The Sun.
London, England, 1868-06-02 00:00:00

THE SUN, LONDON, TUESDAY EVENING, JUNE 2, 1868.

;TIE SENATE COURT'S SECOND VOTE

ON IMPEACHMENT.

The votes on the Second and Third Articles of
Impeachment have, we believe, decided the PRE-
SIDENT'S Acquittal—although an underhand game is
open, which, unscrupulous as are the Managers,
they scarcely dare to play. Our intelligence, although
not complete, throws a light on the dark places into
which conjecture could not correctly guide us, and
we will endeavour briefly to trace the events as
they occurred. On Monday, the 11th M ty, after
finally agreeing to the rules, a few of the Senators
availed themselves of the fifteen minutes allowed to
each to deliver their opinions. Although the ses-
sion was secret, what the doubtful said was eagerly
awaited and quickly conveyed to the news-devour-
ing throng outside, whence it spread abroad to the
extremities of the United States. Senators THUM-
BULL, FESSENDEN, G etmEs, and limn asoN delivered
strong opinions against Impeachment. TRUMBULL
and FESSENDEN arc two of the leading 1 twyers of
the United States, the former standing almost un-
rivalled in the opinion of his fellow-citizens. The
intelligence produced a revulsion, which extended
over the entire country. On -Monday WADE was
all, and ANDREW JOHNSON naught ; on Tuesday
WADE was naught, and ANDREW JOHNSON all.
Then began that storm with which party pressure
in America, like the pressure of a relentless hurri-
cane, bends or breaks beneath it all opposition
that is not founded on a rock. The next day, on
the plea of Senator 110 WARD'S sickness, the Court
adjourned till Saturday, the 16th instant, when,
in evident fear and trembling, the eleventh Article
was selected by the Impeachers, after carefully
scrutinizing every indication of divergence in
opinion, as the one on which to risk the test. BEN.
WADE, with that total disregard to equity, to all
the rules that propriety, judicial wisdom, and com-
mon sense have laid down, not only gave his vote,
but declared that if he had twenty votes he would
give them all. As the direct effect was to make
himself Acting President, he might have added to
this candid statement the assurance that he would
as freely give the national posts, when in his
power, to make himself the incoming Vice-Presi-
dent. The vote, however, acquitted the PRESI-
DENT, and Senator GEOR/E W. WILLIAMS, of
Oregon, moved the adjournment until the 26th inst.
The Chief Justice, considering the motion to be out
of order, interfered, but Senator CHARLES B. DRAKE,
of Missouri, appealed to the Court, and the Senate
overruled the Chief Justice, carrying the motion by
32 to 21. On no other count could the Senate then
expect a different result, and to the majority, unda
the circumstances, it appeared advisable to bring
the influence of the Chicago Convention to bear on
the Republican Senators who had voted for acquit-
tal. The necessity, also, at that time, was urgent for
certain Senators to be released to forward their in-
terests at Chicago, which furnished another reason
for the recess. The Convention met, named GRANT
for President, and COLFAX for Vice-President, and
approved the Impeachment of ANDREW JOHNSON.
Again the Senate assembled as an Impeachment
Court last Tuesday. Every disturbing influence
had been removed. Jealousy of WADE, and the
dread of his using the Presidential patronage to
forward his nomination at Chicago had ceased.
The Republican party had approved, through the
National delegates, the Impeachment, a powerful
condemnation of the course of the independent Re-
publican Senators. Zhe Second and Third Articles
were selected, because, as in the case of the Eleventh,

