The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-26

" what use Ia 1t to warn such men against
! The fruits Of their conduct OF what use y Il
10 repea! the evidences already laid befors
them, Gay sfter day for three years past, that
the comme-cs Of the West has the very least
part in determicipg the New York quotstions
Of this or that Western corporate property--that
tie recovery of business throughout the couu-
try since 1867 has been, not spasmodic. but
gradual; and that spssmodic mutations Of para
cular classes Of values are, therefore, Of them
selves prima .facie proof OF the special mani
pulation Of these classes Of values to serve .
special and temporary purpose Were the
Wall street theory Of the present speculation n
railway stocks a sound one, the West would be
justly branded by all intelligent men as a land
Of bubbles and spendthrifts, living literally
from hand to mouth. But the Wall street
theory Is as far from sound as ii possibly can
be, and the present speculation simply shows
once more the inoalculable fertility Of human
folly.
How much reflection Is needed to illustrate
this truth. Take a term Of six months at the
New York Exchange. AT the beginning Of this
term you find New York deciding that rsil-
way property, nominally of twenty millions, d
worth only Eve; at the end of that term New
York decides that the same property is worth
fifteen millions. What has happened in the
intervals The financial condition Of the pre-
perry is confessedly unchanged The same
men manage it.; it owes the same debts, If mot
more 1t has lsrger1business to do certainly,
but requires new OUTLAWS for doing it. A sober
ia kh~k
the prospects for the property were improving,
and that a slight advance in its market price
might be justified if paid by holders willing to
! wait till time should set his seal upon these
| new promises. The Stock Exchange cries out,
on the contrary, that the past is all wiped out,
and that happy is the man who can secure any
share of this redeemed property at any price
before the enthusiasm of regenerated people
raises its quotations beyond fever heat Whea
Peter Funk, after his vulgar fashion, parsdee
this policy on Broadway, to the confusion Of
raw foreigners from New Jersey, we laugh at
his victims When we see 1t succeed in Wall
street. the wider sweep of the mischief which
follows compels very different emotion.
| The End Of the Temporal Power OF the
/
Life OF Italy.
The solution of the question of recognizing
the national form Of Italy is presenting tive
great difficulties to the statesmen Of Europe
from each of which much danger is apprehenc..
| ed These are the future condition of tao
Papscy, and the recovery of venetia, with in
famous quadrilateral, from the Austrian do
| minion.
| 1t is from the first of these that immediate
danger lie apprehended. Louis Napoleon he's
been compelled by the fear that agitates all
Europe to declare publicly that the Pope shall
not be disturbed in the Vatican, and the same
feeling has produced the cautiously worded 3D.
dress of Victor Emanuel to his soldiers, on the
occasion Of their entering the Papal States, to
| prevent the newly risen national sentiment
| from committing excuses that would react de-
structively on itself. This fear has been fcstered
and industriously famed by priests and zealsts
every where; but their appeals and their pro.
testations have not suffced to turn the spirit
of the sge from its course. The sentiment Of
Italian nationality has risen ln majesty to re-
assume its rights, and the Catholic monarchs cf
Europe have acquiesced In the necessity that
has been imposed upon them by one man who
understands his epoch, and have refrained from
Intervention between the Italian people aad the
strangers that have so long oppressed them.
If we look rightly at the progress of events
in Italy we shall see that II is not that the Pope
has been despoiled Of his temporal power, but
that In that respect the Papacy has fulfilled it,
mission, and the power has fallen spontaneously
| from hands no longer able TO WELD 1t. The
temporal sovereignty Of Italy never was pro-
perly an attribute of the head Of the Christian
church. II was the decay and dissolution Of the
old Roman empire, long after its seat had bees
transferred to Constantinople, that led the
Italian people to look to the Pope OF
Rome az . temporal leader and sovereign,
and to recognise in him the depositary Of Italian
nationality. His temporarily grew BY slow
| ard progressive degrees as the bonds Of the
empire relaxed and fell away, until the expir-
| ing Latin rule hckered out at Byzantium, and
| left no one to dispute the claims Of the Pope
The church wore well and nobly the honors II
had won. For centuries II preserved the fruits
Of the older civilization which had succumbed
| 10 the advance OF the Northern hordes. Relf-
| gicn, literature, science and the arts were all
preserved and brought down to US In her bo-
som, and II was under her guidance that the
kalian mind again planted and watered the
seeds of olden time, which have since produced
such glorious fruit in every pursuit Of the hu-
| man intellect.
| But now the world has outgrown the old
forms that we're established by the Stephens
and the Hildebrands OF the church, and Italy,
imbuea with the spirit Of the age, demands
new national life, untrammelled By spiritual
dogmas, and freed from the cassock of the priest,
| the gown Of the monk and the cloak Of the car
| dinal. II IA this new political life IN Italy