Newspaper of The New York Herald, January 28, 1861, Page 4

NEW YORK HERALD. JAMBS GORDON B * W K B T T, EDITOR AND PBOrfOBOa omoi H. W. COBNBB or ryi-tON 4NI> MAWAV 8TUt miKauk r+my Om?d* Jtf'IMW ????? J* M if > ^ IIU millV" |?w '(Ml ?<l?* w< ?<rrwU fa AW Kor* "rw* /M/*r bf.kai.d, <??<" g* ???, TOM WKEKLT UKKALK. T V.y*1*' -- .llHtimiw Ifcr own* tdtMnrn ?wf " cJBbnSawSSSm o? fhm Irf, 1l?* W *1* Y ^ if ?ir rtr^rr^^r^^'^v. WH.yWfi' a?wwm?. _, Volut XXVI. "?? ** AMUBBMBNTS THIb EVENING. NIBLO'S OARDBN, Broadway.?Riohblibd. WINTER GA-RDEN, Broadway, opposite BwU alreet ? Bmnuubs. BOWBRT THEATRE, Bowery.?'TirrOO Baib, O* ?? TOBMIKU or BSBINOATATAJI. WAi.UA.CI'* THBATBB. Broadway.?T?s La?t Or 8*. Turn LAURA KBBNB'8 THBATBB, No. 6J4 Broadway.? bBTKK hlfltU. NEW BOWBRT THEaTRB, Bowery.?Haw Tom Ai It If'-ViUKTT?Li TOUR DS NMI.K BARNCM'8 AMERICAN MUSEUM. Breadway.-Day aad EtmiIdj?Sanaa asp Tk*it??Tub Last or 8t. Taoraa? HuKU I'UBIOeBTIBB. Ac. BBTANT8* MINMTRELH, MechABici1 Hall, 47t Broad Vtj.-llguiMiM, Sokos, Damuba. Ac?MuMtun. Ball. HOOLBT A CAMPBELL'S MIN8TRRL8. NtMo'i 8atooo, BrOAdWBy.?ETHIOriAH *ono?, Oamoeo, Bdujuuu, Ao.? HbTVBNBU CALirOWIAHB. CANTERBURY BUPIO HALL, MS Broadway -Tiobt Bora, 8od6(, Dabcbb, Buki.b*uub<s Ao MBCODBON, No. Ut Broadway.?S0B0A, DlJCOBi, Bon UMtBBJt, AO. OOWGBRT HALL, Newark.?Bodwobtb A CAarBBix's %fooo'( Mimstbbla?Boblbsuub on Rabat. Blew York, Monday, JBaoary W, 1861. The News. From WMhington we learn that the city was very quiet yesterday. Despa -ches from Charles ton received thece state that muoh excitement existed in regard to the departure of the Brooklyn from Norfolk with troops. Ex-President Tyler addressed a note to the President inquiring whether reinforcements had been Bent to Fort Buinter. The President, in reply, gave him no satisfaction, and it is pretty evident the government hereafter mean to keep their own secrets. The rumor of a conspiracy to seLse the federal capital was revived again yesterday, but received little credit. The President, it is said, will to-day send the Virginia resolutions to Congress, in which he will refer to the mission of ex-President Tyler, stating that he ran, as President, make no arrangement* in regard to the future, and leave the whole matter in their bands. Mr. Adams' plan for adjustment of the existing troubles seems to be gaining Mends, and the friends of the Union are in hopes that means will be speedily adopted to heal the present diffi culties. As soon as it became known that the Brooklyn end other vessels had been ordered South, des patches were sent to Charleston and Pensacola in forming the authorities at those places that these vessels had reinforcements for the Southern forts and to be on the look out. The destination of the Urooklyn is said to be Pensacola, where she may be expected to arrive the latter part of this week. It was ptated in Washington that late Saturday e vening a despatch was sent to Major Chase, in command of the State troops at Pensacola, advis ing him to seize Fort Pickens without delay. Bhould this officer see proper to follow this advice a collision between the State and federal authori ' \es is almost inevitable. A report of the conservative^npeech of Cassius I. Clay, of Kentucky, in Washington city on aturday night is given in our columns to-day. r.C. favored Mr. Adams' proposition, that the rritory Hcuth of thirty-six degrees thirty minutea, where slavery now existed by local law, should be admitted as a State, to be slave or free as the peo ple may decide, and thought the present the pro per time for the republicans to do something to ward the pacification of the country. The Louisiana Convention on Saturday passed the ordinance declaring that State a free and sovereign republic by a vote of 113 yeas to 17 nays. A resolution declaring the right of free navigation of the Mississippi river and tributaries to all friendly States was passed, and the Conven tion adjourned to meet in New Orleans on the 29th hist. The resolution to submit the ordi nance to a vote of the people was defeated. In the Massachusetts Htate Senate on Saturday the Judiciary Committee were, by a large ma jority, instructed to report a bill authorizing the endorsement by the Bute of United States Trea sury notes to the extent of 11,300.000, being the amount received by the distribution of tho sur plus revenue in 18.16?7. From Springfield we learn that Mr. Lincoln will Btart for Washington on the 14th of February, and will proceed by the way of Indianapolis, Cleve land, BuffeJo, Albany, Uarrisburg and Baltimore to the federal capital. The steamship Karnak, Capt. L. Messnrier, front Havana the 19th and Nassau, N. P., the 2I?t hut., arrived at this port yesterday afternoon. There is no news. A vessel from Inagua, which arrived at Nassau about the 6th, had reported that salt was selling at Mathewtown at ten cents the bushel ?an sdvance of one cent. The schooner Orianna, from Matanzas, had been ashore on Blackwood's Bush Reef, but got otT with the as aistance of wreckers, to whom was paid $5,000 aalvagc. Our thanks are due to Purser AUen for