The New York Herald Newspaper, March 19, 1867, Page 4

4 THE SOUTH. VIRGINIA. QU RICBBOND CORRESPONDENCE. 7 The Great District No. 1—Kts Comm: ne am eee His Views—Their Inese—The Fresh —The Crops, &c. jote-Damagn guonp, Va., March 16, 1867, Miitary role is now supreme in Virginia, and hence- forward the Old Dominion will be known as “District No. 1,”” until recoristruction is thoroughly established. By this obange quite a revolution has been aecomplished ‘at very little cost, and so fer without any dissension whatever; nor is there any likelihood of trouble arising from it The commander of the Department of the Potomac is now the military governor of the district, the old politicians and gleaders are disfranchised, a quictes has been given to revolutionists of the Hunnicutt order, and arace but recently freed from the bonds of stavery are made members of a great republican govern- meat by the right to exercise the franchise-having been ‘Destowed upon them. To the present, however, one could scarcely recognize the fact of the change, eave for the published order of General Schofield known as Order No.1, assuming command, and in which he directs the officers of the existing State govern- Tents to perform the duties of their respective offices ‘antl otherwise ordered, with an assurance that sucocasors will be elected under the new act of Con- gress, He states further that the power conferred by this act will only be exercised in cases demanding its ‘use, and makes an appeal to the people of this district to render such an exercise of power as slight as possible by a strict conformity and obedience to the laws, and by an impartial administration of justice. The order con- cludes by saying that the staff of the department of the Potomac are assigned to corresponding duties in ‘“Dis- trict No. 1.” The press here are highly eulogistic of the newly made commanders, and every city paper gave finttering notices of his first order, all complimenting him forthe kind and gentle manner in which he placed the people under the soldiers’ heel. General Schofield is an Officer of merit and distinction, and, notwithstanding the representations made of him as a conservative in politics, Ido not believe there is any more foundation for them than there would be to cai! Grant a democrat. As was proven by the order of Schofield organizing a military commission for the trial of Dr. Wats the megro murderer, there is ttle doubt that he will faith- fully horanges ie his duties, without any regard whatever to politica, of which I do not think he troubles himself. Various committees, deputations and individuals have called upon the commander to know his views in rela- tion to how office holders, electors and others will be af- @eciod by the new law; but upon these points he has ‘Deon exceedingly reticent, and in one instance dismissed an inquisitive Portsmouth delegation with the statement he would give them a,written answer. To-day the Btate officers, consist of the Common- woalth, First Anaiton, Second irae and Treasurer, ac- companied by a large number of tho Virginia Senate and and Representanlves, called upon General Schoteld, sig. nified their mtention to second him in the arduous and Position he had just assumed and assured him Deople | of Virginia that le per course ip calling @ convention, and he hoped the Flouce of Delegates would second their action. He ad- the Legisiature to continue in session and complete the business they had on hand. Os the subject of elections no information was gained—that now being ‘ander consideration. Ido not think, however, that any election will bo precipitated here until the people have me tamiliarized with the voting of the negroes nicipal officers whose terms expire will be required to renew their obligations, bonds, &c., until elections oan take piace or are ordered. ‘The unusually severe winter, combined with the et ‘ob- both sourity 1p the political horizon, have stagnated ‘mercantile and agricultural pursuits; juently the fusiness of the city has suffered consi iy. Never thedon® ne Dave Dene 00 ne (neenel eee eee mnemploys inactivity in every branch ef com- merce bas Tiga’ anoepetielse, ‘tly the various abaritics have been severely taxed. 1+ is eatimated that fn this city alone, out of a population of upwards of 28,500 persons, 20,000 are unemployed, mostly lored No doubt the ing of ‘the season will bring a favorable change; and it must be borne in mind that the stoppage of navigation, not only Se long freeze but from the pres.nt freshet, has ‘Many operations. iJ we during his time in administering its charities, which i: bas done with no niggard band to both white colored, Deing pariscularly looked after. fl and tobacco crop, which now coming iato the sity, f ak and bj Sarpy fet wm an awakening, Y report iy in abeyance; even tue mauling and In 1 Ei usual resource of the farmer in inciem- , Could not be carried on. land being so wet Row there is but n Bus the low grounds can be approached. This will a SS et epi Gan tee ‘whether many will pe to meet the de- ~ uae planes li be minus hands, wil So seenbeaes cal lane expechations. ase releed on peat crop, which looks very promising. Arrange- being made for more exipuded crops of all classes that the corn SOUTH CAROLINA. SPECIAL TELEGRAM TO THE HERALD. Dieeting of the Colored Citizens of Volambia. Covuumia, March 18, 1367. One of the most remarkable meetings of colored citizens ‘bil enfranchiaing the colored race. By imvitation General Wade Hampton, W. F. Desas- gous, Rawerd Arthur, A. F. Talley and Jarves G. Gibbs @Adreened the meeting. Rev. David Pickett and Beverly Bash, both colored, also made apeeches. Sentiments Righty homevablp to tho negroes were expressod, and he mesting showed signs of gratification at the spirit of petition! aMiliation with which they have been mot, and the citizens goneraliy were equally pleased to find that the colored men evinced a disposition to be- ome identified with the true interests of the State. Should a convention be cailed the people will nomi- ‘Bale and support the best men in the