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THE DA.r EVENING TELEGRAHI PHILADELPHIA, TUESDAY, AUGUST 18, 13G8.
SPIRIT OF THE PRESS. EDITORIAL OPI8ION8 Of TI1H LBADISU J0UR3ALS UrOH CU1HFS Tone COMPILED KVRUT FAT FOB TBI JBVHS1NO TRLEOKiPH. The Colli (jKCstioil. From the &. Y Jlerakl The cnnrpe of gold is being vry attentively Tratcbtd Just now by tbe public at large, and yague fears prevail tbat Mih premium may go Xnuou higher under tbe political excitement atte ndiug tbe Presidential campaign, aud un fortunately thee are not without good reasons. There are liuaucial and comuieroial causes at Work which will of theuiselres adfauea the price of gold; but political influences entirely outweiyh these. It is bad enough to fiud tbat we have exported from this port to. foreign ports fince the beginning of the year more than Bixty-two millions of specie and bullion, and tbat the Government has a reserve of only about fifty millions of coin at the present time, whilo its coin interest payments in September will amount to live millions, in November to twenty five millions, aud in Jauuary to thirty-three millions; but it is far wore when we find prominent politicians of both parties making speeches and writing letters which aie directly calculated to impair confi dence in everything but gold, l'opular dis Iriut of the future financial policy of the Gov ernment is the main cause of tbe upward ten dency of the premium, aud so long as this lasts it will rise higher from month to month. The speculators have much less to do with tbe advance of the last sixty days in gold than is generally supposed. They may exaggerate effects and run the price up suddenly, as they did the other day when it touched 150; but their influence is ouly transient, for a reaction Boon succeeds, following which, however, gold obeys its natueal tendency upwards, despite the efforts of many of them to keep it down. Added to the wide-spread but vague distrust referred to we have to face the fact that our foreign imports are and have been since the lieginning of the late war far in excess of our expoits, and our national extra vagauce of itself exposes us to serious danger. Political considerations, however, entirely outweigh those of a more material character, and the majority of gold speculators, in operating for a rise, are merely anticipating a natural movement which would be felt with or with out speculation, aud to be suocessful it must be based upon something more substantial than Gold Room opinion. The abundant har vest with which we are promised is the only cool sign of the times that we cau see, but its influence is lost in the presence of the disturb ing causes to which we have alluded, aud as the campaign progresses we shall doubtless Witness much more calculated to gratify the bulls in gold than we have yet done. But for the wretched mismanagement of the finances by Congress and the Treasury Department during and since the war the gold premium would Lave been much lower than it is and we should Lave been in a position to resume specie pay ments, whereas the prospect of the latter eeems more remote now than it did when Lee surrendered. It is well, however, that the people should not attach too much importance to the rise in gold with which we are threat ened, and that confidence in our national secu rities should not be impaired. These last are the safest and cheapest securities in the country at present prices, and it must be re membered that tbe higher gold goes the greater becomes tbe rate of interest they yield in currency. It is greatly to be regretted that about seven hundred millions of these bonds are held abroad, for we are constantly exposed to the danger of large amounts of them being returned to us for sale; but we must accept the situation as we find it and not iguore the facts, however unpleasant they may ba to contemplate. Labor, Taxes, and Debt. From the JV. Y. Tribune. Our country was recently the theatre of a vast and sanguinary civil war. A civil war is always more destructive of property thau any other; aud this war, wherein not less than three millions of men took part, and nearly or quite fifteen hundred thousand were engaged at one time, was destructive beyond precedent. Railroads (unknown to the warfare of former centuries) were broken up, by one or other of the belligerents, to the extent of thousands of miles; steamboats aud costly bridges were Lurned; considerable cities, even, were laid in ashes. The Rebels burned at New Orleans and at Richmond, when compelled to abandon thofe eities, many millions' worth of property; while Charleston, Norfolk, Vicksburg, and other cities, were scenes of ruinous devasta tion. The war lasted more than four years, and cost tbe country not less thau live billions of dollars. In other words, there are probably five thousand millions worth less of houses, factories, furnaces, fences, railroads, steam