The New York Herald Newspaper, July 18, 1865, Page 2

2 FINANCIAL AND COMMERCIAL. Monpay, July 17—6 P. M. ‘The stock market was rather dull at the first board + this morning, and there was conspicuous halt in specu- lation. Erie closed 1% higher than at the first board on Saturday, Reading 4, Michigan Southern >, Northwest. ern 3, Fort Wayne - Cleveland and Pittsburg was 3¢ lower, Rock Island 3g, Quicksilver 3. Government securities wore heavy. Coupon sixes of 1881 declined 2, ten-forties 36, five-twenties, new" issue, 3g. At the open board at one o'clock the market was a fraction lower, At the second regular board there was s further weakening under sales to realize. New York Central closed 3 lower than at the first board, Erle 34, Hudson River %, Michigan Southern %, Cleveland and Pittsburg %, Northwestern 3, Rock Island 44, Fort Wayne %, Quicksilver %. Reading advanced §. Government securities were a fraction lower. Coupon five-twenties declined 4. Afterwards on the street they were heavy. At the open board, at half-past three, the market showed staghation, New York Central old on the call at 943¢ (8.3), Erie 81X%, Hudson River 10834 (8.3), Read- ing 105%, Michigan Youthorn 63%, Cleveland and Pitts- burg 67%, Rock Island 106, Fort Wayne (b.3) 96%, Ohio and Mississippi certificates 2534, Quicksilver 5614. The money market was firm to-day at 5 a 6 per cent, loans on government securities gonerally being made at five and on rallway securities at six, ‘The statement of tho associated banks for the weck indicates the prevailing ease in monetary channels. There is an inreaso in every department excepting that of the legal tender notes, which 18 lower, The deposits are $2,694.046 iarger vere last woek, and the loans $3,156,929. The specie is stated to have incroused $1,310,615; but experience has already proven that the returns of the banks are no criterion of the amount of goli in the banks. Nearly all the banks have loaned or sold the greater portion of the gold which they have on deposit, and they, tn all probability, could not get it back if they wanted it. ‘These institutions promise to pay four per cent interest upon their deposits, which, in addition to the government tax, is more than they can do without incurring extraordinary risks, ‘The discount line is dull and unchanged. Commercial paper of the best grade passes at 7 a9 per cent, with ex- ceptional transactions 34 above and below, Gold has been very strong, notwithstanding the slight advance in five- twenties abroad, and, although there is no scarcity of cash gold, loans are being made flat or merely with five per cent interest on the currency. The tendency of the market is de ideély upward, and this is likely to be as- sisted by the nee ssilies of the Treasury, which are far in excess of tis pts of the Internal Revenue Dopart- ment, a8 well as on account of the seven-thirty loan, We have info mation to the eifct that the Paymaster Goneral will immediately make requisitions upon the Secretary of the Treasury for three hundred and twenty millions of dollars for soldiers’ pay up to the 1st of July, while the toial outstandimg obligations of the govern- ment will provably agyregate about one thousand mil- lions, Notwithstanding ail the army reductions which have taken place, there’ remain about six hundred thou- gand men still on the pay roll, In addition itis stated that there are aboot cight months charter money due to the owners of ioumers in the employ of the Navy De- partment. Under these circumstances there is a pros- pect of a larve issue oi certificates of indebtedness or unpaid requisitions, and of 2 forced loan, in making which the tary of tho Treasury would of course have to rely upon the noxt Congress to indemnify him for exceedin” his authority. Mr, MeCulloch will do well to publish a monthly statement of the national indebted- ness regiilarly, and vot endeavor to conceal, under a specious coloring, important facts, to which the people have an undoubted right by act of Congress and .other- wise, The opening price of ¢ 142, after which it ad- vanced to 143 und closed wt 142%. Foreign exchange has been duli but firm. Bankers’ steriing has been sold at 1004 0 109, and tne leading drawers ask 10934, with little disposition 19 sell, ‘There has beea some demand for bills from ¢ «by the low rates of ex @hange, and this “has added to the abundance of cash gold on the mark t, ‘he supply of bills has been in- ereased moro thas has been hitherto supposed by ship: ments of securities to Eusope on speculative account, The Scotia, on her last voyage, it Is estimated, took out in this manner three millions of fivo-twenties, There is some uncertainty axsong operators respecting the future course of the stock tarket, based chiefly upon apprehensiovs of an ve money market; but this is needless, alliiough there isa probability of a betier de- mand for loa: narket is very sensitive to monetary inilu owing to the absence of any considerable ovtside vi, and the bulls mistrust each other. The gold operntwrs for a rise are less appre- hensive, for the reason that there is only about ten mil- Lions borrowed on gold in tae whole market, ‘The latest advices irom "turone quote five-twenties at TLY a 72 in the London mark ¢ (with sales at 714g), and report another importa: n the East India trade, The Republic Fire Inse ‘ompany of this city has declared a divdend of six per cent, payable 24th a, ane instant; also a scrip dividend of thirty-three and a third per cent on carned preniaws of the past six months, and an interest (ividenil of three per cent.on outstand- ing scrip. Ths Exchange Bank of this city has declared a divi- dend of five per cent, free of tux. The Delaware aud Hudson Canal Company has declared s semi-annual dividend of ten per cent, The avnual report of the i «1 and Toledo Rail- al statement ;— $2,098,605, 412,832 1,369,318 following fivar the year ending April 30. road contuins the Grows earnii Capital ste Total number of passengers during the year Total number of tons of frei, —The local bi ieeses 10,401 usinoss of the road amounts to more than the total carn.ogs of the road five years ago from all sources. The follow'ng figures compare the last weekly state- ment of the New York associated banks with the returns of the previous woek :~ uly 8. JSuly 16. 