The New York Herald Newspaper, July 22, 1862, Page 4

4 NEW YORK HERALD.) JAMES GORDON BENNETT, EDIOK AND PROPRIETOR. OFFICE N. W. CORNER OF FULTON 449 NASSAU STS, RMS cash im advance, Money senthy mail will be at the pe ee centers “Bina tut Bank villa current in Now York ONT DAILY HERALD. t20 cents ner copy. $7 96° anmam, 7 ALY HERALD a ut he Conta per Weduee ay, per anni. INTARY CORRESPONDENCE, fraportant eens etinticl frase cnn quarter of the warkdy @f sede eal BO Weraily putl 4. par OUk FORRIGN COMRESPONDENTS ARB Parhovcancy Brovasres To Seal abt Lerreus axp Pack- eon of | advertisements in caved every ma Lb, and in the xeLY Unmaup, Pawity i Furqpean Bittions, Liformiaa COB PRINTING executed with neatness, heapncee and dee path NIBLO'S GARDEN, Broadway.—Tux Couuzen Baws. WALLACK’S THEATRE, No 646 Brosdway.—Faa Diarovo—Inism Exiguan®” WINTER GARDEN, Broadway.—King Corrox—Mzn- cuant or Vaxicz—FPappy Mites’ Bor. NEW BOWERY THEATRE, Bowery.—Lirz np AD VENTORES OF Jace Sugpranp—Hontes OF THR ALPS, ON'S CREMORNE GARDEN, Fourteonth street and ¢.—JreRs, BALLET, PROMENADE COMCRET AND AMERICAN MUSEUM, Broadway.—Com, WARNED SMab, &c.. at all hours. Mrs. PARTING ton—Wasgkp 4 FaxiLy, afternoon and evening, CHRISTY'S OPERA HOUSE, 585 Brondway.—Ermiorian was, Dances, &c.—Staton Loven. ” WOOD'S MINSTREL HALL, 614 Broadway.—Eraroriaw Gonas, Dances, ac.—FLat Foor Jax HITCHCOCK'S THEATRE AND MUSIC BALI, Canal street.—Sonxes, Dancas, BuriEsques, &c. GATETIES CONCERT HALL, 616 Brocdway.<Deawixa Seow Eerantacanen —— PEOPLE'S MUSIC ILALL, 45 Bowery.—Sonas, Daxces, URLESQUE CABINET OF WONDERS, 563 Broadway.— OA. M. UL 10 P.M. New York, Tuesday, July 22, 1862. THE SITUATION, A consultation is said to have been held yester- dsy between the President and Cabinet and some leading generals of the army, the object of which was supposed to be the position which General Halleck is to assume upon his arrival in Washington. It was understood, however, that no change was to take place in the War Departments and that Gencral Halleck was to be appointed Commander-in-Chief of the armies of the United States. The last news from the army on the James river reports, as usual for the past few days, everything quiet. No demonstration has been made recently- General Pope despatches to the War Depart- ment that’ a brilliant cavalry attack, under com- mand of General King, from his command, was made from Fredericksburg, on the 19th inst., upon the Virginia Central Railroad, at Beaver Dam creek, with the greatest success. They destroyed the railroad and telegraph line for several miles, burned up the depot, which contained forty thou- sand rounds of ammunition,one hundred barrels of flour and much other valuable property, and brought in a captain in cl ree as a prisoner. It appears that the whole o ‘was thrown into a great state of alarm by this movement. General Pope passes the highest encomiums upon the officers and men engaged. Rumors were prevalent smong the secession sympathizers in Washington yesterday that Gen- (Stonewall) was approaching Gordons- ville, the hy ers of Genoral Pope;, but there “ppears to Beno confirmation of the report. Accordjng to the Southern journals the purpose of the rebel leaders is now to adopt an offensive policy, and make an immediate attack on Wash- ington. The position of affairs, however, does not present a favorable prospect for carrying out this plan. We give further particylara to-day of the opera- tions of the rebel ram Arkansas, near Vicksburg, to which we have before alluded. The details will be found highly interesting. The Asia, off Cape Race, telegraphs European news to the 13th of July, two days later. The English press was still engaged in com- menting onthe war news from America which had reached them, as noticed in our synopsis of the advices by the North American yesterday morning. The papers speak of three days’ Aighting before Richmond, and are unanimous in the opin+ fon that the Union army under General McClell; sustained a ‘severe reverse,” and that his posi- tion was “precarious.” The London Herald, organ of the aristocrats, says that the campaign is not ended, but will be prolonged until “ Europe stays the uplifted swords,’ Some of the jour- nals hope that a reconcihation may be effected, but the general opinion was that the siege of Rich- mond would be recommenced. The London Times thinks that the result of the fighting proves that the rebel army may maintain itself in Virginia for ® period which may be indefinitely prolonged. Lord Palmerston stated in Parliament, that the British troops should not be withdrawn from Canada, The question of sne action of the United Btates war vessels in the waters of the Bahamas, in seiz, ing English vessels, had been submitted to the law Scera of the Crown. General Forey still delayed his departure from Yrance for Mex'co. The Paris papers still speak + the Freoch army going Into the city of Mexico, ithe’ permitting the people to choose their own roment. The Patrie ssys that the Emperor never treat with J So stands the Mexi- » question in France at letest dates, MISCELLANEOUS NEWS, ‘e Asia, from Queenstows on the 13th of July, od Cape Race yesterday morning, on her