they were the most promising of the remaining ten,
and the facts on which they were based were un-
deniable. Again came the solid, unchanged vote
on each, 35 to 19. No other vote was allowed,
for it would but have increased the nineteen ; the
the Court, therefore, adjourned sine die, leaving
the remaining eight yet open. What has led the
Senate to adopt this course ? Every indication
shows that the Impeachment party have been totally
discomfited. On Wednesday, the day following
the PRESIDENT'S acquittal on the Second and Third
Charges, STANTON resigned, and Adjutant-General
LORENZO THOMAS took possession of the War-office
ad interim. This is the fruit of victory ; these are
the enemy's artillery left on the field of battle.
While the war raged no one heard of STANTON,
though he was in truth a principal, and his official
head has been whipped off, as the executioner of an
Eastern Potentate would decapitate by a skilful
stroke of his sabre, the head of an offender. Although
the Impeachers in the Senate were not sufficiently
strong to convict and depose the PRESIDENT, they
were strong enough to carry any measure which re-
quired only a majority, and using this power they
have successively postponed the verdict to bring
every strain upon the Republican Senators who
have strayed from the fold. Bat why, when these
tactics have failed, further delay the decision ? It
is just possible that some of the most unscrupulous
may consider it worth trying whether the na-
tion would permit the introduction into the
Court, of the Senators from the reconstructed
Southern States, as openly advocated by Co-
lonel FORNEY in the columns of the Philadel-
phia Press. Judging from the tone of the leading
and most respectable journals—knowing the senti-
ments of t►he moderate men, and even of those who
hold extreme party views, but who hold higher still
truth, justice, and honour, we believe that if the
War-Horse section dared to try this, they would
bring down on their heads the wrath of the nation.
It is not easy really to rouse Uncle SAM. He is
beyond comparison a more indulgent and equitably
tempered person than JoHN BuLr,, but when he is
roused he hits very hard. There are crowds of po-
liticians who profess to speak for Uncle SAM.
Sometimes they get up so loud a cry that people
are deceived into the belief that it is his voice,

though it's a voice scarcely ever heard. There are
indications that Uncle SAM is annoyed, ashamed,
and disgusted with a section of his greedy, unscru-
pulous, and uncontrolled children. If they do this
thing they may get a slap in the face that will send
them flying into the Potomac. The iniquitous
pressure brought to bear on the Senators who dared
to form opinions independent of those dic-
tated to them by their party has excited
a deep and lasting disgust, which has been
freely expressed by perhaps the most influential
portion of the national Press. The very fury of
the attack tended to defeat its object. It strength-
ened the resolution of the weak, for men who see
martyrdom before them, brace themselves with a re-
solve which sometimes turns a poor thing into a
hero. Senator GRIMES, who is described in revolt-
ing terms in the New York Tribune, truly expressed
the opinion of the country, " that if JOHNSON,
WADE, and STANTON were in a bag and well
shaken, he would not flipda copper' for a choice be-
tween them." High as the excitement rose at the
focus of intrigue, Washington, where the crowd of
players awaited the result of their moves, the na-
tion cared not a straw for any of them. Glorious
BEN was regarded as an unscrupulous, unsafe man,
in the highest degree dangerous as the leader of the
War-Horse section ; JOHNSON has never been liked,
being repudiated by both parties ; but if anything
could have elevated him in the opinion of his fellow
citizens, it is the calm and dignified way in which
he has met the Impeachment persecution. lie has
established the truth of a fact he proved in Tennes-
see, that he is better qualified to take a good
and conspicuous place in the midst of enemies
than in the midst of friends ; in a strong tide
of misfortune than when floating on the stream of
prosperity. STANTON till Wednesday, when be was
decapitated, had totally sunk out of notice, no-
body caring a rush about him. Ile was put forward
as the instrument by the enemies of the PRESIDENT,
and having failed he is thrown aside, and certainly
the army will consider him a good riddance. That
this end has been as unexpected by those most in-
timately concerned as by the world is shown by
their action. President JOHNSON ordered his old
homestead at Greenville, Tennessee, to be tho-
roughly repaired and refitted, and for some tune
past workmen have been diligently employed, being
hurried in their labours by repeated orders from
Washington, and a few weeks ago he sent a portion
of his baggage to New York. Secretary SEWARD also
sent off his trunks to Auburn, and WELLES and
M.‘Ccuoca took similar steps; but the event may
yet justify the Secretaries, as we elsewhere show.
The New York World published a letter of President
JEFFERSON'S, wherein he thus refers to the sedition
law I affirm that Act to be no law, because it

