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COLUMBIA. --_ Tuesday Morning, June ll, 1887. What ta ttao ?ael A meeting was called in Atlanta, last -week, for tho purposes indicated in the following paragraphs: "1. To organizo a Conservative Uniou pnrty, opposed to tho adop? tion, by the State of Georgia, of tho unconstitutional and oppressive Act kuown as the "Sherman Military Bill," believing said Act subversive of tho uniou of the Slates, and wholly destructive to the cherished princi Eles of magna charta and civil li? er ty. "2. To urge tho people to register and unite for the purpose of main? taining the Union as restored bv tho recognized policy of his Excellency tho President of the United States." Wo do not doubt the patriotism of 'the callers of this meeting, but wo doubt tho wisdom of the movement. Although they had tho full permis? sion of Gen. Pope to hold the meet? ing, yet, so far as auy good can result from it, it is, wo think, a great mis? take to commouco tho organization of any parly outside the platform of tho reconstruction laws of Congress. Our reasons are simply these: That in no other way than through the op?ration of these laws eau the South bo restored to tho Uniou for years to come; that restoration is her first and greatest need; that it is unwise for tho peoj?le of these States to go to tho support of .the policy of tho Pre? sident at this late day, when that policy 'has beeu defeated over aud over again, aud despito a number of vetoes, by the Legislative Depart? ment, and not sustaiued by tliG Judi? cial Department, of the Government; that tho breach between the Execu .ve and Congress ought to bo con? tracted, instead of widened; and that lastly, tho organization of parties at tho South, and especially of any party whose object is to fight against the reconstruction laws, is not only futile, but must lead to distractions, among a people where all should be harmony, and may end in such a | strife as Mill be ruinous to our sec? tion. For these reasons, we deprecate any such movements as that referred to. Tho laws referred to may be un? constitutional, but the Supreme Court, before which tribunal they have beeu brought, has not said so. Thou why agitato the people with a fruitless issue? If Georgia, or any other State, South, refuses to call a convention, or to adopt a constitu? tion, in conformity with the require? ments of the law, that State will not be admitted, and, indeed, if any con? siderable number of the excluded States should take such actiou, we doubt very much if any of them would bo admitted. Is the South prepared for a continuance of the present condition of affairs for some years longer? We do not th i ul: so. Capital shuns the impoverished South so long as her political relations are unsettled and unaljusted; labor, me? chanical skill, investments in manu? factures, all shrink from coming to the States which may remain uuder military rule for year.s. And this is natural-capital is only safe uuder permanent civil rule, and immigra? tion has other aud more promising fields to go to, whete this permanency exists, and where the rewards of labor aro not threateued or disturbed by public uncertainty, or the danger of organic changes in the political rela? tions of the commuuities iu which they locate. If tho people ol the South will se? riously consider these matters, we cannot believe that they will be led astray by any set of politicians, how? ever plausible may be their theories, or however right in the past may have been their doctrines. Thc only road to prosperity, now, is, to con? form to the circumstances which sur? round us. MORAL RESPONSIOILITIES.-The Loudon Times holds the United States responsible for tho failnro of Maxi? milian's Mexican Government, and Bays that they must take up the work of reconstruction aud pacification, although they will meet with resist? ance and opposing factious, whatever cause or principle of policy they may proclaim. This oppositiou, says tho Times, they must suppress, as the French would have done, by force of arms, and with little respect to tho doctrines of nationality or inde? pendence. Tho work will probably be troublesome, but as thero will, nt any rate, bo nobody to hinder it.'we may prosmno that it will be accom? plished at last. Expatriation Don't Pay. Our attention has been called to a fact which proves conclusively that expatriation don't pay. Of the large number of Southerners who, in tho first pangs of disappointment at tho result of the war, expatriated them? selves, very few now remain involun? tary exiles. Throe-fourths of those who went to Mexico have returned; some went to Europe, nud a very few may still remain in Mexico. And it has been the same elsewhere-South? ern colonies in Brazil nud other places have proven failures. Of nil the ex? patriated Headers or office-holder.