The New York Herald Newspaper, January 2, 1868, Page 4

ce een Raa ye ad ! 4 NEW YORK HERALD. BROADWAY AND ANN STREET. JAMES GORDON BENNETT, PROPRIETOR. ee we Al business or news letters and telegraphic despatches must be addressed New York HERALp. , Letters and packages should be properly sealed. | Rejected communications will not be re- turned, Volume XXXAILIL.....-ceccceceeceeeeseeeeeeeeee No. 2 AMUSEMENTS THIS EVENING, BANVARD'S OPERA HOUSE AND MUSEUM, Broad- way and Thirtieth street.—Ovn MuruaL Frianp, OLYMPIC THEATRE, Broadway.—A Minsumer Nigur’s Dasau. WALLACK’S THEATRE, Broadway and 13th strect.— Oniver Twist. oo BROADWAY THEATRE, Broadway.—Mary Srvarr. FRENCH THEATRE. Fourteenth street.—Barait.e DE Daurs—La Veove Aux Camniias, BOWERY THEATRE, Bow ‘Tuorovgurane—SiasaeR ann C1 —Rivea Piratss—No R. NIBLO'S GARDEN, Broadway.—Buack Croox. NEW YORK THEATRE, opposite New York Hotel.— ‘Unper tax Gasticut, ACADEMY OF MUSIC, Fourteenth street.—Lity oF KUWLARNEY. THEATRE FRANCAIS, Fourteenth street and Sixth Avenue.—MARIg ANTOINETTE. NEW YORK CIRCUS, Fourteenth astroot,—Grunasrics, Equxstaianism, &c. Matinee at 2}, THEATRE COMIQUE, 514 Broadway.—Wuite, Corton & Suanrcer's Minstkers, KELLY & LEON’S MINSTRELS, 79 Broadway, —Sonas, Danes, Eccantnicitixs, Burvesques, &c. SAN FRANCISCO MINSTRELS, 5% Broadway.—Brmo- PIAN ENTERTAINMENTS, SINGING, DANOING AND BURLESQUES. TONY PASTOR'S OPERA HOUSE, 201 Bowory.—Comtc Vocatisu, Necro Minsrretsy, &0. BUTLER'S AMERICAN THEATRE, 472 Broadway.— Baust, Farce, Paxtomoe BUNYAN HALL, Broadway and Fifteenth strect.—Tax Pruceim. Matinee at 2. HOOLEY'S OPERA HOUSE, Brooklyn,—Ermorian Minstrevsy, BALLAvs AND Buruxsques. NEW YORK MUSEUM OF ANATOMY, 618 Broadway.— Sctunox ann Art, Now York, Thursday, Jam ry 2. 1868S. EUROPE. Tho news reported by the Atlantic cable is dated yesterday evening, January 1. Baron Von Goltz, Prussian Minister to France, was received by Napoteon as Ambassador of the North German Confederation and expressions of national good will With the most peaceful professions were interchanged on the occasion, King Victor Emanuel advises the Italian People and Parliament te remain calm during a crisis in which the kingdom Is ‘surrounded by foes.” General Menabrea is likely to compiete tho now Cabinet of Italy. The Liverpool markets were all closed and the quo- dations given are from the “street.” * Fivo-twenties were at 765; in Frankfort. Our special correspondence by mall from Europe em- braces very interesting reports in full detail of our cable despatches from England, Prussia and Turkey. MISCELLANEOUS, The advent of tho new year was celebrated with the usual round of visiting by the people of New York yes- terday. The doors of nearly all our mansions were thrown hospitably open and a string of visitors wore going from house to house all through the day. The snow and rain made locomotion disagreeable and dif- ficult, but the visiting continued, The street cars were Greatly obstructed and the Kast river ferries were in some instances detained. Skating was entirely out of the question. Mayor Hoffman had a reception at tho City Hall, and so did the Sheriff elect. At the various charitable institutions the poor inmates had the usual collations spread and numerous theatrical and social entertainments wound up the day. ‘Tho President held a grand New Year's reception at the White House yesterday, when he was visited by the foreign Ministers, the officers of the army nnd navy, ‘the Congressmen, the Chief and Associate § Justices and the members of his Cabinet. General Grant, Chief Jus- tiee Chase, Speaker Colfax and§j most of the Senators, Topresentatives and Cabinet mombers also heid recep. tions during the day, Oar special telegrams from Havana contain news from Vora Cruz, Mexico, to the 27th of December, Congress was occupied with the consideration of the Proposed constitutional reforms, Tho rebellion in Yucatan was becoming more serious, Merida had been captured by a party from Havana and ® descent was meditated on Sieal, General Alatorre bad been ordered to Yucatan with three thou- Band men to quell the rebellion, It was reported that an order bad been issued banishing from the country all persona who had been convicted of siding with the im- sperialists during the war, By special telegrams from San Francisco we ha abstract of our advices from China and Japan, reapectively the 27th of November and the 6th of De- seomber, The Tycoon of Japan had resigned his powers ‘to the Mikado. Yeddo and a new port on the island of Sado are to be opened on the Ist of April. The imperial Chinese forces have met with @ severe repulse. A pow- der explosion took place at Wychung on the 20th of No- vember, by which many lives and much property wore destroyed. The Viceroy’s palace was blown into the air. ‘Tho United States Consul at Amoy has madea treaty with the Formosa savages by which wrockod seam: be protected. Commodore James T. Watkins had died on voard the Costa Rica. General Van Valkenburg, tbo Minister to Japan, was married on the 25th of November to Mra, Schayer, of New York. An international regatta an was held at Shanghae on the 25th of October, and the | races opened on the 30th, Our correspondence from Stlvor City, Indiay Territory, contains an interesting account of the campaigns of General Crook in Southern Oregou against the Indians. On tho 28th of September a severe fight occurred noar the South Fork, in which nineteen soldiers wore killed, one Of whom, Lieutenant John Madivan, lived in Jersey City,and another, Car! Bross, in Newark, N. J. Tho Massachusetts Legislature convened yesterday, and organized by e'ecting