country, and, as mated by the colored man, Nash, in his speech, they ‘will urge Congress to repeal the disfranchising clause whioh deprives them of the services of those in whom they have the greatest confidence. QU CHARLESTON CORRESPONDENCE. ‘The Milltary Bul of it in Charleste: ace the cians—Apathy of the People—Cenversation on the Subject, &e. doc. Cnanuastor, 8. C., March 14, 1867. ‘Tho reconstruction project bas not had the visible eTect on the people of Charleston that was generally ex- pected. The citizens are, however, in the hands of the ‘ftro.cating potiticians, who avail themselves to the full extent of their influence to poison their minds and mis- Teed them, by all the devices and knavery known to politica. The people do not manifest much ‘excitement over the new project in regard to the reduction of the Biate to the condition of @® territory. Their manner ‘would, on the contrary, tm) one with the idea that they are stolidly indifferent to whatever fate may have in store for theut. They manifest no disposition to speak in publio on the subject, and maintain an ominous and gloomy ailéace, from which they cannot be drawn by even the aft of the most skilful cross-questioner, This reticence is doubtiess imposed by the experience of polit- foal discussions im the past, reveral bar room altercations having ocourred within & few months betwoon parties 20 engaged. «The condition of the elty is one of death like apathy, superinduced in the main by the dolce far niente char. acteristics of the people of the Sonth, but partly attri. Dutabie to the exhaustion which follows a desperate war, Always noted for their warm blood and snrea. sonable extremes of opial on, and distign whod, more over, by the fegy ardor of their advocacy of whatever Phoory or dogma they might eapouse, the citizens of are , Obatinately to the ruined past in ference to hewing out fi Feratude a pat through the glooss ints’ a bighuse te should bay heart. Socio! Ve at ity is indeed sadly disorgan- tnod ‘The is by'no moans what. 1% bull ‘nor its leaders strong and arrogant moulders of the of the State, Hist thalo iad pe sition they have one to a thug, like prowler, seeking concealment in the abadows of the ruins be has caused; the other a wrinkle browed scowler whe bar § but. ae but who flames within, wit 6 barrooms are no len, state, would willingly agree to any reasonable tion ‘advanced by C for the purpose of ‘back the normal conditions of peace ness prosperity to the fated city. The blatant politicians ‘are still the stumbling block in the way of reconstruc- tion, and what with the poison they ipatil in whispers into the ears of the blinded and on citizens, and the misrepresentations they make of Southern sentimeat by their ranting and moutbing, the people are likely to suffer severely. As far as can be learned from careful inquiry and per- sistent attempts at ‘drawing out’ the private opinions of all classes, except the politicians, it seems certain that the people of this city are in the main anxious to submit to the decrees of Congress in order to bring about permanent settlement of the diflcul- ties and miseries consequent on the war; but this, their politicians are plotting to prevent, with, it must be said, a prospect of the most complete. success, The tactics of the latter have partaken greatly of caution lately, and very little is heard of them, although they may be occasionally seen of an evening, gathored in confidential knots in ie gost of the hotel porches or in some remote corner one of the many drinking saloons throughout the city. They all look on Northern men with suspicion, and ali classes of citizens hold aloof from them. Occasionally, however, one may catch a word or two of the whispered conversations of such assemblages, which go far toward pulting the difficulty in its proper light, Last evening the gloomy porch of the Charleston House was quite we!l filled with lounging politicians and gray coated citizens, whose custom it is to enjoy the cool breezes of the evening from their seats on the rough and uncomfortable iron settee which runs algns entire front of house, on a level ith sidewalk. This broad promenade is meeting ground for most of the small fry politicians whose secret influence maintains the present uncomfortable state of affairs. Last evening, on one end of the porch, remote from the line of in and out- going travel to and trom,the hotel, thero assembled five or six individuals whose conversation, though conducted in alow tone, was heard by several guests who were seated five or six feet distant, in the semi-obscurity. ‘The party was composed of a stout planter from Char- leston district, a man of middle azo, dressed in butternut clothing and an old felt hat, which had once been white, but now had attained a neutral tint, His face was round, florid, apeckled all over with deep red spots on a back- ground a shade lighter than carmine, and his counten- ance full and fat, but his cheeks were flabby, and the entire visage lacked hardi! seeming as ifit were but a face of putty unsupported by any “backing” of solid bones. Added to these facial characteristics was a mouth which, from the peculiarity of a deep, rolling wrinkle extending from either ee to spread over the jaw bone to a point some' beneath the chin, where the wrinkle lost itself in a wiry growth of grizzly beard, which descended in ragged show from the man's throat, like a half worn ktit from the waist of a Hichlander. Another leading figure of the small circle was a ina Confederate uniform coat, black ng werous, his figure lean, gaunt and awkward, the more apparently so from am attompt. at jaunty style 1n dress and airs onthe partoftheman This ‘mdividual bad dark bair, not over long, and a mous- tache and goatee dressed up most fiercely a la militaire. ‘His manner was obtrusively argumentative and deciam- atory, and from his queer attitudiuizing and forensic airs, the suspicion ‘at once obtain that he was a legal \tleman. third party in the conversation young man, with a long, ited small eyes and sunken oti and complete suit of binck