The New York Herald Newspaper, December 31, 1872, Page 6

6 NEW YORK HERAL BROADWAY AND ANN STREET. JAMES GORDON BENNETT, PROPRIETOR. Volume XXXVII.,.........+ AMUSEMENTS THIS EVENING, THEATRE COMIQUE, Sit Broadway.—Diva Doxo ELL BOOTH'S THEATRE, Twenty-third street, corner Sixth avenue.—Ricuarp LL. OLYMPIC THEATRE, Broadway, between Houston aud Bleecker sts.—Lxs Cxxt Vixroks. WOOD'S MUSEUM, Broadway, corner Thirtieth st.— Jace, THx Giant Kitter. Aiternoon and Evening. BOWERY TWEATRE, Bowery.—Swaur ANGELS—Tar fleno or Pouann. GRAND OPERA HOUSE, Twenty-thira st. and Eighth 4v.—Rounp Tux Crock. NIBLO’S GARDEN, Broadway, betweea Prince and Houston streets.—Lxo axp Loros. UNION SQUARE THEATRE, Broadway, between Thirteenth and Fourteenth sts.—Monny, GERMANIA THEATRE, Fourteenth street, near Third ay.—Dex Haw Des Guvecks. ATITENEUM, No. 585 Broadway.—Tur Taree Huxcn- BACKS. FIFTH AVENUE THEATRE, Twenty-fourth street — Nuw Year's Eve. WALLACK'S THEATRE, Broadway and Thirteenth street.—Broturr Sam. MRS. F. B. CONWAY'S BROOKLYN THEATRE.— Divoror. BRYANT'S OPERA HOUSE, Twenty-third st.. corner Oth av.—Nrcno Minstaeisy, Eccentaicity, &c. TONY PASTOR'S OPERA HOUSE, No. 201 Bowery.— Boxrrr Duurry, Matinee at 24, SAN FRANCISCO MINSTRELS, corner 28th st. and Proadway.—Emui0r1aN MiNstRELsy, &C. STEINWAY HALL, Fourteenth street.—Granp Ix- STRUMENTAL CONCERT. CANTERBURY VARIETY THEATRE, Broadway, be- tween Bleecker and Houston.—Vanizty ENTERTAINMENT. NEW YORK MUSEUM OF ANATOMY, 618 Broadway.— Science anv Arr. TRIPLE SHEET. New York, Tuesday, Dec. 31, 1872. THE NEWS OF YESTERDAY. ‘To-Day’s Contents ot the Herald. “THE FINANCIAL POLICY OF THE GOVERNMENT AND TO WHAT IT LEADS!"—CHIEF EDI- TORIAL TOPIC—SixTH PaGE. OCCIDENTAL INFLUENCE IN EAST AFRICA! HONORS BY THE SULTAN OF ZANZIBAR TO UNITED STATES NAVAL OFFICERS! HIS LOVE FOR AMERICANS AND PROMISED AID IN CRUSHING THE SLAVE TRADE! SIR BARTLE FRERE—SEVENTH Page. WITHDRAWAL OF THE PRUSSIAN LEGATION FROM THE PAPAL COURT! THE AMBAS- SADOR QUITS ROME! GERMAN JOURNALS THREATENED WITH CONFISCATION—SEv- ENTH PAGE. EUROPEAN CABLE TELEGRAMS! GOVERNMENT BONDS HIGHER THAN THE BANK RATE ON THE LONDON ‘CHANGE: THE CZARO- WITZ'S ILLNESS—SEVENTH PAGE. NEWS FROM TWE CAPITAL CITY! MR. BOUT- WELL TO REMAIN AT THE HEAD OF THE TREASURY: A NEW FRONT IN CREDIT MOBILIER—THIRD PAGE. SOUTH AFRICA! SECESSION AT THE CAPE OF GOOD HOPE: FORMING A NEW MINISTRY— RUSSIA—THIRD PaGE. TAMMANY'S NEW GENERAL COMMITTEF—THE AMUSEMENT FEATURES—CONDITION OF THE SOUTH—Tuirp Pace. WILL MR. BOUTWELL GIVE US ANOTHER SYN- DICATE? HIS PRESENT ATTITUDE AND FORMER OPERATIONS REVIEWED—OUR HARBOR DEFENCES—Turmp Pace. THE DYING YEAR! HOW THE OLD YEAR HAS BEEN AND WILL BE DISMISSED, AND THE NEW YEAR USMERED IN:, ANTIQUE AND CONVIVIAL OBSERVANCES: MIDNIGHT CHIMES OF TRINITY—Fovrta Pace. GETTING OUT THE DEAD! NO MORE OF THE CENTRE SYREET VICTIMS FOUND: MORE PRIVATE AID: THE COMPTROLLER'S OF- FER: SUPERHEATED STEAM—Firra Paas. LEGAL! DEFENDING STOKES: THE TWO-PISTOL THEORY AS A TURNING POINT: COM- PELLED TO FORWARD CABLE TELE- GRAMS—THE DANN HOMICIDE—ELEVENTH PaGcE. WHAT THE MEXICAN MINISTER HAS TO SAY ABOUT THE MEXIVAN FORRAYS ON THE RIO GRANDE! HE THINKS ANNEXATION IMPOSSIBLE—Firtu Paas. ATLANTEAN TRAFFIC FOR THE PAST YEAR! | THE PASSENGERS AND CARGOES PER STAMSHIPS FROM NEW YORK AND EU- ROPE: NEW STEAMERS AND NEW LINES— ANNIVERSARY OF THE ACADEMY OF MEDICINE—Fovurta Pace. A NATURAL SCIENTIST FAVORING WOMAN'S RIGHTS! DR. LOUIS BUECHNER ON SEX- UAL RELATIONS AND FEMALE PROG- | RESS—CORONER’S INQUEST OVER THE FATE OF HETTIE ADAMS—Eicntu Pace. UCLIDAY LIFE AND SOCIAL ENJOYMENT IN | WASHINGTON! THE PRESIDENT’'S NEW YEAR'S CALLS: PRIVATE RECEPTIONS: WEDDINGS}-Fourtn PaGr. AN OLD cnickasaw ON INDIAN CIVILIZA- TION! GOVERNMENTAL AND EDUCA- TIONAL PROGRESS AND LAND DIVISION IN THE CHICKASAW NATION—Tentu Paces. ON ‘CHANGE! APPLYING THE MONEY SCREWS AGAIN: SHARP ADVANCE IN GOVERN. | MENTS IN LONDON: NEW YEaR ACTIVITY: MR. BOUTWELL’S RESIGNATION—Ninta Page. EX.GOVERNOR MORGAN AND THE SECRETARY: | SHIP OF THE TREASURY~MURDEKOUS | AFFRAY—SUICIDES—NINTH Pace. PLEASURE AND BUSINESS UNDER DIFFICUL- TIES! THE METROPOLIS IN THE SNOW: THE FROSTY AND FILTHY EMBANK- MENTS—EicuTH Page. PROCEEDINGS OF THE MUNICIPAL BOARDS— SUPERINTENDENT MACGREGOR MOVING— | THE SEVENTY’S CHARTER—BLAIR’S VOTE | FOR CONFISCATION—PIGEON SHOOTING— | Fira Pace. MR. GREELEY'’S WILL—GERMAN IN THE PUB- | LIC SCHOOLS—NEW YEAR'S WINE—THE METHODIST PARSONS’ MEETING—EicuTa Pace. Tae Secretanysupe or THE TarasuRy.