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BY TELEGRAPH.
ARRIVAL
0F THB , STEAW3R
EDINSUEG.
Oue Day Later From Europe.
Xbw York, Feb. 4.— The Glasgow and New York
Steam Company’s steamship Edinburg bus arriv
ed, with one day’s later news from Europe. She
left Glasgow late on the afternoon of Saturday, the
16th January.
The Canada, tb® tfeews by which we published
some days since, left on the morning df the same
day the Edinburg sailed.
By the arrival of the Edinburg, we learn that
consols, in London, at noon on the 16th, were
quoted at 94% a 94%.
At Liverpool, on Saturday afternoon, there was
an improved demand for cotton, and the sales
reached 7,000 bales, of which speculators took
1,000. The market closed with less disposition on
the part of holders to sell.
The intelligence by this steamer is principally
confined to the details of India news, which has
been anticipated by the Canada.
The attempt on the life of the Emperor Napo
leon has cansed the arrest of about two hundred
persons, including a number of the police force.
Charleston Races*
Charleston, Feb. 3, P. M. — The annual races
over the Washington Course commenced to-day.
The day was fine, and a large number of persons
were in attendance.
The first race was for the Jockey Club Purse of
one thousand dollars—four mile heats.
The following were the entries: *
John Campbell’s ch. f. Lizzie McDonald, (for
merly known as Sue Washington), four years old,
by Revenue, out of Sarah Washington. The ri
der’s dress was fancy.
John Hunter’s ch. g. Nicholas First, four years
old, by Glencoe, out of Nannie Rhodes. Rider’s
dress was blue and buff.
The race resulted thus;
' 3* lit Heat. id Heat.
Lizzie McDonald 11
Nicholas First 2 2
Time 7:41%—7:49%.
SECOND RACE.
This race was run for the Hutchinson Stakes—
mile heats—sweepstakes for three year olds. Quite
m number of colts and fillies were named to con
tend in this race, but several declined and paid
forfeit.
The race was won by McDaniel and Woolfolk’s
«h. c. Governor Wickhffe, beating P. C. Bush’s b.
c. Slasher, the second and third heats. Time 1:52%,
1:51,1:49%.
Among the names announced to contend in this
race, in addition to the above, were T. G. Moore’s
b. g. Little Corporal, Wm. Rountree’s b. f. Kate
Hayes, Bell’s ch. c. George Clement, Thomas Ba
ton’s br. c. Bill Deal ing, Ac.. Ac.
y. Charleston Races—Second Day*
Charleston, Feb. 4.—The first race to-day was
for the Club Purse, $750 —three mile heats. The
entries were:
P. C. Bush’s b. g. Agitator;
Tnos. J. Woolfolk’s br. h. Moidore ;
Jas. Talley’s ch. c. Shocco;
R. H. Dickinson’s bk. h. Tar River;
The last named horse, Tar River, won the race.
second race.
Three colts were entered for the second race, to
contend for the South Carolina stakes—mile heats
John Canty’s c. c. John Linton, won the race.
Charleston Races*
Charleston, Feb. s.—The following is the result
of the races to-day :
The first race was for the Jockey Club Purse
ssoo—two mile heats. The entries were :
T. J. Woolfolks b. h. Moidore, four years old;
James Talley’s g. h. Engineer, five years old;
John Cantey’s b. f. by imported Glencoe;
John Campbell ’« b. g. Matt .Spangler, four years
old.
Mr. Talley’s horse Engineer won the second
and third heats.
second race.
This was a sweepstake race, two mile heats, for
three year olds. There were originally quite a
number of entries, but few horses contended for
the stakes. Governor Wickliffe won the second
and third heats.
Washington Affairs*
Washington, Feb. s.—The Senate was not in
session to-day.
The House refused to give Mr. Campbell, of
Ohio, any further time to take testimony m the
contested election case between himself and Col.
Vallandigham, for a seat in Congress.
The debate on the Kansas question is still going
on in the House, as I send this dispatch, without
any prospect of settling the matter to-night.
The Union of this morning contradicts the re
port that the Mormous have evinced any disposi
tion to sell out their possessions in Utah and emi
grate.
The War Department is employing every effort
to re-roforce the army for the spring campaign in
Utah. *
la Friday an “Unlickx Day?”— The vear ISSB
• begins and ends on Friday. January, April, Oc
tober aud December have five Friday’s each. April
aud December end on Friday, and January and
October begin on Friduy. There are fifty-three
Fridays in the year. We trust, however, it will
not prove more disastrous than 1857.— Hxc/iange.
If there are fifty-three Fridays, there are also
fifty-three Thursdays. And April and July begin,
while June and September end on Thursday.
April, June, July, September and December have
five Thursdays. If we are not mistaken, Friday
has no numerical advantage over Thursday.
Late news from Havana announce the de
struction by fire of the American machine works
of Lambdrn A Co., involving a loss of twenty thou
sand dollars. This is said to be the largest fire
that has occurred at Havana for years.
Washington, Feb. 3.—The Senate Democratic
caucus which was held last night was merely to
determine the order of business. It was agreed
to refer the President’s Kansas message, ana first
dispose of the army bill. The attendance was
large, and Senator Douglas was present. Although
the Kansas question was fully and freely discussed
there was no attempt made to bind the votes of
Senators in advance, as such would be contrary to
the principles which usually characterize such se
cret meetings of Senators.
A Democratic caucus of the members of the
House will be held to-morrow night.
J. B. Williamsoo, who arrived this morning in
custody of the officers of the House as a witness
summoned by the tariff investigation committee
says that the reason he declined coming to Wash
ington was solely because he was uuder heavy
bonds not to leave New York, and that the officers
of the House kidnapped him yesterday, not allow
ing him time or opportunity to send for his lawyer
or to take out a writ of habeas corpus. He throws
himself on his rights in that respect, and privately
avows his nresent determination not to testify be
fore the select committee appointed to investigate
the charges against the members or officers of the
last House, growing out of the disbursements of
Lawrence, Stone A Co., to influence the passage of
the tariff act, on the ground that the committee
has no right to question him concerning his pri
vate affaits.
It appears from the official returns at the Post
office Department that the sum received for pre
paid postage on letters sent from the "New York
post office, for the auarter erding in December
last, is ten thonsund dollars less than the receipts
for the preceding quarter. The sum received for
postage stamps and stamp'd envelopes sold during
the same quarter is sixteen thousand dollars less
than the preceding quarter.
From the Washington Union, Feb. S.
PRESIDENT’S MESSAGE.
