The New York Herald Newspaper, May 22, 1867, Page 6

6 NEW YORK HERALD. JAMES GORDON BENNETT, PROPRIETOR. JAMES CORDON BENNETT, JR, MANAGER. BROADWAY AND ANN STREET. ed every day in the year, WUE DAILY HERALD, pudl Four cents per copy. Anaual subscription price, $i HY WEEKLY HERALD, every Saturday, cwers per copy. Annual subscription price:— a Five One Copy.. Three Copit Five Copies, ap Ten fopics, oe eescccesoonnvecsors scncess OB Any larger number addressed to names of subscribers $1.50 cach. Anextra copy will be sent toevery club often. Twenty coplos to one address, one year, $35, and any larger number at same price. An extra copy will be sent to clubs of twenty. These rates make the Waxeur Hrmanp the cheapest publication in the coun'ry, Tho Catuyorvia Eprrioy, on the Ist, 1th and 2ist of each month, at Six CuxTs per copy, or $B per annum. The Eoazorman Enron, every Wednesday, at Six cers yer copy, $# por annum to any part of Great Britain, or #6 to any part of the Continent, both to include postage. JOB PRINTING of evzy description, also Stereo. typing and Engraving, nea{ly and promptly executed at the lowest Volume XXXII. AMUSEMENTS THi> AYTERNOON AND EVENING. Broadway, near BROADWAY THEATER Broome atrect.—ILennr IV. WORRELL SISTE. THEATRE, oppo. mite New York Hote OINDERELLA, THEATRE FRANC avenue. —HAaMLEr. GERMAN STADT Zeun Maxpourn UND lore 45 and 4? Bowery.— BAXDEKUR. BOWERY THEATRE, Boarswain, ACADEMY OF MUSIC ‘Troven ov Jaranrse Aw Matinee this Afternoon, Bowery.—Awmirion BEN tHe cving place.—Tur Twrrrran in Tiwi WonpenvuL Fars, SAN FRANCISCO ML the Metcopolitan Hotel MENTS, SINGING, DANOL Sou0s—Iureata Javanese UT Brovdway, opposite ATHIOMIAN ENTRRTAUN- Buruxsquas.—Tax Firing KELLY & LEON'S ML site the New York ‘fots!.—[w ravorrias, BURLESQUES, & Oxo Bioce—Tue Jars. 2 Broadway, oppo Daxces. Eco xx- INDER-LEON—Culrs OF THE FIFTH AVENUE OPERA HOUSE, Nos. 2and 4 West Twouty-fourth street —Guieriw & Cuiuste's MINsTRELS.— rmorian | Minsti ALLabs, BuRLESQUES, AC. —Tie Bogus JaPaNuse JuGGreRs—Tne BratUR LOVER. TRSTIMO- Mia 70 GeORGE Cumisty At Uy o'Cloek. TONY PASTOR'S OPERA HOUSE, 201 Bowery.—Comro Vocacias, Nucro Muvstretsr, Burirseuns. Bauuet Diver. Tiseaawt, &0.—Tae Fewace Buve Jaceurs. Matinee at 234 o'Clook. OHASE'S MINSTRELS, Eighth avenue and Thirty-fourth Btroet.—-soncs, Dancas, Buatxseuas, £0, HOOLEY'SOPERA HOUSE, Brooklya.—Rrmormas Mus. @rexiay, Bartaps avy Gunizsgoss.—Tae Firing Scup. THE RUNYAN TARLEAUX., Chion Mall. corner of Treaiy-third street and Broadway, at &—Moving Min. Rok OF mr PiLium's Procress—Sixty MAGNIFIOENT Soares. Matinoe Weduesday aud Saturday at 235 o'clock. NEW YORK MUSEUM OF ANATOMY, 618 Rroadway.— map ann Ricwe Aww oF Pxonsr—Tux Wasnrnarow Woxpmns rm Narva: History, Scrxxcr anp Ame. Leoroaus Dairy. Open from 8 A.M. till WP. Me TRI PLE SHEET. New York, Wednesday, May 22. 1867. 4 REMOVAL. The New Yore Herarp establishment ie now located in the new Hesaco Building, Broadway aud Ann atreet. NOTICE TO ADVERTISERS. Advertisers wiil please bear in mind that in order to have their advertisements properly classi- fied they should be seat in before half-past eight e’clock in the evening. THB NEW Ss. EUROPE. ‘Tho a9ws report by the Atlantic cable is dated yester- day ovening, May 21. Earl Derby announces, officially, that the American “question"’—probably the Alabama and other demands— will be amicably adjusted. . A Hanoverian plot for the assassination of the King of Pruasia and Count Bismarck bas been discovered, and several “notable personages’’ have been arrested in Ber- lin charged with being engaged in it. Numerous arrests have also been made in Hanover. Mossrs. Fraser, Tren- hotm & Co., of Liverpool, the Jeff Davis cotton and biockade runner agents, are said to have suspended Payment, with large liabilities The Sultan of Turkey je to visit Paris, Colonel Burke, the iam convict, was said to be dying in his cell in Dublin. Consols closed at 93 for money, in London. Five- twenties wore at 72 in London, and 77% in Frankfort. The cotton market closed quiet, with middling uplands m® Lid, Breadstuty quiet aud steady. Provisions quilt, By the steamship Peruvian, at Quovec, we have very luteresting nowspaper details of our cable despaiches to the 10th of May. During the debates in the Saxon Parliament on the question of the adoption of the new North-German con- stitution, prominent members asserted that the instra- mont was accepted through fear of the Pruswan military power, and that its enforcement in such manner would lead to revolution in Germany. Active preparations were being made in Paris for the reception of the various foreign sovereigns im brilliant style, and with municipal honors and fites, The Emperor and Empress of Austria will not arrive until the Emperor of Ruasia and King of Prossia have taken their departure from tne French capital. THE CITY. At the meeting of the Board of Supervisors yesterday fan ordinance was adopted appropriating $100,000 for farmories and drill rooms, $30,000 for the New York Juvenile Asylum, $80,000 for the Society for Protecting Destitute Roman Catholic Children, $7,000 for the Nursery and Child’s Hospital, $6,000 for the Superin- tendent of Unsafe Buildings, and $5,000 for comtingen- cies in the inspection of