreed upon by the threc Powers. It is placed beyond all doubt that Almonte, under the encouragement of Napoleon, offered the throne of Mexico to an Austrian archduke, who, by a secret understanding with Napoleon: accepted the offer, and that, under the protec” tion of the French army, Almonte proceeded to Mexico on that mission. Could the force of imperial audacity further go? As in the case of the Crimean war, Napoleon thus drags England after his tail; and were it not for the wholesome dread inspired by thi sudden and rapid development of our vast naval and military resources, and the well known traditional policy of this country to prevent the intervention of European Powers in the af- fairs of the American continent, England and Spain would have continued to play second fid- dle to bim to the end of his grand Mexican march. Napoleon calculated that if these Powers would follow in his wake he would “make a good thing out of it; and even a war wil! the United States, in which England and Spain would have everything to lose and France no- thing, could be only slightly injurious to him, while it would ruin his allies. On the other hand, if they abandoned the enterprise, he was sure to make political capital out of it- He would represent to the Pope and the ultra- montane party in France that he was ready to do everything for the Catholic religion in Mexi- co, -but that he was defeated in his pur- poses by England and Spain. He would thus rouse against those Powers the influence of the Church, and he would enlist it in his cause in the event of his picking a quarrel with them for deserting him. It is confessed by Earl Russell that it was the fear ofa collision with France that induced England to enter into the eoalition. “Had they (ber Majesty’s ministers) pursued their own course separately, and refused to act with France and Spain, they would have produced irritation and unsatisfactory relations, perhaps collisions, between the military and naval forces of the three great European Powers.” But when the young giant republic of America awoke from his sleep and shook himself, the fear of war with the United States became stronger than the apprehension of French hos- tilities. That England will soon have to brave the latter there can be very little doubt. The French Commissioners in Mexico have treated England and Spain with contempt; and in this not only are they endorsed by Na- poleon, but he has signified his opinion that they were not sufficiently violent in their course. He repudiates the treaty made with the Mexican government after the arrival of the expedition by the representatives of the three European Powers. The purport of that treaty was, that the allied forces, on the ground of the suffering health of the troops, should be permitted temporarily to proceed beyond the fortified passes of the Chiquibuite, but that they should be withdrawn to their former posi- tion in the event of the French government not acceding to the proposed conference to be held between the representatives of the three Powers and of Mexico at Orizaba on the 15th of April, to settle the questions in dispute in an amicable manner; or, in the event of notagree- ing to the demand of Mexico, to send out of the country General Almonte and other obnoxious exiled Mexican rebels of the reactionary party whom the French Admiral had brought with him to aid in overthrowing the very govern- ment with which he had apparently been sent to treat. This treaty, signed by the representa- tive of the French government at Soledad, was rejected by Napoleon, who would not consent to the sending away of Almonte, nor agree to take any part in the proposed conferences, nor yet earry out the stipulation that the army should retire to the position it occupied before the treaty. “On tothe city of Mexico!” was the imperial order. The consequence was that the English and Spanish forces withdrew, and « collision took place between the Mexican and French troops, in which the latter were over- whelmed with defeat; and greater disasters still await them if they do not make a speedy retreat to the coast, to encounter there the vomito or embark for France. How dismal the prospect before the remnant of that little army of six thousand men may be imagined from the official statement of the representatives of the three allied Powers re- corded in “the proces-verbal of the conference held between them on the 9th of April at Ori- Zaba. They say that their troops, compelled *o move from the seacoast to the interior to es- cape the terrible mortality from disease, and to protnee provisions, which had been completely cut off from them. by the guerillas, left on their line of march ‘‘sad traces of their passage—in- valids, baggage, horses or mules, which, not being able to follow the column, andor a fry sun, along fearful roads, remained fn the rear: and bore witness to all the difficulties of the undertaking.” And whatsays Sir C. Wyke to Earl Russell? “As seon ae the French army begins ite hostile advance swarms of Mexican cavalry will be down here to cut off their com- munication with the ooast—which, from the smallness of their force, they will not be able to maintain. In Vera Cruz yellow fever is now raging, and Europeans dying rapidly from its effects. The vomito has set in much earlier and with greater intensity this year than usual, and will now last, more or loss, till the ond of October.” Sneb are the difficulties in the way of the conquest of Mexico by Napoleon, and the dis. asters which have since happened have been anticipated by the British Minister. It cost the United States;sixty thousand men to bring Mexi- co to terms. It will cost France twice that number, considering her unacclimated troops and her distance from the field of operations, and considering that the Mexicans are now fighting for their liberties and independence, and that they have in this the moral support of England and Spain, and, whatts of far greater importance, the sytnpathy and friendship of the American people, who, when their own inter. nal troubles are settled, will come te the aid of ee <u should she not be already whipped out of the country by the Mexicans themselves. To far ther carzy om the warwould seem, therefore, to be @ desperate undertaking of Napoleoa. Yet Xe must do it, or quickly do something else of far g. eater magnitude in Europe, or loge the confidenex’ of the army and fall by revolution. The English journals admit that if Napoleon