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EXTRACTS I'ltOM OUh DAILY HEfOHTd. Tuesday, FtBBUAaY 10, 1868 I\ SENATE. Mr. COLLAMEB called up the b.ll leoigauizing the Pd-t Office Department. wb ch was passed. Mr WILSON, of Ma??acbui.etts, from tbe Military Cnuuiilte, reported a till t'> authorize an increase vf Major aiid Br gadier Generals iu tho volunter service. Mr. 8UMNEK presented a petition irom colored Oit.zens ?.f tf-'w Jenny, protecting against any appropriation for ooloaixation. . , . ... , 4 , Mr FOSTER offered a resolution, which wan adopted, requesting 'be President of the United Slates. if not iu- i coUipat.bie with th- public mien at, to lay before tbe Ben- J ate Lilycorrespondence which has takiMi ?.l.ce between,! this Government aud tbe Government of France ou tbe ! eulj&ot of mediation, aroitraton, or other measure*, iook ms to b teiuj'otttiou of tbe existing civil war A NATIONAL CURRENCY Tbe national cnvrency bill was then taken up Mr. SHERMAN *aid this rueaeure wai proposed at tho la<t ai an on, but met with but lirt'e attention. Since then it bcB received most careful considersilnu from person* in ah poitions ot tie country, aud especially of the commit tees of tbe House and Senate. Wo are now in a oondi ton when something mutt be done to sustain tbe finarcee of ih^ country. We are iu tbe mid*! of war, aud gold at so high a premium tbn'. it is virtually driven out of clron latiju, while tbe nec-?ities of tbe Government require tbo use > f ? iarg<- amount of mouey. Already Congrosa, at the last sofB.on, finding tbe Gover.iUn nt without any money, authorized the issue of Government notes ; but there were icreat objections to the continued and increased ieaue of this paper money. It pioduced rxcr?ive inflation of cur rency and depreciated gr<atly the value of ttiis paper money. Ibere is great objection ou account of the facili ty foi excesnvo expansion, th? danger of lavish aud Cor rupt ex enditnre, tre danger ot fraud in management and supervision, a: d tbe Impossibility of providing it in suffi cient amouut for tbe warts of the people when the expendi tures are reduced to ao equality witb the revenue. At tbe time whou a bill waa offered i.i tbe H> U'>e to increase the iusueof tbis paper money, gold was at 1361, 'bo next day it ros* to 138, and within three days to 141,aud in aixdays tj 1404 aud Lever suffered a decliue uniil there was a dis p sitiou evinced iu the Seriate to check this over-iseuo. i bat simple disposition to cbcck this increased issue caused gold to fall three or four per cent. Another objection to this paper money is that it la not redeemable or converti ble, thus lacking the elements of a sound national currency Ttese notes are also made the ba.-is of hank ibsu?b ; and the increase of tins local l>tuk circulation i? i<i preoisely tie same ratio of increase as that of tbe United States notes. S*>uieihing ougtit to be done to check thisexce sive issue of bank paper. He bad a cuii us statemeot in a compiaiut ot the proposed two per cent tax, >ent to him from a bank tu Pennsylvania; It shows tbat tbe capital 8t<?ck was $200,000, while its circulation is $569,600; the whole asset* aie nOt enough to pay their d- poaitors and the current debta, leav ng tbe whole circulation secured by loans and discouuta! And he feared that many of the ba ki of the country were in the tame state. He taought he could prove tbat in time of war these local bask*, with their paper issue, were iuiiuicjl to the country. A privi lege to >68ue this money in lines of suspension of specie payment is the fame as a piivil.go to coin money?a privi lege wh'Cb iu times of war especially should only be exor cised by the State l'aelf, and not by any private corpora tion. The great danger of this p^per currency ia from an over isBue ; ail t isto y h?? shown this. The French aasignats were at first g od, but by iho over issue became worth Jess. Tbe Ausriau paper money by over i??ue became bo deprec at?"d tbat oie tb>??Band dolla'B was worth <nly one io t;o:d. The Ct miuentnl m n?*y fe!l to about tbe same discount; If it bad bt>eu restrained within it? proper limit) it might bave continued good. This oountry will bear tho issue of about $400 000 000 of paper money, and uo mr re. Tbe momrnt you go over that you begiu to bring ruin upon tbe country and produce an immense ii flatit n and wild ?peculation. TLe plan cf currency will be eale, far safer than -nv other paper currency ; it will have tbe credit of tbe United States, a d-poe.t of one-fourth the ciroula:ion, ai:d tbe liab.li y of tiu stockholder to a certain extent. These b lis wili be convertible at any time into the lawlul money of tbe United States, acd tbe curreucy will be uci Jbrm all over the country, so that a bill issued in Maine wilJ be taken in California. I auk* will be organized all ever tie oountry, at.d a demand will be made for the bonds of the (JnverniU'-nt, aid a great market for bonds made. There is no ark of capital, there is capital enough to ouTy on the business of tbe country, begging for inves ineott there is a Jack of confidence aud system. This sys tem will furnmh a convenient mode f??r the c >llecvon of taxis all over the country, these notes beiug receivable for taxes evrry wteie He believed tt w< uld be beneficial to tbe banks; it would tend greatly to prevent counterfeiting, now so prevalent. The notes of over 1,200 hanks b ?ve bren countejltiird or altered, over 3.000 altered, 1,700 spwri' u-> notes 400 \aneti'S of imitations. Tbe number of b&nks !U J?02 uas estimated at 1,500, tbe notes of all were counterfeited exoept *53 ; the number rf kinds of im1 tarioas it l,tft>l, the a u rations 3.039, and tbe apunoua bills 1,6(35. This #)atem w:uld tend U? prevent all this. Tbe tMMikB will have tbe benefit of being drpo?itaricB cf the Gov ernment. Tbis system will also tend to promote nation ality, by nationalizing the currency of the country, and binmrg tog-iber the wh >Ie country. He reieried to tbe cases of t ie Bir.h ot England ni d France, and claimed that it was necesfiry for a Government, in order to boiroiv large amount* Iri in the people, to have some sgeuey ol this kn;d ; and there banks reieried to Lave always been Jhf gieat support of the Government in times of war and trcooie. If we plaov our finances in a healthy and sou d condition we may be uble to Carry on the war and to pro vide for tbe payment of tae pu'd c deb', but if we continue this over Iteue of paper money, without any limit, tbe re eult cannot hut be universal financial ruu He dii not take >o glo. my a vi? w ot our Gmmces as many d;d ; inde-o, as oompar^d w.tu orter w dem nations carrying on !ar#e war-, our fijaucial a^nrtition waa wonde fully g. od Even at the veiy eommeucement of the war boiMieo England aud FraaC: tba Engiish three per cents, foil t ? fifcy-r ne, a-.d then u> forty-fiv, and ruin seemed to be ttaring every one iu tbe feCe, a etats of thiugs far uorae thau any ibiug we han.