boats, clearings, etc, etc., now included within the area of the United States, than there would have been if Mr. Lincoln's first election to the Presidency had not been fol lowed by the slaveholders' Rebellion. l)o you bditcc that lu.ldHon was necessary or just 1 That is tbe fundamental question in our pending political coutest. For, if the Rebel lion was just, then tho-e who resisted it are fairly chargeable with th cost of resisting aud defeating it. If the election of Abraham Lin coln by the Republicans justified Howell Cobb, Toombs. Jeff. Davis, Slidtll, Maion .Sc Co., in conspiring to sever tbe Southern State3 from the Union and erect theai into an independent Confederacy, tljeu the North, and not the South, is to blauiH for the war, and ought to pay its entire cost. 1 ben tbe national debt is fairly chargeable to thore who contracted it, not to those whose rebellion was overcome by means of it. That debt is a stubborn fact. It will have to lie borne and paid. Kvon if the people Bhould vote to repudiate it, tbat would not di iniuish its burthen by a single dime. Tun American people would htill owe it, and would ultimately be constrained to pay every far thing of it. Over fifty years ago Great Tiritaiu and Spain emerged from a long and desolatiue war. Wherein each bad incurred a heavy national debt. Great Britain resolved to pay her debt Lonestly, to the last farthing; aud she has ever Bince been steadily growing iu population and wealth. Spain sank into the bog of repudia tion, aua mere sue lies straudeci to this hour. Jler power has vauished with her forfeited credit; her industry, commerce, aud wealth Lave steadily declined: she is the football of the Great Lowers, and of no more real weight than Denmark or Morocco. IJ r people, abject and hopeless, have sunk at last into seemiug content under the double burden of despotism and infamy. Are there voters who blaine the Republi cans for the war of secession f They will vote, of course, to turn the Republicans out, aud restore Howell Cobb, Toombs, Wade Ha'iiptoii & Co. to power. These men raisa I the Ihg of Rebellion because Mr. Lincoln was through their own conuivauce, in breaking up the De mocratic party elected President. If they Were right iu so doing, then the debt, the peu eion list, and conse'jueut heavy taxe?, are rightly scored up agaiust us who resisted them. Lilt if the Rebellion was wrong, aud they who upheld the TTnlon were right, then I the national debt embodies twenty-five ban- V dn-d millions of solid reasons why the Rebel chiefs and the ir Bllies ought not now to bs intiusted with the government of the country. And every poor man, who finds his comforts diminished by taxation, should vote to keep them out. (Jrnnt find Seymour. From the N. F. World. It is not, perhaps, impossible for mtional people, even in tbe heat of a partisan oontest, to comprehend the difference between throw ing mud at a man and trying to find out what a man is made of. And it is quite certain that abundant opportunities are daily offered by the Democratic aud the radical journals to honest iii(;uirers for getting at the exact na ture of this difference. When Governor Sey mour was first nominated for the Presidency by tbe National Democracy, tbe Tribune and other radical organs at once began throwing mud at him, and they have continued ever since so to do, although it is true that, as they are apparently beginning to find out that the opeiation fatigues themselves more than it Hurries the Democracy, they have of late somewhat relaxed in their projectile fury. When General Grant accepted the radical bid for his name, the Democratic organs at once began to inquire into the real nature and value of the man, aud iuto his lituess for so high a trust as the American Presidency in this year of grace 18i!Smust be conceded to be. The inquiry has resulted so far in no responses w hich can possibly be satisfactory, we will not Bay to Democratic partisans, but to quiet aud sober citizens who simply yearn to see decency and Intli character in tbe chair ot Mate. So while the artillery practice of the radical mud-batteries is daily slackening, the Demo cratic inquisition is daily growing keeuer and more empuatio. 