perseveres in his Mexican enterprise he will have to encountwr “another and a far greater danger—a contest by land with the United States.” In this the ritish press agrees with the views long since put forth by the New Yore Heraup. There is another point on which it agrees with us, and that is that there is nothing left for Napoleon but “ humiliation or conquest;” that “these are the only alterna- tives,” and that he will close conquest in pre- ference to humiliation. But the English jour- nals assume that the conquest is to be of Mexi- co, while they hold that the United States will resist it to the last. They thus contradict them- selves, or represent Napoleon to be a greater fool than the world has ever taken him to be- It is not the conquest of Mexico that is ne- cessarily the alternative to Napoleon’s humiliation. The conquest of England would suit still better, and it would not be attended with the same danger of failure, It would surround the head of Napoleon with a halo of glory, and efface all memory of Mexico. ‘There is only one way in which it isin the power of Napoleon to settle the affairs of Mexico and Italy at the same time, and the only one to which the United States would give their consent. Let him remove the Pope from Rome and the Romans, wha,do not want him, and give him to the Mexicans, who are ready to accept him. Let the Hall of the Montezumas be the new Vatican, and, as the star of empire has taken its way to the Western World, it ie but proper that the head of the Catholic Church should move in the same direction. The National Currency. o It would be well if some of those unfledged publicists who write in the English newspapers and in some of our city journals would make themselves a little better acquainted with his- tory and science before tkey undertake to in- struct the community and lecture Mr. Chase on the subject of the currency. There are certain stereotyped words of idle clamor and alarm which have been adopted by some writers on this grave subject, which they use in the place of all reasoning and argument, and imagine they have done wonders in the way of demol- ishing Mr. Chase and his financial plans, when they have merely used stale epithets and un- meaning names, the sense and history of which they themselves do not even understand, We find such people endeavoring to persuade the public that the national currency inaugurated by the Secretary of the Treasury is to be put in the seme category with the famous Missis- sippi scheme of John Law, which ruined so many fortunes in France, or with the great South Sea bubble, which, when it burst, spread such distress in England. We find the same persons comparing our national currency to the French system of mandate or assignats and to the old Continental issue of paper, and, on the strength of such names and words, thrown out at random, condemning our na- tional currency as an issue of irredeemable, inconvertible paper money. The jealousy and rivalry which the onward progress of this country not unnaturally ex- cites in the minds of many public men in Eng- land may account for the efforts of the London Times and other English papers to decry and bring into disrepute the financial measures of our government; but the auxiliary efforts of some of our home journals in the same direo- tion are only, we fear, to be attributed to sheer ignorancef or interested stock jobbing motives. There exists no analogy whatever between all the above mentioned rocks and shoals of finance and our national currency. First, with respect to the South Sea and Mississippi bub- bles, it is unworthy of any man possessed of mind, candor or good sense to make such o comparison. These were schemes and plans of private adventurers and gambling associations, incorporated as companies. They stood on no better foundation than the hopes of gain and profit which were raised and excited in the public mind by extravagant promises and dazzling delusions. Like the fa- mous tulipomania of Holland, mere shares in these companies, of no more value than tulips or dahlias, were made the objects of gambling, raised to extravagant values, and were bought and sold at high prices, as if they had the posi- tive value of diamonds and precious stones, as long as the excitement lasted. To compare the financial plans of our government such mad and gambling schemes is, to aay the least, a piece of the most inconsequent wantonness and an aspersion of the most malicious maligni- ty. To every one disposed to view the subject truthfully and honestly it will be apparent that the inauguration of # national Union currency, so far from being @ speculation in finance or a schome of profit, such as individuals and com- panies naturally propose for themselves in all their undertakings, is, in fact, so utter- ly the contrary that we are fully justified in saying it is the salvation of the country from many schemes similar to the South Sea and Mississippi bubbles, which for some time past have inflicted many curses and much ruin upou the industry of the country in the matter of currency, and have spread far and wide devas- tation throughout the Union. We need not here go into uny details to prove the tuinous effects, the derangement of the cur- rency, the loss in domestic exchanges, the robbery of the people, by rotten banks, which have been a regular curse to the couutry for many years past in every single State, more or less, from the wildcat schemes and innumera ble bubbles of fraudulent banks and companies There can be no doubt that the defects in ous currency system, arising from these and other causes, have been far more injurious to us io the aggregate than » hundred South Sea os Mississippi bubbles would have been. The national currency now in the course of inauga ration by the government will effectually put an end to all this ruin, to all these bubbles, te all these destructive and ruinous tamperings with the currency. Let no one, therefore, re verse the truth and destroy the fitness of things by comparing our national currency, whick will rescue us from so many awindles,‘o any of the atrocious swindles themselves, which ir is effectually operating to uproot and destroy, ' establishing @ good system and « sound, rolid and uniform currency in their place. The subjed is so important that we shall go on, in'a future Her ano, to consider itinsome more of its bear ings and show that our new curcency isas um

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