is in opposition to the Constitution, and I shall
treat it as a nullity whenever it comes in the way
of my functions," a statement which would have
bad its effect on the Court had it been earlier
brought to light. Impeachment is likely to be at-
tended with momentous results even in the acquittal
of ANDREW JOHNSON, though it might have been
more important in conviction, but it is difficult to
predict. As the Articles on which the finding has been
given were expressly selected out of the eleven by
those who desired the deposition of the PRESIDENT,
and as they have failed under every circumstance
which the majority could devise to secure a dif-
ferent result, it may be concluded that we have seen
the direct, though not the indirect, end of Impeach-
ment. But it would have been more satisfactory
to those who only wish for fair play, and for all to
meet the award of their acts, that the vote had been
taken on Tuesday on the other eight Artic!ei, and
the subject finally settled. Such a course would
have better become the United States Senate, a❑
assembly which has earned a high character, and in
the acquittal of ANDREW JOHNSON has recorded the
greatest political act of virtue ever decreed by a
Legislative Assembly.

MISCELLANEOUS NEWS.

(From the Anglo-American Times.)

Mr. G. R. CATHCART has become the editor and
sole proprietor of The American Publisher and Bookseller.
Mr. Andrew Boyd has added to his various col-
lection of memorials of Mr. Lincoln a sumptuous pamphlet,
of which but seventy-five copies are printed. It consists
of a fac-simile, reproduced apparently by photo-litho-
graphy, of the cartoon by Tenniel, which appeared at the
time in Punch then, after a few pages of introductory
eulogy of Lincoln, the famous poem which then accom-
panied it. The workmanship is as fine a specimen as has
been produced from Mr. Mubsell's press, and the execution
is, in general, worthy of such a memorial of the most tragic
event in the national history of America.

In the July number of Broadway a poem is to
appear by the late D'Arcy M'Gee. We learn that Mrs. J.
Sadlier is to edit his poems.
Ex-Confederate General S. 13. Buckner is to be
connected editorially with the Louisvil!e Courier.

Mr. H. J. Hastings, of the Albany Knickerbocker,
is reported to have purchased a controlling interest in the
New York Commercial Advertiser.

The Boston Commonwealth says :—The Newport
Historical Society has unearthed a treasure in an old
chest, which it describes as an autograph volume, written
in 1675 by Obadiah Holmes, who was minister of the
First Baptist Church, but went to Massachusetts to preach,
where, having no linens-, he was arrested by the Puritan
magistrate, confined in gaol, and finally sentenced to be
publicly whipped at the tail of a cart.

An American paper cpmments on Mr. E. G.
Squier's tart note from New York to the Athemvutn, in
vindication of his book on Nicaragua, which a Mr. Pym
has assailed, and says, "it adds an interesting chapter to
a somewhat protracted controversy in the same journal on
the geography of the isthmus." The " Mr. Pyrn" is Cap-
tain Bedford Pim, R.N., who has deeply interested himself
with the country.
Professor James Orton and othors made an ex-
pedition last year, under the auspices of the Smithsonian
institute, to the Andes and Valley of the Amazon. As a
portion of its results there were valuable collections, in-
cluding many specimens previously unknown, and abund-
ant meteorological observations—all very valuable con-
tributions to the physical geography of South America—
so it is a matter of gratification to learn that their
early publication is determined upon.—Round Table.

An English paper says an eminent journalist of
New York has offered a reward of $l,OOO for a tale that
will make his hair stand on end. Before ambitious
authors enter the field of competition, it may be well for
them to understand that the generous journalist is per-
fectly bald.