buildings. At a meeting of the Commissioners of the Sinking Fund held yesterday, resolutions were adopted direct- ing the Comptroller to state at the next meeting the ‘amount due the Corporation for rent of wharves, piers and slips; that he appoint suitable persons to report their condition and the amount required to rej them; that citizens be publicly heard on the subject, and that the question of selling them to private parties be con- sidered, The stbject of taking action on the market property was referred to @ commitice { William Bishop Carr, a well known and much re- spected citizen of Brooklyn, was shot in the head by a man vamod William Skidmore, formerly a sergeant of police in that city, while proceeding siong Johmton street, near the corner of Gold street, about one o'clock yesterday morning. The assagsip wae pursued and cap- tured by a policeman who witnessed the tragedy. The ‘wounded man was conveyed to the City Hospital where his wound was pronounced to be mortal. He remained unconscious up to alate hour last night. There are no hopes of his recovery. The object is supposed to have been highway rovbery. ‘The accused bore a bad char. actor. The number of steerage passengers who arrived in this city from Europe inst week was 5,657. The oase of John Kane, who is charged with arson in baving caused the Second avenue confiagration |ast le. pomber, by which several persons lort their lives, was tallied up in the rt of Oyer and Terminer yesterday, but wont over to await the empanneliing of a jury. A motion was made yesterday before the Supreme Dourt—Cuambors, for peremptory mandamus to com- pol the Croton Aqueduct Board to award the contract AB We Cansirustion of 0 carla vorivn of we wew NEW YORK HERALD, WEDNESDAY MAY 22, 1867.-TRIPLE SHEET. Croton reservoir to the relators, Frederick A. Hacklsy and Boujamin G. Wella, on the ground that their pro- posal, viz, $167,500 was the lowest bid tendered for tho performance of the work, Decision reserved. Au action was brought in the Court of Common Picas by Bean va, the Mutual Bonofit Life Ingurance Company, on a policy of inaurance for $19,000. The Court direct - ed & verdict for the plaintiff in the sum of $13,073 58. The motion for a writ of habeas corpus and certiorari in the cage of the Prussian government against Philip Henrich, has been gramted by Judge Shipman in the United States Circuit Court, The case was set down for further hearing on Tuesday moext at threo o'clock P. M. ‘The stock market was dull yesterday but steady. Gold closed at 137%. ‘The Srmneas in gold imparted a rather more buoyant feeling in commercial circles yesterday, but there was not much ,imelination te transact bu: on the part of buyers, except wh ubtedly good bargains offered. ‘On the contrary the merchants continued to manifest a good degree of caution, im view of which commercial transactions were circumsoribed. Cotton was called dull and lower, Groceries wore firm at the improvement quoted, On 'Change flour and whoat were quiet and heavy, while corn was unsettled and decidedly lower. Oats closed lower, Pork opened lower, but closed frm at the reduction. Boof and lard remained steady, Freights wore dull and lower. Whiakey remained firm. Naval stores wore generally firm, while petroloum was ateady. Wool! continued dull and heavy. MISCELLANEOUS. Datos (rom Orizaba, Mexioo, to the 3d inat, state that Mexico city was being bombarded. Marquez bad ex- preasot his determination to hold out to the Iast, and had impressed all the water carriers and porters, Orders had been issued by the liberal Commander that Mira- mon, Marquez and Maximilian should be shot if cap- tured. By the’arrival of a gentleman who left Queré- taro in the berioning of March some facta are gleaned relative to the inside situation there. At that time the command was short of ammunition and there waa pro- bably provision enough to last until the 1st of May. Maximilian bad with hima Marquez, Miramon, Mejia and other gonerats who seemed to consider Querstaro as their Inst ditch, A Heravp correspondent was also with him, The gontioman who has just arrived was four wooks incoming from Mexico city to Vera Cruz, owing to the attentions of robbera and guerillas, At Vera Cruz the mortality from yellow fever alone waa Afty por day. We have flea from St. Thomas and Porto Rico, dated on the Sth of May, The commercial nows ia without interest. ‘The annual examination of pupils of the Re- 4 Dutch Church School, which was postponed from ristmas on account of the cholera, had just come off with very gratifying results, Froights from Porto Rico to the United States were at forty cents for sugar on the 4th of May. Another Fenian invasion of Canada is threatened. A large body of troops are being organized for that pur- pose, and will be concentrated on the frontier within a few weeks, Massey, the informer, is reported im Mon- treal, hiding from Fenian avengers, Two suspicious charactors arrived there yesterday, believed to be Roberts’ men, on his trail. News trom China to the 25th of March ts received. The sole right of navigating the Canton and Yangtzee rivers had been awarded to two Annerican firms, Tho imperial forces in Shoutung had been cut to pleces and its general captured. The first steam fire engine