Northera made u cted ta witapers und “coased aioghier wagered pay a wi ‘The planter explained at'some length and with drawl. ing prolixity and circamlocution e: how he stood on the + questions of the day, “I was a original *Seshnist,’’” he began, ‘and I bilieve in the right yet, Dut we were beat mighty I reckon, and now I'm wilkn’ to give in righ yere. for my 0 re I never had a mighty lot but I always ‘tended well em, but now I’m sorry for some of ’em that can’t su) their. selves. B "g we've got licked I think though it is best to take that constitutional 'mendment and adopt it Just to give capital an opening in the South.” The military legal gentieman to this. He con- sidered that the honor of the South was being trampled under foot, ee ee Oe rT from the radical party, tor the more the South conceded, the — heron i g For coal oe speaker thought it was @ everything as came, and let those in the North do their which would be better, he thought, than cringing and fawning where nothing could be gained by it. ‘The planter thought it was mighty hard on everybody, but probably the politicians knew best about it, although for bis part, be wanted to see the thing settled. The young man in the store clothes here interpolated pte indescribabie oe nie) by Sax * effect, that was in favor e adoption the prettily ay Dee TE ich gained for him a biack scowl of enmity from the Quixotic mili:ary in- dividual, who tragically demanded to know how such an action would benefit the people of the South, ‘The youth im the “store clothes” answered :—"'T Smoot anyoosy,aiweugh T pasaed the verener cuter part of anybody, altl e the war at Wilmington. I have beenap this yere rebel- lion about as deep as anybody hereabout, and have got out of it again about as clean as could be, I reckon, and there’s an end of it. I’m in business hero now, and I know that the Teason why capital don’t come into the ‘So’th, ia because we can’t give anythin’ to secure the money. Property can’t be given as a guarantee, be- cause there’s a sword hangin’ over our beads in the shape of confiscation, and bound to come in the end, if we don’t do somethin’ mighty quick.” “When it comes to that,’ said the military man wav- pen nade 29 in a ‘ul, oratorical — ling fercely at his gummed ee “when it comes Po tnat, 1 know what will be done, by God, air—thero'll 3 4 be “Wo've tried fightin’ for a spell, I reckon, and it was mighty bard pulling through, and here’s where we fetch up ia the end,” remarked the rusty old butternat-clad &@ prolonged clearing of his throatand a nal grunt of dissatisfaction. “But this time the war is going to begin at the North,” said the individual of the forensic graces, striking an titude, with nis hacds supporting his coattails ing himself backward and forward on h™ beels and toes, at the same time bestowing a most ladicrous stare, indi- ative of sc}f-complacency on his attentive bearers. The speaker, after satisfied bis vanity continued: “The North is more ied to-day at the action of than even the South itseif, and when things ‘are carried with too bigh a hand then there will come a regular collision, in which the South will get her righta Congress and President Johnson are so far apart just now that either one art ya in, and then Impeachment will foliow, and then—well just you look out."” The young man in tho “store clothes’’ answered the oracular individual by reminding him of the ses of assistance from and and France on which the South had relied in opening the rebellion. The young man de clared that he had seen ey fighting, end all he wanted now was a chance to @ money in Charleston. The military man was going on to lain how the South could afford to await its opportunity, when the séance was broken up by the arrival of a ty of North- ern men, who broke through the seem: ity of the . and aes Leven agen in the bape My en iscontented spirits in gray, together with the yout! in the “store clothes’ “malted into thin air” and van- The conversation is tween the are zens, who begin to see for themscives where their inter. est lies LOUISIANA. QUA WEW ORLEANS CORRESPONDENCE. General Sheridan’s Order Proventing Elec- tions—Risteri-The Loutstana Legisiature— Impeachment of Governor Wells—spirit of the Legislators, d&c. New Ontzans, La, March 10, 1867, ‘The following is the order of General Sheridan in full prohibiting the election in Louisiana, The General's action hag met with universal approbation from all partios:— GBNERAL ORDERS—NO. 13, Hea Deranrumer of THe Goi, PavanTaw Onuaase, March 0, 1967. No commander having yet been appointed for the Mill- tary District of Louisiana and Texas, created by the ro- cont law of Congress, entitled ‘‘An act to provide for the more efficient government of the rebel States,’ and Bro- vee General Mower, commanding in this city, and the or and Chief of Police of the city of New having all expressed to me personaliy their tears that the public peace may be die tarbed by the election for some of the oe Officers, ordered by am act of the ee Seance ia tame LL SY in fast nad poue cala'slectice, therey it necessary thet yy ge Ks peace should be “Gisaroh commander, provided for in tie set Of Con: i i at NEW YORK ur ytr +o ‘ at the law, is or instructions are re pode WE sy special AN, Major General Commanding. Madame R ‘stori continues drawing overflowing houses. Last night she in ber celebrated charactor a6 Adrienne Lecouvrour. the National theatre in the morrow nigut for the last time at the Opera House a8 Mary Stuart, New Onueans, La., March 11, 1867. ‘THE LOUISIANA BLECTION—ACTION OF THE #8NATO. ‘The municipal election was to have taken place in this city today, but was set aside by the order of General Sheridan. There bas been no excitement whatever, all parties acceding to the terms of the order with a very good grace. In the Senate this morning Mr, Munday offered a bill providing that the offices which would be vacated to-day be still occupied by the same incumbents. Adopted. ‘VISIT TO NEW ORLEANS OF THR GENERAL TICKET AND PASSEN- GRR AGENTS—THEY ARB CAILMD UPON BY OUNERAL SHKRI- Dan, ‘The