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South will be as anxious for the
complete restoration of peace and trade as the North, and will not be prone to
put the Government to much further expense for military operations. It is safe
to estimate the revenue from customs and taxes at $350,000,000. For interest on
the public debt about $150,000,000 will be required. This would leave
$200,000,000 for the ordinary expenses of Government—say nearly three times as
much as they used to be before the war.
Three thousand millions is, of
course, a very large sum of money to owe. It may be said to amount to $100 a
head for every man, woman, and child in the country ; the annual interest $5 a
head. But Great Britain owes nearly $4,000,000,000, and has not a tithe of our
resources. The debt of France, which may be set down in rough figures at
$1,500,000,000, and that of Austria, $1,100,000,000, are heavier burdens, in
proportion to the resources and progressive wealth of these countries, than
$3,000,000,000 will prove in the United States. Dr. ELDER has shown, in an
elaborate paper on the subject, that this large debt may be paid off, if deemed
desirable, within the century, and that the annual interest charge will not be
felt as oppressively as the taxes which European nations pay.
A question closely connected with
the settlement of the national debt, and scarcely less important, is—How soon
can specie payments be resumed? It took England six years to resume after the
peace, though the Bank of England issues, at their highest figure, were less
than one-fourth those of our Government. Precedents, however, are unsafe guides
in such cases. The United States in 1865 are a very different country from Great
Britain in 1865. Austria and Russia have never been able to resume ; but those
countries are not progressive.
It is clear that no attempt to
resume can be made until the necessity for borrowing currency to pay expenses
has passed away. It is also clear that specie will command a premium—no matter
how strong the confidence in the General Government—so long as we have
$900,000,000 of irredeemable paper afloat. When the ordinary revenue from taxes
and customs equals or exceeds the Government expenditure, a step toward
resumption may be made by beginning to fund the legal tenders. But this can not
be effected suddenly, or all at once. When Government begins to contract the
currency, the money market will become stringent, a stagnation in business will
ensue, and the revenue from customs and taxes will decline. From this cause the
first attempt to resume in England proved a disastrous failure. It is to be
hoped that our Government will profit by the example. A currency contraction, to
be successful in its object, must be gradual, and should extend, probably, over
more than two years.
Something will depend on the
confidence placed in American securities by Europeans. Europe holds over
$350,000,000 of our bonds. If the holders send them here for sale now, they can
realize a large profit on their investment. Should they do so gold would rise,
United States stocks would fall, and the difficulty of funding the currency
would be increased. If, instead of selling the bonds they hold, Europeans should
buy more, or if, as has been suggested, a special loan should be negotiated in
Europe with the effect of placing $500,000,000 of gold at the disposal of our
Government, gold would necessarily fall, bonds would rise, and the path would be
smoothed for an early resumption. It is difficult to determine what course the
European capitalists will pursue, but among the foreign bankers it seems to be
believed that more bonds are likely to go out than will come home.
With the restoration of peace,
the construction of the Pacific Railroad, and the establishment of steam lines
across the Pacific, nothing is wanting to make New York the financial centre of
the world but the resumption of specie payments.
IN A PETTICOAT.
THE London Spectator, commenting
upon the sudden check of our jubilee of victory by the
murder of Mr. LINCOLN,
calls it the " irony of fate." So it may have seemed at the moment; but now it
is clear that Fate was never so generous as in dealing with this rebellion.
Within less than two months the great conspiracy, which had lasted long enough
to gain the semblance of a power, suddenly reels, crashes, and crumbles utterly
away. In the last struggle its expiring force is concentrated into one crime so
black that the shuddering world every where recognizes the utterly devilish
spirit of the rebellion ; and that the whole gamut of emotion may be swept, from
the extreme of joy, through the most harrowing tragedy, to utter farce and
contempt, while America and Europe are still aghast, a peal of inextinguishable
laughter goes ringing round the globe as the chief conspirator, " the statesman
who has created a nation," skulks tremblingly away in petticoats, and whines
that it is too bad to pursue women and children !
So this rebellion, the most
formidable in history, which, it is not too much to say, would have prevailed
against any other government in
the world, is not only absolutely
annihilated by the resistless energy of a truly popular Government, but ends
without a sign of the dignity that lesser crimes sometimes assume, despicably
and ridiculously. Even JUDAS ISCARIOT went out and hung himself.
murderer of one beloved man, at least died like a savage beast at bay. Nobody
will ever smile at the mention of his name. But Davis, with the blood of untold
thousands of brave and noble victims upon his soul, will go down to posterity,
cowering under a petticoat, the object of mingled horror and derision.
IF any eminent American statesman
should be guilty of the public ignorance of current affairs which
displays in his speech, moving an address of sympathy to the Government of the
United States, he would be universally ridiculed.