238,541,975 221,285, 200,420,283 rom the returns of the provious week are as follows:— n loans $2,749,107 Increase in dey 21,278 Increase in speci ‘847 Decrease in lo. as lenders. O02 Increase in circulation... 7 ‘The transactions at the Ch compare as follows with the business of the previous week :-— Clearings for the week ending J:ly 8 Clearings for the week © Balance tor the week en Balance for tue week end. The bus ness at the Sub-Trewsury to-day was ax fol- lows :— Receipts for ostoma Total reccipls.... +6 Payments Balance Subser:ptior Stock Fix Mort 10:30 A. M. $7000 U 86's, '81,:0u 107: Erie RR.. 816 83 85000 U 8 6'8,5-1 . 82) i 400 100 od 200 LlCenitht. «60 ed 12136 100 Pitts, Ft W&CRR, 98 400 Clevo & Pitt RR, do.. 2d call 98 800 do, oi 300 QuicksilverMgOo, 53% 200 600 do. . 68 10 66 600 do..2d call. 67 200 do. .2d call 681g 100 Brunk City L Co, 12% 400Chic&NWRR.. ay 100 a .. 12% 100 Chic&NW prf.sid ens 100 13-200 MO... isis. ODN 400 11g 100 do. .2d call aig 100 Gumber © pref... 43° 500 do... ..830 6145 200 Canton Company. 401¢ 40 Cleve, Col& G RR 153 WOON YCRR,2dcail 95 = =B300 Chic A RET RR. \% 800 4 +830 94% 500 dO... esses 106% w #10 82 SECOND HOARD, Haur-raet Two Ot U8 6's,1881,¢ Us6' ni US 6',6-20,¢ 107% 100 shs Erie RR, 105 400 do 105% 200 do, 200 Hudson Riv RR. 108 Chic & RIBR.. 106, " 6000 Obtod& Mias cor. 10000 American gold 70000 do. 16 el5 142 New York| $7.4i5,259 1,451, 6.70478 aor: 7,027 613 1 Boned x 448,36; | tag ies 5.070.243 164,483 3.020.831 2901 (665,801 Leuivo xo 2.54 425) 8,620) “eats Fase] uo] abeaol Zo.egee| Senin | Pisz'e) Selden] S000] Tapes a. Greenw'h| "as0,001] 71,415} 10,106] “oas.877| 1 teu bin's| 2.924'US ZT) | adn gas) BAL BAD Sev Ward] 98.555] SU211] 16977) 885,284) 305,612 resco] 1earesea] 000) s8s'oul 1'782 001] $:008:000 8,467.274{ 181,916) 820,801] 6,182,722] 1,974,850 Lei 064] 7166) 11.795] 1.604,387] | 602 198 3220'765| — BR'348] 4.49] 8,021,211] 1,047,911 1}342,879| 17.472! 97,061) 1,677/489) 429,085 4,4°21306| 95,510] 75,000] SRS0\A3] 915.435 Lon a] atais) Samal Lassa] go 278 People’s.-| 1,826,309] 45,748] 9,883] 1166.90) 200,007 No Amer| 8.513001] 97,081| 81,084] 2003,286) 726, uss Hanover .| 2.228980] 67.907 1966-763] 52,460 Irving. 1,876,755] 30,405) 1,405,302] | 526,104 troy ssi 220] 1781962 7/096,810) 8,264,000 Citizens.) 1833305] $9,171 151,615 417,4.6 Nassau,..[ 2,849,458) 2104;802] | 518:707 Market.."| 218280) 71,184 2,222,481 st St. Nich’s| 2,125,420] 1,454,083) 793,433 Sh&Leuti| 3,374,166 5 2731,771| 1,042,880 Corn Ex..| 2921296 21498465) 885,000 Contin’n’!} — 3.374,911 2,040, ‘904,000 Com’ w'th| — 2,800,532 4161/3453] 1,431,742 Ortental. 1,049,941, 1,01 255,233, Marin 1}600 452 1383 461,700 Atlantic. ;| 1,109,007] 25,473 ImpaTra,| _4/910,352 4.888.201 | 676,719 Park 12200104 12,041,745] 3,614,399 1,745,850) 1207, 44,920 ‘30, Gas ‘990,273| $16,406 1,553,499 1,5421603| 812,632 415,418 '524,700) _ 180,138 2.2993) 866 2,044,743) 1,192,079 16,081 344 13,158,188] 4188, 221 15,214,796) 16,468,062 te T,472'00 1,147,280 ‘08 Bull's ti rs Seen aa Manutac.| — 249l4rd S0n370) 61,215 ‘Totst. .. [g221 285 082 420285 | 60,064,646 CITY COMMERCIAL REPORT. Monpay, July 17—6 P. M. Asurs,—Receipts, 37 packages. The market was quict and prices were unchanged. AxconoL.—The market was quiet at $410 a $4 15. Breansrvrrs.—Receipts, 12,657 bbls. flour, 1,077 do. and 704 bugs corn meal, 66,156 bushels wheat, 45,693 do, corn, 77,760 do, oats, 6,094 do, rye, 9,538 do. malt, Tho flour warket at the opening was firm under a moderately active domand, in part for ship- ment, and prices at tho commencement advance be. per bbl. The - salos were 10,000 bbls, the mare: closing dull at our quotations. Canada flour was quiet, but prices advanced 5c. a bbl. The sales were ubont 400 bbls, Southern flour was in moderate de- mand, and the market ruled firmer, in sympathy with other kinds. The sales comprised 600 bbls. Rye flour was quict and unchanged. Corn meal was in fair de- mand, and priecs were very frm. The sales were 800 a 900 bbie, Brandywine. We quote:— Superfine Siate aud Western flour, $5 70a 615 Extr ¢ 6650 6 80 685a 690 6754 695 i 6908 705 Western trade brands, . 710a 8 00 Common Southera » 700a 790 Fancy and extra do. 1958 11 60 Common Canadian. . 6T5a 6 95 Good to choice T0a 815 Rye flour (¢ 5308 665 Corn meal, Jersey. 4250 475 63a — , ‘wine. Corn meal, Brandywine, pancheons, -26.00 a —The wheat market was; moderately” active, and prices wore Ic, a 2c. betier. The sales embraced 76,000 bushels, in part for exper $1 43 a $1 44 for amber Milwaukee, $168a $1 70 for aiaver Michigan, $141 for Chicago spring, and $1 42), for MIwaukee club. Corn was in good re- quest, and prices wer better. The sales were about 70,000 bushels at 7c, a 8c. for unvound, and 82}¢c. @ 8i},c. for sound mixed Western. Rye was fairly active, and prices were a shude firmer. 6 sales eral 22.000 bushels at 96c. a ¥Tc, for Western. Barley was quiet and unchanged, Malt was in moderate request ard somewhat firmer; the sales were 7,500 bushels ab $i 67. Oats were fairly active. We quote Western at 59e, 2 600. Cortox.—The market was dull, and prices were about 1c, lower on ail graces, The sales were 1,000 bales. We quote:— Upland, Florida, Mobile, N.O.&T. +39 40 41 41 0 50 51 51 Good widdlii 52 53 54 55 Cor? The market was very quiet, and prices, though without, decided change, had an upward inclination, Freicu7s.--The market was quict. The engagements were—To Liverpool, por steamer, 15,200 boxes cheose at 40r,, 720 boxes bacon at 34d., 1,000 packages butter at s cotton on private terms; and to London, per steauer, 10,000 bushels wheat at 58. a 5446. Hay.—the market. was quiet and pricea were nomi- nally unchanged. We quote shipping at 90c. a $1. Mozasees.—The market remained steady, but prices were firm and nominally the same. Ous.