The New-York Tribune Newspaper, January 10, 1867, Page 4

NEW-YORK DAILY TRIBUNE, THURSDAY, JANUARY 10, 1867_._ QAmusements. e 3 THIS EVENING-THE J Kroupe. B1 K WINTER GA ' THI3 BVENING—A NEW WAY 1 a Booth Mr. Ed WALLACK'S OUES. THIS BV THIR EVE ok B Oweas TUIS EVE TRIS KY 0 Miss HLNKL PO \TER s THIN EVENINC ASTER HUMPHREY'S CLOCK. Miss Fauny lie Mrs. G, . Howard. AMBURGH'S WS A N. VAN MED upE. Mie. De Berg. NUE SKAT CATING CARNIVAL. THIS AFTERNO MASONIU HALL AN [ THIS EVENING-). UA! Bueiness Notices. AN AUTUMN-SUGGESTION. Now, as bieary fogs arise amd searchiog winds commence to blow now ‘s the buman bod, exbausted like inavimate nature by the heats of Sum- per, beging to wilt aud droop; vow, ere the inclement Winter makes its time for & preparatory course of tue best acell- mating wedicine in exist HOSTETTER'S STOMACH BITTERS. Poree and Ague is rampant u all parts of the country. Quini Pho physicians admit, will Bot quell the phase of the disease which st Drecent perrades the entiro West. It is well that it i 3o, for the remely [so-called) i deadlier thas the walady. Butif quisine is ineliclent ia {e- termittent fevers, ine, HOSTRTTER'S BITTERS Yo irresistible. T8 wonld be safe to make a contract, ander heary pemsl- Miea, thatany given * Ferer-aud-Agne District" sbould be exempted from Jre disorder for any pasticalar time, provided every ishaitaut would take he sirrans according to directions, during the term of the contract. Fbebe bas never been an instance in which this sterling invigorant and Dati-febrile medicive las faile] when taken duly B8 & protection against 1a I the offizal specifics a preve: Jing ost noedful in these cases as well o8 o drs- FR'S BITERS are the aafest, murest, wholesoine strengthealag preparation that Dumau skill bas et coucocted. PrLe’s 0. K. Soapr, SALERATUS, AND CrEAM TARTAR. Alwags full weight. WASHINGTON-£T. sumprion, aod check tho discase i its incipieney, by asing Javsx's Ex- PEOTORANT, 4 safe remedy for all afections of the Lungs and Bronchis Bolt exeryubere. gy Morr's CHEMICAL Poyar Restores es Da LOCK-STITCH SEWING- T Highest premiuias Maryland Institute, i y wackiue iu the world Fronexer & M. Co, 0 Browd At EVERDELT wsr. Wedding . ail on recetpt of $4. Pouitively curen the warst cases of y Agents wanted everwhere. Address s'm'uhn froe. fold by dr B, Rowarne, Manage “Comfort and cure for the RUPTURED.—Sent, o paid, on receipt of fen ceate. Al Der. B. B F ’N,‘!' New vaiv!.__ s, ? 2L . 3 0!d Eves made new hout s}n tacles, doc- Sor or mediciue. Nnxv tay | OWE MACHING URES T0-NIGH will sell this evening at Building in Tenth-st., the col- v brought over from Europe by Mr. Pilgeram, the nt of the well-known house of Gambart & O London. These pietures have ben already noticed in our columns, and we ca only call the attention of our ers to them again in a general way. They are by French, Belgian and English artists, most of them well known to our pub- | lx:. lmllm c;:llecliun coutains average specimens of 1 ity of B: iet, Pl A Dedfongie, Heteres, Compentars ol picturcs have been pretty well enlled by private buyers, bt se will no doubt find r ru’l “Dance in K hour’s “Sheep,” Do avorth having. W¢ only t to sug P the paragraph introductory to the catalogue of the ctures to be sold 2t auction bad better have been mitted. We do not think we ought to let pass the fimplication that these pictures are of snch extra inary merit, any or all of them, that only the ex- of serions financial troubles in Europe enables ho na‘uxt to bring theuw here for sa The collection Bt o best was an indifferent one, and now that the beat appear to bhave been taken, what rrgl-_llmmmly respectable. The agent ought by his time to know the New-York public better than | Lo make such statements, but if he pays that publi B3 poor a compliment as to suppose that it can ade 1o believe anything and everything, wi all | obliged to undeceive f\im, u:‘{n?u!till:.‘:;t“:an:llnn Imxru auction, at the Stul Joction of pictures 1« n ain which | o Alnm-Tm\e-‘ 3 Pe is concerned. Of course, we do not deny his m:n n;';l;:ml‘. Tt mfi' lni ':,rllenllmt bankrupt | 68 N ve bee Plged ] D v e sell one or two of | t them on the artist’s hands. | PERSONAL. Alfred Swith of Hartford has given $1,000 to the City Hospital. Among the committee of relief for the suffering Oretes, appointed at & mecting held in Boston a few days | singe, are D. Waldo Lincoln of Worcester, aud A. Crocker of Pitehburg. A Mr. Keleski of Memphis, Tenn,, is sning The Ar- @us and Commercial of that city for $25,600 dmmages, for stating that he set his store on fire. Edward W, Blackman of The Scranton (Penn.) Reg- has accepted the position of associate editor of The (Conn.) Farmer. George Peabody is reported to have given away 84,000,000 since 1862, { The Hon. James Black of Lancaster, Pa., has un- Jortakon to ralse a fund of §100,000 foy the nse of the Na- Jional Temperance Soclety, and the Hon. Wm. L. Dodge Mt Now-York has subscribod $10,000 thercto. | resdy on the 15th J | Andrew, and Wendell Phillips. | will extend, we presume, NewDork DailpCribume. e THURSDAY. JAI\‘I'.\R\I 10, 1867. 