Newspaper of The New York Herald, October 24, 1860, Page 5

aad ootbt nev er, to be forgetful. Bat Ulli brave partv ku lust lbs power tt oooe poasesaed, tad it Is aa loafer capable even of protection iteeif , ud bee ides, there m Jul luu aiucb rtwua to believe that oa one (real an J vital (tHtiiua at Mat, a controlling portion or it, In spH- nf the opposition of iia beat men, l? beoomtog animated by the woe boe.iit) spirit which characterizes the republican party If ever the democratic party shall regain lie as sendency In ihr Nortb It oan only be by repudiating *ta former principles and pandering to the all but universal antl rlavery eeMircent which pervadea th" portion of tbe com try Within ten year* the progress or Una sen tim< at baa bssa onward and onward, until, from a small rivulet. It ha? become a resist.. *s torrent, which, initio present relation of part lee, It ia folly te attempt to item It baa achieved victory after viotory, until It bow holds sad irputed supremacy In almost every Northern Slate, ki I860 there were but five abolitionist* In tbe Senate of the United States; there are now twenty four republican Senator* Maine, New Bampthlre, Connecticut. New York, Peuusyl van la, New Jersey, Iowa, Michigan and Illinois, which were than repreaenled by dsmo-rats, In whole or In part, are now represented by republicans, an^ each democratic Manator, as his term bos expired, baa been oompelled to gtre way tc a republican. In the Bouse >i Representa tives every district of New Kogland and every district of several of the Western, and large majorities of other of the nou- slave bold leg Stales, formerly democratic, are now represented by republloats Scarcely a Northern State (but two or thraa at most) hss at this time either a democratic Governor or Legislature. Not only that, bat probably the municipal councils of four flfths of die cities and towns in the North are In tbe bauds of the republi cans These are beta of fearful import when It Is remember ad tbat the republioan la wholly a Northern party, with prtuciplea in direct antagonism to Southern domestic In stllntiocs and fcrms or social life, to Southern Ideas of government, and to Southern construction of the federal euro pact, and that It has acquired power solely because it faithfully represents the opinions, the fct'liois aad the dasires of the Northern people. Party sreeds heretofore have represented tbe enlightened an i well oodsI dered views of prominent aad leading statesmen upon queatlons of foreign and domeatic policy , and upon the construction of the powers or the general govern SMnt, rather than the particular opinion* of the masses of the people. Tbe republioan party, however, Is an exact aad truthful retlex of the real conviotions ou social as well as political questions, of tbe half educated, agrarian and fanatical elements of Northern society, as well as, perbape, of a large majority of tbe cultivated classes. The deadly hostility of this party to tbe South is mani fested in every oonoelvabte mode, aad Ita object seems to he w pnt that section or the country, aa far as it W possi ble, under tbe ban not only of the public opinion or this essntry, but of the civilised world. It makea use of not only the ordinary weapons of politloal warfare, but it presses into Its service all the complex ageaclea of social lire, and accomplishes Ita ends, partly by the deaecration ot the pulpit, by abase of the school and tbe lecture room, by perversion of the genial intluences of lite rature, but cbiefly by persistent misrepresentations of the press, religious and literary, as well as politloal Tbe John ?roan invasion was the legitimate result of such teach tags and althouch but few persons were directly connect ad with it, yet the admiration of '.lie Northern masses, at least outside of tbe democratic party, ror tbe cba raster of tbat deaperate outlaw, and sympathy for bis fete, and, deny It aa they will, for the enterprise In which he wss engaged, was all but universal. Tbe same feeling ot sympathy is manifested whenever a case arises undsr ttie Fugitive Slave law, and it has beoome next to Impos sible at the North for a slaveholder to'reoapture the pro perty gutranteed to blm by the constitution and tbe plain provisions or an act of Congress passed ;u fulfilment of hs requirements. Not only is this species of hostility exhibited by the ?eople, but It has found expression In tbe legislative trill, Wy the enactment. In at least nite of tbe Northern stales, ef Personal Liberty bills, so called, Indicting lines ana Imprisonment on the claimant or bis agent, and In some of these Stales disfranchising every person whatever, whether commissioner, bailiff or counstl, in any manner concealed with tlie return of a fugitive to his iwner. In Ibe executive branch of the State governments tbe same hostility is sbown by tbe refusal of tfovernirs to surren der fugitives from tbe justioe of the Souther? Slaves, If tbe crime Is alleged to have been committed against tbe Institution of slavery Two cases or this kind have oo curred within a recent period, one In Iowa and the other hi Ohio, in which tbe Governors of those Slates, u grounds manifestly frivolous and dishonest, refused to give up, on the requisition of tbe Governor of Virginia, per sons charged on adequate proof of being present, and of aiding sad participating in tbe abolition invasion of Har B'S Kerry. Hostility to tbe South has even invaded the tela! branch of ibo S*l? governments, where we would Wast have expecte 1 to have tound its imiuence. After long years of litigation, and of denying justioe by dslsy lag It. tbe Court of Appeals is the largest Stats in tbe Union has, at last, decided In the Lemmnn esse, sgalnst the right of a slaveholder with bis properly even to loach in transitu, from one slsvebolding State to ano ther, at apart in a non llavebolding Slate. There are numerous ILsUnoes of Rimilar hostile deel Ions, aguiust tbe property rigfcts of the South, cited in one of tne ni ut terly series of "Python" articles publtsbed in this Review. It would be ucjust not to mention that the democratic party hsH opposed all these things, an 1 a! 1. >ugb in Itself h Is s strong party, It is relatively weak lo m ?t or the Northern States, and has only tbe useless power to make n feeble orotest. The ultimate designs of tbe republican party, although 1U preaen'. policy is to aflect conserva tism, are as "plain u If written upon the arch or tbe sky " Ita immediate purpose, m <?n. JaccllQ) with tbe squatter sovereignty demoe.rncy, ta ti selie upon all the Territories of tbe Tutted sta.ee, and In due time, to hrlrg thrre Into tbe I'nton aa free states Thin in effd t baa either been accomplished already or la tc tbe sure process of accom jlishnv nt. It scarcely mil an arvnment to show tbat the North has greater abifty ?f colonisation than the South The fact la patent, 'rum her larger eitsttnf population: fm? tbe constant acces sion w> this population by foreign emigration ; from the greater rase with which Northern property can be coo verted Into ra?b, preparatory to removal Into tho Terri tories, from tbe more migratory babita of her penile; from superior enterprise, for It is filly to deny <l; from better organized a| | ilance*. such aa tncoporated aid com paste*, for assisting emigration, but nhiefly because of tbe reluctance of Southern men to take slave proper tr wber* tt will be exposed to the contingency of oontlaca lion The operation of all theae causes combined, will Iraviiably give to tbe Nortb in a few brief years the control of eacb and all of the Territories of tne I'd loo, present and prospective. Tbe South will ihm to es |>os*<l to tbe deadly crossBre of Giugreasional ?o ere k'oIt on the one hand, and of T-rrltorlal or squat lir sovereignty on tbe other, and the rerruoriea will march, one ?IVr another, in aolemn pnvasion . au l bi admitted as frm S'au-a Into tbe I'ulon. When ail tbla has b-. n 'udy ?<xn iii|> sbed. or even before, lbs neit great measure of tbe republican or Northern party, for tbe term* are synotyms In a correct sens. ? lifl-rent names for the same tbti , ? will be to abolish slavery, first, in tbe D'strtct of Ool .mita, where Coogrem haa the oo or of joracwtlon, and then in tbe Davy yards, forts, ant arret al* of the Catted States, wherever situated. This will be followed by a prohibition to transport slavea by sea under tbe federal flag, from one port In a slavebolding State to another This will result aa a MNNMf from the doctriee which baa already been proclaimed, that slave properly can only be protected by Stat/* authority, under paailive law, and tt not evl?