voy o Boston, by way of }slifax. Hor news ts jays later than the advices of the North Ame- and @ summary of the seport, telegraphed Newfoundland, is published in the Hmaary ren. Liverpool cotton market had, on the 12th recovered from the depression noticed by nerican, and closed with an upward y, et an advance of one penny on Sur: were quiet, but firm. Provisions ruled Console closed in London, on the 12th of 12% avy 10 news from t utinent of Europe is not i riant. The rr sion of the kingdom of taly by Russia and Prossia had heen announced {: ie Italian Parliament, The freedom of the y of London had been accorded to Mr. George body. A namh ds boon awarded inane at the great Londva Extibition, NEWYORK HERALD, TUESDAY, JULY 22, “1862. The United States steamer Eastern State, Cap- tain Teel, arrived yesterday from Besu‘ort, North Carolina, bringing advices to the Isth inst. She left there the United States gunboat Stars and Stripes and revenue cutter Forward. The health of the troops at Beaufort and Newbern remained good. Presuming that the debt and liabilities of the United States will be eight hundred millions of dollars at the commencement of 1663, it will then be less than one-fifth of the national debt of Eng- land, less than one-balf that of France, and about one-half that of Austria. Ex-President Van Buren is fast sinking. He was very low yesterday, and his physicians say he cannot long survive. He is insensible and unable to recognize friends or relatives. Yesterday was the*anniversary of the battl® of Bull run. ‘the engagement took place dn Sunday, July 21, 1861. 2 As scon as the news reached Memphis that Gen. Curtis’ army had aftived at Helena, Arkan- sas, boatload of provisions was despatched to that place, and on the following day another boat was sent, loaded with forage. The number of sick and wounded soldiers in the hospitals in and around Washington is gradually growing smaller. The report previous to the last showed upwards of six thousand. The number now is five thousand three hundred. R. B. Van Valkenburgh, representative from the Twenty-eighth Congressional district of this State, and Alexander 8. Diven, member of Congress from the Twenty-seventh district, have joined the new regiment raising in Chemung, Schuyler and Steu- ben counties. The former will be Colonel and the latter Lieutenant Colonel. A private enlisting under the new call for vol- unteers, if the war should close within twelve months, would’ receive, besides his regular ra- tions and clothing, the following amount of money:— State bounty.. Government ad One month advance pay. Pay per year. . Government bounty at close of War....+..es. Total. Rations $9 per month—one year. Clothing about. . Total one year’s pay. Brigadier General John A. Logan, in command at Jackson, Tennessee, where the first rebel flag was raised after the secession of South Carolina has ordered every male citizen of the place o the age of eighteen years to take the oath of giance to the United . Two prominent mex refused to comply with the order, and were sent North to spend the remainder of the summer in a military prison, The following are the old and newly formed judicial districts of the United States Circuit Courts, with the names of the presiding Justices attached to each :— ss NEW DISTRICTS. Firs.--Mazsachueeits, New Liampshire, Connecticut, Rhode 'sland—Justice Nathan Clifford, ‘Seoond.—New York, Vermont—Justice Samuel Nelaon. Third.—Penusylvania, Now Jersey—Justice Robert C. Grier. “Fourth —Dlaware, Maryland, Virginia, North Caro- lina—Chief Justice Rogor B. Taney. Fif h.—South Carolina, Georgts, Florida, Alabams, Mis- Sissipp—Justice James M. Wayne. ath. —Touisiana, Texas, Arkansas, Kentucky, Tennes see—Justice John Catron. Seven‘h.—Ohio, Indiaua—Justice Noah H. Swayne. i igan, Wisconsin, Ilinois—Justice — ——. Kansas, Minnesota—Justice athe California Circuit, including California and Oregon, is presided over by Judge Matthew H. McAllister. OLD D&STRICTS. First.—Maine, Massachusetts, New Hampshire, Rhode Isiand—Justice Nathan Clifford’ Second.—New York, Connecticut, Vermont—Justice Samuel Nelson. en ee Now Jersey—Justice Robert C. Fourth.—Delaware, Maryland, Virgintla—Chief Justice Roger B. Taney. . Umer Kentucky, Loulsiana—Justice John A. Campbelt. ° Stzth. North Carolina, South Carolina—Ji toe Jomes M. 5 al . = Seve: ti.—Ilinois, Indiana, Michigan, Ohio—Justice John McLean. " Tennosseo—Justice Eighth.—Kentucky, Missouri, Jobn Ninth.