Earl RUSSELL coolly says: "
Upon another question the United States and the Confederates will have a most
difficult task to perform."
The fall of Richmond, the
ROBERT E. LEE, the flight of
Davis, the general crash of the rebellion had
not yet cleared his Lordship's mind of Mr. GLADSTONE'S famous idea that
JEFFERSON DAVIS had " created a nation." He speaks of vanquished and scattered
rebels as of a power with which the United States were to conclude a treaty for
the settlement of difficulties : as if there were a portion of the citizens of
this country who were to be known as " Confederates." It is as if he should say
that, after the coronation of WILLIAM III., his Majesty and JAMES II. had a most
difficult task to perform. The " Confederates" have performed their task as
JAMES did his. In England then, as now in this country, there were the
Government and its enemies, and no other parties or powers.
His Lordship proceeds to speak of
the proclamation of
President LINCOLN in these words: "At a later period he made
a communication to the Commander-in-Chief of the United States forces in which
he proposed that in certain States the slaves should be entirely free ; but at a
later period he proposed, what he had a constitutional qualification to propose,
that there should be an alteration in the Constitution of the United States by
which compulsory labor should hereafter be forbidden." It is incredible that the
man in all England whose peculiar business it is to know better should make such
a statement. The President was himself the Commander-in-Chief, and by his order
directly emancipated the slaves ; and the " later period" to which
alludes was the occasion of the call upon
Mr. LINCOLN last June of the Committee
to inform him of his nomination, when he expressed his especial satisfaction
with the resolution of the Convention which approved a constitutional amendment
No honorable Englishman can
expect us to forget what
Earl RUSSELL said of our late war while it was in
progress. If we were likely to forget, Earl DERBY, the Tory leader of the Lords,
has reminded us. With all the instinctive hostility of aristocracy to triumphant
democracy, and with venomous glee at the chance of contrasting
words of today with those of yesterday, Lord DERBY says: " There may be
differences of opinion as to the merits of the two parties who are contending,
the one for empire and the other for independence, in the United States. I
follow the words of the noble Lord opposite."
It was a splendid sneer ; nor was
it undeserved by
Lord RUSSELL, who, while that famous phrase of his was still
perfectly fresh in public memory, had the temerity to say that at the
commencement of the contest he had declared that he did not believe "the great
republic of the United States would perish in this war."
It is not of the neutrality, it
is of the hypocrisy of the British Government that the loyal citizens of this
country have complained. If
Lord RUSSELL said that he did not believe our
Government would be destroyed, he virtually said that he thought it ought to be.
And the very House of Lords to which he proposed the address of condolence
cheered Lord DERBY'S remark that the assassination was wholly alien to the "
courageous," " manly," and " forbearing" spirit in which the rebels had made war
upon loyal citizens.
We beg our real English friends
not to suppose that we are deceived. We estimate at their ex-act value
RUSSELL'S delight in our success and Lord DERBY'S sympathy for our sorrow.
TREASON is the highest crime
known to the Constitution. The treason of
JEFFERSON DAVIS and his confederates
has been prolonged and bloody beyond precedent. The Government of the United
States owed it to itself to spare no effort to arrest the acknowledged chief of
the conspiracy. It has secured him, and no sound reason can be urged why the law
should not take its course.
JEFFERSON DAVIS must be tried for treason. If
convicted he must be sentenced. If sentenced he must be executed, unless for
high reasons of state the President should commute his punishment.
The sole question will be, how
DAVIS'S fate can be made the most emphatic warning. Would it be wiser to disable
him forever as an American citizen; to banish him from the country under penalty
of death upon his return, and so deprive him of the opportunity of making that
final appeal from the scaffold as a political victim, which always awakens
sooner or later the sympathy of mankind ; or to show the country and the world
that a Senator of the United States, who deliberately resigns his office at the
capital and withdraws to wage cruel and causeless war against the Government,
however imposing his rebellion may be, however its scope and duration may
convulse his country to the heart and command the attention of the world and the
sympathy of an aristocracy every where, is still a criminal ; and when arrested
by the law will be brought to trial, and upon lawful conviction will be made to
suffer the penalty, exactly like the obscurest thief, and will not be shielded
from punishment on the ground that his crime has involved the desolation of the
country, the slaughter of thousands of innocent citizens, and the national
embarrassment of a colossal debt? Can any lesson be so permanently impressive as
the final proof by the solemn sanction of the supreme authority that treason
against the United States is not a political difference of opinion, but a crime
whose enormity will not remit the legal penalty ?
It is clear that, if
be lawfully convicted, the question must be finally settled whether treason
shall ever be punished in this country as a capital crime. If in his person the
penalty is remitted it can never be enforced upon any other offender. Treason so
towering, so sanguinary, so causeless can never again be committed. If
magnanimity or good policy require that Davis shall not suffer, they require
that treason shall cease to be accounted a capital crime.
