The New York herald., 1862-07-26

ecribed cham every American nand ana 10
fret the skin till IL each the bone. We greve for them
well AS ourselves, for see that IN ch o this Is
to vitsble, an that only be paid or BY taxaton
Iu beg ~ assure our American oonempraries that,
they exut tbs icaton OF their own mise
res " all Europe see In her ecstaees o. " the aoer
rnions of nnd aud nature so IN fou LILY perverted
that il can exc aim, "Evl, be thou my good"
The New Issue OF American Treasury
Notes.
From the London pcsl (gove nment organ) July i2l
whilst se are siiii lsit IN ttiny respecting the
fate o Mclel ans great federal my, II not prove
undressing ts inquire into the condiin of federal
ance Tbe h,st symptoms I'VE bog II to show thtm
selves In America III dlsbe el in tho system OF
creating wea th. The pro ossd issue of an AID tonal
$50 100 900 Treasury demand notes has met with .
strtnn us oppus ton. 1he money market bes strong
tsstim TO tn general unearss. Large sipmenso OF
specie are aniost daily trans nned TO Eu'p aud gold
ha within three weeks risen from u ga or 10 per cent
p emum. Until the government have lound it
Necessary to justify their measures The public but
too well satisfied when means was devise OF meeting
expenditure of urwafds OF f2 700 COO annually,
with estimated revenue Of ESQ 000 % o, and without
th owing any ald6nai burdens upon theln Whist the
nations OF the Old World are content stn,f u labor or
To borrow III o'ier TO fill their excheq erS the New
World achieved the end by the ha ,py expedient OF
printing press. When the government ( Washington,
months snce estab shsd an inc nverti0ie curren
cy the American nation was III ccstaces, and none out
tim old fashioned people on this side of the Allan
tic ventured To cast doubt upon The value OF the new
currcucy. Paper money became mere plentiful than
ever in the pockets Of American ctzfns aud notwith'
standing wr unexam sed IN It's waslefil expenditure
all appearances exhausing the resources Of their
country they delighted at finding themselves richer
than before Money that Is to say paper money beng
plentiful shares OF description ose In the market
North American securities stood so high as during
the past six months. Gold, it is true like everything
else, to premium but the rise comparatively
illng With paper money IN abundance. transferable
with the same facility as s. sc,e orc gave thought
a cumbrous and pconvenent medi, IN OF circulation
In this way alone the cnitioa OF the share MAJ ket
al New York and the satisfaction OF the people De al all
Hence the alarm with which the public received the
ntimaton that the go,e nmen were Oh the pollt OF Is
suiag ditonal thirty millions worth u Treasury
notes This alarm it has been thought expedient 10 aay,
and the vernment have condsscendsd To make expia
nations II Is quite mistake Tor the people TO suppose
that the $3.50 900 900 already issued actually Ia cir
cuaton. No such thing. There are. in truth, dissem
mated through the states only sll7 900 OoO The balance
still remains in the Treasury the credit Of the disburs
ing oncers Bat agau-ot the $1l7 900 600 apparently
in incircuation, there millions OF demand
notes, which, bong good cash, the COVER. r.ment
cl de have been Withdrawn circulation, and
are h arded up in like manner as the specie. The
millions thus jardei, and those still lying in the
Treasury may Consequently II is urged, be replaced by
equivalent numbsr OF millions about ~ be issued with
Out any preudice the public Besides some forty mil
ions OF tn, issue would not avc the treasury, but
be retained 10 meet "possbe demands In this manner
the government seek 70 show that between ninety and
one hundred millions Of the new issue are practically
cDunterb anced, and that the or currency WIN only
be increased to the extent II between ty and sixty mil
lions lostirety aso mdg ho,o such train Of re soa-
ing be tcdnced with the fantcst hopes OF decev
ing. When first issue OF Treasury notes made, its
high amount excused on the ground that large por
would leave the Treasury But it grave
y urged that because in truth TO the esent about
hundret nd twenty millions OF notes found their
way into circuation the public have no reason 10 com
IT. be re the residue Is exhausted 1--WE times that
should be struck of and paid away TO meet the
Increasing necessities OF the State. Practical men
will bs inclined TO view this transaction in different
light. They will inquire first what hs been the elect
produced the specie circulation Of the uuited States
by the actual issue OF at least one hundred and ten mil
hons of nconvertible They will then have but
little difficulty calculating the consequences of issuing
hundred aud ten millions American citizens
have been engaged in working out this problem
for themselves. 1t remains to be whether the de-
ductions they have drawn will bs outweighed BY the
sophisins oi the government
Lord Palmerston on the Relas.ons with
America.
