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the disruption of the Union, he would notany terms which he may dictate. His deputy bave prosecuted his Mexican scheme ; and it on the throne of Mexico will be in serious cannot be denied that he has revived or origi- danger if the Federal flag once more floats nated the policy which forty years ago pro- on the left bank of the Rio Grande : but voked President Monroe's declaration. The until the peril is imminent, France will probAmericans are not yet angry, but they feel ably temporize, and the Federal Americans bound to repeat their challenge, as it has been will not, for the present, be eager to precipitakon up by a power to which they never in-tate the contest. tended to address it. For the purpose of cultivating unfriendly feelings to the conqueror of Mexico, France is now not unfrequently bracketed with England in political declama

From The Saturday Review, 15 Aug. tion. On the return of peace, it is highly

AMERICA. probable that attempts will be made to over In the midst of their reverses, the Confedthrow the new Mexican monarchy; nor will erates will probably find consolation and hope there by any serious dificulty in promoting in the proclamation of the Mexican empire. disturbances which may furnish a pretext for The task of overthrowing the effete Republic intervention. The war wbicb is still nomi- had, as they hoped, been reserved for themnally carried on by the natives against inva- selves; but in their present position, a French ders may linger on for years. Juarez still alliance will be worth more than any acquireigns as president over some of the provin- sition of territory. The Southern States have ces, and Comonfort and Doblado are at large, the means of contributing so effectually to the with facilities for giving trouble if they are defence of Mexico that they might negotiate not bought by the French. As no person se almost on equal terms for the assistance of riously believes that the Mexicans have any France. The prospect of foreign support will voice in the new arrangement, it is immate- animate them in their struggle against the rial to inquire whether they prefer a mon- advancing legions of the North, and furnish archy or a republic. Perhaps their politicians them with an additional encouragement to and generals may already look forward with make a resolute resistance at Charleston. pleasure to a contest in which two foreign General Lee, moreover, remains in the field powers may hereafter bid against one another at the head of a still powerful army, and apfor native support.

pears to have resumed his former position, It is evident that no Mexican Government, whence he is able both to menace Wasbington even with the aid of a French contingent, and to protect Richmond. General Brugg, could stand against the undivided power of who was said to have retired from Chattanooga the Federal States. As the Emperor Napo- on the approach of Rosecranz, has since been leon must be fully aware of the inequality of reported as having his headquarters still at force, it is naturally supposed that he is pre- that place; and it is further stated that Genpared to form an offensive and defensive alli- eral Johnstone, having received large reinance with the Southern Confederacy. A forcements from Bragg, is fortifying MeridFrench navy and a Confederato army wouldian and the Ohio and Mobile Railroad for the render Mexico invulnerable even to the ut- defence of Mobile. On the other hand, the most efforts of the North; and as Spain parts of Western Louisiana which the Conwould probably join the league for the pro- federates bad reoccupied during the siege of tection of Cuba, the direct support of France Port Hudson have once more passed under the might, perhaps, he almost superfluous. Yet dominion of the Northern Government. It it would be rash to anticipate that the French is not improbable that the next effort of Genemperor will, under any circumstances, pur- eral Banks will be directed to the conquest sue the most direct course. It is known that of Texas. The numerous German inabitants French agents have been intriguing in Texas, of the State are bostile to slavery, and thereand it is not impossible that hopes may be fore they are probably inclined to rejoin the entertained of the recovery of Louisiana. Union. The majority of the population is Recent events have suggested the possibility loyal to the Southern cause; but its numbers that Texas may be conquered by the Federal are scanty, and since the loss of the Missisarmies, now that the Mississippi forms a bar- sippi, the State is cut off from communication rier between the eastern and western portions with the greater part of the Confederacy. of the Confederacy. On the whole, however, The vicinity of Mexico and the rumored dethe emperor will probably think it better to signs of France will direct the attention of provide Mexico with an ally than to extend the Federal Government to Texas, and New his own conquests. If he has determined to Orleans supplies a convenient base for aggresrecognize the Confederacy, he will not be sive operations. Galveston has already been unlikely to wait until more decisive reverses for a time in the possession of the Federal compel the Southern Government to accept forces, and it might perhaps be easily retaken

by a naval expedition. The chief difficulty combinations, asserts, with questionable acof an invasion would consist in the vast spaces curacy, that General Morgan only intended which an army must necessarily traverse. to influence the forthcoming election. It

