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NEW YORK HERALD.
UUKOON bGNNETT, ItPITOK ANU PHOrRlKTOR. OFFICBN. W. CORNER OF fUMOS AND NASSAU STA Xmimuit XXVII J0S AMUSEMENTS Tills EVKMNU. diBLO S GARDEN. Broadway.?Tat Uolllicm Biw.i. WALt-ACK'B THEATRE. .No. bM BroUway.?Uila Siiruu)-liiil8 Mokmov. WINTER GARDEN, Bi duoay.-I'AXCHON?Bo? Nsr NEW BOWERY THEATRE. Bo very.?Lies AND Ad YWKTACK or Jack Kinross /-SLIDA. BOWERY THEATRE. Bowerr.?Uir?*:.?s POOL?I I E Land As It Is?liow iu AVOID n: <j ^iiON S CRFHORNE U VRDKS. Fourteenth street and ?p aniiKo.-oiui Bali by. l*si?n mask Coxcstir oj ^BPbstkiam k BAKM'M'S AMERICAN MUSEUM. Bro*.tv, sy.?The I.nDM'.n SDAL II iri'r Family, Ar.. at nil hours. Two Pigmies? Nip add Tuck, afternoon au.1 rr,:fiuv CHRISTY'S OPERA HOUSE, 5S.1 Broadway.?ETHlOriAk So.vk.a, OidcKj, At.? L'ouoi.k Bluoko Room., WOOD'S MINSTREL HALL. MA Broadway.?ETUiOflAJl Songs. Uaabikd, ao.?Aun Cot Turn to Tabky. HITCHCOCK'S THEATRE AND MUSIC IIALL, Caual street.?.sO-vg-, Daxcus, Buiii.esv ks. Ac. GAIETIES CONCERT HALL, 616 Broadway.?DEAtriaa Koou Entkktainuskts. PARISI AN CABINET OK WONDERS, 563 Broadway.? Opeu diul.- Irutu 10 A. M. till 10 1*. At. Now Vork, Wednesday, July 30, ThlK SITUATION. The news irosa General McClellau's army to-day not important. Tlie movement of the rebel troops towards the junction of the James and Ap pottomax rivers, which wus reported yesterday, proves to be true, and the statement made to the I'uion prisoners that they were going to reinforce Jackson is most probably only a disguise to cover the concentration oi'a 1 urge force between Rich mond an I the Appotoniax. General McClellan spent all day Monda}' in visit ing the hospitals and comforting the sick and wounded soldiers. Dr. Williams, who has just arrived at headquar ters, a'ler a lengthy imprisonment at Salisbury, North Carolina, reports that r. bel troops to the anionic- ot one thousand a day passed through that city for Richmond since the seven days' battle. They eamc principally from James Island, South Carolina, ar.d from Eastern Georgia. Information comes from the same source that the enemy had one hundred end seventy-three thousand men en gaged in the late battles before Richmond. It is evident from the statement of Dr. Williams and his companion. Dr. Stone (n Hull run prisoner), that the rebels are concentrating an immense force at Richmond, and are hurrying up men to that point from Tennessee, and nearly all the Southern htates. A slight skirmishing is reported to be going on at Orange Court House, but the results are not 'mportant. The lorecs of the rebel General Dwell, to the amouut of some twenty-Ave or thirty thousand, are said to be scattered along from Orange Court House to StannardsviUe, and through Gordonsviile. Orange Court llou.-e is eight miles northeast from Gordonsviile, and Htanr.nrd.svrile is ten miles from the same place to the northwest. Our correspondence from Fredericksburg will l?e found highly interesting and full of details rela tive the movements of General Jacksou and the late reconnoissance of General Gibbon. General Pope and staff left Washington yester day for his headquarters in the field with his army. He sill probably soon have sharp work with Stonewall Jackson. The news from the Southwest recounts a skir mish which took place at Bolivar, Tennessee, be tween a body of Union troops stationed there and a foroe of rebels: but no particulars are given; the evacuation of Grand Junction, below Corinth, by our troops, its occupation by the rebels, as welj as of a portion of the railroad between Memphis and Corinth. This intelligence comes from Cairo* and we hare further dispatches from Jefferson City. Missouri, dated the 28th, which says that Col. Gentar, of the Ninth Missouri regiment, rein forced by Lieut. Col. Shaffer and Major Clopper, oj Morrill's horse, and Major Caldwell, of the Third Iowa cavalry, 65t strong, were attacked at Moore's Mills, seven miles east of Fulton, the day before, by Generals Forte* and C'obb. !)00 strong, and after fighting till after four o'clock iu the after noon the rebels were completely routed, with a lose of from Vt to 100 killed aud wounded and one taken prisoner. Colonel Guitar reports a loss of 46 killed and wonoded. He captured guns, am. munition, baggage, Ac., in profnsion. The officers aud men behaved splendidly. General Cobb is reported killed. Colonol Guitar resumed the pur suit. and will follow them over the river. Our news from the South continues, as nsiial full of interest. The comments of the rebel press on the condition of our army show how little they really know about the matter. They describe, for Instance, a fearful massacre of our troops at Roan oke Island by the contraband negroes, and the evacuation of that place by the Union army. They deny that General MoClellan has received any reirrforeements sinoe the battle at Malvern Hills. The whereabout* of General Beauregard is said by the Richmond Kznminer to be Rladen Springs. South Alabama, where, in company with his family, lie A recuperating hia health after the aovere labor* of the Western campaign. The rebel government, through its Secretary of War. has re> ogni *ed guerilla warfare, and accepted the aervice* of the bands of marauders who infest the border SUten anil