, 1866-01-08

N 4 AeAtRy CQAulkl1Qt speculative IeFaI-
ish, unce1tain.r Such words coming from
English critics might he, and havc been. mis- |
construed but We hope that Mr. MeCnlfoeh's
authority will arrest attention to them. It is,
however, evident that the exchange Of a
funded debt for an inflated currency Is = ma
tesial element IN estimating the financial con
dillon Of the Crion In futurr.
There are many points in Br. McCanocl'e
p,ans vn..ch invite comment, but at present
wc must bc satisfied with stating the plans
themselves. It Nust, however, be noticed
that The possibility Of keeping the average
rate ef interest Oh the national debt af the
Union IS low rs five per ctS... depends upon
the exemption Of The national cEedltefs {f1m On
bonds Of the Union subject, like liee!!- fellow
citizens, TO taxation within their sefei..!!
Ssatcs, aud also to taxation in respect Of their
capital invested In such securities, the bonds
could not, In Mr.. McCulloc1l's opinion, be
issued At less than eight per cent. interest:
3lr. McCulloch defends the exemption OF
tLese bonds from State taxation, but his rca-
soping appears inconclusfTc, and 1t Ia knowu
that the exemption will be severely attacked
In Congress. But the point In Mr. AcCu]~
Ioch's scheme which must strike Euglishmeu
vites In the Executive. He asks for unlimited
power In the Way Of funding the paper cur
rcncy, and he asks that d surplus, commcuc-
ing at ten millions and gradually increasing
to forty millions, may be entrusted to the
Government for the time being. That such
if tho representatives OF Taxpayers arc found
willing 10 grant them, We may well be aston
ihhcd. Whatever may he the Issue, the course
OF financial discussion in the States during the
current session Of Congress, may be watched
by us with advantage, as those who are In
much the same position may learn by the e1-
periencc Of others.
rI,r POWER ttr DEMOCRATIC GOVERN,
AENT.
}From The paM Mali Gazette. Der. 1B.1
The references contained In the message to
internal topics are vague, but to some e.
tent Interesting It Is satisfactory to ind
though even that moderate number is con-
stderably higher than the figure at which tha
forces stood before the war. The estimates
for this branch of the service have been cut
down from more than hundred millions
critics Of the institutions aud conduct ot the
States must admit that these results are a
wonderful proof, not merely Of the material
resources Of country which can rcabsorb
into peaceahle pursuits without perceptible
Inconvenience one or rather two Of the largest
a5tnics ever tsised In modern warfare,
but Of the generally healthy condition OF the
country Ia which, tbs <ersntrstia4. nf
civil war Of unparalleled severity and masni-
tude, peace is So readily established. There
something Characteristic, in the opening pas-
sages Of the message, in Which the President
speaks OF the progress of reconstruction, and
OF the terms on which 1t Z rrocecdiug and
must hereafter proceed: he Is, naturally
enough, reserved IN his references to what has
taken place but It must be owned that the
wi-h that there should be legal recognition
and affirmation Of the principle thnt treason
Is crime, and thnt secession was Illegal, Is As
natural nnd moderate wish as the ruler Of
l 1Sn Ind 1nT
| fhe circumstances. Hitherto there has been
no ground at all for charging the authorities
OF The United States with any approach to
| cruelty in their conduct toward the conquered
party. No European government ever
behaved 60 humanely afte5 suppreasing re.
every reason to believe that this mercl(n1
| policy will continued to be pursued. Tbs I'M
portancc OF legal principles and their extza-
ordinary power orsr large masses Of men "as
never 80 .trikingly illustrated as In the whole
course of the war Of which this message com
memorates the concluslon. Something like
1t may be traced In the history Of our own
! civil wars but In most OF the conflicts y hlrh
have taken place dnring the last hundred
years In every part Of Europe, 1sT has beeu
they took arms Into their hands. II
has not been so with the Amen'
caus- a certain plumber Of viola.
items Of the letter af the law, no doubt. did
take place during the actual conflict, though
even In those instances legal Qualifications
and vera often really discovered but In al.
most every case the law alone IVES appealed
to, and the powers which It coulerred upon
the public authorities were found amply sut.