— Rumors prevailed on ‘‘the street’’ yesterday that Secretary Boutwell had sent in his letter of resignation, and that ex-Governor Morgan was likely to be called to the Cabinet in his place. Both reports lack confirmation, and the hopes and fears to which they gave rise appear to be unnecessary. The Treasury De- partment affirms that there is no immediate hope of a change in its present head, and Governor Morgan himself seeks to allay the fear that he is to be Boutwell’s successor. Nevertheless the rumor may serve good pur- pose. The distant chance of a Cabinet posi- tion may lure ex-Governor Morgan from the NEW YORK HERALD, TUESDAY, DECEMBER 31, 1872—1KIPLE SHEET. (fhe Financial Policy of the Govern- | public welfare. Tho Treasury Department is |The East African ment and to What It Leads, The Treasury Department has been for some time past the most active and powerful agent in fostering speculation, and, conse- quently, in disturbing values and demoralizing the business commuity. Tampering with the currency, expanding or contracting it cither openly or secretly, directly or indirectly, at the will or caprice of the Secretary, and the selling of gold and buying of bonds in tho same arbitrary way, have kept the market in a feverish state continually—in.g state at one time ruinously depressed and at another dan- gerously excited. ‘The offect upon regular and legitimate business has been very injurious, sometimes placing the merchants at the meroy of capitalists, money brokers and usurers, and bringing them to the verge of bankruptcy, and then at other times stimulating over- trading and speculation. The fluctuations caused by the action of the Treasury Depart- ment mainly have not only kept business in this uncertain and feverish condition, but have tempted many business men to gamble in the gold and stock markets, and have had a demoralizing tendency generally upon the people, It is but fair to admit that this state of things primarily grew out of the war and the financial meagures of the government during tho war. The suspension of specie payments ; the enormous loans and indebtedness of the | government; the establishment of tho national banks and their hybrid currency, which is a governmental and private bank currency at the same time; the revenue system, with a mixed currency taxation and specie imposts that draws a vast surplus revenue from the country and keeps the Treasury gorged with gold, and the practice of purchasing bonds in liquidating the debt and selling surplus gold arbitrarily and without fixed rules, have, to some extent, resulted from the necessities and consequences of the war. A better financial that would not have involved such a large debt nor have depreciated as much the credit and currency of the country. Unfortunately we had no statesmen capable of managing the national finances properly in the extraordinary and unprecedented circumstances of the period during and immediately after the war. But it is useless to grieve over the failures or mistakes of the past. Upon the principle that sufficient for the day is the evil thereof, we prefer to look only at the recent and present management of the national finances for the purpose of show- ing the necessity of a radical change from the crude policy that began with the war and has been perpetuated since to that which is re- quired in time of peace, While making due allowance for the legacy of the vicious financial system or policy which the present Secretary of the Treasury inher- ited, we insist that he is inexcusable for follow- ing in the old war rut seven years after peaco has been established, and for not bringing the country out of the mire. Looking at the almost boundless resources of the country, at the fact that the enormous floating war debt, as well as a large amount of the fixed debt, had been liquidated four years ago and before he caw into power, and also at the fact that he has had both the time and influence to improve upon the past and to establish a sound system of finapce and currency, it is evident he is in- competent for the important position he holds. Seven years of peace, plenty and surprising growth in wealth, through the blessings of Prov- idence, a fruitful country and the industry of the people—a material prosperity unprece- dented in the history of nations—yet the credit efthe Republic is below that of many other nations, notwithstanding Mr. Boutwell’s pal- pable misstatement to the contrary; and the people are yet taxed almost as heavily os in war times, and we are about as far from specie payments or a sound currency system as ever. Gold gambling and speculation are as rampant as ever, from the same causes that operated during the war— from the unsound principle upon which the national finances were conducted and the mismanagement of them, and the want of a good and well defined financial policy on the part of the government. Mr. Boutwell is in the habit of pointing to the material prosper- ity of the