Virginia. An Augusta (Ca.) paper states, positively, that ?cvaral prominent general officers were drunk dnnng the late battle* on the penju?ula, and that trioy of the nten were sec.ritb ed in consequence. MISCELLANEOUS VEW6. The Iha~io ile hi Mo,->un, ot Ha ma dtvotoa two lengthy articles to the consideration of the ! civil content in the Ijntt'd .stjiU w, <ind in it* issue , of the lotii iua'dtil urges tliat the usbon* whi-h j are injured by the war shonlil Interpose their good , offices to put an end to It. The object of the struggle, it says, h, on the part o!" the North, tr> restore Uio L'tiiou r?s It sw. and on the part of the Mouth to met in its independence. The first attacks?the second defends itselft but things lime come to saeh ? pass that i: seems im possible ,to reconstruct the Union on a si a hie and permanent foundation. Friendly mediation should therefore be bn*< U upon tin. rt ? oguiticn o the independence of the h"uth. ? lie /bono la ments the great sacrifice of lis .a, happiness and treasure in the continuation ? hostilities, and Ip/ff Uisi jtiittriUJt IV ITM lUt luV) Of On. fcttatftl poverum.-'nt to use All ita efforts against those who first raised the banner of rebellion because it was then only the rebellious movement of a small minority as soon aa it became plain that it was no longer the rebellion of a lew, but a true revolu tion of the masses, then it was the duty ?f the ft-tiers) government to cede them that liberty which is the foundation of its own national exist ence. It theu goes 011 to speculate on the possi bility of a peaceable separation, bat finds a seri ous difficulty iu the fact that Llic North will desire to limit the new confederacy to as few States as possible, while the South will naturally desire to increase its territory. The only way, it thinks, to obviate this difficulty will be to resolve the ques tion by the votes of the people of each Stato. The Uiario concludes by hoping that France, Engluud and Spain will unite iu offering their me diation, on the ground that the more numerous the Powers mediating the greater will be the chances of success. OaligHaui's Messenger, of Paris, of the 15th of duly, says: -The resignation by M. Mou of his post of Ambasmi lor of Spain In Paris, which is now officially announced, is said to have for mo tive a feeling of delicacy on the part of that gfcn tieman. lie hud thought himself in a position to guarantee that the accord should be maintained between the two governments on Mexican affairs, and would not submit to the sort of moral disa vowal inflicted by the change in the determination of the Spanish government and the approval given to the resolution of General Prim. The Oourrier du liar re of the 14th inst. has a jengthy article on the necessity of Europeau in tervention in America, to put an end to the pre sent war. It contends that, instead of there being any development of Uniou sentiment iu the South, the Yankees are held in absolute abhor rence, and cverv day the feeling of hatred growing more intense. TLo public- opinion of Europe, which the Otutritr confines to England and France, should, lie says, be made to be felt for the good of the whole world. The latest despatch from Constantinople an nounces the commencement of the works for re pairing the Church of the Holy Sepulchre at Je rusalem. They are to be carried on at the com mon expense of France, Russia and the Porte, un der an American architect. Governor Bradford, of Maryland, is making pre parations to enroll the militia of that State into the United States service. The secesh will of course be indignant, and will put iu their claims for exemption. Some will have bodily ailments, others will be weak and consumptive, a few will join the Shaking Quakers but the majority will be foreigners, ami will demand the protection of her Britannic Majesty's representative. Tim Richmond papers are of the opinion that for the next year Virginia will have to feed the re bel ariuy. They say that the corn lands of North Carolina and the rice fields of South Carolina are in the hands of the Unionists, and that, owing to continued droughts, the crops iu the cotton States aTe absolute failures. The recruiting for nine and twelve months men will cease in Pennsylvania, by order of the Secre tary of War, on iho 10th of August. After that day men must be recruited as they are in other ?States?for three years. In the rebel regular ai my there is no rauk above that of "General," and first on the roll stands the name of Samuel Coop.-r, a graduate of West Point. Beauregard stands fourth in rank. The market for beef rattle was a trifle better on Monday; but there was no visible improvement yesterday, when the prices were the same as last week- from Cc. to a per pound. Milch rows were Quiet at from 932 to $40 a 150 per head. Veala were steady and unchanged. Sheep and lambs were very plenty, and about 35c. per head lower, varying all the way from to $2 to $4 a 95. Swim- were active and very much higher, t orn fed sold at 4T?c. a oc. and still fed at 4V.?c. a 4}Jc. The total reeeipts were?3,807 beeves, 99 cows. 583 veals. 