- sceo i but that people did not stop, but penevered ill tbe end. And tue I* rench securities at oue t.mc were ar tuaiJy <voriu notha.g, yet taat great people went on, till tbe genius of Napoleon and the sun of Austerlitz resioied tbe finanoes of the Government He wished above ail things to establish a tonnd financiil fyat^ui. as the promi ueat means of preserving our nationality, and one gma: meanB of preferviog our national life is tho estabhshuieut of a sound national currency. Mr. Powell's aire diaeut rrquir Dg the ba:.ks ti ke?p ?fMniein their vaults to the amouut of oae-i u th tbe r circulation w?? njected?-yeas 14, nays 2i. Mr POWrELL moved tostiikeout tbe provision ex clu^if'g these noU:.-. from b< in*z received in payment of im post*. He c aimed tbat tbe Government shonld receive the same notes which it f >rct-a the people to take. Ite JecVd Yea??Meisrs. Bavard, Davis. Dixon. Foot, Ken uedy, Powell. Kjcbardsv^n, Turpie, and Wall?9. Nays 27. Mr. HOWAttD fftoved to amr>od bo as to require thirty per cent, of tbe capital sto. k shall be paid in in gold or silver coin. Rejected?yea* ID, nays 21. Mr. POWELL offer d an amendment requiring tbe aa aent of the Stat s to the organization of thes-j banks ?e jeo>d Mr. HENDERSON offered an amendment increasing the rtork of ther>e bmk<. He uarud the i'srablisbm< nt or a large oumher of amull banks lonaUd in inaccessible plac*-'. He wa* willing t<? do all ho c -aid to aid ?h? Gov. ernmeut; lie w.n wi:li'.g even to vote for menvur-'a be might eonsiJer of doobiful co istitunonality, but he thought tbe fu'ui* would show the Be?e**i'y of t lis amendment. Re jected?yeas C, nays 31. Tbo Senate then adjourned. .HOUSE OF REPRESENTATIVES Mr AKaJf'^LD offered a les UiioU, which was adopted, i instructing tb." C' muiitte - on W?ji an I Means t. ir^u re into and leport ihe effect of the workings of the cxc se law upon manufacturer* of limited nteans. The House resumed <h^ conxideratiou of the joint re?o lu ion authorizing t> Secretary ot the Navy to u-ijust the eqwitibie cUiina of contract rs for nival supplies und rc gu>a i'.g contr?0!s wiih tbo lJcpartuient [ 1 he bill aiitborize? the M< creta>y of the Navy to tdju-t anu settle the claims of contractor* lor naval supplies, who during Ihe ia<t fiscal jesr ending 30th 1^62, have furuistied to th>? Departm nt more than fifty per centum libit** tbo quantities ap?-c ficd iu tbeir coutrsc ? wnh< nt default therein ; and for the purpose of beari g naid claims may associat e with iho chief ?>t !h^ burea<i uith wh cb the contract was made tbo chief of any other bureau, subj-ct to an appeal to the H*<re ary from tbeii decision. It luitber provides that uo contract r shail he allowed exo-pi upon tbe excess over tbe stimulated quantity, and fif y Centum >n add.tion thereto, and up >ri s ich excess uot more th in snffl.-ient U) make tf c price ther>-OT equ 1 to the fair lunket value of tb ? Bnpplie* at tbe tim? ni d place ? f d. 'ivery. It further provides tbat all claimants under any such contraets uball present tbe.r cla ins to tbe De p at tine n' witbm sis mon bs after the taasate nf this net, or be forever barred tiom auy equiiable claiin on acooun! of said c<>utrsct?, and no contractor whu in his proposals has offered sup^li** a* he'iti' us prices shall be e iti'l-*d to the b-nefit hereof It also provides that tbe Depart ment, in contracting, shail be ?,t liWity t? reject th^ oflt r pi any person who, as principal or surety, has br-en a de faylter n any previous contract When supplies are ex hanaU-d in contracts with a-iy bureau oetoie th*expiration of Uie fircal year proposals shall be advertisi>d ill the usual mai ner foreddiii na' supple..] After debate hy Messr EDWARDS, KhIJX)0Q and WH.KL/FFE hirairiat th- b-ll, and Messia ObELL CONK LING, and SEDGWICK or it, tr.e bill was r^ COQtuiiti#d to the L'ojAUiUtee ou Naval Affairs. The House returned tbe oonsileration of the report from tie Committee on Elcclious, concluding with u reso lutiou tint Bknjamin P Planlkms u entitled to hu boat 10 tbi* Houmj (.? a Rcpiesenlalive fiom the State of Lou isiana. Mr. MAYNAUD said if this Unim wm ever svred It would to by the loyal uieu of the Nrntb the meu who we re liow Jaoguisbii g iu fc'ouihern piitous tor refusing to take an oath to tbe r? bt-1 Go?ernin< nt. " Except tteeo iib.de in the ship, )u cioitOt be saved." Mr. THOMAS, of Massachusetts, said he would under take to say there n ug not i ue man iu tea iu Maasaehunetts who would aaoctiou the doctriuo of Sts'.e suicide. He thanked God iLe.e w.m i.ut uuO Mr. ELIOT replied that a large majority of the sensible people of MassaehuBotts were opposed to the doctrine of bis colleague Mr. THOMAS rejoined, r. peating his assertion, und add ug that bis colleaeuo had uot advo:at-. d that doctrine to lid people nf MasriicLu?otU duiing the last oainpaigu. Mr. ELIOT replied that tbe doctrine hau bieu nivocfc tsd by him. Mr. DA WES did tot tLi .U Muarnchus'-tt* politics bad any thing to do with the question of tbe admissitu of the members from L< uisiata. Mr. MAYNARD continued his ar&umont in favor of tbe admiss on of tbe Loui?iuna members, saying that they were the representatives not of Mr. Shipley, but of the people of tbe respective districts, aud that under the o'ause of tbo Constitution ^u-trauiying to every Stale a republi can form of government tbey were entitled to repie.?nta t:on. In reply to n remark attributed to some Mars&ohu set b Representative that tbe rebellious States hid com mitted political suicide, be said this was uot so t they still lived. Mr. VOORHEES said tbe States had not committed suicide ; they bad beeu murdeied by military power. Mr MAYNARD next argued tnattfce utiliiu.y governors appointed by the President lor Tennessee uud Ijouuiaua bad been legally appointed, and also contended that in time of war the mili ary power ueoessnily e iminated th > civil. The power cf the President to guaranty a republi cs form of government to each State carried with it the power to use tbe necessary machinery to efl> ctrlut object. If membeis came here forced upon the people at tbe pjint of the b?yo. et tbey could be rejected, but these were r?*al Representatives aud should be admitted After a long debate the House alj-uruod Wednesday, February 11, 18*j3. IN SENATE. A m SKage was received from the Pre:>idout, in response to a resolu 100 oi tbe Senate, transmitting the report of the Secretary i f otate, relative to the viait of M Meicier to Richmond. MOIIE GENERALS KOR THE ARMV. Mr. WILSON, of Massachusetts, called up the bill to increase the number of Mujor aud Brigadier Generals in the volunteer service [The bill providos au increase of 30 Major aua 1<0 Brigadier Generals, making the whole num ber 70 Major aud 270 Brigadier Generals ] - Mr. GRIMES was opposed to the bill, and asked for the ayes and nous ou it* pasjage. Mr. C ?