country as an evidence of good man- agement of the national finances, but that prosperity is entirely independent of his ac- tion. Indeed, the country would have been more prosperous and in a better condition had he shown more ability. He has been simply drifting along in the irrepressible tide of the nation’s industry, growth and wealth, and has not had the capacity to initiate anything in the way of improvement. He has, in fact, been a drag upon the progress of the country. The policy of the Secretary of the Treasury, or of the administration, as well as that of the dominant party in Congress, has been in favor of certain classes or interests, and too often in favor of rings or cliques of individuals, as dis- tinguished from and in opposition to the gen- eral welfare, The government all through might properly be called a ring govern- ment. There is the well-known Treas- ury ring, which profits by Mr. Boutwell’s gold, currency and bond operations in the market; the Syndicate ring, which manipu- lates the national securities and makes enor- mous fortunes by the process; the national bank ring, which takes twenty millions a year from the public as profits on circulation, and which aims at extinguishing the greenback legal tenders, absorbing the whole currency of the country and making that currency irre- deemable; the railroad ring, which seizes all the best of the public lands and calls for sub- sidies besides; the postal telegraph ring, which wants the government to buy or establish tele- graph lines, or to become responsible, and then to give itthe control and profits; the rings for gigantic internal improvements at government cost, or under the guarantee bonds of the government, as recommended by the President in his Message; and a number of other rings to draw money from a plethoric Treasury and to fleece the tax-paying people. These aro all favored by the Treasury Depart- ment, and have numbers of interested and partisan supporters in both houses of Con- gress. The main object of the high officials of government ahd Congressmen is now to make themselves or their friends rich by all sorts of schemes and at the expense of the people. There never has been before, in the whole history of the country, such demoralization among public men—such temptation of his Senatorial aspirations and leave the Albany track clear for Senator Conk- ding. a determination to favor jobs of all kinds, and go much indifference to principle and the policy could have been adopted at first ; one | the nuclous and point d'appui of all these schemes, and the enormous surplus and un- necessary revenue poured into the Treasury are the temptation. Had the government out down taxation and the revenue to the lowest point, 80 as to have realized only sufficient means for current ex- penses under an economical administration, the interest on the debt and a moderate amount for a sinking fund for the principal of the debt, the temptation to extravagance and jobs and the demoralization resulting from them'would have been avoided. Tho Treasury Department being without a vast surplus revenue, which is but a corruption fund, it could not have interfered with or speculated in the money market. Gold gambling would have been prevented, or at least checked; business would not have been violently and continually disturbed as it has been, and we should have been nearer a specie basis. Tho credit of the government would have stood higher than under the mistaken Treasury policy of raising a large and unnecessary rev- enue in order to pay off the debt rapidly. That the country has not suffered more from tho mismanagement of our financial affairs is due to its extraordinary resources. Unfortunately there is no prospect of an improvement. There are no statesmen in either the executive or logislative branch of the government capa- ble of devising and applying a remedy. The consequence is, we are still drifting along in extravagance and corruption. Gigantic schemes for drawing money from the Treas- ury and plundering the people succeed each other and grow in magnitude year after year as the war policy of taxation and an enormous revenue is continued. The demoralization resulting from this state of things spreads like a contagious disease and reaches all classes of the community. Some of the mis- chievous consequences, such as gold gam- bling, locking up current money and wild speculation generally, tho Secretary of the Treasury attempts to remove by another evil—by the assumption of a dangerous power to control the gold market and to contract or expand the currency, which is the lifeblood of trade, as his own will or caprice may dic- tate. Unless a radical change be made in the financial policy and management of the