The New York Herald Newspaper, March 2, 1863, Page 4

NEW YORK HERALD, MONDAY, MARCH 2, 1863. — Cenc c cee A Wcummmmmnmnmmemmenemmesnmemmmmmenemmmmmesnsnmtanecescemeneseuncemmenenr wisi iI III IST ea a A a a ane ae ag HERALD. | eucea thew number xo mre hunared, oniy two wan- | tion, the esteem of the world by achieving a | of the Treasury. Congress has given him com- | Savannah and Mobile. Nor have the rebellious | Art amd Artists—The Recent Sales of r EW YORK * | dred and Gifty of whom are Gt for sctive duty. | peaceable reunion, the adherence of the Euro- plete control beth of the sword and the purse. | States any militia reserves from which to re- Pletures. nremenpnqnnnencnnrnnt They will breakfast at the Part Barracks this | peqn liberals by declaring himself on the side He can call every man in the country, Jew or | plenish their armies in the field. The latest offi- ‘The same influences that have enhanced the JAMES GORDON BENNETT, morning, and then resume their journey home- | of our republican government, and the grati- | Gentile, bond or free, into bis army, and his | cial returns received at the Adjutant General’s-| Price of stocks and given an impetus to specu- EDITOR AND PHOPRIETO®. ward, where, afters brief furlough, they will be | tage of his people by settling the Mexican | treasury is like the portemonnale of Fortunatus, | office at Washington represent the enrolled mi- | !#tions in real estate are for the moment help- =f menage Tron ax nassau ave, | Tecfuited to their original strength, and againem- | 444 satisfactorily, than to risk all—his | which a wish will fll. Let him use this power | litia of the States now involved in the rebel- | 198 greatly the interests of art. Whenever OROE: s GORE OFTEN” ter the service of their country. throme, his dynasty, his life—by persisting in | rightly, and all is well. + | Mom as followa:— there is a sale of really good pictures the prices ‘TERMS oash in advance. Money sent by mail will be ‘at the risk of the sender. None but bank bills current in ‘New York taken. THE DAILY HERALD, Tanks cents per copy. THE WEEKLY RERALD, every Saturday, at Five cents per copy. Annual subscription price:— The people of the Red River settlement, up in One Copy. British America, have determined no longer to en Taree Copies _ 5 | dure the rule of the Hudson Bay Company. They have sent an emissary to England to petition Par Tire Copies. | liament for relief. ‘Ten Coples. Three hundred sick and wounded rebel soldiers Any larger number, addressed to names of subscribers, @1 SO cach. An extra copy will be seat to every club of ‘ten. Twenty copies, to one address, one year, $35, and ‘gay larger number at same price. An extra copy will be Mont to clubs of twonty. These rates make the WeEKLy ‘Simmap the cheapest publication in the country. ‘Tho Evaorzam Evrnon, every Wednesday, at Five cents | per copy; @4 per annum to any part of Great Britain, ‘or $6 te any part of the Continent, both to include (Postage. ‘The Catsrorsa Enron, on tho Ist, 11th and 2st of @aoh moath, at Six cents per copy, or $3 per annum. ADVERTISEMENTS, to a limited number, will be inserted fo the Warxry Heaatp, and in the European and Califor - ania Editions. are to be taken from Louisville to Camp Morton, Indiana. The stock market om Saturday was unsettled and hex tating; prices were rather lower im the morning, but bet- ter in the afternoon. Government sixes declined 2 per cent. Goldclosed at 171%. Exchange was tn good de ‘The general markets wore less active than usual pending the adjournment of Congress. ‘The breadstuffs market was more active, and a shade firmer for flour and corm, and lc. «20. higher for wheat, on Saturday. There was more deing in provi- sions, particularly in pork, lard and bacon, partly for future delivery. Old mess pork was « shade cheaper and bacon rather higher. The cotton trade was very tame and the market depressed, prices closing irregularly. The demand was animated for hides, wool and tallow; fair for hay, hops, leathor, tobacro and whalebone, and moderate | for seeds, groceries and whiskey, the latter article closing 4 quito heavily. ‘There was more inquiry for fire crackers, which were up to $1 90 a $1 95 for Canton No. 1, per box. Light freight engagements were reported, without aay remarkable alteration in rates. Velume XXVIII. No. 60° AMUSEMENTS THIS EVENING. NIBLO'S GARDEN, Broadway.—Saranes. Secretary Seward’s Plan for Restoring . the Union—Last Chance of the Rebels. The proposition of Secretary Seward to ad- mit representatives from the seceded States into Congress is discussed with increasing interest in diplomatic and political circles. Should this proposition be carried out, and Congress be thus transformed into a peace convention, it is generally conceded that the restoration of the Union would certainly follow ; but some per- Pour Raovimatternoon aaa EvecoggTaues. ac, at all gong object to this new mode of restoring the = | Union as impracticable. Why? First, because BRYANTS’ MINSTRELS. Mechanics’ Hall, 472 Broad- j pray.