The New York Herald Newspaper, February 16, 1867, Page 6

6 NEW YORK HERALD, SATURDAY, FEBRUARY 16, 1867.-TRIPLE SHEET. THE CITY. A moging was convened at the Astor House) yeater- day of gentlemen whose business requires them to cross thp Hoboken ferries, for the purpose of concerting measur@ to secure greater safety, convenience and regularty in the management of those companies, The eppointnent of an executive committee was provided for, by whom a plan of action will be reported. A lengthy investigation into the origin of the recent on Broadway and Leonard street was held by the ire Commissioners yesterday. Captain Jordan, Sergeant falsh several other members of the Metropolitan Police foce md the private watchman of the firm were ex- amined A wal of a bailding im course of erection on Sixty- second steet fell yesterday, injuring four workmen, two of them eriously, Another wall on Second avenue also fell yeateray, but no one was injured. In our Trnje Sheet this morning we publish ‘Trade and Traffic fi the City,” and the voice of the preas on “The Prohiblory Taritf,”” NEW YORK HERALD. JAMES GORDON BENNETT, EDITOR AND PROPRIETOR OFFICE ¥. W. CORNER OF FULTON AND NASSAU STS. —===_—— Volume XXXII...... No. 47 AMUSEMENTS THIS AFTERNOON AND EVENING. ATRE, Broadway, near Broome aBROADWAY,, THEATH icpanvor (SCiM? —CINDERELLA, Matinee at 134 0’ Clock—Crossinc Ling—ALappix, HEATRE, Broadway, opposite New York wioial run Tower oF Laarm Max. NCAIS, Fourteenth street. near Sixth THEATRE FRAY ana—Matinee at One oClock—i1 Soares Evening—Les DsMows.ins pe St. Cre, OPERA, Olympic Broadway.—Matinee ot 'tes a olock—StRADBLLA. ™rechagetun Gnas aD Canranrar. In the Suprene Court, Chambers, yesterday, the case DODWORTH'S ELA. £08 Bygadwag-—Paormson Hanes of George Olne, of the steamer Washington wit Penromm His Minacum—' ag 4 Irving, came up a an é for his discharge on a on oe . writ of habeas orpus. The petitioner's counsel con- ‘tended that the reuiaition of Governor Pierpont was in- valid on the groun: that there was no such State as Vir- ginia in the Union reognized by the federal government or the Senate assuch that Governor Pierpont had been ‘appointed Governor b, the President, who had no right to make such appointaent; that the Governor of New York has no‘legal authoity to expatriate a citizen on the requisition of Governor Perpont, and that we bave no tresty with Virginia for tat purpose, He signified his intention of traversing the return to the writ, and the hearing of the case was Sti \jown for thts morning at ten o'clock. In the Court of Oyer andterminer yesterday Judge Ingraham sentenced several pritners to diferent periods of imprisonment. The Grand Jury, having laid present- mente before the court in referency to the present sy3- tem of lotteries ‘and mode of busing pursued in the Junk shops, the latter being characterned as “nurseries of crime,” were discharged from further attendance. The fine steamship Cily of Baltimory, Caymin Mo- Gulgan, of the Inman Inne, will leavo pier 45 Neth river at noon to-day for Queenstown and Liverpool. The mails for the United Kingdom and the Continent will close at the Post Office at half-past ten A, M. The stock market was rather unsettlod yesterday. Gold closed at 1369 after selling at 136%. Dulness continued to be the prevailing feature in the markets yesterday. In some commodities, however, a fair business was consummated, but generally at prices indicating a decline. Coffee was steady, with a fair de- mand. Cotton was decidedly firmer and more active. On ’Change flour ruled dull and heavy, Wheat closed doll, at a decline of 1c. a 2c, Corn was firmer and ac- tive, Oats were inactive. Pork was dull and irregular, Beef was steady, while lard was active at Cull prices. Whiskey was steady. Freights were unchanged. Naval stores quiet, but firmer. Petroleum was without decided change. Wool was firm, with more doing. MISCELLANEOUS. We have several long and interesting letiers from Mexico to-day, the latest dates being Vera Cruz, Feb: ruary 3; Mexico City and Pucbla, January 29, and Ori- aba, January 23. They confirm our Inte telegraphic despatches in their main points and furnish details of the arrest of Maximilian’s chief of police by Bazaine, the Vera Cruz Custom House affair and other important matters. The French troops serving with Miramon and Mejia had retarned to Bazaine undor bis recent order diafranchistng thom if they took service in a foreiga corps, Maximilian was expected in Vera Cruz by the 10th of February, when it was beleved he Would sait for Miramar in the Dandolo or bis own yacht. Bazaine is said to be in full accord with the liberal government, Lew Wallace, formerly Major, General of ‘volunteers in the late otvil war in the United States, has accepted command of a divisiouin Jyarez’s army. The organ of Juarez publishes an -aileged deoree from that personage, forbidding traffic between the