favors. The letter from our correspondent at Jeddo, Japan, puhlwhed thin morning, furnishes full particulars of the return borne of the Japanese Kmbaasy. the. ceremonies attendant upon their landing, with many interesting incident* of the trip of the Niagara, notices of the places at which Bhe stopped, the appearance of Jeddo, Ac. In view of the preset threatening aspect of af. fairs in hurope, the letters from oar correspon dents in London and Paris, published this morning, will be found of peculiar interest and worthy of perusal. Fr< m St. Ixmis we learn that Messrs. Waddell, Majors, Jones and others, representatives of the overland tinea to California, have made an assign ment of their MaeU, to the amount of $1,600,000, for the purpose of ?ecurtng their home creditor! and endor*ers. The amount of their liabUitiea ia unknown. There wa# no slating In the Central Park yea terday, although the city railroad cars stated there ww, ai.d many poisona were greatly disap pointed when tbey arrived at the pond. If nothing Intervenes to prevent t!ie operation* of the work men, some portion ot tie i<-e will be ready at nine o'clock tl>m morning, and the calcium* will be Ut op this evpntng. Tb<j official returns of the visiters to the Central l>rk u; to live o'clock P. M. yesterday were:?PwJ?atrto:m, 4A.000; equestrians, 60; wl.eel vehicles, 4."0; alatghn, 2,1*0. A full ac count of the slrighinK carnival will i? f01inj j? another column. About ten thousand sl^hs travelled on the Hit oniingd^le road yesterday, the greater pact during the afternoon. The Bound stcmners that were detained on flaturdaj night, in consequence of the storm, all proceeded through when it subsided. Ttie sal** of oottoo on Hatiudx) <*mbrae?d abmit 8,000 in ubout I .'MO rbiob wore sold In transit. The tnsrki'i w? Arm at 12Xc. for middling upuuida. Flour w?? ft/nnv a <J it. l>< t't 'Inniitnd, w'tb more dying, and for ?owe fTK (W ot HUUi and Vv ?lorn \triom unproved about be pa tyrul The recjipu wcr > Wheat waa aiw Iii <itr rtriranrt.thwgt. not actiT*. ao<l ciowd at ?t*>nt 1. Wliol bigtwr Corn was. B'n?*r and in g *"1 de maud, and Cl.*e 1 at hn ulvanoe << ?1>?hiC ac p?-r b,ylfc*1 I ,.rk ?** H.n.e easier, witb ealof <H P?? *l W Tl h |4T in ?,, ?*?* >0*2 #l &u*?rk wWb with-wt r nt-'i <>< VUi^fiiiiW, whru h?lu* wen* to a fair 1 ' ths tilt* embraced about 800 libit* and - fi* w is ir fair <U>tnand, and sale* <?' W vl . Buuie ut 1?SC- Fn.l?Uto wire walls gag ^ uioou vrsre to a ftur exunt. Two tonlWeratlM or m Cmmpvomla* Thu Hltck ?( 8pr?????ld. The secession on Saturday of Louisiana from the Uniou, the conservative speech of Cassias M. Clay, delivered in Washington on Satur day evening, and tha reports fro* our Springfield correspondent, which we publish thin morning, reaffirming coercion u the polioy of the incoming administration, are the facts which in this article we purpose briefly to consider, in connection with the momentous issue of a Union compromise or two confede racies. Louisiana, by the overwhelming rote In her State Convention of 118 to 17, has been de clared "a free and sovereign republic." This emphatic manifestation of the public Bentlment of the State In behalf of Southern indepen dence is very significant; for In throwing off their allegianee to the government of the United States, the people ot Louisiana sacrifice the federal protecting duty of twenty-four per cent, which adds to the cash value of their sugar crop from four to five millions of dollars. But what are four or five millions, they say, weighed in the balances against the comprehen-^ sive advantages of a Southern confederacy, a homogeneous political system, free trade, and a free and unlimited field of expansion? This is the underlying idea whloh, in such rapid succession that it has astounded the world, has carried Florida, Mississippi, Georgia, , Alabama and Louisiana into the disunion ex periment of South Carolina. Nor is this the last of it. The Texas Convention on the sub ject meets to-day, and doubtless before the expiration of the week that Convention will have adopted an ordinance repealing the act of annexation, and all other actB recognizing that Siate as one of the members of our federal Union. On this day, too, the delegates to a State Convention are to be elected in Arkansas; so that we may pretty safely conclude that before the end of February not only will the eight cotton States have withdrawn from tbe Union, but that meantime, in their General Convention, which a few days hence is to as semble at Montgomery, Alabama, they will have formed an independent Southern confede ration, including the needful provisions for the election of a President and Vice President thereof. The border slave Stattf, and the two great conservative slave States adjoining the border tier, to wit: North Carolina and Tennessee, are also in great danger of being carried away by thiB resistless tide of revolution swelling up from the cotton States. The conservative ele ments of all those Intervening States are re duced to the last resort of delay; for only through delay can they prevent a