To the Senate and House of Representatives of the
United States :
I have received from J. Calhoun, Esq., President
of the late constitutional convention of Kansas, a
eopy, duly certified, by himself, of the Constitu
tion framed By that body, with the expression of a
hope that I would submit the same to the conside
ration “with the view of the admis
sion of into the Union as an independent
State.|| Id J /mpliance with this request, I here
with trans: vt to Congress, for their action, the
Constitution of Kansas, with the ordinance re
specting the public lands, as well as the letter of
Mr. Calhoun, dated at Lecompton on the 14th ulti
mo, by which they were accompanied. Having
received but a single copy of the Constitution ana
ordinance, I send this to the Senate.
A great delusion seems to pervade the public
mind in relation to the condition of parties in
Kansas, This arises from the difficulty of induc
ing the American people to realize the fact that
any portion of them should be in a state of rebel
lion against the government under which they
live. When we speak of the affairs of Kansas, we
are apt to refer merely to the existence of two vio
lent political parties in that Territory, divided on
the question of slavery, just as we speak of such
parties in the States. • This presents no adequate
idea of the true state of the case. The dividing
line there is not between two political parties, both
acknowledging the lawful existence of the govern
ment ; but between those who are loyal to this
government and those who have endeavored to de
stroy its existence by force and by usurpation—
between those who sustain and those who have
done all in their power to overthrow the territorial
government established by Congress. This gov
ernment they would long since have subverted had
it not been protected from their assaults by the
troops of the United States. Such has been the
condition of affairs since my inauguration. Ever
since that period a large portion of the people of
Kansas have been in a state of rebellion against the
government, with a military leader at their head
of a most turbulent and dangerous character.
They have never acknowledged, out have constant
ly renounced and defied the government to which
they owe allegiance, and have been all the time in
a state of resistance against its authority.- They
have all the time been endeavoring to subvert it
and to establish a revolutionary government, un
der the so-called Topeka Constitution, in its stead.
Even at this very moment the Topeka legislature
are in session. Whoever has read the correspond
ence of Gov. Walker with the State Department,
recently communicated to the Senate, will be con
vinced that this picture is not overdrawn. He al
ways protested against the withdrawal of any por
tion of the military force of the United States
from the Territory, deeming its presence absolute
ly necessary for tne preservation of the regular
government and the execution of the laws. In his
very first dispatch to the Secretary of State, dated
June 2d, 1857, he says: “The most alarming move
ment, however, proceeds from, the assembling on
the 9th of June of the so-called Topeka legislature
with a view t-» the enactment of an entire code of
laws. Os course, it will be my endeavor to pre
vent such a result, as it would lead to inevitable
and disastrous collision, and, in fact, renew the
civil war in Kansas.” This was with difficulty
prevented by the efforts of Governor Walker: but
soon thereafter, on the 14th of July, we find him
requesting Gen. Harney to furnish him a regimeut
of dragoons to proceed to the city of Lawrence —
and this for the reason that he had received au
thentic intelligence, verified bv bis own actual ob
servation, that a dangerous rebellion had occurred,
“involving an open defiance of the laws and the
establishment of an insurgent government in that
city.”
In the Governor’s dispatch of July 15th ho in
forms the Secretary of State “ that this movement
at Lawrence was the beginning of apian,originat
ing in that city, to organize insurrection through
out the Territory; and especially in all towns,
cities, or counties, where the Republican party
have a majority. Lawrence is the hot-bed of all
the Abolition movements in this Territory. It is
the town established by the Abolition societies
of the East, and whilst there are respectable
people there, it is tilled by a considerable
number of mercenaiies who are paid by Aboli
tion societies to perpetuate and diffuse agita
tion throughout Kansas, and prevent a peaceful
settlement of this question. Having failed in in
ducing their owu so-called Topeka State legislature
to organize this insurrection, Lawrence has com
menced it herself, and, if not arrested, the rebel
lion will extend throughout the Territory.”
And again : “ In order to send this communica
tion immediately by mail, I must close by assuring
you that the spirit of rebellion pervades the great
mass of the Republican party of this Territory, in
stigated, as I entertain no doubt they are, by east
ern societies, having in view results most disas
trous to the Government and to the Union ; and
that the continued presence of Gen. Harney here
is indispensable, as originally stipulated by me,
with a large foody of dragoons and several bat
teries.”
On the 20th July, 1857, Gen. Lane, under the au
thority of the Topeka Convention, undertook, as
Governor Walker informs us, “to organize the
whole so-called free-State party into volunteers,
and to take the names of all who refuse enrolment.
The professed object is to protect the polls, at the
election in August, of the new insurgent Topeka
State legislature.”
“ The object of taking the names of all who re
fuse enrolment, is to terrifv the free-State conser
vatives into submission. This is proved by recent
atrocities committed on such men by Topekaites.
The speedy location of large bodies of regular
troop 9 here, with two batteries is necessary. The
Lawrence insurgents await the development of this
new revolutionary military organization,” Ac., Ac.
In the Governor’s despatch of July 27th, he says
that “ Gen. Lane and his staff everywhere deny the
authority of the territorial laws, and counsel a to
tal disregard of these enactments.”
Without making further quotations of a similar
character from other despatches of Gov. Walker,
it appears by a reference to Mr. Stanton’s commu
nication to Gen. Cass, of the 9th December last,
that the “important step of calling the legislature
together was taken after 11 he] bad become satis
fied that the election ordered by the convention on
the 21st instant could not be conducted withont
collision and bloodshed.” So intense was the dis
loyal feeling among the enemies of the govern
ment established by Congress, that an election
which afforded them an opportunity, if in the ma
jority, of making Kansas a free State, according to
their own professed desire, could not be conducted
without collision and bloodshed !
The truth is, that, up till the present moment,
the enemies of the existing ad
here to their Topeka revolutionary Constitution
and government. The very first paragraph of the
message of Gov. Robinson, dated on tne 7th De
cember, to the Topeka legislature now assembled
at Lawrence, contains an open defiance of the Con
stitution and laws of the United States. The gov
ernor says: “The convention which framed the
Constitution at Topeka originated with the peo
ple ot Kansas Territory. They have adopted and
ratified the sane twice by a direct vote, and also
indirectly through two elections of State officers
and members of the State legislature. Yet it has
pleased the administration to'regard the whole pro
ceeding revolutionary.”
This Topeka government, adhered to with such
treasonable pertinacity, is a government in direct
opposition to the existing government prescribed
and recognised by Congress. It is *• usurpation
of the same character as it would be for a portion
of the people of any State of the Union to under
take to establish a separate government, within its
limits, for the purpose of redressing any grievance,
real or imaginary, of which they might complain,
against the legitimate State government. Such a
principle, it carried into execution, would destroy
all lawful authority and produce universal anarchy.
