The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1868-03-07
new YORK CORRESPONDENCE.
NEW York, March 4th, 1863.

excited has New York labored under
this week, ,,,over the startling intelligence
from Washington, that the better class
of our citizens have become painfully
alarmed about the unhappy condition Of
the country, and the dangerous aspect
which public affairs have taken. 1t
seemed aB if we were to be plunged in
to another internecne strife, more ca
lamitots than the Rebellion, in which
every interest and even the country it..
self were to be sacrificed upon the bloody
Moloch of partizau vengeance. The
scenes transpiring In and about the
City when the telegraph announeed the
passage through the Lower House of
Congress, of the impeachment resolu.
tions against the President, were indeed
a mournful spectacle. Impromptu meet
ings were held, and men commenced or.
ganizing at once for armed resistance.
Business for the time being was suspen.
ded and it was with the utmost difficult
ty financial panic, which once started,
would have been contagious in every
remote section of the country, was hap.
PLY frustrated. The police, 700, in
their excessive zeal to preserve order,
came near provoking riot and bloodshed
by their officious intermedlings with ex-
cited knots of men, who were taking
counsel Of each other in public discus.
sion. AT one time it was reported that
the city was placed under martial law /;
newsbo7s rushed to and fro, doing
lively business 10 extras" which only
contained the most absurd reports, but
ali having a tendency to add fresh fuel
to the excitement. 1t would have taken
but little urging Of the party leaders to
have assembled together an armed host,
ready at any hours notice 70 repair to
Washington upon the slightest pretext
Happily since better councils have pre-
vailed. A gr eat deal Of speculation is
INDUCED in by everybody Revolution
airy or violent measures of any kind are
generally deprecated. Recruiting off.
GERS however, are in full blast in diffor-
ent quarters of the city, the ostensible
object of which is the formation of
johnson clubs, and the emigration of
recruits to Maryland to respond to any
call that is made upon then. About
ten thousand names it is ascertained
have already been enrolled. The better
class of our citizens, however, agree that
the Supreme Court is the only proper
tribunal next to the ballot box, where
the question at issue can be legally and
justly decided.
Both johnson and Stanton are as
much amenable to the laws, as the poor.
est wood saver in the country, and it
would indeed be strange condition of
affairs, if Congress itself could simply
resolve itself above the Constitutional
limit Of power TO set at defiance the ex
pressed will Of the people.
How to pay off the national debt,
place the credit Of the government up.
on safe and permanent foundation,
and relieve in measure the people
from oppressive taxation, affords our fl.
nancial writers at the present time a
prolific subject for making editorial ex
cursions into the realms Of fancy. OF all
the new ideas aud exploded doctrines
which have been advanced recently on
the foggy theme, but one has been pro-
posed which, from its very practicability,
bers upon its face the stamp of zeal
genuine merit, and which more than any
other plan offered has attracted the at
tention of our statesmen and fnanciers.
1t is nothing more than for Congress to
authorize bond bearing interest of one
cenl on 800 a day, to be exempt from
taxation and to run thirty years, and be
a legal tender at par. Being exempt
from taxation, j. would be equal to a
six per cent, real estate bond, and save
tour per ceut. on the present mode of
funding the debt. Had this plan been
adopted in the first place, it would have
saved the nation S3S0,000,000 which
have now to be paid by the industrial
classes to money brokers and bankers.
Credit is subject to the great law of sup.
ply and demand, which causes functua.
tion with it. Ii high price is desired,
a good article must be produced to be
converted into the best credit. The
best credit is the one universally known
and the easiest convertible into any 9th.
er thing. These bonds would effect
that object with the greatest facility to
taxpayers, and largely benefit the pro.
duciug interests generally.
While gold is booming, and the bulls
rampant under the startling rumors
from Washington, the gamblers outside
o. the Stock Exchange are having their
new sensation as we'll as those of the
Micawber politicians, the "gutter~
snipes" " and operators for rise. The
latest bulletin from the club houses in-
forms us that the followers of King Fa-
ro are bewidered ever the discovery of
q" system, so called, recently introduc
ed in this city by a sporting man named
Pettibone, by which the king himself
can be impeached and rendered power.
less for harm hereafter. The secret is
only known to a few persons, and these
have succeeded in winning several hun
a III