ever seen in China had arrived at Hong Kong. Jeff. Davis arrived in Montreal yesterday, having passed over the road incognilo, His reception was vory quiet, His family passed threugh Troy last might on their way to rejoin him. Itisgaid that Jef Davis intends writing « history of his connection with the rebellion, ia which the parts played by England and France will be fully exposed. Our Southors tetters this morning cofer to matters in Louisiana, Virginia and Texas. The recent decision in the New Grieans courts that debts incurred for the purchase of slaves before the war are null involves nearly ome hundred million dollars ia Louisiana alone. hnayor Heath, of New Orleans, has decided that theatres are not compelied to sell tickets to negroes. Two French gentlemen in New Orieans fought a duel with small swords on Wednesiay last. No one was dangerously injured. ‘The distillation of spirits from grain has been probib- ited im the Carolinas, by order of General Sickles, on account of the scarcity of food, the supply of which is diminished by the quantities of grain consumed in dis- tilleries, and the increase of poverty, crime and dis- order consequent on tho unlawful traffic, . Colonel! Shepherd, commanding at Mobile, has so far modified his order relative to the maintenance of the public peace that the present police will remain and the city government will be undisturbed. The military will take cognizance only of particular cases. A court of inquiry has been ordered to investigate the cause ef the riots, Springfield, Massachusetts, is excited over cases of alleged undue severity towards children in the public schools of that city, Am indignation meeting has been called for to-night, to take action on the matter. Acolored sergeant of the Ninth colored cavalry, at San Antonio, Texas, being about to be reduced to the ranks, attempted, with the aid of fourteen of his com. panions, to murder his officers, He succeeded in killing one Lieutenant, and was then killed himeelf. The stringent liquor law in Massachusetts appears to be anything but a success in Boston. The amount of drunkenness is the same as ever, and liquor can be ob- tained by some means or another by everybody who wants it, The House of Representatives are debating on the bill favoring licenses. ‘The Boston fund for Crete amounts to $18,500. The boat race between Hamill and Brown, at Pitte- burg. came off yesterday, Brown proving the winner. The Presbyterian General Assembly at Rochester yesterday received the Irish delegates, with a welcoming address, An arrest in Fredericksburg, Va., recently developed the fuct that @ secret negro organization hostile to the military existed in the town, The party arrested was a man named Potter, from New York, who was charged with having threatened to kill the commanding officer of the troops stationed there, the Mayor and several citizens, and to burn Fredericksburg and Falmouth. He was, however, discharged by the Mayor, the proof being insuMieient, General Hancock has stationed small squads of cavalry at intervals along the Smoky Hill route for the pro- tection of travellers and mails. In Port Colborne, C. W., on Saturday night, a man named Jobn Wallace was shot and killed by his brother- in-law, Menno Graybill, who was immediately after- wards shot by his own brother, John Graybill. The firm of Hinde & Porter, commission merchants of Cincinnati, hi failed to the amount of $170,000. Cause—cotton operations and Southern debts. The Change ot Co! ere at the Siege of Queretaro. By the way of Matamoros we have the news that General Ramon Corona has superseded General Mariano Escobedo in command of the liberal army in front of Quer¢taro, The latter officer has been despatched to operate against his old enemy, Canales, who so roundly thrashed him at Matamoros a few months since. If this news be confirmed it will prove that the liberal government are at length heartily sick of the miserable generalship displayed by Escobedo, who has long retarded their march southward. Corona is a much abler and also a@ much younger man than Escobedo, His military experience at the long siege of Mazatlan, and his subsequent brilliant opera- tions on the Pacific coast and in the province of Jalisco lead us to believe that the opera- tions against QuerCiaro will now be conducted with more vigor. Although in point of gener- alship Corona is the superior of Escobedo, there is little doubt that Regules, now com- manding one of the besieging lines, is the superior of both. Tt was unwise at the present juncture for the liberals to undertake the siege of three cities at the same time. The Richmond of their straggle is at Querétaro, and had they, when Maximilian foolishly threw himself into tbat city, centred all their forces upon it, they would long since have closed up the war by the cap- ber of Maximilian, all his leading generals aad the mage of the unperial fares, Cotten Production. We published on Monday an interesting account, from the Times, of Indis, of the cot- ton erop in a portion of the Britis East Indian empire. From this we learn that England has been making extraordinary efforts both to in- crease the production and to improve the quality of this most valuable article. These efforts have been successful, too, in increasing the production; for it is estimated that over a hundred and twenty-five per cent more will be produced in the Bombay presidency this year than in the year before, without taking into account the increasing production in the provinces of Berar and other parts of India, The yield of clean cotton is nearly three hun- dred thousand bales, reckoning, a8 we do, four hundred pounds to the bale, in the Northern division of the presidency alone, for the year 1866-7. Where thirty pounds an acre only wore formerly raised seventy pounds are now obtained through improved cultivation and better seed.’ But the report of the Cotton Commissioner states that the offoris to accli- matize the Sea Island, New Orleans, Peruvian, Egyptian and Dharwan cotton have all tailed, a8 compared with the native Hingunghat and Berar. Tho Commissioner says that cotton production has already gained such a position in India as will enable it to bear the full force of commercial depression and the lower prices that must come. He has “no doubt that well directed means and energy will prove as successful in the long run” as they were in the Southern States of America. While we neod not be alarmed at these efforts of the British to compete with us in the production of cotton, and to make themselves independent of us for this prime article of manufacture and commerce, it will be well to compare the shortsighted and injurious legis- lation of our stupid Congress in checking the cultivation, with their liberal and farseeing policy in stimuisting it. Our war, in cutting off that supply’ of American cotion from England upon which she had mainly depended, has been the chief cause of the attempts to produce it elsewhere so a3 to. make her inde- pendent of this country. She had, however, for years before the war been looking for new cotton producing regions and stimulated the cultivation wherever there was a prospect of success. Millions of pounds sterling have been spent in these efforts, British statesmen are farseeing and do not let the petty prejudices of party politics or faction interfere whenever national interests are in question. See how different has been the conduct of our Congress in taxing the producijon of cotton at a time when it needed all the encouragement possible. The cotton States had been desolated by war ; their labor disorganized ; their capital gone ; their machinery and implements of industry worn out; their plantations in many parts un- protected from river overflows—yet, with all these and other obstaciés and drawbacks, Congress Jaid s heavy tax on the pro- duction. We put a check upon the growth of anarticle more valuable to the republic many times over than all the gold and silver of all the mines in the country. To this article we had to look chiefly for paying the balance of trade against us abroad, for paying the gold interest on the national debt held in foreign countries, and for keeping specie at home. Nothing would promote the general prosperity and commerce of the country or bring us to specie payments sooner than large crops of cotton; yet our sapient legislators have bur- dened and checked the production. We know of nothing in the history of legislation more shortsighted and stupid. Still, as we said, we need not be alarmed, with all these depressing circumstances, that the cotton trade will pass from us or that Eng- land can successfully compete with us in the production of the material. Nature, and not man, has decided this matter. The cotton Commissioner in India is in ecstasy because there they have increased the production from thirty pounds to seventy pounds the acre. We raise, from a fair average crop, four hundred pounds on an acre. Besides, the cotton of-Indis is much inferior to ours. It is the short staple kind, not suited, without being mixed with ours, for the manu- facture of the best materials, And they have failed to acclimatize the American varieties in India. Nor will England ever be able to do this, unless she can turn the Gulf Stream which sweeps along this continent to the coast of India, or can find another such Gulf Stream with its climatic influences elsewhere. It is this won- derful and beneficent phenomenon of nature which gives us the necessary showers of rain alternately with the warm rays of a semi-tropi- cal sun, that reaches a certain belt of our country, the great cotton producing region of the world. This it is which brings to such profitable maturity that beautiful and valuable annual plant which clothes the world and covers the oceans with the sails of commerce. This is beyond the competition of British capi- tal or British national pride. We have, in years before the war, produced over two hun- dred and fifty millions of gold dollars’ worth of cotton annnally, and if Congress does not ruin the South and the production of cotton, by its absurd and dangerous legislation, we may exceed that amount hereatter. The demand will be increasing continually, aa civilization advances, and, in spite of what may be done in India and other cotton countries, we can always command the markets of the world. The Rebel Speculators Co te Grief, Some little excitement was occasioned on Wall street yesterday by the report that the ‘cotton firm’’ of