General Ticket and Passenger Agents’ Convention of 38 the selinont. Soe: Semen Cuneta sembled at Memphis on Wednesday and adjourned from there to meet at the International hs N y Ry on ~- fires Wetasetey g J witation wing been el to visit New Oricans oe oo Gee wae. wares | it city the invitauon, arriving in New Orleans on Saturday night iast, This afternoon General Sheridan at the St, Charles Hotel to bis respects. Toasts were The toast to General Sheri- i ternational Hotel at Niagara Falls, accepted the hospitalities of this hotel for himself staff during the month of July. ‘Vice Admiral Te if of the Austrian Navy, is in ice Admiral Tegethoff, of the this city, stopping at the ‘Bt. Louis Hotel. ” General D. ett, Inspector General of the De- partment of Tennessee, is in this city. GRNRRAL SHERIDAN BNDORSED AT WASHINGTON. The recent action of General Sheridan has been en- dorsed from Washington, Several here believed that the General exceeded his authority in announcing that no olection should take place to-day, as they were of opinion that the Military bill is not at present in force in Louisiana This is a mistake, as the General has re- ceived by telegraph an official copy of the General Order upon the subject, eigned by General Grant, which States, that for the information and government of all concerned, the recently enacted Military bill is mow a law and in full force. Mr. Sparks, the Registrar, published the following “otice’’ to-day in the papers of this city:— New ORxz, March 10, 1867. Ata meeting of the Central B of Commissioners of Elections, held this day, it was Resolved, That in view of the proclamation of General P. Fl; Sheridaiy postwoning the eleetion heretotore ordered to be held on Monday, the Llth instant, for Aldermen and As- sistant Aldermen of this city, the appointments of Commis- sioners of Elections in the various precincts, heretofore made by this Board, are hereby revoked and annulled, and the commissioners and people notified that said election will W. H. SPARKS, Secretary pro tem. New Onteans, La, March 9, LEGISLATIVE PROCKEDINGS IN REGARD 70 THE IMPRACGMENT OF GOVRENOR WELLS AND FRDERAL LRGISLATION. In addition to the charges previously preferred by Mr. Fagot, of the House of Representatives, for the impeach- ment of Governor Wolls, that gentleman presented an additional accusation, as follows:— To the honorable Speaker and members of the Houso of Representatives of the State of Louisiana: Whereas, J. Madison Wells has again violated the con- stitution of the State of Louisiana, I therefore offer to your consideration a suplementary charge against the said J. Madison Wells, for usurpation of authority against the (ceprenay slaatibsea ernpdes Louisiana, in pore a proclamation in wi mis to iceanee and pre- scribe new qualifications for vo! not provided in the said constitution that he has been and sworn to support, but in direct violation of the provisions of said constitution» Said prooiamatign is the Secretary of State. The ion is dated New Orleans, March 8, 1867, and published in the Times, as er copy annexed. Your petitioner the said ‘elis of violating against the authority of said State. C, R. FAGOT. Bworn before Paul W. Collins, Third Justice of the Peace, March 8, 1867. py Witnonsos:—W. HC. King, N.C, Suethen, Hon R. B On motion of Mr. Fagot the complaint was laid upon the table to be taken up with the charges previously preferred. At the conclusion of bills of a local nature, Speaker Cage (Mr. Leeds in the chair) moved that the resolutions ‘of the Senate for the creation of a joint special commit- Tegaialon aad poly sfeting” Lothians oe dates “op a ing and concurred in. The resolutions are as follows:— eet Resolved by the Senate and House of Representatives in General Assembly convened, That a joint special committee of both houses be ee whom shall be ref the pie. amble and joint resolutions ia relation to the Congress of the United Jtates, and all kindred questious ‘sad measures, with instr@tions to consider the whole subject of fed legislation and poltey with reference to the Southern States, having origin in the late unhappy . #0 far an said policy and measures may affect Louisiana; and that {t shall be the duty of the committee to prepare for the dice ts their protection ection by ail peavoable and ‘constitetional rr means, lay Datars the vernment, the country and a ‘our solemn aurpaticas with whfch we. are trreatenod, ved, That said committee shall meet without reference to the daily sessions sembly, and that the members be excused, while so aitti from nce at the sessions of the General Assembly. The Chair ap; on the committee Representa- = Nutt, Austin, Fenner, Tucker, Snider and up next, charges are:—Usurpation of authority in violation of the constitution and laws of the State, causing the riot on the 30th of July last, and viotsting against the authority of the State ‘‘in issuing a procia- mation in which he attempts to change and prescribe new qualifications for voters not provided in the consti- tution that he has been elected and swora to support, HA direct violation of the provisions of said consti- on. After reciting various acts whereby the Governor had rendered himself amenable to grag Mr. Fagot welt upon the last act of the Governor whereby he that the military reconstruction bill just passed ‘Congress was in toroe. He charged him with usurp- ing the authority of the tederal government and had taken the oath of office prescribed by the act, whercas he bad not been elected under it. Mr. Fagot asked why did not the Governor resign if he wished to be elected under it, Mr. Fagot renewed the motion of Mr, Nutt, to refer the memorial to # special committee of nine, The was supported by Mr. Richardson, who id that this was one gf the most important matters rer bi before a legislative body. The removal of the Chief strate of the State under these charges, he said, strengthen the President and encourage their frends at the North Im bis opinion they had already abased themselves too much sending dele- ates to Washington and other acts of subserviency, and