republic: of Mexico and the powers of Europe which have recognized Maximilian, Matamoros despatches of the 7th inst. confirm the story of the occupation by Miramon of ‘Zacatecas, and the hurried flight of Juarez, whose whereabouts are. at present unknown, and fears of his captare by vhe imperialists aro entertained. Our Havana correspondence is dated February8. Six of thé créw of the American schooner John Lawrence had been picked up at sea. The small pox was rapidly decreasing at Matanzas. The sugar market was dull. ‘1H. C. Rawson, a leading merchant of Hartford, Conn , committed suicide yesterday by leaping from a window of bia residence while ia a fit of temporary insaalty, caused by a disarrangoment of business affairs. The first registry of voters in Goorgetown, D. C , since the passage of the sufirage bill was completed yesterday, and foots up eleven hundred whites to about nine hun- dred negroes, Nine or ton thousand doliars in United States securities and a number of certificates of bankj stock were stolen from the house of H. P. Dur, at Milton, Mass, on Wednesday. The premature discharge of a cannon at the funezal of @ soldier, in Honesdale, Penn., yesterday, mortally wounded two men and slightly iajured another. Forty recruits of the Eighteenth infantry are said to have mutinied while on the route to Fort Phil Kearny, recently, and under the lead of an old soldicr had shaped heir course for Mexico to join the army of Juarez. A tenement house in Cincinnati was destroyed by fre yesterday, and one woman was burned to death. Hanson Baumgarten was hanged in Marictta, Ohio, yosterday, for the murder of John 7. Enbarke in Sep- ‘vember last. The railway bridge over the Genesee river, at Roches- tor, gave way on Thuraday night from the pressure of jee against the ‘The town of Taylorsville, Spencer county, Ky., was feet under water yesterday from a freabet. STEINWAY HALL, Fourteenth street.—Pusuc Re- HRARSAL OF tHE PaimaRmomc Socistr or New Youx, at ‘Three o'Clook. IRVING HALL, Irving place.—Guaxp Cuaniry Concert. 4 fod 3. 585 Brosiway, opposits SAMUS O.ATSETS tent eee Yaour Oxon. sitetna Now York Hotel ~ix tania Sores. Dasens’ koe ee: ao. —Tux Two Paina Downse—Gun- NUE OPERA HO! Noa. FUrTH AVE! OPE USE, and 4 West Ermorian Minstrecer, Bacvai Somsmeguas, £0.—Jusr Burouz tax Buoxx or Dar. at ahs k, COMIC vex PASTOR'S OPERA HOUSE, 201 South, Neono, Mineraisy, BAtuer 9 SoBe Mac Coos, ne nm Rervarn. Matinee at m eset CHARLEY WHITE'S COMBINATION TROUPE, at Mechanics’ Hall, 472 Broadway—Im 4 Vaniery or Licut Ap Lavonasux’ KxrsuraINMents, De Bauer, &e. ‘Tux Stage Sexvck CuampmRMarp. Matinee at 235 o'Clock. MRS. FP. B. CONWAY'S PARK THEATRE, Rrooklyn.— Romance axp Reauiry—Taw Oczan Yaout RAcz. hs COOPER IN! . Ei —Dr. & P, vt iy Se ne ats ‘De. Hepparp’s THE BUNYAN TABLEAU: Uni Hall, Teeny ined Geet ond Betedwae Monee Manes of tae 3 tary MAaGwiricusr SCaNES. SEVENTH REGIMENT ARMORY, Tompkins Market,— Grarvt.a's Ruoimentat Banp Concert. NEW YORK MUSEUM OF ANATOMY. 613 Broadway.— pa Rieat Ey or yy oaet—Tam Ww. ‘Onpans "I NavoRAt, Hiseony, Sevan : Lsorvaus Daur. ‘Open trem 8 acu Un IOP Me DERBY'S NEW ART ROOMS, 8&5 Broadway.—Granp Exnusrtiox or Paiwtincs.—Rosa Bownxur’s Horsn Fam. TRIPLE SHEET. Now York, Saturday, February 16, 1867. EUROPE. ‘The Irish telegraphic lines between Killarney and Valentia ceased working on Thursday evening, andj as they remamed down yesterday to the time of the Hxnaxp going to press this morning, no further news bad been received through the Atlantic cable concorning the Fenian “rising.” e ‘ By the Atlantic cable, under date of the 14th of Feb, Tuary, we have a longthy report of the comments some of the London journals on the subject of the offer Of the yabht Henrietta as a present to the Duke of Edin. ’| burg by her owner. These despatches wore conveyed by mall to Killarney and forwarded, it is supposed, in the same way from the mainland to Valentia. John Bright's speech at Rochdale, England, which we Publish to.day, contains a comprehensive and clear defl- nition of the political position of the great reform leader, with a terse statement of the claims of the people. CONGRESS, In the Sonate yesterday bills relating to appeals and writs of error to the Supreme Court; providing a com- mitses of army officers to decide upon claims for stores furnished to loyal persons during the rebellion, and to Tegulate the disposition of fines received under the laws relating to customs, were reported from commiticsn, A Dili amending the act for the removal of causes im certain cases from the State courts was introduced, and the Dill to amend the act to prevent smuggling was passed. ‘The House Reconstraction bill was taken up and Mr. Jobneon offered the Blaine amendment which had been rejected by tho House. A lengthy debate ensued om the proposition, and in the course of it Mr, Fessenden took occasion to advocate universal