Fraser, Trenholm & Co., of Liverpool, had suspended payment, with very heavy liabilities. This firm were the well known London and Liverpool agents of the Confederate coiton loan, The partners were some of them Englishmen and some Southern rebels, Trenholm being the Secretary of the ‘Tregsury of the Jeff Davis government. They negotiated the cotton loan in England, and controlled the blockade running business during the rebellion, making large sums of money by their operations, But at the col- lapse of the confederacy they and the English capitalists who had invested their money with them were left in the lurch. They owned a large interest in the blockade runners which fell into the hands of our government, and in the Alexandra and other valuable vessels then in English ports, which were embargoed*by the United States Consul at London, under the direction of Minister Adams. Their liabilities were large, and they were unable to make good any of their undertakings to deliver cot- ton. Their victims became pressing, and they taade 0 partial suanension. nending the deck sion of the courts on the cases of the embargoed blockade runners, returning those assets aa doubtful. The decision having gone against them, they now finally stop payment and close up their business carcor in the manner that might have been expected. So the rebel cotion loan agents and block- ade runners can now mingle their grief with that of the English Blakely Gun Company, which has alao gone by the board. The lat- ter bankrupt company return a bad debt of twenty-five thousand pounds for guns sold and delivered to Jeff Davis’ government. They had sold s large number of guns to the con- federacy in addition to these, which had not been delivered, but remained in England at the close of the war, The company had scarcely time to congratulate themselves on this apparent good fortune, when all the guns 80 sold were claimed by our government, through its consul; and the issue as to the ownership still remains to be settled. In the meantime the company has gone to the dogs. Ts seems, therefore, that while Jeff Davis es- capes on a straw bail, and our courts and radi- cal politicians decide that treason is no crime, the unfortunate speculators who sought to make fortunes out of the rebellion are all doomed to come to grief. Greeley’s Whimperings. What is the use of all Greeley’s whimperings and whinings, now that he has suoceeded in his efforts to got Jeff Davis, the head of the rebel- lion and the arch traitor of all traitors, released from prison on straw bail, and settled the fact that treason is no crime? Like a bull ina china shop, the more he plunges about to get out of his awkward position, the more the po- litical crockery breaks and smashes around him, and the greater becomes the confusion and the damage. In endeavoring to show that he was nota volunteer straw in Jeff Davis’ bail, he implies that Judge Underwood’s court is nothing but a partisan tribunal, and would have refus-d to accept bail at all if the bonds- men had not been radical politicians. This is all balderdash, and the best thing Greeley can do, now that Jeff Davis has been allowed to go scot-free, is to say nothing more upon the sub- ject. His course is consistent enough. Having advocated the right of secession and main- tained that the government had no authority to pin a State to the Union with the bayonet, it was natural and proper that he should go straw bail for the chief traitor, who, in his opinion, could not have committed a crime, but, on the contrary, acted as a patriot and a hero. Besides, his apologies are not needed. We are willing to believe him the greatest philanthro- pist that éver lived, just the same as we give him credit for simple honesty in the fashion of his hat, and boots, and coat, instead of charging it all to a labored and studied effort after eccentricity. 2 The truth is that the most remarkeble feature in all this business is the wonderful in- genuity and legal sxgacity displayed by Charles O’Conor in bringing the old, well known trick of straw bail to play in such a big game. At the Tombs, or in the minor criminal courts, with sharp practitioners and convenfent justices, a great many pickpockets, sneak thieves, and other offenders who bave political influence or money in their purses, manage to evade the law by such means. But here is the leading counsel of the United States bar, availing himself of the simplicity of the judges and volunteer bondsmen, stepping for ward with his shrewdly packed straw bail, setting the head of the great rebellion at liberty, breaking a successful political party into pieces, and producing an entire revolution in our whole system by making the highest judicial tribunal in the country and the leading radicals of the day solemnly pronounce that treason is not a crime and must be suffered to go unpunished. This is the most singular part of the affuir, and, instead of whimpering and whining over it, Greeley and his associate straws should carry out their new doctrine to its logical conclusion. If the head and front of the rebellion has committed no crime, and is permitted to go tree on straw bail, then we may as well stop the work of reconstruction ; let all the lesser rebels in the South off on