The New York herald., 1865-05-03

ins feeling in commercial circles yesterday and the
markets were dull and hoavy, In few sxcep
tionai cascs Domestic produce almost with
out exception dull and heavy, while foreign
was quiet Cotton wss more active and To-
a &c. higher On Change the -four market was quiet
and log l5c lower. Wheat duh and heavy,
while oats experienced . further decline Corn was
scarce and firm. The pork market opened dgg end
heavy but closed 6rm and active Beef was steady,
while lard was scarcely firm whskey WAS dull aud
nominal Freights were inactive The market for beef
cattle was heavy this week. and prices were about To-
lower Tho range was from l2o. 70 22c., but most Of
the cattle sold At from 1so TO 2oc There were in
from Canada again. and receipts from there expected
every week. Mich COWS varied from $40 to $50 500
each veals were steady, at nom o. 70 %. l2c. |;
bobs 81 % each. Sheep and lambs were in good de-
mand, at from 80 so to $12 . $1A Hogs sold at from
loc to l1xc Tho total receipts l24s beeves lso
cows so1s veas Sl2s sheep and lambs and III hogs
President johnson and HIS Policy-The
Demands OF Great Revolution.
In the speeches which have been delivered
by President johnson to various visiting COM
mittees he has, with an emphasis which cannot
be mistaken, defined his position In reference
to treason and traitors. Treason" he says,
'is the highest of all crimes, and traitors must
be punished" To the masses Of the South in
volved In the rebellion he will be lenient; but
to their traitorous leaders he will administer
justice. Loyal men, If numbering only fve
thousand in State, will, he has broadly inti-
mated, be charged with the business Of recon-
struction, to the exclusion of traitors, and upon
the fundamental idea that the slaveholdng
aristocracy have destroyed themselves with
their institution Of slavery. The work of re-
construction is thus to rest upon the basis Of
the abolition Of slavery rs fact accomplished
No man, for instance, will hereafter be tole-
no man will therein be recognized as slave.
Here we have the initial landmarks of q bold,
decisive policy, recognizing the demands of a
great revolution. This is good; for this tre-
mendous war has wrought in four years the
revolutionary changes which would probably
have required hundred years of peace and
Presidential compromises. The Southern insti-
tuition of slavery is prostrated beyond re-
covery; and with it the domineering slave
holding aristocracy of the Southern States and
their political power a. tho champions Of
slavery are gone-forever gone. President
Johnson thus regards the political situation of
the South, and his views have given universal
satisfaction throughout the loyal States.
OF his policy, thus broadly foreshadowed,
we shall soon know something more in the de-
velopment of its practical details. We pre-
sumo that President johnson has no desire for
any very extensive hanging of leading traitors;
but that he will be satisfied with the vindica-
ton Of the majesty Of the law and the ends Of
justice in few exemplary cases Of the halter.
We cannot doubt, however, that he expects,
from Q few wholesome examples, . general
clearing out Of dyed-in-the-wool rebels,
and that those who have merely been
dipped in the dye pot Of secession
shall have good securing of loyal sand and
soap, to rub the rebel butternut color out Of
them, though it may take the hide of. If we
are to consider the people Of the South as o
conquered foreign people, we may put them
through a regular apprenticeship; but II we are
to accept them as portion Of our own people,
relieved Of a savage, usurping despotism, and
restored to their rightful allegiance, then we
should pursue q different course Of treatment
We believe that the simplest means that can
be adopted in the reorganization of the rebel
lious States will be tho best. A military gov
ernor in every State where necessary, with an
armed force at his command, sufficient to put
down guerillas and bushwhackers, and to main
tain order, will do for beginning He may
make the arrangements and appoint the time
for the election Of convention to form new
State constitution, and to provide for the elec.
ton of civil governor, State Legislature, mem
bers Of Congress, &C., without any further con-
dition precedent than this: that the candidates
for the convention and these other Offices shall
be genuine loyal men. If the masses Of the
people concerned choose to support such men,
their votes will be equal to an oath Of loyalty;
and il they refuse to support such men let them
remain out in the cold till they get sufficiently
chilled and hungry to come into the house and
to the family table. Let them take their own
time in coming to supper. We can stand 1t as
long as they can; and besides, we can rely
upon the repentance Of men who have been
cured Of their folly upon empty stomachs and
cool reflection.
But there is another matter upon which Pre-
sident johnson seems to be hesitating, and
where he need not hesitate at all. We refer to
the question Of negro suffrage. The exclusion
Of free negroes from the right of suffrage il Q
necessity Of negro slavery, but where slavery
does not exist there is no such necessity Give
the emancipated negroes of the rebel States,
then, in the reconstruction of those States, the
right to vote along with the whites. There
need be no fear that this concession will lead
to negro social equality. Negroes vote in New
York, and yet in New York there Is no ap-
proach to negro social equality. Society will
take care Of itself in this matter, as it does in
everything else affecting Its peace and harmony.
On the other hand, the concession of negro