sulfrage. Mr. Howard in answer to a question said be had no information as to whether General Grant ‘would carry out the views of Congress or those of the Prosident should the bill pass, but he believed U. 8 Grant would do his duty. Mr. Stewart, of Nevada, opposed the bill, He deprecated the establishment of militay power in the South- orm States, unless there was some road open for ‘escape to the Southern people. In the evening session ‘Mr, Wilson introduced a bill proposing the conditions ‘apon which the Southern States may resume their posi- tions in the Union. The reconstruction bill was again taken up, and an amendment offered by Mr. Henderson to the Blaine amendment, was adopted. At midnight an attempt was made to adjourn, bat proved unsuc- cossful, At half-past one A.M. another unsuccessful attempt to adjourn was made, end at the hour at which ‘we go to press the Senate was still in session. Ia the House numerous private bills were disposed of, ‘and on the oxpiration of the morning hour the Bounty ‘Equalization bill was taken up, Several amendments wore offered. Mr. Ward, of Now York, and Mr. Rollins, of Now Hampshire, objecting to the deduttion of local Dounties, asthe Eastern States, where liberal bounties had been paid by the local authorities, wohld thereby be called upon to pay bounties to the soMicrs of States which had not been 80 Mr. Réllios offered an @mendmont to that effect. | It was warmly opposed by ‘the Western members, and as warmly supported by those from the Eastern portion of the country. The amend- ‘mont was rejected by yeas 74, nays 85, the vote being entirely sectional and not political. The bill was then passed by 02 yous to 69 nays, several of the prominent republican members voting against it. The provisions of the bill are given im fall in our Congressional pro- ceedings. In the evening session the Bankruptcy bill came up, the question being upon the Senate amend- ments, which Were non-conourred in. The Internal Revenue bilt was considered in Committees of the Whole, ‘and the House adjourned. THE LEGISLATURE. In the Senate yesterday bills relative to the use of cer. tain boats and vessels in the Metropolitan Harbor dis- trict, and for the better protection of seamen in New “set. wore reported favorably. A bill for the proper President Johneon’s Difficulty and His Way of Escape. | The other day, at a State dinner at the White Howse, as it appears, the party was chiefly made up of democratic members of Congress. The next evening, it is repofted, the President was “not at home’ to visitors, being absorbed in a eonsull with a business committee of republican members of the House, that body, during the day, having passed the Louisiana bill of reconstruction. It is rumored, in the next place, that the democrats are beginning to sound the alarm that Mr. Johnson is going back to the radicals, and that hence ‘it devolves upon the democracy to be on the qui vive. His political ruin is predicted on this tack, while it is morally certain that by holding to “my policy” he will bring upon himself the last resort of impeachment. He is like a ship under a heavy gale, in the dangerous strait between Scylla and Charybdis. How is he to escape the rock without being engulfed in the whirlpool ? General Banks, after an earnest effort in the House, seconded by Mr. Raymond, in support of a compromise which he had to submitin the President's behalf, was borne off in the tide for the Louisiana bill. Mr. Johnson was willing to accept the pending constitutional amend- ment, omitting the rebel disability clause and suggesting a qualified form of negro suffrage. Upon a pinch he was even willing to whistle the rebels down the wind and to concede a very liberal suffrage to the blacks, if Congress would only recognize and work upon the found- ation of his Southern State establishment, But the Louisiana bill amounts to a decree from Congress that it will have nothing less than the absolute repudiation of all his Southern work of reconstruction, from Alpha to Omega, from first to Inst, Meantime it ap- pears that his plan, embracing the pending ter reguiation of pawnbrokers and junk shop keepers; eGining the jurisdiction of the Cours of Sessions and Police Courts of New York, and securing express com- panies equal rights on raiiroads were passed. The Con- ervatwaat Convention bill wee made a special order fur the 21h inst, and the Senate adjourned until the 25th. Ia the Assembly the bill relative to the public markets ‘was reported with an amendment. Bills to amend an ‘act relative to the Commissioners of Emigration; rela- tive to the formation of gas companies; to regulate ‘the uso of certain slips, piers and wharves in New York; compelling horse railroads to make reports; to amend the General Insurance act; to amend an act relative to ‘the payment of bounties and others were reported from committees, Bills to authorize railroads in Henry and