The Federal victories and the New York might have been supposed that the plunder riots have, for the moment, discredited the of their homesteads would not incline the Democratic party. If a conflict arises be- voters of Ohio to prefer the candidates who tween the State authorities in New York are supposed to favor the cause of the South, and the central Government, it is uncertain nor is it altogether improbable that General whether popular opinion will acquiesce in Morgan may have succeeded in excluding Mr. the suppression of local independence. Gov- Vallandigham from the Governor's seat. erpor Seymour may be unable to resist the Whatever may be the value of General Burnencroachments of Wasbington, if opposition side's speculations, his own plan for securing is regarded as an impediment to the success- freedom of election is simple and effective. ful progress of the war. The City Council Having proclaimed martial law in Kentucky, bas, perhaps, devised the most effective mode he instructs the officers, and even the judges, of bafiling the draft, by voting an illegal grant to take care that no disloyal citizen-or, in for the discharge of needy conscripts. Mr. other words, no member of the Democratic Opdyke, the Republican mayor, proves that party-shall be allowed to vote. The same the Corporation has no right to raise money plan has been already tried with partial sucfor the purpose of defeating the law, but the cess in Maryland and Louisiana, and it involves representatives of the New York rabble know the elements of a fiction which may hereafter that they have provided an excuse for resist- be found useful in the administration of tering the draft, and a plausible pretext for an- ritory conquered from the South. In States other riot. If the Irish laborers discovered a which are wholly or partially attached to the grievance in the purchased exemption of the Union, direct interference with the electorial wealthier classes, they will not be disposed to privileges of the party which happens to be acquiesce in the rejection of a tender of three in opposition may prove a dangerous experihundred dollars per head on their own bebalf, ment. General Burnside has already done even though the law may have been violated his employers the service of giving importance in the process of raising the money. Their to Mr. Vallandigham, If he undertakes the unfortunate victims, the negroes, are - in conduct of the elections in the North-Western profession at least--more loyal, although, as States, he may prove himself a Persigny on a Mr. Lincoln informed them some months ago, small scale, and may provoke even American they owe little gratitude to the Union. If long-suffering into the vindication of constifine words could frighten the Southern armies, tutional rights. For the present, he may the free colored population have proved that perhaps safely assume that all excesses of even American rhetoric admits of additional power will be tolerated, in the hope that a inflation by African lungs. Their leaders a strong government may succeed in termiand their preachers may possibly be sincere nating the war. in exhorting the negro race to win in the The frequent rumors of unfriendly commufield the equality which has been systemati- nications addressed by Mr. Seward to the cally denied them in civil life; but it is highly English Government are probably still preimprobable that colored patriotism should ex- mature. It is not at the moment when the tend beyond grandiloquent professions. The subjugatian of the South is confidently exsemi-servile popolation has neither military pected that it will be gratuitously rendered aptitude nor sufficient motive for fighting. impossible by forcing England into an alliance The free negroes of the North are sufficiently with the Confederacy. A rupture at present intelligent to know that their services will be would save Charleston, it would open Wildespised even when they are accepted. The mington and Mobile, and it would probably liberated slaves of the South may possibly be transfer the blockade to the Federal ports. made more available ; and the Confederates It is wben the president and his advisers find themselves are threatening, in turn, to bring themselves involved in hopeless embarrassment a negro army into the field. To foreigners, that the knot will perbaps be cut by a decthe experiment seems dangerous; but the laration of war against England. The failure social relations of the South are still imper- of the conscription, the assertion of indepenfectly understood.