—Ernrortan Songs, Burixsquas, Daxces &c.—How | Tebel representatives could not take seats in gas kt spr ng a Congress without subscribing to an oath of loy- Sree De UNSTREL HALL, Slé Broadwa:.—Erurortax | alty to the government; second, because Louis Napoleon is not friendly to the Union and will not urge the Confederates to accept Seward’s proposition ; and, third, because the rebels do not desire reunion upon any terms whatever, and will accept no offer, however advantageous to them, which involves their submission to the federal authority. Under these three heads all the objections to Secretary Seward’s plan na- turally range themselves. In regard to the first objection it may be said that many of the rebel leaders are still mem- bers of our Congress, and need take no new oath updn resuming their seats under Seward’s proposition. But the fact is that a convention, rather than a congress, is contemplated by our Secretary of State, and delegates from the rebels may present themselves in Congress, state their grievances and demand certain measures of re- dress, without taking any oath of office. At any rate, this objection is one of mere routine and precedent, and can easily be set aside if neces- sary. Secretary Seward’s offer, it must be re- membered, is endorsed by the President of the United States, who, according to the statement of Secretary Seward himself, reads and approves of all State despatches before they are sent to our foreign ministers. The President and the Secretary of State must have anticipated this obvious objection to their plan, and provided the means to remove it. Neither of them would be so foolish and inconsistent WALLACK'S THEATRE. Broadway.—Faixr Heart Ne- wee Won Fain Lavy—Yourarut Quiey. ' WINTER GARDBN, Broa Lucie D'Arvitur. LAURA KEENE'S THEATRE, Broadwav.—Lapixs Br- Wware—Fare One Wita tmx Goupen Locks. NEW BOWERY THEATRE, Bowery.—Pavvextrs—Et YDER—Mx. anv Mus, Pxtex Waite. BOWERY THEATRE, Bowery.—Kinc Lran—Darncey. BARNUM'S AMERICAN MUSEUM, Broadway.—Mixxix | BROADWAY MENAGERIE, Broadway.—Lrvin ! lammaats—Paaronaine Elaruants—Come Burks ten | AMERICAN THEATRE, No. 444 Broadway.— Pasrourmns, Buutesquas, &0. eee ' cet rntie PARBIAN CABINET OF WONDERS. = lopen daly trom OA SE GUIDE, Mee OF Broadway. | HOOLEY'S OPERA HOUSE, Brooklyn. oxas, Dancus, Borcesauxs, &¢ ; New York, Monday, March 2, 1863. THE SITUATION. It is reported by the officers of the British frigate Petrel, which arrived at Hampton Roads from harleston on Friday night, that the rebels have a werous network of torpedoes across the chan- o" at the entrance to Charleston harbor, with the tention of blowing up any portion of the Union t which may attempt to enter. A reconnoltering party under command of Colo- el Percy Wyndham, which left Centreville on Wriday, reached Falmouth yesterday, and reports ving passed through Warrenton, where they found twenty-five of the rebel cavalry, who made Rheir escape. At Elk run and Licking run they fame upon a few more, and captured about a dozen. No rebel force is at Culpepper. Colonel Wyndham made a splendid march, considering ho state of the roads and the constant obstruc- tions he met with from the rising of the streams. ai'6o Gravely recommend! an’ tethomiblliay so b Meteaer Gongesl ene has resigned his oom- offer an invitation which they knew could not mand, and has issued a spirited parting address to | he accepted. Consequently, as the rebels have is soldiers. been informed that their representatives can be } We have further particulars to-day from Wheel- | received in our Congress, all technical objec- {ing of the surprise and capture of two hundred of | tions must be considered as already arranged. Whe Union cavalry near Strasburg, onthe 25th ult., The assertion that Louis Napoleon is hostile py which it appears that a rebel cavalry scout, | t° the idea of reunion, and will not urge the eighty strong, came inside our pickets on the Stras- rebels to accept Seward’s proposition, is unsus- ‘ . & tained by any evidence. On the contrary, it is ee ned ae clear that Napoleon’s interests require reunion. y ia which two were wounded on each side, they It is the policy of France, announced by Louis betired, capturing a cavalry picket of twelve men. XVI. and reaffirmed by Napoleon I., to maintain ot hundred of the Thirteenth Pennsylvania and | on this continent a great maritime Power, as a ew York cavalry sent in pursuit, recap- | counterbalance to that of England. Napoleou ured, beyond Strasburg, most of the prjson- | III. has immensely augmented the navy of ra and horses, and also took a number | France; but the English navy has been propor- { prisoners. The commander of our de- | tionately increased, and the resources and hment, excpeding