—Arkansas, Miseissippt—Justice Peter V. Daniel. The United States postage stamps, which now coming #0 freely into circulation, besi having the amount of their value in figures upon. the upper corners, may be readily recognized by their colors and vignettes, which are as follows:— Towa, The steamship Blackstone, which was seized by order of Collector Barney, is now lying in the Atlantic Dock, Brooklyn, and has discharged her entire cargo. The Inspector commenced to ex- amine the goods yesterday. A special meeting of the Board of Councilmen was held yesterday. His Honor the Mayor sent in @ communication recommending that the City Mall Park be again opened to recruiting officers. Referred to the Committee on National Affairs. The Mayor also sent in a message recommending that, in addition to the national and State boun- ties for enlistments, the city should offer a bounty of $25 per man. Referred to the Committee on National Affairs. The Board of Police Commis- siopers applied for new station houses in the Tenth and Thirty-second precincts. Referred to the Committee on Police. The action of the Board of Aldermen, in making the Relief Fund for the fa- milies of volunteers payable semi-monthly, instead of weekly, was concurred in. A donation of $1,000 was voted to the Northwestern Dispensa- ty; also $2,000 to the Charitable Fund of the New York Fire Department. The Comptroller re- ported the appropriations from January 1 to June 30 to have been $7,627,241 84; the expenditures, $2,977,022 44; balance, June 30, eH ,219 40. The report of the Joint Special Comunittee of the Common Council, az made to the Board of Aldermen, was concurred in. The Board adjourned until August 4, at five o’clock P. M. The Board of Supervisors of the city of Troy, New York, have voted a bounty of fifty dollars to each volunteer, in addition to that offered by the State and general government. According to the City Inspector's report, there were 586 deaths in the city duritiz the past week— an increase of 33 as compared with the mortality of the week previous, and 64 more than occurred daring the corresponding week last year. Tho re- capitulation table gives 4 deaths of alcoholism, 2 of diseases of the bones, joints, &o.; 124 of tlie brain and nerves, 6 of the generative organs, 11 of the he: blood vessels, 100 ofthe lungs, throat, &e.; 8 of old age, 39 of diseases of the skin and ernptive fevers, 6 premature births, 234 of dis- eases of the stomach, bowels and other digestive organs; 24 of uncertain seat and general fevers, 8 of diseases of the urinary organs, 25 from vio- lent causes, and 6 unknown, There wore 472 na- tives of the United States, 10 of England, 71 of Ire- land, 23 of Germany, and the balance of various foreign countries, a ‘The s100l arket was better vesterday, end the specu. lative railway list wae from i to 13¢ per cent higher: Mouey was in betier supply at dvo por cont. Foreign ox, change advanced to 13144 0192, but closed offered at | { | ( | 131%. O 0. The bank statement shows an incrense loant, and $1,946,022 lo deporita, and a de, 1,501 In apecte. market was firm yeste n the basis of in sterting exchange, four was firm, and ¢ at am advance of 100. pe arrel, and iv Wheat, from the same (ofiuor busbel at an advance of 1c, & 26, por bushel, fF ses buoyant aud active, While saleq of ess Wore mado Corn alvo was higher ant w AL $11, with smi lots reported wt $10 87} and of prime AL $8 TD. Sugars were quoted firm and active, with Sales 0° 2,650 bhis, ent 234 boxes at full prices, Coffee wag tirnly held, while sales were Hmitod: sales of 600 bag Ta wee made at private torme, Ereighis were leas buoyant aud activo; Wheat was engapei to Liverpool at 13d. iu bulk and ghijs! bags, and Ss Gd. a 8s. Tigd. tor Hour; and to Londou 4s, a 4s, 8d. was paid for flour, The Desperate Fortunes of the Rebellion and the Over belming Porces and Re= sources of Our Loyal Siates, We are entering upon @ new campaign That which was commenced in Virginia with the rebel evacuation of Munassas was ended with General McClellan's abandonment of the line of the Chickahominy. We have discovered that Jeff. Davis and his confederates have staked the desperate fortunes of their Southern confederacy upon Richmond; that, in their late seven days’ onslaught upon our brave and in- domitable army, they counted not only upon its destruction, but upon a triumphal march to Washington and the dictation of a peace from the White House. In these calculations they have been signally defeated. The army of General McClellan, stronger and in a more for- midable position than before, still menaces their capital, and they know that unless they quickly again assume the offensive their cause is lost. What, then, are we called upon te do? Driven into a corner at Richmond, and threat- ened with the accumulation of an overwhelming army around them, the rebels will undoubtedly watch their opportunity for a sortie, and seize upon the first opening, whether in the direction of Washington or Harrison’s Landing, for a other desperate struggle for deliverance, They have at Richmond a powerful army-—the elite of all the military forces of the rebel Siates. They have exhausted their means of reinforce- ment by their sweeping conscription -act, and have nothing to gain from inactivity, but everything to fear. We of the loyal States are therefore called upon to reinforce the army of General McClellan and the army of General Pope as rapidly as possible; and, with proper energy on the part of our federal and State horities, each of those armies may be strengthened to the extent of fifty thousand men before the expiration of the present month, and we may yet bring this rebellion to an end before the first frost of October. Lg We published yesterday some teturns of the census of 1860, which exhibit the material re. sources and capabilities of our loyal States in a very strong light, for peace or war. In