'J he radicals could find at first, ant have a9 yet been able to find only one pretext for as sailing Governor Seymour. They cnireed him with "disloyalty."'a vapue, uu-Aiuericau sort of word at the best, smacking disagreeably of tne style in which the lories ot the revolution tired to belabor Adams and Franklin and Washington; and they endeavored to give their charge a meaning before tbe minds of sensible men by alleging not only tbat Gover nor Seymour had failed to support the Federal authorities dniing the late civil war, but that he had befriended the "Rebels." llore then was a form of words, which if its use could be justified by evideuee would be an accusation, while if this conld not be done it woull be a mere mud-ball. The annals of the Union refuted tlie calumny as soon as it was uttered. The dead Lincoln rose. as it were, from his grave to vindicate the patriotism of that Cbief Magistrate of the Empire State whom tbe liviuc Lincoln had publicly and warmly thanked for the salvation or Pennsylvania and tlie republic. A radical ex-Mayor, Opdvke, of New i'ork, did himself honor by protesting aeaiust the slander which he so well knew to be a slauder; nor couia even nawin di. otautou submit to be made the tool of an invention at once disgrace ful and preposterous. The radicals, there fore, have ever since been throwing mud-balls and nothing but mud-balls at the Democratic candidate. That they do so is the eutlL-ient proof that this is their only ammunition. lurn now to the Dtmooratio batteries and to General Grant. If the It vrld should charge General Grant with being a coward or a traitor, with par taking the passion of Butler for other people's spoons, or tne partiality oi wade tor uubut tered blasphemy, it would put itself precisely on the level ou which the Tribune stood when that journal begun to arraign Governor Sey rxiaur as "disloyal." And If the World, making such charges, should fail to substan tiate them, it would sink to the lower level on which the Tribune now stands whenever it repeats this charge of "disloyalty," proved, seen, known, and confessed of all honest men to be a ridiculous falsehood. But the World found General Grant charged by people who have "never loved the World nor the iror them," with being an "habitual drunkard," and with being "bru tally indifferent to human life." The World found it of record before the courts that Gen. Grant's father made merchandise of his son's official authority during the war. Did the World thereupon arraign Grant as a "drunk ard," or a "butcher," or a "cotton specula tor f" Not a bit of it. What the World did was this: Regarding it as a tremendous national calamity that a drunkard, a butcher, and a cotton speculator Bhould, under any glamour of military glory, be elevated at this time to the supreme magis tracy of the republic, the World demanded that these charges against General Grant should be met and disproved by his supporters. The charges were not made in a comer, nor by "Rebels." Mr. Tilton, of the Independent, is a rebel to the Constitution indeed, but he is more "loyal" to Congress than Horace Greeley himself; and Mr. Tilton, of the Independent, is of record charging General Grant with drunkenness. So, too, is Wendell Phil lips, vigorously declaring that this rauical candidate for the Presidency in the most critical hour of our history cannot "stand up before a bottle without falling down." General Grant's "Indifference to human life" Is of record in the fearful story of his tentative and confessedly disastrous over land expedition of lS(i4 against Richmond. If it be true, as responsible and competent au thorities etaud forward to bhow it is, that General Grant's prestige with the people as a soldier represents rather the exultation of the country at its final victory thau the genuine military ability of General Grant himself, it at once becomes very important to know whether he lacks or possesses that genial humanity of character which is at once the most efficient curb upon the ambition ot men of uuquestiou able military genius, and tbe ludi.-pensable corrective of the, brutalizing influences of war upon more ordinaiy miuds. That it is piavely important for U3 to know, and to know beyond all question or petalveu ture, whether General Grant did or did not suller his father to make a traffic of his mili tary authority, aud contribute to his father's Eiici ess iu tbat liiie of business by abusing his martial sway to inllict insult aud injury upon the "Jews as a clacs," nobody, we presume, willdeny. How, then, can it be said that the Wurld vitujierates General Giant when it insists upon one of two things either that these clouds shall be lilted from his reputation, or that he shall be conceded to be seeking tho suffrages of the American people, not because he de Ferves tuein or is fit to be our President, but because bis supporters think the people iudif- ferent to ccarseuess, drunkenness, and cor ruption in candidates for their service ? Ilio Southern Issue. From the N. Y. Timet. The Southern opponents of the Republican Earty dispute the appositeness of the leading sue ou which the latter is conducting the cauvas3. They objoot to the continued refer ence to que6tious involved iu the Rebellion, and to allusions to the Rebellion itself, as in opportune and practically useless. There are many Northern Democrats who share the feel ing. The war record they consider no longer of the slightest moment, and the discussion of the results of the war they look upon as equally out of place, perhaps natural iu both oases, and its expres sion assumes the form or ?lrange assertion, as in these passages from the Riohmon l En quircr: "The maw of the pe plo, Nortli nn 1 ou'.ti, have almost forgotteu ih it we b vo litl a wr, or at leant remoinber ouly tlitt, we hare had nu ruber of wnm; uml but for tue buiiietn l iHxn'lon unci other lutolnrabie evils of mil- mliiiinltrtlon, which the parly thrown in',o power by the hist war h en.aiied upon mem. their IhoUKhtR wiulil be no mure disturbs! tut" day by tbe "KebPl lion' thau by tbe wtr wlin Mexh.