-? in the late Confederacy, but one-J. P. Benjamin-is apparently the only one who has at all prospered. On tho other hand, those officers and leaders on tho Southern side of the struggle, who remained at home, have, without exception almost, done well for themselves and for the recu? peration of tho land they love. Gene? rals Lee, Hampton, Beauregard and others, after thc fall of tho cause, Bottled down and went to work nt various occupations, all tending to aid in tho rescue of the South from her shattered nud impoverished con? dition. If they aro not bocomiug wealthy, ns in former times, they are living comfortably, have friends around them, and have, above nil, the satisfaction of knowing that they are doing their duty as native-born sous of the sunny South. For all this experience in the past, there ore still somo who make the effort to seek their fortunes elsewhere, as oc? casionally, up to this t ime even, we observe squads of emigrants sailing from tho South to one point or an? other. They will return sadder but wiser men, after enduring many hardships. THE INCOME TAX.-It is very justly said that income returns are very un? satisfactory, being subject to very erroneous interpretations. No just estimate of the incomes of men en? gaged in commerce or production can be formed from the returns Mau}- men must pay for the last year's taxes upon profits that were lost be? fore they were realized. A great house, that has just failed, in New York, which, it is said, will have to return au income of 8800,000; and many men who have not failed, and who do not menu to, return large in? comes, but are really poorer than they were before their profits were made, for they have lost them, and more with them. The English papers fear that this year will witness the dire shadow of last year's commercial eclipse. There is in England a perfect dearth ot credit, which is already painfully and pinehingly felt, and much of it is ascribed to the insolvency of the rail? roads, upon which many families have depended for small incomes in the shape of dividends. Money that was borrowed when money was easy to obUiin, has now to be repaid, when it is all hut impossible to borrow, and many families of moderate means are casting their hundred a year into an abyss from which not a particle of it can ever return; and there is no help for it; while pride, the dread of los? ing caste, and the dread of losing situations prevent many a struggling man from taking a step which would put au end to a life-long burden. The President's Southern tour pre? sents quite a contrast to his last year's trip to the West, for ho has beeu met with the greatest cordiality; and though there has been no huge de? monstrations, tho kindly feelings and genuine ami unaffected respect shown him by all classes, proves that the unreconstructed South will compare favorably with other and more loyal sections of the country. In his re? cent tour, we are pleased to miss tho stereotyped harangues on thc state of tho country, the situation and pros? pect, and other controversial topics; anti in their stead wo have simple ex? pressions of gratitude for the recep? tion accorded; and everything calcu? lated to foment discord between classes or politicians was sedulously avoided. The result of this conduct lias been a pleasing interchango of ideas beyond the beaten track of poli? tics. In Richmond, this was pecu? liarly noticeable, and during tho interview between the Prosideut and tho citizens all restraint was thrown off, and the conversation was as in? formal as if they hud been guests around the fire-side of a mutual friend. For instance, on leaving, Dr. Minnegerode remarked that ho hoped their visit was a harbinger of better things for tho South. To which tho President replied, "I am willing to forget tho past, aud hope for better things in tho future." ES " .il &>.?o A ^3t?lli?? EXTRA SESSION OF A LEGISLATURE. We were a little snrpris?d to find the following in the Wilmington Journal, of Saturday. We did not think that any sessiou of a Legislature would be permitted to bo held in the military districts, until after registration and subsequent elections. - The article from which we cxtraot is ouo strong'y urging the convening of the Legisla? ture of our sister State, for the pur? pose of adoptiug the penitentiary system : "Tho Raleigh Sentinel learns that Gun. Sickles is fully impressed with the necessity of a penitentiary, and thinks it highly desirable that tho Legislature should meet, for the pur? pose of adopting the system, if for nothing else. Bo this as it may, wo take it for granted that the Legisla? ture will meet, according to its ad? journment, in August, unless sootier convened by the Governor, and ut present we can sec no purpose for such a course, and wc do not believe that Gen. Sickles will interfere in uuy way with its meeting, whatever may be his individual opinion of the neces? sity of the session. He can certainly have no desiro to interfere with the ordinary civil administration of the State, unless it interferes with the purposes for tho consummation of which he has boon placed in military command over thc Carolinas. Re? construction cannot bo impeded bj^ tho mcctiug of the Legislature, cud may bo very much promoted by the assembling together of tile represen? tatives ol' thc people at this time." -< ^ ? ? WEST POINT-THOSE SOUTHERN GRADUATES.