his orders, pursued them friendship of the United States are still neces- 9 ite sary to enable Napoleon to hold England in pps (MROuONACE,.. After Giving ip: thie rebel check on the seas. Viscount Anatole Lemer- ickets, he stood parleying in the road, without | oier, of the French Legislature, sums up the feuarding against surprise. The eaemy re- arguments upon this point in the emphatic re- furned in force, charged upon and threw | marks:—“The separation of the Northern m into confusion, killing and captur- | and Southern States is contrary to the fog two hundred in o fight of twenty | interests and traditions of France. Eng- miles. It is said that the Union troops made no mes ty 8 heen ea ie np: tl i ut wishes the belligeren: je more weak- = Peng ltt red be aa hag ened by their present contest before it takes ' | place.” Add to this the fact, also adverted to Wwhich should be rigidly investigated by the mili by Viscount Lemercier,tthat peace on this con- tary authorities. tinent is essential to the welfare of Europe, and } The President and Secretary of War received | that no permanent peace can result from dis- Wespatches from General Grant yesterday, giving | union, so various and conflicting are the ques- bb very favorable account of the progress of his | tions to be decided before the terms of separa- ork at Vicksburg. He says that he only wants a tion could be agreed upon, and so constant low days of good weather now to secure a success, would be the irritations and disputes between " two confederacies, allied and yet hostile, Bnd it was thought that not only would Vicksburg ‘ be taken, but the whole rebel army wi like quarrelsome members of the same family. If ith it, aM | the Southern confederacy could be moved five event which was looked upon as a prelude to still | nundred miles away after disunion all would more important victories. be well; but it could not remain where it is | The concurrent resolutions »reported by Senator | adjacent and yet antagonistic—and be at peace Bamner, from the Committee on Foreign Relations, | withus. Louis Napoleon cannot but compre- bn reference to the subject gf mediation by France | hend this, nor can he close his eyes to the fact br any other foreign Power, takes a decided stand | that reunion will enable him to withdraw hono- Against any intervention whatever, declaring that rably and triumphantly from Mexico, while dis- union wi involve him in s' ‘eater cul- Dengress comnot heatiate to regard every propos. | 12108 will Involve him in still greater dificult ie the ties. The Mexican war is unpopular in France, Rion of foreign interference Present contest, | and will be disastrous to the French army, the {ps s0 far unreasonable and inadmissable, that its | French treasury, and perhaps the French Em- nly explanation will be found in # misunderstand. | peror, if it be long continued. Reunited, these of the true state of the question and of the | States could afford to pay off Mexico’s debt to eal character of the war in which the republic is | France, and allow Napoleon to retire gracefully. ngaged; that such interference is injurious to the Both the Northern and Southern confederacies tional interests, and that Congress will be would desire Mexico for themselves. Both would aid the Mexicans in defeating the French. liged to look upon any further attempts in the would fe s Giebetien 02 ta oil i aes Each would fear and resist any attempt ‘on the part ef Napoleon to secure a foothold on ' The British steamship Corumbia arrived at Ber- | ghig gontinent. Consequently Napoleon would nda on the 19th ult. from Charleston with # cargo | have three enemies, instead of one, to contend . cotton, She would discharge and load arms for | with, and his downfall would be the inevitable B Southern port, The steamer Miriam, mate to | result of the rage of the French people at this - prize Princess Royal, was loading arms and | trebly increased expenditure of blood and ould sail for Charleston in a week. treasure, for no possible benefit to the French ’ MISCELLANEOUS NEWS. nation. The Orleanists are plotting. Europe The Second New Hampshire regiment arrived in | #8 fermenting with revolutions. The Polish this city last evening,from Falmouth, on thelr way insurrection is @ warning and a me- home. ‘This regiment entered the service eleven | Mace to all despotiams. Napoleon must tread hundred strong, have shared their part in seven Pee It will be better for him to secure foou qugagements, which, with sickuoss, hag re- | our friendship by advocating Seward’s Brovosi- mand at 189. Monoy was Worth 68 T por cent on call, | encouraging the Southern rebels, and thus in- a suring continuance not only of our war, but also of the European troubles which our war causes, and which, gathering strength like an avalanche, will soon sweep away all obstacles and end in universal destruction. Is the