—The market was moderately active and prices were firm; smail sales of bleached winter whale were of- fected at $1 20; natural do. at $1 16; natural spring do, at $1 12; bleached winter sporm at $2 20; natural do., $2 15. _ Linseed off was in light demand, and pricos were hom:nally unalicred, We quote casks, $1 19; barrels, $1 20. Lard oii was active and prices were firm; the sales wero in stoall lots at $1 75. Provisions. —Receipts, 204 bbls, pork; 362 do. beef, jard. ‘The pork market was quite excited, an mewhat higher. ‘The snes were god, con- ‘ebout 15,000 bbls. at $28 874 a $30 for new pets: firm at $29 8734; $27 a $27 50 for old do., cash and regular; $20 for prime, and $23 a $23 60 fe jor Also for July and August, at seller's opt on, 4,500 bbls. new mess at $28 7 a $20 25. Beet was quiet, With sales of about 400 bbis., at $10 a $14 for plain mess, and $12 « $16 for extra mess. Cot meats were st ‘The a 15, for shoul and ¢. for hans, jams were quiet and nomi- Lard was in fair demand, and prices were some considerable firmer. ‘The sales were about 1,800 bbls, at 173gc. a 224¢, Cheese was quiet. We quote common to prime at 9c, a 1540. Butter was steady, with small sules of State at 26c. a 36c., and Ohio at 18¢. a 26c. Bacon was dull and nominally enchangod. Prrroteux.—The market was dull, but prices were unchanged, We quote: ide, 38c. ; reiined, Sac. a b2i¢e., in bond. Ruck wax quiet, and nominally unchanged. Sugar.—The market waa steady, and prices, though firm, were nominally unaKered. The sales were 1,000 hhda, Caba at from 11%c. a 14c., and 2,000 boxes Havana at} Tie. STaaRine was in moderate ery We note sales of 40,000 Ibs, at 16340. a 204¢c.; also 60,000 Ibs. of grease at'Lle, a 11%. Taiow. market was firm, with sales of 135,000 Ths, at Me. a 1156. ‘War kxy.—Receipts 222 bbls. The market was Sa but prices continued vory‘tirm, The sales were 160 bbis. at $2 09 a $2 10 for Western. A Mexican Emigration Swit [From the Chicago Times, July 16. Two fast looking young men, giving the names of Charles J. Simons and Captain Oliver Leard, made their appearance at the Police Court on Thursday, to answer the charge of obtaining money under pretences. The pens witness, Mr. James De Foe, of Detroit, declared that the ace! had swindled him to the ex. tent of tour hundred and fifty-four dollars; that they had left Detroit, and that he had succeeded in tracing them to Chicago. ‘ peared from the testimony of De Foe that, some and his associate started an office in i f : i : a ; i A E : | : When the city, and"he Immediately started wore arrested in conde, and Milliken, Se oie ae them not coming {thin the provisions of ate under whi Bree from justice from another State can be were dismissed. ? | Navat Drrot on THR government en- | terprise of yy a depot for haval ordnance | just below Jefferton Barracks is being carried out with | ait practicable speed. The land to be occupied ts part of | the military reservation. The buildings will com) | two large tons powder pane, ‘shout one hun- | dred and fifty feet by fifty ; a structure for stores, two bundred and fifty by sixty, and an immense | shed of capacity suffictont to cover eight hat cannon with thotr carriages, — St Lowis Ranblican, ‘ NEW YORK .HERALD, TUESDAY, JUL JAY COOKE’S MANIFESTO. Our National Debt a “National Blessing.” REMARKABLE MONETARY «pu:As. Singular Arguments of a Literary Bohemian and a Financial Filibuster in Favor of an Enormous. National Debt, &., &., The five great Powers nent national debt. {t would seem that, tion was not incidental to the growth an: of States, it was the contrivance of practical finan- clers who share government with princes and the crisis of national li‘e, and economical good, what unenlightened to have cast uj penal necessity. The ee, of nent 1 ness of Great France, Austria and the United States, of the burden. of the interest of the debt. of each Ff gpeeneye of of the debts per capita on the population of each, and of the ratio of the interest to the annual production of the five countries respectively :— ran, it Ri ‘1864. Gt. Britain, 1863.. 4¥ United States.... Our ability to pay our war debt has been demonstrated by an exhibit of tho resources of the nation. The best statists connected with the financial department of the government have shown that the customs’ revenues of the United States, the excise and internal taxes, our mineral regions scarcel; Ps opened, oar two millions of acres of pettoleum wealth—our ungold public lands, and the certain growth of the country in population, antl the equally certain increase of its manufactures, will be suffi- cient to discharge this debt to the last dollar within twenty-five years. And this debt will be discharged if the ee or its retention un- , i8 a matter to decide. It is their debt to discharge, if it bea burden. It is their debt to perpetuate, if it be a ‘We lay down the i gerreringies that our national debt, mae permanent and rightly managed, will be a national ng. In studying these permanent debts, and discussing the policy of open Hare or discharging them by pay- ment, the mind should free itself from the tyranny of words. Great Britain is in debt to Great Britain. Great Britain does, indeed, owe Great Britain four thousand millions of dollars. The burden of the debt crushes the mind in contemplation of it. But its vastness is not the measure of the obligation—for thore is no engagement on the part of the debtor kingdom to pay the principal of the debt, and little if any expectation and loss ire on the part of its creditor gubjects that it shall be paid. The principal of the debt being thus removed from our educated idea of a legal burden, and of the necessity to fy anes a pecuniary obligation, ceases to represent the urden. The interest of the debt only becomes the measure of its burden, Great Britain does owe to Great Britain, con- fossediy, $4,000,000,000. But practically, and by consout and harmonious arrangement, Great Britain owes to Great Britain only $127,000,000 a year. And that isa very small debt for the proprictors and workmen of the “Workshop of the World’ to owe to each other. Its distributive burden is but $129 33 a head, which is not assessed on pay day per capita, but is justly apportioned, the larger share upon the proprietors of the workshap, and the smaller and smallest upon the artisans and labor- ers. This, practically and financially, is a fair statement riba) nature and burden of the much talked of British rt. Buch, too, should be the regard of our debt. The United States will owe, mostly to the people of the United States, $165,000,600 ayoar. The burden is nomi- nally $86 72 upon every citizen, and lees than that of the British debt, and, unlike that of Great Britain, wiil every ear rapidly diminigh by the rapid incroaxe of our popu- lation by Paenleretets Mand natural