12,8*24 sheep and lambs, and 10,280 swine. SI01 ks were dull yesterday: but prices were rather better in the afi*rn-<on, the market closing steady booty was In abundant supply at 4 <1 5 per cent; (old' 115H a 116 ev liango, 127 a 128. The export of produce for the week amounts to the unprecedented sum of $4,134,214 Ths cotton m uksi was unsettled yesterday, and aal'-s confined to about 300 bale*, In -mall lots, chiefly withta the range of 44o. a 46c. for middling uplands, with little regular style or middling to be had under 46e. per lb., while some email forced sales were 1 eportod at a trifle under tb?- inside figure. Wheat opened tinner for good shipping lots, with a got d demand; but the market closed lesg buoyant and active. Corn w ji about lo. better, and opened with spirit, hut closed dull, l'ork vraa in mode rate demand arhlle prices were rather firmer, with sales of mess at $10 971 a $10 93%. wid prima at $8 87)$ a$0 Heef waa Arm and lard steady. Sugars were firm and active, with sales of 3.230 hints.. 820 buxa* and 90 hhda. ruelado at rates given in another column. Coffee was tlrm, but qn:et. The stock embraced 121,283 boxos of Rio and Santos, aod the stock of all kinds embraced 1W,118 bags. Freight.-were firm at 13d. a 13 Sd. for wheat n bulk and bogs for T.iverpool. and 3s. 3d. a 3s. 8d. for Hour For tamdoa wheal waa taken at lid. and flour at 4s The Campaign In Virginia?Tkr Rebel Armjr and It* Movement*?Owr Poller and Onr Duty. The fate of this rebellion hangs upon the present campaign in Virginia. Jeff. Davis and hia confederate* have concentrated around Richmond the flower of their forces from all our rehellioua States, making, all told, a for midable army, very little if anything be low the imposing figure of three hundred thousand men. The rebel leaders have mus tered thi.- army chiefly through a sweeping con scription act. under which every able bodied white man within their control, between the ages of eighteen and thirty-five, is declared to belong to the Army. Their aggregate armed forces tbus brought into the tield are fully up to six hundred thousand men; but the rliie of all these forces is concentrated iu the great rebel army of Virginia. The fact is pretty well established that, in the late sanguinary battles near Kicbmood. the rebel force* engaged were twice or thrice iu numbers the forces of General Mct.'leilan; and, according to our latest report*, reinforcement* to General J.ee w ore pouring in by every train from the .Sooth, so that we cannot be very wide of the mark in pntting down the robel forces In Virginia, between the line of the James river and the line of the Rappahannock, at three hundred thousand men. We know, too, from the experience of some twelve or fifteen bloody but tie*, tint this is an aimy of courageous and disciplined lighting men. and thAt even with onr superior anna and warlike equipments wo cennot sale I y undertake to overcome one hundred thousand of these rebels with fifty UvHjwtnd lrnioa soldiers. According ly, we cannot positively assure our readers that we Lavs tho mtmpxlgo iu Virginia under our absolute control until w* are officially assured I that the Torre- of Mrb'lellan and Pope arc well up to the. aggregate of three hundred | thou and men. Wi a n ignorant of the present I force* of both McGlollsn and Poim. Wo know j that they have l>?en considerably strengthened i within th* laai two or three weeks; but we ' 'pprehcud tliat if the calcirtatious and proceed I Legs of the War (>flt ? are mised upon a Virginia . rebel army of le*s than a quarter of % million cf men, Mr.Secvtery .Stanton ia laboring under a grievous Ynistake Ja Uk UQ*t U id mj ?ritWAl (turn sU "V, - - '? e ' our advices from Rkhmouu that 11*) rebel leaders there are not disposed to wait until it shall suit our convenience to resume hostilitice? but that, on the contrary, they are busily en paged in their preparations for some dashing and daring enterprise. Stonewall Jackson is reported one day, with au army of forty or 'ifiy thousand men, at or near Gordonsvillc, and tko next day the news is that he is ou the south side of the James river, threatening Sntfolk with seventy thousand men. Theas conflicting re ports are intended to embarrass Generals Ilal leck,McClcllan and l'ope; but wo daresay that they understand the true value of all such tricks of strategy. Napoleon Bonaparte made it his first business to ascertain the whereabouts, the forces and the movements of the enemy from reliable witnesses, and we hope that liis teachings in this mutter will hereafter be more closely followed by all our generals in Virginia than they have been heretofore. The raids of Jackson down the valley of Virginia, and his final escape in time to lead in the overwhelming assault upon the right wing of our army on the Chickahomiuy, could never have huppened with anything like proper activity and vigilance on the part of our offic ers concerned in watching his movement.