dence by the State of New York, the apGeneral Morgan's desperate incursion into proaching meeting of a hostile Congress, might Ohio, ending in his defeat and capture, can induce Mr. Seward to play the card wbich he only be explained on the assumption that it has long beld in reserve. The Alabama, the was intended as a diversion during General Alexandra, the Chief Baron's judgment, and Lee's campaign beyond the Potomac. Gen- the language of the press, would furnish a eral Burnside, who ought to understand the sufficient excuse for a quarrel which was bearing of military movements on political thought in itself desirable. A war with England would be a better excuse than Caleb / alleged total debt, which is said to be £200,Balderstone's fire for any past or future short-000,000. The motive for this rather transcoming. If the Confederates were not thor- parent piece of cookery is also palpable on oughly beaten, if the restoration of the Union the face of the account. In December Mr. was finally abandoned, the foreign war would Chase had predicted that the debt of all kinds explain the necessity of employing elsewhere would amount in July to rather more than all the energies of the Government. Hopes £200,000,000; and it was a great triumph also would be entertained of obtaining in to be able to announce that the actual figures Canada a territorial equivalent for the States supplied by experience coincided with the eson the Mexican Gulf. The danger is serious, timate within £5,000,000., and that even though not immediate, and it is scarcely in that error was on the right eide. the power of England to avert it, although Yet even after allowing some twenty or conscientious perseverance in neutrality may thirty millions sterling for the omitted item, deprive the Federalists of a plausible excuse. the feat which has been performed, assuming Nine-tenths of the popular declamation the figures to be trustworthy, is very remarkagainst England may perhaps be empty and able. A year ago, the Federal States bad insincere, but a feeling of rancor is at the raised, in the form of regular loans, about bottom of the endless flow of malignant lan- £40,000,000, and in certificates of indebtedguage. If war should break out, it will be ness, £16,000,000 more. There was no great on the American side, the most deliberately difficulty in swelling the amount of these I. wicked aggression which has been attempted 0.U.'s, as contractors could always be found, by any modern nation.

at some price or other, to take payment in any shape. It is, therefore, not at all sur

prising that another £16,000,000 has been From the Saturday Review, 15 Aug.

added to the total of the certificate debt.

But the regular loans have increased during AMERICAN MONEY MATTERS.

the last twelvemonth from forty to eightyTHE statement recently issued of the posi- three millions, and at first sight it certainly tion of the United States Treasury on the 1st does seem astonishing that so large a credit of July is, no doubt, extremely satisfactory should have been commanded. At the beto Mr. Chase and his friends; and, if its fig-ginning of the year, very few persons would ures are to be trusted, it is in the highest de- have believed it possible that so large a sum gree creditable to the skill with which the could be raised, and Mr. Chase deserves all minister has contrived to extract the sinews the honor which belongs to a minister who of war from a people who, after abandoning displays an unusual power of involving his 80 many other cherished traditions, still ob-country in boundless liabilities. The large ject to give up their prejudice against the loans which he raised were, however, altopayment of taxes. Mr. Chase has never been gether inadequate to cover the public expenconvicted of publishing figures wlrich could ture, which was estimated at £100,000,be proved to be false ; and, although there 000, and was no one can say how much. are no means of checking the amounts which The ultimate resource was, of course, the he sets against the various descriptions of issue of more paper money; but, even in loans, a nominally responsible minister must this, the same skill or the same luck has be supposed to adhere to truth until the con- saved Mr. Chase from the immediate consetrary is proved. But there are some pecu- quences of the hazardous expedient. In liarities in this last account which justify a July, 1862, there were £33,000,000 of greenlittle suspicion of its entire accuracy. When backs afloat. In July, 1803, the paper curMr. Chase, at the close of 1862, was estimat- rency comprises £76,000,000 of the larger ing the present and prospective liabilities of potes, and £4,000,000 of the postage-stamp his country, he was careful to include the es-currency. In the face of this increase, the timated amount of monies due on current ac- premium on gold is not much higher than it count to soldiers, sailors, contractors, and was with less than half the paper circulaworkmen. It is not suggested that these tion, and very far below the point which was outstanding bills had been paid up more reached after the disasters of the spring camclosely in July than in December ; but, in paigns. It is curious to inquire how these the account now rendered of the debt of the results have been brought about. We need Federal Government, no allowance is made not say that the merican theory, that Mr. for what cannot be an inconsiderable item. Chase can by some legerdemain neutralize If the casual reports of newspaper corres- the operation of econoinical laws, will not pondents are to be trusted, the amount of this satisfy English observers. If the natural omission cannot be less than £30,000,000, value of a gold dollar were a dollar and a a sum which is not only large in itself, but half of paper money, the laws that were quite appreciable when compared with the passed to hamper gold speculations, and the skilful manipulation of a considerable reserve are usual among merchants. Many of the of bullion which is still kept in the treasury, daily adjustments of trade are probably efwould never bring down the premium to a fected with bank-notes, wbich in other times permanent rate of twenty or thirty per cent. would have been settled by bills of exchange Something may be done by rigging the mar- or entries in account. In other words, the ket to prevent a sudden speculative depres- demand for currency has increased, as it sion ; but whether the minor fluctuations are always does tend to increase, during war or large or small, the average price must be internal commotion. This will explain why regulated by the amount of the currency the premium on gold has not fully kept pace compared with the demand which commerce with the issue of notes, though it can scarcely makes upon it. Indeed, we see that the be thought to give an adequate account of notes have been doubled in quantity without the large discrepancy which has manifested any apparent increase in depreciation, and it itself. Another cause appears also to have is a fact that requires some more satisfactory been in operation. By one of the Acts of explanation than marvellous stories of the the last Session of Congress, a tax was imdexterity of Mr. Chase's broker. The same posed on the issues of private banks, and may be said of the success with which bonds although no authentic accounts have been have been placed at times when a public issue transmitted of the extent to which the circuto any considerable amount would have been lation of local notes has been diminished, it an utter failure. Certainly Mr. Chase does is not unlikely that the large increase in the seem to have accomplished a very marvellous Federal currency may coincide with a very feat, and distressed financiers would do well trifling augmentation of the total paper cir. to study his ingenious tactics. The precise bis- culation. If the private notes were withtory of the growth of the debt, of which the drawn as fast as the national paper was intotal is officially announced, would no doubt creased, there would be no marvel in the suscompletely solve the mystery ; but the order tained value of the greenbacks. In other and the extent of many of the operations are respects, the fluctuations of the market not disclosed, and any speculation on the have responded with much regularity to the real cause of a startling financial phenome- causes in operation from time to time. At non must be more or less conjectural. the beginning of the financial year, an is