growth, and by the Gren augmentation of our wealth. For, among the other blessings of our war, ‘will eon the transfer of the Workshop of the World from England to Ame- Tica, The Englishman who has £20,000 in three percent consols at his bunkers and only ten guineas in his pocket, and who gives assent to a repeal made to him toro mine for coal on Vancouver's bas cash to go into the operation. Ho knows tl lively. ‘The world knows it, British consols are capital. This cannot be controverted. And the $4,000,000,000 of Brit sh debt is national cash — to the industry and commerce of Great Britain. For half a cenwury this seemingly and nominally buge end burdensome as served to vitalize the manutacturing and eding cones of the English people, and, as money, jod the British to do for that long time the marine carrying for the world, and to make for the world cloth, iron, steel, tin and hardware. This cnormous mass of capital, in- fuged into the business of ind at the close of her twenty-two ort war ye empire—almost always of par with gol daily and hourly into gold—accepted as gold in all trans- actions, was the sourco of that prodigious development of mechanical industry avd accumulation of wealth which eo suddenly bore upward the English after the battle of Waterloo to the command of the trade and finances of the globe. 1t was not the industry, 1, and frugality of the British lo—it was not their insular position—it ‘was not their coals nor their tron stone—that gave them supremacy on the ocean and in the money markets aud trading exchanges of both hemispheres. Their insular position was against them. Their limited inland territory was unfavorable to empire. Their want of spaco and their climate made them dependent upon other countries for their bread. They became suprome as merchants, manufacturers and money lenders simply because their national debt added four thousand millions of capital to their previously acquired wealth, and simply because this ‘vast infusion of weaith, which had every business virtue ofstandard coin, spurred the industry of the island, de- veloped its mineral resources, invented and put in motion ‘a vast mass of machinery, which spun, wove and ham- mered for the world, undersold the world, and sent the world to London to pay debt and borrow money. What place among the cities o” the world would not a perma- — debt of four thousand millions give New ‘ork? The Englishman's £20,000 in consols are mortgages, each and all, upon every nobleman's estate, and every sp:nning-jenny in Great Baitain—upon every coal mine and every ship—a mortgage of record upon every mug of beer held in the fist of a workingman throughout the kingdom—a morigage signed, sealed, acknowledged and delivered on the whole life, aye, on the death and burial of the people of all Engiand.’ It is the nationality of this promise to pay, backed up by tho most vigilant, dis- trustful and thorongh system of taxation, for the en- forcement of which the whole power of the government, military and civil, is piedged, that makes British congols the equivalent, ‘practicaily, of British guincas—that makes the $4,000,000,000 ‘of British debt an addition of $4,000,000, 000 ov money to the capital the kingdom other. wise possessed at the beginning of this century. It is precisely so with the war debt of the United States, Seven-thirties are available for any enterprise to which unoccupied lands, undeveloped mines, unestablished arts and unseized commerce Invite Amer.cans, They are cash capital, literally, abvolutely and without figure of speech. Practically they are cash in bank and cash in the pocket. The artificial measures of their value which stock ox- changes have succeeded in instituting at times nominally ee fluctuation to their worth as they lic in the bureau rawers of farmers, But in reality the depreciation of ‘Wall street docs not whittle off the thousandth part of a Po breadth oo Keey —. Thoso rye that area first ‘and mortgage upon 0 Unieed Bator, ‘and on all the people in the United and upon theit children and their children’s children. But whether three per cent above par or one cent above par, holders of this war debt of three thousand million dollars can any day and any hour, from saa Francisco to New York, and from Portland to New Or- leans, convert it into cash, ‘The funded debt of the United States ts the addition of 000,000,000 to the fously realized wealth of the It 48 $3,000,000,000 added to ite available active capital. To pay this would be to extinguish this tal and to fose this wealth. To extinguish this capi- tal and lose this would be an inconceivably great misfortune. This, our national war debt, shold be hold forever in place as the political tle of the States and the bond for- ever ofa wationality. It will give a common interost in the Union that nothing elae can give. It will impart to a copartnersty between thirty-five million of people the unity of arising from & community station solar ed's the’ Unton by. the Union do, m to. a pat States nor Southern ee mae nd e Rocky Moun’ nor States Hi nor Bates ve—States that m: Btates that it nor that woa ine nor smelt and aaa eee interests to draw asunder from each pregrietery insenest of tt voters of the several i tbe oe pet life of all the poll. tes teas ay dake 0 ouceat iment in the Union debt i tnd bed ae much it, been. a among the mo of South Carolina is now held in Rhode established. Our national debt should be held firmly in place as the Seeerten tp eyetens of diversified national indu wi wiry relieve us from dependence upon Europe— hi home market instead of market—ehall double the profits of farming donbling the markets for farm producta—shall swell the clase that ts devoted to agriculture, which js the sheet anchor of degnocracies, & ae a] F Ai 3 ij i fi ‘| iE S32 Ht i a eggs Hi i i f f ; i 3 H ul z Ey z : Fy BS & 1 BL 5 Bie Eresess z notes at pre- ‘sent ig restricted to $800,000,000, and the States in rebel- Hon have not begun to be reconstructed, and the national im. hardly crossed the Mississippi river. No man will say that that volume of currency is enough for the coming wants of the nation who considers the de- mand for Panerai god up in the resurrected and rein- vigorated Sout! ‘goon in the West and the far North- west—who considers the i that began to pour into the countr grounded