other strests of Brooklyn; to prevent gambling on rattroed jj to facilitate travel in Contral Park; to amend eet felative to the Police Courts; to forbid «persons standing im front of places of business and en- ‘ti ing away customers; to amend the Metropolitan Fire jPvrartment. aot and provide for the* removal of #C>\.:ntamtonors; to @athorige the Manbattan Rattrond debts and claims for slaves, and its binding obligations in reference to the national war debt ; and they do not like Mr. Johnson’s idea of equal suffrage, even to the reading and writing niggers of the Freedmen’s Bureau. If an educated nigger is admitted to equal political rights all the niggers will soon be educated by those intermeddling” “ Yankee school marms;” and what then will become of “the white man’s government” in the South t This is a startling question; but the point for our present purpose is the virtual rejection by his North Carolina Legislature of the com- promise agreed upon between Mr. Johnson and his Southern governors as a peace offering to Congress. If his Southern legislatures will not help him he is no longer under any obli- gation to uphold them. If he has taught them that they have the constitutional rights of States, as he bas reconstructed them, they may be excused in sticking to that text; but if he bas thus placed them beyond his own reach, the best thing that he can do is to turn them over to.Congress, We expect that soon after or before the assembling of the new Congress in March the great amendment of reconstraction will be proclaimed by act of Congress part and parcel of the constitution, binding alike upon all the States, in or out of Congress. If so, the outside States will have no alternative but to build their local governments upon that foundation ; but at the same time, if they do not at once accept it, they will still be subject, as unreconstructed States, to the more strin- gent terms of the Louisiana bill. In any event, by his own unauthorized, crude and slipshod woeasures of Sesthern reconstruction, Mr. Johnson has thrown that business entirely out of his own hands. If, therefore, it is rejected by Congress there is an end of it, and Congress must begin at the beginning. Nothing can be more preposter- ous than the ‘dea that in setting up a State according to his own notion3, and in pro- claiming it restored, Congress has nothing to du but to admit its elected members to both houses. That fallacy is certainly at an end by this time. Mr. Johnson’s policy of rebuild- ing States would apply just as well to the Ter- riiory of New Mexico as to Texas. He ought, therefore, to higgle and biggie no longer about it, but surrender at onceeabsolutely the ques- tion and the powers which betoug alone to Con- grees. But there is the question of consist- ency. Fiddlesticks! Who cares for the con- sistency of Mr. Johnson? Nobody. What docs it amount to, when he is consistent only in adhering to his blunders? That is the weak- est fallacy of all. Regardless of what men say of his consist- ency, Mr. Johnson, having beaten about all sides of the bush, cab afford to turn once more right about face. And what theu? The republicans’ will till despise him: and the democrats will return to_ their 014 abuse of. him ss @ “ranting domagague,” “an” uvprin- cipled. renegade” and “a boorish tailor.” Who cares for that? Nobody but the green apprentice in politics. Calling some able financial men to bis assistance, let Mr. Johnson next frame a new programme for the new Con- gress on the money question, embracing the substitution of legal tender notes for the our- vency of the national banks, the consolidation of the national debt and a sinking fund fo: its redemption, the reduction of the tariff to a moderate revenue standard, the abolito 1 of the income tax and the simplification oi our whole national revenue system, with a view specially to the relief of the working classes, and let bim associate with these reforms a specific system of retrenchment and economy in the national expenditures, and he will soon rally the masses of all parties to his policy. On the national bank question alone there is a field for a grander success than that of Old Hickory against the old United States Bank. For example, we are paying twenty millions @ year for our national bank currency, which could all be eaved by substituting legal ten- ders, and this is but an item in the general account. While the complete abandonment of his Southern policy, then, will save Mr. Johnson from impeachment and removal, this new programme we have indicated will put him as firmly upon his legs as Jackson stood upon the bank question. Our Spring Trade. Very general complaint -is being made all over the country as to the condition of our spring trade, It is not to be denied that trade is dull. * As compared with last apring it is a0. In considering the causes which have led to eid which maintain the present