From this statement of facts, the reason be
comes palpable why the enemies of the govern,
ment authorised by Congress have refused to vote
for delegates to the Kansas Constitutional Con
vention, and also afterwards on the question of
slavery submitted by it to the people. It is be
cause they have ever refused to sanctiou or recog
nise any other Constitution than that framed at
Topeka.
Had the whole Lecompton Constitution been
submitted to the people, the adherents of this or
ganization would doubtless have voted against it,
because, if successful, they would thus have re
moved an obstacle out of tbe way of their own re
volutionary Constitution. They’would have done
this, not upon a consideration of the merits of the
whole or any part of the Lecompton Constitution,
but simply because they have ever resisted the
authority of the government authorised by Con
gress, from which it emanated.
Such being the unfortunate condition of affairs
in the Territory, what was the right as well as the
duty of the law-abiding people? Were they silent
ly and patiently to submit to the Topeka usurpa
tion, or adopt the necessary measures to establish
a Constitution under the authority of the oiganic
law of Congress ?
That this law recognised the right of the people
of the Territory, without any enabling act from
Congress, to form a State Constitution, is too clear
for argument. For Congress “to leave the people
•. ■ '-‘“Y ' * |'
of the Territory perfectly free," in framing their
Constitution, “ to form and regulate their domestic
institutions in their own way, subject only to the
Constitution of the United States;” and then to
say that they shall not be permitted to proceed and
frame a Constitution in their own way without an
express authority from Congress, appears to be
almost a contradiction m terms, it would be much
more plausible to contend that Congress bad no
power to pass such an enabling act, than to argue
that the people of a Territory might be kept oat of
the Union for an indefiuite period, and until it
might please Congress to permit them to exercise
the right of self-government. This would be to
adopt not • their own way,” but the way which
Congress might prescribe.
It is impossible that any people could hare pro
ceeded With more regularity in the formation of a
Constitution than the people of Kansas hare don®.
It was necessary, first to ascertain whether it was
the desire of the people to be relieved from their
Territorial dependence and establish a State gov
ernment. Fur this purpose the Territorial legisla
ture, in 1855, passed a iaw for u taking the sense
pf the people of this Territory upon the expedien
cy of calling a convention to form a State Consti
tution” at the general election to be held in Octo
ber, 185 C. The “ sense of the people” was ac
cordingly taken, and they decided in favor of a
convention. It is true that at this election the en
emies of the Territorial government did not vote,
because they were then engaged at Topeka, with
out the slightest pretext of lawful authority, in
framing a Constitution of their own for the pur
pose of subverting the Territorial government.
In pursuance of this decision of the people in
favor of a convention, the territorial legislature,
on the 27th day of February, 1857, passed an act
for the election of delegates on the third Monday
of June, 1857, to frame a State Constitution. This
law is as fair m its provisions as any that ever
passed a legislative body for a similar purpose.
The right of suffrage at this election is clearly
and justly defined. “ Everv bona fide inhabitant
of the Territory of Kausas ” on the third Monday
of June, the dav of the election, who was acitiz'"
of the United States above the age of twenty . ne,
and had resided therein for three months previous
to that dftte, was entitled to vote. In order to
avoid all interference from neighboring States or
Territories with the freedom and of the
election, provision was made for the registry of
the qualified voters; and, in pursuance thereof,
nine thousand two hundred and fifty-one voters
were registered. Governor Walker did his whole
duty in urging all the qualified citizens of Kansas
to vote at this election. In his inaugural address,
on the 27th May last, he informed them that “ un
der our practice the preliminary act of framing a
State Constitution is uniformly performed through
the instrumentality of a convention of delegates
chosen by the people themselves. That conven
tion is now about to be elected by you under the
call of the territorial legislature, created afid still
recognised by the authority of Congress, and
clothed by it, in the comprehensive language of
the organic law, with full power to make such an
enactment. The territorial legislature, then, in
assembling the convention, were fully sustained
by the at t of Congress, aud the authority of the
convention is distinctly recognised in ray instruc
tions from the President of the Uuited States.”
The Governor also clearly and distinctly warns j
them what would be the consequences if they j
should not participate in the election. “The
pie of Kansas, then, (he says.) are invited by the
highest authority known to the Constitution to par
ticipate, freely and fairly, in the election of dele
gates to frame a Constitution and State govern
ment. The law has performed its entire appro
priate function when it extends to the people the
right of suffrage, but it cannot compel the perfor
mance of that duty. Throughout our whole
Union, however, and wherever free government
prevails, those who abstain from the exercise of
the right of suffrage, authorise those who do vote
to act for them in that contingeucv; aod the ab
sentees are as much bound, under the law and Con
stitution, where there is no fraud or violence, by
the act of the majority of those who do vote, as it
all had participated in the election. Otherwise,as
voting must be voluntary, self-government would
be impracticable, and monarchy or despotism
would remain as the only alternative.”
It mav also be observed, ihat at this period any
hope, if such had existed, ihat the Topeka Consti
tution would ever be recognised by Congress,
must have been abandoned. Congress had ad
journed on the 3d March previous, having recog
nised the legal existence of the Territorial legisla
ture in a variety of forms, which I need not enu
merate. Indeed, the delegate elected to the House
of Representatives, under a Territorial law, had
been admitted to his seat, and had just completed
his term of service on the day previous to my
inauguration.
This was the propitious moment for settling all
difficulties in Kansas. This was the time for
abandoning the revolutionary Topeka organiza
tion, and u>r the enemies of the existing govern
ment to conform to the laws, and t*> unite with its
friends in flaming a State Constitution. Hut this
,-afajied to dp. ami the consequences of their
refusal to submit to lawrut amhorHy and vpl* afc
the election of delegates, may yet prove to be of a
most deplorable character. Would that the ve
spect for the laws of the land which so eminently
distinguished the men of the past generation could
be revived ! It is a disregard and violation of law I
which have for years kept the Territory of Kansas j
in a state of almost open rebellion against its gov- j
ernment. It is the same spirit which has pro
duced actual rebellion in Utah. Our only safety
consists in obedience and conformity to law.
Should a general spirit against its enforcement
prevail, this will prove fatal to us as a nation. We
acknowledge no master but the law; and should
we cut loose from its restraints, and every one do
what seemeth good in his own eyes, our case will
indeed be hopeless.
