The New York herald., 1864-05-06

cine IN prices TOOK place Tn0f6 seems disposition ON
the part OF tho public to become purchasers until after
the result OF the approaching battle Virginia known
Gold hucuated between 177H and l7sH. Money
tinued easy. Government stocks we're inactive aud
changed in price
The radical changes In gold on Wednesday and yes
terday have still further unsettled merchandise, and
nearly all kinds Of imported goods and many kinds OF
domestic produce, are entirely nominal. Foreign goods
were firmly held as general thing; but native produce
was generally dull and heavy The movement in petro
eum continued fair; but the excitement is rapidly sub
siding Cotton steady.
1he Nec0nstructi0n OF tho RebetllOus
States-The House Bill.
The bill of Mr. Winter Davis, of Maryland,
to guarantee to certain States whose govern
ments have been usurped or overthrown
republican form of government" has passed
the House Of Representatives by a vote Of
seventy-three to fifty-nine--a party vote, as
between the opposition and administration
elements
The federal constitution says that "bbe United
States shall guarantee to every State in this
Union republican form Of government" and
Mr.. Davis, in his title, assumes that his bill is
q constitutional requirement He assumes that
the war has destroyed the rebelious States as
States, and that in reconstructing them and
guaranteeing them "a republican form of
government Congress is bound to remove
their despotic institution Of slavery This is a
new Interpretation of the constitution; but we
travel fast in these days. Honest Abe Lin
coin, in his Hodge. or hodge-podge, letter,
honestly confesses that in his reconstruction
cxpedients he has ventured to violate the con-
stitutiOn in order to save it; but Mr. Winter
Davis, in taking the same course, quotes the
constitution itself in his Justification. Who
shall decide when such doctors disagree,
The bill Of MIR. Davis. assuming that the State
governments subject to the rebellion have
ceased to exist, provides for State convention
in each, nnder provisional military governor
to organize a government. To this end,
instead of Mr.. Linoolns one-teDth the bill
further provides that majority Of the popular
vote Cree whites) shall be required in the cleo
ton Of the delegates, and that all repentant
rebels below the grade Of colonel shall have
the right to vote. This is decided improve
bill declares that ip this work Of reconstruction
"a "a any State the people ta6reof must submit to
the decree of Congress that involuntary ser
vitude is forever prohibited, and the freedom
Of all persons is guaranteed in the said State"
The bill next very properly repudates all the
rebel debts or scrip Of every State concerned;
and, further, "every person who shall hereafter
hold or exercise any office civil or military. in
the rebel service, State or Confederate, except
the Office be merely municipal, or below the
| grade Of colonel, is declared not to De citi-
zen Of the United States"
| Now, we contend that the State government.
Of the rebellious States have not been de-
stroyed by this war, but that they still exist.
and that, with the suppression Of tho armed
forces Of the rebellion, those States. with their
local governments US they were before the
| war, are restored to the general authority Of
the Union. The constitutional way Of treating
them would be TO hold aud protect them by
the armed forces Of the United States as men,
bers Of the Union, but to leave the people Of
each State to take their own time in re-estab.
fishing practically their local governments
under the "old flag" and in their returning
Representatives to Congress. Hold them subject
to the federal laws applying to all the States,
but give them, when reclaimed from rebel rule,
their own time and their own way ia reorgan-
izng their local affairs.
This simple plan Of reconstruction would
save world Of trouble; and a. for the insti-
tuition Of slavery, the OILY way for it's quiet,
speedy and complete removal lies through q
simple amendment Of the constitution Of the
United States, ebolis6ng slavery and nothing
more, as proposed in the bill which has passed
the Senate. We presume, however, that the
programme Of this bill, which Is Old Abe's
programme revised and improved BY Winter
Davis, Is to supersede the constitutional plan
Of reconstruction and abolition, although 70
denying the negroes concerned the right Of
suffrage Mr.. Davis hazards the defeat OF his
scheme by the "human equality" radicals Of
the Senate. We must wait a little TO sec how
he gets on 10 that body. "Rome was not built
in day