stagnation of business it ought not to be forgotten that while some of them are to be deplored as national calamities which ought never to have existed, others of them are nata- ral and almost unavoidable, but can only be temporary in their duration. The close of the rebel war necessarily brought the Southern States into the market as extensive purchasers. They have not been in the market to the same extent this year, because the same necessity has not existed. The suppressionof the rebel- lion naturally put the nation into good spirits. Hope ran high. The prospect of an extensive trade encouraged buyers all over the country to make large investments. The expectations on account of which these purchases were made have not been fully realized. The natural con- sequence bas followed. There is a large amount of stock on hand. These causes, how- ever, must soon cease to operate. A more serious cause than either of those we have mentioned is to be found in the un- settled condition of the country, The political bungling at Washington has much to do with the matter. It reflects credit on our traders and on the people gen- erally that the abnormal condition of the Southern States and the manner in which affairs are managed at headquarters have not led to even more serious results, Nor isit pow sible to overestimate the depressing influence exercised upon all departments of trade by the present state of the tariff. The tariff dues are already rninously high. But this is not all. Business must necessarily be suspended until it shall be known what action Congress will take inthe matter. Pity it is thatour logisla- tors will not see that the tendency of the pro- York, and re amendment, excepting the rebel disabling sec- | tective system now pursued can only be to ad the pakeoaaeaaae ise oe homme tion, and providing impartial suffrage on a | enrich the few at the sabes it Bs aoe In poor e sees far oan Sete mater tenn ek the interests of a lisnited and selfish class they Dior cok, to the causes dollar pro basis, is not acceptable even | are aiding and abetting the ot picking of 11 ons telatsve to the neuteality’laws, ae or pe te mest tatinaes Southern legislature, the ths grist bull of the people” Wane Maguad me 2 re To) privtoges of the foor ao bes ied alt ete | shaaion of te Seared If from the extended to Mian Dickinson. The smem. | G6 Hoi lige fmont, with its eq! clyll | shackles of the 4<olapt béolective system, aod then sdjourned uaill 2 to nlewors, its repudiation of robol | while the sugcess which hes attonded the x: periment is encouraging the other nations of Europe to follow in her train, it is curious to see the United States of America deliberately putting themselves in bonds. But so it is. Although, however, the present condition of trade is justly a matter of regret, and we have reason to deplore some of its causes, it is im- possible not to feel convinced that the caution and prudence of our merchants and traders augur well for the early future. The cloud which now rests upon business must soon pass away. The sun of prosperity will soon begin to shine upon us; and the prudenee which our men of business are now manifesting warrants the belief that in future the trade of the coun- try will be made to rest on firmer foundations than ever. Our National Banke and the Bank of Eng- land. Mr. Chase and those who assisted him in con- cocting our system of national banks had in view, we suppose, several objects. The prin- cipal were to centralize and give uniformity or to establish @ general and national system of banking to assist the government in time of need, as in a great war such as we lately passed through, and last, though not least, to create a vast political machine for partisan and individual purposes. The Bank of England and other great national banks, but chiefly the Bank of England, gave the idea, although none of these institutions was taken exactly as a model. Our old banking system, which was author- ized by the several Statea and rested in a measure upon the State rights doctrine, was deemed defective, lacked uniformity and was thought no longer suitable to the changed con- dition of the country produced by the war. There were many defects, doubtless, in the old system, as in the unsubstantial character of many of the hanks, in the facility afforded for starting what were called “ wild cat banks,” and in the inconvenience and loss caused by the discount on bank notes.of one section or locality when they passed into another. Then the war, with the legislation of Congress during ils existence and since it terminated, have swept away States right theories and have centralized and nationalized the institu- tions of the country. A banking system, there- fore, in conformity with this change was considered mnocessary. We needed one, it was thought, that would be na- tional and uniform in character. Besides the capitalization