general union of the South around the plucky, intracta ble and belligerent little Commonwealth of South Carolina Nor can this Union saving policy of "masterly Inactivity" be much longer maintained In the border slave State*, unless some encouragement in behalf of a compromise rthall be speedily extended to them from the republican party. In default of any such en couragement, it is by no means improbable hat before the end of the first month of his ad ministration President Lincoln will find the tobacco States the active, armed allies of the cotton States in resisting his authority within the limits of this impending Southern confede racy. Cassius M. Clay, of Kentucky, understands the case. A radical anti-slavery republican, whose life has been devoted to the cause of iwgro emancipation, and under perils and diffi culties among the slavebolding people of his State which have established his courage and consistency, he has not the reckless hardihood to stand still and let this Union go to pieces. He has the sagacity to see that the republican policy of coercion is the policy of destruction, und he would save the party in saving the country. He therefore manfully comes forward at Washington for a compromise. A Southern man himself, he knows something of Southern public sentiment. He comprehends the drift of these secession movements and the folly of attempting to arrest them, except in nego tiations for peace; but we fear that he comes too late with his appeal to the republican party, or that he has made It in the wrong quarter. Tbe great difficulty to any propositions of compromise from the republican party is not located at Washington, but at the little village of Springfield, Illinois. The President elect h this difficulty. The magnates, the managers, and all the Wide Awakes of the republican camp, look upon Mr. Lincoln now as their foun tain of authority, power and spoils. They esteem him as a Bortof General Jackson, a man with a will of his own, and they think it wiser to follow than to attempt to lead him. En couraging this impression, Mr. Lincoln, except in the matter of his Cabinet squabbles, remains undisturbed in the midst of all these disastrous Southern revolutionary events. He has no compromises to make. He wax elected upon the Chicago platform. He will stand fast. He will enforce the laws. It will be his duty to do so, and as President of the United States he will discharge this duty fearlessly and faith fully. From time to time, down to onr latest reports from Springfield, this is the substance of our news from that quarter. The President elect stands firm; and thus the republican mem ber of either house of Congress, who may have ventured, in a mild form, to suggest a compromise, shrinks from his own proposition* when put to the test of a vote. The Union is dissolved. Within a month there will be an organized Southern eonfcdo raoy; and then, a* the attempt to enforoe the federal laws within its boundaries will be the Inauguration of a general war, the question re curs, not bow are wo to save the Union?for the Union if gone?but how can we preserve the relations of peace t Wo answer, in the recog nition of this Southern confederacy for the sake of peace, and for the sake of all our great in terest* of industry, property, society, law .iud order, Knrtb and South, that are bound up in tlus question of peaoe. If the Union cannot be restated through peaceable agencies, let us have a peaceable separation and two g ivern mente. Thus the alienation of the wo eo tion* will result in the constnicti >11 of two p^eat confederacies, destined to expand north ??nd south, till the magnificent regions ext^n 1 ng northward towards the Arctic sea. and FoutliWurd to He Orinoco, are embraced within ibe fold* of tb<- two American republics. Bat the first broadside of federal coercion will oiose the door of peace, and hurry ui downward into all the horrors of Meiioan anarchy. The Union is broken; to restore it our firtt necessity is peace; and if we cannot restore it, still our only oourse of wisdom and safety is peace. Isttoasl SwtaMes ia Ajutest mm*. Modern Ttsua. The diligent explorer of the befogged chro nicles of past ages, finds it impossible to deny the truth of the comparison between the life of man and that of nations; yet as no generation is inferior in natural energy and vital power to that which preceded it, it would appear that a young Assyria, a young Egypt, a young Baby lon, or a young Greece might hare perpetuated the spring time or maturity of those people, if they hr d possessed the wisdom to do so. Where one empire that has monopolized power in the history of the world, has died a natural death, or perished by unavoidable casualty, ten hare dropped down from apoplexy produced by the imprudences of too great prosperity, or hare deliberately destroyed themselves at the very period of their existence when mankind has believed that they must be immortal From the day when Adam and Hve ate themselves out of Paradise, down to Napoleon I. or Francis 1L, it has beeA the fate of uninterrupted great ness never "to