hypo- | critical friendship of perfidious Albion worth these risks? : The third objection to Seward’s proposition | is that the rebels do not desire reunion, and | will not consent to it upon any terms. The | rebel papers assert this; but the rebel papers may not express the wishes of the Southern people any more than our abolition papers ex- press the desires of the Northern people. Jeff. Davis is a despot, and his papers say what he thinks, not what his oppressed and suffering people feel. But suppose the offer of Secre- tary Seward be endorsed by Napoleon, and re- jected by the rebel chiefs. What thea? The downfall of the rebellion would be certain, and the most audacious rebel would lose heart. Only the conduct of our abolitionists and the cheering expectation of European recognition, apparently pledged by the course of England and France, and by the cargoes of contraband goods from European ports, have kept this re- bellion alive so long. Remove at one blow all hope of aid from Europe, and all pre- tence of abolitionism here, and the rebellion is dead. Let Napoleon press Seward’s offer, in which there is no taint of abolitionism, but rather a remedy for its evils, and if the rebels refuse it they lose all. Abolition is disunion, and disunion is abolition. Let the Seuth come back to the Union, and we will throttle the ac- cursed dogmas of the negro-wors hippers with their own laws. Now, therefore, is the best chance the rebels can have to come back to the Union. Congress is open to them, and no rea- sonable and honorable guarantee of future peace and happiness will be refused them. We believe the rebels are astute enough to appre- ciate the advantages of reunion at just this crisis of the war, and that, if Napoleon en- dorses Mr. Seward’s proposition, and thus de- prives them of all further hope from Europe, they will accept it and come back to us. If they are unmoved by all these considerations, however, let them remember that this is not only their best chance, but their last chance. This magnanimous proposition refused, nothing remains but war to the end. As Americans, we can never consent to destroy the integrity of the territory which we have won from the wil- derness, from the savages and from foreign ty- rants. Once assure us that peace upon any other terms than disunion will never be con- ceded by the South, and the American people will save their territory if they cannot save the Union. Already our hosts surround the rebel- lion upon every side; but ow President is now @ temporary dictator, empowered by the laws just passed by Congress with unlimited financial re sources and supreme control over four millions of citizen soldiers, and a greater storm of war is in reserve. Let both Napoleon and the rebels reflect well before they reject this last and best chance of restoring the Union by ac- cepting Seward’s offer to receive Southern dele- gates in Congress. The Financial Condition of the Coun- try. The passage in Congress on Saturday last of the bill taxing banks concludes the series of financial measures urged by the administration, and invest¢ Secretary Chase with more power than was ever possessed by any other Secretary of the Treasury. He is now authorized to sell, at whatever price he may choose, nine huadred millions of dollars worth of bonds, to run not less than ten nor more than forty years. He is permit- ted to issue four hundred millions of dellars in Treasury notes, to run not more than three years, to bear any interest he pleases, under six per cent, and to be a legal tender or exchangeable for legal tender notes on presentation, as he may desire. He is allowed to issue one hundred and fifty millions of dollars more in legal tender notes (including the one hundred millions lately authorized by joint resolution) if he deems it necessary. In other words, Congress has placed the finances of the country entirely in the hands of Secretary Chase, and, through him, under the control of President Lincoln. The following table will show the amount of paper money we are about to have, without including the one hundred and fifty millions of new legal tender authorized to be used in converting the Treasury notes:— AMOUNT OF PAPER MONEY AFLOAT AND AUTHORIZED. Bank currency now afloat. .. $167,C00,000 New bank currency under Chase’ 300 000,000 Legal tender, under acts of 1862, 300,000,000 Legal tender,.under act of 1863. 160,000 000 ‘Treasury notes convertible into legaltender. 400,000,000 Postal currency. 