of two thousand millions or more of the wealth of the country in the form of the national debt, together with increased actirity in the interna! busineas of the coun- try, required a larger amount of circulating meditm, which could only be properly and safely,supplied them in the form of currency by the general government. ~ The question was, then, how to supply the banking nectasity of the time—how to assist -the government and promote the business in- terests of the nation—without creating on one hand @ Gcangerous monopoly, and to prevent on the other the, government being butdened with the management of banking affairs. With a view apparently to accomplish these objects Congress established the national banks. The question was a new one to that body and but little understood. Mr. Clase, when Secretary of the Treasury, worked up the system. He was sided by a party of bankers and capital- ists who saw in it 4 rich mine of wealth for themselves. He doubtless saw in it also a vast political machine by which he might be carried to the White House. The people in the meantime knew nothing of these motives and qere ignorant of the nature or what would be the operation and effects of the national banks. This bank system was 4 new thing to them, and not understanding it they sub- mitted quietly to its establishment. Thus it became fastened upon the country. These national banks are really nothing more than private associations, working for the profit of the stockholders alone, just the same es are any of our mining or manufactar- ing companies; yot. Congress has invested them with national title and character and has both built them up and sustained them upon its own credit. It does this, too, without deriving any profit or advantage whatever from their circulation or business, from loans or in any otber financial way. The advantages are all on one side—on the side of a few thousand stockholders. As the authors of our national bank system seemed to have in view the Bank of England when they formed it, let us compare one with the other. The Bank of England is also a private association or corporation. Still it has an intimate connection with and renders very impertant services to the government. In this it is unlike our national banks which renderno services to the government. It has grown up to its present great power, wealth and influ- ence through a long period of existence and through many changes and perils. It has become adapted to British institutions, charac- ter and mode of business. It would not be adapted to our institutions, habits of business or social condition, and there is reason to doubt as to its being any longer usefal, as at present constituted and managed, in promoting the general welfare of the English people. Ono thing is certain, which is, that the financial and banking system of Great Britain, of which the Bank of England is the foundation and centre, has reduced the masses of the people to the point of starva- tion, while at the same time the few have become enormously rich. Is it not evident, then, that there.is something radically wrong at the bottom—something which we, in this virgin and great country, ought to avoid? Our national banks have in them all the evils and greater ones than those of the Bank of England without any of the advantages to the public. But the Bank of England has paid largely all through its existence for the privileges it enjoys. Parliament has never renewed its charter, often as this has been dono, without @emanding something in return. Payment has been obtained sometimes by hard money, but frequently through loans, either without interest or bearing a very low rate of interest. Then the Bank manages and ‘pays the interest on the national debt as well as managing the finances of the State for @ small compensation and at much less ost than the government could do that, In what way do our nationaf banks earn their privi- leges or the least part of them? But the British government derives a profit from ’ ., vee Bop by the bank. We find» fn the Mall Gazette, that the “w', «” the currency amounts to £27! v dre av £189,000 fall to the share of the Exchequer, and £90,000 to that of the Bank;” that is, the government takes two-thirds of the profit, The same paper remarks that “the measure of the gross profit on the issue cannot be any other than the interest borne by the securities which are deposited in place of gold as security for the bank notes issued up to the amount of £15,000,000. Beyond that amount every note must be represented by gold.” At the rate the Bank of England calculates the profit on a currency of about forty-five million dollars, and reckoning the difference of interest on our securities deposited by the national banks and that of the British securities deposited by the Bank of England, the profit on the three hun- dred millions of national bank currency is st least twenty million