70 ADVERIIS. g customers to hand 1f reccived afier We will than Tug T I om ¢ g al and the order of their rec 7" On_the sccond page f the speech of Wendell Phi ips, on the Cretan TRevolution, an article on Soldiers’ Claims, the Proceedings of the Civil Courts and the Court Calendar, the Money Article, and_other interest- ing matter. The sixth page conlaing a review [ Mr. Frothingham's Sermons on Comeouterising and Notices of Reeent Poetr, ulr/ will be found We hear from Albany that only the names of Judge Davis, the Hon. Roscoe Conkling, and the Hon. Ira Hartis will be Dbrought before the Republican caucus for the Unilc-d_St.’llos Senatorship. The chances of Mr. Coukling are considered especially good. The Colored Soldie ailors’ Convention in Philadelphia have addressed to Congress and the country an argument which we hope will be attentively heard. They ask their rights, not only because these rights are inalienable, but because they have fought for ours. That is an appeal to which we are bound to listen. i Allen G. Thurman has been nominated for Governor of Ohio by the Copperhead Democracy. Judge Thurman was a member of the XXV ITth Congress (House,) baving been chosen in 1844 from the Ross distriet by 7,162 votes to 7.0(_)0 for his Whig opponent. He was succeeded in the next House by James L. Taylor, (Whig,) and has not since been conspicuous in politics. He is a citizen of good repute and fair ability. A joint resolution appointing the Mayor and Postmaster of this city, and others, a Commis- sion to purchase the lower end of the City Hall Park, as the site for the new Post-Office, was yesterday adopted by the Scnate. In the debate, Messrs. Dodge and Raymond made plain the easy terms upon which the United States will purchase the ground, which would certainly bring at auction sale over 3,000,000, The Commission has merely to execute the bargain, and Congress will then provide for the ercction of the build- ing, of which we shall ouly say that we shall be fully satisfied if the new Post-Office is as convenient and creditable to the city as the present one is inconvenient and disgraceful. P ] The popular discontent in France with the new army scheme is so great that the Govern- ment deems it the wisest policy to retrace its steps and make concessions. At a recent sup- plementary election for the Legislative Body, the candidate of the Liberal party based his claims to the confidence of the voters chief- ly on his uncompromising opposition to the reorganization of the army. The ef- fect which this position produced upon the mwinds of the people in a district where the Liberal candidate at the last general clec- tion bad only polled a few hundred votes ap- peared so dangerous that the Government can- didate was instructed to declare in favor of an important modification of the proposed plan. Notwithstanding this retrograde movement of the Government, the Liberal candidate re- ceived more than 9,000 votes. No wonder t as we are this morning informed by the Cable, the Council of State has declared against the plan. The bills de a and Colorado States were passed y in the Senate, with an amendment, which though not as stringent as that proposed by Mr. Brown, and voted down, is still sufficient to make civil or politi- cal proscription on account of color impossible Brown's amendment, in either State. Mr. urged by Mr. Sumner, required that the majority of the people of these Ter- | ritovies should vote in favor of the condition before they should be permitted to organize State Governments; Mr. Edmund’s amendment, the third scction of each bill, makes it a “fundamental and perpetual condi- ““ tion that within said State there shall be no “ abridgement or denial of the exercise of the “ elective franclise, or of any other right, to any “person by reason of race or color, except- “jng Iundians not taxed.” This is mnot a condition required, but one which is imposed, and the terms cannot be misunderstood or evaded. The triumph is complete, and the new States will be forever pledged to the absolute Jjustice between man and man. Messrs. John- son and Doolittle were, of course, opposed to impartial suffrage, and the President, who at the last session vetoed the Colorado bill and pocketed the Nebraska bill, will refuse to sign ecither now. The extent to which popular sympathy with the Cretans is spreading in this country is iudicated by the Boston mecting, held this week under the presidency of Dr. 8. G. Howe, and addressed by the Rev. Dr. Huntington, ex-Gov. We print on the second page a full report of Mr. Phillips's epeech, with a summary of the proceedings, The direct purpose of this meeting was to yaise funds for the supply of food to the starving women and children of Crete. Dr. Howe's lead in the movement is evidence enough that it is an earnest and practical one. His early efforts in behalf of Greeco gave him a European and American fame; what he would value more s, that they gave great help to Grecce in her struggle for independence. He took with Lim mone d supplies amounting to §100,000—a large contribution for the Ameri- ca of forty years ago—and the sincerity of his | interest was farther attested by his personal efforts in Greece itself. We do not suppose it will be found difficult to raise at this day a larger sum for an equally good object. It is of course to be understood that those who appeal for aid to the Cretans do not enter upon any political crasade, nor propose to themselves an intervention by our Government. The wives and childien of the Cretans, who are in peril of being murdered by the Turks if they remain x'll home, are in cqual peril of starving on the islands in which they seek shelter. Funds now called for are to be used, as the resolutions of the meeting declare, to feed these women and children. It is a mission of merey, in the discharge of which our zeal may be kindled by remembering the eause in which the fathers and sons and husbands are fighting. The movement for relief, begun at Boston, to other cities, Col. A. G. Herndon, one of the carly pioncers of nm:a tather of the Hon, Win. H. Herndon, law President Lineoln, e .;;.'