gov- ernment the poison of extravagance, corrup- tion and demoralization will spread till it be- comes dangerous to our republican institutions ag well as to the morals of the people. The Brooklyn Ring—Are the People To Be Cheated Out of Reform? The good people of the city of the Rev. Henry Ward Beecher’s and other churches made a vigorous attempt at the last election to secure for themselves a solid and substantial municipal reform. -They entered into the contest against corruption regardless of former political associations and did their best to break that powerful piece of municipal mechanism known as the city “ring.” A Committee of Reform was established—for- tunately for the Brooklynites it was composed of only fifty members—meetings wero held, virtuous speeches were made, virtuous resolu- tions adopted and nothing was neglected that could aid in securing the triumph of virtue at the polls. Such energy could not go unre- warded, especially as the fifty did not seek offices for themselves, and the consequence was that in most instances the reform candidates were elected. The tainted gentry—the men with diamond cartwheels in their shirt bosoms and a ruby tint in their bloated faces—made a desperate struggle over the Board of Aldermen, for in that power, experience told them, was to be found the most promising source of profit. But the reformers succeeded in obtaining a majority of two, we believe, in the Board, counting republicans and reform or inde- pendent democrats; and ‘our army in Flanders’ never swore more roundly than did the army congregated about the saloons in the vicinity of the Brooklyn City Hall when this result was ascertained, There has recently been a revival among the members of the old “ring,’’ however, for it has been whispered about that certain Alder- men, elected under the banner of reform, were prepared to sell out to the gang, and to restore to them their power to plunder the city at their will. Bargains have been reported to have been made looking to the distribution of the several appointments and to new ring combinations for business in the Board. Two or three reformers have displayed a sort of reluctance to act with their associates, a dis- position to cavil and obstruct, which is entirely inconsistent with their profes- sions before election; and this has given color to the rumor. Of course, they are unwilling to declare boldly their in- tention to take part with the corruptionists who were overthrown by the people last November; but they hang back from their honest associates, and linger to listen to the words of their dishonest tempters. The reformer who hesitates is lost, and the natural conclusion is that these vacillating Brooklyn reformers are making up their minds to lose their virtue. The people will keep their eyes upon these men, and will hold them responsible for the defeat of reform if, directly or indirectly, they aid in retaining in power a single member of the old Brooklyn ‘‘ring.’’ They cannot be- tray their trust and escape condemnation. If they are honest they will act with the reform majority—republicans, independent demo- erats and all. The war against corruption is one independent of party. On that issue the battle was fought and the victory won at the polls. If the fruits of that victory are to be sacrificed, and if the citadel, after being car- ried, is to be treacherously surrendered back to the enemy, the people will mark the traitors in their camp, and hold them toa strict reckoning in the future. A Pamicz Convicrep or Forcrny.—Prince Michael Lusignan, a lineal descendant of the kings of Cyprus, Jerusalem and Armenia, has just been tried in St. Petersburg under an indictment charging him with forgery. He was convicted and sentenced to exile in the Ural country. The Prince’s father was, at one period of his life, one of the most brilliant of the adopted sons and soldiers of the Empire of the Czars. The career of the son was unfortunate. Penury came to him, and crime followed want. The history of the case is jave Trade—Tne Steamship Yantic at United States Zanzibar. A cable despatch from Zanzibar, dated De- cember 18, special to the Hxraxn, informs us that the United States steamship Yantic, com- manded by Captain Wilson, had arrived at that port on the 10th instant, and furnishes some interesting particulars of a visit made to the Sultan on the following day by the United States Consul, Mr. John F. Webb, Captain Wilson and the officers of the Yantic. According to the despatch the reception given to the company was of the most cordial description. As they approached the palace the Sultan advanced towards them through lines of body guards, drawn up in front of the royal mansion, and for the first time in fifteen years a