-". No, 'the gieni. Kebe:llor,' In n t.htnii of tbe l est, sua J ton cold in tlie grave of ltin for Its -pomp and clroumstauco' in excite the pupu lr ulhlisbinii nny inn. e. Those i hs lions en which the wht wan fuht were Nettle I lr the wnr, anil betnn iW absolutely itrele, lvtlb parlies Bland before Ibe country on pre cisely the same ground In regard to I hem." It is desirable for both North aud South to escape, as quickly as possible, from the at nro.sphere engendered by the Rebellion. The re-establishment of perfect peace implies a certain amount of forgtfulnesa on th part of both sections, and no true friend of either will needlessly foster irritaion ou account of subjects which events have Irrevocably settled. The diffioulty just now is, that the two great political parties differ iu their esti mate of the settlement, as well In regard to its scope as the prinoiples on whioh il has pro ceeded. Had judicious counsels so far prevailed iu the New York Convention a to secure the nomination of Mr. Chase, on a platform which he could have honorably accepted, the South ern question, in its sectional aspect, would have been reduced to very narrow proportions. The work of Congress would have been ac cepted, and the business of amending it would have been properly handed over to the people of the several States. Iu such circumstances the discussions which prove so unpalatable to the Southern opposition weuld have been di vested of their worst features, and a founda tion laid for a rivalry of parties on qne-dious of administrative reform. This course has been rendered impossible by the action of the De mocracy. Its management passed into the hands of extreme men, who reopened ques tions which might otherwise have soon become "absolutely tfiete," aud revived the recollec tions which the Richmond journalist describes as almost extiuct. For the Southern iisu, in its present shape, the Southern people may thank the Democratic party. Nothing could be much further from the truth than the hhqtdrir's remark, that, as to questions raised by the war, "both parties Stand before the couutry ou precisely the same ground." The ruling element iu the Demo eracy would not a -quiesie iu this sta'.emeut of its position. It uiiiy b true as to the single fact of emancipation, but as to the conse quences of even that measure it certaiuly is not. 'i he issue presented by tin opposition is, wheihtr Congress derived from the Rebellion a right to Impose terms of readmissiou, or whether the people who rebelled retaiued a title to restoration with no other conditions than those of their ova choice. Ou every ground of principle, moral nud political, we believe the claim set up by Congress reason able aud just. To suppose that the people of the couth might rebel with impunity that they might renounce the authority of the Union, and resume alleciauoe ouly when un able to offer further resistance, is simply mon strous. They were brought back iuto the Union by force, aud the poarer which brought them may surely fay on what conditions they shall regain its privileges. We may doubt the expediency of some ot these conditions we may deem a portion of thtui harsher thau a wise generosity would have sanctioned. But this is merely a matter of detail. The funda mental point is that Congress, by reasou of the snppiession ot the Kebellion, becann law ful master of the situation; and that the work of Congress must stand, subject to local pro visions for the change of lb new Constitu tious, and to the Fourteenth Amendment in respect to the political rights of the oolored population, and the future basis of repre sentation. On this fundamental question the Democratio party has joined issue. It assails the claim bet up by Congress, and the entire work which has been done. It wonld convert the Uuion triumph into a barren victory, and invest con quered rebels with the substantial advantages of success. It would ignore the logical results of emancipation by denying the freedmeu civil and political equality. It would bring back to power the oligarchy of planters, aud give them control over the States they precipitated into rebellion. The Democracy, in fact, makes it impossible to forget the war aud its lessons, or to disregard the conduct of men now promi nent when the integrity of the Union was in jeopardy. When the Southern malcontents