.'.-;:. died at Springficld on Ttebel Bterling Price has returncd from Wioxico, sad passed through New-Orleaus the (1h st 96 hls var Lo BL. Louls. and New-York will elaim its share of giving. If a Committee i8 not at once raised here, money may be sent directly to the Boston Committee, which includes some of the wealthiest and most eminent men of that city. And the money ought (o be given at once. for it is during theso passing Winter months that the brave Cretans are dying for want of food. A W The Public Debt of the United § '8 is now over Twenty-five Hundred Millions of Dollars. Of this " um, over Fourteen Hundred Mil- lions are payable £pe principal and in- A very considerable share of this the next few years, and must | s & to the hol 1t Three Hundred Milli due to-day, we should have to issue Hundred Millions of just such bo | few years to runm, in order to pay them. | In other words, the holders would ask us twenty-five per cent. for rencwing them. And if the Treasury could borrow One Thousand Millious on six per cent. at par, it might there- with buy in at least Eleven Hundred Millions its outstanding debt, and make a clear of One Hundred Millions. It can buy to-day its gold obligations in the open market at a discount of at least twenty per cent. Yet o ns fell t Four | legislator so generally gound as Judge Kelley of Pa. sees fit to commend the policy of non- resumption, and the reduction of taxes so as to sto riean people will rather follow the successful tutesmen of those days, and foster our wan eighty | tem are o Ber et of our Uemanding payment. —Of course, none are asking us to pay obliga- tions not yet duo—they know that they would take nothing by their motion. But, whenever any bond or certificate falls due, the owner presents it to be cashed; nd, if we have not the wherewithal, he will only renew it at o “ghave” of 20 to 25 per cent. And this is a state of things which Mr. Kelley delights in and secks to perpetuate; for he opposes !munpfiun expressly on the ground that it will appreciate the cnrrent value of our outstanding bonds. —And now we ask every economist to con- sider these facts: Our debt is all redeemable within a very few | years—must all be paid (or ren ed) within a somewhat longer period. Within twenty years at furthest, all but the small amount of five i per cents must be paid off or borrowed ag Our gold-bearing six per cents, though redeemable a few years hence, sell consider- | ably lower in the money marts of Continental | Turope than the British three per cents (Consols) which are only redeemable at the debtor’s pleas- | ure or convenience. And we are paying to- | day just about as much inferest per annum on Two Billions of our debt as Great Britain is | paying on her Four Billions. And if we could place ten-year five per cents at par—as France, Great Britain, Holland or Russia might do—w could speedily reduce our annual interest by Jeast Twenty Millions per annum. Need we urge that a debtor who is rapidly reducing his liabilitics can always borrow on better terms than one who is content with pay- ing his interest only, and to shufile on by ne gotiating new loans to replaco those that fall dne? Who doubts that if Secrctary McCulloch could be induced to employ One Hundred of | the One Hundred and Thirty-one Millions now lying idle in the Treasury in buying up and canceling interest-paying Debt, he wo thereby appreciate the current value of ou National obligations? Whko but Mr. Kelley would not like to see this done? Now, then, let us resolve to pay henceforth at least One Hundred Millions per annum of the principal of our Debt, and whe does not i know that our N, dit wonld thereby | be promptly and rapidly reciated? Who | does not know that we could scon borrow at five per eent. the wherewith to pay off onr outstanding Sixes and Seven-Thirties so fast as | their terms would permit? Who does not see [ that, instead of serambling to be pa each of our ereditors would to be paid ls Men and brethren! let vs Ive to pay our | funded Debt promptly, and we very soon | reduce the interest to five per cent., and save Twenty Millions per annum. And remember | that, if we do not reduce it, we &hall soon be paying heavy premiums for the renewal of ex- piring loans. WHY NOT K UME? The N. Y. Herald gives the following cheer- ing intelligence : e at | —We are very glad to hear it, and only wish it were true. We have always liked the Nation- al Banks, and consider them a publio blessing; but we feured they were fond of circulating their notes at discretion and redeeming them when convenient. If their managers have the good sense and genuine conservitism to realize that the touchstone of Specie Payment is as beneficent to them as it is essential to the rest of us, they cannot fail to do well, As to “the foreign