salute was fired by what is called tho Water Battery in honor ot an American ves- sel. The formal introduction having been got over, the Sultan led Consul Webb, Captain Wilson and his officers to the Divan, where, according to Eastern custom, coffee and sherbet were served. Captain Wil- son took advantage of the opportunity to express, through Consul Webb, the sentiments of the American people regarding the East African slave trade, with tho mainte- nance of which His Majosty was so much identified. It was the hope of the American people, as Captain Wilson put it, that the Sul- tan would consent to the abrogation of the clause in the treaty arrangements made with England in 1840—n clause which permits slavery to be maintained in Zanzibar and throughout the dominions of the Sultan. It was necessary for the Sultan, before he could give a formal and definite answer to the ad- dress of Captain Wilson, to consult with his Vizier, or Chief Minister. There was but little delay, however, for on the 17th the reply was received. According to the Sultan it is now thirty-three years since he was forbidden by his father to export slaves to the territory of Muscat. Since that time the only slaves that have arrived at Muscat from East Africa have been taken there without his knowledge orconsent. Itis the chiefs of the tribes of Ouran along the Persian Gulf who are to blame for whatever of the slave trade is now carried on in those regions. It is the deter- mination of the Sultan, however, that, if there has been any remissness on his part hitherto, there shall be no neglect of his duty in the futuro; and in deference to the Wishes of. pte _ America eople, ‘whom ho loves, he has promised to put forth all his strength to make an end of slavery throughout his borders. In addition to the Yantic, Her Britannic Majesty's war steamer Briton is now lying at Zanzibar. She awaits the arrival of the British yacht Enchantress, which™brings Sir Bartle Frere and suite, and two other vessels which are expected, The Yantic, it is added, will not leave Zanzibar until the arrival of Sir Bartle Frere. There is something in all this which is par- ticularly gratifying. It is pleasing to find the two great nations who represent Anglo-Saxon civilization going hand in hand in this new crusade against African slavery. It is most becoming that they should present such o spectacle to the world. They represent the most advanced civilization of these times—a civilization in which the institution of slavery finds no place; and they have both of them got rid of the evil only by great labor and great sacrifice. It will be well if they con- tinue to go hand in hand in the prosecution of this great work, for it requires only such a combination of influence to make an end of the greatest evil which now exists on the face of the earth. Weare the more gratified that the movement is fairly begun and likely to be successfully concluded, since it is to the success of the Heratp expedition into Central Africa and to the horrid disclosures made by Mr. Stanley, by the advice and request of Dr. Liv- ingstone, that the movement owes its origina- tion. The Centre Street Exhamations, During the whole of yesterday the dismal work of searching for bodies in the ruins of the Centre street fire continued. A large force was employed, doing earnest work, but night came on without the discovery of any of the missing companions of Jennie Stewart, the exhumation of whose remains soon after the work began on Sunday stimulated the laborers and demonstated the propriety and necessity of the undertaking. After the matter had once been cleared of its disgrace- ful entanglement of red tape by Justice Dowling’s generous offer to defray the ex- pense, there was no fear of its pausing until the last fragment of the wreck had been moved which could conceal any trace of those unfortunate operatives whose lives have been sacrificed to the recklessness of landlords or employers. No doubt the article in Sun- day's Henarp exposing the infamy of the delay to search for the bodies was the prompting cause which led to the action of Justice Dowling and Captain Kennedy. In that we spoke the sentiment of the people. This was recognized by our citi- zens generally, as it was in the Council of the International, which resolved without wait- ing for the municipal authorities to begin the search. No sooner had the manly and impul- sive Police Justice, in response to our article, uttered the magic words which called a bat- talion of laborers to the work than his exam- ple was emulated by Mr. Morgan Jones with 4 liberal offer of money. Yesterday Alderman Peter Gilsey pat five hundred dollars in the hands of Captain Kennedy to be expended in the search. We are happy