agri- cultural and manufactured products of all kinds it is the loyal section of the Union which poasesses all the elements of a self-sustaining and powerful nation. On the other hand, our rebellious section, as now curtailed, has been more dependent upon the products of other States and countries for its subsistence than any other community of the same extent on the face of the earth. f£xcepting inland North Carolina and Old Virginia and Texas, the States still adhering to this rebellion have here- tofore depended almost entirely upon their cot- ton, rice and sugar to supply them theft focd and clothing, essentials and luxuries, and manu_ factured articles of all descriptions. But al these exchanges are now cut off by our Southern blockade, involving a positive loss to the rebellion of two hundred millions « year of substantial wealth in the great producis of Southern slave labor. During the first nine or ten months of their experimental Southern confederacy the rebels went on swimmingly; for they had the abundant granaries of our border slave States and of Texas still at their command. But all these resources, excepting Virginia, are now cut off, and, from the numerous Southern families in Northern Mississippi and Alabama found in a starving condition by the advancing army of General Halleck, we may form some opinion of the al exhaustion of our revolted States, and of desperate necessities of Davis to bring all his available military forces forward into Virginia for a decisive settlement at Rich- mond or Washington. It is reported, too, that his conscription act has given him an army of seven hundred thousand men, embracing every white man liable to militia duty within his mili- tary control. We must therefore act promptly, if we do not intend again to be pushed to act upon the defensive. In this view of the question we trankly say to the President, that, having the power, jt hia duty ‘to call out the militia of the fas States and of the States oceupied by our troops in order to make short and decisive work with this great rebel army of Virginia. General Lee, the rebel Commander-in-Chief at Richmond, is calling in all his “stragglers;” for he” desires to make an advance upon Washington. He under. stands his position. It is ‘to lose no time in delay. President Lincoln has called for three hundred thousand fresh volunteers to reinforce our arinies. But volunteering does not fill up our reduced regiments as fast as could be dem sired. We bave a militia force in reserve of over two millions of men. From this immense force three hundred or five hundred thousand men may be mustered in a month Why not call them out? The people of our loyal States will respond to this demand with cheerfulnese and alacrity. Knowing that they have the men and the means required for the work, they are ready to bring them all to bear en masse to put down this rebellion. The powers of the President, in this and every other respect, for the vigorous prosecu- tion of this war, are almost as ample as the absolute power of the Emporor of Russia. Mr. Lincoln has, like Cincinnatus, been invested with what we may call « temporary dictator- ship to save the country. We aro gratified, too, with certain. manifestations of a wise and energetic exerohe of this comprehensive au. thority. The country looks to President Lincoln for the most vigorous war measures against the great rebel army of Virginia; and we look to him not only to employ all the needful men and means at his command, but we oxpect him f enforce nity, ordes, harmony and active co-operation between the Cabinot aud the ermy, and betweon all the varlous divisions of the army. Lethim not hesitate in this groat duty, should it require a change cr two in the Cabinet, as well as some changes and reconstructions in the ermy, ver may be done or resolved upon in r 1 to confiscation, emancipation and negro employment in the public service, the first duty devolving upon he Presideat is the speedy concentration of an overwhelming Union army in Virginia. To this end, if volun. t ng proves too slow for the emergency, let the President resort to the militia, We lave the needful forees and the resourses at bis call to put down this rebe withont trifling, and the country expects this to be doue, jon further | | The Speceh of Sertator Chandler Againat McClelian—Phe Coespivacy of the Abo~ Milomists Against the Govermment. We reprodnee from the columns of the organ of the radica's an authorized report im ertengo of the speech of Senator Chandler against General MeCiellan, the army and the edministration. It is a tirade of the most ferocious malignity, well lated to do great damage to the govern- nt and the country. Its manifest intention is render the permanent separation of North and South a fixed fact, by putting a stop to ea- listments and the war, at the very time that our args have been triumphant by land and sea— from the Chesapeake to the Rio Grande—with the exception of a few reverses, which might be expected in a campaign of such magnitude. We bad recovered Kentucky, Missowi and Tennessee, with a large portion of ‘Virginia; New Orieans and a portion of Louisiana had become subject to the federal sway, and the Mississippi had been almost cleared. In other rebellious States the flag’ of the Union had been planted. The rebel navy had been destroyed; privateoring had ceased; the blockade had been made per- fect over many thousand miles of coast. These immense advantages were not neutralized by the recent reverse to the army of General Mo- Clellan. 