holders of United States “gecurities,” their claims are now payable and paid, principal and interest, in gold. If, then, they choose to have everybody else treated as well as they must be, they are wiser than most men, (the ex-Rebels who insist on keeping the Blacks unfranchised, for example:) yet they are no wiser than every man should be. We con- gratulate them on their generous sagacity. As to “the Treasury Department,” we have heard much of its “cflorts to force a resump- tion of Specie Payments,” but seen no works to correspond with such a faith. Keeping Eighty to One Hundred Millions of coin hoarded for month after month, when its use would proba- bly bring us half-way to Specie Payments, doesn’t look to us like “efforts to force a re- sumption.” Had Mr. McCulloch persistently used bis surplus gold in buying up whatever species of National obligation was either cheapest or most in the way of resumption, he would have saved the people several Millions which they have paid for interest, and put the premium on gold permanently below twenty per cent. Let him begin to-day such a course of vigorous purchase and destruction of Na- tional obligations, and continue it till his sur- plus was reduced to Ten Millions of coin and Ten MAlions of greenbacks, and he would carry us within twenty per cent. of resumption before the 1st of March. Yet he is not doing, nor likely to do, anything of the sort. What are his “efforts to force a resumption 17 We ask the proof. The Herald, after asserting that there are no arguments for resumption, gives the following reasons for opposing it: “ Dal i coln) Would e Icreased SHy-thron Ber cent. by resumption; the property of all others would be de- in the same proportion; the debts and obliga- ilons of every kind of those who owe anything would become 0 much wmore burdensome; the means of all debtors—and these embraee the bulk of the community— would be diminished and their dobts increased; general bankruptey would be the inevitable consequence; 1d become richer, bondholders and u few rich people won ‘while the 'ould becowe poorer. There could be no —All which means—as every one who can put two ideas together must realize—that we ought never to resume—that it is heaven upon carth | tract | the forger | cessors who | the fluid of t | cold court as that of Stockholm. | to a country where, so to sp ! to be about as good in its wa pel everybody to take them as money, and then prescribe that they ghall never be paid. T'he Herald is quite a property; yet the above ex- would scem to have emanated from some Bohemian acenstomed *to run his face"—and run it pretty hard—for his daily dinner. He goes on os follows: t does it matter to the comn ir the money in current use be led they have e at large your honor,” responds Dick Sludge, 1 the dock, when asked by the judge to gay why the sentence of the law ghould not be pronounced against him, “I never did no “harm. My money passed current, enlivening “trade, enabling every one tosell and buy accord- “ingtohisneeds, and creating general prosperity. “But that nasty detective blighted all this, by pro- “nouncing my notes counterfeit, stopping their “gireulation, deranging business, and creating general distress. You ought to punish him and «reward me.” Is it possible that Mr. Sludge's logic can need serious refutation? o Wwio 1S MR. McGINNIS? It is a considerable time sinee we asked this question, briefly bt explicitly, and although our ion is also considerable, wo do not yet who is the illustrionsly obseure man ap- Ino y pomted to reside as our Minister at Stockholm. Mr. McGinnis himself might write, but he don’t; some of Mr. McGinnis's friends might write, but they dow't; to add to the botheration, we shall get mno information when the nomination of Mr, McGinnis is debated in the Semate. This is trifling with historical facts, and threatens to add another to the catalogne, already too long, of historic doubts and problems. It isall well enough to leave the matter unsettled now; but fancy the perplexities of writers A. D., 1967; the essays that will be written about the shadowy John ; the folios that may be printed to prove that it was not this nor that John, but some other John ; the ponderous argnments to demonstrate that there never was any McGinnis ; a repeti- tion of the bother about William Penn and George Penne, to which, in this day, historical students have been treated; communications to Tne Tluw,{; in the next ago asking our suce 1 by snuffy antiq r. John McGinnis was ; seapches ies of the journals of the Senate ; deputations of still snuffier antiquaries going over to Stockholm to investigate ; fights between irascible antiquaries; a long corre- spondence, perhaps in Latin, between friendly antiquaries; elaborate articles in the quarterly reviews of the period upon the subject; theo- ries that Mr. MeGinnis was a myth; other theo- ries that he was a hero who did wonderful thin which ve heen forgotten; Betsey Prigg's asserting that “there never wan't no sich person;” and v Gamp's vindicating tho existence of this diplomatic Mrs. Harris— and all beeanse nobody will write now to let us know who Mr. McGinnis really is! s will nover do. There are perplexities | enongh in hist wady. Think of the Man < of the Rev. Eleazer Williams, a Bourbon 2s doubtful as most of at name! Think of the Man who ! Think