- hLILE wanted to koow how many of these Generals wore uot ou duty. He thought this increase would add greatly to the expense of tbe Govtiuuieot Mr. WILSON, of Massachusetts, sa d many Geuer?U had been appointed when the new forces were raised. He did ' ot believe to many w?.n; needed, and he thought come imit should be placed ou tbe number, or eiie uomiuations of new Geneia's will be sent to the Senate every day. Mr. GRIMES ?aid there was more objection to tbe qua lity uf the Generals than the quantity. Many of our Gene rals ought to be removed aud better men put in their places. A NATIONAL CURRENCY AND TlfE HANKS. At tbe expiration of the morning h? ur the CHAIR call ed up tbo special order, being the bill to aid the State ot Missouri in emancipation ; but the unfinished business of yesterday?tbecurrency bill? being,bewe.er,first iu order, was taken up. An umenJmeut offered by Mr. Harius was adopted, ti at if any bank or bauking ks&ociatiou, engaged in banking, shall be the holder of United Stit-.s bonds to the amount ot fifty per oent. of its capittl stock, it may tra .afer aud del.ver to tbo Unittd rtates Treasurer such bouds or part thereof, iu the manner provided by this act, and v.il! bo emitted to receive circulating uotes equal t> eighty p\r cent, of the bonds so traiuferred and delivered. Mr. COLLAMEK said this bill could uot be r.-gsrded as a war measure, although every thtug prop ?ed uow is brought forward a* a great measure, or as something to save tue Union Tins bill ouuld have no etf-ct for som > two or three years, and he supposed this war wai to come to an eu<i at tomo period. But tuis bill is put forward as a great financial measure, aud its gnat obj ot aud aim is to withdraw the local bank circulation tl. over the ohUq tiy and CBtabloh in place thereof a ?re.it national cuirency, aud unless this object is attain*d tbe bill will f&iL but whatwoud be the elTcct of such a mea-uref Iu New England especially and must (f the Middle aud \Vii:eru States the business and all the interests of tbe people are iotin acely connected and bound up with the^e local banks, and the winding up of all there banks Would create *ucb a state of di?t>e?s and 6aaucial Comusion as could not be described. And it might be veil to inquire if we have the power to extinguish all tbe*o banks even in these times, when it is almost deemed heretical to queatiou the extent of power. 1 here are many powers which belong to the Stat-; which are entirely nidi-pendent of the action of Coosress, such as tbe right of State taxation eel :ain State law;, die. Ihe Supreme Court decided iu a case iu Maryland that tbe United States might naiablisb a bank with branches aud tbe State could not tax them; and in a case iu Kentucky the Court decided hat the local banks were oobsaiutioual, and the State h u! a perfect right to authorize th-ui That ri*ht must oertainly be mdepen deut of the Geu^ral Government; and if tbe State oannot tax a United fct.ntos msti utiou out of exifteuoe, tbe:. t ie Geoerai G >vernioent caaoot tax a Sta r institution out of exntence. I hey might as w. 11 uudert^ke to tax the schools a..d colleges f New England so Leavlly as to com pel them to close. He bad gre*i doubts of the propriety of the Unite! StiteB becoming respouaiblo for tbe re lf-mp tu.n of thrse bill*. The United States a-, one time ? stat> lithed a batik with a capital of thi ty-five million*, aud that b.i.k was only clo?ed because it was re^arueiasa dangeiom political engine wiich could be used by th* p arty in power. But this bill prop jses to ettabl sb a bank with a capital of throe hundred millions, and allow the Secretary of the lieaaury to estab ieh tbiee thousand banks throughout the couutry. mostly uuder his control. Now. it the ild United States back fur nit bed well-ground ed apprehensions of being usjd as a dang- rous political eueine, what can be said of the present scheme f If the Secretary of tbe Treasury oonld be fu.nisheu with all this p>wer, anl if he chose to use it, be mitt be a very bungling politician if he could not make himself Pre side t :.Dy dtfy In time of war no nation is exptct-d to way all its expenses as it go^s along. If it pays the in terest on it? debt tha' i? all that is ever expeotcd, and that wc are now doing, nud can continue to do. He did n.'.t see b )W th? propoied plan was any better than tbe plan wo are now pursuit of issuing pap-r. which circu lates ftiioug tb-' people. But. lD-tead < f is?uing theamouut we nvd, wn.ch wou!d g out among the people without any cist to the Gore riiaent to place it <a circuiatiou, It is proposed to u tabiiah all ihese na.ks and pay litem twelvo millions a ye?r for circulating thete no'es 1 bat is the pUin English ol this scheme In regard to the claim that this bill is to establish n uni form currency, he conteudod that it was is imp->sible to make a uniform currency by l?w as to regulate tb?circu la ion of the blood. In former times, when great statea lu'-n undertO' k to eatablirh a pnj<er currency, th< y never thought of pu" ng it up n auy o.her gr< unM than that of beir g redeemable in ?perie. fhe only basis u;on wh ch they prrtendt d u? issue paper money was fiom its imme diate relation to that which tho woild regarded as of ppr> ? maueut value- When the United btMea Bank wa? eit tb- < lishtd it was not proposed to extinguish the State banks; I ihst, with other extraordinary powers, wis left to te i brought forward iu tbe.e latter dnys. He c^nt-.nded that the pr< posed tax of two per cent, on c rculati >u v*a? eqml to three or four per cent, on their capital, wfcich would necessarily cause the banks to suspend operations. If the ,Tsuuf?"turer ; 'sr-id a pe** eenta^e < n bis pr. d'irti m?, h? cim place !he La^ on tne price of the go: ds, an1 the burden doea u t fall on lrm -UtilC y ; but the banks cau do uo sucn hiog He c mt-mded that there would be n ? iniucement | for c?pi alisU to es abli h these banks, eveu if tto others we e oestroyed They would bftve to invent ^100,000 in Croted Stat..s boids, at a fixed va ue, for twenty years; : nnd they cm have $'.*),000 for circulation ; but they must ki-ep twenty-the p r Cent in their vults They would ?et 000 'ro i tL< Govcr meut and $5,000 as i.itore?t ou ite |i>90,000 ci citation. Ihiro would be no excludes, ! and ifiat is ull tbey < ould in ke v\itbout cheating. 