let well enough alone;" but, in fluenced by such bad advisers as the "old ser pent," or Troya and Bianohini, to experiment with vegetables and constitutions, in a manner which has invariably proved destructive to themselves. The people of the United States ought to take warning from the teachings of the past, and pause in their suicidal warfare with things as they are before it is too late. Change should not involve hostilities, and if two con federacies must be formed out of the Union, it ought to be accomplished in a sensible manner. Troy perished, with apparently no better purpose than to give Homer the chance to write a poem. The history of Athens and Sparta, contains a moral that humanity ought never to forget. Endowed with heroism, wisdom and almost Inspired lawgivers, the giants of Ther mopylae defied the millions of invading Persia, conquered every enemy, and raised their re spective republics to pinnacles of greatness, which lasted as long as they were true to them selves, and the theory upon which their nation ality was founded. Their statesmen and ora tors are still models for the world; their con stitutions teem with sagacity; and poetry and the arts founded home temples among people who offered them a willing and graceful wor ship. Yet, at the very moment when the glo rious conclusion of their Persian wars had made them the wonder and admiration of mankind, the demon of jealousy and discord incited them to deeds of violence which re sulted in the decay and fall of all Greece Athens would make no compromise which t-hould lessen its supremacy, nor modify its tyrannic exercise of rights which the majority of the day had succeeded in fastening upon other States with which she was confederated. Wise Minerva proved a foolish goddess, or else she had lost the fascinations of her pristine beauty, as she was growing old. The tribes were divided geographically. The Dorian had ascendancy in the Peloponnesus, the Ionian in Attica, Eubcea, and many of tho islands. Their dialects were different, and their manners more so. So they began to snarl and then to fight. The Dorian cities helped the Syracusans, and the Ionians the Leontini. Then ensued hatred, originally causeless, but inflamed by local am bition and the demagogues of the day. At last came the Peloponnesian war?a civil strife with such parallels in history as the thirty years' war In Germany, and the Reformation struggles, in the seventeenth century, in Eng land and France. Morale decayed, a soft sun set preceded, it is true, final dissolution; but deserted by itself and therefore by destiny, poor Greece sold its own corpse to the Romans who had so long coveted possession of her, dead or alive. Still more pregnant with instruction is the curious history of the "chosen people of God;" the children of Abraham, Isaac and Jacob, from whom so many old clothes-men of the Minories, the Ghettor and Chatham street, are regally descended. They were supernaturally protected, by a series of miracles which lasted for ages. Their constitution and laws, were delivered to them under circum stances of the utmost sublimity. Yet they have taught the fearful lesson to mankind, that the Almighty himself cannot so far swerve from his laws as to save those who are bent on self destruction. He delivered them from the hard yoke of the I'haraohs, where they made bricks, and opened the Red Sea for them to pass un molested into the most fertile garden in the East. They almost instantly began to grumble, because they had to fight with the Anak tribe oi Indians, whom our Pilgrim Fathers would have devoured in a mouthful. Then Korah re belled against the President, Moses, and had to be destroyed. Afterward* they quarrelled with tht-ir food, and put back their own history nearly half a century. At last they got into the promised land; but one of their first steps was to establish pro-slavery in a geographi cally unsuitable section, and to yoke under the Gibeonites. This led to innumerable dis asters. Finally, after they had destroyed their enemies, with thunder storms for artillery, and the sun in the firmament as one of their field marshals, so iar from being grateful, they fell at once into a worse than Mexican period of anarehy, ont of which they did not evolve fairly for a couple of centuries. Their rows with Messopotamians, Hitti(es, Amorites, Moabites, Amalakites and Jebuiites would have resulted in their own annihilation, but for a few able gouerals like Samson, Jepbthah and Saul. Haul was the Santa Anna of Judea. He laid the foundations of the fabric \ipon which David and Solomon, the two great politicians of four hundred and fitly years after the flight (rem Egypt, bu.lt their kingdom. They imroduced compromise measures, made concessions, restored (he Mosaic co?le, and, In less than sixty year*, mude Jerusalem the centre of the freest and most glorious empire on e.irth. But. under Kehohoam, Ithetts, Keitts, Davises Slideils, tMimnors and Sewards aro^e, i.nd divided the confederacy, ten State* seceding from the other two, which latter, however, m lined the na ?foral capital. Disunion began with mob out br? ales, like those we have recently witnessed in Charleston, and disorder and e vil war were the OMVoqwtiQe It wa a ease of t'te most fpillty h> icule, snd entailed Much dea'ruetlon a imfd ever take our own thi'-ty three tribe*, if we adopt the foolish notions ot Greeley and other coercionisAs, la our interstate relations. The Jews, oaoe divided did aot evea help each ether. Egypt, Assyria aad the Philistines, whe were the Fraaoe, Ifcigiaad aad Udlaaa of that age, toek advantage of th?!