The New York herald., 1867-01-30

Drought 70 thls clty
In the suprcm, cor-, ChsnSers yesterday, before
sr Justice George Barnard, the order Of in the
case OF Raphael Kautz tho alleged diamond robbcr was
vacated on mot en- OF COUNCIL Kau.z had been held Ia
default OF 5000 bail. . rs r.
DR. Hebbsrd delivered the second lecture OF his course
at the Cooper Institute yesterday evening" on "Ths
Heart and Blood and the Rev Alvin Bartlett delivered
humorous lecture OF the Thirteenth street Presbyterian
church. on Boys"
The stock market opened In . panic yesterday bu.
became Arm and closed s.rong Gold closed arm
I34x. e..ree Naft. .~a.r t~ wetfHtf "a
The markets for both foreign merchandss and do
mesc produce ruled axcsedingly quiet. and prices 10
almost all cases favored the purchaser great extent
Cotton was steady with moderate demand Coffee was
quite active at previous prices On Change nour was
duh and loo 20o lower Wheat also dun and De-
sc lower. while corn declined lc &c. with but little
doing. Oats remained duh and heavy. Pork and beef
were steady at previous prices Lard ruled dull but
steady. Frelghs rather active. Whiskcy
dull and nominal Petroleum continued dull and de-
pressed. Naval stores slightly easier Wool was quite
aceive and nrmer for desirable grades
Presldens Jehasen's Renewal Kssential 80
Csmpiete the Work Of she War.
/ Whitney's cotton gin was the Trojan horse to
Southern slavery. It made the cotton region,
from the Yadkin to the R,d riscr, vast gold.
mine, negro slave labor therein en- immensely
profitable cash article and thus, under this labor
system started upon Virginia tobacco, cotton
became king and the cotton planters the ruling
aristocracy of tho United States Thus, adopt
ing Jefferson's radical French theories OF gov
ernmcnt, including State rights, the ruling
slavery and cotton politicians Of the South ap-
Ii
brought them into the government, including
tho Supreme Court and administered them as
the constitution, down to the startling Dred
Scott decision, when their power eliminated
Then came the Northern reaction, pushing the
cotton lords of South Carolina and their fol-
lowers to the bold experiment of secession and
Southern contsderacy; then the war for the
Union, resulting in tho subjugation Of that
coniederacy, the dethroncncnt of King Cotton
and the extinction Of slavery and all its politi-
cal appendages. Thus the destructive hcresics
Of Jeff-rson, Calhoun and their disciples,
washed out in the blood of half million of
men, are superseded by the constitution as
interpreted by Washington, Hamilton and Jay,
and thus the grand idea of Henry Clay is es-
tabllshed-that the States are not above but
under the paramount national sovereignty of
the United States
From this bold hoadland of observation
what is the spectacle which now meets the
eyes It Is the conflict Of the battle field
brought back into the forum. II Is an appeal /
from New Orleans, yicksburg, Gettysburg,
Petersburg and Appomastox Court House to
the vetoes aud the policy Of President Johnson.
II involves an effort to make the war failure 4
and to re.estsblish King Cotton, Caihoun's
State rights and aslavery. Mr.. johnson has
gone back to 1860 and to Breckinridge. He Is
fighting again on that line. He is like the man
who attempted loyal history Of France by
leaving out the revolution Of 'ss, the republic,
Napoleon and the empire a. not affecting tho
divine rights Of the Bourbons. With the SUI
preme Court to back him he only asks the two
years remaining of his term to establish his
policy. Indulge him in this experiment and 1t
is not impossible that before 1869 we may have
the war for tho Union pronounced unconstitu-
tionsl, sne abolition Of slavery declared null
and void, our national debt decreed an illegal
burden upon the people, and State rights and
the constitution revived again according to
Buchanan.
Ths is the issue with the republican party
In Congress. From the incendiary torch ap-
piled by old John Brown we have had such .
conAagraton as the world elsewhere has never
seen; but we may have another if we ct
tempt to rebuild on the still shoulder
ing embers Of King Cotton and slavery. The
impeachment and removal of Andrew johnson
or . surrender Of the legislative powers Of
the government into his hands by his con-
tinuance in Office Ii the alternative pre-
sented to Congress. According to the recent
test vote on Ashley's initiative resolution,
of one hundred and eight to thirty eight, the
dominant party in the House stands as unit
for tins impeachment. A similar resolution in
1S43 from Bolts against President Tyler failed
because the wings Of that day had not the
strength in either house for an impeachment,
vote. But the charges submitted against John
Tyler were petty misdemeanors compared with
the schedule of Andrew Johnson's assumptions
Of the exclusive powers of Congress. Mr..
Seward has asked If we will have Mr.. johnson
as President or King. But in either capacity he
has ceased to be necessary and has become
stumbling block in the way Of any wholesome
reconstruction. He might still save himself,
and would probably abandon his public posi-
tion but for the dream Of probable divisions
on this impeachment opening way Of escape.
All such hopes are delusivc, and the republi-
can journals which are leading him to such
expectations are either deluded themselves or
arc playing with his crcdulity As . cat plays
with mouse.
The interval to the 4th Of March Is getting
short, and yet within this interval the issue Of
impeachment or no impeachment may be
decided by Mr.. johnson. He has only to hold
fosf IN his fhenrv that tho national Iaris-