The enemies of the Territorial government deter
mined still to resist the authority of Congress.
They refused to vote for delegates! to the conven
tion not because, from circumstances which I need
not detail, there was au oinissiontto register *he
comparatively few voters who wero inhabitants of
certain counties of Kansas in thq early spring of
1857, but because they had predetermined at all
hazards to adhere to their revolutionary organiza
tion, and defeat the establishment ot any other
Constitution than that which they had framed at
Topeka. The electioa was, therefore, suffered to
pass by default; but of this result the qualified
electors w ho refused to vote, can never justly com
plain. ;• “
From this review, it is manifest that the Le
compton convention, according to every principle
of constitutional law, was legally constituted and
was invested with power to frame a Constitution.
The sacred principle of popular sovereignty has
been invoked in favor of the enemies of law and
order in Kansas. But in what manner is popular
sovereignty to be exercised m this country, if not
through the instrumentality of established law?
In certain small republics of ancient times the
people did assemble in primary meetings, passed
laws, and directed public affairs. In our couutry
this is manifestly impossible. Popular sovereign
ty can be exercised here only through the ballot
box ; and if the people will refuse to exercise it in
this manner, as they have done in Kansas at the
election of delegates, it is not for them to com
plain that their lights have been violated.
The Kansas convention, thus lawfully instituted,
proceeeded to frame a Constitution, and, having
completed their work, finally adjourned on the 7th
day of November last. They did not thiuk proper
to submit the whole of this Constitution to a popu
lar vote; but they did submit ihe question wheth
er Kansas should be a free or a slave State, to the
people. This was the question which had con
vulsed the Union and shaken it to its very centre.
Thi3 was the question which had lighted up the
flames of civil war in Kansas, and had produced
dangerous sectional parties throughout the confed
eracy. It was of a character so paramount in re
spect to the condition of Kansas, as to rivet the
anxious attention of the people of the whole coun
try upon it, and it alone. No person thought of
any other question. For my own part, when I in
structed Governor Walker, in general terms, m
favor 01 submiting the Constitution to the people,
I had no object in view except the all absorbing
question of slavery. In what manner the people
of Kansas might regulate their other concerns, was
not a subject which attracted my attention. In
fact, the genera! provisions of our recent State
Constitutions, after au experience of eighty years,
are so similar and so excellent, that it would be
difficult to go far wrong at the present day in
framing a Dew Constitution.
I then believed and still believe, that, under the
organic act, the Kansas convention were bound to
submit this all-important question of slavery to
the people. It was never, however, my opinion
that, independently of this act, they would have
been bouud to submit any portion of the Constitu
tion to a popular vote, in order to give it validity.
Had I entertained such an opinion, this would
have been in opposition to many precedents in oht
history, commencing in the very best age of the
Republic. It would have been, in opposition to
the principle which pervades our institutions, and
which is every day earned out into practice, that
the people have the right to delegate to represen
tatives, chosen by themselves, theirsovereign pow
er to frame Constitutions, enact laws, and per
form many other important acts, without re
quiring that these should be subjected to their sub
sequent approbation. It would be a most inconve
nient limitation of their own power, imposed by
the people upon themselves, to exclude them from
exeroisiug their sovereignty in any lawful manner
they think proper. It is true that the people of
Kansas might, if they had pleased, have required
the convention to submit the Constitution to a
popular vote; but this they have not done. The
only remedy, therefore, in this case, is that which
exists in all other similar cases. If the delegates :
who framed the Kansas Constitution have in any \
manner violated the will of their constituents, the i
people always possess the power to change their i
Constitution or their laws, according to their own
pleasure*
The question of slavery was submitted to an 1
election of the people of Kausas on the 21st De- I
cember last, in obedience to tbe mandate of the
Constitmion. Here, again, a fair oppotunity was !
presented to the adherents of tbe Topeka Consti- i
tntipn, if they were the majority, to decide this <
exciting question “in their own wav,” and thus <
restore peace to the distracted Territory; bat they
again refused to exercise their right of popular <
sovereignty, and again suffered the election to 1
pass by default.
I heartily rejoice that a wiser and better spirit i
prevailed among a large majority of these people
on the first Monday of January; and that they did,
on that day, vote under the Lecompton Constitu
tion for a Governor and other State officers, a i
member of Congress, and for members of the leg- ■
islature. This election was warmly contested by <
the parties, and a larger vote was polled than at ;
any previous election in the Territory. We may j
now reasonably hope that tbe revolutionary Tope
ka organization will be speedily and finally aban
doned, and this will go far towards the final set
tlement of the unhappy differences in Kansas. If
frauds have been committed at this election, either <
bv one or both parties, the legislature and the peo
pie of Kansas, under their Constitution, will know
how to redress themselves and punish these de
testable but too common crimes without any out
side interference.
The people of Kansas have, then, “ in their own
way,” and in strict accordance with the orgauic
act, framed a Constitution and State Government;
have submitted the all-important question of
slavery to the people, and have elected a Governor,
a member to represent them in Congress, members
of the State legislature, and other State officers.
They now ask admission into the Union under
this Constitution, which is iepublican in its form.
It is for Congress to decide whether they will ad
mit or reject tbe State which has thus been crea
ted. For my own part, lam decidedly in favor of
its admission, and thus terminating the Kansas
question. This will carry out the great principle
of uon-interveotion recognised ana sanctioned by
the organic act, which declares in express lan
guage in favor of “ non-intervention by Congress
with slavery in the States or Territories,” leaving
“ the people thereof perfectly free to form and reg
ulate their domestic institutions in their own way,
subject only to the Constitution of the United
States.” In this manner, by localizing the ques
tion of slavery, and confining it to the people
whom it immediately concerned, every patriot
anxiouslv expected that this question "would be
banished from the halls of Congress, where it has
always exerted a baleful influeuce throughout the
whole country.
It is proper that I should briefly refer to the
election held under an act of the territorial legis
lature, on the first Monday of January last, on the
Lecompton Constitution. This election was held
after the Territory had been prepared for admis
sion into the Union us a sovereign State, and when
no authority existed in the territorial legislature
which could possibly destroy its existence or
change its character. The election, which was
peaceably conducted under my instructions, in
volved a strange inconsistency. A large majority
of the persons who voted against the Lecompton
Constitution, were at the very same time and place
recognising its valid existence in the most solemn
and authentic manner, by voting under its provi
sions. I have vet received no official information
of the result or this election.