The method by which the large amount of sue of thirty millions suffered a depreciation upwards of £40,000,000. of bonds was got which varied from fifteen to twenty per cent., out was simple enough. The loan was not a according to the influence of the military voluntary, but a compulsory operation. No news from day to day. Up to last spring, one, it is true, was forced to contribute gold the circulation was rapidly growing, the in exchange for United State's securities, but machinery for forcing an exchange of notes the bonds were issued on terms which made for five-twenty bonds not having then been them decidedly preferable to greenbacks, and brought fully into operation. At the same the absorption of the permanent security was time, a series of defeats weigbed upon the effectually stimulated by limiting a time af- market, and probably exaggerated the natuter which no more notes would be received ral depreciation. at par in exchange for bonds. The fear of Since that period it is not at all improbable being left with a large stock of notes liable to that notes have been absorbed in exchange for unlimited depreciation by future issues was permanent bonds, nearly as fast as they have enough, in the gloomy months of last winter been issued ; and under the influence of miliand spring, to create an active demand for tary successes, and the temporary demand for bonds, and by the same operation to check currency created by renewed activity and the increase of the redundant currency. Still hope, it is intelligible that the premium we bave it as a fact, that notwithstanding the should have receded to a point not very reamount absorbed in the purchase of bonde, mote from that at which it stood when the the remaining circulation is doubled without total issues of the Federal notes were so much any corresponding increase in the premium less. These explanations do not in any way on gold. It will probably be found that this detract from Mr. Chaee's merits ; indeed, they circumstance is due to the concurrent opera- tend to show that the present recovery is in tion of several causes, some of which it is easy great part due to the sagacity of his measures. to indicate. In the first place, the growing But they may serve to dispel the fancy that operations of the war have created an amount great permanent effects upon a circulation of of business which absolutely requires a larger eighty millions can be produced by juggling circulation than the most extended commerce in the market; and they may check the exin times of peace. Cash transactions must travagant expectations which seem to be enhave multiplied in a season of uncertainty tertained by the more cager champions of the and in a country of greenbacks, and have Federal cause, that the ordinary laws of hutaken the place of the credit dealings which man action will suspend their operation in

favor of the Stars and Stripes, and allow an tously upon application to the respectable astute minister to enjoy the privilege of issu- chemist and druggist whose head-quarters are ing an unlimited amount of money without at the Tuileries. over-supplying a limited market.