to state that at length, on the matter being brought to the attention of Comptroller Green, that officer has assured the Coroner of his co-operation and support. Since, therefore, there is no turther difficulty abeut the financial responsi- bility for the work, it will be carried forward with that zeal for which Captain Kennedy is distinguished, and whatever the elements have spared will be recovered to tell the frightful tale of the Christmas Eve holocaust, Germany and Rome. It was only on Saturday we announced the formal breaking up of all diplomatic relations between Rome and the Swiss Confederation. It now seems as if a similar rupture had taken place betwoon Rome and Germany. It wil be remembered that a few days ago we printed o brief synopsis of the Pope's allocution, de- livered at a Consistory held in the Vatican on the 23d instant, and in which he spoke exceedingly melancholy, particularly in view | severely of Spain, bitterly of Italy, and de- of the fact that the aged father of the convict was prevent in cgust qusing the prog Gorman Gppores parbigulasy aad she Gepaan nounced in tho most unqualified terms the Imperial government generaily. On Sanday we printed a cable despatch from Berlin giving brief extracts from the North German Gazelle, government journal. The Gazette, alluding to the Papal allocution, speaks of the ‘colossal impudence of the Pope,"! declares the language used in the allocution to be “an unpar- donable insult to the Emperor of Germany,” and says that it “proves the inevitable neces- sity which exists for the immediate passage of 4 law defining the boundaries between the State and the Roman Catholic Church." This morning wo print another cable despatch from Berlin on the same sybject. Tho journals of Kinigsberg and Posen have been forbidden, on pain of confiscation, to publish the insulting references to Germany contained in the allo- cution. In addition to this we have it reported that there is a probability that the German Chargé d’Affaires at the Vatican will be for- bidden to attend the reception of the diplo- matic body by the Pope in the Vatican on the 1st of January. Later reports havo it that the German Chargé d'Affaires, after having told Cardinal Antonelli that he had instrue- tions from Berlin to take unlimited leave of absence, had actually closed the Legation and loft Rome for Berlin, If this is not an open rupture, it looks like one. Who is to blame is a question which by different persons will be differently answered. _It is more pertinent to ask which will suffer most, Rome or Ger- many, the Pope or Emperor William. Journalism in the United States—The Lesson of Mr. Hudson’s Book. The publication of Mr. Frederic Hudson's" book on journalism in the United States has one or two aspects which are as interest ing as they are novel. No one had ever before attempted a systematic history of the American newspaper press, and few pub- lishers would have been bold enough to bring out a book dealing exclusively with a subject upon which everybody thinks himself thor- oughiy well informed. Harper & Brothers, almost as much as Mr. Hudson, are entitled to credit for occupying this fresh field and con- tributing to the advance of the newspaper profession by the publication of a work which so fully details both the history and the theory of American journalism. Regard it in whatever way we may choose, Mr. Hudson’s book is of great practical worth. As a re- pository of facts it is invaluable. As the first formal outgrowth of journalistic thinking it In nnot fail to have a decided influence. In eae Tespecs ff must Give a how impetus both to newsgathering and to the growth of the American newspaper. People nowadays read the papers almost exclusively for the news. Opinions are not valuable, even when they are free from the bias of prejudice or self-interest, unless they throw some additional light upon the topics of the hour, That paper has the largest circu- lation which most nearly supplies the public want. Class papers are confined to the classes for which they cater, and as a rule are unsat- isfactory even to these. There are papers in- tended for the different nationalities in Amer- ica, but people look to the Hznaxp rather than to them for the news from European countries. Literature and art have their representative journals, but everybody looks to the Hxndup for the freshest criticism on books and actors and singers, and expects to get it as crisp and forcible as any other matter of news. Politics has its press, but the distinctively political journal is becoming a thing of the past. There was a time when no editor attempted to print @ newspaper unless he sustained his party and was in turn sustained by it. The decay of the party paper