- and in defeating his designs. With all our Virginia amies under the super intending eye of General Ilr.lleck, we have rea son to believe that the War Department will suffer no more panics from these rebel forays in the rear or in front of Washington. Wo have no doubt that General Halleck has made ample arrangements for seasonable and accu i rate information of the movements of the enemy, and for strengthening IJcCleilan or Pope as the occasion muv require. But. while the government and our amy are thus pre pared to meet any desperate assault of :he enemy, we want to see the army of McClellan and the ariny of Pope each strong enough to take the initiative and able to cope with uny force which the rebels can bring to bear against thera or either of them. To this end, in behalf of the universal wish of our loyal States, we again call upou the President to c ill oi^t the militia if he cannot otherwise immediately re inforce each of our two Virginia armies to the extent of fifty thousand men. The whole game nud the issues of this rebel lion lie iu the all important battle field of Virgiuia; and between Richmond and Washing ton, and between this day. perhaps, aud the 1st of October or September, or?who can tell? At all events, the sooner our armies are reinforced the sooner will we be ready to re sume the march upon Richmond. And if we intend to do any decisive work in this cam paign we must prepare to do it before the mid die of November; for after that date the com. mon roads of Virginia are impassable till late in the spring. Now is the time for action, and this is the day of salvation. The French Expedition to Mexico. The latest news we have from the Mexican re public Is very meagre, but on the whole not so favorable to the French army as interested uc counts would have us believe. Gen. Lorencez still continues at Orizaba, where he has fortified himself very strongly; and, in the absence of any immediate fighting, his soldiers have erec." ed a temporary theatre, which, by all accounts, was going on as swimmingly as circumstances would allow. We see no accounts whatever in any of the papers of the reported repulse of the Mexicans while attacking the Freucli positions at Orizaba, and the whole story appears to be one of those baseless rumors whose origin can never be clearly traced. Since the surprise of the advance guard of the Mexicans by the French on the night of the 15th of Jdno last? in which the former suffered very severely in killed and prisoners?the Mexican leaders have manifested no hostile disposition, but rather seem content to await the final determination of the French government. In the meantime there is no apparent relaxation in their prepara tions for future emergencies, and it may be that the Gauls will, ere long, have their theatre broken up by the rude voice of a renewed and bloody conflict. The reports of the attack by guerillas on the 5th of June, on a French convoy for Orizaba, are fully confirmed. In this contest the French lost over fifty wagons of arms, ammunition and provisions, and several of the escort were killed by the Jexicans. On the same day. at a place called La Pnrga, another guerilla band attacked and captured some twenty wagons; so that the T rench loss in the aggregate was very severe. On the 15th of the same month the Mexicans seized a coach train that was on its way to Orizaba, and carried of all its passen gers prisoners to Jalapa, the main road to which city is militarily occupied by thoir troops, and on the road to Orizaba nothing can be seat forward w ithout a very strong escort to guard against guerillas. Cordovu and Orizaba?the points in the oc cupatiou of the French?are in a state of great misery. The necessaries of life are all in great demand and very small supply, and the conse quence is that prices are most exorbitant, and the effect is dreadfully felt by the people. The pre tender, Almonte, is also flooding the coun try with his irredeemable trash of paper money, but not without the most vigorous resistance and protests of the people, who .-ee nothing but an increase of their misfortunes in such acts as these. Taking all these things together, we must con clude that General Lorencezdoes not repose on a bed of roses. Of the six thousand Mexi cans who followed the fortunes of Marque/., and enlisted under the standard of Franco, there are now but two thousand effective men to be found in the French camps. All the rest have gone off by a system of desertion well known to the guerilleros of Morteziiniu s laud. And now the French Commander-in-Chief is making urgent applications to his Consul at Vera Cruz for money to pay these Mexican ' allies," fearing otherwise that not a man of the remnant of tv o thou .md w ill long remain with the invading army. The ntws from Vera Cruz i? no more pro pitious to the Flench. The black vomit, it is positively sided, has made great ravage* among the uoacclimu ed Kuropcon soldiery, and no less than s< ven hundred and forty of the Fro Mb garrison ?r that city have fallen vie-' tint.