'Ihe regular expe1 ses, together w.th two 1 ss on the am iniil kept in the vault*, woul I be t}K,HQ0, leaving O ily a little ! o>er $5 000. H ? c nsi lored it very uqvvi o. at a irne like this, to put iu operation an exper m-nt of this k'f.d, dentroy- ; tug >he i-cat banks und bunging ruin on th" p-ople. With out the as istv ce <if the bank* ihe St-ite of Vermont could j not have plac-d her regiment" iu the field. Mr. SHERMAN thought that under this bill banks eou d make a reasonable pioQt; but, if uot, and uo induce ment could be pri-ceitied to organize t'ie?e banks, then this whole scheme would fall to the groui.d and no harm could I e d lie The honorable S? ato, f oin Vermon? bad argu d thu'tho United Sia'es would recive lio benefit from the b II, but suj'po-e we cold1 induce the bank- of the country to withdraw ah ut one hundred m llionsot their circulation and invent in Uni ed MaUs bouds And take lust at thu new circu'a ion. Il would imrntd ately create a demand lor b n'ls to n lirgf extent over the r^al demand of one hundred millions. The United Ptite* would get the bene fit of t*iis, and these bank* wi uld be useful as depositor!' s and c uvenieut for the uolleo'.on of all deb'i. lie oUiino'l tha'. fhe bill Would not destroy the loc?l banks, b it they might without any difficulty, eoine uud- r the I'peratiorit ol the bl I. He kuew tuot UlUty espital ?t< W^re ready t<? go into this business of bmking, and to thought that in six m .u hs at least fifty millions of bouds would b<* tak-*u iu this way. Jle ct uld see Doue of the duig< r? fesred by the Senator, but thought this measure calculated to uiaintaio the credit and preserve the natiouali'y of the Government. Air. COLLAMER rop;ied at some length, reaffirming tuo positions h - h"d takcD. . CHANDLER thought if there was any thing in this bill it wa* good. There wight uot be luuoh demand for these bauka and notes io the Eist, bat in the Weat there w?uld be, aa their circuUtioa waa mostly gone, and this would furnish a bettor currency tbau tbiy had had. The ]Uestioa of carryug on Ibis vfur waa a question of finauce. ? I we can kf? p up our finances, we can carry ou the war. lie thought it tie duty of the Government to protect Its omn curiency. and tax bank*, if neceaaary. Thia waa a question of whether we would pro'.eot a fiw banka in the Lant or prot. ct tbia great nation He would sacrifice lj^nka and niggers, arid every thing else to save this nation I hey of the Weat did uot wmt the uotes of the Eastern banka ; they Lai lather have the greeu backa. ( Mf ARNOLD offo;ed an amendment to insert the word ' Provideuce" iu the names of cities designated ia the b 11. He said ih*t the oity of Providence ought to be reC 'guitieJ as one of the commercial c -litres of the country It w-ia the second city iu regard to the number of its banka, and th>- fourth city in legard to their capital. Adopted. On motiou of Mr. 8HEBMaN, Chicago ana St. Louis Were also inaer'ed. Mr. POWELL offered an amendment requiring the banks, in twelve months aft^r the war ia closed, to redeem 60 per cent, of their circulation iu specie, and in two years to redeem the whole of it. Rejected?yeas 14, nays 22 Mr. HOWAliD opposed the bill as unwi-e and impoli tic, as tending to flo>~d the country with irredeemable cur rency, tending to make war tn locsl banks, and to create political disseoaion Me>sra. CARLILE aad DAVI8 also spoke against the bill. v h Mr. WILSON, of Massachusetts, contended that th? bill waa not a war upon bank* He was sorry to hear the old predictions of ruin made. They bad been often made, i.nd proved false predictions He did not believe the passage of the bill would make auy disturbance at all ia the com mercial interests of bia State. Mr DOOLITTLE &aid, as an original question, he fhou'd hold that tho fcituto had ro right to issue paper mo ney: but the practice of the country and the decision of the court lias been the other w.t>, and banks were or gnuized ; and at the beginning of the war the currency waa : practically tbo uotei of these bauke, whic^i, when they tU'peiidou was irredeemable paper currency. Ho believed j the Government c< uld uot at thia time return to gold and j tilver currency; but tbe Government must control in i some way the currency of the c >uutry, and mutt uot al ow 1 the bauKs of the couutry to floodthe coUQtry and coutrol | the currency. Mr. POWELL moved to udjouro. Rejected?yeas 7, nays 28 Messrs. KING and TRUMBULL presented petitious in favor of a reliable camp b< spital and ambulance corps. The Senate then adjourned, with an unJerbtunding that the vote should be taken at one o'clock to morrow. HOUSE OF REPRESENTATIVES. Oa motiou of Mr: STEVENS, the Houa? reiolved itself into Committee of the Whole, (Mr. McKnight in the ctuir,) and reeumod the consideration of the naval appro priation bill. The p<n lirg queatiou was on the amendment offered by Mr. Calvert, that no part or this appropriation ahall go to pay tbo seventy-six midshipmen appointed by the Secre tary of thfi Navy Mr. SEDGWICK defended the Secretary of the Navy, and c'aimed that the becretary had not violated the Con stitution. Mr. RIDDLE was in favor of retaining this clasa of midshipmen, but pass a resolution censuring the Secretary for the illegal act. Mr. CALVERT hoped that the House would uot forget its dignity by allowing such encroachments oad usurpations of power in th? Secretary. Mr. WaDsWORTH condemned the act, and said while some states had fiiteeu or sixteen appointees, Kentucky had none. Mr. KD\\ ARDS sa d members askiog for an appoint ment wore disregarded, whi'ea Senator wa? listeued to and given all a'tent on. Mr. KELLOGG, of Illinois, thought it was time tbat the Hmibo should, by a direct vote, aasert their rights and re buke the Secretary for this usurpation of authority. Mr. CaLVtRi's ntueo .'m-.nt waa adopted by a vote of 49 to lti, Mr. SIEVENS offered an amendment in the nature of a new section, tbat while the rebellion la-ts each C(ngrea sional district in the loyal States shall be eutltled to oue uji ibbiuiuan as heretofore, ou the nom uatiou of tbe mem bers of Congrea*. Mr. COLFAX moved to amend bo as to include dele ga>s I'h" rectiou ns amended was adepted. Mr R. CONKLING offered an amendment that do mi l sbipman ahall be dismissed from the Naval 8cb< ol except for miacouduol uuul tue expiration of his usual term, any thing in this act to the contrary uatwitbstuodiug. Pending the amendment the Committee ruse and th Houae tidj urued . SOUTHERN ITEMS. 11 e Louisiana Legislature adjourned on ihe 34 of Jan uary. Among other luiiuesa a reaolution waa pasted changing the toil of government from Opelousai to Sbreve port, ou Red river. The militia bill which was passed takes iu all uieu, foreigners included, betweeu seventeen aud fiity, aud makes very few exemptions. The Governor is to call out the whole milrii Immediately. On th ? 19ih ultimo Jm'ge Jones, of the Cooft'derat* District Court, delivered a . hargf at Huntsville, Alabama, ou the auhjict of selling cot n to tbe "Yankees" The penalty fir the violation ol the law ia the forfeiture of tbe value of the cottoi s dd, and also fiv ? years' imprisonment. I he J jdge instructed the Graud Jury to find presentments against (til who had v.olated thia law. He also stated that no threat of n j.iry to property amounted to compulrion; tLet in order to amount to such duress as would form a Irgitimu c excuse, it must iuvolve the danger of l >cs of .llle or limb ihe lailidega (Alt.) Reporter reprojeuts tbo wtcnt crop of tLat reg.no, winch is very large, as remarkably promising. lbe Legislature of Mississippi b^s passed a law provid* lng that not over ibrec ;:ores of cotton shall be planted to tba hand, under \ penalty of five huodrtd dollars per acre, baif to go to the intormcr. 1 here wo.-e 7,353 soldi, rs in tbe R obuaoud H<>sp;tals on tbo 9th of January, the largrst number, 1,775, ben g from North caiolina; Gtorgla, with l,59d, coming next. A correspondent of the Cbuttanooga Rebel, writing from th* camp near Vickeburg, expresses b s surprise and grali ?cvti.ni at "tho vast breadth of lai.d cultivated in corn ? u ii g ttie post Bra?