George 0. Braston President of the Senate and Harvey Jewell Speaker of the House. The Maine Legislature also conven organized by olecting Josiah Crosby P Senate and Theodore , Woodman Speaker of the House, It is now stated that the funds in the hands of the Stato Treasurer of Georgia were remove’ some time ago to New York to prevent the surrender of thom to the State Convention in session at Atlanta, The records of the Coroners’ office in this city for the yorr just past show that there were forty-two homicides and oighty-two suicides, Of the persons included in the list of homicides thirty-two wore males and ten were females; and of those included in tho fist of suicides sixty-two were males and twenty were femaios, Tho Maryland Legislature assembled yesterday. Tem- porary prosiding officers were appointed, and they ad- Journed until to-day. Eleven of tho candidates out of twenty-three nom- ‘nated by the republicans in Alabama bave declined to tuo ‘The nogrods in Charleston, Richmond and elsewhere, celebrated theif emancipation anniversary with tbe usual joil feations yesterday, The N Carolina ‘opvention has been calied for the 140) instant at Raleigh. The North German Lioyd’s steamship Hermann, Captain Wenke, #1\ eave Hoboken at ono P. M. to-day (Thursday) for Bremen, via Southampton. The maiis for the United Kihgdoin and the Coatiment will close at the Post Office at twelve noon The Atlantic Bail Steamship Company's steamer Eagio, Captain M. R, Greone, will leave pior No. 4 North river at three P, M. to-day (Thursday) for Havana direct. ‘The mails for Cuba wili close at two P.M. NEW YORK HERALD, THURSDAY, JANVARY. 4%, . 1868, Oar Present Fisaucial Ceudition—lis Causes and Our Financial Future, With a national debt the annual interest upon which amounts to one hundred and four- teen millions of dollars; with aa internal revenue system the administration of which eats up a large percentage of Its receipts, leav- ing nothing for the Treasury except the bones after swarms of buzzard officials have feasted and fattened, and with a bold and bungling mismanagement of the affairs of the Treasury itself, our financial condition is getting to be, in the words. of Joey Bagstock, “tough, sir— devilish tough.” Commercial values have been depressed below the cost of manufacture by a systematically managed mistake on the part of the Secretary of the Treasury, who has tugged, Dennis like, at the halter of contraction until trade is throttled; a national banking system which annually picks the pockets of the people of twenty-five millions has been persisted in and defended with the utmost official sophistry, and the clamor for specie paymentsis still kept up in banking and official circles. The Secre- tary of the Treasury walks to and fro and up and down, like a Tom o’ Bedlam in his cell, and mutters—“Specie;” Comptroller Hurlburd takes up the cue and repeats—“Specie;” every Treasury official in all the land rolls his eyes very carefully up into thé top of his head, and murmurs the sibilant dissyllable—“Specie;” and the fact is, maugre all this cant, that the cause of all our difficulties just now is specie. If the idea of specie bad never entered our heads we should be vastly better off. This, and not the legal tender currency, as the Comptroller has been at some pains to insist, has been the disturbing element of business, and it is simply stupid to arguo otherwiso. Precedent, to be sure, is in favor of specie; but precedent in this case, as in many others, is fallacious, History never exactly repeats itself, and every age and phase of civilization has its own political economy. There is no greater fallacy than that a specie basis is essential to the validity of paper currency. The idea of un- questionable credit based upon property value forms the basis of coin as well as paper, and the whole theory based upon the notion that gold must be made the ultimate measure of commercial value is a fallacy. Both gold and paper aro necessarily represontative—though the latter is, perhaps, more uniquely represon- tative of credit than the former. If that credit be absolute, then the value of the paper which represents it must be absolute also; if it be merely relative, as is the credit of a banking association, then the value and currency of the paper based upon it is merely relative ; and in this lies the philosophy of the distinction be- tween greonbacks, which represent directly the credit of the governmont, and the paper of any ordinary banking house ; the credit of the former being stable and solid, and that of the latter being subject to sudden fluctuation. Hence follows the superiority of national paper for trade purposes; for with a circulating medium founded upon government credit any money panic like that of 1857 is next to im- possible, while with a circulating medium based upon the credit of twenty thousand or more of banking associations panic is liable to supervene at any time. That this idea of basing a currency upon the most stable of credits attainable is necossary to the prosperity of any commercial commu- nity is sufficiently obvious, All trade is founded upon it, and without a flexible system of credits trade cannot exist; and that the whole tendency of business is in this direction is quite apparent. Paper is and must be the circulating medium of trade, and is and must be, moreover, the representative of the credit system. Nor is there the least necessity for any equality of values between paper and gold, since the latter is now, and will forever be, practically, ® commercial commodity. Specie payments are not necessary to the pros- perity of trade, nor even to practical converti- bility, which is the special hobby of Comp- troller Hurlburd. Any one representalive of value is always convertible in form into any oiber representative of value. Groenbacks can be converted into real estate, into bond and mortgage or into gold, at the will of the holder. Convertibility in small sums, with a paper based upon stable credit, is neither necessary nor desirable, and the argument of the Comptroller, though of no validity and a trifle stupid, is, in this respect, to quote another of Joey Bagstock’s habitual phrases, “Sly, sir—devilish sly.’’ Now, we have a special liking for what Mr. Emerson would call the perfection of things. We like stupidity, ifit be only perfect stupid- ity, like that of Joey Bagstock, who went “to the bottom of things ;” and we cannot put our hand upon our heart and say that this stupid twaddle about “specie payments” and “convertibility” at all disappoints our ideal in this respect. The fact is, the question of our financial future ig simple enough and would be the most manageable thing possible could off- cinls be induced to stop prating about pre- cedent. Practically, the old theory of financial economy, like Tyrawley, has been dead—dead for years—and has let nobody know it; and the sooner certain notions which have been persistently taught are cut loose from the better it will be for our financial and commer- cial future. The true political economist de- duces his system from the phase of civiliza- tion to which it is intended to apply, nor will the financial crudities of the past prove suffi- cient for the complicated demands of the present. We want more wisdom for the age and less of that antiquated wisdom, to repeat which is now stupidity, f The day will come, and is not far distant, when the idea of basing paper upon gold will be abandoned as impracticable—as impracti- cable it has been for nearly half a century. It is one of the main causes of financial panic, and to it principally all the financial panics of the Iast half century have been traceable ; it is, in fact, the disturbing element of trade. That we shall be the first to abandon this fallacy is obvious from the tendency of popular thought in this direction; and that we shall be the first to base @ circulating medium upon credit uniquely is quite certain, for the reason that the financial blundering of the past five or six years, if longer continued, will force us to it, and that speedily. Ineo doing we shall have tanght the Old World a lesson in political economy of which its dozy and speetacled pro- fessors have been sorely in neod for a quarter of a century, and shall be able to build up ao financial system which will be in immediate sympathy with our commercial needs. Such is the tendency of things; and no dis- tortions of sly mathematics like those of Jay Cooke & Co. will be able to avert the end. The national banking system will soon be cast aside; the gabble about gold will shut its thousand mouths, and the true theory of cur- rency will prevail in spite of hoary and beard- ed precedent. Woe shall have a new internal Tevenue system, because the old is worthless; and we shall have paper based, as it ought to be, upon government credit, stable and solid, and not filtered, as itis, through seventeen hundred national banks, at an expense of twenty-five millions per year. Political Revolution tn J In to-day’s Heravp we publish an important special telegram to the effect that a great political and social revolution has just taken place in Japan. The Tycoon, we are told, has resigned his governing power into the hands of the Mikado, who will henceforth conduct the government by means of a council of Daimios. To understand this change it is necessary to bear in mind that formerly Japan had two Emperors, a spiritual and a temporal. The Mikado was apiritual emperor, and occu- pied a position somewhat analagous to that occupied by the Pope in theadays of the Holy Roman empire, and not dissimilar to that of the Grand Llama of Thibet Ho was tho embodiment of the idea of a divinely commissioned sovereign, a species of viceregent of God upon earth. Ideally “the embodiment of all power, the Mikado was, after all, practically powerless. He was a mere automaton, His revenues wore derived from the small principality of which Miako is the centre, eked out by an annual present of no great value from the temporal sove- reign. It was, therefore, relatively a poor and an undignified position. The Tycoon, on the other hand, was temporal emperor, and had his headquarters at Jeddo. The 6ffico was hereditary, and tho ifiporial crown descended to the nearest male heir. The Tycoon was nominally the chief of the State, but the affairs of the nation were {n reality managed by a council of Daimios or grdat Tondatory lords, It will be seen, therefore, that the change which has taken placo amounts to this : that the great lords have placod at their head the Mikado, instead of the Tycoon. Into what subordinate position the Tycoon has been thrust, or whether the office has been abolished, we have yet to learn. It has for some time been known that the two chiefs, or rather the partisans of the two chiefs, were in antagonism towards each other. The Tycoon isa young man, well educated, and, as recent facts prove, in favor of modern progress. Of the Mikado we know less; but considering the conservative character which in all ages has attached itself to spiritual authority, wo are disposed for the present to regard this revolution ag reactionary rather than progressive. The Tycoon, it may be found, through stress of circumstances, has been compelled