the same terms ; “remit” the national debt and taxation ; throw open all the prison doors, and get Greeley to go straw bail for the repudiated greenbacks and for the immediate resumption of specie payments. The suicide of a young man in a gambling room on the corner of Fulton street and Broad- way on Monday last gave the first intimation to the respectable residents in the neighbor- hood of the existence of such a den in that locality. But the place must have been well known to the police, and has been suffered to go on unmolested until its operations have brought about this tragedy. A list of all the gambling houses in the city is kept at the Police Headquarters. The Superintendent has them at his fingers’ ends, and could put his hand upon any one of them at any moment he might please, from the fashionable “hell” in Broadway, down to the lowest “skin” game where five cent “chips” are issued. Why does he not stop their illegal business? What is the reason ‘that the police quietly pass and repass such places as they walk their beats and take no notice of them? Occasionally the people hear of a descent upon some of the lowest and poorest of these dens, but the higher classes are suffered to go untouched. The party organs of the city declare that it is because the police are regularly feed by the gamblers, and are kept under their pay. As the gamblers are all active politicians it is probable that their party organs are reliably posted on the matter. At all events it is a curious fact that the most notorious of these illegal and vile dens are suffered to pursue their calling under the nose of the police, without being molested or annoyed. The people are not astonished at this; for they find that the politicians on both sides, and nearly all the public officers, are as lawless as the gamblers, and as corrupt as their organs repre- sent the police to be. They are told by the party press that the same system of rascality, robbery and corruption runs through the State government, the Legislature, the city Corpora- tion, the police and all, while the bulk of the honest citizens are called upon to pay the expenses of the rogues. The qilestion the people are beginning to ask themselves is, how are they to get rid of this corruption, and avert the anarchy and ruin to which it must lead? Is it through the Constitutional Con- vention and a grand political revolution and reconstruction in the State aad city pexs fall? Mr. McCulloch’s New Dedge to Favor and Bolster Up the National Banks. The Prin'ing Bureau of the Treasury Depart- ment having completed the printing of the thres per cent certificates, to take the place of the compound interest notes, the Secretary of the Treasury is about to issue them to the na- tional banks for the purpose of forming a por- tion of their reserve fund. The law establish- ing the national banks requires them to have on hand at all times an amount of lawful money of the United States equal to at least twenty-five per cent of the aggregate amount of their notes in circulation and their deposits— that is, the banks in the large cities are required to have this amount of legal tender reserve fund, and they are the most important. The small country banks are required to have fif- teen per cent. The intention of the law is, undoubtedly, that this reserve fund for the re- demption of the national bank circulation shall be in legal tenders or specie; but the banks have used compound interest notes, thus draw- ing interest on their reserve fund as well as on their bonds deposited with the Treasury. In- atead of making these institutions give up this portion of their enormous illegal income, by compelling them to use nothing but non-inie.~ eat bearing legal tenders as a reserve fuud, Mr. McCulloch is going to issue these three per cent certificates for that purpose. Instead of having twenty-five per cent of legal tender re- serve fund, the issue of these certificates will reduce it to about eight per cent.. The banks will draw a million and a half dollars interest ® year from these fifty millions of three per cents, whereas thoy ouzht to draw no interest from their reserve fund. It is a clear violation of the principle of the National Bank act. It is gross favoritism to these overgrown and dan- gerous institutions, at the expense of the public. But the question arises here,do the national banks need such bolstering up? Wo,are dis- posed to believe these are evidences of weak- ness, and among the first indications of a gen- eral smash up of the whole system. Cértainly, if the national banks cannot be sustained without violating the act creating them, and without fleecing the public so enormously, the sooner they smash up the better. Are We te Have a General Indian Wart All along our frontier, from Northern Minne- sota down to Nebraska, and then stretching westward to California, the news pours in that the discontented Indians are preparing for war. Throughout Arizona the Apache and Comanche tribes have already commenced their depre- dations, On the plains they are threatening forts Sedgwick, Saunders and Phil Kearny. Generals Smith and Custer have already opened war on the Sioux and Cheyennes found between the Platte and Arkansas rivers. General Sherman, after his tour along