^r weakness, and treated them at though they were no fetter than ooolies or Qotteotola. Seanaoheribs, Neba chadnezzars, Shiahaka aad Berodaob-baladans, carried then into captivity as bad as that which Wendell PhiHipa and Garrison desire for the South Carolinians, at the hands of some Black Hawk of the Rooky Mountains. The true pa triot*?Elijah, Jeremiah, Ezeohiel, Micah and Habaocuo?saw their influence counteracted by incendiary, stump speaking disorganize!* of the Massachusetts school, and if a Nehemia and and Maccabee occasionally restored the anoient glory of the nation, the smallest retura to pros perity made it "wax fat and kick" over again the bucket of Judean greatness. Thus, not helping themselves, they were incessantly in hot water, although God himself kept them from perishing as they deserved, until His pur poses were fulfilled, and then they, like the Greeks succumbed by their own fault, under the power of the Romans. Rome was the only State of antiquity, in which national crises were invariably ever oome by the wisdom, forbearance and states manlike prudence of its own people. As exi gencies arose which arrayed, from diversity of interests, Roman citizens against each other, patricians and plebeians were ever united in the determination to preserve the integrity of the republic, at whatever cost. If a dictator was necessary, authorities and subjects yielded willing obedience to arbitrary power, so long as it was needed to heal divisions or settle dif ficulties. If a minority proved factious, the majority were always ready to yield. Dema gogs ism which, from time to time, gained tem porary ascendancy, was swept away before the national spirit of the masses, whenever it be came dangerous. Mutual compromise ended every complaint and settled every grievance. The consequence was that Rome outlived all of the Powers which were great, when the two brothers built the walls of the Eternal Oity, and many of those which were in their infancy, at the period of her own maturity. Let the people of the United States take warning from the past, avoid the errors of those States which have destroyed themselves, and tollow the example which Rome has transmit ted to the world of forbearance, tolerance of each other's viewB and peculiar institutions, and perpetuate tbe peace, without which the history of this land will present the saddest instance of national suicide that history can record. Thk Nawoation or the Mmsissippt to be Un ojwtkdctkd.?We are glad to see by the mes sage of Governor Pettus, of Mississippi, and i he proceedings of the Louisiana Convention, that the people of those States have no Idea of following the suicidal example of Soath Caro lina, and ruining their own commerce in order to carry out their extreme political notions. The subject of the navigation of the Mississippi is one of great practical importance, perhaps the greatest among all the complications in volved in the problem of disunion. Five and twenty years ago, before the whistle of the lo comotive?the herald of progress and civili zation?had been heard west of the Alleghanies or south of Baltimore, the act of shutting up the lower Mississippi to Northern trade would have ruined the great West. Now, however, the farmers and producers of Ohio, Illinois, Indiana, Iowa, Michigan and Wisconsin have other markets, and the South depends upon them, not they upon the South. If Louisiana and Mississippi agreed to throw obstacles in the way of the free navigation of the Father of Rivers, they would cut their own throats; and they know it as well as we do. Latterly there has been a great excitement all over the North and West in consequence of the fact that the State authorities of Mississippi had caused the erection of batteries near Vicka burg, and that steamboats passing down the river were fired upon in case they did not stop at that point There was a good deal of fierce talk on both sides, and some Western Governors drew ensanguined pictures of possible difficul ties to take place among the canebrakcs and woodyards of the Mississippi. It appears, how ever, that these batteries were temporary uffairs, built to prevent the reinforcement of the forts at points below Vickhburg. more es pecially those at New Orleans The Louisiana Convention made haste to declare that the navigation of the river should be free to all "friendly States and Powers." The Go vernor of Mississippi recommends that the "most prompt and efficient measures be adopted to make known to the people of the Northwestern States that peaceful commerce on the Mississippi riv?r