to yleld; but it will be strange indeed if in a country like Japan a change 80 radical has been effected without leading to serious internal trouble, either im- mediately or in the early future. The passive- noes of the Tycoon does not necessarily imply that the turbulent spirits whose interests were bound up with his own are unresisting. We must hear moro of this revolution before wo can pronounce a final judgment. Tho Heagira of English Pugiliste. There appears to be a flood of English pugilists pouring in on this country, some of them of gigantic stature, like O’Baldwin, and others, like his trainers and his suite, of smaller proportions, Mace, the champion, who carrice the belt and sceptre of English pugilism like an imperial Cesar, will be here soon. In fact, we believe that the treacherous ocean now bears himon her bosom. All right. Let these gentlemen ail come. Here they can become distinguished men. We cannot resist the temptation of sending them either to Con- gress or to the State Prison. We have not quite made up our minds whether they would become more distinguished or their morals more improved in the one place or the other, The lesser lights of the pugilistic firmament would shine to great advantage in the Peni- teatiary and make Blackwell’s Island luminous with their glory. But we have had a different olass of immi- gration of late, in the shape of two hundred and fifty thousand Germans and Irish, bringing with them forty millions of dollars, partly in their pockets and partly in their bones and muscle; and this is a vital addition to our pros- perity, in view of the present disastrous radical policy which is cutting off our resources in ten Southern States and piling up our national liabilities and taxation. We hope this class of people will come over here as fast as possible. Thisis a hegira that will be more welcome than the pugilistic castaways of Great Britain. Mr. Spalding’s Fi ries About the Nas tonal Finances, Mr. Spalding, the member of Congress from Buffalo, bas been ventilating his ideas through a letter to Senator Morgan on the Senate Fi- nance Committee’s funding bill, the currency, national debt, and other matters pertaining to the national finances. This gentleman, we believe, is largely interested in the national banks, and in forcing up the property of the bondholders thirty or forty per cont by jump- ing to specie payments. Of course he is in favor of the bill reported by Mr. Sherman from the Finance Committee; for that is a bill to benefit the national banks, the bondholders, and the agents and speculators in government funds, to the loss and great injury of the reat of the community. Mr. Spalding’s cis a mass of old theories and crudities iong since exploded among sensible people. They proved ruinous In England, and have not the least ap- plication to our condition or the wants of the country. Mr. Spalding, like Mr. McCulloch, is asmall country banker, whose ideas do not rise above note-shaving or little local trans- actions in banking. It is the height of pro« sumption in sach men to ventilate their fool- eries on national finance. Sometutna Stentercant—Sevaron Spracca Tcorven Over.—When a radical New England protectionist and manufacturer like Senator Sprague, of Rhode Island, comes out flatfooted against the cotton tax, against contraction of the currency, and against other ruinous mea- sures which the radical republican supporters of his father-in-law, Mr. Chase, favor, we may be sure the country has been brought to a bad condition. He would be the last man to cry out if the country was not suffering terribly aod on the road to great finaacial trouble. He being one of the largest manufacturers in the country, as well as one of the wealthiest men, and an earnest supporter of the Chase radical faction, his words ought to have weight with Congress. His speech, delivered in the United States Senate, is one of the most sensible and practical that has been made there for a long time past, and it must be regarded as a sig- nificant sign of the tinies and of the coming disruption of parties on financial issues. The Impending Event. Whenever in public affairs a great question, arises or a great event impends there are not wanting timid men in power, and their foolish followers out of it, who, failing to grasp the argument in its extent or to comprehend the true bearings of the issue, hesilate upon the brink and sagely doubt the wisdom of the step, while thelr followers clamor lustily, “Back, back, or we shall all be lost!” Selfish ones, with wider grasp or keener vision, comprehend one aspect of the issue—that which affects their own immediate interests—and, fearing that these may lose their relative weight in public affairs or their preponderance in the national councils, they join their cry with the doubters and assume an intense regard for the national interests, These are the characteristics of the public men and press of New Engiand and their imi- tators of the present day. They see evil in the acquisition of new territory, bankruptcy in the payment of a week’s income for a strategetic point, and absolute ruin in the possibility of devoting three months’ revenue to the acquisition of an empire. In their viow it is far more important to squander all the millions of the public purse in a futile attempt to prove that the impr: tical negro of the South is the practical deal negro New England has so long Worshipped. Let our cotton fields cease to bo planted, let our ships lie idly at the wharves, let our merchants break and gur commerce porish, but let the negro “have justice” and the ballot, and let New England