50,000,000 Total amount of paper money. The best thing which can cord is that we could not do otherwise under the circumstances. Secretary Chase started our finances upon the wrong tack, and we had no choice but to go ahead or back out of the war. That an unparalleled expansion of credit and inflation of prices must soon ensue it is useless to deny. Instead of wasting time in grumbling at this state of affairs, let us consider how we can make the best of our bad bargain. Much depends upon Secretary Chase, and it would be well for the country if a more sensible, circum- spect and sagacious statesmen were in his place during this crisis. If he remains at his post, however, we advise him to proceed with his labors most discreetly. A panic will ruin both himself and the country. Should he attempt to float any of his bonds at present he would fail. Government receives nothing but legal tender notes for bonds, and these are now too scarce to be collected in sufficient quantities by our bankers. Let the Secretary issue a few millions more of legal tender, and then he may float a few bonds. Then let us have more paper and then more bonds. If a few victories can be immediately thrown in the effect will be advantageous. Thus by discreet and careful management the Secretary of the Treasury may be able to negotiate a considerable quantity of his bonds during this financial year. By so doing he will relieve the currency propor- tionately. But to achieve anything of real im- portance we must have military and naval suc- cesses. The sword must sustain the purse. Money used to be the sinews of war; but now the war is the basis of the curreney. Push on the war, bring it to a triumphant conclusion, and our finances will be healthy. Permit the war to languish, and the currency will depro- ciate. President Lincoln is not only our Com- mander-in-Chief, but he is also the real Secretary, When this war called for increased financial -resources Secretary Chase had two schemes be- fore him, both sanctioned by high precedent. These schemes were the plan of Napoleon and that of Pitt. Napoleon raised all his money by taxation. He issued no legal tender paper to pay hia military debts. He taxed his own peo- ple and levied upon the provinces he con- quered. In this way he generally managed to make war pay its own expenses as he went along. Pitt taxed fhe English for half the amount he required and issued legal tender for the other half. By this means he carried Eng- land through a long war without raising gold to so great a premium as it has reached now, in this country, before our war has lasted two years. Secretary Chase might have adopted either of these plans. The people were clamor- ous to be taxed, and were rich enough te be taxed heavily. But Mr. Chase chose to be origi- fial. Napoiéon and Pitt were deemed old fogies, and Chase began by issuing legal tender, and ends by taxation; for, singularly enough, the very last of his measures is the one taxing local currency. This idea reminds us of the madman who wanted to build a house upside down, with its foundation in the air. The foundation of Mr. Chase’s currency should have been taxa- tion: it was legal tender notes. Taxation comes like an after thought. If we had begun by passing the tax bills, follow- ed this up by bonds, and then issued legal tender for the deficiency, the bonds would have kept legal tender at par, or nearly so, and the taxes would have sustained the bonds. Now we have legal tender, bonds and taxes all in a jumble, and it will require a very shrewd financier to bring order out of this chaos. For such a financier we must look to our armies. A touch of electricity often restores a con- glomeration of atoms to symmetrical form. The world is supposed to have been shaped from chaotic gases by a flash of electric power. We have the electricity which will reorganize our currency in one simple word—victory. Let us have victories, and gold will fall, in spite of the grasping, greedy, unpatriotic specu- lators of Wall street. Let us have victories, and our taxes will be cheerfully paid, bonds will be easily negotiated, and legal tender money will be eagerly received in preference to local bank bills. Napoleon and Pitt pre- pared their finances to endure either triumph or disaster. Secretary Chase has given us a system which is adapted only to success. Fail- ure is ruin, and there must be no such word as fail. Let the President remember that with a die- tator’s powers goes a dictator's responsibility, and that the only way to retrieve the finances of the country is to urge on the war. Our army is our treasury, and we must never draw upon it for a victory and have our draft un- honored. The Conscription Law—' Military Power of the Loyal St: i. The bill for enrolling and calling out the militia forces of the United States has become a law of the land. For the information of our readers, we this morning republish it in full. The substance of the bill, how- ever, is comprehended in its first section, which provides that “all able-bodied male citizens (whites, Indians and negroes), and persons of foreign birth who shall have declared on oath their intention to become citizens, between the ages of twenty and forty-five years, except as hereinafter excepted, are hereby declared to constitute the national. forces, and shall be liable to perform military duty in the service of the United States when called out by the Presi- dent for that purpose.” Now let us briefly consider the comparative strength of the forces of the Union thus placed at the service ef the President for the purpose of putting down the armed forces of the rebel- lion. From the census statistics of 1860 (white basis) we make out the following as THE FIGHTING STRENGTH OF THE LOYAL STATES AND TERRITORIES, Maine... New Hi Vermont. Massachw Rhode Island. 