object, then, to the" emphasis which the Republican party places upon this issue, they ought to reintrinber that it is invested with its present importance by the conduct of the party they fcupport. There would be need for demanding the maintenance of Congressional authority over reconstruction, were not that authority, with all its consequences, assailed. There would be no pretext for the coustaut presenta tion of the auti-Union rec ;rd of conspicuous Democratic leaders, but that the men who tried to destroy the Union now contend for the right to manage its reotoraiion. The con troversy, irritating as it is, was not sought by the Republicans. They are ou trill before the country, touching their reconstruction legisla tion; but reconstruction itedf would be re moved from the areua of national politics if the Drmociats were content to leave to the States the amendment of their own laws. The guarantees enacted to strengthen the. Union being threatened with a violent da- ttiuction by the Democratic party, there tan be no forgetting the Rebellion, its issue3 or its leaders. fciavery has been killed aud the pretended right of secession extinguished; but other questions remain whhih necessitate the exposure of the aims of Soutlieru De mocracy and the insolence aud disloyalty of those who speak most authoritatively in its behalf. The two parties occupy opposite ground In regard to the question which reuderj the Re bellion germane to the contest, as affneting both the purposes of the controlling elements of the Democracy aud the justioe Mid expa ditney of reconstruction. "Tlie Letter or the Law." From the iV. Y. Nution. The extent to which words help to confuse thought has rarely been better illustrated than in the history of the discussion now rag ing about the nature of the obligations of the Government to its creditors. The necessity under which it found itself in the early part of the war of levying a forced loan, by making its promissory notes a "legal-tender," not un naturally caused those notes to be spoken of as "money." They do now, and have for six yeais past, served the purposes of money, bat real "money," in the generally accepted sense of the term, they are not. They are promises to pay money promises which the Government every day violates by failiug to pay and they owe their value to the belief that some day it will pay; aul in the mean time there is a heavy "discount ou them, as there is on all doubtful paper. But the uieie habit of tailing them "mouey," aud ii-dug thtiu as money for even five years, has caused a large number of people wholly to forget their real nature and origin, ami to talk of them as "money" which uiy be used not as the Governmeut and the public are now using them, as a temporary expedient, but in final settlement of the national obligations. The delusion is, especially when we consider the interval iu time, in education, and expe rience which separates our day and generation from the French Revolution, inuou more sur prising than the delusion which reigned amongst the French republicans about the celebrated a sirnut. Nobody in France was ever gulled iuto believing that the aisiyna's were "money." It was distinctly percsived that they were promissory notes. The fallacy which prevailed about them lay in supposing that the Church lands were really pledged, iu a practical mauner, for their redemption. W hen it became plain, as it soon did, that the mortgage was not really foreilosablo, and that the security was therefore worthless, the bubble burst. Nobody went about preaching tbat they were us good as gold, or. if anybody did, he met with an unpleasant illustration of the feebleness of his arguments whenever he offered them in payment for a cup of coffee. The popular habit of talking of the acts of Congress authorizing the loans m "laws" is producing, if possible, effects still more mis chievous. For the mere purpose of nomencla ture, it is no doubt convenient to call them "laws;" but when they are called "laws" for the purpose of determining the moral obliga tions ot the Government, when "the letter of the law" is spoken of as something by which honest men may safely abide, the ovil worked by a loose use of words becomes fully appa rent. A law is a command giveu by a supe rior to an inferior, and enforced by a sanctiou that is, by the infliction of a penalty of some sort, in case the command is not obeyed. A command with no sanction attached is not, properly speaking, a law at all; it is the mere expression of a wish or desire. Now, the acts of Congre?s authorizing tbe various public loans have none of the characteristics of a law, and they are not laws, as regards the public. They may be considered laws as regards the Secretary of the Treasury, inasmuch as they direct him to oiler bonds lor sale on certain terms, and he would, of course, incur the penalty of dismis sal in case of