if that Course was continued they would be disgraced and lost. Mr, Meredith moved to postpone the subject indefl- nitely. Me Tucker hopod that Mr. Meredith wouid withdraw his motion to postpone, as the charges were laid bofore the howse in the manner aud form prescribed by law. They should be referred to a committee for investiga- ay This waa duo to the constitution, the laws and Mr. Mereaith said that he had not made the motion ‘without consideration. He did not approve ali the acis of the Governor, but thought that just at this time it ‘would be impolitic to keep alive sucn an element of agitation as the proposition for impeachment, when the seasion was so near its close go much important business to be attended to. He would, however, with- draw am ‘motion, to allow a direct vote on the motion to comm! The Ye) and nays wore then demanded. Yeas 74, nays 12. This refers the motion to a committee of nine. WESTCHESTER INTELLIGENCE, TuRowy rom 4 Susics.—On Sunday morning, while the Rev. Dr, Blinn, pastor of the First Congregational church, Morrisania, was driving along Boston road in a sleigh, en route to Harlem. the horse suddenly became unmanageable and dashed off at a breakneck pace, finally coming into violent contact with a tree on the sidewalk, throwing the reverend gentleman against it with considerabie and making a com) love sesaah-ep of the vehicle, The suddenness of the shock had the effect of rendering Dr. Blinn insensible for a short time after the occurrence, but on his becoming con- scious it was digcovered that the injury he had sustained eben rat ie sce aloes jontly serious nt ‘with his olerical duties.” m Weercrmeren Dewocratic Nowrsattons vor Town Orvicans.—At a large meeting of the independent demo- cratic electors of the town of Westchester, held on evening, the following nominations for town oaae wwe made:—Supervisor, Abraham Hatfield; Ben Ferris, Alexander Elliot and Joseph on sme, a hte ae - 0 Peace, Morris ; Commissioner i a; Collector, oper James W. 5 _ Ovi Rex and John 1. Briggs; Thomas seers of the Poor, Charles Jobn caren caeee Thwaites, open to the public, ‘The building, prettily has been erected with considerable and i fitted up with a view to comfort and A Dasranata Man.—A' Dr. G. A, Wioners was pat ‘ander $500 bonds, in St. Louis on tho 4th instant, not to br ' HERALD, TUESDAY, MARCH 19, I807.—TRIPLE Letter from a Wall Street Broker to the Secretary of the Treasury. New Yous, Mareb 9, 1867. Hon. Huan McCux.ocs, Secretary of the Treasury :— Since the assembling of Congress in December last a feeling of depression has weighed upon the people of this country, owing principally to the uncertainty which existed as to the action of that body. Business has flagged and the industries of the country have been comparatively at a stand still. Upon the adjournment every one breathed more freely, preparations for general business were commenced and @ return of prosperity was looked for, the people be- lieving that no further contraction of the currency would be made at present, But the efforis of our merchants to rise from their prostrate condition have been suddenly checked, and business is once more paralyzed and de moralizea by your last monthly statement of the pub- lic debt, showing a contraction of five millien dollars in legal tenders and two millions in compounds, thus re- versing what there was good reason to believe would be your policy, at least for the present, Tam convinced that after the heavy losses sustained by the business firms through the entire country, it would require but little further pressure to cause very many of them to become bankrupt. The lack of business, with enormous expenses, ts rendering commerce comparatively unproductive; and what is now wanted is encouragement from you, as Minister of Finance, to remove the deep-seated and wide- spread distrust, and thus enable merchants to recover from their tottering condition. By giving an assurance that you would, at least for the present, suspend con- traction, you would aid in that most desirable result, and at the same time benefit the government by an in- creased revenue, which otherwise must materially diminish. I will not now stay to inquire whether con- traction is @ measure mi to the resumption of speote payments, that being, I presume, the chief object of curtailment of the volume of the currency. Althoagh with a reserve of gold equal to twenty-seven and one half per cent of the whole circulation of United States notes, and gold notes, it would appear that, so far as respects the ratio of coin to the demand liabilities of the government, the Treasury is already in a situation to commence specie payments; any curtailment of the circulation being therefore supererogatory as ® means to resumption. This view is confirmed by the fact that, before the war, the banks usually held on an average only seven- teen and one-half per cent of specie to their combined deposits and circulation; and that the national banka are now required to hold a reserve of fliteen to twenty- five per cent of legal tenders; although, from the fact of the depositors and notebolders of the banks being always situated in the locality of the bank, thore is much greater liability toa ran on the reserve in their caso shan in that of the Treasury, which, while its notes are scattered all over the coaney, has but one designated place for their redemption. While, therefore, there are morte. circumstances under sare Cpe might be a proper step preparatory to resumption, a3 for inetan ce in pg of the circulation being much larger than it is and the reserve much less; yet with the exist- ing ratio of coin to circulation, and with the fact that the supply of gold in the country is now sugmenting at the ratio of fifty million dollars per annum, it would seom obvious that the further contraction of the cure Tency cannot be demanded as a step essential to resump- tion. Norcan contraction be deemed essential for the rectification of the existing derangement of the values of commodities and securities. So far as the currency is