rule, Such are the motives and such the fears of politi- gians of the New England gohool, who to-day Goitemplate with alarm the possibility that the nation’s march may take a Southe"n sweep and bring a few West India islands, w th, pos- sibly, Cuba and the entire Gulf of Me: 20, into the fold of the Union. Except as it affects, or is affected by, the laws which control our national growth, the question of the acquisition of St, Thomas is not worth discussion. The principles themselves must be treated in a larger field, and this is presented by the impending event of the acquisition of Cuba and the re- maining colonial possessions of Spain in America. We say the impending event, for whoever will view with comprehensive eye the direction of our national impulse and the ro- sultg which have followed our advance, cannot fail to s6e that Cuba and all its retinue of the Antilles must soon be ours. Tho past is the mirror of the future. Tho wake of tho ship shows its course, while the keenest eye cannot deduce it from a contemplation of the horizon before. When Jefferson hesitated to sign the treaty for the acquisition of Louisiana and performed the act with a trembling hand he had reasons for his doubts. The republican ship had just been launched and was to begin hor voyage upon an unknown sea; our institutions, still in the gristle, had not hardened into the bone; our capacities and strongth were untried and éur endurance an admitted question. But these doubts, admissible then, have long since been removed. The nation rejected them when the Hartford Convention opposed the second war with England ; it scorned them when Cal- houn counselled against the acquisition of Cali- fornia, and it has ever regretted their admission when the timid schogl of New England politi- cians gave up Mexico. Who to-day believes that the purchase of Louisiana was a mistake or that the acquisition of our Pacific empire has weakened the Union? It is by these lights that we must judge tho impending event of the acquisition of Cuba and Porto Rico. The Cabinets of Europe have at last recognized the process and direction of our national advance. A powerful but futile effort to erect a barricr to our progress has failed in Mexico and received the derision and scorn of the world. The western Powers of Europe, fresh from the triumphs of the Crimea, believed the time was come to place a check upon the powerful republic and a bar upon the land-acquiring Anglo-American race. The Latin peoples in America were to be reorgan- ized and reconstructed. The hosts of England, France and Spain were sent to Mexico and civil war was stimulated in our midst. That great attempt, which, viewed across the inter- vening distance of ‘four thousand miles of ocean, seemed small and of ensy accomplishment, on nearer view presented quite another aspect, England and Spain wisely withdrew before too great an advance had made retreata danger. In an evil hour for the would-be controllers of American policy France held on. The result of that mighty failure was a natu- ralone. The Cabinots of Europe have recog- nized and acquiesced in the law of American growth. England prepares her colonies for separation ; Russia sells her possessions on the American shore of the Pacific ; Denmark nego- tiatos for the West India islands, and the statesmen of Spain to-day acknowledge the im- pending event and admit that the path of wis- dom leads to peaceful cession to the United States of Cuba and her remaining possessions in the New World. Timid politicians may doubt and selfish presses shriek against it, but the nation obeys the law of its growth, and the people know that with each extension of our institutions and our rule come new fields for labor, new life to ‘industry and trade, and in- creased prosperity to all. Tae Anti-Contraction Brit in Concress,— What has become of the bill to prevent the further contraction of the currency, which passed the House of Representatives by an overwhelming majority early in the session ? Why does it hang in the Senate? Tho people are not willing to trust Mr. McCulloch in the matter of the currency, although he has pro- mised not to contract it any more at present, He has done too much injury already. The country is suffering from his absurd and ruinous contraction policy, and will not leave this vital matter in his power. Wo want to know, there. fore, why the Senate doos not act upon the important House bill to prevent contraction. The trading interests of the country demand explicit and prompt action, so that trade and values may be made steady, and that the people may have a reliable basis for their business transactions, Let us hear from the Senate. This important anti-contraction bill must not be smothered by the Chase-McCulloch clique in that body. The Yucatan Rebellion, The revolt against the authority of Governor Cepeda, in Yucatan, has resulted in bringing down the wrath of the national government upon those ex-imperialists who had been par- doned or the execution of whose sentences had been suspended. Our latest advices show that the national government had completely blockaded Sisal, and had ordered a force of three thousand men, under General Alatorre, of Vera Cruz, or General Diaz, to proceed to the peninsula and restore the authority of Governor Cepeda. It is difficult to see how the rebel Governor, Pastor Rios, can withstand the power of the national government, when it is borne in mind that in order to raise a forced loan of $25,000 he has to pledge the customs revenue of Sisal, a port now controlled by the national authorities. His case seems hopeless unless he relies upon foreign aid or draws his resources from the neighboring English colony of Belize, which has been for some time sup- plying the rebel Indians of the peninsula with arms and ammunition to keep up their savage warfare against the white population of Yucatan. protest against the concession to the English company for the construction of the Mexico and Vera Cruz Railway, taken in con- nection with the recent withdrawal of the British Legation from Mexico and the reported English tomplicity in the Yucatan troubles, Dtigur ill for the prospects of British capital in Mexico. “ - Luoar Tapers iN tas Couers.