neglect or refusal. But as re gards the public they are simply invitations to lend money on certain conditions. They command nobody to do or refrain from doiog anything whatever. They bind nobody. Congress might repeal them to-inorrow; many members of Congress are coustautly trying to have them altered or modified. There is no conit iu which the nation could bo sued under tbtui; no power on earth competent to inllbt any jtnalty for tbe violationof them. They simply declare that the United States would like to borrow certain sums of money at cer tain rates ( f interest, aud for certaiu fixed pe riods of time, aud point out the persons to whom, and the modes in which the money (ball be paid in. Whatever was not clear iu this invitation, the financial agents of the Gov ernment undertook to explain. They ex plained during four long years, through every means of publicatiou known to Ame rican civilization, that when the Gov ern nent in its proposal spoke of repayment it meant repayment in gold. The leuders had to be content with this explanation, because there was and is no court or tribunal of any kind competent to construe the proposal, or enforce any construction of it except what those who made it chose to give it. In other words, it retts with the people who asked for the money to nay what the invitatiou to leud erf meaKt; aud in deciding what their obliga tions under it are they are to be guided not by legal rules of construction, but by the rules of morals in use in the forum of conscience, by the rules by which an honest man when he has in his distress borrowed secretly, and without giving security, governs his conduct wbtn his friend aks him to refund. To call iu the aid of a practitioner in the orimiual courts to tell us, under such circumstances, where the path of duly lies, would be a cou fesuin which we do not care to characterize. Moreover, the persons, of whatever party, who now call for payment in greenbacks, in defiance of the declarations of the Government scents, are not entitled to a hearing, for the simple reasou that their failure to speak sooner is presumptive evidence either of their stu pidity or dishonesty. If they remained silent during the whole period of the contraction of the loans from Inability to perceive the mis chief which the declarations of the representa tives of the Government were working, they must be too obtuse to make their opinion of the slightest value. It they remained silent wilfully, well knowing that the Government agents were raising expectations whioh they were not authorized to raise, aud that the payment in coin was not intended by Congress, they simply connived at an odious fraud, and their piesent protests are simply proofs of their monstrous impudence, in faot. their appearauce on the scene now, wkrn the money has all been paid in and spent, to put a new interpretation on the contract, before the bonds are payable, is one of the most remarkable ex hibitions within our knowledge of moral cal lousness on a great scale. It is hard to say whether their speaking now or their having pre iously hbld their peace is the more dis leilitable. There is one other consider.0.'. ion with regard to "the letter of the law" which deserves more) consideration than it has yet received. "The letter of the law" is, after all, let'.or only to many words, covtriujso much paper. To make it of my value as a rule of conduct, it bus to have au interpretation put upon it; ai.d, in fact, the ouly difference between "ihe letter" aud "the spirit" of a law lies in the mcde of interpretation. "The letter of the law" i., in other words, the law strictly con strued; "the spirit of the law" is the law broadly construed; but construction you must have iu both oases, construction by some con stituted authority. Admitting, for the sake of argrment, that the acts of Congress creating the. loans are real laws, aud that "the letter of the law" ought to govern the manner of repaying the loans, the question, What does "the letter of the law" prescribe? remains undecided. And who ia to decide it f There are two parties to the controversy about the teiius of the loan the borrowers and the lenders; and if the acts be laws, there ought to be an indifferent person or persons compe tent to interpret thera. To say that when a debtor and creditor disagree a to the meaning of the law under which they have frhuied their contract, that one ot them which happens to be the stiouger may inter pret the law to Euit himself, and the other is bound by his deciaiou, is simply preposterous; aid j et this is precisely what the repudiators, both Republican and Democratic, do say. They proclaim loudly that the very party which made "the law" and borrowed the money under it has alone the right to decide what the law means, and that the creditor is bound to accept their ruling as final. Now of two things one, as the French say either