<ad to recognition outside of I M Haiti of the State in which tbe domicil of the owner ?f tins property may be. After this haa been done, tbe Mil step alii be. under the provision of tbe ooostliatloa wh'Cb give* Congresa the poarar to regulate oommerce, to abolish the Inter Plata alave trade, etlbar directly In Verms, or to do tbe same thing Indirectly, hy taxation, or by burdensome reetrlottoaa To oom piste the aubjuga Hon of tbe Sooth, the fugitive Have law will sail be repealed; and by tbe time Mia Mage aball have been reicbed, tbe North will have acquire! sufficient power by tbe admission of new Scales, and tbe abolition of alavrry in soma of tbe old ooaa, to amend tbe oooat na tion and takeaway from tbe South, In tba name of tbe equality of tbe Slate* and the rights of majorities, tbe tbrre Bflhs repraaeuutioo of alave* bow allowed by tbat taauuroant Ibis is so vttlonary programme All theae thing* will a* auraiv.lake plane la tb* I'nton aa that effect fallows anuae It mat not be a preconcerted plan of tbe republl ean p^rty to carry Into effect tacb of these measures (me will naturally beget another. Tbe leader* may be disposed lo bait, bat its party behind tne leader* will oi ah them oo lo the accomplishment of all iheir purposes Tbe Southern States In the meantime win have beooae damora: lied and would no mve dlstolv* the I'uIto for aay one of the successive acta we have mentioned t tan Iter tbe Harper's Kerry inrsaton or tb* electtoa of a repub nan eiwaker, which. several /ear* ago, would have drives tbetn Into revolution. It is Idle to denv tbat the Aetrnrratlr party In tbe Nortb hsa become deeply tanwd with tbe prevadlng ant I slavery sentiment, aad N bas begun already to make its peace at b me bv cncnesaWios lo that sentiment. Tnis ba* ii oeaaarlir prodnsed estrsopement between ths two airg* of tbe part) wbieti heretofore baa pteaaaiad bat a sir gu froot. As citis'os of tb* North, reared under atd sobj cted to tbe unfriendly latluencas which surround tbeu . aoenstomad to h*?r daily denunciation* of *?ctb?rn llie. S>nih?rn manners, and Southern Institutions. and at ths same time to be Haltered by laodations of tbelr own *?< lion. aC asmrl "as of Its 'mmearursb ? superiority In a I thing* es??nilal to iba prosperity of a people, it la but natural thai ilie mrmh r* of this party, in o >-nm ? with Mv- republic, ns, shou.d desire Northern supremacy and tbe p'sdomlnanoe of Northern lde?a ta th? government. Wi h all tti?s* lalUtenoea against the South, tt t? too plsio for argument , that it M an Imperative necessity of ber condition that she mu?t hava the power of sell p"v Wet Ion In some one braurh of tbe general g ?vertttneat, tn ord. r lo arr-s' h ?tll* a-tion agalust her rights, her in terests, snd her honor It la not at><-oldtc|y n< -casa-y th?i ?he shou'd i???ass* say t??wer, enoept lite oegal ve l?>?er of pr*r?*tlon. Th s she has always had la Ibe ftena'e, ? nttl r~' i Wv, aid th'* ?l>* ww nee?ls more than aver MM But we nave already shown ttal the s .rtb baa a controlling majorttr in tbe Kleetoral C liege, m both branches of Congress, and tt ttml to onia'n It ta the Su prenis Onurt.or, tn other wor Is. la the ei "native. Ui? legtt (ante and the jaotelal nepartmerlsof loe government, sod we ha?e also *hnwn that tbe'e ? bo bop* of r?a<oriiif tte sqm ibnum la toe Seaaia by tb* a'lm>aaio?i of aay falare sieve, oldieg State, to be carved out of the agisting Tei r u>r" r, and, at ih.- ame time, it a ohvt ? ;? that lh.ri are r,o foreign aeqmsfioos of rerfilorl?tt hue.y to be w?ade whl b win betclH h?r la Ute sl'ghtast d ?grea. W ith, then, the ItsOeral goveri.m?*il acatnet her. In ea'b of os tlepartmeau siltfi tbe stale goverumenl of a strly eviry M?"thern Sta*e agaiLSt bse ta eacb of Its depert men is; wl.h ths pn ptt, the press (>eltglias and sscilar), w 1 1 tn? In i e roooi. lh. sehrwti r-maa and the luorat'ire ei the N .rtb, net only h -tile not raennrooa and behind all these, the leeiings of Ute people no l>ea unfrleodly? unless Ibis anadlttoa of thing* sbs'l Sfieeltly he otaaged. noth rr e Hi he Ir ft to tbe Seotb. msslateat wltb honor, with ssfety. With doe r gard to her paet history and la the inier.s s of the fsl'tr* geo-ratl.tss who may have their h.-mes *t-o her soil, hut to dlsaol re tbe Tnlna of th,r Hsirs. end t > sreai for herself upna Ita relna a re public ii. ore homogeatons in ebaractar, ta feeling* aad pursuit*. . ... There srs two im-lrf by wb'cb tba necessity for dla aaloo m'lht he avo ded ? one of wb'ch la by amendmetil af the anovulation aad tbe adoption of Mr tlalh oun'g plas n a d.,*i ei.i- iiirr. I rini one Ui the Sortli and the ether lathe ft oth. with t*e abeolate veto power, at least. ap> n sll queats r* altacttag tha dntn?stl? loalltallima of tto M?tee Tbat'eaof a double eieculive tt aot ao im t n> 'tnshie an tt may seem lo many al the flrst view The Rotnaa ??tis*ls and the spertaa klnys are aismplee of Iba laaarpormtioB af Uis pscuiiar fsaiurs la to palltwa^ constitutions; and, whatever may bar* b?ea the inherent weakness or detect* of theae coumtuiioaa, they aroae from other caueee The Germanic ConN?derattoo, la modern time*, furnishes anothe- apt example of the wis dom, under oertain clrcumslano-w, of a plural executive. The other mode la, alao, by amendment of the eooatl lutlon, to secnre the wester aectioo in perpetual equality, Id one branch of the Legislature, Just aa the amaller Stale* are now secured equality tu the Senate, and can . not be deprived of it, exoept by their own oon?ent. There la no doubt but that acme such proTnlon wouM ht?? been Incorporated Into the constitution of the lilted Btaws, If sectional dlviaiona and collisions of Interests and 1 fe? lings bad been anticipated by the wise and good men who framed that Instrument, the beat deserving of all human political contrivances, to ?e called, lu tbe language or]x)rd Hacon, applied to another svhjeot, Umporu par tut maximut It is more than mere roily, it is positive iatuity , it is almost idiotcy, to expect thai the North would now consent to any such limitations upon her power as those implied la the plans above ladtoatel. She leeds restive under the existing restraints of the constitu tion, and certainly would rever agree to multiply them, or to give 'he South any benefits which are not already nominated in the very letter of the bond. It is possible that Northers sentiment may undergo a radical change on the subject of slavery. However im probable this may seem, examples in the history of every people of similar revolutions of opinion are cot uaoomoaoo Individual# often change their moat matured opinions; and why may not entire nations, which are but the ag grtgates of Individuals? It la a familiar fact that New gland waa once strongly opposed to a protective tarifl, and partly from motives of Interest, and partly? it would be illiberal to deny ? from honest council on, without reference to interests, the people of those States at thia time as strongly oppose the polloy of free trade. Ho, too, onttl within a comparatively recent period, there were but few persons at the South who de fended negro slavery aa right and proper in ttaelf, Inde pendent of the mode and circumstaaoes of lu introduc tion ; yet, at thin time, It would be difficult to find a Southern mas who even doubts the proposition. The most memorable example of change of g^ucal opinion, recorded in history, was, perhaps, the great Catholic rt act Ion In the sixteenth oentury.'agatnsl Protestantism, when the ancient faith, in a few years, regained all tta losses, and bis since maintained ita ground In daxony, Bohtmla, Hungary, Austria, Belgium, Poland and In parts of Switzerland. Certainly the aatl slavery seuti ment baa made no deeper Impresalon upon the people of the North than that produoed in the countries mentioned, by the great religious feud which grew out of the Refor mation. Abolition animosity in the one is not now more Intense than hostility to the Romish faith waa In the other Antagonism between Northern and Southern political creeds is not at this day more sharply defined than the cdrum OmlOflam between the rival sections of that period. II aiOerencea so fundamental were reconciled then, It may not be too much to hope that some perma nent adjustment of our sectional difflc allies may now or hereafter be made. But supposing (and It Is unspeakably painful to make such a supposition) that no change In the purposes or policy of tlie North shall take place, and that the Souin shall be driven to the last resort, we will no* proceed to otcsider, as a necessary but unpleasant part of our sub ject, some of the leading objections to a dissolution of the Union. 