The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-29

dertaklng. IL IL quosuOn, also, Wnotnox the
democrats are now a. ready for union Of
forces as they once were The local leaders |
are already FESTIVE under this call and pro-
test against il, although their opposition may
not greatly affect the rank and file and may be
overcome by events. Still there b always q
risk in neglecting the golden opportunity
and undertaking to do something upon
grander scale whom the opportunity 70 accom-
plish II easily has passed. But, on the other
hand, repentance ID decidedly virtue, and we
are glad to see that even the politicians can
sometimes exercise It Messrs. Brooks and
Raymond, and other gentlemen Of their calibre,
may still hope to win national regulations and
defeat the radicals, and in spite Of their past
follies we shall say nothing at present to dis
courage them. II the movement for new
party does not come too late; II 1t is not upon
too grand scale to be successful In less than
half dozen years; II Stewards Presidential
aspirations are not involved In II; II the demo-
Gratis can be induced to join it. and II the loyal
men OF the South will send delegates to the con-
vention, then 1t only needs strong popular inn
pulse to become power in the coming State
elections, and perhaps, in the next election for
President
Who can give it that popular impulse! No
other person than President Johnson How
can he do it By changing his Cabinet and
demanding an immediate settlement Of the Ala
bama claims against England. We do not
know whether President johnson is interested
in this scheme. The fact that it is started by his
political and personal friends convinces us, how
ever, that he cannot decidedly disapprove of
it. But as 1t stands it has no genuine vitality.
When the platform ia summed up its total is
! Southern representation in Congress. That is
the only practical feature. All the rest are
patriotic generalties. But in regard to repre-
sentation the radicals can ouibid the new
party, and they will do so whenever it be-
comes at oil dangerous. There is plenty Of
time for flank movement before the elections.
While the convention is resolving the radicals
can unbar the Congressional gates and end all
controversy. 1t is useless to 20 before the
people upon an issue which the radicals can
sweep away before the elections are held. The
President must make new issues, and to do
down the gauntlet To England and make bold
appeal to the masses, including the Fenians,
by insisting upon Canada or indemnities for
the Alabama outrages. There is no other
way for President johnson to save himself or
build up party that will save him. Let him
adopt this course and the people will rally to
his standard, whether it be displayed at Phil
adelphia or elsewhere, and bis friends may
either form new party for him or regain the
control of the republican party. But If no
such action be taken by the President this
National Convention will hardly influence
even q State election. The spectacle of
delegates from the North and South once
more sitting together in council at the old In
dependence Hall may elicit a little sentiment
tai admiration but beyond this 1t will amount
to nothing.
The FINANCIAL DEPRESSION IN EURoPH.-The
financial advices from all parts of Europe,
England alone excepted, received by the last
steamer were decidedly gloomy and even the
Bank Of England was sufficiently under sppre-
hension with regard to the future Of public
affairs to maintain Its rate Of discount at ten
per cent, for to lower 1t would involve the
surrender Of the privileges indirectly con-
ferred by the letter Of Earl Russell and Mr..
Gladstone, written during the recent panic.
We are informed that every bourse in Europe
IL extremely depressed, and The suspense with
which the outbreak of hostilitics is awaited is
evidently favorable to further depression. IL
Is therefore probable that on the continent
quotations for all kinds of securities will con-
tinue to decline until after the first s0ock of
actual warfare is experienced. In England the
case Is somewhat different as Great Britain,
being removed from the complications of the
pending contest, Is likely to attract capital
from the Continent, just as this coun-
try is and rs England did during
our war. The outbreak of hostiities in Ger
many would consequently be likely to produce
a feeling Of relief on the London Stock FIX
change favorable to recovery Of the prices
OF such securities as were not largely held, and
further depressed In that country by the fact
Of the war.
But after war has really entered upon its
desolating march, although we look for better
rather than worse market abroad for our Sc
curities, and decided increase in the demand
for our brcadstuffs, there Is reason for some
feeling Of anxiety ~ TO what may occur mean
while. We have in all, national and other
wise, about three hundred and fifty millions OF
securities held abroad and we have only about
eight millions of coin in the banks of this city
There are, perhaps, thirty millions more in the
Treasury, nine millions Of which are payable
upon the July coupons Of the public debt, but
besides this there is very little In the country
this side Of California. While. therefore, our
ultimate financial future promises well-and
faith in the public credit never stood higher
we are exposed TO serious dangers so far as
the gold question is concerned. We have the
satisfaction Of knowing, nevertheless, that how
euar hiah the nremium NAV rise Il cannot i'm