; fc1ent for every purpose. This In 1tsen ts
most remarkable lact, and It is one Which the
critics Of democracy ought 10 bear continually
in mind Il laa been Very common to write
upon the subject a. It, By the necessity Of the
case, a democracy was hardly entitled to be
considered as regular Government 1t Is "a
he hoped that the events Of this war Will
show that it not only can be d Government.
most regular, the most legal form Of govern
ment In the world
ESGIaND,s UNPLEASANT SITUATION n
RESPECT TO PRIyATEEFS.
tFrou the Pail Mall Gazette, Dec. II.
onr case is, that II, through the negligence
ont In our porta and sailing from them, pro
cecds to prey upon the commerce OF the ma
. tlon, with which Its oWners are at war, vi
: ! arc 10 make no compensation for the loss snf
. fered, and to refer to arbitration the question
whether, in putting our Laws in force, we hav'
! In Inc Il tie consequence We 70 to wa, say viii
Prussia, or Russia, Alabamas and Florida
may be titted' out in any por
, either in Europe OF America, North at Sopth
. They may 70 to sea, hoist Prnsaian colora
having ever been in Irus.lan port, and ma,
then proceed to plumber our commerce o
. every sea In the world. Against such attack
!. NC should be utterly helpless Our flee
d could do the Prussana no harm, OF non
k naval weakness, and because they hare moth
!, Ing to call fleet, would be able to drive ou
b commerce OF the occau, and VIC would hay,
o no redress at MI. A little skill in evadtng tn
y i municipal law, little corruption 1udiciousl:
{ Administered to officials, 3 little popular u
!. would be all that would be required. n
y doubt We have some satisfaction In th
- matter. The conduct Of America toward IL
= Portuguese gives us very ctcetiye nnsEer q
- against them. md ii the question were to b
- debated between lawyers IN a court OF ]ustic!
II directly IN point. and 1t would be imposslbl
y for The Americans to dispute its authorit.
This, however, is a very poor consolation, II
n nothing can be more contemplate than 2
- | advocates triumph on question Of publ
d | policy. The object is not 10 get the best
- lie Americans il, an argument, hut to estal
u li6h the principles which are for the comme
- advantage Of all maritime Powers, and
- which no one is 30 much interested
> ourselves. Tie only way In Which We q
= = really make very much ont Of tic G.
- o. the Portuguese claims Is upon inc qaeSSn IT
:. ! 01 qNf AG4k IL Lille 4sA A@AA1A -, =
ot may giro us ground tor saying, We VIII
70 1my YOU for losses precisely similar to tho
h which you refused to pay for In . ioFmeT
4, stance, but VIC acknowledge that the who
It subject ts IN m unsatisfactory state, ana
b. viii join with you, Il yon like, IN tying r. to
II 1t upon some satisfactory tasis, It j. dlthcu-
4. however, 10 see how this Is to be tnaisted mp
N with effect 60 long As arbitration u refuse
= The Americans say that the Portuguese case
- not il point. We Eay that is. 50 long
=. there is no one to decide between us, WI
~ Gomez Of this!
TIE FUTURE OF TIE UNIDN-slNAs1'
J. DEMONSTRATIONS.
E From the London Tlnes, Dec SOL
> It could have been an easy task to Wrate !
ID message just brought to us from the ~
u World A Ehastl}y 81 cwoma nnan ~ yetd; Howl
d. lava and burning ash were to be lightly trc
Of den on but it was impossible to forget VINO
h the four most terrible years ip the Wofli
&c | history. So the shade is present, though
q named, like the Que Who was At the 1aple
nv The Hreside yesterday, nnd Will never
:. again. From Its beginning to Its e
~ tie war Is horrid chasn in the Pre
=. dents message, to the brink OF VII,
~ he must approach again and again, II only
~ ~ turn uwny. He finds a necessary relief
20 dreamy nspItatinna and haxy commonplace
lth which we caD only s,S ~ we1e aS nsTes more re-
~ crying down the notion Of State eoverigui
a. points out that It was expressly provided
ea. btaie should levy duties to clog tie transit
: 70 cheek the prosperity Of tho ncighbo1i
tae States. But no political formula, no deed
: pe slccisl compact whatever, could prevent {
aen / state from being so differently caFcumstans
1fon another that the same Union