Elizabeth Kickley's book " Behind the Scenes,"
to which we before alluded, gives the following account
of President Lincoln's courtship and marriage. It appears
that the political opponent he defeated later in life he de-
•' fleeted also as a suitor. Both Abraham Lincoln and the
late Stephen Douglas were rivals for the same lady's hand.
Douglas first proposed, and notwithstanding a refusal per-
sisted. "Mary, you do not know what you are refusing-
You have always had an ambition to become the wife of a
President of the United States. Pardon the egotism, but
I fear that, in refusing my hand to-night, you have thrown
away your best chance to ever rule in the White House."
" I do not underst and you, Mr. Douglas." "Then I will
speak more plainly. You know, Mary, that I am ambi-
tious like yourself, and something seems to whisper in my
ear, You will be President some day.' Depend upon it,
I shall make a stubborn fight to win the proud position."
" You have my best wishes, Mr. Douglas ; still I cannot con-
sent to be your wife. I shall become Mes. President, or I am
the victim of false prophets, but it will not be as Mrs. Dou-
glas." Mr. Lincoln proposed in his turn, but was also re-
jected. This broke his heart. He told a friend that he was
sick of the deceitful world, and wished himself out of
it. He loved, and had been encouraged, but only to be
.ref used ; ho believed she was going to marry Douglas, and
if she did he would blow his own brains out. He actually
fell into a brain fever, and the doctor then wont to see the
young lady, to tell her that she was the cause of his ill-
ness. "She frankly acknowledged her folly, saying that
she only intended to test the sincerity of Mr. Lincoln's
love; that he was the idol of her heart, and that eke would
become his wife." This produced a cure, and in duo time
the parties were married.
The people of Williamstown, Western Massa-
chusetts, have formed an esthetic society, the chief purpose
of which is to improve and ornament the streets and sur-
roundings of that already beautiful village. The president
of the association is Professor Albert Hopkins, and the
women as well as the men have a voice in its management.
The annual meeting will be held some time in the summer
in Mission Park, when an address and poem from some
distinguished men will be delivered.
I The Springfield Republican says—" At the recent
Illinois State Republican Convention there was every in-
dication that General Smith, the present treasurer of Illi-
nois, would be re-nominated by the Republicans, but when
the roll of the counties had bean one-third called, the
chairman of a delegation, rising to vote for his county, de-
clared I cast the five votes of my county for the gallant
General Bates, the starved prisoner of Andersouville '
This appeal to the convention was irresistible, and ho was
nominated on the first call. Generaleßates, is a native of
Plainfield, Massachusetts, and a graduate of Williams'
College."
Mr. Lemuel S. Levering, a well-known business
man of Philadelphia, was thrown from his carriage on
Monday, 11th May, and so badly injured that he died a
few hours afterwards.
A. gentleman of New York has recently patented
an appliance for preserving life in the water. It consists
simply of a cork jacket and a loose rubber snit, the
latter being in a single piece, and covering the en-
tire person, with the exception of the face and hands.
The whole weighs eight and a half pounds, and is put on
fn two or three minutes. There also iron-soled shoes
for ballast. At Battery Place, some weeks ago, the in-
ventor made a practical exhibition, which, though unan-
nounced, and intended to be strictly private, attracted a
largo number of persons, and excited a good deal of in-I
terest. After being dressed in his suit, the inventor
waded in the river and sank at once to his armpits. Re-
maining in an erect position, he paddled off amid the
plaudits of the lookers-on. After a while, from a tin
case attached to his waist by a string, and which floated
behind him, ho remoeed a small roll, which he pro-
ceeded leisurely to unfold, and which proved to be a staff
about eight feet long. This he fastened to the can, and
from its top the breeze unfurled a flag, bearing the word
"Eureka." He also extracted apples and other provisions
from the can, and after refreshing himself with these, be
turned over on his back, and was borne seaward by the
outgoing tide. At the end of forty minutes or thereabouts
he worked his way to the shore, where he was received by
thecrowd with complimentary remarks.
The Times' American correspondent says
"Upon the financial policy of the United States, and in
order to bring about an early resumption of specie pay-
ments, the Board of Trade of the city of Boston has re-
cently been taking important action. A series of re-
solutions have been prepared and sent to every Board
of Trade and Chamber of Commerce in the country,
with the request that those bodies shall express
their opinion upon them in order to discover the wishes
of the commercial class upon the questions of a re-
turn to specie payments and the best mode of paying
the debt. These resolutions declare that " the money of
the people and of the bondholders should be the same,
and should all be good money ;" that " the only good
money known is specie, or its equivalent ; " that
"every Act of Congress passed in relation to fiscal ques-
tions should be such as would tend towards a resumption
of specie payment ;" that "no solvent borrower, public
or private, has any right to leave obligations which are
payable on demand temporarily uadredeemed without
offering to their holders the option of extending the term
of payment at a reasonable rate of interest, and that,
therefore, the Government of the United States is
bound in honour to offer every holder of legal-tender
notes the privilege of funding them on demand ;" that
" by offering to all holders of greenbacks their
equivalent at par in United States Five per Cent.
Bonds, payable principal and interest in coin, and
by prohibiting the banks from selling their gold received
from the Government, a gradual but steady withdrawal of
debased currency and an accumulation of specie reserve
would be effected, by which in due time, and without seri-
ous disturbance, the currency and prices of commodities
may be brought to gold values;" and finally the declaration
is made that "a law should at once be passed under which li
contracts made upon arid or specie basis may be °abroad