of the Man who orely emote Mr, William Patterson! Think of Mr. Patterson himself, whose history is all peb- 10f whom nothing is known except that atively nothing is known of him? And hiere comes Mr. John MeGinnis as dubious as a modern Dauphin, a8 impersonal as one of ‘s ghosis, as shadowy as the Autlor of —and must “Stat Nominis Umbra” con- to be said of him? Not if we can help In such a perplexity, any theory is better han no th ; and one has been suggested to us which we feel it to be our duty to give, Mr, McGinnis is merely Mr. Doolittle attempting to fly f the wrath of the people under an assumed name. There are reasons for this, when we consider how motives there are which would naturally » any man of n in Mr. Doolittle’s ion to expatriate himself; but, on the other hand, My, Doolittle, so far as our observation of him has enabled us to judge, is not what may be called a man of modesty. That he is uncommonly angry and somewhat sore about in the Iron Mask! Read toe M | the head, we can easily believe; but he proba- bly considers himself to be an extremely in- jured individual, worthy of a more potent and profitable plaster than the embassy to such a He is snf- ficiently out in the cold already without going k, the heart of the thermometer i3 always in its heels. No! not say that we believe that Mr. Me- is Mr. Doolittle. There is another theory which we eonsider ¢ a8 poor Miss Bacon’s notions of Shakespeare’s plays. This asserts the identity of the John Jones of Mr. Tyler's administration and the John McGinnis of Mr. Johnson’s. John Jones is 80 common a name—in fact, so near no name at all—that we suppose a man would have a right to change it without application to the suthorities. Of Mr. John Jones we know something. He wrote; and distingnished himself by writing the very worst editorial articles which have been printed gince the invention of newspapers—they were in fact so extremely bad that we have seen nothing lalf so good since. There was none of your tameTmediocrity, hateful to gods and men, about them—they were worthy, in fact, of the remarkable man to whose defense they were dedicated. Mr. Tyler vetoed right and left, and Jolm Jones stood by him—Mr. Johnson vetoes right and left, and John McGinnis stands by him. But here the parallel becomes confused. Mr. Tyler kept John Jones by him to the last, Mr. Johnson sends Mr. John Me- Ginnis into a kind of honorable banishment. This argues, we are willing to adwit, an en- couraging sagacity on the part of Mr. Johnson ; beeause we hold that the sooncr he gets rid of all Lis friends the more comfortable as ‘a man and the more profitable as a public servant he will be. But we do not sce that we help the matter at all by writing about it. In a muddle we began, and in a muddle we are likely to end. Wherefore we resolutely leave off, only once more asking—we must ask, whatever may be the consequence—who is Mr. John MeGinuis? _Q*r_n_.__w,\uzn Harriman, who has just been nominated for Governor by the Repnblicans of New-Hampshire, was always a zealous and ef- ficient Democrat prior to the outhreak of our late Civil War. Having always been on the side of the country, he did not feellike taking any other. He promptly voluuteered, and rose, by gallant, efficient service, to the rank of Brigadier-General, in which be was serving when the war ended. He was one of the most efficient canvassers for Freedom and Nationality in our late arduons politieal struggle, having spoken most efficiently in several States, including Pennsylvania and New-York. He will be enthusiastically sup- ported by “the Boys in Blue;” and, if anybody thinks of running against him, wo affectionately advise him not to. It to issuo promises by the Lyndigd million, com- | would w6 by advisable. Decidedly not PRICES—THE WAR, THE CURRENCY. b g5 . WASHINGTON, Jan. 7, 1867, There are two or three points in the financial ques- tion which, it seems to me, need more elucidation than they had yet received, either in the exhaustive urces of Mr. McCulloch, or the elaborate exposi- tion of Mr. Wells, and which at the present moment, when we are just entering upon a new phase of our financial experience, it is important should not be overlooked, The first is that while paper money has played an important part in our affair duringand since the war, and las constantly given an artificial balance to con- moditigs and s ities, it is not that which Las made trade active, business prosperous, and individuals rich, during this period; Lut, on the contrary, these results are to be imputed to the gigantic expendi- tures of the Government, which would have produced similar results, if the circulating medium had never been expanded, or indeed if the war had been con- ducted (if that Lad been possible) on the basis of specie payments. The essential canse of the prosperity of the loyal portion of the country being the fact that a vast con- sumer of all its products snddenly appeared, and steadily devoured them with an_insatiable appetite during four years, and more. The Government, which lad hitherto bought little of the people, all at once Deeame their best enstomer. And those whom the Governmont expenditures made suddenly rich, also became great consumers, It needs no ghost to tell us that every productive force in the country was set in motion by the war. Its manufactures and