1. The first objection made is. that the secession of the Southern States would Inevitably produce civil war. We do not think that this would necessarily be the case, if ail the Southern or sla-eholdlrg States should secede in a body. It li not at all likely, In view of Jbe manifest and flagrant injustice of such an act, as well aa lu probable failure of suooess, that the North would attempt to co erce fifteen sovereign Stales to remain In the Union from which they had deliberately withdrawn, because. In their opinion, It had failed to administer equal and exact justice, because it bad failed to "insure domestlo tran quility," and because It had railed ?o "provide for their defenoe and to promote their welfare." If, however, seassion should produoe war, war Is not the only, nor Is It the greatest evil to which a people can be subjected. War is preferable to dishonor; it is preferable to tame sobmssion to injustice for which there is uo peace ful remedy; It Is even preferable to a per petua ? sense of Insti urlty. Besides, all na tions have had civil wars, and we have no right to ex pect exemption from the common lot. The tireeks, the Romans and the Hebrews bad civil wart; England, Franoe, Italy, Germany and Spain have not escaped tbem. Our own Revolution waa but a successful civil war. I*> seems to be, In the order of Divine Provtdenoe, that liber ty can only be won aod maintained at the costly sacrifice of human life. No great political principle has ever been achieved except by the baptism of blood. Kach suc cessive EWp In tho enfranchisement of the Roman /Mi waa gamed frc m their own countrymen at the point of the spear and the edge of the sword. They conquered , one by one, by throats, by secessions aad by rorce tg arms, their right to be elected t> each of the great dlgni ties of the commonwealth, and, at last, the right of inter marriage into tbe patrician order So, loo, by the bard fought battles of the .Social war tbe Italian confederate States gained admifslon to tbe privilege* of I'.oman cltl zeiship Magi a Charts waa wrested with the armed l and, by rebellious barons, from a reluctant king, at Runnymede. The IVlltion of Rights, Habeas Corpus, Re ilglous I.ioerty, Liberty of the I'rwr, an 1 the great prin ciples embodied In ihe Iwclaratlon of Rights and the Act of Settlement, were the direct fruits of tbo great r< bellu n and the Kugltsb revolution of 16SS Civil wars, although unquestionably evils, are cot therefore unmixed evils They are sometimes agencies In tbe bands or Pro ! vidmce for the accomplishment of important ends, and while ?e deplore tbeir oor ;rreiiOe, we mu?t often aocept tbem ts tbe appointed means of dellverauoe from wrongs, i from tvrannv and from iniustloe 1. Them At objection in reoeaalon In that, In otic of war, the South would be aubjugated. The Nirlhern peo ple are of tbe >an>e race, bare equal court*, and per ha,'* more per a lute Doe t an the Southern. Htaldn* tlila they are much atrooger In number*, hare on hand larger ?uppilt* ot munitlobi of war and of improved pattern* of t)r< arm*. *td poeara* better and more numeroua eata blicbtaeLla for their manufacture. In tucb a coolest, the North would alio have the ?\ mtatthy of tho world to a greater extent than the South, for the latter would be re garded aa engaged in a war to uphold tbe mititutlon of negro (laverr, ehlch to tbe preeeot ouoditioa of tie Euro pean mind,' ucfortunaU-ly , would caul odlam upon her cau*?. Thrae are Important ad van .atft* cer tainly, and we bare made tbe *troo?g*l atate m<bt of them On tho other hand, It muat be remembered that, If a war doea take place, H will be a war of lnvaaton and agfreatloo upon the South by the North, aad not the reverae Tbe South will be in the mi dot of her reaoorOM, and the North dliiaat frombir*. The former would hare mire at atake, and consequently would Qght with a more determtaed aplrit, for It would be a war lor ber allara aad her flrnaidea H etory Iitoh with ( xamp <a of Smaller arm ire ooo juor tig larger out*, and iMtance* are more numeroua anil of amal er nation* *ucce**fully re*t*tirg more populous ooea. The victorie* at Trebia, at Tbraaymeou*. and tXno were won by Hannibal over disciplined foroc* greatly rt.perlor In numbera to hia own The T<n<loou* and tbe C.mbri, rude Germanic tribe*, for thirteen year* defied all tbe powrr of Route, and aiaugbt^red In kuocxwi ? the well appointed armiua tent to aubdue tbftn Tbe great victory of trmlniua, a barbarian chief, over the oonnlar leg one of QnlDctilliua Varna, in tbe reign of Augudu*, forced back the boutnlarlr* of the Rxnan empire to the Rhine, whore tbey rrmamed ever afiorward. Sooiland for conturle* re* r ted the power of Kngland, and never was aubdued. Tbe Amrncaa colon**, comparatively weak and feeble, threw .HI the authority of Ureal Britain, aad by force of ami* achieved an Independetl natluoall ty With there, and oountlrwa oilier example* befure li?r, we think that the Sooth baa bat little to fear from any invaawn from the North for ber subjugation in addition to the cctlderation* we bare enumerated, we may aay, without dlaparagement, Ibnt the Southern are a mora military people lhaa tbe Northern. From their mode 'of life, and iha babil* of sioulliera society, tbey are more skilful lo the oae of ansa, aad our hlatory show* that tbey liave more aptilale and genius for war. livery Southerner, frotn boyhood, la an-matoaaed to tbe giin aad the aad die. Tboaaaada of N >rie<rn men, bora and reared la cltlev_bare never diacbarge I a pistol nor mounted a borae lfe*htngt'>o, Jackaoe, Harr.mn. Sx>tt, Taj lor, Twiggs. Riley. Harney and f?ne. were o* South ern birth and. la fact, tbe largest uumbrr of tba great general* who ba\ a rr fleeted luatra apoa American arma, to tbe war of tbe Revolultoa, ft* war of 1411, and tba war with Meiloo We bava Mil out of view the prea?aee of negro ala very In lb* So* tli, which Ibe North regard* aa an element of wvakoaaa. Ua the contrary, we ikal it aa e m atr?rgtb la caae of war, a considerable proportion of tbe population of any country mutt remain at borne to cultivate Ibe Mil and carry oo the ordinary busl oeeanf life At the South, In the dlitrteta remote from the rcene of br*lt)llle*, Ibe negroe* would rmaln on ibe p'aatatioea, eegajre I la tbelr uaaal occupation*, aad a larger part of the white popuialtou could tbua be for n *bed for active military doty Tbeae aefroaa ooold be paced a nder charge of the oH mew and half grnwa boy*. 1 and tbara would ecaroely be more dai ger of their revolt tt.?a of a rebellion of the b ra.* or tbe oxen tbey drive But, la ra*> tbey fhotild I tonae :Bferte<1 with tbe spirit of intubord oalioo It would be Imp **iMe, evea under ti e oruu.a.-y p aMatloo pair I, for them to eeubiiah oom- , ci. atcatu it with eacb other, aad ibey coald not. there- i ' iUBMHII any general moven,eo i of Berme*. Utey have ao lea-ler* ea|>abi? >if orgaaizlag aad | nnadui-tiiig an tnV rprwe of Una klad they nav* no iup . j I plieai i arm*, or if Itiey eonld g> t tbrm Ihey po^eaa n > aw i I ib their tee If tliey aroee in equal*, they could be raaily cotquered la uetail before a Junction of thrir force* could be elected. Bit, In fact, the/ are loyal In their aa | lure*, at J if tfc y t ?k up aru ? at all tbey woul I be mucb i Bore dlepoeed to flfhl in deferoe ef tbelr owner* than aga r?t them In the Revolution ?ry war, and la tbe war oi itvi tbey tid set )om U>c Hrilitli althmtgli tavilad lo do ao, with tbe pn.m'.ee of liberty Neither <ii<1 they join Jeba Ik XI, ailtM>uga he rtoe for Uie *ol? purp<?* of re )e*a og tbrm from their hx< Jage Bat tuppoee tbe Not lb to be mmeeafol la tbe war, tbe ftouihrrn stale* o> uid oaly be held la ?ubj?-iu>o . a* r w i M, by |>er??*jent military occvpatloa. Th?y cor Id tot be rotupelled to eea 1 i .-aiber* to Coo- , gt??*. to* to lake any part ta the aimtnialrit'toti of the fttfrrei gov.rtrtrt Ttie attempt to d"*?. 'if il#elf, wotiid drrtroy the very aate'e of the government, and ?*<*#? *iou, ebetlier vuoreMtful or 0'<t. would break op lb* I'mon " It eitatji naeer lite cor*tltut',oo 3 ( '*(*t?