began with the birth of the inde- pendent press. Mr. Hudson asks, somewhat mournfully, ‘‘Where is the Globe, the Thun- derer of Jackson’s administration? Where is the National Intelligencer, that controlled the destinies of the Whig party? Where is the Boston Ailas? the Courier and Enquirer ? Where are hundreds of journals that made their mark on the public mind within a short space of time? All gone. Where are the power and influence of the Albany Argus and Richmond Enquirer and Ohio Statesman to- day?" The value of his work is, to a great extent, in tracing the career of these papers to their downfall or decay; but it is even more valuable in showing the progress of the jour- nals which fill a wider and better place. To the independent press many political journals owe the beginning of their misfortunes. The news columns of the Henaup have killed more newspapers than anybody has any idea of; and besides competition with enterprising newsgatherers the political press is constantly menaced by dangers to which the independent press isnot exposed. Like a man pursued by a disease which may strike him down when he seems flushed with life and health, the political paper is constantly in danger of sudden and unforeseen misfortune. The downfall of a party is followed by the dissolution of the party press. National administrations, State governments and municipal ‘“rings’’ may support their hired organs for a time, but when the new administration or the new “ring’’ comes into power the hired organs die. Sometimes we see papers turning from the support of one party to the support of another in the expectation of o coming ‘‘avalanche;’’ but if the avalanche does not come as was expected, it will certainly come for the paper which looked for it. There is no hope for the political organ which turns against ‘ts party and fails to carry the countvy with it. Mr. Hudson's book is full of a)! these misfortuncs to the party press—so full, indeed, as to force from him reflections on the instability of news- paper property. It is the adhesion to party which contributes so much to make newspaper values uncertain and precarious—an adhesion from which there is no final escape except by extinguishment. No such fate impends over the independent press. Journalism, when con- fined to its legitimate channels, is as certain as any other pursuit. Its aim is to supply tho public want in the matter of news. If a journal is not ao newspaper it has no .mission and no future. Class papers are too confined in their field of operations to offer any certain reward to their projectors, and political papers are sub- ject to too many vicissitudes to make them safe even as business investments. It is only the newspaper—the paper which prints the news—that can live; and, like a hotel or any other establishment dependent upon public support, it thrives only so long as it caters successfully to tho public tastes and necessi-« ties, Enterprise, energy and tact are its con- stant requirements. These have brought of them many newspapers have’ ceased to exist. So far journalism has been too much of an experiment, and it was not till aftor thé establishment of the Heraup that its tue functions came to be understood. Tis’ success of this paper hag demonstrated that if\ is the newspaper that best succeeds, and Mr. | Hudson's book, so full of facts as to be the: storehouse of newspaper statistics, enforces the same lesson from the beginning to the ead of the volume, The Last Day of the Dying Year= The Record of 1872. Give him @ piace to lay hts regal head, Give him @ tomb beside his brothers gone, Give him a tablet for his deeds and name. We have entered upon the last day of the dying year, aud with “the iron tongue of mid- night"’ we shall have again the old chorus— “The King is dead ; the King lives ; long live the King.” There will be many sad memo- ties revived over the king that goes out; but there will be general rejoicings over the in- coming of his successor. The old year, in the political affairs of mankind, has been com- paratively a year of peace ; but in the strange perturbations of the physical world it has been unusually tempestuous and disastrous, Since the last day of last December the peace and the general confidence in the peace of Europe have not been disturbed, save by apprehen- sions, from time to time, of a revolutionary crisis in France, or by revolutionary outbreaks in Spain, or by the shadows of the Interna- tional ; and yet the great Powers have each and all been actively preparing for war. The meeting of the three Emperors at Berlin was proclaimed as an imperial conference in behalf of peace; yet Germany, Russia and Austria are all arming as industriously as France. They have no hostile designs