THE QUEEN'S LETTER.
THE kind letter of sympathy which
the Queen of England has written to
Mrs. LINCOLN is doubtless dictated not only
by her acute sense of the affliction which has befallen the late President's
widow, but also by her pious remembrance of the friendship for this country of
the late Prince Consort. The letter is also, whether intentionally or not, a
masterly stroke of state policy. It is a further and extraordinary earnest of
the feeling which the head of the British Government cherishes for this country,
and will naturally tend to soothe the disagreeable remembrance of the occasional
conduct of her ministers.
We are very sure that the great
mass of the people of England rust understand that while we have marked every
word spoken in Parliament and elsewhere in the progress of the war, and do not
change our opinions of their spirit and significance, we yet cherish no national
hostility. We do not forget that we have had no more constant friends than
certain illustrious Englishmen, whose names we honor, and whose principles we
should gladly see administering the Government of her friendly Majesty.
" Kate Kennedy" (HARPERS) is the
title of a pleasant novel, " the old, old story of honest, true, and devoted
love," which has something of the delightful plot of the ballad of "The Lord of
Burleigh," and will be a welcome summer companion for the mountains or sea-side.
" Lovers and Thinkers" (CARLETON)
is an American tale of to-day. Its earnest, noble spirit, its generous sympathy
with every humane aspiration and movement, and its tranquil and scholarly tone
will win hosts of friends among those classes for which it is happily named.
WE are courteously reminded by a
gentleman who knows, that we were in error in supposing that Louts NAPOLEON was
ever a denizen of Leicester Square, in London. During his English residence he
was regarded as the head of his house.
WHAT IS WEALTH?
WEALTH is something more than
More than luxury and ease ;
Treasures never to be told
May be found apart from these.
Men who great possessions own
May be needy none the less: They
are rich, and they alone,
Who have store of nobleness.
Palaces are dreary domes;
Fair demesnes, but deserts wild;
If there be not happy homes,
Gentle thoughts, and manners
Trust me, though his lot be
small, And he make but slight pretense,
He who lives at peace with all
Dwells in true magnificence.
If you'd prove of noble birth,
0 beware of judgments rash; Scorn
to measure human worth-
By the sordid rule of cash. Gold
and silver may depart,
Proudest dynasties may fall ;
HE WHO HAS THE TRUEST HEART
IS THE RICHEST OF US ALL.
AMONG the many blessings which
come to the loyal people of this country through the return of peace it is not
to be reckoned as the least that we are henceforth secure not only against overt
warfare against our Government, but also against the infernal schemes which have
been concocted for the murder and robbery of peaceful citizens.
The examination of Dr. Blackburn
at Bermuda has fully established the fact of his conspiracy, with a resident of
that place named Swan, to take to New York, Philadelphia, and other Northern
cities, trunks containing infected clothing, with the object of thus introducing
yellow-fever. Blackburn hails from Canada, and the funds used in carrying out
his nefarious plot were drawn from the Confederate exchequer.
Several important rebels are now
under arrest. Davis has been captured. Governor Brown, of Georgia, and R. M. T.
Hunter, of Virginia, are under arrest.
The Government has decided to
reduce the army to from 125,000 to 150,000 men. The mustering-out will go on as
rapidly as possible, but much time will be required to arrange reports, rosters,
A correspondent of the
Philadelphia Inquirer states that the rebel archives have taken their departure
for Washington. Ninety-three large boxes, packed with the papers of the late
rebel Government, and directed to Hon. C. A. Dana, Assistant Secretary of War,
were so many witnesses that the rebellion is over.
We learn, by way of Panama, that
the pirate Shenandoah sailed from Melbourne on the I8th of February. Her
destination was unknown, but it was generally supposed that she would undertake
a cruise on the Pacific coast in the track of vessels bound for California.
Major-General Rosecrans visited
the Representatives' Hall at the State House, Boston, on the 11th, and at the
close of the session made a speech, in which he emphatically denied the truth of
the report that he was gathering a force of 20,000 men for the invasion of
Mexico and the enforcement of the Monroe doctrine.
Major-General N. J. T. Dana,
United States Volunteers, is relieved from command of the Department of the
Major-General G. K. Warren, United States Volunteers, is
assigned to the command.