<n of the federal property. If tbe aeparat'oa a' the et ti'e s>aib fro* tbe tortb be made peaaaf i ly . II I* ; robah e there won d be aornethlag like an *?juit*i>le eitlfioa vl the public pr>'peri), h.? .i on relative poj.iila tma bi't If Ibe *>|?ratlon ebonli be boftlle, or If only a lew Maiee rb *iH *er??d e. t baa the dlvl*loo of property would be ?e the prlarlple of wft j?u tvUlit All the fnrta. ar-etial*. tavy jarta, gorertimenl aepoU, Mr , to- ] geihrr with tb< ir equipment*, on Southern Mil, and tbe | abiaa af war la soutbert porta or eoateiaadad by South 1 ?rn mm. would f*'l to the *b*re o' tbe aew mafederary Tbe*? would *a>' bt.t a "beggarly awsonat," II l? ime. but tbey wcrnid lor? a auclru* for a aew allltary and aaval *at?bll*bDiebl la u. e*rol could tbe Houth bop* to teV any *fcate of the let rttorie* 4 Irercu'ity of a are pr>?perty afler aooeealoa It M i art lo be Bep|?>?ed that there would be p?'rpetual wv be i twera the rival nalHx.a or ron'ederar?e It would eowe i to an end at aotne unie er other, aad thee there would b* I treatlr*. ?rd poretblv. treellr* provldiag for tbe gurren d*r of fnglllvee both from lattice aad from aerrlce After the ? *tabn*bment of p-'a^e, a r**lval of communication ?4 tr*d* would take p ace, ** a matter of roor?e, and, probably, there would be ao dtepoeittnn In either aalloe to at tempi In infnng* upoa the right* of tbeotb.T A v<ty ? ktiiaive rommrtt e rai*it at thlatlme, and haa long **Wird, betwrea our Northers part* and tbe empir* of Braill. end ihe mcrt amicable relation are maiautned, I Botwithatannag lb* preraleace of alevery In the latter With like slaveboldlng It land of On be, lying at oor very door, the commerci&l relations of Uw United 8 *u? art) at HI mor? intimate and communications more requeat; yet we bear of no abduotlona of slaves from enh?ruf lb em by Ibe puma philanthropists of the North. Wo near of no underground railroad* nor submarine fanslisror surreptitiously carrying oO tbatapociee of proporty. Tbo reason of Ibla la manifest. It la because ire a'e all by nature more dlipueed to Intermeddle with tbe atlaira of our own kinsmen than with those of ?iru>gms. Besides, tbe North baa now the pretext of foeliug miho slble, aa a member of a common government, lor what It la pleaat d to oall the am of slaverv. Much of the hos tility to slavery also reaolta from tbe question bvlug mixed up with the atruggle for aeet'onal prepondorauoo. Remove tbe competition for the ooloulxaliuu of tbe IVrrl lorie*. and the formation of new States, free and siave boldicg and jou will then, In part at least, separate ?l?v?rj from polit e*, Ita moit deadly foe. In e,aso of disaolutloD, all these prime moving cause* of abolition lfccaticism will ceaae to operate If tbe aeparation bo partial? that la to aay, If a few States only secede ? then tho*e of the present Southern State* which will remain m the Union will form a barrier to tbo acoess of abolition emissaries, and th? border States will be friendly in feel ing, and slaves be as aecure In that roipect as uow. If tbe wbole South secede, then the withdrawal of s'aves from the border oountles of the border States, with mili tary poata at proper points, will give ample security agaltiat thla kind of aggressien. 6 Another objection Is made ? that It would be Im possible to fix upoo boundaries, either by previous agreement or by treaty after war. We think 1> probable that the Ohio and the Missis sippi rivers would be the boundaries agreed upoo, together with, perhaps, the StasqiKthanna or the Poto mas. It Is asserted mat there would be a never ceasing war If tbedlflertnt franks, and If the upper water) and tbe months of these great rivers, so Imp >r taut to tbe commerce and defenoe of tbo States bordering upon them, were held by different Powers This, la our opinion, is more an apparent than a real dittloulty. It could easily be settled l>y a treaty providing for tbe free navigation of those rivers. It la always safe to tako tbe lamp of experience as a guide The Khlne, the Danube and tbe Elbe di not Sow, In their entire oourse, through the fame conntry, and tbe pisteaslon of tbe aouroes and the mouths of these gieal highways bv lif erent nations doe" Dot produce lotermlnable conflicts, nor any conflicts at all. No European wars have ever taken place on account of the navigation of these streams. Tne Amazon, also. Is owned by both Brazil and Peru, fat tbe harmony between the governments of those ouuuiries Is not disturbed by this fact. The mouth of tbe Mis sissippi wss formerly owned by Franoe and Spain, yet no threatening difficult) between these Powers and the United States ever occurred on tbat aooount. It cannot be denied that it Is a oonvenlenoe for on* nation to possess tbs whole of a great stream like the Mississippi, bnt It Is not a prime nooes alty. Nations bate got along In tbe past, and do now and can in future, get along very amicably togetber, with out such exclusive |Kwaeesion 6 That a dissolution of the Union would prostrate Southern Industry This may be so The Northern mar ket for Southern products would be destroyed, or certain ly suspended temporarily, and this would produce a stag nation of business Tbe very fsct of dlaaolutloa, of It self, would bave tbat effect In both sections; but we think it rigidly demonstrable tbat tbo ultimate result of disunion would be to give Increased activity and Impetus to ever) branch of Southern indualry In the Union, by far tbe largeat portion (probably lour tlftha) of all tbe foreign gooda oonsumed at tbe South la Imported into New York anu other Northern porta, and, after paying the customs' duty there, Is transhipped and received Into the foutbern States free ol duty In oase of separation these goods mult be brought directly to Southern ports, and there pay the Import duty. As a matter of course, In accordance with tbe laws of all commercial nations, ships owned in the Northern confederacy, lr that be the form of government adopted, would not be allowed to brine English, French or German products, or any other products except their own lntoSoulhern ports. The consumption of foreign Importations In the South for I860 is estimated at >106,000 100. If to thla bo added $240 000.000 for the consumption of Northern manufactures and the produce of tne free States of the West, the amount thus inert ased wl'l reach nearly tS60.000.000 (dee Kottell'a Southern Wealth and Northern Protlta, p. 74.) Direct importation to this extent, of Itself, while furnishing moat ample re venues, at a low tariff, to the new government, would produce a moat sensible effect In bunding up Southern cltl'S and diffusing a beneAoeot activity Into all branch** of trade. Manufactories would iben grow up, oommcrce would extend, mecbanlral arts would llouriab, and. In short, every Industrial and every profeaaional pursuit would receive a vlvi'ying impulse. A large portion of tbe commercial capital of the North Is owned by foreign ers, who, In case or a separation, would immediately transfer much of thts capitil to the South, and this could be done almtel without Interruption to their ordi nary cruise if business Northern shipowners, too, In large numbers, would remove with their property to tbe South, and a commercial marine of Imposing mag nltude would thus be created In a few years Eng land, our natural ally, would then become moro friendly still, ano, from motives of pounds, shil lings and pecoe. If no other, would abate much in ber bo*tlllty to slavery Advantageous treaties oould be ne?u .ialed with ber, In consideration of the benetlts she would derive fr >m the almost exclusive possession of our foreign trade for some yeara at least Exiwrleooe has demonstrated that direct trade to Southern ports cannot be ealaAliatied to any considerable extent In the Union. It ran only be accoirpltaatd by the stress of necessity which separation would create From dl*wl trade would flow tie countless material blessings but partially India* ted above 7. li baa been raid that the Seuth haa not the ability to ' ui?itita:ii a separate govrmmeLt Toil object on ia friro lou*. it ti an. oat Billy, acd It la partly answered by what ha? alrtady beets raid. The total population of the South ern -uie# h twelve million* al leait, Including four mil lion* of Havre, or four tim#i the population of all the oolo iiio together at the time of tho Revolution If only South Carolina, Georgia, Alabama, anc Mi**l**l|>pt ?feonld withdraw and i urn a new confederacy , II wou'd onLtatu a population of above throe milium*, inrluf ive of nearly a million and a half of Have*. Tbi*, of Itaelf, would oot.