arms, and which will for years flood to us from Germany, bay pe Franoe, Ireland, Norway and Sweden—who considers the vast attraction of manufac- that promises lasting rewards to labor in the midst of po- litics that crown labor with freedom and social equality — who considers the marvellous development of industry — mining, manufacturing and agricultural—of which our country is destined soon to be the theatre, and every hour of every day of which will demand currency as the machine of its exchanges. This is not a hazardous opinion which declares that in leas than twenty years our national bank note circulation will be one thousand millions dollars. Bear in mind that there are now in the United States thirty-five millions of people, and that for the last half century the population of our country has doubled tts numbers in every twenty- three and a halt years. The currency that sixty-one mil- Hons of people, unequalled in industry and untrammelied in enterprise, will require, has got to have the basis of # ational debt, ‘There is ‘no other foundation for it to free that will impart to it at once security and na- jonality. The national debt should be retained as a national sa- vings bank for the earnings of laboring men and women— a8 a national guardianship for the estates of widows and orphans—as the faithful national trustee for the property of men retired from business—of farmers and mechanics, aud generally of all those who are inexperienced in affairs, and who desire to be safe from loss, free from care, and relieved of the expense of management and the coat and perils of agency, In this regard the reten- tion of the debt is a solemn Caer = duty. That is not a civilized State in which legal provision is not made for the absolute security of the property of citizens too old or too young to administer it themselyes—which does not afford a safe investment for the earnings of that clags, immense in numbers, which has no tinancial judg- ment, and which is continually exposed to bo a prey to the organizers of fraudulent insurance compantus, un- sound banks, unneeded and unprofitable railroads, bot- tomless oi! companies, unproductive mining enterprises, loa:ng savings institutions, which is exposed to loss by flaws or usury in mortgages, by invalidity of bonds, b; dofalcation and extravagance in compener” Management” There can be no mistake about a seven-thirty mortgage on the United States of America. In it there is no risk and can bo no loss. About it moattorneyship need hover and gnaw. Women and children cun colloct their in- come from it with no more expensive agency than a pair of scissors. The national debt, made permanent, would change the politics of the country by whe agg Ser it tho ever leading cloment of public economy. isanship would ‘bs toned down—administration would be. more closely watobod—responsibility and care and integrity would be moreand more demanded of public mon and of candi- for office. great balance wheel would be intro- duced into jes and into the life of the nation, which would check passionate movements and restrain disor- derly tendencies. ‘Tbe retention of the principal of the debt, and the pay ment of the intorest only, would avoid the wrong of call. ing on this generation to discharge an obligation con- tracted in the interest of the nation for all time. There is no entirely just way of discharging a national debt, except by apportioning the intcrest to generations after gonerations, in perpetuity. There is no occasion for apprehension in any quarter that the annual burden of a national debt of $3,000,000,000 will oppress the A ging and hinder the development of the resources of our country. Tho nation as itis, in numbers, power and spirit, can carry the load airily and koep the route-step, too, on its march toempire. Tho internal revenue system wo have, faulty as it is in con- trivance und imperfect in its working, through our inox- perience of such a machine, would of itself sutfice to Taige more than the interest of the debt, and to throw a surplug into the general treasury, if it ad the efficiency of the English, French and German machineries of t@x collection. The public will be astonished and not con tent to learn that of the 100,000,000 gallons of whiskey annualiy distilled in the United States, but 40,000,000 pay the excise duty; that 60,000,000 gallons slip through our collection, or hide—do somehow got drank untaxed, or remanufactured in safe deflauce of law; that $120,000,000 from this one source, and ‘most righteous source of revenue are yearly lost to the national ‘Treasury for want of collection—a sum of money Practicably attainable, that is within forty-five millions of the whole amount of the yoar’s interest on the entire national debt. Save thix needless waste, Gathor the whole of the income which our tax law is framed to Held. Cease to lose three quarters or any of it, ‘he power of the nation, vigilautly and faithfully ap- plied, with the aid of adequate penalties for the tofrac tion of the laws, to be enforced without fear, favor or affection, is surely equal to the collection of every do!- lar of revenue from a system at once simple and popular by its limitation to a few leading articles of production Revit the excise aystem itself. Knock the inquisitorial and annoying features out of it. Quit counting the tea- spoons of the people. Stop feoling in pockets for watches to tax. Cease this inspection of buggy wheels and counting of harnesses, and the spectacied peeping into the work and incomes of tailors, shoemakors and smiths, Quit this counting off on mascu line fingers, that should be Loeing corn, the bonnets made by millinors and the manufacture of rainbow wrappage for our dear girls. Quit taxing the matches with which the people light their candles. A great nation should scorn such sources of revenue. A free people should be freed from inquisition into its domestic life by salaried officials. The pride of a nation, its truthfulness, its reasonable right of privacy in conducting its business, should be sacredly shielded by jaw. Petty sources of income to the United States of America should be flung away, To the utmost possible ex: should be avoided in on barnyards—all those that irritate in the gathering, and consequently demoralize, should be gem faban- doned by us, and