1t was not a disaster incapable of be- ing repaired; it was not ofa decisive character, On the contrary, the enemy suffered more than the'Union troops in the seven days’ battles, though it was necessary for General McClellan to fall back on the Jaines river, in consequence of not being reinforced to the extent that the exigency demanded. The radicals take advan- tage of the event to ridicule the army and its generals, to prevent recruiting, to break down the government, and render secession finally victorious. Chandler is the selected spokes- man of the conspirators, and the Tribune is in the plot. That journal admits that four of the Committee on the Conduct of the War, includ- ing Chandler, conspired together to publish the facts without the knowledge of the other mem- bers, thus constituting a secret committee with- in a committee—a Jacobin club, like those which fignred in the French Revolution and wallowed in human blood. Before a blow was struck in this war, and when every patriot in Congress and out of it urged the necessity of compromise measures like those which, under the guidance of Clay and Webster, saved the country "in 1850, Chandler, in his place in the Senate, déclared that he was in favor of blood- letting : be considered it better for the country than compromise and peace. The blood of the people has since flowed with a vengeance; but Chandler and the party of blood now come for- ward to prevent the realization of the precious fruits resulting from the sacrifice. The fact of his being a member of Ben. Wade’s smelling Committee on the Conduct of the War gave Chandler facilities for information, and threw an air of authority over his statements. Dut he has produced no proofs. His ayermenis are mere assertion and gratuitous assumption. They are as mean as they-are malicious; for General McClellan cannot reply to them; it would be unmititary to do so, and it would give valuable information to the enemy. For the same reason the government cannot refute them, Neither can we enter into details as to the strength of the troops in Virginia; for that would be only to imitate the example of the Senator from Michigan. If his statements are true, then he is a traitor giving aid and comfort to the enemy. If they are not true, he is equal- ly a traitorous conspirator, misrepresenting the government, the generals @nd the army, and doing his utmost to render the war unpopular and bring it to an ignominions end. The'animns of the speech is more dffected against Mr. Lincoln than General ‘McClellan. ‘The reason is that the radicals are maddened by reason"of the conservative position the Prezi- dent has taken, and because he will not lend him- self to their disunion and disorganizing schemes The issue is thus made up' between Mr. Lincoln: and the radicals, and it remains for the coun try to determine which side it willsespouse— the cause of conservatism and the constitution, or the cause of the black hearted and bloody minded abolitionists, who first plunged the country into a civil war, and now are doing everything in their power to defeat oyr arms. Even such journals as Thurlow Weed’s de- nounce their diabolical atrocity. The follow- ane the language of a recent editorial article the columns of the Albany Evening Jour- nal:— inamiicipcling and in attempting to force ‘‘ovents,’ inétead ef awatiing their development, the beat and bighest prospecis of the Union have boon thwarted. ‘The more then incendjary, the scarcely less than infernal spirit represented by Mr. Sumuer in tue Senaie, Wendell Phillips in the forum, end the Tribunes of the Treah, has sued the Southern people, and now threatens to divide the North. The speeches, lectures and falminations {rom these sources have been used by ssoosdion lenders and journals to aggravate and jutensify Southern hostility. Tastead of haying, as would long since have been deve- Joped, powerful minorities of Union men in the iusurgent States, we now see men, women and children banded vogeth: inst us, fighting, ae they beliove, for ali that ts baliowed by domestic relations and social ties. The real character ef the rebellion, in the eyes of its victims, bag thus voen changed. The ambitious, wicked, fratri- cidal leaders—Davis, Slidell, Toombs, Mason, &e., &c.— ‘enjoy tho advan’ of & Changed issue, in which their great crime is merged, These men are Worse than traitors; for while they have betrayed the country they have caused the blood of loyal men to flow in rivers, made widowsand orphans in thousands, saddled an enormous debt upon the repiiblic, and preyed upon its vitals by their swindling contracts, Let the public arise in their might, denounce the conspirators at indignation meetings, dnd thus baffle their machinations to stop the war and recognize the independence of tha rebel. lious States. Mors Anoct Tus New Sraur Act.