(.n iu Georgia, Alabama, Florida, and Mi'sis up: He thinks these titates tb*-mselvei can keep starvacon away from ovory household during the present year. * COITON FROM CHINA Amjng the many revolutions produced by our civd war, not tie least remarkable is th* importation of cotioa and cotton labrics fn m Chiua to America, of which fact we aie apprized by a telegraphic despatch from Stu Fran ci 0o dat'd February & h. Acoording to this despatch thf> ship Emily Baring bad arrived at Sau Francisco from Bhicgliai, with seven hundred bales of drills aud sheetings from Cbma, nnd advict s tbat Lereafter our market wi 1 te ibera! y supplied with cotton goods fn m tint quarter. Ihrto iar^e ships took carg->es of oottou from Japan to Er gland durh g Dooember. The quality was rather infe rior, but fine. Had any oue predicted meh a transaction na this threu jcars ago ho would fcave beeu considered a madman, sinoe at tbat time China wai one of the most lul ca'.ive markets for the sale of our cotton manufactures. Our intes ine troubles, however, aud tho consequent with. ?Jrivyal of our cotton from the markets of the world, have 1 ad lbooff ctt> stimulate its production and manufacture ii Asia, and especially in Chms; aud wo have now the strange areolae!* prea-nt?d of civilired nations depending upnu a barbarous people for tho article by which they arS almost exclusively cioth d Am ng all the ?? sundry and manito d changes of the world" tbia certainly one of the moat reuj.irkable of any < n record ?S'twark AJartistr. LAND EXCITEMENT AT PORT ROYAL. The latest number of tho " New South," publiated at Port Rojal, says : I " Tbe en iie p pulntion of Beaufort and the Islnndaare now on ti e qui tire for the approaching Inn 1 sales. Opin Ions of the moat di?er,te ebaraeler are entertained on tbe subject, it is confidently n^a-r?^d tbat tbe sa'es will be postponed, but many are as confident t ,at they wi<l go on. Some reg rd an investment in th^m as th- w idest specn UtK ti. while others consider tbe prospect of fortune* to be nrnde by th i cultivation <>f the kirg ol'ctap'ea as v?ry fair. Home think the bidding will be sp.ntrd. and others tbat f.-w will be f ufid so fouliah as to inve?t in what may soon pass iuto icbel I anda, either by a peace or by an ? ocupa lion by Confederate forces One thing is certain, the ? 'on.T th-? plan'ations pas? into private bauds tho better for the laborers now up >n tbem. If the capacity ot the n gr . for persisteui and pnfitabln labor is ever to be pn vrd. it must be done by private enterprise. Treated a? a responsible free laborer, the negro will soon put at rest thfi cnliiiniiies of bis eie mies that he is t >o indolent t?) work for wiiges, ?nd lhaf. he needs the stimulus of tbe l*?'? to insk ? him a profitable agriculturist. There are men In (he department ?vho aie willing to risk their money 1V T "?d We hope the opportunity will he afforded. I?tbe sale is postponed, the pUmiM nme will na?e passed aud another sea?ou will have been lost." V> A6H1NGT0N. ' Lilt Bit I I ANi> UNION, Kt'A AND POItBVEK, USE ABO INSEPARABLE" THURSDAY", FEBRUARY 12, 1863. THE EMANCIPATION EDICT IN LOUISIANA It will be reuiemberei by our r.ado/s that Pre sident Lincoln, iu his " Kdiot of Emancipation," issued on the l?t of Jauuary last, after " ordeiiog and declaring" tint all parous held as slaves with iu certaiu designated Stales aud parts cf States " arc and hcocefortb shall bo free," added the fol lowing reooujuitudatioD, obviously intended for the instruotiou of those who were the beneficiaries of bin proc'amation : " And I beioby enjoin upou the people so declared to be free to abs'liu fioui nil violence, unless iu uecessary ?elf> defeuc?; > ruL I recommend to them that, in all eaten when aUuiccd they labor faithfully for reasonable iraget." It if) evident that the Pnsideut, iu releasing, so far as ho could, the slaves of the Insurgent States from the obligation of labociug for their former masters, did not contemplate their introduction iato the uPalaoo of Idleness," whoso pleasures have been sung by the pott Ho meant that they should work " in all cases when allowed," and not to abuse their newiy-aequircd liberty by exacting more than " reasonable wages." Called to enforcothe proclamation in L iu:siau8, Gen. Banks has given validity and application to this as well as the other features of the cdict, and tho regulations which he has undo under tho head of "lubor" and " wug*a," in conformity with tho President':) rocommendation, will be found in tho following army order: Headquarters Department of the Gulf, Netc Orleans, January 29, 18G3. The proclamation of tho President of the UuiUd States, dated January 1, 1363. is publirhel in General Orders for tie iufoiinuto.i and goveruueut of tbe officers aud so'diera ot itiiis commend, and nil peis-ms scting uuder their authori ty. It d> siguutea portions of the State of Louisiana which are not to be affected by ila provisions. The laws of the United States, however, forbid officers of tte army and navy to return slaves t > their owners, or to decide upoD the claim of ujy person to the service or labor of another; and tbe inevitable conditions of a state of war unavoidably deprive a 1 claste* of citiz ns of much of that absolute freedom of action and control of proporty which local law aud the coutinued peace of tbe oountry guarantied uni se cured to them. Tbe forcible seizure of fugitives from at r vice or labor by their owuers id ioconsiiieut wi h thece laws aud conditious, inasmuch as it lends to personal vio lence aud the disturbance of the public peace, and it can not be permitted. Olficeis aud soldiers will uot encourage or assist slaves to leave their employers, but they cannot compel or authorize their return by force. The publx interest peremptorily demands that all per sons witboqi, o'.ber means ot support be required to main tain themselves by lab.ir. Negroes aie not exempt from tbis law. Those who leave their employers vViM be com prlled to Buppoit themselves aud familna by labor upou tbe public works. Under no circumstance whatever can they be nulutiiued iu idleness, or allowed to wander through the par shea and cities of tba Stite without em ployment. Vugrancy and crime will be suppressed by an euforced and constant occupation and employment. Upon evt ry consideration, lab >i is entitled to tome equitable proportion of the crop-* it producsa To secure tbe ibjt-cts both of c.ipital and labor, th.j sequestration oomm ?s ou is hereby authorized ar d directed, upou ooufar euce with planters aud other psrtie*, to propose and es tablish a yearly system of negro labor, whiuh shall provide for the food, clotaiug, proper treatment, aud just compen sation for the negroes, at fixed rates, or au equitable pro fortion of the yearly ciop, as may be deemed advisable, t should bs ju?t, but in t exorbitant or onerous. When acoepted by tbe planter or o'.her part es, nil the conditions of coDtinu ,ua aud faithful serviee, renpertful deportment, correct discipline, and perfect subordination, shall bo en forced ou tbe pjrt of the Legioea by the officers of the ! (Government. To secure their payment, the wages of lahor will constitute a lion upon it* products This ui .y not be tbe best, Vut it is now tbe onlv practi cable system. Wite men wiil do what they ran when lb?y ctun< t do what they would. 