the frontier, states that we can have a general Indian war or not, just as we please. Although General Sherman is a somewhat erratic genius we are inclined to believe him in this instance. He told us that it would take two hundred thousand men te clear out the Mississippi val- ley during the rebellion, and much as his opin- fon was then derided we afterwards found it true; so now, in this threatened Indian war- fare, we are inclined to believe that judicious management on the part of the government would restore all the tribes to an orderly con- dition and prevent the immense outlay of treasure which must otherwise follow. The harpies who flocked around our treasury during the rebellion learned that war gave fat contracts, and they therefore leave no means untried to plunge us into a struggle which will only result in the same treaties which we may to-day make with the tribes at variance with us. An Indian war can be productive of no good. Onr troops know nothing. of Indian fighting. Only « few days since several pieces of artillery were returned to one of our forts, they being found too heavy for use on the plains. How much longer will it be before we learn that an’ Indian will not wait for a piece of artillery to overtake him? If we have war it will be’ because the Indian Bureau either does not understand its business or else understands it too well. Every four years we are obliged to fill the pockets of a new set of Indian Agents, who get their appointments, as a general thing, for no other purpose, except to swindle the miserable savages out of the limited annuities allowed by the government. A radical change should be made in the management of our Indian affairs. They should be turned over to the War Department, where they belong. Our people are tired of these immense drains upon the public purse, which add to the already overburdened tax list, and all to no purpose. Sportiog by Telegraph. We gave yesterday by special telegram a very full account of the result of the French Derby. If this event had come off to-day in- stead of on Sunday the report of it would ap- pear simultaneously with that of the opening proceedings at Jerome Park. The one course is three thousand and the other only ten miles distant from us; and yet, so far as the publica- tion of the results is concerned, there need be no difference in point of time between them. But to the Parisians, who have so immediate an interest in the Chantilly race, there is this disadvantage as compared with us. Owing to the fact that their newspapers are published in the afternoon they got their own account of that event eight or ten hours after the result was published here. There would actually have been time for us to retelegraph it back to Paris and to anticipate the French papers, had we had any prior means of publication there. We have in so many ways demonstrated the benefits which the cable has conferred on American enterprise that it is unnecessary for us to enlarge om these facts. They confirm our bften repeated assertion that through its agency New York must become the great centre of news for the world. ‘There is nothing that can occur in any part of Europe that will not be known here quite as soon and, generally speaking, sooner than it will be known in the European capitals, Every event of interest transpiring on our continent will be as quickly telegraphed here and by us transmitted to Europe. Thus, whether it be anitem of diplomatic news, an interesting legislative discussion, a popular outbreak, Tegatta or a horse race, we shall be in a po- sition to place it before our readers as soon as the journals of the locality in which it occurs can give it to theirs, This is the result of labors patiently and consistently persevered in, and which have had no more solfish object than that of placing the American press ¢t the head of modern iqurpeliaey . A%hirking the Responsibility of the Jom Davi Case—Nobody to Binme, Popular indignation at the connivance o officia 18 and politicians, in the case of Jof Davia, bas excited already some aquirming o» the part of men who desire above ali othor things togstand well in the opinion of the peo ple. The .men justly chargeable with an act whose tendes'cy is to make the American pee ple ashamed @f the war—whose assertion i that the war haa! no great basis of principle— these men are Mow startled through that natural sensitiveness that fills candidates with) ‘| alarm whenever pubsic opinion assumes fo: threat to their ambition. Chief Justic Chase is represented as suffering the pangs o: disappointment over the escape of the g criminal. It is given owt, as though w: from his judicial tongue, that he ‘was not ii any way a party” to this wonderfal consum- mation of the four years’ slaughter. Nay, is not only “not a party,” but he is balked, fairly bamboozled of the greatest of ca celébres, and by the unaccountable conduct of legal lay figure. He “fully expected that the tral would take place and that he himself’, would preside.” 