In the House OF Commons the l1th OF July the For
tincaons bill was again debated. Lord PAiNgRsTOS, at
the conclusion of his speech, sal =! stated that in my
opinion 1t was nonsense 10 say that there likei
hood Of aston from great foreign Power because
had established tho principles Of free trade and had
cltei tho example OF the United states of America.
said there were no two countries which had such init
mate commercial relations MS Great Britain and the
United States-no countries between soatch the tnks o.
tat rest tcere rongT, or .bew 0hoe people
there appeared be stronger sympathy; but in spite Of
all that when popular passion excited ques-
ton that appear disturb the homo. the
tries tho count les the very verge Of rup
turs (Hear hear) Therefore said aud say again il
to tell the permanent foun ION OF
policy that have commercial treaty with any coun
try and that have established the principles Of free
TRADE. When talking Of miasy and naval defence
vow reyon those which gives you for
defence. That IL quite different thing from the dnary
LenBaCtlOn8 Oh peace Win COmLnefCo
and the principles OF fee trade which these works Of
osfsncs do not ovsrbear. (Hsar, hsar)
George Peabody as an English Orator
and Freeman.
From the London Times, July IL
Yestsrday afternoon, at Court OF Common Council,
specially convened for the purpose at Gudha and at
the Lord Mayor presided the honorary freedom Of
the corporation Of the city Of London gold boz
unanimous resolution passed the 22d OF May was pre-
sentsd 70 Mr. George Peabody, ''in grateful recogn
on"-adoptinE the language or the resoution-of the
prncely munihcence displayed by him In devoting the
Of f150 towards the rsls Of the needy and de-
serving poor this metropolis and Of the Christian liberal
y OF sentiment which dictated that the fund thus
ated should be administered irrespective OF the distnc
tons nationality, party Or rele ious belief"
cnsmbsr which was espsciay prepared for the OCCASION
in the presence Of his Excesncy Mr.. Adams, the Ancr
can Ambassador, the Lady Mayoress Lord Stanley Sir
j. T. Tcnnant, the members OF the Court OF Aldermen
the Sheriff. of London and Middlesex, all the principal
officers Of the Corporation, and great number II ladies'
The Aldermen and Shsrs their scarlet robss and
the members the Common Council their violet gowns
A great number or people, unable TO obtain admission
lined the approaches to Guidna 10 witness the civic
p ocsssion, and ~ catch glimpse OF The whose
traordinary muhcencc has been theme of
mouths past The Lord Mayor having taken the chair
Mr Peabody introduced 10 ths meeting MCharlos
Reed and Alderman Phillips. the mover and scconder
the resolution conisrring the honorary freedom. As
asaaed him on the Of the Chs Magistrate the hoso
rabie sentsman was received with every mark Of respect
M scoTT the Of the city, before handing
the gold box to Mr.. Peabody add esssJ him spesch
concluding thus:-You selected also for the announce
OF your unprecedented liberalty period In which
untoward and sxceptonabe ci had
for time the harmon Jus political relations OF Great
Britain and the United states 2; 2 s."ns nS Us "a
Of national IT, and could above the disturbing
and Irritating iihuences which had been unhapphy
evoked. (Cheers) Alth ugh an American BY birth and
In heart. you have manifested kindly feelings
wards Great Britain. (Hear, hear.) 0n . memorable
occasion yot. ptcly the knr and resp c due
eioped you also fitted out
your cost expedition in search Of Frank
illustrious and amented British navigator. (kenewsd
cheers) You hive again afjrded an illustration
that IL s the predominant desire OF your heart that
the people Of this country and Of your ownbreth
they In lineage, language and erature, with
common 70 h and hisoricaI raditons-should i've
as brethren In the cult walton OF sentme Is Of mutual
esteem Cheers This honorable poraton has :.
taken deep interest in oil thai the promotsa
of civil and religious liberty having waged unccasing