Year: 1868

commenced its sittings in Albany yesterday.
Undisturbed by these explosions of radical joy,
the representatives Of the democracy of the
Empire State went on with their proceedings
as calmly and placidly as if they were taking
an airing in the Park ON some beautiful and
balmy morning in July. Prone as such con-
ventions have been to dissensions, violence and
even general smash-ups, the assemblage yester-
day was marvel of harmony and conciliation.
Even Kings county, turbulent as it frequently
is, declined to throw in brand of disquiet !;
and although the fire was ready, 1t was
promptly extinguished under the soothing
influences Of the dove-like spirit Of tranquility
that prevailed. Governor Seymour was the
chief star in these pleasant interludes to the
new play Of the Democratic Happy Family. "
He delivered speech pregnant with financial
ideas, not altogether new, but important and
portentous, coming from a leader of the
democracy who has ''thrice refused the crown"
of democratic Presidential nomination. He
also rather startled the dry bones of Thad
Stevens radicalism by his caustic review of
the soldiers who fought and conquered in the
war for the Union. He also touched upon
other topics of pervading interest. Among
the list Of delegates selected to attend the Ma
tional Democratic Convention to be held in
this city on Independence Day will be found
names for a long time familiar to our readers.
The platform or declaration of principles is
rather an attack upon the measures and
policy Of the radicals than the enuncia-
ton of any new ideas. 1t is like the advance
of an attacking force upon the strong as well
such word as retreat inscribed upon its
banners 1t is non-committal upon the bond
holder question. Here its trainers may be
wise, for this question is like two-edged
sword, which may cut both ways in any party,
and in none, perhaps, with more sharpness
than in the democratic party. The financial
question is, however, one which parties must
prepare themselves to confront squarely when
the struggle comes. Money, taxes property,
the reunion of all the States, whether there
shall be high rates for the poor and fat divi-
dends for the rich, whether there shall be an
era of peace, plenty and prosperity or one
of bankruptcy, dishonor and disruption, are
among the grave considerations which both
the democratic and the radical party will be
brought up to the bull ring to respond to when
the Presidential candidates are fully in the
field and the battle is fairly commenced.


The delegates to the Convention at Albany
yesterday may congratulate themselves upon
one good omen:-They commenced their pro-
ceedings amid the flashes of radical lightning
these may be followed by blasting bolts of
democratic thunder.


Important Bill Repeating Tax ON Manufac-


lures.


The bill s'to exempt certain manufactures
from internal tax" reported by Mr.. Schenck
from the Committee of Ways and Means and
passed in the House on Tuesday by the over
whelming vote of hundred and twenty-five
yeas to two nays, is a very important one and
is likely to become law. The Senate will hardly
reject q measure passed in the House by an
almost unanimous vote, and it is not likely the
President will veto it. The bill repeals sections
ninety -four and ninety-five of the act approved
June 80, 1864, to provide internal revenue, and
which is generally known as the Internal
Revenue act The thousand and one articles
which come into daily use, and which are
lieved of taxation; all, in fact, included in the
sections mentioned above, except taxes i'm
posed on gas made Of coal wholly or in part or
of any other material; on Illuminating,
lubricating or other mineral oils, or articles the
products of distillaton, redistilation or orreining
of crude petroleum, or of single distillation
Of coal, shale, peat, asphaltum or other btu
minous substances; on wines therein de-
scribed, and on snuff and all the other manufac-
lures Of tobacco, including cigarettes, cigars
and cheroots.


Thus it will be seen this is sweeping
measure, and one which will have the effect
both Of cheapening five per cent or more a vast
number of things in common use and of stimu-
lating home manufactures. Of course it will
be hailed with pleasure by the mass Of the
community. Mr.. Schenck estimates the reduc-
ton of revenue through the operation of this
bill at upwards Of eighty-four millions, though
he expects twenty millions may be raised by
the increase of certain specific taxes. Even
with this there will reduction of over sixty
millions Of internal revenue. This will neces-
sarily call for reduction of expenditures or
the Treasury win find itself unable to meet the
demands upon it. The next step for Congress
to take, therefore, is to cut down the expenses
to the lowest practicable point. If Mr.
Schencks bill becomes law it is to 90 into oper-
alton on the lst of May next.


More Interesting Testimony About the


Streets.


The progress Of the investigation concerning
the condition Of the streets and the Whiting
contract continues to eucidate some interest
tpr a,I 30 90 c.,A