As a question of expediency, after the right has
been maintained, it inay be wise to reflect upon
the benefits to Kansas and to the whole country,
which would result from its immediate admission
into the Union, as well as the disasters which may
follow its rejection. Domestic peace will be the
happy consequence of its admission, and that
line Territory, which has hitherto been torn by
dissensions, "will rapidly increase in population and
wealth, and speedily realise' the blessings and
the comforts which follow in the train of agricul
tural and mechanical industry. The people will
then be sovereign, and can regulate their own af
fairs in their own way. If a majority of them
desire to abolish domestic slavery within the
State, there is no other possible mode by which
this can be effected so speedily as by prompt ad
mission. The will of the majority is supreme and
irresistible when expressed in an orderly and law
ful manner. They caa make and unmake Consti
tutions at pleasure. It would be absurd to say
that they can impose fetters upon their own power
which they cauuot afterwards remove. If they
could aoTnTSTtney infgbt tie «h«ir own bands for a
hundred as well as for ten years.
These are fundamental principles of American
freedom, and are recognised, I believe, in some
i form or other, by every State Constitution ; and if
Congress, in the* act of admission, should think
j proper to recognise them, I can perceive no ob- :
jeciion to such a course. This has been done (
emphatically in the Constitution of Kansas. It (
declares in the bill of rights that 44 all political (
power is inherent in the people, and all free gov- £
ernments are founded on their authority and insti- t
tuted for their benefit, aud therefore they have at l
all times an iualienable and indefeasible right to
alter, reform, or abolish their form of government t
in such manner as they may think proper.” The
great State of New York is at this moment govern- ‘
ed under a Constitution framed and established in r
direct opposition to the mode prescribed by the g
previous Constitution. If, therefore, the provision *
changing the Kansas Constitution, after the year [
one thousand eight hundred aud sixty-four, could £
by possibility be construed into a prohibition to
make such a change previous to that period, this c
prohibition would be wholly unavailing. The £
legislature already elected may, at its very first ■
session, submit the question to’ a vote of the people
whether they will or will not have a convention to
amend their Constitution, and adopt all necessary t
for giving effect to the popular will.
It has been solemnly adjudged by the highest r
judicial tribunal known to our laws, that slavery
exists in Kansas by virtue of the Constitution of fi
the United States. Kansas is, therefore, at this €
moment as much a slave State as Georgia or South t
Carolina. Without this the equality of ihe sover
eign States composing the Union would be violat
ed, and the use and enjoyment of a territory ac- *
quired by the common treasure of all the Suites, j
would be closed against the people and the proper- r
ty of uearly half the members of the confederacy. (
Slavery can therefore never be prohibited in Kan- <
sas except by means ot a constitutional provision, .
and in no other manner can this be obtained so !
promptly, if a majority of the people desire it, as j
by admitting it into the Union under its present |
Constitution. (
On the other hand, should Congress reject the |
Constitution, under the idea of affording the disaf- ,
tected in Kansas a third opportunity of prohibit- |
ing slavery in the State, which they might have !
done twice before if in the majority, no man can
foretell the consequences.
If Congress, for the sake of those men who re
fused to vote for delegates to the convention when
they might have excluded slavery from the Con
stitution, and who afterwards refused to vote on
the 21st December last, when they might, as they
claim, have stricken slavery from the Constitution,
should now reject the State because slavery re
mains in the Constitution, it is manifest that the
agitation upon this dangerous subject will be re
newed in a more alarming form than it has ever
yet assumed.
Every patriot in the country had indulged the
hope that the Kansas and Nebraska act would put
a final end to the slavery agitation, at least in Con- j
gress, which had for more than twenty con- (
valued the country and endangered the Union.
This act involved great and fundamental princi- f
pies, and if fairly carried into effect will settle the j
question. Should the agitation be again revived,
should the people of the sister States be again es
tranged from each other with more than their for
mer bitterness, this will arise from a cause, so far a
as the interests of Kansas are concerned, more
trifling and insignificant than has ever stirred the
elements of a great people into commotion.
To the people of Kansas, the only practical dis- 0
ference between admission or rejection, depends ti
simply upon the fact whether they can themselves f (
more speedily change the present Constitution if **,
it does not accord with the will of the majority, or tl
frame a second Constitution to be submitted to t<
Congress hereafter. Even if this were a question s t
of mere expediency, and not of right, the small ai
difference of time, one way or the other, is of not
the least importance, when contrasted with the
evils which must necessarily result to the whole b<
country from a revival of the slavery agitation. le
In considering this question, it should never be G
forgotten that, in proportion to its insignificance, s«
let the decision be what it may, so far as it may si
affect the few thousand inhabitants of Kanas, who ri
have from the beginning resisted the Constitution
and the laws, for this very reason the rejection of
tbe Constitution will be so much the more keenly
felt by the people of fourteen of the States of this
UnioD, where slavery is recognised under the Con
stitution of the United States.
Again: The speedy admission of Kansas into
the Union would restore peace and quiet to the
whole country. Already the affairs of this Territo
ry have engrossed an undue proportion of pnblic
attention. They have sadly affected the friendly
relations of tbe people of the States with each
other, and alarmed the fears of patriots for the
safety of the Union. Kansas once admitted into
the Union, the excitement becomes localized, and
will soon die away for want of outside aliment.
Then every difficulty will be settled at the ballot- (
box. {
Besides—and this is no trifling consideration—l a
shall then be enabled to withdraw the troops of *
the United States from Kansas, and employ them n
on branches of service where they are much need- t
ed. They have been kept there, on the earnest ito- J
portunity of Governor Walker, to maintain the j
existence of the territorial government and secure
the execution of the laws. He considered that at
least two thonßand regular troops, under the com
mand of General Harney, were necessary for this
rarpose. Acting upon his reliable information, I
lave been obliged, in some degree, to interfere s
with the expedition to Utah, in order to keep I
down rebellion in Kansas. This has involved a 1
very heavy expense to the government. Kansas
once admitted, it is believed there will no longer I
be any occasion there for troops of the United 1
States. g
I hare thus performed my duty on this impor
tant question, under a deep sense of responsibili
ty to God and my country. My public life will J
terminate within a brief period; and I have no 3
other object of earthly ambition than to leave my t
country m a peaceful and prosperous condition, *
and to live in the affections and respect of my J
countrymen. The dark and ominous clouds which
now appear to be impending over the Union, I
conscientiously believe may be dissipated with '
honor to every portion of it, by the admission of !
Kansas during the present session of Congress; s
whereas, if she should be rejected, I greatly fear J
these clouds will become darker and more omi
nous than any which have ever yet threatened the j
Constitution and the Union*
Jambs Bcchanax. J
Washington, February 8,1858. i
From the N. O. Picayune. Jan. 81.