that, too, right speedily and for over, Indirect and not direct taxation should be the order of The English have no trouble in raising the ima- ot yearly revenue required to carry on that the rdengome to the to the development of the re- sources: because after legislation has readjusted the internal taxes and the excise, and ro- modeled the tariif so a to throw the weight of the debt ‘We uso the words only to convey an idea, and Vocause of their popular signifi anes. Excise duties of sufficient |.) emount should be levied on these staples where produced, Tee aoe nes est iit Hl rE the duty of revising our constitution in this will atrike RA minds, unless the necessity for the jou can be obviated through our excise system as pro- joad, eas and leas every yoar, till its weight shall be no more Git glad! ly pay for the magne SR stability of government, pees jabor and : than this bave the easily borne and grown What they can easily do, Amoricans victorious from the most gigantic war the world bag seen, withthe rescued Teenie on our should- labor, somo of hs ebb ‘oxultingly propose some us ex! ing Off instantly the huge debt of our grost salvation. aes it was pleasant @ war song. it to hear. But the thing cannot be done. It is not practicable: first, the funded debts of the Uni States are con- Sere Or eee. Forman gdb aida gr ween the 08. 0 two hi iultion loan of March 3, 1 Predeomah'e in ton tm and payable, atthe option of the government, in ‘orty , cannot possibly be paid in 1? afer vg ne of, or other ion of money. Tho five hundred million loan of February, 1862, redeemable in five years and payablo in twenty, cannot be wiped out by 4 backs or town meeting enthusiasm. Much of it is held in Germany, and the Germans, hike other people, ene Spee, the bond." So with the seven-thirty loan. It is red from California to Maine, from Minnesota to Louisiana, in sums of fifty dollars, one hundred dol- lars, five hundred doliars one thousand dollars, and is held for interest, according to contract, and for safet of investment. If you wish vo menaure the tenacity wi which the sevon-thirty notes will continue to be thus held, you must plumb and put the rule to tho sense of a complete and indestructible security for the surplus earnings of years of labor at one dollar a day—measure the feeling of security for the savings of the pinched life of mountain farming—complete security for the holy surpluses from the use of the needle by eyos spectacled wita age and over-work, and the tears that goto blind the childless and the widowed, To measure this tenacity you must see the tenderness, the distrust, the mystery with which a soldier returning from the war tears open his shirt, and hides and snugs away in its inner pocket a sevon-thirty—the price of his blood. You inust see the devout look of a wholly satisfied waiting of th soul, and the onnobling sonse of personal and public importance with which a farm hand, furloughed after corn lanting, and come from a thousand miles away vest, puts his earthly ali into his country’s foan and belts it next to his heart, and turns homeward with an erectness gnd gravity that aro wor- shipful, as if he bad suddenly dscovered that he was of consanguinity to the United Siates of Amorica. His seven-thirties are part of him. He is a part of his coun- try. Take up the government debt. Start out your commissioners. Let them roll thrice three thousand millions back and forth across the contin ont through the tiers of tho States, announcing as they go, “We are here to pay off the national debt. Fetch out your notes and receive your money.’’ Ii thoy escaped derision, and vs- cap.d the contumely gendered of the suspicion’ of evil intentions, they would roll thcir glohes of coin baci whence they started, unlightened by tne taking out of one solitary dollar. Not a man upon the whole line of tuotr transcontincntal zigzag would jump the fence of a harvest ficld to talk over the protilered swap of cash for government promises. If a mother on the entire l.ne of their ridiculous pilgrimage should stop patiently in her kneading of bread and mildly talk, she would say of a certainty, “I had mouey and put it into bonds. Why should I cuange my bonds back into money?” The logic of tho people is ever unanswerable, ‘There is not on this continent a holder of a seven-thirty note—man or woman-—which wraps up the savings of. labor, who would conseut to ita preseut payment, or its payment ever, except under the pressure of debt or a domestic nee In the second place, it is not practicable to pay a dobt of three thousaud millions of dollars by voluntary sih- scriptions, aunply because it is not possible, We Ameri- cans arc very familiar with.the Hercules labors of build- ing churches, endowing colleges, constructing railroads and establishing steamabip lines with voluntary gifts of money. Fhe projectors, who themsclyes do the begging, wipe the dust off their shoes at night with discourage- ment and bomiliation. {f, poradv.ntore, stately sub- soriptions of five thousand doilars are persuaded to the head of the lists, they dwarf with amazing suddennen to ove thousand and taper off with lamentable swiftness tp: five hundred, one hundged, fifty, twenty, ton and five, tll the draguling ones impress the beholder comi- cally und the collector wrathfully, as the numeral ex. ponent of man’s charity and the public's spirit. If the experience of the collectors of funds for the beat of causes, in our best communities, were polled, it would doclaré, without dissent, that the difficulty of getting subscriptions, up-hill work as it is, is not a tenth part as great as that of subsequently getting hold of tho moncy. Jt becomes suddenly the most evasive stuf in the world. ‘We do not believe that thore is a man in Amer.ca, of average activity and devotion to tie cummon good, who will dare to rovall the history of his boxing, even for the most useful enterprises and sacred interests, who will not say that it is utterly impossible to get fifty mil- lions of dollars subscribed to the payment of our national dobt, and that thoro is not leather pnough in America to make the shoes that would bo worn out in vain ranoing after the money, after it was coaxed on to paper No! let us accept the public debt as public wealth, as the bond of political and national union, as