the act authorizing the losms are not "laws," but proposals to borrow money, to be interpreted in the lorum of morals only, or they are laws, and the nature and extent of the rights and duties created by them are to be decided not by cue of the parties iu interest, but by a com petent and impartial tribunal, guided in form ing its judgment by tbe great principles of equity. The reference of feuch a question to a Cv 4 - S. FMOHT ST. 213 & 220 OFFER TO TUB TRADE, IN LOTS, FINE RYE AiD BOURBON WHISKIES, IV B0.W, 01 1MUC, 18UO, lBOT, nnd 1808. AISN FBI.E FIXE K1E AM EOITUM WHISKIES, Of GREAT AGE, ranging from ieo4 to Liberal contracts wUl be entered Into for lota, in bond at Distillery, of thin yearn' msnrt fao' nr ? .1 majprity either of the House of Representa tives or of American citzens at tne pons wouui be, on the repudiators' own theory, a piece of unprecedented absurdity as wen a3 oi iniquity. We have a letter oi a corresponueut iviug before ua, asking ti3 to Ehow that repudiation will not "pay" in a pecuniary sense, h we mean to make any impression on the Djuio crats; that our talk of honor aud good faith is all very well, but it does not reach them, lo which we reply, that the very strongest arpi rneut of this kind we could use is, from its very nature, worthless as far as all Copper heads and secessionists are concerued tbe argument that repudiation, in any shape, will leave the Government powerless, or greatly hamper it, if it should again be callei ou to defend its existence in the field. To say this to them is to put a musket iu their hands to use against us. To talk to them of the enor mous desolation that would be worked by re pudiation, of the shock to the whole frame work of society it would cause, is likely to be ineffective for the same reason. They do not particularly care about the framework of eociety, as we understand it. We have no means of computing the los3 to the country that repudiation would cause. The actual mm of which holders of Government securi ties would fiud themselves deprived would re prefent only a very small portion of it. The shock it would give to industry, the dark cloud it would catt over the future, the fear it would inspire among capitalists, would produce au amount of damage the extent aud duration of which neither we nor any other man can compute; aud the effect of such a prodigious stroke ot baseness on the morals t.f the rising geueratiou would be something woife and more lasting, even from a commer cial point of view, thau the visible effect on business. We rely mainly, too, on appeals to the popular conscience, because this question is not to be decided by the Democrats, but by the majority of the American people; and whenever appeals of this sort cease to influ ence the bulk of American society, although the nation may remain tremendous by laud, tremendous by sea, and flow with milk and honey, the form of government will change, and the forces which hold Booiety together will charge too. The government of the strong hand will be instituted for the government of reason, and the yens d'urmee will do the work of the newspaper. Whenever we believe that day has come, our occupation, aud all others like it, will be gone; and, unless we are greatly mistaken, we shall know it, and stop talking. But with the graves of three hundred thousand men still fresh, and with cripplea in every village all sacri ficed to tbe popular devotion to an idea, to a remote Imagined good it is impossible not to feel that the arguments addressed to the popu lar sense of justice, the popular sense of Lienor, the popular appreciation of the value of distant results, are, after all, the arguments which tell on the greatest number. The im mediate loss or gain to each individual tax payer, in a country as rich aud growing as this is, of the payment or repudiation of the national debt, is, after all, so small that the material Bide of the question looks strangely insignificant beside the moral one. What makes repudiation most dreadful, is the moral condition it would indicate; aud when one sees the small wits of "the moral wing" of the Republican party exercised in sneering at the idea of a national conscience, and such people as General Butler offering himself again to the suff rages of a Massachusetts constituency with the air of a Christian martyr, one feels that the question, "Will it pay?" is, after all, not the greatest question of the day, but Can this Government be conducted successfully on principles of unmitigated rascality If DRY GOODS. LAD3ES ABOUT TO LEAVE TLIE city (or their country houses or the sea-atoore will rind It greatly to their advuutage, beore par chbaias elsewhere, to examine Ths Extensive Stock, at Greatly Kcdnced Trices, of . m. NEEDLES No. HOI CIIKSNUT & CO., GiP.ARD BOW. t oniprulnK a complete Assortment lor pcrsocal or III UMllOllI ase, of fAtHS, KMBKOiPKHIKa DANDKKROHIEFS rVIFf.l, Jifc-VHUD AND TUl'KKD MU. UK8, CAMBUKS, JAOJNKTS, WQUKS, and WHITK GOODS, in every variety. VKI AND VKIL I1ATKKIALS o( e?ery duscrlp. uuu, tugciber with an extensive fcuiorluit.nl U HOUSEHOLD LLNOS, AT TEm'TING -FJCfclOiUS In every wldihaud quality, KM 1 KTINli.PII.lAJW-OA8E, UHB.K f IXO, & TA3LH JUl.NAa, NAPKIN8, DOYlitKS, FiuANNKUS, UIMIi'lKS OK k-PHBIADS, AND JfUKNI. TUUK COVKKS, MAKMKILLEj, HO NKVCOMli, AND OTflB.lt fciVKEADS, 10WK1S AND TOWKLLINO IS DAMAtsK AND HUCKABACK, bl'UMEBBLAHKKW, XA JILE UOVE4W, KTO, ALfcO. BHllillNO, F1LLOW-OA8E AND SHEET ISO MlBIilMl), . 