against France, but, with ali their professions of good will, they distrust her turbulent republicans and they distrust each other. They are all anxiously awaiting the reopening of the crisis in the French Ag- sembly, and Germany stands ready to act ata moment's warning. The peace which has prevailed in Europe through the year is, indeed, only the peace of an armistice, and until some regular form of government, by the will of the people, shall have been proclaimed for France there can be no reliance upon this uncertain peace of Europe. In our own country we have had a year of extraordinary See ee de agita- tions, from January to December. On the tat day of January in New York the outgoing Common Council adopted articles of impeach- ment against Mayor Hall, which were promptly repealed by the incoming Common Council on the same day. The chapter of accidents and incidents in the cause of city reform since that day will culminate to-mor- row with the retirement of Mayor Hall and the inauguration of Mayor Havemeyer. Again, on the 3d day of January last there were political riots in New Orleans and a split in the Legislature which resulted in the removal of Speaker Carter. To-day the confusion of the Louisiana State government, in all its departments, legislative, executive and judicial, is worse confounded than ever, with no prospect of ap immediate pacification between the adherents of Warmoth, the Governor deposed, and of Pinchback, the Governor set up in his place. The year has also been marked by one of the most exciting, embittered and scandalous of all our disgraceful Presidential agitations, and by results the most remarkable and deci- sive, and in some respects the most melancholy and deplorable in all the vicissitudes of our political parties and party leaders. With all the attending circumstances, from the begin- ning to the end, there is hardly a more lamentable chapter in the history of our party politics than that of tho rise and fall and death of Horace Gresley. On the other hand, since the re-election of President Monroe in 1820, no administration at Washington hag been so emphatically endorsed by the people as that of General Grant in his overwhelming re-election. If, however, General Grant is ine clined to the idea that this popular endorse- ment of his first term is equivalent to a carte blanche for his second term, he will act wisely in wholly rejecting it. We do not sup- pose that he has the remotestidea of presuming upon the will of the people or of assuming doubtful responsibilities; but the new de parture of lavish expenditures suggested in his recent Message, including internal improve. ments and steamship subsidies, is, indeed, a wide departure from his original programme of economy, retrenchment and reform. We know not what may be the developments.of his second term, but let us hope for the best. Even from his late Message we have hopes of a new line of policy in reference to our relations with Spain and Cuba, and with the reconstruction of his Cabinet we look for some definite movement in the right direction. Having settled our late outstanding. accounte with England according to the Treaty of Washington, and enjoying the most amicable relations with France, Germany, Russia and Italy, he has at least a most inviting oppor- tunity for a definite and comprehensive settle- ment with Spain. Upon this. subject, too, with the passing away of the year 1872, the prospect of a settlement satisfactory to the American people is much better than it was a year ago. Hardly any other event within the year, at home or abroad, has excited so much of public interest and satisfaction. as. our African ex- piorer Stanley’s discovary of Dr. Livingstone,. and never has the finding of a lost traveller x promised so much to Africa and to the generat : interests of civilization as Stanley's finding of } Livingstone. We trust that the enterprises. of the Heratp during the year which we are * about to enter will be marked by successes; se important as those of the year which is clos? ing; for though Livingstone has been found ond the Swamp Angels have been exterminated! or dispersed, and though Cuba may bea 4 nut to crack, there are still opening before many inviting fields for the modern journalis¥, of which we may givea good report, And af), “with malice toward none and charity foray,” let us “speed the parting and welcomay the coming guest." Our Wassixaton Corrssponnent’s Expo. sunE of tae SyNpIcaTR Jos, published in another part of the paper, ought to arousg public attention to the conduct of the See. retary of the Treasury and the ring tant sur- rounds the Department. It is an udvarnished statement of what has been done and is pro. [posed te dws in tha Wa ot drawing wang