11is the law of success In three years frmu tb* restoration ot peace under this vol uutary ayst-in of libor the State of Louisiana will produce three-fold the proOuct of its inoat prosperous year in the past. The quartermaster's department ij cbargrd wi:h the duty of Larventing corn ou demote! fields and cultivating abandoned estates. Unemployed uegro-s will be engaged in tbis rervice undrr the control of ?uit*ble ageuts or planters, with a ju t compensation in tood, clothing, sod money, consistent with the term* agreed upou by the com lu'ssion, aid uuder such regulations as will tend to keep families together, to impart selr-supportiuy huhits to the uegioea, aJd protect the best inti-rests of tb>> people aud the Government. By command of Majoi-Gen- ral Ranks; htiUAHU B Irwin, Lii ut-Col., Ass't Adj't Geuersl. Theso regulations arc so obviously midc in ac Qjidauoc with the spirit and letter of the Prat-i doct'n proclamation tbat we are surprised to find any admirer of thit paper dissenting froui the steps taken by Goo. Hanks to give forao and appli outiou tu the President's iojuuetion?. It wou;d bo cm that tho iridescent hu^e which odoo spread such uu aureolo of glory around tbo proclamation in the Cj'CB of ocrtaiu political theorists have now so oomplcUly vatiiibed that the litter cannot bo just in tppreoiaitug the proper merit* of the document. For lnstanoe, tho New York Tribuno dououncos the order of Gen. Hanks, made in literal purauanco of the proclamation, as not " creditable" to him, and thicks it reads? " At if is-ued a year or more ago, in tbo hoi -you days of Ffdoi&l fu^itwo Blavo bunts, niid of the unlimited supremacy of Border Stnto counsels. In fbort, it does whit may be duue by tho couituauder of a distant depirtuienl to encul the President's proc!nm\toa and counteract its effect witbiu the limits of th? district uuder his control If th:s it no: its purport tiud result, what rbtH be smJ of such a p&rs*ge as this 7 " 1 Officers aud soldiers will not eocou rajje or assist slaves t<>li ave tbeir employers, b it tLey cannot compel or au'huriie tbe.r i elnru by force.' " Well, what shall bo said of a "Proclamation of Freedom" whioh enjoinB on its subjects to "ab stain from violcncc" against their fjrmcr masters, and in oil eaten, when allowed, to labor for "reasonable wages" in tho service of their employ ers? Such is tho " recommendation" uf the Presi dent, and Gen. Dinks has timply enforced the views of Mr. Lincoln in the premises. It is truo that, under this order, the emancipated alivct arc to be taught that freedom is not license, aud that liberty does not mean excinptiou from labor. Sunio highly-cjlored dreams may bo rudely broken by this shock, as a Republican contemporary oalls it, and it may be, as another journal auggoots, that " thoso who havo run away from comfor'.able ' homos and former associations, under the delusive ' expectation that freedom would be a paradiso of 1 idleness, will be so undcccived that many of them ' will return to their old masters, carrying such ' tidings to the plantations as to practically nullify 1 the proclamation from which sj much was cx ' pected." Hut for such results neithor Gen. Banks nor President Liuoolu can be held responsi ble, except by those whocxpeoted to bco tho negroes of the South maintained in luxurious ease by tho Government. Thii latter may be a "military ne cessity" in the eyes of some political philosophers, but it was not so considered by Mr. Lincoln on the 1st of January last, and therefore was not em braced in the terms of the Emancipation Ediot then issued. The Omt Surrey sterner Bibb, C?pt. BonteW*, towed the disabled transport Pilot Boy, of Geo Foster'* ?xpedl tii'D, one bundle I oud tbirty miles towardi Port Royal. A NEGLECTED PI AK. It will be rcmombcrod by our readers that tbej) President devoted the groater part of bis'last annual message to tbe etatomeut, explanation, aud enforcement of u policy wbicb, if adopted, would, he Bald, have for its certain effect "to save the Uuioo." 1 hut policy was presrutod by hiiu to the ooutideration o) Congrcts in the shape of certain amendments to the Coohtitution, embodying the details of his "plau," which ha was "confident would tecure peace more speedily aud maiutaiu it more permanently than can be done by force alouo." The " plan" of the President, proposed as an addi tion to the provisions i f the fuadamental law of the laud, was conceivcd in the following supple* mentary articles, which he recomtneuded to the adoption ot Congress preliminary to their submis sion to the States for their ratification " Resolved by the Senate aud House of Representatives of the I nited States of America in Congress ussetnblid, (two thirda of both Houses couourriug,) That the following ar ticles be propoteJ to the Legislatures (or Conventions) of tli* several Slatee as aineudmeut* to tbe Constitution of the United States, all or any of which article?, when rati fied by tlree-fourths of the said Legislatures, (or Comeu tlons,) to be valid a? part or parts of the haul Constitu tion, viz: '' Akticlk ?Every State wherein slavery now exists whic'j eh all nboIiHh the tame thereiu at any time or times before the first day of January, iu the year of our Lord oue tLousaud and nine hunjred,thall receive compensation front the Uuited States, ai follows, lo wit: " Ihe Preaideut of the Uuited State shall deliver to every *uch State bonds of the Uuited States, beariu i info reet at the rate of per ceut per annum, to au umouut equal to tbe aggregate sum of for eaoh slave shown to have be^.n thereiu by the e ghth census of the United Sta'e*, said bouds to be delivered to such State by in>til nieiits, or iu oue parcel, at the copip'etion of the aboiiab rneut, ao ordiimly as the same shall have been gradual or at oue time, wiihin such fcit.te ; and ink-jest shall benin to run upyu auy such bond ouly from the proper time of its delivery as aforesaid. Any Stitj having received bouds as a'oresaiJ, aud aftrwardb reiutrodin ing or tolmtioz slavery therein, shall refund to the Uuited Slates the bouds so received, or the valuo thereof, aud all inur.st pa d tber on. < ' Article ?. All slaves who sball have eojoyed actual freedom by the chance* of the war, at auy time before the end of the rebellion, shall be forever free; but all owuers of such who shall not have been disloyal sball b? couipcu anted for them, at the same rates as is provided for States adopting abolishment of slavery, but iu such way that uo ?live bball be twico accounted for. "Aiiiicle? Cougrens may tppropriate money, aud otherwise