—Tho ques- tion of legal tenders is going to bo a trouble- some one, and will elicit much legal lore before itis settled. There is a case now pending in the courts of Oregon in which an appeal has been made to the Supreme Court for its deci- sion, the ruling in the court below being in favor of :,ecie. In this city we have just had a decisio.: rendered in favor of legal tenders, and this, (oo, will no doubt be taken to the Supreme Court, whore it is quite probable the ruling will be in favor of legal tenders. These Wo isi cases will settle the matter, and it is well that it should be settled, for it is a very perplexing and embarrassing subject in trade and commerce. Tar Banxrvrr Law.—The Bankrupt law has now been a year in operation, and yet there has been very little dono under it. The prin- cipal reason of thig is that, according to one clause in the bill, éfter the first yoar no bank- Trupt can get the benefit of it unless his assets amount to fifty per cent of his debts. After another year the law will be inoperative, unless this clause is repealed, and Congress should attend to it without delay. THE ELECTRIC AGE—ANOTHER OCEAN CABLE. The unprecedented success of the Atlantic cables, both as regards maulatiqn and patronage, has surprised capitalists and opened up new fields for investment. ‘The result is that capitalists are eagerly rushing into all submarine cable sohomes that promise large dividends, Indeed, it may be said that this is the era of electricity, apd itis not too much to predict shat before twenty years have rolled by tho whole civilized world will be united in a notwork of cables and land linos, by which the patrons of the Paris, Hong Kong, London, Madrid, Moscow, Now York, San Francisco and other nowspapors: of the world can peruse the events recorded from ail cornors of the earth twenty-four hours after thir ocour- rence. ‘We have now, besides the Cuba cable and many other small ones, two Athantic cables in operation, a third one on thy of construc:ion from France to the Island of St, Poter’s and thence to tho United States, and at the Present time a company is boing organized in England to submerge a fourth cable across the Atlantic, of which Brest, France, and New York will be the termini, This company is called the ‘' Franco-American Submarine Cable Company,” and will organize with a capital stock of £900,000 sterling. One-third of tho stock and directors ‘will be given to England, one-third to France and one- third to the United States. The books have been opened in England and its share of the stock subscribed, The Freuch bankers, it is said, have guaranteed the subscription of another third. A contract has already been made with the India Rubber and Gutta Percha Tolegraph Company of Silvertown, London, for the manufacture of three thousand seven hundred miles of cable whicn will support itself in water a distance of thirty miles, The contractors have taken the lish, subscription as an advanced payment, and will at once proceed with the manufacture of the cabie, which will probably ve laid next summer, ‘This new company have received valuable concessions already, including ono from the Fronch government, giving thom for five years all transatlantic business coming this way that touches French wires, and ono from the Submarine Tolegraph Company across the English channel, who agree to give them all the messages that touch their wires en roule to Brest. But the great advan jlaimed by this company for the public is expedition and cheapness in tho transmis- sion of despatches. Having a direct line of submarine cable, the time consumed in repeating messages between New York and Heart’s Content will be sayed, and is is understood that the tariff will be but one shilling sterling por word. It is oxpocted that at this rate the company ‘will secure sufficient business to occupy the cable twolve hours of the tw four, A good operator will send or receive fifteen dred words per hour, yielding a revenue of nino hundred pounds per day, or two hun- dred and seventy thousand pounds per year. It is esti- mated that the expenses of running the line will be about seventy thousand pounds per year, leaving not profits two hundred thousand pounds, or twenty-two per cont of the copital stock. Acapeay or Mosic—Evattsn Orena, Benedict's apera, “Tho Lily of Killarney,’ was heard for the first time in Now York at the Acadomy of Music Inst night, under the auspices of the Richings troupes, It isa very fine work, abounding in fresh, beautiful molodies, concerted pieces of superior excellence, orchestration of more breadth of th <pression than is usually found in English opera, and a faithful exponent of the dramatic situations of the play, The overture and light opening chorus give favorable indications of the interesting character of the muse throughout, and the werenade and duet between Hardress Gregan and Daony Mann and the finale of the first act are particularly beautiful. A spirited hunting chorus com. mences the second act, in which Ann Joins, the male