its agricnl- tural products wereallinactive demand. Every thing that eould be raised or made found a ready purchaser at high and rising prices. The manufacturer of Iron, of Wood, of Cotton. of Wool, of Leather, the raisers of Pork, of Beef, of Grain, the miners of Coal and Cop- per, and Lead. the owners of railroads and canals, and steamers, factors and merchants, middle men and Jaboring men, all had their labors stimulated to the utmost extent. Everybody pocketed stupendous profits, and of course everybody got rich. Government agents took as much as and often more than all other purchasers combined. Bounty money was showered on the working population, and these all came in for a share in the golden harvest. Then came that com- placent reflection: “ How strange?” *“How strange that war, which always exhausts and prostrates, should change its character for us, and ereate pros- perity and plenty! How does it happen? Paper money. Ah! wesce. It isthis which does it.” And here we see the birth of that great popular delusion which still Lolds possession of the public wind. The instrument of the diffusion of prosperity was at the start confounded with &?e cpyse of it. So good i fonr hundred miflions of paper money, X. claimed Thadeus Stevens, that we should have a thousand millions of it. The essential, fundamen- tal, but remoter cause of the rise of prices and rapid accumulation of fortunes, was then overlooked and extent has been ever since. So that writers s of aredundaut paper cireulation for being the canse of the prosperity of trade, while they admit it onght to be eurtailed and that the comtry ought to return to payments, for some vague reason in their m that an inflated currency is somehow injurions; while, if their views of the agency and uses of paper money be correct, the last thing that ought to be doe is to diminish its volume. These writers and the public overlook the fact that | » Government has scattered the prodigious sum of | 0,000,000 and more which it has given its notes 1 dues to-day, and it has also distributed other ndreds of millions which it has drawn from the people by ¢axation from all classes, and that to this 1 to this almost alone, is owing the extraordi- xceptive prosperity the loyal States have enjoyed during and since the war. This extraordinary consumption of prodncts was of itself sufficient to enhance prices ina most important ) sver the character or volume of the money in cirenlation. It was great enough to raise prices of many articles not ouly here but in all the prineipal markets of the world. The imposition of high dutics and high taxes was, of course, another element in the increase of price of commodities, and another was most certainly the excess of paper It is, perhaps, o wonder while these g were acting in concert, the public mind did not discriminate closely, and did not look beneath the surface to measure the exact influence of each. Paper money was plentiful, and the plentiful- ness mado high prices. It was not necessary | to go further to account for what was occurring. But it is ¢t that, at this la y, the joiut | vation of y fmportant agencies should be | 1 o not understood, and that the Labit | sh prevail of aseribing the ac- | tivity of trade, the extension of bu: of prices, solely to the excessive volume of the cirenluting medium. It may be asked, if these views money, agenci o, until recently, suffered no abate- ment since the war ended? How does it happen that | business has continued good and that prices have | Kept np since the Government demand ceased. Outside the paper money men, there are those who have endeavored to find the cause in some miracu- lous powers of our Nation over every other, in its capacities of cousumption. In the second place it is jmputed to the habits of universal prodigality en- gendered by a period of war and unusual prosperity, | and the general neglect of the old economies of | living. In the third placo it is attributed to deficient | production, caused by the destrnetion of so many lives in the war. The first of these suggestions is | | merely a dream of the bubblers. The second is & | very small cause to assign for a very great result. The third scems to have weight but really possesses little soundness, for these reasons: The productive force of the country in everything but agriculture, and to a large extent in that, is not in muscle, but machinery. But the men we have lost by the war have been nearly made good by emi- gration, while our machinery of production has been enormously increased by it. The manufacture of’ small steam engines, as well as new inventions for all manner of industrial purposes, within the past few years, is something remarkable. The productive power of the country is thus not diminished, but has really angmented. And the extraordinary activity and vivacity of the National character always give tremendous iwpulse to the agencies of production so long as o channel of trade is left to be inundated. Our countrymen do not forbear driving ahead from Ermh-gm:fl considerations, under any cirewmstances. Such is the genins of our ]n-n,;lu. T or do just enough, They rush to ext: American way, We never believe have tried it and gone through. elicve a ship has got on all the sail she ‘ean carry till we cap- size her. “We will not admit a boiler wont bear wore steam till we have burst it. Wa are not, then, having high prices from defi aproduction, The real cause of them, and of the animation of trade sinee the war closed, is t period fonnd the country stripped bare the country are sound, how is it that the industrial activities of | & EUROPE. NEWS BY THE ATLANTIC CABLE T0 JAN, ¢, GREAT BRITAIN. LoxpoN, Jan. 9.