-, to this terrible tconrgo. The people there ^ are also in tho greater want and wrotchodjif ?3 j public confidence is entirely destroyed, and, ns u,ie of the Havana correspondents remarks. ' nothing but tho impossibility of the thing pre vents a Wholesale exodus of tho people from the places now occupied by the French.'' huch is a Uriel reeume of affairs in uufortu nate Mexico, at a moment when imperial France ta ?ending her nrmie and iron-clad hhips-of war to fight against her. Would it not wort iA nvsvc Jsmko witi the ipUU yf m ttce and humanity?to Mexico as well as to France?that theee legion? and armed ships be at oaco recalled ? TUe Financial tfjrstt-in of the Govera ?urut. The rebellion and the wur into w! "ch wc have been p'ungeil have ho shaped linauci.tl mat' tors that Secretary Chase now occupies the name potation that the celebrated Willi'im Pitt, the I'rimc Minister of England, did daring the French Revolution. The English government had at that time an extensive war upon its hands?a war that tried the resources of the country and called for the adoption of bold financial measures by its agents. Specie paymout was suspended in 1797, and iu February of tha' year the paper money system was inaugurated by William Pitt, and continued to be the sole circulating medium until 1819, when the Bank of England resumed specie paymouts. Consols were nearly at par when the paper money was made the legal currency of tlie country, but immediately afterwards foil to fifty-eight. The public miud was iu an excited coudition; owiug to the war, rumors of invasion, and consequent commercial changes, and every thing in an unsettled condition, fluctuations and uncertainties were the rule. The bro kers, financiers and merchants at onco com menced assailing Mr. Pitt, and charging him with ruiuing the country commercially, financially and every other way. All the evils hat the war, the excited condition of the public mind and the revolution in trade and com merce had brought upon the country were laid :it the door of Pitt's paper money. But, with all the attacks that were made upon him, ho persisted in the system, aud with the sanction of Pailiumcnt continued it until tlio close of the long contest at arms. The rosult was that England, after relying solely upon paper money for upwards of twenty years, success fully emerged from the war, and with the re turn of peace the Bank of England again re sumed specie payment. The similarity between the financial con dition of England during the French Revolution and our own at this time must be apparent to the most casual observer. Many of the evils of the pupor currency system of England have? however, been obviated by ours in the careful arrangement of details. They arc both war measures, and a uecessity to the successful pro secution of the war. Consequently the criti cisms and tests that would apply in times of peace have no bearing whatever upon them in time of war. Many brokers and Wall street financiers loaned large sums to the government at the commencement of the war. hopiug there by to get its finance* fully under their control, in this they have been disappointed; the con fidence of the public in the government pre vented its bonds falling in value, as did the British consols on the issue of paper money; and now they are busy assailing the financial system inaugurated by Secretary Chase, in the hope of creating a panic that will bring about this result. Hence the World and other jobbing journals are continually publishing articles in the interest of these panic makers, and assail ing the currency established by the govern ment. The only result, if guy, of their work is to destroy confidence in and weaken the gov ernment, atul the strengthening of Jeff. Davis and his extensive conspiracy. In all their state ments and predictions that, ruin and disaster will follow the continuation of Mi'. Chase's paper currency system the facts in the case are against them. By citing the use of gold, its ex portation and other changes in trade and traffic, they make, it is true, a plausible story on their side. But the real truth of the matter is, that those evils, If evils they maybe called, which they charge upon the currency, are tbo results ol? the revolution in trade and commerce, and the interruption of couunuuicution with one section of the country by the rebellion and the war. and would have been a hundred and a thousand fold worse, were it not for the paper currency system of the governmeut, and are not chargeable to it. Ii?t us look at the facts as they are. In 1860 the specie* in circulation through, out the country amounted in round num bers to about two hundred and fifty millions, and the bank notes to two hundred and nine teen millions, making a total circulating uic. dium of nearly four huudred and seventy mil* lions. In 1861 the country was plunged into an extensive war, communication and commer cial intercourse were cut otf with one section of the country, and the depreciation of the securi ties of the rebellious States, which formed the banking basis of tba Northwestern States, caused a sudden collapse in the banks of the latter section and the withdrawal of theip circu lation. The entire disappearance of the South ern and Northwestern circulation took from business circles at lea?t one-half of our hank note currency. The subsequent suspension of specie payment by the banka has withdrawn gold from circulation, and instead of being a portion of the circulating medium of the coun try it is now an article of commerce Here, then, is a direct reduction of the currency of the country of over three hundred millions of dollars, or about threp-fourths of the entire circulating medium. What is to he done, then, in this condition of affairs? Shall we rely upon one-fourth of our former currency to prosecute the war and conduct the usual business of the country? It needs no financier to see that it ould be utterly impossible. Universal stagnation of business and financial distress would lie tbe order everywhere, and the war