will neither be interrupted nor annojed by the people of Mississippi." Wo agree with the Governor in the statement that "this will preserve peace between the South and the Northwest, if it can be preserved." Further than that, we believe that civil war, if it comes at all, will not break out in that quarter. The war policy of the new administration would undoubtedly be the i starvation of the South, by blooking up its ports and destroying its commerce. Accord ing to present appearance*, the Charleston and Mobile people having saved the republicans the trouble of shutting out their foreign and Coasting trade, and the Orleanois seeming al most as crazy as their friends on the seaboard, there will be no necessity tor coercion in that ?shftpe. However that may be, we regard the course of Louisiana and Mississippi upon the matter of the river navigation as being not only very important in a commercial point of view, but likewise a very cheering sign that our political affairs arc not in such a bai way is to be altogether hopeless. Let Chicago re joice and Wull street bo cointort?d. Trade, 'the calm health of nations," will still flow un restricted from th? Ffills of St. Anthony to the I'ekn of the Mnsuwippi. Riiopk Island ami t?e Fkhm-mi, Lihkrtt Hill. The little State of Uhode Island has taken the initiative in the repeal of the ob noxious Personal Liberty bill* which so many of the free States have enacted in nullification of the constitutional Fugitive vlave taw. The lower house of the Legislature concurred xvith the previous action ?>< the Sena; lr, r< : aling that act on Friday, by the decisivo vote of forty-nine against eighteen. We hope now that her example will be followed by the other StaU'S whose Statu I'. in. it;/ I |, the presence of IN" > al iberly !? New York, Ma-surln. 1 A Vi ?? ? ? ' , ? I the Northwestern go and ? Licv It will be one ob tat i<* removed om th path towards pacification Tko A?p?t of the PoUtieai Hortao. U ??rope. Th* hiutory of ftvope is now oentred is the , ??to?7 of one man?that politioal Mephisto pMiea, Louis Napoleon. 2/ic <* u6i^u? is a motto peculiarly appropriate to him. He tower* Wizard-like, over every Court io Europe, and, like Jupiter, ho buy be teid to even shake the worid with hi* nod. That he is averse ty * united Italy we hare every reason to believe, ' as * ell from the long continued presence ef the French fleet at Gaeta as the correspondence which hu recently taken place on the subject between the governments of France and Eng land. He has a decided preference for a con federation of States?nd would propose Aus tria should sell Venetian thai Victor Emanuel be named King of Piedmont, Lombardy, Venetia, Parma and Modena; that the Bourbon King of the Two Sioilies and the Grand Dak? of Tus cany be restored, and that the Pope hold the patrimony of St. Peter, and govern the Lega tions, the Marches and Umbria by a Grand Vicar. We always knew that he was opposed to the unity of the Italian kingdom. And why? Because bo was justly apprehensive that such a monarchy would become a greater power In Europe than even Austria, and act aj a obeck upon the power of France. Here wisdom and selfishness go together in diplomatic combina tion; and meanwhile be is arming for the fray. Ho has recently been presented with a letter, at the hands of the Cardinal Arch bishop of Paris, from the eptscopal dig nitaries of Syria, expressive of the gratitude of the Christians of the Lebanon for all tbe benefits which they have received from the generous policy there pursued by him. And from this and many other signs of the times we have no cause to doubt his intention to con tinue the military and moral hold he has ac_ quired in Syria. That such a course, however, w*l be a source of discord with England we feel convinced, The diplomatic correspondence between England and France is said to have resulted in an agreement on the part of the French Em peror to withdraw the fleet from Gaeta after the expiration of a truce between the armies of Francis II. v and Victor Emanuel, sufficient to allow of negotiations for the surrender of the fortress. When that event occu rs, if no unex pected Interference takes place, we may look for the speedy defeat of the Bourbon king But an unpleasant rumor comes to us that two Russian men-oi-war, already before Gaeta, may take the place of the French squadron, and maintain the blockade, with the tacit consent of Louis Napoleon. Should such occur there will be trouble in England. As to the chancee of war between Piedmont and Austria in the ensuing spring, we are by no means certain. Cavour we know to be averse to it, and the peace party In Italy will decidedly make a stand against the proposed movement of Garibaldi. At present the reao tionary spirit at Naples and elsewhere is not a symptom favorable to the long talked of cam paign, so fhr as the government of the new monarchy is concerned. An Italian atUck upon the Quadrilateral might be the signal for a general uprising of the BourboD royalists, which would be serious in the absence of the Piedmontese army. That