—Rumors are again in ci of impending changes in the British Cabinot. EVENING.~The London Times, in an editorial to.. ! day on the Alabama claims, eays: ‘It Tests with thy - United States Government to accept the principleg 2 of arbitration.” Itthinks that if the law officerseg . the two countries could meet together, they woulg Dbe able to frame a satisfactory case for arbitration . in o few hours, 3 FRANCE. Paris, Jan. 9.—Tt is said that the Couneil of Staty has determined to oppose the proposed bill for the reorganization of the French Army. s s BAVARIA. Muxien, Jan. 9.—The Bavarian Chambers have opened a credit for the reorganization of the ammy, ———— MARINE INTELLIGENCE. ’ LivERPOOL, Jan. 9.—The Harvest Queen, from Swansea, bound for Bultimore, was lost at sea. Ouly one man t saved. The French steamer St. Laurent, from New-York, bag ' arrived out. P, FINANCIAL AND COMMERCIAL. 8 LONDON MONEY MARKET, 1.0xpoN, Jan, 9.—U. 8. Five-Tweutics open this torenocon at 725, .\'m‘m.—ThP opening quotations for American Bacuritieg are as follows: United States Five-Twentles, 24 Eeig shares, 45; Illinois shares, 61, Consols are quoted at 91 toy money. Consols are quoted at 91 for moncy. The following are the prices of American sccuritios: United | States Five-Twenties, 72§; Tllinois Central Shares, 8tfy Erie Railway Shares, 450, Eveung.—Consols closed this evening at 91 for money, AMERICAN SECURITIES, The closing quotations to-night were: United Stateg Five-Twentles, 723 ; Illinois Central sbares, 51; Erie Rafle ‘way shares, 46, . LIVERPOOL COTTON MARKET. LIVERPOOL, Jan. 9.—Tho Cotton market opens dull tes day, with but little doing. The day’s sales will probably reach 8,000 bales, at unchanged quotations. Noon—The Cotton market to-day iscasicr. The salea of the day amount to 10,000 bales. Evening.—The Cotton market has been dull to-day, and the sales, according to the latest footings, will not amoany o0 over 5,000 bales. — FOREIGN CORRESPODENCE, — TURKEY. TIE TERRIBLE TRAGEDY OF ARKADI—NAVAL ACTION OFF CRETE—THE PORTE REPRIMANDS THE RUS~ SIAN AND AMERICAN EMBASSADORS—THE CYPRUS DIFFICULTY—THE AMERICAN COLONY AT JAFFA AND THE TURKS—REMOVAL OF THE GREEK PAs TRIARCIL From our Special Correspondent. (CONSTANTINOPLE, Dec. 16, 1358, 1 have seen the official statements of the American Consul at Crete as to this terrible affair at Arkadi. His statements are based upon the affidavit of & | méuk who was in the convent when it was blown up, but who was one of the few who escaped. Excepd in what relates to the loss suffered by the Turks, this statement agrees substantially with the official res port of Mustapha Pasha. The monastery of Arkadl - was the largest and most important establishment of the kind in Crete. It has occupied this position foe ages, having been erected in the days of the Emperoe Heraclius more than 1,200 years ago. It wasbuilt with royal magnificence, and quite as much for a fortress as & monastery. Through all the wars and revolas tions and conquests of twelve centuries, it has been respected alike by friend and foe. Its library was rich in manuscripts. The building itself, constructed in the most massive style, stood in the center of & Jarge court, the wallsof which were strong enough for o fortress. Its situation added to its strength. This monastery, at the time of the attack, contained 108 men, including thres Greek volunteers and 62 monks. There were also in the building 378 women and chil dren. The place being within afew hours of Rethyms nos, o Turkish fortress, it had been natnrally o plase of refuge for the Cretans, and a thorn in the side of Mustapha Pasha. So on the 20th ult. he moved down with 6,000 men to take possession of the place, antiel- pating little or no resistance. His summons to sur render was replied to by a shower of balls, and Le ate tempted to storm the place at once. All day long he sought in vain to batter the walls with field-picces, and in the night he brought up two heavy rifled cane | non. With these, on the morningof the 21st, he made | a breach, which was soon entered by the Egyptian and Turkish troops. The Cretsns retired to the mon- astery and held out there until afternoon, almost all the Turkish troops by this time being within the court- Vinding that they could hold out no lone cer, having lost three-fourths of their fighting-men, 1t was determined, by the common consent uf all= women as well as meu—to blow up the building. i Turks were allowed to Push in, wgile a priest na i Manassis went into the vauits and put a ca to the magazine, which contained many barrels {uuwll--r. he immense structure rose s littlo 3 hen fell a mass of ruins upon all who were insidey - and upon hundreds in the court-yard. ) the Turks, according to the most careful estim: ' made on the spot, was about 1,500 killed, alth : the reports published by the Porte in Constantino) acknowledge a loss of only 230, Of the Greeks inside, ' 53 half-hurned women and children and 43 wound; men, who had taken refuge in one of th o