—We con. tinue to receive communications asking infor- mation in regard to the new postage stamp act, which we published in yesterday's isene. Among others, an old subscriber sends us the following query:—“If A. owes B. fifty cents, can any law prevent B. from ac- cepting ® note, duebill or shinplaster. for that amount?” We answer, no; because the law does not intend to interfere with our willingness to receive such notes, if we please; but it aims at preventing parties from offering them in lieu of money, with the intention of cirevlating them as currency. There is no | punishment for the receiver; but there {s for the maker or issuer of notes, duebills or shinplas- ters with unlawful intentions. The words of the act are: ‘That from an efter the first day of angust, 1902, no ing association, firm or jdt 9 Or pay any note, en or other obligation, for « intended to cireuiate as money, od ta livu of lawful momey of the j respondent, A. and B. may ¢ ge a due- \b lt for fifty cents, so long as it is a pri- vate transaction between them; but the due bill must not bo offered to other parties, 1 pubsequently, with the intention of using it ~> a8 so much current money. That is precisely what the bill aims at preventing: not the making or accepting a note or acknowledg- ment of debt, but the making and issuing with the intention of cirenlgting them “in lieu of lawful money.” The meaning of the act is very plaia and easily comprehended. Gold, Foreign -Exchange, Paper Cur- rency and the Panic Makers, A ctass of persons? who pretend to pos. sess great financial wisdém,have been labor- ing zealously to destroy public confidence in the financial system established by the administration to furnish the means to carry on the war. Looking at matters through the eyes ofa sub-basement broker, and without capacity to comprehend any extensive system of national finance, they, upon every rise of gold or foreign exchange, raise the cry that Secretary Chase’s paper money is the cause, and that ruin and disaster must follow the continua- tion of that system. For the purpose of proving themselves prophets, they assert that they last year predicted this result, and urged upon the banks to sell their government securities and invest in gold, in preparation for this condition of affairs. All this may do very well for men whose only idea is a percentage on gold and exchange purchases; but ® financial sysiem that will enable a governmeni to raise, equip and feed an enormous army, and carry on & war, can never be successfully established. on any such basis. It may answer in timo of peace, when the regular lines of commerce are uninterrupted and communication is open with every section of the country, but notin times of war like the present. Suppose, for instance, that the banks had adopted the sys- tem of throwing their government secyrities on the market, and hoarding the gold, what would have been the result? Such a course would have depreciated the stocks and bonds of the government, and rendered the. raising of the amount necessary to equip our armies and strengthen our navy almost an impossibility, and would have thrown the country, six months ago, into a hundred times worse condition than we possibly can be in now. In other words, in- stead of the banks strengthening the hands of the government, they would have fettered them, and at the same time rendered unmistakable aid to Jeff. Davis and his co-conspirators. We all know that the timely inove of the banks of New York, Boston and Phiiadelphia, in taking a government loan of upwards of one hundred millions of dollars, not only saved us from financial ruin, but prevented a snccessful raid of the enemy into the Northern States, which they would have made had not the government been in possession of the financial means to organize and equip an army. The paper currency ,is but a part and parcel of that policy which has carried us success- fully through to the present time, and was, in fact, indispensable to our financial success. Had the recent series of severe bat- tles on the peninsula resulted in the capture of Richmond instead of a check to the advance of our army, no person would have said a word against the paper currency, but all would have acknowledged it to have been a wise and bene- ficial system. The adoption of the system of paper currency was, in fact, inevitable and indispensable to the prosecution of the war. We could not have got along wfthout it. Had we been at peaco it would not have been needed; but, situated as we have been, with an extensive war ou our hands—compelied to rely solely upon ourewn resgurces; cut off from the aid, and, we might say, sympathy, of other nations; looking en- tirely to the confidence of the people—its adop- tion was unavoldable. There was no alterna- tive but financial ruin and disaster to the country. The fluctuation and sudden rise in gold and foreign exchange is only a temporary affair, and the inevitable result of bad news. It doeg not in the least affect the value of the people's money, but only exhibits to the world the fear and timidity of a few brokers and a small class of financial men. Let our armies achieve s success at any point, gold and