*Utule a nation, rrapeetable In point of nnnil>?rR, amplo in extent of territory, and abundant In reeourc** for foreign ootnmerne and domeetlc trade. If to tbtm -Ulcy hi- added Honda, l/oulaiaua, Arkaa*?* j and Tcxaa. the lin.lt* would be exlctded to thoae of aa empire, with r.orr<? pond log increaee of malarial re- i ?onrcta and pbv Ileal tr.iaix of defence. It ia m t at a I pr> bahl", in oar opinion, that the entire ! Botilb will ever withdraw trom th* I'nlon it one time for I any rrlerance which It ia likely will b< iafltcted by the , North The evei.t* of the Kit few yea-* have mad* It paniftittbat cert* a of the flavehoUltng cannot be rrned upon for concert of action with their more Southern *l*t< ra In matter* ejuai'y a(T-"ctiog the r orn arnti right* imerr*t? and honor The retuaal of Virginia and otter Stan* to meet, no tbe Invitation of South ' Oart 'ma, in a Southern conference, and tbe proceeding* i <<f tbe Charleston Convention, furni*b, amoug other*, te I ciilve niactfeeutlnti* of tbl* (art The oottoo Biagee, : then, will be t> rce<i to rely upon themeelvua, and to lake tbe initiative, If unhappily it rboul I be neoe*?ary , In any ! movement look leg lo d>aaolution. If the emergency Indi cated t-y ibemFclvta ihould ante, such aa tbe election of a republican Prealdenl, or on the happening of t ime other ooct.og'-ocy la the category of unbearable Ilia, tbey might, by action of their reepeetlve LegliLataree, with :rau Urn r Senator* ao 1 repreeecUtivre from Congree*. ru?et lu oooretition, inat iote a [irovinooal government, and aaberquently, after farther action by the people, form I a new confederacy, which, In all eMeenllal featurea, might be modelled upon tbe prevent constitution of the Cn'ted Staua, making mora ample provlnlcn* for the protection of alive property, and making, alao iuch other changes aa experience haa detrn nitrated to be neo' Mary or oaef'il in lUpracli-*! workiog After thi* ooufederaey had b?n put Into operation, It la probable it would be Joined In a few yrara liy.all of U>e remaining alareholdlnc Slaten, and tcu* an enUre aeparatlon of tho North an I South would be t.lecttd. . HEWS FROM BUJUI08 ATRES. Tremeadoai Gale ? Two V eaeela Naak and Nineteen Drli en Aahorw? The C ma ton Ilowae Fleeded-Gai Work* DNtreyed j ??4 the CItjr la Darkaaea-Heaiet | W aaahed Away-UiMI Utatracllea of I Pieptriy-Caaaaltlta, Ac., Ac. On tbe 20 lb aad Mth Augaat a heavy gale we* expo- , rletced at Mo?no* Ay ma, doing a great dea. of damage, I both among the *bipptag and on *toore. Cfcpt. l*n*au>t>, | of the allpper rbip I'arana, arrived yeaterday morning, j f?m hra ua with tbe following full particular! ? Tbe Brltiab barki Croaader and Reciprocity were la oontaet, and aank each other la tt.e outer roadg. Tbe oap tato and mate of the Croaader war* dmwaed. and part of the orew of (neb v- eel, eleven In aamSer, loet. Tlie Brltwh barka Margaret * Jane, Koxma Caiio der and Brltlib brig Jane Huiam, all drove aaho-e. One j of l Imb) t truck on a wreck la the outer road* aad l"*t bar rodder bef< re going aahore The Britlab bark Beethoven had been la ewiact with another veer el, and waa totally diamaaied.loetcverytbiag off d*ek, (ucb aa bawaera, boata, galley and balwarka. Tbe Prutelan brig Urania at d French ahlp St Franc-iia were diemaet*d ft cm ooatact Tbe rteiicb brig Alfred drove on abort al Palermo and waa got off. I* bee brig Alma drove on ?bore, aleo Ham burg bark rtcctola Burnt a Ayrea, brig. I*th ot Sfrte*- i bar. 'Hi ettore. Hanoverian brig Erneat Ueoega aebora about ote mil* nortb of Uie gaa work* and nearly op to tbe railroad trick Dutch brig flnlp, toe tame a* the frreet Seorge Dan Irb brig AnelU arbor* at Palermo. Sato own t? iter* San A' tooto, do IJar>i*h ?'i? <>?> enrdta atluire t ear St I?ld? ra Frer.rh alilp Nil aaltore aptbeooaat. frencb Hip Heaagal, do. Ttie ( rly ratualtiee am?ng the American ahlpplng were ? Tbe Putch brtg Snip, ater parting b*r cha na, drove acre* the bow* of th? hark l?*n, Injurtag her bow* aad tH.w*prlt, bat not **r loii?iy The aam* brig, In King tl?e t oiante ( An*rloan brig), booted her t?-it er eiiala and parted It. Tbe Voiante role out the gale with tbe rmall bower, and eaoapod nnkort After the gale am aided aba recovered her anobor Diirteg tbe gale tbe water of the river rone ao high there were three feat water la tbe Merer atone* of the i?e w ( u Mom Boo**, doiag. grant damage to A* good* Mered in them There w?Te * great m*ny valuable good* Morel therein, anch aa flae hardware and Herman and li.-t.ch t< < d*. *om* ot ibem intended for export ap i tbe fiver, and totally unit for tbe Roet o* Ayr** mwket, r<?ae<|iieaily a tatal I we *a tbe owae?*. aa the govern- | mrU ii?i d?nW?l any rre '?nalbtiity for tbe Ina* Tbe ?en waah?d ?way the north aad *outb walla of the gaa wnkr, and inundated tbe whole of the interior, doing great eatrage to the work* ? la cotaequrnce of which tbe city i* * Itfennt light at night a new fi-rt. which wi? hriit north of tbe gaa work*, i wa* likewt** deatr> y .1 by Ibe eea. Ab-nit t *0 mile* of i tbe Set Krur.do Raur^ad track, which w?* randy for la; 'eg the t*tta, were ronM-'et?ly ruhhed out The *tall< n l?-e?e whtrh waa ? wumeeeed waa waabed . ifewn. *td ibe wrnk* of Iwo wbaleboata were landed on 1 Uie ?itr. All the tower boitdtaga |fr?ail*| tbe river oe ' the north slds of the Almada were some or them on-n pletely washed down, tad oth. rs guiied? the rrouta u1 insides all destroyed Tbe low bu iiliu^n sonb of the Custom Bouse also suffered very much Tiio whole of tbe town at tbe Boca hid to be deserted , tile fkuiUiea being taken out In boata and carta Ureal damage has likewise beeu done at Barracan, as ' ?early all tbe barracas were entered by water and ibo bides and bale* much damaged Tbe talcuUr?t also built rt d very much, aa there were great quantities of dried beef piled op in them All tbe salt Id lbs barra at alone lbs Rio Utauelo was destroyed On tbe whole tbls has been the moxt destructive gale they hare bad In Buenos Ayrei for a great number of years. fhe wind during this gale was well to tbe eastward, which threw a very heavy sea on tbe city, and whlcb was the cause or tbe damasn Tbe Tritmna of the 1st September says:? u It Is Impos sible to state at present tbe extent of tbe lost The abore Is covered wltb the fragments of wrecks, an lor boutes blown down, the gas hoises dastnyed, the railway to Bail Fernando Impassable, warehouses flooded ? in short, a really great catastrophe IB tbe present storm " Tbe Htorm ooeorred on tbe day of a festival of Santa Rosa of l.lma. Tbe loss of the gas la specially deplored, as !t wlU be several days, perhapa weeks, before tbe gas w irks can be repaired The performance! at tbe theatres were suspended on tbe days of tbe gala. OIK BL'KKOS AYRK8 CORRESPONDENCE. Bikkoh ayksh, 8 A., aept 1, 1860. Antiquated farming tmplemenU? American Machinery ? Liberty of tM Prut ? Railroad Batemion? Singular Legislation? TSt Wool Crnp?Ktrrm, ? Lou of Feuds? OajuoUiet?Dotructiiin of Property? Damage ho Ame rican Feiseis, <tc , <*c. An article from your correspondent bore, which showed tbe progress of this country in the arts an! sciences that are purely North American, lately gave great oflfenoe to some foglisb residents here. A ride to the country would satisfy any one that there la yet much room for such In nocent imitation. I lately saw a man ploughing with one horse bitched to a one bandied plough, the horse being ridden by a half grown girl. Further on were four men winnowing wheat by throwing It up agaii st tbe wind with shovels, while In an adjoining Held was a man harrowing ground, using a tree top (or a harrow. These and a score of similar things I saw while riding tn a diligence of tbe style of one hundred years ago, drawn by horses which drew tbe load by bands of leather tied tightly round tbelr bodies, and having no other barnesa, not even a bridle, except those which had riders. From North America there ha* come the modern omnibus to take the place of theae lumbering horse killers. There ure In tbls city agrlcultn ral stores which are selling ploughs, barrows, windmills and threshing machines in large quantities. As far as I know, no other nation sends such Implements here. The Ericsson engine prints the leading dally of tbls city, and another will soon be tn a warehouse which bales thou sands of tons annually for the United States. This para graph, If published, will doubtless offend our sensitive British brethren here, and there will be another sermon or two from tbe text, " wooden nutmegs." 