caped Qeath, These survivors are the remnants of seattered families, children without parents, wives without husbands, and they are in the hands of the Turks, If anything were wanting to prove that the Crotans are not inclined to surrender, we have the evidence here. Men and women not only fight to the but rather than surrender they blow thems s and their conguerors into the air together. helieve that this is the real spirit of the peoplo—free- dom or death. | 3 solutionary Government of Crete has issned another declaration to the Christian world declaring again the intention of the people never to give up the ontest, and denying the lying reports of the Turks lie latest dates from Crete are to Dec, 10. At thad time Mustapha Pasha had just marched with 9,000 men to attack the Greeks and Cretans at Selino, m]-w uln‘u_n --rnwnu l;.ul l;con mide wrhll»:lkndn island with four or five fast steamens, lightly armed, or three of which belong to the Pusha n{ E rumu;lr of Fuad Pasha’s appointment has not irmed. _captain of a Turkish frigate on the blockade came into port, the other day, in great excitement, and reported that he had been attacked in the even- ing by two Greek steamers. He had fought a b with them and lost two men killed, with sevs wounded, but he did not know whether the Gree Liad been sunk by his fire or escaped in the darkness. - He kuew that he was safe, and that was evidently the most important thing in his mmd. It is said by . thase who prefess to know that the best corvette the Greek navy has been ordered, to cruise betwees Syra and Creté to protect the Panhellenion. If wi couies to worst in the Turkish waters, sho will down the Greek flag, hoist the Cretan colors, and Greek Government will declare that they Lave 0o huawumhluny i the case. They disown tie act and e vessel, In spite of all the Porte can do, the story of Crete cannot be kept quiet. Newspapers have been cuted in vain. The pestilent Consuls at Crote commaodity of cousumption had been exhansted ; the indust ly f the country had been taxed to its atmost 1o supply the wants of the Governs t; it was liv- ing_from hand to mouth, and had been for a long period. Those who believed that when the war ed demand would instantly cease and prices fall, and among the traders those who reduced ther figures on their stocks, very soon discovered their error. At this point the wonders of paper money were again sung. “See how wonderful are its effects! It maintaing prico and dewand; it carries us from war to peace without a jerk. Great is paper money! By nomeans let us dimmish its volume.” The real cause of continned \ni;mtrlnl activity and high prices was not imagined. People did not sces that vast quantities of every consumable upon tell and the Foreign Embasase dors insist upon believing them and talking aboud them. Even the English Consul at Crete, who up to this time reported only what the Turks him, has now been stirred n“ by Lord Lyons, d to learn the truth for hiniself, He acknowl- at he (hllu bi“}: dcic‘;i\'cql, 'lll‘:ll c&mfll now to wican Consul for aid in ing L was given the other nen:ht Dby the Russian . at which Ali Pasha heard somo plain stories. Beiug a litelo man, he was unobserved in the room, where our Minister and the Kussian Embassa- dor declared in conversation that they knew the re- ports of the Porte to be utterly false, from beginning 1o end; that the rebellion in Creto Was rather H ] m{uin-d to supply deficiencies created the war and to replenish ’.'Im stocks of trade. For the last year and o half, nur,snnlucun, on_every hand, have been working to fill empty warehouses and u‘mpl. Until the point of full supply is reached, and in some cases o glut, there can be no cessation demand and no reduction of price. Industry has been employed in filling & void which nly now begin- ning to show signs of ull»upr«umlum. ut at length the smpty is becoming full. One branch of trade after another is getting plethoric. Demand is ceas- ing, and prices in theso branches are giving way, Pa- |u1’ monu{, thon¥h still swelling the channels of cir- culation I undiminished volume, not hinder this decline. 1t does not save Conl, nor Pork, nor Cat- tle, nor Woolens, and many minor articles from a groat fall in price. Th has disap- o Great Consumer gu i dearth be created has been followed by, fresh supplies, until lished in_every quarter, abundance is A oes will now be the rule, until they become more and more unre- munerative. The producer has is day. The consumer must now have his, and all the contri- youges ia the world gannot proventib 3 % §. gain- ing than losing strength, &e. The little Pasha ' ‘r’--m!y 0bullv.,wi:g ?hn. but he hfli t.‘if‘o nnul-'z f ay, when he e dragomans Anflt and Russian lfl:rdon o tremendons lecture on impertinence and enmity of the Ministers. o was of course told in the most dignified i conrtly language dw-iblo that he had better mi i own business, aud content himself with Klm-' without to mt yx‘r‘:‘;fim;lm who certai hl“d o right to express nal opinions in private eonv I think_ that, axcopt At mim"“fl' , ther® i more of an inclination to take up the Cretan tion than there has been heretofors. still mortally afraid of i The out a few months langu‘: &Le":-fi"fi.“' :{“ , ‘: i solution of the question except island to Greece, Sl e R = character. fi(w the i culty, and two or cased € e w s