dollars a year. Were the government to take only the proportion the British government takes the amount going into the Treasury would be nearly fourteen millions, Why, then, is this vast sum given away to the national banks? Why, indeed, should fot the whole amount of twenty millions or more be saved? Never was anything so absurd heard of before. Never before did a government recklessly squander away such a vast sum. And how easy it is to remedy the evil. All Congress has to do is to withdraw the national bank currency, issue legal tenders in their place and cancel the three hundred millions of interest bearing bonds now deposited as security by the banks. The legal tenders would buy up these bonds. That is how the government und people would get the profit on the currency and how twenty millions a year could be saved. The banks could do their business on legal tenders. A law could be framed regulating the number of banks, the. condition of their existence and all about them, just as well as the present law regulates the national banks. We want no other con- nection between the government and ‘banks, It does not suit us to follow the English in their banking system. We need something more simple and adapted to our own condition. But, at least, let us not do worse. Let us not perpetuate the “monstrous and dangerous national bank monopoly which takes away from the people twenty millions or more a year without the least consideration in return. An Interesting Budget of Nows from Mexico. We publish to-day letters from onr corres- pondents at the cily of Mexico, Puebla, Vera Cruz, Durango, and with the headquarters of Juarez. The latest date isthe 31 of February, only thirteen days ago. A full and highly intereating account is given of both military and political affairs, which enables us to form & better opinion of what Is gbing on and what is likely to be the reguit than we have had -heretofore. i f The embarkation of the French continued, anda large fleet of tranaportd was expected to take the whole force-away.. It was probable the last French soldier would beshipped before or by the Ist of March. Marshal Bashine, aoling under instructions from) home, doubt- less, had issned a circular or proclamation informing Frenchmen who should ‘join. the Mexican army that they would“do so at the peril of being denationalized. They have no permission to join the Mexican army, and if they do they must not look to France for pro- tection. Napoleon is resolved to wash his hands clean of any possible difficulty with or about Mexico hereafter, ; It is evident, too, that Marshal Bagaine wants Maximilian and the imperialists out of the way 80 that the liberal General Porfirio Dias may occupy the city of Mexico as soon as he evacuates it. Diaz was approaching the city. The Marshal seeing, probably, that this would prevent unnecessary bloodshed and anarchy, acts in a spirit of humanity toward the inhab- itants. It was understood that Maximilian would leave the city of Mexico immediatay, if he had not left already, for the point whence he would embark for Europe. Thus the end of the European intervention, French, Anstrians, Emperor and all, wasat band. In the mean- time several of the Mexican chiefs who had linked their fortunes with the empire were preparing to make a desperate struggle to save themselves. Marquez and Miramon were most conspicuous in the new movement against Juarez. They were making forced loans, and Marquez was most active in doing this in the city of Mexico, Puebla and Vera Cruz. Men were being pressed into the service of these chiefs in the most. rigorous manner and sent forward to check the’ march of the liberals toward the capital. They would certainly use all the resources in their power to hold the city. But hardly any one be- lieved they would be successful. With all the efforts they were making their means and force’ were small. Their severe measures of impressment and forced loans would operate against them gs soon 48 the liberals ap- proached. Even their compulsory troops would probably turn against them and join the liberals. The opinion was general that both Marquez and Miramon would soon have to fly from the country—it not captured—to save |. themselves, The tide of public opinion in favor of the. liberal and native government was swelling to sucha degree that even a fresh army from France could not sustain the empire or pre- vent the retarn of Juares. The reaction was 80 powerfal that it was reported the President of the republic had issued, or would soon issue, a decree against foreigners—a decree having something of » Know-Nothing charac- ter. In support of this tho liberal press argued that as all the governments of Europe had united against the republic, actively or passively, and had ignored its oxist- ence, the old relations and ‘réaties with them were at an end; that sew relations must be formed; that no mialsters, agents