4 nt nn He doubtless pictured his appearance in history on a greater occasion than ever called forth the wisdom of his illus- trious predecessors. Imagine his chagrin at the loss of this chance. } Nothing more interesting has been takem from the remains of unburied Pompeii than « piece of the machinery which shows how the people were governed in the good old times. This piece of machinery is merely 8 motal god- dess. Standing on high in the temple, *with masses bowed to the earth in adoration, the goddess uttered, or seemed to utter, the decrees ofa Justice inscrutable to the merely human wit of those simple, pleasant people. But the ruin has developed that the inscrutable wisdom of the gilded goddess came to her lips through se simple a contrivance as a tin tube, the nether end of which descended to # chamber in the lower depths of the temple. There sat the priest—the governor of that age—and through hia tube spouted up such divinity, justice or law as suited his personal prejudices or the little games of his party. How simple all this was, and how effeotive! What trouble it spared ( Here is a noble instance of that splendid plicity we laud in all the types of the antique. None of the turmoil of political savagery dis- turbed those masses; no knotty questions of right worried their happy days; no one made war but the rulers; that tin tube, the chap ia the cellar, and the splendid piece of brass up above in the temple solved all such difficulties with magnificent simplicity. Nearly two thou- sand years have apparently brought us around to the same place; for none can fail to see the similarity between that ancient machinery and the machinery operated in the Richmond Court—that temple of aational justice. ; There was the magnificent. piece of brass og the bench, which settled the great case by utter- ances not his own ; and there were the masses amazed by the tubular wisdom—bewildered into a partial appreciation of their own insigni- ficance. But who was the fellow at the other end of the tube? This is likely to become the great dispute. It was supposed at the time in the court room, by those who understood the machinery, that the man at the nether end of the tube was Chief Justice Chase ; although even 80 edtly as that, somo faint attempt was made to relieve that gentlemen in advance, as it ‘were, and to cast the odium toward the Presi- dent, who was suggested as responsible for the refusal to try and for the failure to oppose the motion for bail; the President, or the legal officers of the government, Chandler and Evarts. Who was it? Chase denies it flatly. Are the tube and the avenue so much alike that the same man was at the other end of both? If Chase was ready and prepared to hear and determine, how was it that the gov- ernment prosecutors were nol ready to go on? If Chase was ready too, how is it we are told that the case could not have been tried with- out “packing a jury?’ This is one of the in- advertent utterances of Greeley ; though it is notable that Greeley quietly edges toward the doorways of discussion when the subject comes up—who is responsible ? In the lame explanations and attempted extenuations of their conduct thus far put forth the republican workers of the oracle have emulated Barnum. Barnum crowned ail his humbuggeries by rushing into print with a volume that explained his cheats, and was of course based upon an acknowlédgment ef them. It is the same with these self-accusing explanations, and the result must be the same. Just as Barnum was repudiated in Connecticut; as aman whose trickeries rendered it impos- sible to repose any confidence in him, so these party tricksters will be repudiated by the grand undivided voice of the nation. That must be the result for all, unless the out- rageous proceeding can be definitely fixed upon some one. . The Coming Crepes. We publish this morning eopious extracte from our exchanges and correspondence giv- ing accounts of the growing crops in various parts of the country. It will be seem that although the season is not sufficiently far ad~ vanced to predict with entire certainty the amount and character of the crops, yet there is ample evidence showing that so far as the great West, the vast grain-growing region O | the country, is concerned, the prospect for a harvest of surpassing richness and abundance was never more flattering. Our Western farmers, with the experience of uacommonly high prices before them for their wheat the past season, have sowed, in both winter and spring grain, a very considerable addition? to their former breadth of land devoted to raising cereals, and they will, no doubt, in due time, literally resp their reward. Besides this we have seen that a large extent of | territory in the South not hitherto planted in grain is now covered with the fist ripening blades of wheat, while their Indian | corn fields have been enlarged in dimen- sions and generally furnish promising indj- cations of a good yield. The South hay suffered terribly by inundations, which have overflowed, most of their rich, alluvial bottom lands and destroyed. the young corn as it wee sprouting from the earth; but with sur- prising energy the planters have replanted their fields, and it can only be by some extraordinary visitation that their industry will go unrewavded. California, too, not content with faro ishing her sister States of the Atlantic with the precious motals, is now sending ship- Yond after shipload of the staff of life to onr aberes, and qupplics the vacuum cauged by