4,463,000 In this estimate we include all able-bodied white men between the ages of eighteen and forty-five years. Making liberal allowances for the able-bodied young men between eighteen and twenty, who are excluded by the act, and for all other exemptions, we think the available white militia forces of the loyal portiens of the Union—States, parts of States and Territories— may be safely set down as fully up to the grand aggregate of four millions of men—almost equal to the entire white population, men, women and children, of the rebel States. From this sum total, under the President's several requi- sitions—first for 75,000, second for 500,000, third for 300,000, and fourth for 300,000—there have been drawn an aggregate, we dare say, not exceeding one million of men; and of this aggregate there are now some 700,000 in the field. The killed, wounded and missing, and those who have died of disease, and those who have been withdrawn from the field ia conse- quence of the expiration of their terms of volunteer service, will make up the difference of three bundred thousand men. Thus it appears that, with 700,000 men in the field, and @ naval force equal, for the purposes of this war, to an army of half a million of men, we have a militia reserved force of three millions to fall back upon, The armed forces of the rebellion in the field, on the other hand, can hardly exceed four hundred thousand men, and they are unsupported on the water except by two or three piratical Flying Dutchmen, roaming about on the Atlantic, amd a few ex- temporized iron-clads of the Merrimac and Ar- kansas construction at Richmond, Charlesion. Total.........200 esivacsand ele But, bringing all the aforesaid States to an estimate for 1860, we will put their aggregate militia force between eighteen and forty-five years at seven hundred thousand men. Of this number at least one hundred thousand have been lost already since the beginning of the war, and the four hundred thousand which are now in the field embrace very nearly the last white man that can be withdrawn from the agricultural and manufac- turing pursuite of the rebel States, which are in- dispénsable 16 the maintenance of their soldiers in the field, the subsistence of their families at home, and the government of the slaves on their plantations. We may safely say, therefore, that while the consoriptions of Jeff. Davis during the last twelve months have exhausted the available militia forces of the revolted States, and have brought them all into Geld, President Li; ool Ea a Fost alitte Eos i three id lions of men upon which to draw, and from which he may draw a million of soldiers with- out very seriously disturbing the essential in- dustrial operations of the country. But believ- ing, as we do, that our land and naval forces now in the field, if managed with ordinary ability, are sufficient to put down the armies of the rebellion, the question recurs, why, then, this sweeping Conscription act? We con- jecture that it is designed to meet the possible contingencies of foreign intervention, and¢in view of a powerful military diversion into Mexico or Canada, should the future pro- ceedings of France or England call for it. Ina late number of the London Post (the mouthpiece of Lord Palmerston), the editor, commenting on the latest aspects of this war, says that “the federals are divided and dispirited, ashamed to confers themselves foiled, yet anxious fora decent pretext for with- drawing from an undertaking they feel to be hopeless;” that that “ grand army (of the Poto- mac) on which their hopes principally were based is so demoralized that two-thirds of the men have doggedly refused to follow their generals,” and that in England “ the little di- versity of opinion” which may be found in re- gard to the issue of the war “ must now speedi- ly cease to exist.” We suspect, however, that this federal Conscription act, and the facts and figures which we have produced in connection with it, will tend rather to increase than to diminish this diversity of English public opinion until the scales are changed. Let us have a single telling victory upon the heels of these late comprehensive war measures of Congress, and they will be suflicient to con- vince even Lord Palmerston that Jeff. Davis is tottering to his fall, and that European in- tervention is utterly out of the question. Hence we concur in this Conscription act as the most effective stroke of diplomacy that could be employed towards the South, and to- wards England. to convince her of the strength and determination of the government and loyal States of the Union to put down this Southern | rebellion, even against the possible contingency of European intervention. Tae Decexcies or tHe Nearo-W orsinp- PEeRS.