voices accompanying her ina ei larly effective mannor. Danny Mano has one of the best solos in the ontire opera in tho scono in which he moditates the murdor of the Colleen Bawn, Immediately following it is @dolicious ballad, “i'm Alone, I’m Alone,” sung by Eily, and the music of the cave scene {s intensely dramatic and forms a fitting finale to the second act, The trio, Coppaloen, member, y Myles, plaintive in the last act between Myles Father Tom is probably the weak. ne tenor Folo su 1g chorus of no ordinary merit, an batlad, “Eily Mavourneen,"’ equal to any of Balfo's, sun, by Hardross, are the other noticeable features in tite last act, ‘The cast was as follows:—Eily O'Connor, § Richings; Anno Chute, ; Mrs. Cre; Araold; Mardross, Mr. Casti; Danny Mann, Mr. bell, Myles, Mr. Bornard; Father Tom, Mr. H. C. (Pos O'Mooro, dtr. Wylio; Corrigan, Mr, Arnold. ‘Tho sineing was in general very’ good, although some of he cho- ruses lacked spirit and’ precision. Miss Richings recoived an encore in the ballad, “I'm Alone,” and Campbell was in the very best ‘voice, The acting was by no moans equal to the vocal part, for characters seemed to understand the exigencies of thoir . Soguin, Mise Richinge and Mrs. Arnold and os and Wylie were the only exceptions to f the characters might on ‘and the dresses were in som Instances as inappropriate as they could be, Tho leader of the orchestra suc- ceeded in almost every portion of the opera in drown horus with the unnecessarily Iarye i ing the voices of the o' force of instruments under bie comma qT Onoo wha vi slim, probably on account of the in- Glemoncy of the weather, — WASHING ° Wasuinaton, Jan. 1, 1868, 11 o'clock P. M. The Command of the Eastern District. General Sherman, who has been ordered to command the Eastern District, reported at headquarters 4o-day, and received the formal transfer of the command from General Meade. The Reason Why the Delegates to tho Georgia Convention Did Not Get Their Pay. ‘The refusal of the State Treasurer of Georgia to bonor the requisition of the Atlanta Convention for pay aod Derquisites was, I am informed, but a preliminary step. Had General Pope been permitred to remove the Gov- ernor and Treasurer as was, contemplated, the Conver- tion would have found but empty coffers—it being ume derstood that the funds of the State had been removed, in anticipation of this state of affairs, to the City of Now York, Congress for Sambo—The Whites for State Offices. ‘Kt is well known at the jnational capital that the ac- tivity manifested by the white residents of the unrecon- structed States in organizing conservative clubs in alt the counties and cities of the South is for the purpese of protesting themselves and their posterity from the infamy of negro supremacy, A united effort will be made to defeat the ratification of the eeveral constitu. tlons to be submitted, and failing in: that, to offoct a compromise with the negroes, by which the whites hope tocontrol their own State and local offices, The prope- sition now in most favor among the most prominent conservative leaders is to draw the freedmen from thelr allogiance to the white adventurers who seek to ride into office by their votes, To accomplish this the whites, aan dernier resort, will probably say to the freedmen, “Select men from your own race for Congressional honors, allow us to choose men from our race for loeal offices, unite with us and elect a compromise ticket,” Promi- nent wirepullers im Louisiana, Mississippi, Alabama, Georgia and the Carolinas express the belief that } freedmon will accept this offer in good faith and be gatie= fled. Thould this scheeme be crowned with succoss— and the influence exercised by loading walte politicians in some of tho States over the more conservative nogroes shows that such a thing is not impossibie—th compromise party will send to Congressional seats be- side Butler, Stevens and carapany the black scum of {he cotton fields, and give the radical negro equality shrickers such a taste of tho article that the party wilt be brought into contempt and loathing, and swept ‘away by a popular political revolution that will bury them aod their Bob Ridieys and Dandy Jims 80 deep that ‘an earthquake cannot ressurect thom. But the whites will have acoomplished something for themselves, They will have selected their governors, State officers, mayors, shoriffs, &c,, from the best men of their own race, while the national capital will become a nost of miscegena- ‘tomets of many hues, Real Eatnte In the South. Tntelligence from the reconstructed States continue to show gloomy pictures of the’ utter ruin that has beom brought about by Congressional legislation for the read~ mission of the States on a negro supremacy basis. The press of the country is filled with details of murdere, robberies, riots and burnings on the part of the suffering freedmen. Throe million whites and blacks are on the point of starvation, and the civil and military ties of the nation hayg ded no remad? fap state of things, Th&§6 ETS Wie stories that come frow all quarters south of the James river, and they are, no doubt, true, The best evidence of the general depres- Sion and poverty of the Southern States is found in the fact that real estate is of litte or no money vatue. Plantations that bofore the war commanded ss high as fifty dollars per acro are daily knocked off under the Sheriff's hammer for a more bagatelle—in most cases ‘at prices far below the cost of the buildings erected thereon, Planters see starvation staring them in the face, evidences about them of a shore and bloody conflict of races cropping out, and they are ready to sacrifice their property for a sufficient sum te enable them to leave the country or aubéiat their families until the negro question is settled and proBe perity returns, Here is @ fine chance for young mem. and industrious emigrants of small capital to invest aud secure farms. Splendid plantations that about eight years ago wore worth from $20 to $50 per acre can now be purchased for as many cents. Even a wer of races cannot destroy these farms, The conflict wiil be short, the poor negro will be the greotor sufferer, and the States wili certainly be reconstructed and prosperity return before two years, In such investments there is no risk, for landed property is certain to inoreasé in value on the admission of the States, even on a negro CITY INTELLIGENCE. Cumx To THe Conowune.