foreign exchange fiwill immediately fall, and paper currency bé again in the ascend- ancy. The citation of the paper monoy of the Revolution, and that of France during the French Revolution, has no bearing upon the present system of the government whatever. The paper money issued during the American Revo- lution had no government revenue or tax to sup- port it, and in fact no basis to fall back upon, whilst that of France during the French Revolu- tion was simply the dictum of the French govern" ment, and had no basis for its support. The system adopted by our government, on the other hand, is an extensive and elaborate one: and has for its basis a national tax, and is, in, fact, similar to that adopted by England, which enabled that government to successfully carry on its twenty years’ war against the continental Powers and the first Napoleon. It is, however, more carefully arranged in detail, and there- fore superior to even the successful financial policy of England. That any serious financial: digaster can befall the present system we do not believe, the croakers and panic makers not- withstanding. That panics and sudden fluc- tuations will take place is inevitable as long as there is any danger to the rapid and success” ful march of our armies. There is, however, no other system that will carry us successfully through our present difficulties. Ji is a war measure, and would never have been noeded in times of peace. The arguments and the hue and cry against it would have done very well in times of peace, but have no weight under the present condition of affairs. Its early adop- tion was necessary and unavoidable, and its continuation Indispensable. Tus Henatp axp Tus Powers or Ecrorn— Abelard Raymond, of the silly. Zimes, intimates that he has no doubt that Palmorston and Na- poleon will now carry out their intervention schemes; and the convincing argument with which he supports this sage idea is, that the Henatp thinks otherwise, and that as soon as Palmerston and Napoleon read our predictions of non-intervention they will become very much incensed against the Hrraxp, and do just what we eay they will not do, in order to show their independence of us, This olearly reveals Abelard Raymond's unbounded admiration and exalted opinion of the positve influence of the Huratp; for he says tliat even our negative inducace can move tho great Powers of Europe, and that we can, at any time, induce them to do one thing by saying they are about to do jrist the opposite, Abelard Raymond evidently tra yines that Palmerston and Napoleon are like Paddy's pics, aad can bo driven whatever way we choose by miking a Wins of driving them in ¥ another direstion ee Senator Sumons Aga mw tas Prtonr.— Senator Simmons’: complicity in contract jobs has hardly been smothered wp in Congress by hia conscience-stricken {ellow Senators when it again breaks out in a Rhode Island court of justice. In the course of a trial now progress ing before the United States Circuit Court at Newport, Riwde Island; Mr. John B. Anthony, Treasurer of ithe Providence Tool Company, testified that # ga'n contract for twenty-five thou- sand muskets was negotiated for the company by Senator Simmone “and several others, among whom was Senator Anthony;” that Senator Simmons claimed five thousand dollars, after the contract was seeury'd, as a bonus for pro. curing it, and that he waa paid the money under a threat that be would use his influence against the company upon a secomi contract which it was desirable to obtain. This revelation makes the conduct of the Senate in squelching the in- vestigation of Simmons’ previous job still more astonishing. Undoubtedly Simmons’ practice has been the rule with many of his Congres- sional colleagues, both in the Senate and the House, and this is the why his other little affair was quietly fed in a com- mittee room. We have no doubt that the pub- lie jobbery, robbery and swindling of some of the Senators and Representatives, and their ac- complices, during the last session of Congress, amount to twenty or thirty millions of dollars, for which the people will be taxed. The re- ports of three or four Congressional committees only show the astounding corruption of a few individuals; and these surface pickings but serve to indicate the rich mines of jobbery not yet revealed. It isa fact worth noticing and remembering that the persons who have thus robbed the people are generally those who cry most loudly about the negro, indulge in all sorts of intrigues against and attacks upon our generals in the field, and thus add to the dura- tion as well as to the cost of the war. Greeley and the other gun contract jobbers of the Tri- bune Association are shining illustrations of this pregnant fact. Tse Derence or Commovors GoLnsso. rovcu.