or con- suls should: be récognized but under ner treaties or arrangements, and that the fore’ ere, subjects of these European ¢0” inwtes, should not be allowed: to do busteigs tn the republic as heretofore. “a the ‘oven of this being carried out We BUPP se our citiz ns would be excepted; for the ‘United States gov- ernment and Preple have been the fast friends of the repu’ tig and bayg saved it from annihi- lation. ie it Gan wonder at this strong fetelsn feeling in Mexico when the history of @, French and Maximilian usurpation is @nsidered, and when we look at the conduct of the governments of Europe in recognizing. that flagrant usurpation. We hope, however, our republican neighbors will be moderate in The Irish Rising—Partial Interruption of Cable News. A despatch from Valentia, the European terminus of the Atlantic cable, dated at forty-' five minutes past eight last night, brings the information that communication between the island and the Irish coast had been inter- rupted since halfpast seven o’clock the pre- vious evening, and the only through despatches sent over the cable were two that were received at Valentia by boat from Killar- ney. The statement of the landing of two ship loads of Fenians at Valentia was perbaps some- what otherwise the working of the main cable would have ceased or the fact would have been mentioned in our reports. The continued interruption of the land commu- nication seems to indicate, however, that there is an actual and a serious rising in the vicinity of Killarney and the coast, and further informa- tion will be looked for with interest and anxiety on this side. The Connelly and Kennedy Complication— ‘The Law ef Libel. While Justice Connolly and Superintendent. Kennedy have been emulating the example of our Councilmen, and enacting im the courts of justice acenes more appropriate to the City Hall, they, in common with Justice Dowling, have displayed an unfortunate lack of fainl- liarity with the Revised Statutes... Justice Con- nolly caused the arrest of Superintendent Kennedy for. libel. The ‘Superintendent was taken before Justice Dowling, held by him to bail on the charge, and entered into tho re- quired recognizance to appear at a future day. The constitution of the State of New York provides that “no law shall be passed to re- strain or abridge the liberty of speech or of the press,” and the law based upon this pro- vision exeludes libels from the offences for which bail may be required by any court. Under the act of 1824 the statutes of the State were revised by John Duer (who was ap- pointed by the Governor in place of James Kent, who declined), Erastus Root and Benja- min F, Butler. Under their revision section 1 of article 1, title 6, of the Revised Statutes, waa made to read as follows:— such anier oe e This section was enacted as reported by the Substantially iformable common y ! of the Test sloune, which ls new. constitution of this % Seer £5 ft Ii | : sf ; Hi pil a 3 E greatly excite a breach of the pence.” always held that a libel was not breach of the peace, but only had a tendency to excite one. On the authority the opinion arrived at was that publishing « libel is not # breach of the peace, but only an act leading to such breach, and hence a libeller cannot be called upon to give security for the peace. If he should be it would be nugatory; for if he were to write a second libel it would not be's forfeiture of his recognizance. The idea, however, that a man could be held to bail for publishing « libel has remained and been frequently acted upon. We trust that this lesson in the law which we give to those legal lights, Justices Connolly and Dowling and Supegintendent Kennedy, of usasl bill of coste, will make them ‘all lawyers and some pf them -more gentlemen. ‘ . ‘The omy wudget for 1967. We publish-to-day the city current year, the items of which will amined with some interest receipts is one million eight hundre@, thousand dollars, leaving over nine million”, to be raised by taxation. The estimates oe made by the late Comptroller. Under 19 Finance Depart- ment head one of the img is, for judgments against the city, one ‘hundred and thousand. dollars. - This should very thoroughly investigated by Conyptroller Con- nolly, with 8 v¥ew to ascertein whether some of the caser, cannot ba amounts reduced or Tho detaliis of this % There is also a judgment of nearly ten thou- sand dollars for printing and binding for the Common Council. The ex-Comptroller states that this one hun- had been filed in his office up to the 27th of December, and indicates that there are yet mote behind, provision for which will have to be made. Se eameay wae the Cor- poration thould look sharply tnto this ftem of the budget and % they cannot accomplish something for / protection of their natural resentment and will soon estab- | the city againat ORIENT gant and impropor lish 0 firm and good government,