Nicaraguan Affairs.
We are indebted to our attentive correspondent j
at Panama for the following copy of a private let
rer received by him from a most worthy American
gentleman now resident in Nicaragua:
Chinandkga, Nicaragua, Jan. 1, 1858.
The five principal articles of a treaty said to
have been signea by the United States Govern- 5
ment and Senor Yrissari, Nicaraguan minister m
Washington, have given almost universal satisfac- <
tion to both natives and foreigners in Nicaragua.
In fact, they caused more satisfaction among tbe .
native population than the taking of Walker and
his men at Punta Arenas— notice of both events j
having come to hand at the same time by the Co- :
lumbus.
I mentioned in my iast the contribution or tax
illegally assessed by a junta at Leon on foreigners.
Those interested in’the matter sent a commission j
to Managua, who laid it before the Government,
which at once gave orders to the authorities not to
enforce it, saying that it was a mistake of the Pre- ■
feet of the Department.
1 see in the papers various accounts of the bad
treatment of both foreigners and natives, who
were with Walker in his surrender at Rivas, and
who by the terms of that arrangement should be
free from all annoyance, imprisonment, Ac. A
letter published by Gen. Henningsen in the New
York papers, in particular, speaks in very harsh
terms of this government, for its lack of faith in
complying with the conditions of the surrender,
and mentions a number of individuals who have
been sent out of the country, and others who are
working in chains on the roads in Segovia.
Among them he particularly refers to Gen. Pineda.
Now, F know Gen. P. well, and have seen him al
most every week for five months past. He lives
in Leon, and is as free to go where and when he
chooses as any other citizen. Neither he nor any
body else has "been imprisoned or sent out of the
country, nor molested in any wav, except they
were required to give security that in case of a fil
libuster invasion they would not join it.
We hear occasionally of Mr. William C. Jones,
sometimes of his being in Managua, and some
times in San Juan del Sur, but no one has ever
been able to get the remotest clue of what he has
done in this country, or what he proposes to do.
A person has just arrived from Managua, who
1 states that the treaty with the United States has
■ been ratified by this government. S. L. E.
Also the following copy of a proclamation by the
Provisional President of the Republic :
' TO THE PEOPLE OF NICARAGUA.
' It being notorious that, from the 4th of Novem
* her, 1845, when an attempt was made against the
government by removing and inflicring capital
* punishment on one of its Ministers, to the 12th
June, of the present year, when the same govern
| merit was able to extricate itself from the foreign
!. force, at whose head was Mr. William Walker,
who during that epoch was disposing of life and
property, and acting with irresistible force against
the administrative order of the Republic, the gov
ernment neither had nor could have bad the ne
cessary liberty of action ; that for this reason the
other governments of Central America refused to
acknowledge the authority of the Provisional gov
ernment ot Nicaragua until they could be certain
it was acting with full libertv and independence.
Observing that, notwithstanding the oppression
under which the government existed, all the acts
performed during that per.od are null, of neither
value n«»r effect, still there exists various decrees,
resolutions and determinations of absolute neces
sity for the vital existence of the government and
public order: and for these reasons these should
be re-enacted and made valid, now that the gov
ernment finds itself in full liberty, and sustained
by the moral and physical force of the government
of the Union, in order that they should act as a
protest against the said actions and their conse
quences, it has determined to declare and
decree:
Article 1. All the acts of the present Adminis
tration, issued from the 4th November, 1855, until
the 12th of June of the present year, are null, of
neither value nor effect. •
Art. 2. We re-enact all the decrees, resolutions,
and all other determinations, issued under what
ever form that shall tend to the preservation of
the Government and to public order.
Art. 3. It is not possible, neither ought it to be
possible, to re-enact, (but, on the contrary, they are
comprehended in the general rule of nullity estab -
lished in the first article,) the following acts: Ist:
The decree by which was revoked the contract
celebrated with the Mar&time Atlantic and Pacific
Canal Company, and the Accessory Transit Com
pany, equally with its consequences and effects.
2d : The decree of colonization, acts and determina
tions, and their consequences. 3d.: The grants of
land and privileges given to foreigners, and their
consequences. 4th : All the authority, of whatever
kind, conferred on William Walker, and all the
acts and determinations derived therefrom.
sth: The authorities and commissions given to
foreigners, and the acts and determinations there
from. 6th : The appointments of whatever l ind,
made to foreigners, and the consequence there
from. 7th : The confiscations and illegal fines.
Bthj The authorization of mining companies in
Chontales, and its consequences. 9th: Ratifica
; tions of treaties and agreements with nations, and
the acts originating therefrom. 10th : Declara
tions of war against the governments of the States,
| and acts and determinations therefrom, as equally
the declaration of placing in state of siege the
Meridional department. 11th : Tariffs of salaries
in favor of foreigners. 12th : Authority to aug
ment the foreign force. 13th': The decree con
voking the people to election of President. 14th :
Finally, every other disposition, under whatever
form ft may have been issued, being of the same
charicter as the above mentioned matters.
Art. 4. Let it be communicated to all whom it
may concern. Given in Leon, on the 22d day of
December, 1856. Patricio Rivas.
To Hie Minister of the Interior —l communicate
the above to you for your information and guid
ance, subscribing myself, your obedient servant,
Salinas,
Minister of Foreign Affairs.
Accident. —We regret to have to state that an
other sad accident has occurred among the opera
tives on our new Court House. One of the scaf
folds of the third story gave way yesterday about
eleven o’clock, and precipitated a young man by
the name of Bozeman, ana a negro man belonging
to Hansel R. Seward, to the earth. Bozeman is
still alive, but the negro was dreadfully mangled
and killed.— 7'homaeviUe fieporter, jfreb. 2.
New Orleans, Feb. I.— Gen. Walker appeared
before the District Attorney to-day. Judge McOa
leb said there was nothing against him, and the
Grand Jury refused to find a true bill. Walker
seemed anxious for trial, but the District Attorney
said there was no charge against him, unless he
received new instructions from Washington.j
IIMHIX.■ JJSISSSteaHSMU " '■
COMMERCIAL.
' &ixmm or oomar. -^P®Syp|
K»» Ortmii, Ad. » ....JMMH IJSS.M6
Mobile, Jan. 99 27 1J8& sSSSL ■ ■
Texw. Jan. lb 57,803 47.578
* lorKlis Jan. 15 87*143 36.988
Savannah. Jan. 37 ICSJBSS *18,70?