1 could till this letter with proofs that "the world moves ' Two d:i>s ago, upon tbe admission of a MM ^'otto man to tbe legal profession, tbe oration sustained two pro positions: ? 1. Bishops can b< queath all their possessions. 2 In tbe will (testament) of the blind, a public writer (escribano) Is required. If In these days, In wbich men art living and breathing In all parts of tbe world, If such topics aro or commanding Interest, there must have been a dark period a little further baak There Is In this republic not entire liberty of the press. Wltb the policy of this country, hair the political journals oi the United Mates, In time or J'resideutlal campaigns, would bars to shut up shop. La A'ueva G*n*ra,-itm, a little anil administration paper, had been indulging In needless ac<l bitter denunciation of tbe leadtrg offl vers of the preseut administration, some of whom are tbe best men in tteuth America One day this week the govern ment stiut up the office nnder seal, and gave the editors safe lodgings. In tbe projected extension of the Railroad del Oeste, the government propoers to take all the farm lands In tersected by tbe railroad, dividing all such lands into small lots, sod allowing tbe present owners to retain every other lot, sod (or >he alternate lot they are re quired to accept the present value for a remuneration. Tbls Is certainly a novelty In legislation. H take* the hal' ol i-a-h man 'i land fro? htm per foroe of law, and gives him the piece It would have If mere was b<- railroad within one thousand miles. It iocs not help the matter to ?ay, as does the Minister, that "tbe Inviolable right <>f the owner is to Hie value, not to tho land" He also has an Inviolable right to dispose of it, making tbe tin.ee and terms to Suit bimerif, only < xsapt tng demands of society far lbs oommoo safety. The cm- ' eluding provlsiui of the law Is oertainly a curiosity in legirlat on " 'nose who rojulre a special valuation shall give up the wbo'e o' their lands " Tbe last month was included ii our winter, In wb cb business is never brirk Neither have we anything to 1 export compared with tbe vast tonuage which nn>uioly leaves this port. Umaod for foreign goods baa kept up weil, and vessels will uot do ba.i y ttat <*n go hum* with half a cargo <>f all goods brought fiom the I allod States we shall want mure next year than we ever did before. Tbe winter has been the most r?vorahle known for many years for cattle and sho p The amount ol wool wi I be immense, notwithstanding the heavy losw-s lr<>m drought the year brfore. The wool of this yoar will also bew'Lt off in better order tbaft usual Tbe United State* stonier Pulaski has gonn up the river to Asuncion Th? to ted Stat a brigs f>o||>hia and i Bainnridge are In toe river here These hrigs will I sh< rtly give place to vessels bi tter adapted to these j waters. Tbe authorities of tbe city are yet occupied ?n a?cer ' tslnlng tbe damage done ny tUe storm which raged In those reg on? during tbe !Wih ant 90-b of August Toe Waltham, of Maine, lost her bowsprit and ber l >ng boat, Hie latter, however, has been reenter* d Tbe Oa?n. of New York, was run lato, and was damaged, some say, about one ttourand Spanish dollar- No other American vessel r?< elvi-d any damage Yrsae's of other natloes sutlered seriously ? two Biuuli vessels sunk ta the bar bor, and two went np high and dry on shore taro of I.nbiv want ashore, also two Uilch. two Ham verun and one Buenos Ayrrar. Kn-uch vessel ? eat to the b >t torn, an i also < lie of Hamburg Mai y other v>vs?ls have ree ved damage. As<?i them an' v-wels of all na lions except North America Tl.?te mentioned as lost are total and bopeiesa wreeks. The I utlotn Hmm was well Bl'ed with water In the lower story, and Ux> lot* of rood* in hoed ta Immense. ISc lowt r part of the City, na U (d the TVma, wa< all afloat , Tbe k*a of life has a *o b<-on targe (loe American D .t out twice In tbe midst of the greatest peril and rescued a man at tbe lax I moment fhe Maa Fernando Rat Iroal l'?l m ire ol Its track. 1>e ras works are seriously Injured, so thai tbe city Is lighted only by moonlight. P?I7S Finar in Taor ?Tbe Witt? **>'? that a dlsgraoefni prt? Pghl took p!are Thursdav afternnoB, between twe individual* named Wheeler and Jack Hrarn. Tbe parties made np the match some time slsee, and on Thursday proceeded to a spot beyond Albia, where, ta tbe fields, they settled their difficulty arrord'rg to the rnlaa of the prize rlag. After two rouads tbe sister <>f Rraon arrived <? tbe ground, slung to ber brother, and Inaisted oa his going home The only sensible part of his c ?docl ooo sis ted In following bar advice, and to the fight eoded. FINANCIAL AND COMMERCIAL. TrwDAT, Oct. 2.1 6 P. If. The following ix a brief statement of the exports (exclusive of specie) from New York l? foreign ; porta for the week and since Jsnnsry 1:? ISM ||50 lneo for Um week |lDl.nt 1 307.674 3 U74.047 I*r??KMi#:y rr|? rt'dK' 4X5 :?20 llbWtM 76 414 3*4 (?luce Jan 1 Ul.lli&U *3 :37,077 77 604 ?il ' Thus the liat of oor exporta of produce swells week by week: the total export since January 1 in now nearly 124,000,000 ahead of the same period of last year, and nearly $21,000,000 ahead of the year : before. It need* but little reflection to satisfy one's mind that the remit of thia enormooa in<-rc i?e In 1 our ex)<orta of produce moat be a vent incre.ute of material wealth and proaperity. and that, next year, we shall ace a more astounding dcvelopement of commercial activity than waa everwitneiaed l?ef re. The money market continue* easy in the ex- ! trema. Tl.e current rates for call loan-* are 6 a 6) per cent* for paper, 6 a 7, according to length. 1 The dix ount brikers continue to complain of the m arcity of |*|>< r; that Southern paper which the ) attk - are said to be unalile to discottt, in oon aeqnence of the pro?|*ct of I Jacoln's election, would l?e very ? < > otne here if It i* wurth discounting at *11. ? Foreign exchange continue* extremely dull. The a?k ng rates are, for sterling, 10*1 a |. and for franca. 5.17J a 1*|; but bankers'; bills are done be | low these figures. The prodnco and cotton ship ments are supplying the bankers with exchaiwre at sti> h low rates that they are enabled to aell their .own bills at unprecelentedly low figure*. The ex port of s| t< ie appears to have ceased for the sea son: the Ariel, however, arrived to day froin As piowall viith something over IK>0,000 in *pe> ie. The atock market continues to be under the In fluence of a panic, and the bears have everything their own way. At the morning board this morn ? Ing New York Central declined 1J; Erie, 1; (ta lma, W; Rock Island, 1J; Illinois Central, I; To Wo. 4; Hiidson Diver, 2A; Harlem, guaran teed. 3: Michigan Central. 1|; Panama, 1; Pacific MhII, 4. Betwien the boarda there was a brief rally, but at the second board the market grew heavy again, and prices fell back. No cause Is as signed for the decline of the day, nnles* it be the OMtalMct growirg out of the pending polith al icntfst. It i^srd to see how any in?urre',tionary tnofr*et>t* Ww fotith, ?nch as are foreshsdowed In stmt dlsunif n)st oigsns, conld affect the valae of Northern railway shares without affecting bank stocks and real estate; but there is no rale in such matters, and at present the temper of the public mind favors the bears. Southern State stocks shared the general movement to day; , Miasouris declined 4; Virginias, 4, and Tennes see!, J. At the close to-day the market was irre gular at the following quotation* -Virginia 6'a, 90 a /; Missouri 6's, 7?.j a 77; Canton, 17J a 19; Cum berland Coal preferred, 11 a 13; Pacific Mail, 92 a 93; New York Central, 84J a 4; Erie, 35J a J; Hud son IUver, 68 a 4; Harlem, 15$ a 16; do. preferred, 424 a J; Heading, 44) a 4; Michigan Central, 63$ a j; Michigan Southern and Northern Indiana, 184 a i; do. guaranteed, 42 a j; Panama, 123 a 124; Illi nois Central, 77J a 78; (ialena and Chicago, 725 a ] 73; Cleveland and Toledo, 304 a J; Chicago and Rock Island, 67j a 68. The award of the government loan is the subject of general conversation in the street. It is freely used by the bears and bulls on the Stock Ex change?the lormer of whom affect to believe that the smallness of the premium is an indication of de clining pubkc confidence in the permanence of the Union, while the bulls aver that the successful award of a five per oent loan, at a premium, aflbrds substantial evidence that financiers are not disturbed by the prevalent rumors of secession and civil war. The public at large seem to be some what puzzled by the award. A reference to Mr. Cobb's previous experience asa borrower may help to solve some of the doubts and uncertainties which appear so embarrassing. In August, 1858, the first half of the loan of 1858 was awarded. It was a 1 $20,000,000 loan, bearing five per cent interest, and redeemable in fifteen years; it was awarded at an average premium of 4J per cent. Money, at the ! time, was worth in Wall street about 3? per cent per annum; nor was there any prospect of an ad vance in the market, as trade was generally de pressed, the importations nominal, the export of gold small, the bank reserve unprecedentediy large, and railway credit so shattered that borrow- ! ing for railway building was out of the question. 