—We have received from a friend of Commodore Goldsborough, and publish to-day, a defence of his conduct while in command of the North Atlantic Blockading Squadron and the James river flotilla. It is not, and has never been, our intention to do injustice to anybody; but in these times the public judgé by the acts of men as well as by com parison. We know that Commodore Goldsbo” rough had a large and efficient fleet under his command, and but one iron-clad vessel to get out of theway. But he did not destroy her. On the other hand, Commodore Farragut had also large fleet at New Orleans; but he had to con- tend against three or four enormous forts and four or five iron-clad rebel vessels; and we all know what he did. Thjs is the way the publio judge, and so do we. These comparisons are conclusive to our mind; and, while we will not do injustice to any man, we wish every com- mander of tbe army and navy to do his duty. Crors on Bora Sives tue ATLaNtic.—It ap- pears that, while the crops in England, France and other parts‘of Europe are bencath the ave- rage this year, our crops are more abundant than ever. A tew weeks will determine the extent of our surplus; but it is already certain that we shall be able to maintain that supre- macy in the European breadstuffa market which, we bave held for the past two years. The trath Is that King Corn is fast pushing King Cotton off his throne, and Europe is becoming as dependent upon us for her food as she has been for her cotton. Wataex’s Tunaran.—Tho ‘complimentary benefit ten dered by the members of the company of this theatre te Mr, and Mra. W. J. Florence last evening proved = per fect ovation. The house wag literally jammed in every part, and hundreds even went home disappoiuted for ‘want of stauding room to witness the performance.. The programme was the most attractive that could have been chosen, embracing many of the most popular farces, im which Mr. and Mrs. Barney Williams, Davidge, Mrs. Sker- rett and the beneficiaries appeared. More fun in ove Teosmmenteeth se Pe end appear- sisters, Lars. Willtams, Mra. Florence their liar charactors—a tread ven in this city of sight bole, wis @ well tee Mrs. Florence, who have worked > for the amusoment of the public. “Fra Diavolo” will be repeatwd 7 i Luorp’s New Mar or Vinainia.—Wo have recoived @ copy of a new and iinprovet edition of “Lioyd’s Map of Virginia,’ beautifully colored aud revised to 1362. This ia the only map used for reference by General McCielian iu conducting his campaign, and was mate from surveys by Captain W. Angolo Powell, of the United States Topographical Engineers, of General Rosecrans’ staff. It ie beautifully finished, aud is sold at a rate which pute it in the reach of every one. ‘Tue Catuo.tc Pastor oF Oxance, Now Jersey, naving been reported to have expressed sentiments unfriondiy yo the government, was addressed on the subject by the citizens’ local * War Commities,’’ and he made reply as follows:— I assert and declare my good wishes for the Union and cons! , aud em prepared to go, if ne- cossary, at the my peopie, and do all I can for that just and holy cause—viz: ihe maintenance of our government.” Feenvat oF Sr. Gannsw’s Caunct, Tanry-sm Sranet.—A grand festival and picnic by the congrega- tion of Ss. Gabriel’s Roman Catholic church, Fast Thir- ty-sigih atrect, near Second avenue, will take place om the inst. at Jones’ Wood. The proceeds will be de- yoted to the benetit of the psrochial rchvols established by tho energetic pastor, the Kev. Father Clowrey. Souvrazy Frerrvat. at Jgves’ Woop.—A grand festival, which will last threes days, wi'l commence to-day at Jones’ Wood. It is the annual bird shooting, and, as ia usual on such occasions, the entertainment will be of a brilliant eb ir. The amusements commence in the afternoon, and Continue till e late hour at night, During will Huminated ieecielectcam ight, which Tormed wo: wuocesaful & feature during the skating season, Several brass bande. will be tn ajtendance. aos City Lntelligence. ‘Tux Rarorrap Deatu ov Cox, Caartas, ov rum Tammase Recnnnt, Fatse.—The friends of Col. Zdmund Charies, in. the Tammany regiment, wiil be gind to learn. that the gallant soldier is not dead, but is now on bia way to this city, via Fortress Monroe. Aceording to « dospatch. roceived by his tia We morning, it bas beon ascore tained that Colonel Charles was wounded aod taken pri- goner In. one of the receut battles before Richmond, and has Deon released on parole. Fars AcapzMr Examination.—At the recent exam. nation of candidates fer admission into the Free Acade- my, Ward Schooi No, 35, Fifteenth ward, bad slighty. five boys {rocepted. This is the grontest number uver odaitted at a single oxeimination from any ene echeol. Personal Intelligences Hon. J, J. Crittenden, of Kentucky, is at prosont stop- ping with somo friends on Long Isinnd. Senator Collamer, of Vermont; Senator Fesrenden, of Maine; Dr. Mi rghton, of Albaa: | Case, of Springfield, ar pplng at the Fit 4 Brigadier Genera! Stahel, oF the United States ar: nay , errived in this city yesterday, amd is sloppiug at tue | Preseott House, cs ownlow ia atill stopping at the Astor House a forers oF excitement cued ‘by his frat wists to thia city has now almost died ont, The number of hiv visions Yorterday waa very staal}, and tho purson Kops b's tora @uring the ¥ ine, belug busily Cugaged arranging bis business inatters. ta ntopping at the Astor fours eve the gelrvingoet Parverdot the United States Arta H 8, Riot. mont; Hon. Owen Tore " King, of Washington; ¢ Mold, Judge Saw aud y, soll, Ob8t, Paul, Min, LS Se a