Cha leston. Jan. 30 ..141,448 *46,06*
Decrease In receipt* .... MJ,
SAVANNAH, Feb. 3—4 P. M— Cotton. —Astbe receiy*
Cotton increase, the quantity pot upon the market is great
and consequently sales are heavier. We report to-day anv
tive enquiry, with an advancing tendency. Our quota:!-
are marked up *c. over yesterday. For lots where there i
fUUIng off bales, it is probable our quotations carjnotbe r
tinned; l>ut where tbe line runs even and strictly upt >.|
mark, sales are made at them iHthoiit difficulty. The.aales o f
the day foot 1,615 Iwdes, at the following particulars: 1 at 9 ;
?at9* : 19-2 at 9*; S 3 at 9*; 1 89 at 10; 159 at 10*: ll« a
ffiSitfn at isjf 1 *** #t 150 ** 10 13-181 *** 10 * ’ ***
Low Middling JO <a _ -
Middling.. 77: lovja _
Good Middling -
Middllng Fair—
Fair 11 ©
v STATEMENT OKOOTTON.
Stock on hand Sept. 1,1867 bales.. . 1,P63
Rect) ved since 112,176
Received to-day 2.970—115,14«
Exports since Sept. 1,1857 gP,254 llft,2oS
Exports to-day 74__ 86,828
Stock on hand and on shipboard not cleared 29,330
SAVANNAH, Feb. 3— A P. M.— Cotton. —We can perceive
no change in prices, and the figures show that sales were mad*
fuliy up to yesterday’s rate*. The reported sales foot only
.io3 bales; the actual transactions, however, are nearer 700
bales We report the following particulars: 14 at 9*; 9at
; 22 at 9*; 67 at 10 ; 18 at 10* ; 0 at 10 6-16; 10 at 10* 7
atlO** 1 15 at lo * ? 44 10 * i* 3at 10 13-16 ; and 6 bale#
Feb - s— Cotton.— Arrived since the 280"
ult., 12,714 bales Upland and 779 do Sea Island. The export
for the same period amount to 4,639 bales Upland and 673 do
Sea Island—leaving on hand and on shipboard, not cleared,*
stodi of 33,064 bales Upland, and 2,681 do. Sea Island, again*
Upland, and 4,412 do. Sea Island, at the same tins
The sales of the week foot up 4,394 bales, at the followin
particulars : 15 at 3; 7 at 8*; 13 at 8* ; 48 at 8*: at*;
.0 at 9* ; 36 at 9* ; 240 at 9* ; 63 at 9* ; 24 at 9 9-16 : 141 v?
( J\ ; 617 at 10; 879 at 10* ; <O9 at 10* ; « at 10 6-16 : 554 v.
10% ; 815 at 10* ; 50 at 10 18-16 ; 68 at 10* ; 457 at 10*; 3 at
10 13-16; 6at 10*; and 11 bales at 11 cents.
Rice.— We report sales of 732 casks at extremes ranging
from 2* to ”*c., and 15 casks middlings at l*c.
Corn.— We l ave only one arrival of Corn to report, which
was taken up by dealers on the wharf at 75c. It is selling
from st *re at So®Bsc., according to quantity. Stock light ana
demand good.
Gate.— Are firm and in demand, at 60©62*c. from store.
Hay.— A sale of Northern was made from wharf at 80c. N«
Eastern arrived since our last report. From store we quote:
Northern 01 ; Eastern *1 25.
Bacon.— Shoulders 10 : Ribbed Sides 11; Haros 12c.
Lard,— Remain as last reported. In kegs 12@12*; In bids.
Salt.—A cargo was sold at 50c. $ sack.
♦ 1 00** ~ StoClt *°° <l t * eman< * modera^e * quote 90c.9
Sugar*.— An auction sale of the cargo of the schooner Mary
Wise, wns held by Messrs. O. Cohen & Co„ at which 150 hhds.
New Orleans Sugar sold at prices ranging from 6 3-16 to 6*c.
Molasses.— Since our last report. 200 bbls. New Orleans Mo
lasses were sold at auction by Mr sens. O. Cohen & Co., bring
lugf29&3lc. The cargo of the Alice Ann, ftom Havana, has
also been put upon the market, and has been selling at 20®Sle.
in small inis to the trade, from wharf. A lot of 100 hhds. was
sold on private terms.
Guano—ls selling from store at $3 50 f* 100 tts.
Potatoes. —No arrivals since our last report. A cargo is ex
pected, and engagements for lots of 100 bbls. to arrive, can be
made at #2 87*. We quote from store 03®0#3 60.
CHARLESTON, Feb. 3.— Cotton.—' There wa9 an active
demand for this article to day, which resulted in the sale of
upwards ol 2*200 bales. The transactions showed a decided
advancing tendency in prices. Middling Fair has advanced to
10*@llc. The sales comprise 4 bales at 7 ; satß;Batß*;3o
at 8* : 83 at 9 : 35 at 9* ; 24 at 9* ; 54 at 9* ; 99 at 10; 69 at
10* ; 136 at 10* ; 40 at 10*: 303 at 10* ; 64 at 10* ; 403 *t
•10* ; 236 at 10* ; and 600 bales at 11c.
CHARLESTON, Feb. 3.—CbMon.—There was quite an
active demand for this article to day, which resulted In theaal
ot upwards of 2400 bales. There was a decided advanclu
tendency in prices, and the market closed with Middling Fai
valued at lie. 'Hie transactions may be classed as follow
viz : 10 bales at 8* ;17 at 18* ;25 at'9; 10 at 9* ; 18 at 9%
2-2 at 9* ; 263 at 10; 139 at 10* ; 60 at 10* ; 89 at 10* ; 454*
10* ; 168 at 10* ; 715 at 10* ;‘l4l at 10* ; 358 at 11; and
bales fltney at 12*c.
CHARLESTON, Feb. s.—Coflon.—The receipts since o:
lasi reach 11,905 bales, and the sales in the same time foot up
, 9,621 tiales. some 1.358 of which were sold yesterday. The
transactions embrace the following range or figures, viz; 4
: bales at 7;9at 8 • 24at 8*: 50 at 8* ;10at8*;62at 8* ;15
. at 8* :7Satß*:3o at 8* ; 246 at 0; 309 at 9* ; 100 at 9* ;
, 148 at 9* :66at 9* ; 292 at 9* ;83at 9 13-16 ; 115 at 9* ; 645
' at 10 ; 245 at 10* ; 724 at 10* ;83at 10 8-16; 622 at 10* ;81 at.