depreciated in value it necessitates an advancs of prices; but in no other way can it be sald to affect —_ and contraction is not necessary to resumption of specie pay- ments it cannot be necessary to the reduction of prices, Atter allowing for so much of the advance in prices as is due to the premium on gold, the remainder must bo ac- counted for by the d ement of the ordinary relations ot supply and demi consequent upon the war. Neither of which controlling influences are swayed from their normal direction simply by the volume of the cir- culation. All that can be expected from the government in the way of rectifying values is that it restore, as early as possible, the old monetary standard, and as for the rest, the pressure of taxation and of high prices upon consumers may be relied upon for curtailing consump- tion to an extent which will ultimately reduce values to a patural level. One of the most important requisites to decline in prices is the encouragement of production, the abundance of products is practically synonymous with cheapness. It is, however, the misfortune of the Dolley ef contraction, tae eran, di je production. An trary withdrawal of part of the cir- culating medium IMmits the facilities for making ex- changes, and consequently embarrasses the producer in realizing upon his products, Contraction carried on as it ts, according to a fixed extraneous rule, bas a direct tendency to prodace a limitation of credits, |. mate as wellas other. Bankers and lenders generally extent this is true, Such was the immediate effect of the three months’ contraction just alluded to; but if, as I think I bave already shown, contraction tends to cur- ee eater tate te will only be temporary; for with a more lim! sup. ply of commodities prices will necessarily react up- i the temporary decline itself be con- ly remedy mt tered eS ‘of credit and of productive processes, whi eincreasing the supply, wil! diminish prices. lam Wy any maintaining, as an absolute propositior ‘that the business of the country could not be cond and conveniently with loss than seven hundred millions of ourrency, For as individual notes and checks play a most {mportant part in the larger transactions of commerce, they in fact, the currency pee wholesale trade. It is evident that any vacuum sed by the withdrawal of government currency might be filled by a freer use of individual credita. But, unfor- tunately, this process of substitution is almost impossi- bie in the deran; condition of business, and contraction itself contributes toward the impossibility. There is so much unsounduess in business, and mer- chants aro losing so generally upon their so veage that it is impossible there should be any expansion credits to compensate for the withdrawal of currency ; on the contrary, comwraction of the currency, by pro- ducing a gi uncasiness, @ contraction of individual credits. While, therefore, under a healthy and prosperous condition. of affairs the volume of the circulation might be curtailed with the certainty of the substitution other forms, of currency without very dangerous results, yet in the present condition of things such substitution cannot be counted upon, and bence the extreme dangor of present contraction, Even allow. ing, then, that it mi be desirable to curtail the amount of national circ m, yet it must be allowed that this is not tho time when such a course should be uod-rtaken, There can be no question that the enforce- ment of contraction would interfere with ulation; Dut rat by changing its current than by limiting its amount; increasing the ni of “bear’’ operators, bat by no means diminishing the volume of operations. It must, however, be remembered that not ali speculation There is much legitimate speculation, tho effect of which upon production is healthy and stimulating. It ia surely @ grave question for the consideration of a min- later of whothor it is justifiable to embarrass and f deal blow at a ft yambll atoen, “tee of dealing a blow at a few ing speculators, ‘of speculation has doubtless becn incroased by the irregularity growing out of the war; and no course can be calculated to foster speculation than creating em- barrasaments to trade through cee my anette ply of currency. A lack of confidence in business enter- prosperit; ness converts latora into legiti- vise traders; and it would, therefore evem, thet sent the prevailing. endure lus temay facilitate the resumption of specie payments. regard seriously threatening the, prospertt of the count y and 08 ing to aggravate the commercial and fi under which we suffering. é i 5 $ g Inpranarotm, Iod., March 18, 1867. A destructive fire occurred at Kokomo, Indiana, this morning. One of the best business blocks in the place was entirely destroyed, Among the sufferers are:— M Wi: a store; hard aoe As Fo grocery and queensware; & Co, holesalé and retail hard- Ria Fe esTon Bowron, Maroh 18, 1967. Angsana ue rr of Beco geet wet horses oy a the farnen, ‘The loss is estimated at THE FENIANS. THE FENIANS IN THE CITY. Apathy Giving Way to Renewed Excite. ral of a Rising 's Day. For the last fow days a peculiar apathy bas marked the Fenian movement as far as its expression is confined to this city. The Union square demonstration, though large in numbers and wonderfully enthusiastic under the depressing influence of the weather, was practically afailure in a pecuniary sense, Money, the sinews of war, ‘not yet begun to flow into the Fenian treasury in ft tiel ine ot volume that might be anticipated warlike nom received from I and from the feeling of e: ‘tat provaled tn the 1 Te- bad FENIAN CONVENTION IN CHICAGO. SPECIAL CORRESPONDENCE OF THE HERALD. Another Invasion ot Canada Imminent— Thirty Thousand Fenians to Take the Field Brotherhood, &c. 14, 1867. The Fenian Convention for the State of Illinois cele- brated the termination of its proceedings in a session of two days by a grand ball last ovening at the Board of Trade Hall. Tuesday, tho first day of the convention, was devoted to the inspection of the credentials of dele- gates and the hearing of a statement