The sight of the Latin race taking its inperial medicine with such wholesome advan

tage to itself, is one that cannot but be most From The London Review, 15 Aug.

instructive to all mankind, nor is it at all

strange that the French should find an espeTHE EMPEROR'S LIFE PILL FOR MEXICO.

BPILL FOR MEXICO. cial pleasure in seeing administered to others The Life Pill that has effected such aston- | the bolus that they have bad in their own ishing cures in Europe, and has restored mouths but a few years since. "The unhappy France to youth and vitality, has just Mexicans perbaps at first experienced as much achieved on the other side of the Atlantic, surprise as delight at the arrival of the doca success quite as marvellous. Everybody tor. Nobody had sent for him ; but in polite knows in what a ruinous condition the health ical matters the universe has just now got a of Mexico was till very lately. The last in doctor who does not wait till he is sent for, telligence-according to the French papers—but who insists upon paying gratuitous visits is most reassuring. After taking the pill in on the first suspicion of ill health in the question, Mexico has visibly recorered, and neighborhood. Mexico, moreover, cannot but is covering herself with glory by having feel that she is being selected as a subject for boldly asked for more. Like other amateur esperiment, less for her own sake than for doctors, the French emperor seems to have the sake of science. There is nothing so aginvented a recipe that suits all climates and gravating as this sort of discovery. When all constitutions. It used to be said of the France was treated ten years ago for her critWhigs, that they believed that there was no ical complaint, her physician was intensely ill to which flesh was heir which could not interested in the process. His life, his repbe promptly remedied by the application of utation, his future, depended on his success; British institutions and representative gov- and the event was fraught with as much danernment. But Lord Russell's panacea is noth-ger to himself as to France. It is different ing to the emperor's " Life Pill." Whatever in the case of Mexico. The doctor is no the disease, whether it be a disease of the longer trembling in his closet during the opOld or the New World, of the Seine or of eration, with anxiety for the result of his the Gulf of Mexico, the course is the same audacious and ambitious nostrum. He is -a military blister overnight and the “ Life doctoring the Latin race upon this occasion Pill” in the morning. The composition of in his dressing-gown. Whether the dose the pill is simple enough, for Napoleon III., succeeds or fails, is rather a matter of curilike Nature herself and Dr. Morrison, cre- ous speculation to him, than of absolute imates all his greatest effects by simples. The portance. The earliest bulletins, however, first thing to do is to burn a little of the will be satisfactory to French pride. The best French gunpowder under the patient's Mexican nation have hailed their new empire nose. This has a soothing and quieting in with the same responsive joy as that with fluence, and prepares the constitution for the which Nice and Savoy hailed the proposal for treatment that is to follow. Then take a their own annexation. General Forey enters handful of French agents, a few prefects, a Puebla and Mexico in a rain of flowers and few paid journals, a few directors of the press, laurel-wreaths. The Mexican newspapers reand some of the most vigorous repressive arti- joice to be placed under the same régime of cles in the Code Napoleon, stir boldly with avertissements as that which reigns at Paris. universal suffrage if it can be procured, but, Everybody has declared in favor of French if not, any other suffrage will serve as well. intervention, as in fact on these oceasions The whole will form a composing globule of everybody always does. An imperial crown the most thorough imperial institutions, has been at once offered to the Austrian which the invalid should swallow at once on archduke, who from the first has been the the point of a bayonet. Mexico has swal- French emperor's nominee ; and if he should lowed hers with great satisfaction; and pro- refuse the gift, the Mexicans wish the French fesses herself now willing to swallow any- emperor to hand it over to whomsoever be thing else that is compounded for her by the may choose. This is the most remarkable same imperial hand, and presented to her in leat in horse-taming that has probably been the same fashion. The change is almost performed for many centuries. Rarcy's sysmiraculous, and worthy of Dr. Parr. No tem, as is well known, consisted of a judicious political incurable need ever despair. The mixture of force and gentleness. The impeimperial Life Pill clears and invigorates all rial Rarey began with tying up the Mexican systems, puts every constitution in a bealthy nation's foreleg. The result is sudden and and sound condition, and can be bad gratui- satisfactory. The intractable creature caresses

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