would end for the want of means to oarry it ou. 1 be reverse at Hull run revealed the fact that more extensive warlike preparations had to bo made. To do this the government must have the means. The unfriendly attitude of England and other European governments forced the administration to look exclusively to our own resources. The issue of the people's loan, or the seven and three-tenths Treasury notes, and the (i uuand notes, answered the purpose for a time: but the want, of a circulating medium was felt in business circles, and prevented the government from disposing of its bonds as fast as accessor) to raise the means for the prosecu tion of the work before it. A universal com plaint of no money came up from all sections. In this condition ol affairs .Secretary f .'base ma tured the plan of issuing legnl tender Treasury n<?te*. with a dire.ct tax and revenue basis, and Congress authorised their issue. This system is superior to that adopted by England junior ' the dim lion of I'ilt, inasmuch as the note* under the taller wore not redeemable until th return of peace; whilst our legal tender note*, although not redeemable to-day in rpocic yet an* convertible at par into United Stat.es bonds with Interest payable in specie. This inches the lystem of Mr Chase a self-renovating tfUCi tar i>Uv Gurjiout that the legal tender note# become redundant they will be concerted into United States bonds with specie paying internet This prevents their becoming a drug upon the market. All must admit that the exigencies of the times require that the currency of the go vernment should be adapted to our inter, iml trade. Our commerce and traffic with foreign nations huvu been entirely changed by the war. The result is fluctuations in gold with every depressing news from our armies; but the internal trade ia now prosperous. The large in crease of the receipts of all our railroads and every lino of traflic shows this conclu sively. To move the supplies for the armies and the breadstuff* of the West eastward a large circulating medium is needed. In the ubsence of thretvlouifhs of tha cur rency m circulation before the war, the gov ernment can easily issue from three to four hundred millions of legal tender note* in its place. The self-poising system of converting them into bonds will prevent there being any excess at any time nbovo the demands of the country. We therefore approve of the further issue of legal tender notes by Secretary Chase, confident that it will work to the good of the couutry, and urge upon him not to heed the wails of the panic makers, but to look solely to the financial necessities of the government and the internal commerce of Ibo country. The most skeptical must see that one-fourth of the circulating medium of 1800 is not sufficient at the present time, and that the issue of legal tender notes is a necessity not only to the gov ernment, but to the internal trade and traffic of the country. But while we approve of tho financial system of Mr. Chase we condemn his negro mheions and his outside schemes, which lie, in tho end, will find more than oounter baianco the reputation that he has obtained as the financial agent of the government. Senator Wilson Mailed l.iUe a Rap to Uic Counter. In a recent speech made at Newton, Mass*, cliusetts, Senator W ilson, of that State, had the boldness to deny in Mo a speech he made in the Senate on the 28th of March last, and the substance of which was published ia the Hkrai.ii, by telegraph, as follows:? Mr. Wilson said )i?t agreed with tho Senator from Maine. He thought llx-re were 150 0 HI more men tliin were necaou, and lie though, the War I'Op.ulmeiit ought immediately to atop enlistments. We sum have thou sands U mtu unfit tor duty, who nuglit to bn discharged. Ho thought C"Ufc'i'n: s could UTiiu.'ku gCBora's as i-Si-.ly as it could make thorn.?liuiiui, March '20,1802. In reference to this report Senator Wilson, in his speech at Newton, says "there is not only uo truth, but I here is not a shadow of truth, on which to lay the foundation of the assertion;'' and he goes on to say:?"I have always main tained that government wanted more men. So much, Mr. Chairman, in explanation of the false position which the Nkw Vonx Hkuai.d has sought to place me in, and which other papers hare echoed." Now we have taken the pains to hunt up the report of the speech of the Senator, as it appeared in the Globe, the official paper authorized by Congress to publish the debates, on the condition that members may correct their speeches before they appear. Here it is, verbatim ct literatim:? Ml . Wilson, of MaxsScbuMtle?The Senator from Maine (In inner li/ty proposal to reduc ? lh< uum'-cr of m.-n nut no riced by lc.v awn v. to Jar hundrnl th ? i i.nl, / if fir vjilh him in thai. Still we havu out o-mii ?i>!<? "? e.? it Jt wot euttgnlcA a!mj tint', umi ouga' to s op nc ?sung. I ugrte to thm1 ? / have over ami <rr again ben .o A- M 'artifice ami urgrii Uinta tin de;xirtn.rU U> flop rcruitimj in rr.-ry part 0/ the cotmtry. Wn lm\u liad the pr^m. e tli.it it sboulrt bit done; yut every day, in duUroul pen* ol tho country, v?e liavo nccocuts of men ben:*; raued uu.l brought I'urtli to fl'.i up tliu rank* cf ragiiiieutn. 11m pnpei e to!! u.