Year: 1866

democrats are now a. ready for union OF
forces as they once were. The local leaders
are already restive under this call and pro-
test against II, although their opposition may
not greatly affect the rank and file and may be
overcome by events. Stll there b always
risk in neglecting the golden opportunity
and undertaking to do something upon
grander scale when the opportunity 70 accom-
plish It 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 a scale to be successful in less than
half . dozen years; If Seward's Presidential


aspirations are not involved in II; If 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 i'm
! 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 iti 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


1t. 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 generalites. But in regard to repre-
! sentation the radicals can ouibid the new
party, and they will do so whenever it be-


comes at all 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 90 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
this he must remove his present Cabinet, throw
down the gauntlet 10 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 his 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 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 little sentiment
tai admiration but beyond this 1t will amount
to nothing.


The FINANCIAL DEPRESSION IN EURopz.-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 apprc-


henson 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-
fsrred by the letter Of Earl Russell and Mr..
Gladstone, written during the recent panic.


We are informed that every boursc in Europe
is extremely depressed, and the suspense with
which the outbreak of hostilites is awaited is
evidently favorable to further depression. II
is therefore probable that on the continent
quotations for all kinds of securities will con-
tinue to decline until after the first saock Of
actual warfare is experienced. In England the
case II 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 as England did during
our war. The outbreak of hostilities in Ger
many would consequently be likely to produce
feeling of relief on the London Stock Ex-
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
cuIiucS, anu ucclucu ihcrcase III Iue uemhnu
for our breadstuffs, there Is reason for some
feeling Of anxiety as 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 on
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
ever high the premium may rise II cannot i'm