3. NEEDLES & CO., N... IIOI OIIKSNUT BTlltdHT, Sit GIIt&KD R'iW- DU. KINKKUN. AFTEU A ItSSIDESCE u.u piuc'.k'u oi lliiny ye urn ul ihe .Nun Invent iui iter uf Third tu1 t'nlir' m reels, haj lately re n.ov d ( mh KLkVKMTlX blreei, bbiweou &1AU hKTond ChKbMUl'. lll.ssupt-iliiiliy Iu the prompt acd perlwt carp of bll iireul, clnunlc, local, and coimiliu.iuual alleo tliiim (.1 UHpeclul nuluie, Is pruvorbUl. Dieenit-8 of tun hkln, appearing In a lnitidn"! 1f-feu-lit forms, loll' II J' 4-ramcrtUU: uieutal aud pliyalc.il Wti.ki.tsH. aud all ii. rviUs Uebillile,-, Hi iouUlicily ttml Miii'tHniully irtaUii. Ollice Lou.-s trow 6 a. m, tu J f.fci. M J COTTON AS I) Ft. AX, J hlL DUCK AND CANVAS, Of all nun turn and brands Tint, Awnlnpr, Trunk, aud VVngou Over Duck, A loo l'i.p r HI auuiacuirers' Hrlor i'rlin iiom oue Iu beveial leei vNlile; l'aull' if. Belling. Hull Twine, 0U3, JOU W. KVKI1MAN A CO., 86J No. lwJONioj' Aiiey A r 218 & 220 S. FRONT ST. & CO WINES, ETC. goAOMA mm COMPANY. Eatnbllstaed for the en'c ot 1'CUKC'AUrr.ttMA WINKS. TMs Company oiier lor sale pure Caillornla Wlnefl Will I K. CLAKKf, CATAWBA. tfOlf. BD.H.3KV, MUsCATKI., AMiJiLICA, CUAiUlMO'jE, ANT) PUKE MJRAH-; BRANDY, vho'efcalp and retail, all of tiietr o-n (trnwlrfr, and vi ut ranted to ouuiatu uolilng but tbe pure Juice of IU0 Krni.e. Depot. No. 29 RANK Ptrpet, IMiiladuIph'&. llAllN & liLAl.N, Aue.iU 83 lmrp JAMS! 3 CARSTA1RG, JR., Sos. 120 WALXUT find 21 URAXITE Sts., IMPORTER OF Unuidies, Wines, Uln, Olive Oil, Etc. Etc., AND COMMISSION M Kit CHANT, 10R THK SALE OF ri'KE OLD HYE, WHEAT, AXD BOUK- BOX WHISKIES. LUMBER. 1868. BPKUCK JOIST. bk'KUClC JOlISI, H KM LOCK, H Kid LOCK. 1808. 1Cl!C SlLAIjONltD CLKAK PljSK. 10"0 lOUO. BEAbOiNillt'LKiKPiMi. lOtJO. CHU1C& jfATfKKN PINK. BPANDsH CEDAR, FOR PA'JTIlSNB. RED CKDAR. IQ'C JfLOKlDA FLOORING, 1 0O lCUO. iLORlUA FLOOR1S3. loDO. CAROLINA FLOORUSU. V1RUIMA FLOORING. DELAWARE FLOORlNOi ASH FLOOKINU. WA UT FLOORING. FLORIDA bTEP ROAKDd. RAIL PLANK. lftQ WALNUT BUS, AND PLANK.. 1 D'Q lOCO. W ALN UT BD8. AND PLANK. lOUO. Ve A L. U T BOARDS, WALNUT PLANK. I QUQ UNDERTAKERS' LU ilBJfR. 1 QQ LOUO. TJftDKR.l'AKF.ltH' LUMoJtl lOOO. KLI) CEDAR. WALNUT AND PINK. I GCAh bEAbONED POPLAR. 1 Qo iODO. bEAbONED CHERKV. 10Ui5. AHH. WHITE OAK PLANK AND BOAItDS. HICKORY. ClUAR BOX MAKERS' lOiO JLOOO. ClWAR BOX MAKERB' lOOO. HP AN Dirt CEDAR BOX BOARD. FOR BALK LOW. JiftK CAROLINA SCANTLING. TCf'O JLCOO. CAKOL1NA H. T. BILLfcC lOOO. NORWAY BCANTL1NO. IfifiM CDAR bH INGLES. 1 or-o AO DO. OlPRKHHSJUNULES. lOUO. , ,. M.AULE, BROTHER 4 CO., No. 2am SOUTH Btreet, F. W I U IA M S VNTEEfiTK AKU EPKIftG GARDEN OFfEBS rOB SALE PATTEB2T LUMBER OF ALL KINDS. EXTRA SEASONED PANEL PLANK. BUILDING LUMBER OF LVF.RY DEiUIUP. TION. CAROLINA 4-4 and 5 4 FLOORING. HEMLOCK JODsTS, ALL bIZES. CKDAR SHINGLES, CYFRE-S BUJSCli SHIN. GLEH, PLASTERING LATH, POsrs, ALSO, A FULL LINE OF WALAUT AM) OIIIERIIAKI) WOODS. J UMBER WORKED TO ORCER AT SHORT yfh 7 27mwfm T. P. GALV1N & CO., LUiVEER (MilVilSSIG: MERCHANTS, bHAlKAMAXOX fsXIcLTT W11A11F, BELOW SLOATS MILLS, (so called), PHILADELPHIA. AUEATti FORSOUTI1KP.N AND EASTEHN Mann fei'Uirerb uf YKLaajvV PjlE Ld bPKUCii TIMBER iJ'JAKD.-i. He, eui.ll be Jiai py iu lurul.iu orders al .... v. . " . vcii.oibKiv ni mijf mx'BtmoiM pnrl. CANADA PLANK AND BOARDS, AND HAO MA1CC bHLf-KNEES. 181iuti7 ALL r W Il It'll Wil l. BE IlELIVEBED AT AMY I'AliTOtTflK lTVIKJJI-ri.V, fTNlTED STATES BU1LDKKS MILL. N 03. U 24, 20. and IU 8. 1 1 FTKEN'TH Street. ESLEH jr 0110., PROPRIETORS. Always on band, tuade of tbe Btt Seasoned Lofiibai at low prices, iKWDi,Il,U8' JACKETS, BALUSTERS Newels, Balusters, Brackets, arjd Wood Monldlnn ANDNEWEi.mUl:, K-1' BALObTHau W alnnt and Asb Hand Raillnt. K, tli, and I Inches, BUTTFPNTT, CKESNCT. MOULDINGS to order. AND WALNUT fUl DRUGS, PAINTS, ETC. ROBERT SHOEMAKER, & CO. N. & Corner ctTOUXTlI and RACE Sla PHILADELPHIA, wholesale: druggists, IMPORTERS AND MANUFACTURER'S OP Wlilto Lead ami Colored Taints, Tattj, Vi.rulfcl.es, Ltt. AGENTS ICR TliE L'ELK CRATED FHOI U ZINC TAINTS. I'EiLl l'.S AND CON--CMrnu blW.i 1 O AT LOVVEhT nucitti FOR CASlL 6101 v.'i'di.kii.ij !nS uu uanu at our wharf lOH HERN FLOOttlNG. SCAN 1 LliMH. SiilN. OLE.-, F.AbTEPN LATHS. PICKETS. BED-SLATS. ftPRUCK. HEMLOCK. kkLecT ftl (i:U tit 4 v tii ti