from Colonel Rob- erts explaining the present pecuniary situation of the Brotherhood, the expenditures during the past year and the supplies demanded in the forthcoming work of in- vading Canada Yesterday was occupied in hearing from each delegate the condition of his circle, the num- ber of men he was able to calculate on for active ser- vice and the amount of money he was likely to raise within a-givon time. Before adjourning, it was unani- mously decided to employ special messengers, sworn to secrecy, in notifying the circles to move forward to the border. Seventy-eight delegates, representing as many circles throughout the State, attended. Colonel Roberts, and all the leading lights of Fenianism in the West, were present. Senator Morrison, the Patrick Henry of the movement, took an active part in the Proceedings. He fought under General Scott im Moxico, and is considered no mean speci- men of a soldier. Fenian Hall, where the conven tion met was decorated with Irish and American flags, and a more stern style of ornamentation in the shape of Springfield rifles lined the walls on olther side. At the strect corners, contiguous to the place of meeting, groups of Irishmen sympathizingly disposed, aasembled for hours each day, talking over the fate in store for the Blue Noses, and speculating as to the doings on the tapis with the Fenian conclave, The convention throughout was marked by the great- est harmony and good fesling. These men have evi- dently got over the traditional reputation of the Irishmen for brawls and dissonsions. Probably the earnestness of purpose they evince, auguring unfavorably for the repose of her Majesty’s subjects in Canada, makes them in- lined to practise more forbearance of temper than is generally characteristic of the Celt, When the conven- tion adjourned at six o'clock, preparations were made by the Fenian military companies, to the number of ten, comprising a very fine regiment of nearly nine hunared men, to oe = — uniformed, escort Col- ly attended and the an interesting tncidaat green silk embroider fing, by the Irish ladies of Chicago to the Liberty Guards. A ‘Miss Burkbardt was deputed to nd over Present to the company of Fenian wariors, which so dia & brief metrical com- Fe li movement on Canada, not an: ex. tend this time from Maine to fornia, The Fenian miners in the region of Sierras will relinquish their gool © ‘and pick their way to Van- couver's Is! qe up the bandfal of redcoats at station both redcoats aad redskins out of the Red River country. From here a fleet ot nearly a alive and bristling with the invaders will spectively from dialone, Chicago, and one column of three thousand men from the mining districts of California, on Vancouver station—in all thirty thou- sand men. For this force there are contracts out, same of which have been executed and others still in forasimilar number of uniforms, such as the Fenian guards exhibited to the gaze of the good people of Chi- oO Inst iy 4 The regulation uniform adopted isa bright green jacket, bound and braided with yellow binding, and biue pants, with a green cord down the outside seam. The kep) is dark green, with a harp and Fogimental | number | in front, ail the arms in e considered to be a mighty destructive weapon. An as- sessment cerns $3,000 will be at once, if prac- ticable, levied off each circle through the country. The Fenians say they will put in the field this time as com- pletely equipped and as abiy officered a force as there is im the world, and indeed to all appearances they are aiming to efloct that end. It is neediess to suggest that the government must bo very ge - -* alert to pan SS . ane gon. Taught by the experience year, e- niaps are bound to run a fast race to the border, and likely wagers might be laid that Uncle Sam, notwith- standing bis capacity for striding across the country, will fnd himself om the lake shores just in time to sce the Fenian flouilla embracing the favorabie gales and bidding a final adieu to the land of the free. Io Canada the Fenians yap ened of finding more formidable co operation an obvious quarter 1@ would at all oxpect. Quebec, with which Wolfe and poor Montgomery had sueh a bard time claiming acquaintance, is in their bands r. green clad eas mT fection is claimed to be spread amor u "See how they wont send the regulars to the border,” say the astute Fenians, with « wink, jaferring that if the genuine red-coata werd in that desirable in the event of an invasion the invaders receive a coad mille fealthe and be Pressed to stay. From the of things Fenian in this city, which is the of the party, it is easy to see that the fate of invasion eannot be averted from Canada this summer ex: by tremendogs activity on the part inary determination jane, ‘ never to return. hens branch or ths ryanization had a meeting here on Tuesday, but it Porting Roberts. FENIAN AFFAIRS IN BUFFALO. SPECIAL CORRESPONDENCE OF THE HERALD. Canada Doomed to Invasion—-No Safety in a Presidential Proclamation—General Sum- mary of the Fen Times Ahead—What MOREE Se nertiss, Mikes 16, 180, Next to Chicago, this city is unquestionably the strong- hold of Fenianism—that is, tho kind of Fenianism known west of New York city, which embodios as its cardinal principle the erection of an Irish republic on the ruins of the provincial confederation, and its trans- fer afterwards, when its blessings have been duly appre- Clated, to the more congenial air of the Emerald Isle, The Fenians, with thie idea, and no other ides bes balf ‘& dozon supporters hero, number in this city nearly fif- teen hundred—a small force, perhaps, but it forms such & determined and thoroughly disciplined nucleus that om the tocsin of invasion being sounded it conld easily rally five timos the number. The men composing this body drill as regularly as tho militia; they are for the most part a soldieriy and veteran set-—euch fellows as wt declared Mr. Ta. yas iano frye! however, for the pr afloat are it to an im} iate ii wy A ut to make mediate irruption inte iy t 3 = s i i o ry a ox] It ls plain the Queen’s Own havea great