—The negro-worshipping journals seem to be considerably annoyed at the fact that some | leading republicans have presented to Mrs. General McClellan a handsome residence as a token of their eateem for herself and her bus- band. The journals were very anxious to con- tradict the announcement of this presentation when it was first mentioned in the Heratp, and rushed off to ascertain whether the property was duly recorded, imagining, it seems, that Mrs. McClellan would rush off with her title to the property aud have it registered in haste. When it became evident to the journals referred to that the donation bad been made, they in- dniged in slurs upon the affair, considering it “extremely queer that only one person’s name appeared in the matter as regards the payments made for the property.”” What could be more natural, however, than that a treasurer should | have been appointed to pay over the sums sub- scribed by a number of gentlemen? We should not have mentioned this contemptible attempt to injure the man most feared by the negro- worshippers were it not that a lady’s name is | mixed up in a most ruffianly manner with the affair. That such should be the case is sufficient comment. value the vile slander, though they will not be astonished et its promulgation, which is ona par with the usual course pursued by the negro-worshippers. Mistakes Mapr By THE Frencu ty Mexico.— We see by our latest advices from Europe that still further reinforcements are to be sent by Napoleon to Mexico. The great difficulty which | the French have to contend with in that coun- try is the want of transportation, and until they obtain the means for the speedy move- ments of troops reinforcements will be more in the way than aiding. Incontrast with the inefmf- ciency of transportation which cripples the movements of the French in Mexico is the course pursued by us at the date of our cam- paign in that country. Quartermaster General Jessup furnished the army with such means for transportation as to avoid the delay of an hour in our movements, He furnished teams in such profusion as to cause military critics to cry out that a wasteful provision had been made. results, however, proved the sagacity of our Quartermaster General, and insured our success. The French will never succeed in Mexico until they have learned to conduct their campaign as we did ours. Facrs ror Secretary Wertes—The last steamer left San Francisco with a million and a quarter of dollars on board. The British steamer Solent sailed from Aspinwall very re- cently with five millions on freight. The steamer Ariel, which arrived hore a few days ago, brought only a quarter of @ million. These are important facts for Secretary Welles. If he had bad the naval forces of the country pro- perly organized and distributed along the coast and Atlantic seaboard, Instead of a quar- ter of‘a million, we should bave more thana million by every arrival from Aspinwall, . hr The public will judge at its true | The | realized compare favorably with those of any former period, even in the most prosperous times. It would seem as if almost every one was desirous of investing in a de- scription of property which, where discrimina- tion is used, gains, instead of losing, by being kept. There are few instanees in which a pic- ture by an artist of reputation will not sell for more than was originally given for it. . Like old wine, its marketable value increases with ape. This fact was never more appreciated than it is just now. In the doubt which exists in regard to the safety of securities, whether rightly or wrongly, people rush to investments which are aot liable to be affected by political events. Asan evidence of this we need only point to the results of the sale of the collection known as the International Art In- stitution, which took place last week. Foreign works of 9 fair average character brought un- ‘| usually large prices, whilst many of an inferior class realized sums considerably beyond their yalue, For one picture alone—a portrait of Humboldt—by Schrader, of Berlin, Mr. A. T. Stewart paid fifteen hundred dollars—in this instance not too much for a work of a0 much merit. ~ Oy Gt The tendency to speculate in this direction wil! les te the formation of a great many pri- vate So! ections, which will in their turn react favorably on the interests of American artists. The gentleman whom we have just named, Mr. Stewart, is, we understand, purchasing exten- sively, with a view to the formation of