< tiiut tu Teiiix-asee ami olltor pert* of the country v. bora our ainue* move, we are tilling up lUe ranks of the army. t hrJi.it ice hate U ilay one hundral and fifty thousand morr men tinder the pay of the govern writ than we need or can well use. f ha it nit a a. no.; of it . and 1 think it ought to be. checked. / think the. U'u. Department . light to i .rue per, mjihrry orders fmitdditn) iJi emisimnit of another soldier into ih.- volunteer tare .1/ Uie timid States tinln tlio tune conio wlian ?? u*od them. We can obtain theni any time when wo uoe i tli em? Washington Uloix, March 20, ISiJJ. There was an honest old custom of nailing counterfeit quui'tcr dollars to the counters of grocery stores. It is thus Wilson is nailed, like a rap, as be is. Did lie correct or explain away his speech in the Globe at the time it was pub lished* Not a syllable appeared from him on the subject. But uow, after the lapse of three or four months, when the disastrous consequences of his wickedness or folly, or of both, are de veloped in the sight of the nation, and we call public attention to the fact, he unscrupulously denies that he ever made any such speech, and declares :?" I have always maintained that the government wanted more men. There is not a shadow of truth on which to lay the foundation of the assertion." What assertion? Why that he said " wc had one hundred and fifty thou sand more men under lite pay of the govern ment than we needed or could well use." Can the force of unblushing impudence further go ? Is it not clear that the Natick cobbler ought to have stuck to his last and never left the bench How long are the halls of Congres? to be dis graced by such demagogues ? it is bad enough that the self-constituted organs of "the inter nals'' should be tolerated in their treasonable attempts to break down the government and the Union generals by such misrepresentations as that only a handful of rebels and a few Quaker guns atCentreviiie scared McCIellsii. with his magnificent army. So said the Tribune. But when Senators like Chaudler give utterance to the same audacious falsehoods in Congre?<. and when a Senator like Wilson, Chairman of the Military Committee, on the basis of these con cocted stories, declares that we bave 1 .">0,000 inen more than wc need, while our armies are repulsed on every side from want of sutlicient numbers, this is still worse and far more crimi nal. Congress, the government and the coun. try are deceired, from the fact that Wilson is Chairman of the Military Committee, and ought to know the mutter* of which lie speaks. He said "recruiting ought to be slopjMtd.'* and "he bad been over and over again to the War Office, and urged upon the department to stop recruiting in every part of the country." Who is to blame that General McClellan had not enough nten in the late battles before Hu h mood ? Senator Wilson and the other radical Senators who went to the War Office, urging upon the bead of the department "to issue peremptory orders forbidding the enlistment of another soldier." Since the retreat from Richmond, compelled by Wilson A Co.. the people's* pyes bave been opened, and the Massachusetts .Senvtor has heard the first murmnrings of the thunder, ap proaching nearer and nearer, and be exclaims "! am not guilty." The blood of the *| ?Jn is upon ins bauds, and, as Macbeth said to th ? ghost of Bantjuo, "Thou canst not saj T did it,'* so does Wilson cry out, as iu Imagination be a,-es the Indignant shades of his victims flitting round him, and listens to the wails of the surviving friends, "Ye cannot say I did it." When one Mas*ocbu*ettv yenalor devotes the energies of bis wholo lifo to persecution of one section of the country, from no higher motive than because lie once received a personal in dignity a ytjuUera man, and vrheo another writes a letter saying that he k" willing to do everything in hie power to hel>? McUlellan, after going around the newspaper a ffioes to in duce the editors to denounoe him, an d when it is also notorious that he aided in the rejection of the most trusted officers of Mc&tallan's army, for the purpose of stabbing that goneral in the back over their shoulders, what can be expected from such vindictive feeling*, and what from such malignant spite as blinth'j sacrifices the blood of the people and the in terests of tbo nation to its own base gratifica tion t Tlie Bungle In Recruiting. The Governor of this State coincides in the opinions freely expressed by our military lead ers, by our journals and by our patriotic mer chants, that the general government should take the recruiting business from the severa States, and manage it upon some comprehensive system, and that the old regiments of the army should be filled to their full complement before any new ones are organized. We hope that the Governors of all the loyal States will be equally sensible, prudent and considerate. There can be nothing gained by distributing the recruit* ing among the different State authorities, while political geuorals and colonels, avaricious con tractors and middlemen wilt swarm upon us, and the bungie In regard to bounties will con. tinue to operate disodvantngcously to recruit ing everywhere. What is most needed now is to place immedi ately in the field a large anny of trained soldiers. By the plan now in vogue it will lake at