according to the tenour of the contract." If some such
plan as this be adopted, and specie payments restored, the
question whether to pay the debt in gold or greenbacks
will be set at rest. The trouble is, however, that opinions
on finance in the United States differ too much for any one
to hope for the adoption of a fixed policy, and the present
uncertainty about the currency and' debt will continue for
an indefinite period.
A letter to the Times states that practical expe-
riments made by Professor T. Allen, of Providence, Rhode
Island, at the request of the Rhode Island Mutual Fire
Insurance Company, have proved that petroleum in
lamps with glass reservoirs, as almost universally used
at present, will not attain a higher temperature than six
degrees above that of the apartment, and if used in me-
tallic lamps the difference will not be more than 12 degrees.
These remarks were written in answer to a letter in the
Times of the preceding day, which stated that petroleum
within the reservoir of a lamp is exposed to a temperature
of 1094 degrees.
The United Stites' war steamer Swatara, 10
guns, Commander Jeffers, one of the vessels attached to
Admiral Farragut's squadron, arrived in Soutliampton
river on Monday evening, about 9 o'clock, from Lisbon,
and will, it is expected, remain there a fortnight.
The following is an abstract of three Articles of
Impeachment on which the Senate Court has recorded a
vote of Not Guilty. The second article charges that the
President did "on the 18th day of Aug., 1866, at the city of
Washington and District of Columbia, by public speech, de-
clare and affirm in substance that the Thirty-ninth Ccn-
gross of the United States was not a Congress of the
United States authorised by the Constitution to exercise
Legislative power under the same ; but, on the contrary,
was a Congress of only part of the States, thereby deny-
ing, and intending to deny, that the legislation of said
Congress was valid or obligatory upon him, the said
Andrew Johnson, except in so far as he saw fit to
approve the same, and also thereby denying, and intending
to deny the power of the said 39th Congress to propose
amendments to the constitution of the United States;" and
in 'pursuance of the declaration the President at-
tempted to disobey the laws constitutionlly passed by
Congress by the removal of Edwin M. Stanton,
from the position of Secretary of War, and that he is
hereby guilty of a high misdemeanour in office. The
third Article charges the President with a high misdemea-
nour in the appointment of "one Lorenzo Thomas to be
Secretary of War ad interim." The eleventh Article
charges that the President, on the 22d day of February,
"in disregard of the Constitution and of the laws of
Congress duly enacted, as Commander-in-Chief of the
Army of the United StateQ, did bring before him-
self, then and there, William IL Emory, a Ma-
jor General by brevet in the Army of the United
States, actually in command of the Department of Wash-
ington, and the military forces thereof, and did then
and there, as such Commander in-Chief, declare to
and instruct said Emory that part of a law of the
United States, passed on March 2d. 1867, entitled
'An Act making appropriations for the support of
the army for the year ending June 30, 1868, and for
other purposes, especially the second section thereof,
which provides, among other things, that 'all order and
instructions relating to military operations issued by
the President or the Secrretary of War shall be issued
through the General of the Army, and, in case of his
inability, through the next in rank, was unconstitutional,
and in contravention of commission of said Emory, and,
therefore, not binding on him as an officer of the Army of
the United States," with intent " thereby to induce said
Emory, in his official capacity as Commander of the De-
partment of Washington, to violate the provisions of said
act, and to take and receive, act upon and obey such orders
as he, the said Andrew Johnson, might make and give,
and which should not be issued through the general of the
army of the United States, according to the provisions of
said act."