the pafeguard of industry, aa the basis of our banking, a8 our orphana’ and widows’ fund. ‘The nationai 4 bt, rightly managed, will be tho national blessing. Police Intelligence. RECKLESSLY DISCHARGING A VISTOL—TWO PER- SONS SHOT. On Sunday evening Patrick Sullivan, a man thirty yours of ago, called to sce some friends living on the corner of Fifty-fourth street and Soventh avenue, and haviag « rovolvor in his pocket thought to amuse himself by discharging it. Accordingly Sullivan stepped to the front window and fired the pistol, which was loaded with powder and slugs. One of the slugs unfortunately took effect in the mouth of Joffrey Gilfoil, a lad who was then passing the corner of Broadway and Fifty-third street, knocking out three of his teeth and then lodged in the roof of his mouth. At the saine time and place Miss Gilioil received one of the slugs in Ler neck, inflicting a very serious wound. Officer Hildreth, of the Twenty- second precinct, arrested Sullivan, who was subsequently taken before Justice Connolly and committed for trial on thy charge of recklessly discharging a pistol. Tho in- jiffed parties live in Broadway, belween Fifty third and Pifty-fourth streets. A SOLDIER ROBBED IN A DISREPUTABLE HOUSE. Captain Jourdan and Sergeant Quinn, of the Sixth pre- cinct, yeaterday arrested Ellen Richards, keeper of the disreputable house No. 3 Mulberry street, and Mary Ann Murray, one of the jady boarders, on the charge of having stolen one hundred and forty dollars im Treasury notés from James Brown, a returned soldier. Brown took a room in the house, and, for greater security, tied the money in a handkerchief and secured it about one of his logs; but after being in bed about twenty minutes ys) set ney) the a me the Bsn and ‘oreibly took the money from him. Among the stolen aes a marked twenty dollar bill, which Brown de. scribed to Captain Jourdan previous to the arrest. This bill was found in possession of the proprietress of the place and identified by the owner. Tho accused parties’ wore taken before Juatico Dowling and committed to the Tombs for trial, bail being refused. Within the last few months no jeas than eight soldiers and citizens have ROBBED IN & LODGING HOUSE, Frederick Grossmaker, keeper of the lodging house 148 Leonard street, and Edward Hampson, one of his patrons, were arrested by Captain Jourdan, of the Sixth precinet, on the charge of stealing $56 from Joha Loch- rane, residing at No. 108 Seventh avenue. While in the basement of the premises Lochrane drank ome liquor which one of the females in the house had hased with ‘money furoished by him, after which he fell asleop and his money was stolen. Sullivan, a woman living in the place, testified to seeing the prisoners rifling the complainant's pockets while he was asleep. The ac- parties were taken before Justice Dowling and locked up for trial in default of $2,000 bail each. HIGHWAY RoDBERY. On Saturday evening last Mr. John Adams, who is in business at No. 34 Liberty strest, visited the Park, and on his return was attacked by three rufflans and i robbed of his which, fortunately, contained asmallamount. Mr. Adams was alone at the time, no policeman being near the thieves wore enabled to make escape uni ‘bed. A COUNTRY GENTLEMAN BOBBED. Mr. Benjamin Bicker, resident of Bangor, Me., but at Present stopping st No. 143 Forsyth street, yesterday ap- peared before Justice Dowling and lodged a complaint ee eee eae daa Wie Win, oho robbing him of $200 in national bank bills, while n- after reaching Ricker's missing pt, tho a exceedingly shame! wo man, only 21 years of age, and a native of New York. T committed the acoused to the Tombs for trial in default of bail, DISTURBANCE {N & CONCERT SALOON. A disturbance occurred in the lager bier sa- loon, No. 16 Bowery, about half-past two o'clock yesterday morning, between Lewis Doser, a pailor, living at No, 308 Ninth street, and William wit ating “Brooklyn Bill,”’ during ‘hich the inter pate obenty lager bior glass and beat Doser on the head in a very serious manner. Bul made his escape befere the police could reach tue spot. Doser was taken to the Tenth inct police station, where his | wounds were dreased by a wargeocs, ne SOUTH AMERICA. NEWS FROM THE RIVER PLATE. Celebration of Indepenaence Day in Brazil. THE WAR STRUGGLE IN SOUTH AMERICA. BRAZILIAN LOAN. American Squadron Expected at Buenos Ayres. DISCOVERY OF OIL. SPRINGS, Kory kee, ae. Bunwos Avnes, 8. A., May 27, 1866. ‘This mail leaves this city at the close of its indepemd- ence anniversaries. The 25th of May here answers to the 4th of July in the United States, and the year ef national independence is 1810. The city has had its usual intoxication of dolight. By day the strects are crowded with the utmost gayoty and extravagance. ‘The principal plaza has been filled by from fifteen to twenty thousand persons, gazing at the military reviews and athletic exhibitions prepared for the masses. The even- ings are mado brilliant by froworks and rockets, after which the theatres are crowded by the pleasure seeking multitude, On these occasions the theatr:s are decked in tho most patriotic style. ‘The crowds of gay attendants never exceed the splendors of the 25th of May, and the profusion of banners, wreaths, mottoes and bou- quota all add to tho assurance that a great day is celebrated. For wecks the preparations are made for these festivities. Tailors, milliners, shoe- makers, and all others who cultivate outward comfort or external beauty date from the 25th of May, as farmers date from harvest or mariners from leaving ‘port. National and provincial officers, foreign ministers, consuls, officers of the army, &c., attend high mass im the cathedral, and the National Guard pass im review before the President ut the close of the festivities. This yoar the United States Minister and Consul appeared ia citizen’s dress, and by ther plainness they were the most distinguished of the whole group. ‘The latest news from the United States has throwm this city into a ferment not often witnessed. The natives do most heartily rejoice in all our successes, the copper- heads almost lost the butternut hue, and the loyal ricans were too happy to be quict, $n the evening the public plaza and various private residences were bright and noisy with rockets and fir.crackers. The