least six months to raise, equip and drill such an anny. If, however, the general government takes charge of the recruiting, of fers a large but equal bounty in every State equips the soldiers as they en lint and fills up the old regiments with the earliest recruits, we s!;?U Lai c an immense army in the field in a few weeks' time, and can increase its numbers by sending on a new regiment every day, as wo did during the excitement which followed the repulse at Bull run. It cam ot be too often re peated or too strongly insisted upon that by continually recruiting the old regiments wo keep a veteran army continually in the field. The first Napoleon alwuys made a few compa nies of veterans the nucleus or a regiment of conscripts. The rebels, who have also been obliged to resort to drafting and conscription, adopt the same plan. The rebel army at Rich mond was suddenly swelled into immense pro portions; but it did not become a mere mob. The drafted men, collected by force from every qdarter of the South, wore incorporated into regiments already existing, and the result was the creation, as if by magic, of a numerous and well disciplined army, led by experienced offi cers. Would it not bo wise for us to take a lesson from tho rebels, as they learned from Napoleon, in this matter? Both Napoleon and the rebel leaders knew belter thuu to organize regiments and bri gade* entirely of new recruits to confront an experienced and disciplined foe. The reason why General McClellan delayed so long at. Washington before moving against Manassas was, principally, that he might transform the rabble which rctroatod from Bull run and the reinforcements which arrived from the North into an army of soldiers. Had the rebels op posed brigades of new conscripts to our Army ? of the Potomac, we should have swept them away like ehatf, in spite* of their superiority in numbers. The fate of raw brigades may be seen in t hat of General Cawy, which, as a brigade, could not withstand the enemy for a moment, though detachments of its soldiers fought gloriously. The old brigades of the some army encountered the same enemy and drove him triumphantly from the held. Is not the lesson plain that we should endeavor to have all our brigades composed of veterans? By re cruiting the old regiments we do this. The new recruits have the advantage of experienced officers; and this is moro than half the buttle. They have the prestige of the regiment to en courage them; and this amounts to so much that, at Waterloo, Wellington could not con quer Napoleon's Imperial Guard, though be de stroyed every one of its members. They are sur rounued by experienced comrades, who can in struct them in camp life and in drill, and stimu late them by example on the hold of battle In point of fact, every rocnift joining ait old regiment becomes a veteran, conducts himself like a veteran in his first battle, lives like a veteran in camp, and shares and increases the blood-bought glories of his veteran corps. But wo urge upon the War Department the revision of this recruiting business, not only because the plan of filling up old regiments is the best, but also because it is the quickest way of increasing our army. Thirty regiments are started at once in this State; they are filled up at the same time, and are ready for service at the same time; but what good do they do us or what harm do they do the enemy during that long interval which elapses between their ini tiation and completion? None at all. Now. suppose that, instead of the recruits being thus frittered away by dividing them between thirty regiment* here, they should he sent on to Wash ington in squads as soon as enlisted, and appor tioned among the regiments already in the iie'd ? Why, every man would become of im mediate service, and the army would be imme diately reinforced. W# hope, therefore, that as the plan of first filling up the otd regiments by the adoption of some general, national tyslem of recruiting is thus demon strated to be the least expensive, the best and the quickest way of increasing our army, it will be speedily Inaugurated by the government, and that, if aoy discrimination be made in re gard to bonntios, the men who volunteer ex pressly for old regiments will be especially favored. Tits Triwnb avu Grnkrai. MoCuYmw.? Poor old Greeley sueakingly denies that hn has ever "oppesed the reinforcement of General McGlellan, favored a division of command* and uttered various calumnies against the Grand Artuy." We refer poor Grcoley to the Triton* tiles, from uuieb tie will readily iearu that he "opposed the reintorcornant of General McGIol Inn" up to the very last moment, whon he wan scared by the letters of his correspondent, riam. Wilkeson. Into giving MH'lellan's army a half hearted support; not, as be repeatedly stated, because McfU-Uan was worthy of support, but because his army was in danger. He will learn, alio, that he did "favor a division of com mauds,' aud rejoiced exceedingly when Kre mopt was assigned to the Mountain Depart ment, puffing him at. McCletian'* e*j ens* As to his "various calumnies agar t ihe Grand Army," w# can feW to any one of t.;? TKfrtme issues Nvenr i ay the 'Trihi ? appears spibiM"rl ov< .? i h a sort of tart of malicious, cowardl y.si e. n >. paragraph! abr it the Antif