MONEY AND BUSINESS.

(From theSpringaeld Republican.)

NEW YORK, Friday Evening, May 15.

The money market has been without essential change
during the past week, and well supplied with funds, which
were readily loaned at low rates. The flow of money to
New York from the country hes been steadily and steadily
Increasing, and the remittances are made in legal tenders
much more largely than in national currency notes, and of
the latter class of securities the New York banks now hold
t. smaller supply than usual. Loans are offered at New
York at 6 per cent., and on good security the banks and
capitalists are ready to lend at 5. Good business paper is
in demand at 6} to 7 per cent., but few loans are negoti-
ated above the latter figure. The stormy weather of the
last few days, added to the uncertainty of the result of the
Impeachment trial at Washington, has produced a partial
stagnation of business, and the money market has been in-
active under an accumulation of funds greater than could be
disposed of. At Boston the condition is similar, though on
the whole rather more favourable. The supply of funds is
not as large, and the market is more elastic, some of the
banks being unable to meet all the calls upon them. The
heavy defalcations at the Hide and Leather Bank, always
accounted one of the firmest and soundest institutions of
the "hub," has not produced a panic or any symptoms of
it, and State-street holds on the even tenour of its way un-
disturbed by the slightest irregularity. Cemmercial paper
is abundant at Boston, and commands from seven par cent.
all the way up, according to quality. At the West, for a
rare circumstance, the money market is also easy a ad well
supplied with funds to let on reasonable term. The Chi-
cago banks are sending off large amounts of currency to
the North-west for the movement of the remaining portions
of the last year's crop of grain, but it dies not come for-
ward rapidly. The private banks and insurance compa-
nies at Chicago make their loans at 10 to 12 per cent., and
find good demand for all they have to spare.
The gold market has almost ceased to be of interest, and
its fluctuations for the past week have been slight and of
little effect on the general financial situation. The news
of the certain acquittal of the President caused a depres-
sion on Monday, but the sales of Tuesday and Wednesday
were at high rates, and Thursday the market closed
steady at 1391. The disbursements of specie from the
United States sub-Treasury vaults, in payment of the May
interest on the national debt, continue quite large, and
about two-thirds of the $24,000,000 due has now been paid.
The gold which is thus throwu upon the market is not
readily disposed of, particularly as the demand for ex
port is comparatively light. The export on Wednesday
was $450,000, and for the whole week it will not be
much over one million and a half. The amount of gold
required to pay the duties on foreign imports, during
the month of April, has, however, been quite large,
and the specie imported at New York has been fully
employed. Tho value of the foreign imports at New
York for the month just closed was $22,268,889,
against $25,633,293 in 1867, and for the four months
ending April 30, $85,118,726, against $93,756,135 for
the corresponding months in 1867. On these imports,
gold duties have been paid of $38,049,071 for the first four
:nonths in 1368, and of $11,288,787. The returns of the
exports, on the other hand, show a decided falling off in
value from those of the previous year, and as they are
estimated iu paper currency make a still more unfavour-
able exhibit, in comparison with the gold value, in which
the imports are computed. The shipments for April were
three millions less in produce and merchandise, and four
millions less in specie, than those for the corresponding
month of last year, and the total exports from New York
for the last four months, exclusive of specie, have been but
fifty-six millions, against sixty-seven millions for the same
period of last year, and eighty-four millions for the first
four months of 1866. The decline of our foreign exports
is as unpleasant as it is perceptible, and an added feature
of unpleasantness is the fact that nearly three-fourths
were carried under a foreign flag. The industry of the
country is depressed, and the relief of the manufacturing
and productive interests still await the attention of
Congress, but the day of their deliverance seems as dis-
tant as ever.