1 Under these circumstances a government five per cent loan was a most desirable security, and the large premium obtained surprised no one. Again, [ In January, 1859, the remaining half of the loan of 1858 was awarded. It went at a premium averag ing 2j. At the time money was worth in Wall J street about 4} per cent, and there was a tendency toward a general recovery in business; , but still there was nothing more than a tendency; 1 the Imports were still small, the export* of gold light, and money consuming enterprises extremely few in number. The third experiment of the Kind has just taken place. Mr. Cobb awarded yester day ten millions of the new loan (of I860), bearing five per oent interest, at an average premium of less than 4 per cent. Money is now worth in Wall street 6 a 7 per cent per annum on call, aud though there is no immediate prospect of any vio lent change in the market, the enormously in creased production of cereals and cotton renders it pretty certain that we shall have a large trado next year, a remarkable developement of enter prise and industrial activity, and consequently + largely increased demand for money, llence, to city capitalists, the new loan was not a desirable investment ; they can do better by lending money on call in Wall street, and still better by buying lint class paper. Thia class of bidders ont of the way, the only customers upon whom the government could rely were retired rich men and families, who might wish to place a portion of their means in ao safe a security as United States fives. But, in the first place, in this country at all events, the class of people who are 1 satisfied with five per cent is becoming smaller daily, and by fixing the time for the award so sooo after ita announcement, Mr. Cobb practically ex cluded Europeans from the oompetttion; and, secondly, the loan of lst?0, unlike the loan of 1858, and all other United States loans, has only ten years to run, and is therefore uot at all a desirable security for parties who are in want of a per manent Investment. There is auother point which must be borne in mind by those who wish to understand how the award of I yesterday was made at m low a figure. There are certain seasons of the year when money is abundant, and certain other seasons when it is scarce. Every merchant knows these seasons, and that in average year* they are invariable. Now it so happens that tho two awarda of the loan 1 of lk >8 wers both made at seasons when there is sure to be plenty of money in Wall street in search of employment, while the award of yesterday came at a time when money hi Invariably in demand. In the latter part of January Wall street overflows with money, received in the shape of dividends and 1 coupons? this was the time chosen for the award of the first half of the loan of K>"; In August the banks always touch the highest point of their ex pansion for the year? this waa the time chosen for 1 the award of the second half of that loan; in Octo ber the banks are alwaya contracting, mo ney is always wanted by merchant*? and this was the time choscn for the award of the first half of the loan of l**#. There is but one other point worth noting in reference to this mstter. Some journals, we notice, remark omi nously that all the bids came from the North and none from the South, evidently intending to create the impression that the South baa lost confidence in the Union and in ita securities. Thia ia more in 1 genioue than true. In the first place, Messrs. Itiirsr* A Co., of Washington, who are veil known to be the bankers and financial agent* of the richest rum in the South, and who are the treasurers of the Itrcckinridge Executive Committee, wore by far the heaviest bidder* for the l?an, and obtained more of it than any other bidder. And, in the * cond place, no Southern capitalist of any ?.igv city would vend hm bid direct from hia bouihern home; he would employ a New York house to bid for him, and would save money by doing so. \Vh? n the award of January, 1869, was ma-lw, the liatik of Washington, Xortii Carolina, thought it would safe a brokerage by bidding dfrectJy for $SO,utO of the new loan. It did so; but, being of course isrnorant of the probabl" rate at which it would nil it, bid 104, while nearly all the New \ or k Udder* got all they wanted at 1014. South- i ein capitalist* g? nerslly are too shrewd to commit so obvious a blunder. The following was the business of Uie Sjb Trea sury to day: ? Receipt* *311 <W 24 ? h>t Its 000 00 P?) Dl< DM. 183 Tat II Balance 4,401,143 <M The sales it the timing B? ard to day were: - 100 lbs Central 11 liOsbe Quim-jr. . ,.t>3 87 1(0 do >10 11 8M) ?M4 H it t>3o \ too HsBoor* * 6 M Kocktaa l Iron... k WO do Mfl 6 The weekly statement of the HiUidelphla bank*, made up yesterday alternoon, pre?enta the follow* Ing aggregates, as compared with tho*e of the pre vious week: - on IS Ott 23 Capital atork. ... Ill T94 "ri 11, sot WK) loe ?7 oeo M.II9 338 WiVd 10 lac . 114 30T flpeel* 4t07(?>0 4 r.<57 436 Inc. M4U IM* 'in ' tb< r km. 1 ew .113 1 ft a ?M tier 19 401 in?# v. ?tii?r bit*, s iu4 4?e a \'M *17 lao . a aas l<e,m*ii* lS,7?e?33 1* *41010 lac, 7,', o*7 UtisM^b 3014000 2*S*:?4 iv* 127, 71? The New Orleans J'irayn ne of the 17th (ereo* ing) >aya:? w? b*?* but lilt)* in add to ear remark* M j* *i*rf*j. Thr natkM h?* )ir?-s?nve?l a fair re* nl ?nirnr, and tbe 'ir>|<rriT?t feeling already boikw-I If fnllf eaeitt* ?<l There m a ? ?orpin* rieeaaad for <mtt>>a. sad pr e?s are still la tbe u-rMir,i It |i ?? lonc?r dotted tb*t the lro?t ef sundaj and II laday last be enerted vb? farther io*|? ?,?nl of the p ast, but the **t*nt "f lajory I* ?till a iratur of *?r Jaenre In ibe i***n?bil* '*? ??ire ?.f 1 be crop are tiBdarfoin* a redoelloa. and tb* In ?M?- flrurr* thai prevailed s ftrta'|ht atnea now repre set t tbe ontstde np Dion. Tbe weather la all that oa* be arrrrd for tbe ?*> ar crop, aad lb* J isld pro?lar* to be la'*?r than wae aatteti aud Tbete ??* *o?e movement I* |?r?r to ?ay oa tbs **?i* ef If a II per eeat fee short d*t?.l aifsalaree, and 10*12 for loB| U?e* A food ; daai uf M? a waii* laveei^Bi, aad eaptialleu be?ta to grow reetive aa to Ita employment. The exahanff" market shows do Alteration. Id slooits there ii micny ? ?) nip torn of mavi menl. A ui? of tthy sbarea Water wor ks til made At rt'i ^ , Another imall trunOtkoD wic reported, but we did uol bear the particular*. Motk Kicb?k|?. TrathAT, Oct. 33, 1800. 60 sba}Mlch t>o KR. 03 V 60 M 8 & N 1 RKbJQ IS 3*0 do If (0 do til IT 860 do 17V 160 Mich 8 k N I g a. 43 $3000 Kentucky 6'?.. 87000 Tenn 0a, 'W0... I3t00 Virginia 3WO Missouri 0 *.... 7( f0 I-oulsuuia 8'a., 4000 California 7'*.. moo M Ho 2d in t>8. ; boo 1)1 Ceo KR ba.. 6 shu Bk of Com.. . 40 Aint'r Eicb Bk... 106 Pacific MtUOo... 106 Co 60 do t30 ]00 m >?0 60 do,. . 160 N York ten RK.. 100 460 3(0 360 rjoo 660 HO 60 #60 100 200 Erie I!K S10 . i.eo . b30 H)0 t30 lo (10 4f0 d < 760 do 2?0 do b80 HO do too 860 do t40 bf)0 Bud River RR.. . 818 do 100 do 2C0 Co 180 1(0 do t&O 1C0 Harlem RR 400 do 100 do . 200 do 800 Harlem RR 100 do r!6 8C0 Reading KR...S10 800 do 200 do 1(0 60 do 14 do 200 <1o b20 300 Mich Cta RR.... 60 do >10 100 do k30 100 do 130 300 do SECOND 810C0 Virginia 0's .. . 