provide, for colonizing free coloied persona, with their own cousent, at any place or placed without the United States ' Notwithstanding tho great elaboration which thu President gave to this scheme of pacification, and notwithstanding the assured confidence with which he submitted it to the favorable considera tion of Congress as a sovereign remedy for the evils whioh effliot the State, it is to bo remarked that tho President's supporters have not given the slightest atteutlon to his recommendations in either House of Congress. And the press which professes to bo devoted to the '? support" of the Adminis tration seems, by a taoit consent, to have left cu tirely out of public sight this Presidential '< plan of compromise. ' This neglect is the more sur prising bceause of the solemn sanctions under which Mr. Lincoln announocd his faith?we should say his knowledge?as to the efficacy of the afore said "plan;" for, after giviog to it an extended discusnion, be olosed bis appeal in its behalf with the following emphatic adjurations : "I do not forget tbe gravity which should characterize a paper addressed to tbe Congress of t>,e nation by tbe Chief Magistrate of the nitii n. Nor do I forget that pome of you are my seniors; cor that many of yon have more ex penenoe thaa I in (he conductor public afTois Yet I trust that, in view of tbe great responsibility resting upon me, you will perceive uo want ef respect to yourselves in any undui enrue tness I m?y jesui to display. " m it.d,,ubtel theD> t,ia: the P'ar> I propose, if adopted n?o! - !n7te#Uki^ae war ?Dd thus le*s-n its eipenditure of mouey aud of blood 7 I. u doubt.d that it would restore T !"tb?rl!Jr ftBd piospeiity, and pernet bo ^ indefinitely 7 ,t doubted that ire hsre?Con urns and Executive?c?n secure its adoption 1 Will not fr n?" rupood U a united and earnest appeal from us7 Can we, can ihey, by any other m-ain., so certain y or so ?p*edhy assure these vital object* 7 We can succeed only by e ncert. It i, not 'can any of us imagine beter7' but 'can we all d> better7' Object wbau.ever is possible, still tue que<tion recurs 'can we do better 7 1 ho dogmas of iho Mu>et past are inadequate !iUm u prerent. The occnion It piled b-gh with difficulty, aud we must rise with tte occssion. Aa our ewe is new, so we must think anew and act anew We mu?t disenthrall ourselves and then we shall save our ooun'ry. u " telluW-cltiZt'Ul, we canuot escape hietoiy. We of this Congress LUd this Admiui-tration will bo rem mber^d iu ?pite of our(C>v?f. No personal ?ignifit'&nce or inigBifi k? n..^R:e 0L? or auotb^r of us. Tbe fiery trial oUtfh which we pas# will light u* down in houor or dis teL 7llie *TTntT- IFe '"y ? for the Lmon. Jhewoild inil n?t forget thit vc snv thu He know hoic to save the Union The to <rld knours ice do know how to save U. We?even we here?bold the p .wer and bear tbe respoas.bllity Iu Bitm5 freedom t, the slave we assure freedom to tbe /res-b-oorablc alike in wh?t we g ve and what we pre?Jfve. We nb-.ll nobly iave or meanly lose the last best hope ..f eaith. Other means may s. ceed, thu could not fail ffce way is plain, peaceful, K'uereuB.just?a way which, If followed, the world will forever applaud and God oiuet forever ble s " We here have an affirmation of the following propotitions: 1. This plan, whatever may be paid of other means, " ceu'd not fall " 2. Coiigrcsa and the Kxccutivc can secure its alopttou I 3. Concres-j and tho ExrcuMvo "know how to eave tho.Umon" by adopting this plan, and "tho world kmwe that they kaow how to savo it." Such being tho stato of the case, as it prosenLd ifs^lf to tho mind of Mr. Lincoln, who can won der that the " fiery trial" through whioh the coun try is passing seemed to him oue that would "light down Congress and the Exocutivo "in honor or dishonor to tho latest generation ?" ]t will be the verdict of history that while the fires of this trial waxed hottest tho Prosident of tho United States was either so unfoitunate in appreciating the times in which he was called to act that be recommended a plan which deserved no support at the hands of Congress, or, if it deserved support, that the Con gress was so blindly indifferent, to du'y that it re fused to give the slightest hoed to a plan which oould cot have failed to save tho Union. This re sponsibility is assumed by tho President for him self and tbe National Legislature. The tribunal of history can nlonc award to each the " honor or dishonor ' that is certainly due to the one or tho other, according to the idea of the President. Wo shall not undertake to prosago its judgment, but, beforo the present Congress adjourns, we wi?h to remind its members of the accountability to which cither they or tho President must bo held in tho eyes of " tho world," if the former shall adjourn without adopting " tho pluu" of tho latter. It is sa d tbat at least on? hundred thousand men arc yet wanting under I he last Cill of tbe President, of whioh not lets than thirty five thousand are due from tho State of New York alone. Every New England State has filled her quota, except New Hampshire, the Nat r. gimeor, in which has been orgsn zed, but lacks a few hundred men. [Boston Journal. The firat legal decision noder tbe Preaident'a emancipa tion pre claraation waa made on Thursday last in St. Louia, by Judflo ( lover, who droided in favor of ita legality, and ordered tbe d aeharge of a aht? of a rebel, who hal b en uuder Stai** Uw for l*a?ing bid uuistar. Tbtn d#1 ojiiOD, If am aiued, leaves Mt'touri t+ceMioQUtc w.thout civil authority to reclaim their slaves. THK PRESIDENT'S " FRI It will bo remembered by oar rca, a year ago a " Lecture Assooiationl" Wt* iu our city for the osteubible puipeee of the inhabitants of the national u otropolte ? " higher piano" of " Literature and Leyaky." Atno g the men who, with others of like standing, were selected a* teachers! and _ instruct us in the elements of literature and Up* I ally wai Mr. Wendell Phillips, \fho, afte* hifl j uinotecu gears' oarear as an avowefi wus deemed to have credentials Wlmw caUd him a** a proper person to inc^leale lk? 4m ties appropriate to the " present crisis." Since that dato Mr. Phillips has bM cd exponent of the ideas which have iu the conduot of the war. He calle4 for a Proela matiou of Freedom. A Proclamatio? of has been issued. lie oalled for tl|a liuell and McClellau. liucll and M b^en removed. Again and again ha^ ke aped III shaft at the President, and yet the "iuMilli archcr" is not satisfied with threxeontipa Iuku done, lie cries for " more." Ho 8tp; Presidcut, at the Seoretary of 8tato, it at the Army of the Potomac, and at almMfc iMf body and every thing else under thi?U?. TM? we suppose is " loyally" of the latest pattnt and the purest water, for we observe that his laogusge reouvis no reprehension from thoso custodians of tho Administration'? honor who have such a keon sccut in tracing the signs of " disaffection" and " somi-loyalty" in every animadversion pro ceeding from conservative sources. , Mr. Phillips, it is known, was