Ministor, Hon. R. ©. Kirk, received many congratulatory calls, Kven our English friends are regaining their for- mer philanthropy and hatred of slavery. ‘The cloud of war darkens over,an entire half of South America, engaged in one national struggle. It is Brazil, Uruguay and the Argentine republic against Pari a ‘The Paraguayans have sent a strong force to invade Brazilian province ot Rio Grande, and another to invade the Argentine province of Corrientes. The former has just reached the borders of Rio Grand2, and the latter is sweeping across Corrientes with @& formidable« force. Neither of ee ig sivas of Paraguayans has met, to this date, with any repulse, ‘The allies are proverings they have to be- ‘in the war and enter the fi fhe three nations have to learn each other’s powers resources. All tiis requires time. Meanwhil>, ing chi- mate never cold, Paraguay is pushing on columns long prepared for this war, and their success is certainly em- conraging thus far. . It is stated that they have reached the little town of Bolla Vista, with a force amountit twenty thousand or twenty-five thousand men, as it is arioualy estimated. —Thoir flost is also advancing down variously esti ay aoe the river, and the Brazilian fleet is retreating to await tho arrival of the auxiliary land forces of the allies. ‘The ablest Argentine generals are to meet in afew days, in front of the Paragvayan hordos, and thore will be & trial of strength that will greatly affect the ngture and duration of the war. President Mitre himeelf, by the constitution Comman- der-in-Chief of the army, Will leave this city to take chief command of tho national forces in a fow days. He is a great favorite as # mihtary leador, and he is un- Doundedly popular with all classes. ‘The cold of our winter is making fatal work among the Braz lian soldiers at Montsvideo and along the river. Tt ts not unusual to see reports of ten to twenty deaths per day from various causes connected with unwonted exposure to tho cold. This government is about to send one of its ablest financiers to. Enrope to negotiate a loan of twelve mil- lions of hard dollara. It would not so-m a hard matter to raise that sum in a popular loan in the United States; yet no effort to obtain the money in this way has been attempted here. Mr. Riestra lived for many years im England, and was extennl ye, engaged in business there. He is personally and favorably kuewn among merchants of Europe and other capitalists, aud he carries with hime a reputation for uprightness and financial skill not sur- inthis country. He is Lieutenant Governor of encvaine and he jong filled the office of of the Treasut An ‘American squadron is expected very soon for these waters. All other great nations have a larg: naval force here constantly, and the American interests have long needed the same precaution, The discovery of kerosene in the province of Jujuy promises to be a great thing for this country. keros ‘ne lamps are replacing the old oil lamps, and one Leouardo Bella has applied to Congress for a patent for working the petroleum springs. ‘A Welsh colony has been planted in the desert regions of Patugonia. An agent has been endeavoring for two ears to obtain a grant of land, and the rivalry of claims Cotween the nation and the : rovince has long kept them from obtaining land. Now they propose to go and buy it, and are arvanging for many thousands of immigrants, some hundreds of whom are now daily expected. They are prepared to establish mills and manufactories of every kind, and with machinery and scientific labor they hope to meet the scarcity of manual labor in this country. Under the pretext that they are Mormons, thero arisen great opposition to their coming. Thiw seems a pretence merely, — that is known p Eee is cont to such an idea, as there are among Mm KOV- oral Calvinistie Methodist ministers. It is really de- signed as an offset to Mormon emigration, as the ‘elats have no other outlet for emigration with which they are ainted. .e war at home and the war here have seriously de- ranged the business in the river Plate, The products of this province will not be much different from iast year— more rather than less; but fram the two provinces of Entre Rios aud Corrientes we shail receive bat little. ‘The railroads aro ing, hardly feeling at all the demands of the war. Enormous quantities of material have lately arrived from the United States for tho groat Central Argentino Railroad. Coroner's I Farat. Row-ovme Casvatty.—About eight o'clock yes- terday morning William Leoppler, a lad thirteen years oe , was run over on the corner of Ninth avenue 'y-firet street by @ butcher's cart, and so severly injured that he died while being conveyed to St. Luke’s Hospital. The Coroner was notitied to hold an inquest. MARRIAGES AND DEATHS Birth, Commn.—At 233 East Broadway, Sunday, July 16, at quarter to three o'elock 4 BL, the wite of Abrahass Cohen, df 9 son. Philadeiphia papers please copy. Died. ly, on Saturday ‘of this eity, evening, July 18, Oars. iy fa y invited to at- at two 0% on year of his age. ‘The relatives and friends of the family are invited to attend the funeral, on Wednesday at one ovcl from the residence of his brother-in- law, Patrick O'Brien, 178 South Second streot, Jersey bg te Ls In Brooklyn, on Wedn June 2%, Dmua &, wife of Abraham J Banvole daughter of Israel and Dee 8. Hawkins, in the 23d vear Cera aan cae age ey tes ma iy oe ae , and now they lie sleeping A parting kiss to all; good-by. ere Lam going to my God. fone [in that qui the green sod, Never again from each other to part, And are happy with God. Conetiy.—On , daly %5, Hawvan, wife of Isaac Conklin. friends of tho family are ree fat te West Eighteonth street, this (Tewsday) afternoon, at bf Brooklyn, on Monday morning, July 17, Ronert M, ORRED. ‘noral house of his brother-in-law, B. C. Funoral {rotn coaay moraing, at half-past nine o'clock. Friends and acquaintances sre-invited to attend. The re- tnains will be taken to Jamaica, 1. 1, for interment. Gunay.—At Bay bgt jonday morning, July 17, ‘fat half-past six o'clock, after a short but severe illness, in the 20th yoar of his age. PARI lll ‘be. taken to. St. Michael's church, ‘Thirty-second street, near Ninth avenuo, on Wednesday morning, at oloven o'clock, whore 4 solemn reauiom rst campaign in Gra aoe | J