Austria, moreover, would be sustained by its natural allies of the Germanic Confederation is certain, and there would be a strong probability of Russia also coming to the rescue. The odds would, there fore, be against the Italians, even when aided by the whole strength of Hungary. What next arrests our attention is the condition of the Pope. Pio Nono pre sents a melancholy spectacle, as, on the verge of losing his temporal power, through his own miagovernment and inca pacity, he mingles anathemas with prayers and entreaties, without either the courage to defy calamity or the philosophy to suffer it in si lence. Instead of courting his blessing as the natural guardian of her interests, Italy eyes him with aversion, and even Garibaldi has not hesitated to denounce him publicly in the Ca tholic city of Naples, in language which the boBest Orangeman would hardly venture to employ. Spain alone remains faithful to him in the midst of hut tribulation, in which derision and despair, religion and worldliness, alternate with a deplorable want of dignity. Matters are now reaching such a crista as must shortly compel the Huly Father to seek humbler lodgings than liie Vaiicau, or accept of a sub nidy from the government of the new Italian kingdom; for wb?-i diverted of extraneous mat ter the Papal question becomes a mere finan cial problem. He is unswerving in his deter mination to retain hta temporal sovereignty on terms of absolute independence, and he spurns the idea of accepting subsidies?a consequence of which is that be has to rely entirely on resources arising from the patch of territory which he still re tains, and the voluntary contributions of the faithful. By ascertaining the probable amount of these resources we can hazard a shrewd guess as to how long the Court of Rome can continue its present obstinate i mstance; for as long as the money lasts the I'ope will persevere; but when that fails he must surrender, like a starved out garrison. The revenue of the Papal government, prior to the dismemberment of its territory, wa*> equivalent to sixteen millions of dollars, more than one-third of which had to be appropriated to the payment of Interest of the debt. It is notorious that this income was ex ceeded by the expenditure to the exteut In pome years of wo millions, which led to the Roman government appearing at regular in tervals in the mtiD?;y market searching after loans. How mncb was borrowed in this way it is hard to ray, for lac account* of the. govern ment are in as much confusion u the other affairs of its administration. Moreover, there hasbecn an ieeue ot b mis to an amoant which is quite uncertain. But the events of lust spring in ereascd the Pontifical expenditure so raueh as to necessitate a loan of forty-fly million * of francs. Owing to tlutenot .no if expenses of Gen. Lamonclere's army, tboro hhm an admitted monthly deficit in the I', psj exchequer of moro t),an lial. a million dollars, and I Li? lasted for at least six month." Rnce July, Ihftt, Rotuigna has not yielded the treasury a single dollar; nnd s<ince August, 1^60, the PU*hnontCfe iBTJlloo di pnwrmi i d the Pontiff of Urobria and the Marchf ." the most fatal blow >if nil hefore ho Lad gathered lull a year'.! taxation. Therefore f'urlrg the course of lKfid all tliat fhf? Pope has h il 10 r ret ftn < ?ji-ndlture bvdget of not less ' . n t U" ;i million* ? t <!??, in hits been the .all' year's rerentio 1>oju 1 morli nnd the Marrh'x* and '.'ie ye 1 -> income from fhe C'on.> v \ amounting in the aggregate to nv mere than six fillip?. A* a temporary remedy tor suoh aa enormous defoit, the Pm tiffhas had reoouraa to the loan of forty lv? mOlioa franca ud t public appeal to the hli ftil for " Peter's poaoe," which la?t hae pro bably already brought la contributions to tha ana of two millions, although (he laat p?b liahed retura atatea the aaout to bo a faarth lew than this. Balancing thaae assets agates! the expenditure, we Ind a deficit ?f more than a million. There would be nothing portentous in this if the Papal govern ment had entered upon the new year with a leas hopeless prospect Aa it ia, its oaly aouroo of territorial reveaue will be a proviaoe that never produced more than three million dat lara?an amount that will hardly suffice to pay the interest on the loan. Yet we observe no signs of retrenchment M the part of the Vatican. New levies are being raised and armaments perfected at immenaa cost, while the punctuality with which all calls have been met nhows that there is no present stint of coin. The question that occurs to an under such circumstances ia: how long will thin state of things laat? If, as some allege, the Pope haa a secret treasure of thirteen millions of dollars to resort to, he may maintain his present position much longer than the enduing spring. But if not, and the sol emn appeal which he haa made to Catholic Christendom to contribute to the sap port of the Papacr at Rome does not meet with a more active response than it has even already done, there is every probability of his being speedily reduced to actual iu i-olvency. It