recently in our oity, having come hither, it is said, on a "mis sion" which found its motive and explanation in the receut " order" of the Seoretary of War au thorizing the Governor of Massachusetts " to raise ? such number of volunteer oompanies of artillery ( for duty in the forts of Massachusetts and elee 1 wheie, and suob corps ot infantry for the volun ( teer military service as he may find oonvenient; ' 6uoh volunteers to bo enlisted for three years, 1 unless booaer discharged, and may include per 1 sons of African descent, organized into separate t corps." In giving publication to the order, tha u National Iiepublioan" of this city said : " Tbis order from the Secretary of War authorize* tho raisiug of regiments of black men iu Massachusetts. This in the secret of tbe late mission of Gov. Audrew, Wendell Phillips, F. W. Bird, Dr Howe, aud a host of others el the radical school of politics in Massachusetts to tfais city, uud accounts for their uiany and frequent iuterviaws with tbe President." On last Tuesday Mr. Phillips, after his visit <o this city, delivered in Brooklyn a Leoture on " Our Future," which we find reported at length in the columns of the New York Tribune. Our con temporary, in giving place to the discourse, accom panies it with the following editorial endorsement: " Exposing th* polished fictions of diplomacy and tbe drcorou* hypocrisy of statecraft, Mr. Phill.pa discerns at.d declares with unequalled courage of speech what he con ceives to he ihe duty of the hour, aud summons the nation to tLe task which lies before it." Such being " the hour and tbe man," we invite our readers to mark tho utterances which are ex pressive of the latoit style of "loyalty," and to compare them with the animadversions whioh, as emanating from tome of tho President's political opponents, are held to be hardly less than treasona ble. We quote from the Tribune's report of Mr. - Phillips's speech delivered on the 8d instant: 41 What wo need is a Cabinet and President, not ths mass behind th?-iu. [Applause.] Now, I found oo Cabi net In Washington, but only h snag And as for a Presi dent, I found a \ery honest man. But I will tell you what I tuiuk he wa* made of. He ha# stood for thirty years in Springfield, the orntre of I;1 nois; to the north of him tbe northern ball of tbe 8tate, free, educated, intelligent, Re public id; t<? the southern half of bim, Egypt, Ignorant, pro-slavery, worso than douiihfare? that would be an im provement?Southern, servile, dark. He has been balanc lug all his I fe to be popular with both?and he is the result ot the balance. [Laughter and applause ] 'J'hat is the educntion of thirty years. No blame of h s. He lived there. He could not help it. He ha* succeeded in being the favorite of that mosaic State of Illinois, and tbe result is Abraham Lincoln [Cheers.] Well, now, there is no use in deceiving ourselves ; ttere is no use, \*h>*n we |*ke account of stock, ol marking our gcods too high '? Everybody that goes to Washington goes back more despnodingly than he weut. I found nobody who went there, who kept as much hope in the city as he carried. He gets away from its atmosphere home again; and looks over tte whole held, remembers how lilt e men are and bow great event* are; oelieves in the oroiidcoceof God overhead; beli ves in ibe flave; a d takes courage. But that ought not to be, a<id tsat need uot be. The White H?uao is assailable Every man, even our Illin is politi cian, has 'got a eoasciouco ? ? ? ?? We may let mm feel that tbe voice of the Noith says amtu to the proclatna iou, eudorses it. Col. Foruey said to me, ' 11 saved Pennsylvania ; we could have done nothing without it.' Convince tbe President of that. Tell h m also thit his success lies ia making it a reality wiihin sixty days. How you shall doit you kuow as well as I do But if it is uut doue, we a e ia ihe shallow ; tbe ship strikes a r^ck this side and upon the olher. In a in<>nth, Congress goes homo and leaves tbe Executive aud his Admin'tlralioD nlone. # - ] " Piess foiward with the ba>onctof Republican demand j This Admiuistfat.oo, which does little enough with the P bayonet behind it, will do uotbingat all with a Democratic drag under its feet. No one Cjd gu<ss any th ug of tbo inscrutable purpo:es of Providence in tbe immediate fu ure. We can only arrange ourtelves around tbe leader, and endeavor to uiako bim breast the stouu You and I ?re c<>mp?rat vely powerless. It is of public optoion that 1 sreak. That Isenate and that House know enough to save tbe nation, and they will not tell it. They stand ah:e to push th s Adiuinistralion from their stools, and tbey dare nut lake tLe risk. Thoy say, * We put in peril tbe nation. I reply to them, ' Yes, you do; but wh?n the^ patient is dyniR be must be treated somehow or other. ? There are facts kuown to a hundred men in this nation that would make the very ears of tbe people tingle ; bnt their leaders at Washington, the men that know them, kt**P Ibeui iccret beoiuio they d*r? not diitruit th? chances, as they think, of success Timidity in every quarter! Boldnets iu the peopl-j is our only security. I con.e to you not to make a sp-ech, but as I mean to go up and down your groat river, along your great highway, and look into New hnglaud, to a.k of the p ople to speak in a vdicii that must iot vit*bl r penetrate the White House, and demand of L'ncoln, before tbe first of May dawus, five humlred thousand black men with tnnskets in their arms, mid tbe Stars and Stripe* abote them, iu a new Btate, swearing by the Uuion. [Applause ] Then I will agree to stop and never speak of the * everlasting nigger* again. RECOVERY OF LOST CERTIFICATES. Tho Treasury Department rt ceivcd yesterday through Officer Hogan, of the Metropolitan Police, the certificate* of indebtt dness which were stolen some weeks ago from the room of the Un-ted States Treasurer. These e. rtifi cates were in suiuh of five thousand dollars esch, aud amounted in nil to two and a halt millions vf dollars, but, being unfinished, and the Department taving not fied the public of tbo loss, tbe thief probably found it useless to offer them in ths maiket, and sent tbom to Officer Hogan through the mail. PORT HUDSON. Port Hu'lson, which is twenty miles above Baton Rouge, on the Mississippi, stands on au almost perpendicular cliff, lull two hundreii feet in height, the river below making one of those su.lden serpentine curves wbioh render the Mississippi tbo un St tortuom stream in tho world, and abruptly narrowing its dimensions to three quarters ? f a in lo from twice that width above an t below. Inland, tco, tbe position is eminently favorable to tho rebels, because difficult of accrat to our troops. Unlike Vickshurg. the approaeht s to which are na good a* could be desired for au invading rrmy, consisting for tho mod part of hard well male toads, tbe conntry at tbe baek of Port Hudson is generally swampy, intersected with o.ittoa-woods, ravines, and other topographical obstacles. The only roads are of th<) poorest descriptist.