’ 10 7-16; 1,475 at 10*; 112 at 10 9-16; 687 at 10* I 129 at
- 10 11,10: 1,965 at 10* : 643 at 10* ; 1166 at 11; and 26 bale*,
a fancy lot, at 12*c. We quote Ordinary to Good Ordinary »
®9*: Low to Strict Middling 10@10* ; Good Middling 10*®
• 10* ; and Middling Fair 10*®llc.
- Rice.— Tbe sales embrace a range of figures extending from
P o*2 Sl* to 08 50; but the bulk of the receipts were sold with
r in the margin of o*2 87*®03 13* We quote ordi
a nary to fair 2*@o3; good to common prime 03*@43*; and
prime and choice 3*® —.
O
■*» COLUMBUS, Feb. 2.—CoKon.—The receipts yesterday
were 314 bales—23l bales sold. The market was easy.
Planters and holders seemed more disposed to sell, while buyer*
e were rather indifft rent. B®9*c. were the ruling rates; one oi
two small fancy lots were strained up to 10 cents.
COTTON STATEMENT JTOIt WEEK IN I*l*o JAN. 30.
ritpek on hand Aug.3l, 1857 bales.,.. 491
‘e -
s,osr sa ‘ a “
previously .38,663—31.752
i Stock on hand 2^607
, Receipts to same time last year ~.69,480
Stock on hand same date 18632
Decrease In receipts this year 14X'8l
1 Increase in stock 4,375
COLUMBUS, Feb. 3.— Cotton.—We have no material
change to notice in the market yesterday. There was a grow
ing disposition on the part of holders to yield, and the general
impression see ns to bo that tbe staple will be turned loose at
an early day, as prices are attaining a remunerative point.
Tbe prevailing rates are about the same as the previous day.
Strictly Good Middling* have gone to 10c.; lower grades
range from 8* to 9*c. A fancy lot of 100 lalea was sold fbr
The receipts for the day were 418 bales—4lo bale*
COLUMBUS, Feb. 4.— Cotton.— The receipts yesterday
were 498 bahis 434 bales were sold at prices ranging from 9to
10 cents. The market has undergone no material ahauge frutn
the previous day, If we exeept that It is slightly easier.
COLUMBUS, Feb. s.— Cotton.— There was no change In
tbe market \>n yesterday. We continue our former quotations.
fr<*m 3to 10 cents. lUeeipis of the day i&l&l. TUe sale*
were 108 bales.
MACON, Jan. I.—Cotton .—Sales light to-day at B@loc..
extremes. Market quiet and demand moderate. Rtceipts
still heavy.
MONTGOMERY, Feb. 2—9 A. M.—Co«on.—There was
a good demand yesterday for this article, -all that was offered,
was freely taken—transactions comprise about 500 bales, at
from 9* to 10* for Middling to Good Middling—a choice at
tide would have commanded a shade higher.
MONTGOMERY. Feb. 3.— Cotton.— Our market has been
very stiff during the day. and all offered was taken at full
S rices. Sales about 220 bales, at from 10 to 10* cents for Mid
ling to Strict Middling.
ABBEVILLE, <S. C„) Feb. B.— Cotton— There has been an
active demand for Cotton during the past week. We quote
extremes to-day at 7*@9* cents.
MEMPHIS, Feb. 2.— Cotton.— Scarcely anything was done
In the market yesterday. A few small sales were made at
Saturday’s figures, the weather being too bad for out-door
transactions.
NASHVILLE, Feb. 2.—Cotton.—The market is very quie
and the receipts light, with sales ranging from 7 to 9*c.accon
ing to quality. It must be a .superior artide .to command th t
latter figure.
Wheat.— The market Is quiet, and very little doing. Prim
Red and White command 50®56.
Provisions.— Bacon is rather dull, though the receipts cot
tin us light. Buyers are offering only 7c. hog round. Larch
dull at 7*®^.
NEW ORLEANS, Feb. 2.— Cotton.— Sales of Cotton to
day 13,000 bales. The market Is slightly dearer. Sales at 10®
10*. Receipts less than last year 177,000. Receipts at all
southern ports less than last year 529.000. Sugar quiet. @4*
@5. Molasses 18®19. Flour 04 25©04 80. Corn dedining
to-day. Rio Coffee, B*®lo*. Other articles unchanged.
NEW' YORK. Feb. 1-P. M.— Cotton. —The market Is
very firm, and at the dose it was difficult to buy at oar quota
tions. The quantity on sale la small. The sales are 2,000
bales. We quote:
NEW TOEK CLASSIFICATION.
Upland. Florida. Mobile. N.OATexas.
Ordinary none. none. none. none.
Middling 10* 10* 10* 10*
Middling Fair 11* 11* none. none.
Fair 11* 11* none. none. j .
Sale ok Suoab and Molasses.—Messrs. O. Cohen Sc Co.
sold yesterday at auction tbe entire cargo of Sugar and Molas.
ses landed from the schooner Martha W'ise, from Attakapar
at the following prices : 51 nhds. Sugar at 6* ; 30 at 6 7-16:11
at 6* : 30 at 6*; Wat 6 3-16 cents—total, 136 hhd*. 40 bbii
Molasses at. 29 cents; 85 at SO •55 at 30*; 50 at 31 centa
totsl, 280 bbls.— Sav. News, Feb. 3.
Financial Matters in New York.
The money article of the Tribune, of Monday morning,, j
Its review of the previous week, state* that—
“ The week closes with a strong and verv buoyant Stocx
Market—the speculative circle extending its area from day to
dav, and Including, one after another, stocks which bat re
cently seemed hopelessly shelved. As the galvanizing pro
cess goes on. these convalescent fancies become the nucleus of M
speculation for all their old friends and adherents, and stele
ton quotations gradually chaoee to more portlv figures. All ‘
this tends to confirm the position we have hitherto taken in re
gard to the stock market, viz • that In the upward movement
which appeared almost certain. Intrinsic value was not an
much the question, as that of emptying money to the best ad
vantage during a period of unprecedented accumulation. The
stock market thrives and Increases in strength, in consequence
of the paralysis of trade, which drives capital from the ex
tremities to commercial oeutrea, there to rest unprofitably un
less employed in stocks, until business beconjes vigorous and *
active again, and credit la once more generally restored.** .. , v
United States Treasury notes were sold In New York Oft
Saturday last, at X Vcent, discount. '
Dim
In Texas, on the 24th of December, 1957, In the forty-sevcMk
vear of Ms age, Benjamin S. Mu.uk, leaving a wife and Urm
teen children. He was born In Edgefield District, ou thfc
10th of December, IBIQ,