—Yesterday morning the Board of Coroners appointed Mr. John T. Toal a¢ thor clork during their term of office, Mr, Toal i¢ a young man who served his country faithfully during the war, having been in the batiles of Antietam, Fredericksburg, the taking of Richmond and other severe engagements, Darury Cononer,—Dr. Thomas C, Knox (not Knapp, 8 proviously reported) has been appointed deputy to Coroner Flynn. Casvattizs,—James McArdle, a man twenty-three yoars of age, while eating his dinner yesterday, at bis residence, No, 99 Cannon street, was choked to death by & plooe of ment lodging in his throat. ‘imon Maynard, residing at No, 38 Frankfort street, ‘was found dead in hia bed last night, Michael Smith, of No. 7 Harrion street, in the course of a quarrel with August Rath, iast might, was stabbed by ‘the latter 6 head and dangerously wounded. James Smith was found dead in the hatlway of No, 434 East Eloventh street last night. Smith had no home, and was in the habit of sleeping in hall OMicer Reynolds, of tompted last evening to curred in Delancey stree! Sheriff, when he was act upon by the crowd and severely beaten, The party before assistance reached the officer. Guttekuntz and wife, of 156 Broome streot, be- in a quarrel iast evening when the indy mbler at her lord, which struck him om the head severely injured him. Jamos Stewart died suddenly yeatorday afternoon at the residence of James Forsyth, near Yonkers. Poter Hollis, a colored gent residing at 46 Thomas street, was cut in the head by a razor in the hands of some unknown person. Joseph Brown, of 92 Catharine while engaged im aserimmage in Monroe street, near Ratgors, last even- ing, was stabbed in the abdomen and severely injured, BROOKLYN INTELLIGENCE. Tre Drooxiyy BANK Broken Iyro ay Bonotars— Tux Evrorts to Orey tax Vac? Unsucceisrcn.—On Tuesday night, or at an early hour yesterday morning, the Brooklyn Bank, in Front stroet, a fow doors from Fulton, was broken into by bu who vundoubiedly thought they ould 3 but bitte trouble = in carry off ‘yg amount of money, Their plans were woll tak succeoded in gaining an entrance to the ballding seem- ingly very easy, Adjou ne bank (which is only ono siory in height) 1s a large tenement house having @ window in tho third story which overiooks the roof of tho bank, The burglars, it appears, passed up through this tenement house to the window and then lowdred themselves by means of ropes to the roof of the bank. They then broke through a skylight and again brought the ropes into requisition to lower themselves into the countiny room, and this they ac- complished without attracting ‘the attention of the police or any of the numerous jea- trians who were constantly _ passi within o few feet of the place. Once inside the bullding, they immediately set to work to gain access to the vault, which is situated in ear and solidly built im th appearance it presented a - they must have worked faithfully for to force open the strong receptacle ire, Bare of iron, jimmios, chisels and re used by the thieves uptit ly exhausted, and wer Pt quish their work without Naat eeded ja makiag o sufficient impression ou (ho vault to give them the least hope of being able to grasp the immense amount of money which was deposited within ouly a few inches of them. Failing to accomplish the robbery they turned their at- tention to what they could gather up about the counting room, and, as near as the officers of the bank can judg they carried off about $200 worth of small articles an Clothing, They made th 6 by the samo wayjia Which they entered, This is the second time the Brook- lyn Bank bas been broken into. Fine mm tae Easterns Disrrict,—Shortly after four four o'clock yosterday morning the wheelwright and viacksmith shop of Peter Dailagh, South Fifth street, between Ninth and Teath, took fire and was damaged to the amount of $1,000, Deata rrom Exposure.—At an early hour yestorday morning the body of a young man named William H. Leach was found in a sicigh !n Grabam avenue, E. D., by an officer of the Forty-sixth precinct. The deceased resided in Frost street, between Graham av Smith street, and it ia eupposed that he was by the furious snow storm, took refuge in th whore his body was found, and perished by oxposurs A Fenrynoat Deck Hawn Atmost Drowsen.—At twonty minutes past four yesterday afternoon, as the forryboat Minnesota was ontering the slip foot of Grand street, E. D., one of the deck hands, named Babington, in stooping to lower the rudder pin, fell overbonrd. Nearly ten minutes elapsed before be was drawn ont, ‘owing to the want of appliances in such acase, Tho Man Was greatly intoxicated and it required the efforts of two men to hold him up in the water till ropes could be secured round,is body. Hoe was taken in charge by 8 police offer who assisted in rescuing bim, ® lane and they ‘? v