deal to aa- swer for to their countrymen who intrusted them with the Their ignominious 80 rapidly, too, that their pursuers gave up the chase, inspired am egotism and confidence in tho Fenians that encouraged more than ever the notion that the conquest of Canada was among the things perfectly possible, The events of last year, the interposition of the strong arm of the United States government, the recklessness and of arrangement in the plans of the invaders and the ridiculous disproportion of their means to the to be attained were ail lost sight of in the victory of O'Neill, from which source the Fenians draw the com- forting assurance that if they go it strong this time the [poke Own multiplied twenty times will be beaten im bo same —— Bos diee Bis aces’ ted boca it ey put in t y thousand men speak of, in three divisions, aiming first to cut oft Canada rest. [son operation not so very diificalt according to the of 1 of military officers), and that concert of action bea foremost consideration, together with a certain degree of Soring ciconad to a strategic object, it will give the hapless Canadians enough to do to preserve their fire- sides from desecration by the irrepressible Fenians. The pi erection of a monarchy in Canada at this cular time gives infinite joy to the Brotherhood. ey believe it is the handwriting on the wall, which proclaims the passing away of the British American possessions, or the last straw on the already over- ined v of poor, bothered and much to be pitied Canada Incase a king sits on the roc! brow of Quebec, ‘the American people will then,” q the Emeratders, “give us both aid and sympathy to clear out the ebnoxious presence and paraphernalia of roy: from juxtaposition with the great and glorious republic, ' The Brotherhood say dent Roberts bas more sincere followers at the nt moment than President John- son. This may judice; but they affirm that they are ready to go fe r in support of Roberts than the copperheads and conservative republicans would in favor of the occupant of the White House. One thing may be relied on—when the Fenians move this time they move with a vengeance, THE CANADIAN REPUBLICANS IN THE UNITED STATES ANB THE FENIAN MOVEMENT. 10 THE EDITOR OF THE HERALD. The cause of the Canadian republicans and that of the igi “Fenians being in common, so far as hostility to the Britwh government goes, could not the parties make some arrangement for co-operative action? Let us see ‘New Brunswick, which they could occupy permanently, and despatch their expedition from St. John instead of Quebec. This plan would be a better one than the first, earner tee ote Me Shy ld "Rot or A woul Pat toe Oanadiane tah. How, then, would the second svrreuch Ou Second—" of fin themselves: cut off from Britain, by the oocapation of the lower section of the province, ‘ould ta avold belay avercun by the Peatam bog lee pay oe ‘ited Btates. e Canadian niana, seeing the increased strength and success of the body. would openly declare thele ity to the British government, and effect a rising. Therefore, let the Canadian republicans, French an@ British, residing in the Unived States, f and join the Fenian army in its invasion of la. Thad is the only way to ont the effete form of government: the Ei would impose on Canada and the other pro- vinces (which, to use the @: of xpreasion of the English them- wel! “all rot”) and to establish in lieu of it a glorious republic, where every man would be a note eert and have a voice in the direction of public rs. CANADIAN, SPORTING. Handicap Feot Races Near Trey, N. Y. A series of handicap foot races took place on Simmons’ Island, Mohawk river, on the 16th inst. The races were inaugurated at Troy on the 7th of February, and were to Troy. Srconp Raca.—First, John Pallett, of Ida Hill, Troy; rst, $ Loge Jona Crooks, of Cohoes; third, Henry o q Tamp —First, George Choron, of Troy; second, John Nurtney, of Cohoes; third, John Long, of Cohoes, Forrta Rack —First, Frank Jones, of ingures second, Thomas Mi of Cohoes; Frost, of Cohoes Fiera Race, First, ming Allen, of Waterford; second, Joseph Brooks, of Cohoos; third, G. W. Vam Orden, of Waterford. Sixra Kace—.First, John Doran, of Cohoes; — Ingham, of Cohoes; third, Thomas ara Trine, fifteen minutes between each race. ‘The races were begun a few minutes after two o'clock P.M. were kept up with greath it, friendly rivairy and decorous zest fora period ite three hours, the later contests going on eath a driving and blinding snow storm. runners were to the or on toe ht racing Mr, joho a y wan the tartar, ond geve his signa by Bring om a rover, “grand final’ heat pesistently refused off, thus keeping the stripped contestants in storm, entirel; wapretected for fifteen minut Gatll maother ead more pl le weapon cold be obtained, ‘THR CONTEST. ‘The six winners, or best runners ont of the Thomas ng to ee Enser, of Waterford; John Doran, ep ina Crooks, of Cohoes; George ‘Tinad Race—Joha MoCormick, of Cohoes; Benjamin -_— So, is heat was ron pana — of Nera ies, of Waterford. Mr. John Enser winning the hanud!- cap stake of $50 handsomely. He cars the Tw Foods vill ‘It was @ gay “every Saturday,"* ‘and foot racing will be a much sport in all this vicinity from time ont, other and more carefully ar- ranged matches being already taiked of by the leaders in the sporting community. PETITION FOR RELIEF OF DORRANCE ATWATER. Avnouns, March 18, 1867. A potition has to day been sent to Congress, with over four hundred signatures, including the names of our principal citizens, praying for the reliof of Dorrance At~ ‘water, Cig 4 imprisoned here. Atwater, it will be re- menibered, is the Union/ soldier who kept the record of the thirteen thousand dead at Andersonville. Lrxca Law iv New Yors.—The southern part of Oneida and the northern part of Madison covaties have been #0 infested with bad arnents tp) 0 saeating of citizens was held not i since, afd unanimousiy adopted the following resolutions, which they havo since issued in the form of @ proclamation : “pa y harboring or Sipiay wireeleertcdadead” Ya ‘Of Vigtanep Gommitige