90 6 the I'M Mali MOl 91V 460 N Y Central RR.. 84 , 310 do bli 84k 960 do (10 8 ?'i 100 do 84 V 200 d i blO 84 V HO do slO 84 SCO Erie RR 36 V 310 do 36 X SCO do ?30 86 1C0 do 86 ^ Sto Harlem RR pre'd. 43 30 do 43 HO Reading RR 44 V 300 do beO 46 V 100 Harlem RR 16 260 do 16 >4 160 do 16 V 100 Hudson Rlrer RR 67 V 60 do >30 67 V 300 do 68 160 Mich <?n RR .(30 86 V 36 do 04 100 Mich 80&NIRR 17 X 104 00 00 77 0S* 00 00 102 104 01 9 IV #1 03 #1 V 86 MX MV 84 ?< 84 4 84 84 V 86 86 84 84 80 30 v 36 30 >4 37 30 18 67 ^ 67 V 68* 67 10 V 10 V 18 V 10 42 *IX 44 ?<V 44 44 43V 44 V 03 03 03 03 V 03 4 100 200 060 26 60 686 60 100 do do do do b30 RR 02V 41V ilV 138 do 133 V do 630 123 V do blO 128 100 La Orceae k M BR 100 111 On RRaerlp.. do do......... do......... do 800 do M0 do bOO do *16 1360 Oal k Chw RR. . 100 do alO do do *10 do b.W do blO M0 100 676 100 160 160 M 200 ?jot) 200 100 200 HO 300 Clev Hi TotedoRR. do. . M ,30 100 1C0 2960 10 100 1060 BOO 7C0 13f 0 Chi k Rk Id RK. do. do. do. 60 260 300 200 160 100 60 1C0 do.... (W do BlO do do do ?15 do alO do bCO do b30 100 Obi, Bur* y R#. 100 do alO 175 d? 100 do 100 do...... *30 100 do a3Q no K Rl>. 2C0 iba M So * N I RR 60 do -10 300 CteT A Tol RR . . 100 do b30 160 do b0O 600 do 100 do 100 dj.... ?30 360 UlchSoft Nigs 100 do (30 160 do >00 HO IliOenRRacrip alS 900 do 100 do MO 100 Oal & Chi RR.... 60 do alO 360 do. 100 do 300 Chi A Reck I KR. . aoo do 100 do bio M Chi, B k y KR (10 250 do..". 100 do MO 60 do aSO IV s* 78 70 77* 73 73 73 73 V nzi 73 73 73V 37 30 V 86V 30 30 V 36 V 36 V 36 36V 68 08 68 V 08 V 08 V 08 08 09 08V 85 85V 85V 86 V 86 V 80 18 18 37 87 87 V 30 V 80 V 80.V 41 42 ?v 78 78 79 78 V 73 73 72V 08 ?7V 88 8?V 88 8T 88V CITY OOHUERCIAL REPORT. T< K?i>*Y,Oct. 23-0 P. M. Amir* ?Sale* of both aorta were making to a moderate extent at 6 >4c. B*eji?ti >h ? Kkior? The market waa heavy , and the turn of the market in favor of purchasers, especially for common and medium gradea of Mate and Western, while f*lr? bran In were moderately d.-alt .a and pricei un changed. The reoeipts were large ard (be demand leea Active. The aalea cui braced about 12,000 a 13,000 bbl*., closing wltt Id the following range of prices ? Superfine State 86 30 ? 0 40 Kitra State, from old and new wheat 6 >0 a 6 70 Super One Wretern 5 30 a 6 40 Common to ehowe Western extra 6 70 a 7 26 St. lxiuia eitra 6 20 a 7 26 Mlied to alright feutbern 6 76 a 0 16 Straight to good extra do a jt a 7 00 Choice eitra family and bail era' brand* 7 00 a 9 00 Ri e l:?'ur 3 60 a 4 V> Corn met). Jersey and Brandywwie 3 60 %890 ? Caoadian liour waa acaree. wiili aaira nf 300a4u0bbM. at uuchiigod prioa ^ulbern t ur waa in fair demacJ, i witb raiea of about 1 300 bb a. , etoamg within the above r?ii.e >f prlren. Hj? ? M ai> u iy at 0'ir i}uotaion*, 1 with aal<* of 176 bl>la. Corn loeal ?raa iinchang<- 1, with I tales I'M I/O a 400 b&la at <|uatAti<IM ffhea1.? rn<! mar . ket waa ieaa buoyant and active, and with aoan- thgbi ! conoetaion on tie part of holders t be nark i bra>m<j ; more m live, with raita of atout 176 '>00 a InO ( 00 husnela at 81 66 for cbetce white Ca> a"a. with aome Souib<-ru at p t 81 60 (nr < tol<f white Kentucky, 81 46 a II M) for good white Ohio and Indiana, 816) a 8165 for ? hi loo white Michigan, 81 20 a 81 20 for Cbtoigu spring, 81 20 a ' 81 20 V ,,>r Mil??' k?e club, 8128 lor amfie' aj , (137 I lor chine* red I/>ng Island, and some prime white do. at i p I ; 81 33 for red State, and 8136 a 8136 V Tor red I Wesbrn (4>rn was in <alr rtqu- ?l, in "art for export, ! wHb ralea of about 90, COO a 100 000 busbela, at 70i for \ Western n>lx< d, la store and afloat, and at 7 0p. a *T<*. for round yellow Hye was stead ? a saloif 4.0C0 buabola (anadian wis made si iO.i Itariey ?M easier, with aalea of 33.0i0 busbtls st "tto lor state, snd at 80n a 86c. for Canada West, and >-0.. a 83 for 1 At ad a last Oat# wero Ur m and In (<*d demand, wllh free aaic* at 38 Vc. a 40c. lor both Ganatf aa and Slate Ol?>a ?7 be market was qnlet, while prlees were st< adt and sa.'ek limited Meatra Monft * the, In their circular, give the foMowleg statement of sumka for lo daj ? ??*< < ? of Rio on the 10ib (Vtober. 1S00 wan 8,081 bags, rece ved since, to date, 3 628 total. 10.183. aaliii for rons'.mption ( St I mated at 10 643 Stork of Mara<-albo I oa tbe 28 1 dsy of October. 1800 197. Java, mate, :i60 m ven iMntVasr 760. t< tal ba.'? a:.d mala, 1.4V7 The stocx of Rio cn ortoiv r 30, at .Vow Orleans, was 1 4 '>00 bags Bel li*.' re. 600. Thi y remark as follows ? lucre haa been a food demand for Km durl?g the pa<t wtek, and tbe en f re stock of 10 62J t'sgs has hoao dist>o#o>l of. aa follows i 3 380. per Joaepti (trice, at l3Ve 2 622, per Claeeane, at 14c ; 4,Ob0, ba!sr, ra | or Uokel, by auctwri, at 13 ,c. a ItVc , avemge 13 88-10Cc ami 6^6, per F rangeliae, oo pri\ate terms tbe market cloaer firm, with a srooA de mand At our inotattm s. Oriro* ?ti e maiket *aa stea'y. with salea of aVrat 4,000 balea, cloaing on U>e ban ? of 11 Ve. for middl of opiaoda Kko-bts were stesdy, with ratli*r more oHenng. To 1 ienrpool ?b<>ut 70 000 boshela wheat at 12d a 12 'ad. la bulk, aod at 12V'1 ? "? *hlP * bags, n OCO buabeia |?si at 13 Vd . 8 000 a 4,000 nbls Hour ai 3* S t. a 3* 4^4. an 1 8W> hales "I mttoo at '-.d., with e^rns ohe?-s? at 48a . an! ? ?to turn* I. as see<i At 36s . und 160 tleroea be< f at 01 01. T <1 ?r don about 46 too b ?he|? wbeM were eogafed at 134. a iSV" . m huik and bags 1 wo bbla flour at ,1a. 9<1 , and 160 bsUea hope at VI. aid to t.i ?sgow 0.COO boabele wbtat ? rre eogagrd, iu ship's hags, at p. L A vesoel wse taken up lo load with - w ' at p t. iKtn was ebeaper and with rr.or* doing to Ma1a?* ralalas The sales embrarsd about 8 000 boaet layer* and s 000 do. M R 'a at 08 80 a 83 40 Ra^ Waa in steady request, with sai<? of 1,000 a 1,600 hole*, rejorted tor ehlnpiag, at 78c a 88a. Ilriatr ? fltklea of 70 tierraa were aaile on private terms. Ictjw ? Sii? of HOhbda. Cubs were meda at fla . ?"<1 10 do muejoeado *1 38c , ud TO do Porte Kioo, m. Strti f*K>*?P ? <f tlrmif, with Halted MM o I Ifirltt ?o<1 ri?lr at old \it cee Pwrt ikkwx ?iNick? TV market waa Arm atdlagoM ?fmard, Willi aa,t? of ah?ul **> a !*0 bbie al tie 30 a SIP ST >, tor t.ew ??ee, tad prime al 114 40 a tit 02 * Beef waa la weadjr demand. with al $6 a 18 tor c uaUf mum, erd am at $11 a 111 60 |fin? m?> waa aoamal. Bref were Id f?d rviuaat, with amall aaw-o ww at til a t.t (0 lard waa firm and la fair demand, w".b ealea of S00 bbld al 12X4- ,cr | No. 1. aad 1M f-r | r m- qua If. Col m*-ala aod baeno were ware* aad nrmly h< id The market waa well aap. 1 pl-td * ith butter. while Ui* demand waa ?te*l j at lie. a Ur lor I'll o, aod 14c a JBc for ?tate, aad at 20 a ate. tor (MM fa? ly dp 1 herae waa tteadjr at tr, a 10 ' ,e ? with a fair aaional <f ??'ea. t>ri?.t 1.* ?oma I u for etp?rl Rh r. ? *eled ol ?<i > raha were made al 4\8. Cnrw ? 4Wr? "f 1 CO ba?e peppe* Were made at p V Minae were leaa bun) wl, and ratb<r h??Tf ?i pro ?|i? tail' na, with aa?a of about 100 bhda Ouba miimiii'ln We quote rafle'n* gondi at 8Se %8\<t., an 1 ff.-r-y fradea at Tn. a 7 Sc. A "mail lot of prma 4o . 10 bhda . at If and *3 bona at life fMt?< < <t ? 1*e fi? roars'! la uaat>*v?d Prioao not vm\y firm, bat adtarnrr oa all gra lra 30 hhde. Majaeille ?"M.(tl Te. a 1 ir . '237 bal<-a Havana 30c.. a 7f>e 14* do. Vara aad 100 do Cuba *t p. t , II carea ared leaf at 4 ^c. a 33c * ?The market waa oaer tiled, aad the aalaa em hraie?; 300 a M0 bbla , at Mc , With aorna lold reported al a lower tfure Fluveaienla In Rtkl Katata. THE riUPIII R.?T W?rtT?. Pr * J MHwrkar. (*? A 00 4 lota a. e. nor Ureal nark BUI rrwd M 144th a4. ?aeh 9#8A 4 lota a. ?. onr. ?? " !??? " ?? 4 kita a a rer W' " " 4 I, ti ? e me " ?? 148th " 870 JJjJI , .. " bet |f*Mfftt>tta 77'. 3 Ma e. a Broadway, abool 2* (J ? Wat. eaefe 000 8 (toree a ? 144b at , aU?;l HO ft * *Ull*V' *4!l ~ MMa a * laih " m " " " ?00 JK?i : " : : zi J J J i4?ib ? mo ?? ? ?? mo Tirta a a " " ???'? " " MO 7 loir a a " " 4 lota a ? J47tb ?? 7w n a. Hroadway, ?' 4*0 a mta a. a 14*ib " M> '? " " JMl i iota a. a. 14?ib ?? lo? " ?? ? 1:5 COM " - tm " - " ?0 (iota * prn a. a. 14CU at . aboot ftttl (I a. n'w'y 11 1 ti R* Adrian It. Mallar. Stolen a M4?t ,13bt? a Mb ar .oa 3A?lWI,aa 13 OCI 3 a a (Wd .t ?' .. s ooo 1 a. w enraer a* A and U3d ?1 , 31 atlM ? 1 040 1 adjaiairf , U Ailoo 8 880 ? 0. a. tat ae . II ft 3 la e ttd ?i , aorh tb 8?108 ? 100 3 la rtar, <0 *3d it , lach S'tlOl W* lMJoltiai W 1 " & 3 a w. ecrner ?2d at aad 1H a?,e?rb *>? 3 ? rear, ?t ISd tt ,tacb 3IH0JS *!? 1 a< lOiairf, " | ?? H 1H