The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-11

lower, and closed at 1907 y. Governments about
steady Al the evening board tho closing quolaloc for
gola 12aX
Everything was unsettled by the violent decline In
god yesterday, and commercial values were rendered
entirely nominal But little was done in imported goods,
but domestic goods sold at marked reduction Cotton
In limited request, and fully SC per H. lower Pero-
leum was scarcely 80 frm On Change the -four market
was dull and prices CSC. Soc lower Wheat was
dull and nominally &C. loc. lower while declined
&c. ioc., with nothing doing. Oats were dull and &C.
&C. lower The pork market less active and decline
Of fully 81 per Dbl submitted TO- Beef steady,
while lard moderately active at decline OF Kc per
h. whiskey was steady. Frelghts were very dull
There was not sailing vessel up for Liverpool
The Reconstruction or the RebellIous
Observation-Disclosures or President john
sons Policy.
President Johnson, commencing with Old
Virginia, the main pillar Of the rebellion, has,
in an Executive order on the subject, developed
his policy Of reconstruction. He orders the
practical re-establishment of the sovereign au-
thority Of the United States, and the execution
Of the laws thsreof within the geographical
limits known - the State Of Virginia. He de-
clares null and void all acts and proceedings
Of the political, military and civil organizations
within said State, whether of the late so-called
Confederate or local authorities, identified with
the rebellion, since the secession ordinance Of
Virginia of April II, 1861; and that all persons
who shall exercise, claim, pretend, or attempt
to exercise any political, military or civil
power, authority, jurisdiction or right, through
or under said insurgcnt authorities, Confede-
rate or local, "shall be deemed and taken Us in
rebellion against the United States. and shall
be dealt with accordingly"
In word, all acts and proceedings resting
for their legality upon the spurious insurgent
general government Of JeG Davis, or Of the
State authorities supporting him, are outlawed,
repudiated and wiped out. Thus, for example,
all the debts incurred end contracts made by tho
rebel-Confederate government, and rebel State
governments, and by cities, towns, corpora
lions, companies and individuals, under the
authorities of the rebellion, are go much waste
paper, and the losing parties need not give
themselves any further trouble on the subject.
The Secretaries of State, War, Treasury, Navy
and Interior, and the Postmaster General, are
ordered to proceed to put in force in Virginia
all laws of the United States pertaining to their
several departments, and the district judges
of said district are directed to proceed to hold
their courts In pursuance Of the laws of Con-
gress. Furthermore, the Attorney General will
instruct the proper officers to libel and bring to
judgment, confiscation and sale, property sub
ject to confscation, and enforce the admins
tration Of justice, so that the State may be re-
invested again with the republican form of
government, which the general government is
hound by the constitution to guaranteed every
State.
This is the opening Of new set Of books.
The rebellion goes for nothing Virginia must
begin, de novo, at the point where she left Off in
that dark and dismal secession caucus Of April
II, 1861. President johnson holds to the doc
trine that she has been in the Union all this
time, and that in conspiring and fighting against
the sovereign authority of the Union her people
concerned must bear the consequences of their
folly. He has declared emphatically that "trea-
son is O crime, and that traitors must be pun
ished," and the guilty parties in Virginia and
all the rebelious States can now comprehend,
to some extent, the meaning of this declaration.
His policy, thus far developed, is simple, con-
sistent, constitutional and conclusive.
Francis II. Pierpont, lately acting at Alex
andria as the loyal Governor of Old Virginia
though his authority was limited to small
corner-will now, ct Richmond, be aided by the
general government as far rs necessary in the
extension of his jurisdiction as Provisional
Governor over the whole State-having nothing
TO do, of course, with the new State of West Vir-
ginia. We presume that, as soon as practicable,
he will call State Convention for the purpose
of framing a new State constitution on the basis
of emancipation, and that the next step will be
an election under such constitution of O
Governor and other State officers, Legis-
lature and members Of Congress- In the cleo
ton Of the convention 1t is probable that SINH
lar qualifications of loyalty will be required of
the voters to those adopted in Tennessee,
under Mr.. Johnston as Military Governor; and,
as in Tennessee, the convention may, perhaps,
leave the question of negro suffrage to the
discretion Of the Legislature. We think,
however, that as African slavery is out of the
way, the sooner this question of negro suffrage
is settled, and settled in favor of the liberated
blacks, the better IL will be for the paciication
Of the South and the whole country on this
new national platform of universal liberty. If
not soon settled IL will become question of
mischicvous political agitation, whereas, with
its settlement on the basis of universal suffrage,
the political agitation of the negro question
ms well as the slavery question, will be at an
end. As for the bugbear of negro social
equality in this connection, society will take
care of ihat-we have no fear of It whatever.
Nor do we apprchend that any stringent
oath OF allegiance or tests of loyalty will now