The traffic in Government Securities is not checked at
home or abroad by the prospects of Impeachment, and
purchases and sales are made in about the usual quantities
and at about the same rates. The older issues of Five-
twenties find especial favour among the foreign customers,
and several German bankers are now in New York
making large purchases. The holders of all kinds of Go-
vernment promises to pay are, however, not disposed to
chaff with their customers, but prefer to await the action
of the Senate and its disposal of the President. The con-
version of Seven-thirties into Five-twenties continues
slowly, and the business of that kind now done at the
Sub-Treasurer's comes principally from the country. The
assistant treasurer at New York, besides selling gold quite
freely of late, has been buying up Seven-thirties, and on
Wednesday redeemed about $700,000, which, added to the
amount of conversions, make nearly $3,000,000 taken out
of the market by the Government on Wednesday and
Tuesday. All idea of financial legislation, at this Session of
Congress, seems to have been abandoned long ago, and the
question of expansion or contraction causes no more public
interest than one of the dead languages. The New Tax
Bill has been reported by Mr. Schenck, but it will not re-
ceive much debate, and will be disposed of in tho easiest
possible manner. The Manufacturer's Tax Bill, which
was passed earlier in the session, afforded relief where it
was most needed, and the real problem left far the now bill
to solve is how to collect the tax on whisky and a few
other luxuries. If we can collect the tax which the pre-
sent bill levies the national revenue will be greatly in-
creased, and sufficient to meet all demands. No immediate
change is probable in the financial policy of the Govern-
ment. Should Mr. Johnson stay in the White 11011.40, it is
not likely that Mr. M'Culloch will leave the Treasury De-
partment, and should A. J. be compelled to retire Mr.
M'Oulloch has strong friends in the Senate who will urge
his retention in the Wade Cabinet. And if merit is the
requisite for the appointment, Mr. M'Culloch's chances
are quite as good as those of any of the numerous gentle-
men who have been named as his successors.

The stock market is flat, stale, and extremely unprofi`-
able to those who depend on it for their daily living. The
prices of all kinds of stocks are 19w, and seem to have
settled into a sort of dull stagnation, with little prospect of
revival. Pending the decision of Impeachment, both bulls
and bears have declared a sort of truce, and speculation is
at reat for the next few days. The Ede quarrel is in its

last stages of dissolution, and now has hardly coherence
enough to be recognized. The lawyers and judges are en-
gaged in arguing and hearing motions, which result prin-
cipally in postponement or reserved decisions, and the last
degree of interest in the affair is rapidly passing away.
The general aspect of the railroad business of the country
this spring is encouraging, and most of the roads show a
decided increase in their earnings. The Pittsburg, Fort
Wayne, and Chicago Railroad earned $774,103 during
April, and expended $426,554, and the Cleveland and
Toledo earned $473,353, against $144,033 in April, 1867.
Tho improving traffic of the road stimulates tie holders
of their stock, and the bulls expect to realize largely
when the season fairly opens. The Chicago and
North-Western Railroad had, on the Ist of April, a sur-
plus of earnings since the last dividend on the preferred
stock of $3,250,000, and a dividend will soon made both
on the common and preferred stock. It is also said that
the New York Central Road can make a balance-sheet
showing its ability to pay 8 per cent. on a share capital, 30
per cent. above its pres.nt amount. The market fur steam-
ship and express shares has been depressed, like all the
others, and marked chiefly by a total absence of all
speculation.

The dry goods market has been inactive, and cotton
experienced quite a rapid and decisive fall during the first
part of the week, which it has partially recovered in the
last day or two. The manufacturers are st►ll crying hard
times, and production at a loss, and the m•enufactured
goods show no disposition to rise with the raw article,
In unbleache I co tons the transactions of the last week
have been light, and prices have bean unsettled, but there
is not likely to be any great accumulation of the goods, as
the manufacturers are running more on lighter goods,
or not running at all. The extreme backwardness of
the season has had an unfavourable effect upon printed
lawns and summer goods, but a few days of sunny,
shining weather will greatly improve the demand
and the market. Woollens are quiet, and with no
change in rates, cassimeres and fancy satinets being in
better demand than other varieties. The tone of the
breadstuffs has been improved, and flour has been in more
active demand at irregular prices. The low grades are
decidedly lower, and the exports to Europe have been
moderate. In the Cambridge and Brighton cattle markets
there was a marked falling off in the receipts of cattle, and
prices advanced SI per hundred. Sheep were more numer-
ous, but last week's prices were fully sustained.