a large gallery to be attached to his private residence. He could not expend a portion of his immense wealth to more advantage, either in reference to the gratification of his individual tastes or to its speculative results. Another of our citizens has, since his retirement from business, been quietly purchasing up all the good pic- tures that he can lay his hands upon, with what purpose is not exactly known, but it is believed to be for a highly praiseworthy and patriotic object. The galleries of Mr. Aspin- wall, Mr. Lennox, Mr. Belmont, Mr. Wright and other patrons of the arts are constantly re- ceiving fresh accessions from abroad, and we only wish that a larger share of their ordera was bestowed on American works. There never was, and never will be, perhaps, a period when it will be more in the power of such men to give an impulse to American art. We are passing through one of those great national or- deals which is especially favorable to the de- velopment of native genius. In that branch in which owr artists have hitherto. been most defl- cient—historical painting—it is perhaps of all things the best calculated to stimulate their latent ambition. We know that it is objected by some of our most munificent patrons of art that the events of a civil war are not those that it is either de- sirable or praiseworthy to perpetuate on can- vass. This is a mistaken view to take. All the episodes of life, whether individual or national, whether joyous or mournful, whether calculated to elicit the smile of pride or the flush of humiliation, are alike fit subjects for the artist’s pencil. They eaeh serve to con- vey their lesson and their warning. The eivil wars of England, Germany and France con- tributed to art some of its greatest names and some of its most effective subjects. We regret to find that the efforts of those of our native artists who have attempted to strike into this new and prolific vein should have been dis- couraged by such narrow minded reasoning. The field which Delaroche, Horace Vernet, Ingres and Phillopoteaux occupied with so much credit to themselves is surely one in which they may venture to labor. How Esouaxp Practises Nevrratcry.—The London journals seem to take unusual pains to convince their readers that the government ot England is strictly neutral! in its relations with | this country. The said journals surely must be aware how little foundation there is for their assertions, or else they are wilfully deceiving the English public. There can exist no doubt as to the treachery of the government of her Britannic Majesty towards our administration. Since the commencement of the war over one hundred vessels have cleared from Nassau for New Brunswick, not one of which ever reported at the latter colony. Many of these ships have been captured by our cruisers while endeavoring | to break the blockade. English capital thus | loses from ten to fifteen millions of dollars; but it is no wise daunted, and continues to clear ships from Nassau for New Brunswick. Ot | course the Custom House officials of the former place are aware of the deceit they lend them- selves to in this matter, as is the home govern- ment in England. On the day that the ship Griswold arrived at Liverpool, laden with food | sent by us to the starving operatives of Lan- | cashire, the English steamer Dolphin sailed from | that port for the seceded States with a carge of | war munitions. An ill return for a kind deed, | anda striking commentary upon English reu- | trality. ExrravaGanck or THe Frexca Covet.—The | fearful extravagance of the court of Lenis | XIV. laid the foundation for the horrors of the | French Revolution. The extravagance of Na- | poleon’s court will plunge France once nore into revolution if they continue. We rewive eaeh week descriptions from abroad of fetesand | masquerades which have becon « insanely ex- | travagant. Ladies spend from thirty thonsant to fifty thousand frances for a fancy costume, and that while hundreds of thousands are starving for bread in the provinces. Poor Marie Artoi- nette hastened ber dreadful fate by her fhnd- | ness for travesties. Her fetes were modest in- deed, however, when compared to the mad | freaks which are now causing all Euroje to wonder. The French were amazed at Narie Antoinette, because she was a foreignet, on- joying private theatricals and playing at she- perdess while they were distressed for food. Those maskers in Paris are dancing over a volcano which will surely engulf them if they donot take care, | Tue New Fancy wy Want Srreer—Wall street must always have seme fancy of its own— something to knock up or down. The Morris Canal, Harlem, Erie and hundreds of other stocks have had their day. Gold is row the fancy, and we see that it fluctuates as much ag from one to six per cent in a day. Taxiwa Coats To Newoastie.—See the large imports of Egyptian sotton at this port ~~