may be that Pio Nono anticipate* a powerful reaction after the pending invasion of Austria, which, supported by a general ooa lition. may be triumphant, and lead to his re storation as the temporal sovereign of the old Papal dominions; and hence the strenuous ef forts he is making to ignore the presence of danger. But if so, he is doomed to disappoint ment. There is only the one alternative left for bim, and that is to accept the subsidy from the new Italian monarchy. As the spiritual head of the church, he may still reside not only in Itome, but the Vatican. Southern Tradk and Foreion Exohanobs? A Word to Lord Paijwcrston.?'The continued influx of gold into New York is tho natural re sult of a state of things which is destined to cause great distress in Europe, and, unless pru dent steps are taken on this side, will react upon this city with fearful force. The states man or merchant or banker who ignores the cotton product of the United States and the cotton trade of England ignores that element through which modern commerce lives and moves and has its being. To our old readers we have only to refer back to the crisis of 1837 and 1839. In that first eonflict between the cotton power of America and the money power of England, we went to the wall. England put us to the wall because then her cotton trade was secondary to her moneyed interest. The Bank, by refusing all discount to those en gaged in the cotton trade, smashed up the cot ton manufacturers of Great Britain, to be sure; but this industry was then subordinate ta the money necessities of the kingdom. The cot ton spinners were ruined, the cotton weavers were ruined. But so were the cotton planters of America. Our great staple tumbled from fabulously high prices to 2d. and 3d. for mid dling in Liverpool. And after the Bank had tbus crushed us she extended her aid to the cotton manufacturers, wbo came in, and, at the ow prices for cotton, recovered their losses, and t-merged out of the struggle with large profits. Since then times and circumstances hare changed. Cotton in no longer a secondary in terest. The cotton trade is no longer a subor dinate element in England. It is now the im perial question in the United Kingdom. The conflict ^ renewed between the cotton power of America and the money power of England. To do without a cotton supply is simply a cotton famine, and cotton famine in Lancashire is revolution. To obtain this cotton supply under the present violent disruption in ex changes, by the means indicated in the con tinual arrival of specie in New York, leads inevitably to the bankruptcy of the Bank of England. She cannot stand the drain if con tinued ; especially at a time when a short har vest requires extra disbursements; when affairs on the Continent begin to look black; when orders for British manufactures are not going forward as usual from the United States, and when a heavy specie drain to the East haa already depleted the Bank of France. Lord Palmerston has been kind enough t? extend to this country his sympathy in the hoar of trial growing out of British free negroism. Let the noble lord prepare for a new cause of grief, and one nearer home. It is possible that this struggle may end in seeing the money con trol transferred from London to New York. It is just possible that, in the event of a read justment ot our sectional difficulties, the free negro policy of England may be confronted by a tariff conflict with the United States, and in which the Southern people may devulope a radical change of policy. But under all cir cumstances we sincerely admonish the first lord of the Treasury, when he is called upon by Threadneedle street to suspend the Bank act, to remember that the bale of cotton, and not the woolsack, is the symbol of British power or weakness, as the end may show. Free negro England cannot ufford to pay twice for the American cotton crop in the same year, especially in specie. Tut Rktcbn or the Japan*** Kmbasst to Jki>I)0?At last we have intelligence of the sale arrival in the metropolis of their nutive land of the Japanese, who quitted our shores at the end of June last. It is well that, after a voyage of one hundred and thirty-two days from New York, including thirty-two spent in stoppages at various p?>rts by the way, the en tire I'jubatwy should have stepped ashore in the far Orient in as good health and spirfcs as they mjoyed at their departure. We can imagine the sensation which these shaven-headed tra vellers created when they rejoined their coun trymen after so long an absence, from wonder excited among th< ir ancestors in the sixteenth century, when the two Japanese primes who had been on a religious mission to the Pope of Rome, returned and recounted the marvellous tale of their adventures, by sea and lard, to lh? esgoi multitudes who flocked from afiir to nee ami converse with them. 1 'ut infinitely giPifr in its ultimate, and even its present affect, will be Hi * re ult of this Kin bafs) from the empiie of Japan to the Waited State*. No longer will the Japanese be stran gers to our maniient, our customs and our in