The Times Washington
correspondent makes the following statement in regard to the affair between
Sherman : " Painful stories of discourteous conduct on the part of
General Sherman to a brother officer at Richmond are in circulation here, and
are founded on fact. When
General Sherman arrived at Petersburg from Raleigh,
General Halleck sent word to him that he had secured a residence
in Richmond for his (Sherman's) use, as long as his headquarters should be in
the city, and tendering him the hospitalities and civilities due to his
General Sherman replied curtly, declining the proffered courtesy, and
adding that he could not recognize
General Halleck. The latter replied in a
friendly tone, and expressed the hope that General Sherman would not consider a
friendship of twenty years' standing severed because he (Halleck) had been
compelled to officially perform an unpleasant duty, and expressing a hope that
he might have the pleasure of reviewing General Sherman's troops on their
passage through Richmond. To this
General Sherman replied in substance that he
could not recognize
General Halleck, and that his corps commanders were
instructed that if they found him in their march through Richmond in a position
to review the troops they must change the direction of their march and avoid
him. The Committee on the Conduct of the War, it may be added, sent a message to
General Sherman, asking, in view of their early adjournment, that he proceed
from Richmond to Washington by boat, and appear before the Committee at an early
day. He declined peremptorily, and proceeded to march onward with his troops."
THE United States Minister to
Portugal makes the following statement respecting the difficulty in
Harbor in March in a letter to the London Times:
ram Stonewall came into the
Tagus on Sunday morning, the 26th of March, and moored at the anchorage
assigned to ships of war. A notice was soon afterward served by his Majesty's
government, requiring the ram to quit the port within twenty-four hours, which
limitation expired on Monday, the 27th, about 2 rm. The vessel remained in the Tagus until 10.30 A.M. on Tuesday, the 28th of March, that is to say, some
twenty hours beyond the time fixed by the notice. There was no pretense of force
majeure to warrant this delay, for the ram had just issued from the port of Ferrol after a stay of seven weeks for repairs; had made the voyage between the
two places with remarkable speed, and the weather was fine.
" The United States ships Niagara
and Sacramento entered the Tagus on Monday evening, the 27th of March, five
hours after the time for the departure of the Stonewall had expired, and came to
anchor at o' clock, about three-quarters of a mile above Belen Castle, which
marks the conventional line of inner entrance to the port, and is some two and a
half miles below the regular anchorage of ships of war. Fort St. Julian guards
the outer entrance at the bar, five miles beyond Helen Castle.
" His Majesty's guard-ship Sagres
was moored above Belen Castle when the Niagara and Sacramento entered, and a
subordinate officer of that ship came off and conveyed, by means of a person
called an interpreter, a verb-al request to the effect that, as the presence of
the Stone-wall had excited much anxiety, it was desired that the two ships
should remain near the castle, and should not go out for twenty-four hours after
"The Stonewall started out on
Tuesday morning, the 28th of March, at 10.30 o'clock. When all alarm was
sup-posed to have subsided, orders were given at 3.15 P.M. nearly five hours
afterward, and when the idea of pursuit was absurd—to move the ships to the
usual moorings, for convenience to the city. Owing to the state of the tide the
bows of all the shipping in port were pointed toward Belen Castle. The
and Sacramento were under the exclusive direction of Portuguese pilots, wearing
the uniform and other insignia of his Majesty's Government. The Sacramento never
advanced an inch from her first position, but backed and turned. Owing to the
great length of the
Niagara the Portuguese pilot did not see fit to attempt it
similar movement, but, with a sweep in the river, described the are of a circle,
to carry her to her new anchorage-ground. In executing that movement the
passed near to his Majesty's ship Sagres, then lying between the Niagara and
Helen Castle, from which all the verbal messages had come, and which is charged
with the special duty of enforcing the regulations of the port, and all orders
of the Government relating to foreign ships. No objection or opposition of any
sort was intimated by the Sagres, and that fact was plainly visible at Helen
Castle. As the
Niagara was proceeding on her way, and at no time within several
hundred yards of the conventional line of exit from and entrance to the port,
Belen Castle, without warning, inquiry, or precaution, opened is fire against
the ship of three spotted guns in quick succession. The flag of the Niagara was
immediately dipped in sign of acknowledgment. The firing ceased during the space
of a few minutes, and was then suddenly returned, when the flag of the
was hoisted at the peak, not-withstanding which, and while her bow was actually
turned. to the city, the firing continued, one ball striking the port quarter,'
and two others elsewhere. While the firing was going on, an officer of the
guard-ship Sagres presented himself on board the Niagara, to express regret for
tide violence, stating, at the sank, time, that it must have originated in some
strange mistake, as his ship had received orders to permit the
Sacramento to proceed to sea at 2 P.M. that day—an hour and a quarter before
they began to move at all—if such was the desire of the Commodore.
"By a providential interposition
no life was lost, and no injury was inflicted. Commodore Craven, with rare
self-command, in the face of such marked provocation, did not return the fire of
the castle, and to his discretion alone may be attributed the happy exemption
from causes of mourning, which every friend of humanity will appreciate and