-We noticed, a few days ago. ti paragraph from the Now York Tino s, in relation to Southern gradu? ates at West Point. Thc New York Herald, of Friday, has the following from its correspondent at that place: Tho ni embers of thc graduating class desire that I should give pub? licity to thc subjoined card: WEST POINT, June 3. 1867.-There is a short article in n Now York paper of this date, casting reflections upon the ability of Northern youth, stating that of the honors ol' thc class of "?IT, nearly all have boen won by young men from the South. This paper seems to ignore, or be unaware of, tho fact that, when the present gradu? ates were appointed in 08, there were a laiv.To number of appointments nt the Military Academy lett vacant in the seceded States. These vacancies wore Ailed by thc President mostly from the ranks of the army, by men who were of Northern birth and Northern education. Of the few from thc South, all have the most loyal antecedents. Of those particu? larly mentioned. Rufflier, appointed from Virginia, i- a native of that State, but of that loyal portionfiWest of the Bluo Ridge: "Mallory. Rogers and Haupt arc native? of Pennsylva? nia; Sears ia from Ohio. Griffith's home is in Iowa, and Pitman's ic Rhode Island; Bell ami "Maguire arc from Teunessec. It will bc uostrange story to those who kuow the academj to hear that sectionalism is unknown and merit alone secures academic dis? tinction at Wost Point. -?-??-? TERRIBLE EXPLOSION.-A boiler ex? ploded ou Thursday, in thc estab? lishment of Gearey & Ward, cabine! makers, 1,012 Sausom street. Phila? delphia. Thirteen mon have beer dug out of the ruins-six were deac and two expired shortly afterwards Twelvti others are thought to be ?til buried in the ruins. The explosioi shook tho buildings for square around, causing a great fright. Tin boiler had been complained of as no being in good order. At-i p. m., tin mill was stopped to pack the engini piston. The hands were lying aronui idle, ami some had gone when tin explosion occurred. -? ? ? ? GENERAL ORDER NO. 34.-It i stated that the cause which led to th issuing of Order No. 3-1 was a belie on the part of General Sickles tba justice was not as promptly ndminis tered in some parts of the State as i might be. This being his belief, h thought it advisable to make ai order which, should allow the civi authorities to retain the primary con trol of civil affairs, while, at the sam time, such information was furnishci the military authorities as wottlt enable them to revise any action al ready taken, or to take any furthe action as might be considered neces sary. General Sickles preferred doiu this to issuing such nn order as tba issued, with the same intention ant motive, by Gener.il Schofield. [ Charleston Mercury. HEAVY DAMAGES AGAINST A RAH ROAD.-Some time within tho las two years, Wesley Thomas, a firema on the Mobile and Ohio Railroad was so severely injured by a trai: running off the track that it wa found necessary to amputate hi right arm. His right leg, too, is sal to have been severely scalded by th steam which escaped from the loee motive. Mr. Thomas instituted suit against the railroad company fo damages to tho amount, wo believe of 840,000. Tho Mobile Registe}' say tho case wns decided in tho Circu? Court a few days ago-the jar awarding the eomnlainint damages t the amount of 8.3,000, with SI,00 for medical attendance. IIIHMlllM.il ll I -M--? Tb? Cotton Trade. Great financial agencies work si? lently, bat they are most potent in their effects. Recently, we witnessed a succession of cotton failures in this country and England, amounting, iu the aggregate, to $7,000,000, and the full effeots of the depression of tho cotton trade have not yet been fully developed. In this city, there aro large amounts of protested oottou bills, the acceptors of which aro not yet announced in tho list of insol? vents, and upon which the holders decline to take action, lest the de? pression should spread into panic and induce numerous failures. It ap? pears not to be generali}' understood that this condition of affairs is due to the dependenco of our commerce upon the discount facilities of the Bank of England. That institution has, for some time past, persistently declined to dis? count the bills of cotton merchants. What may bo the reasons of this ex- : trnordinnry course we know not. It I may be that Manchester, desiring to j have cheap cotton, has prevailed upon the directors of that institu- j tion to withhold thc- facilities enabling | merchants to carry cotton. Or it maybe that, imagining cheap cotton to be au essential to the renewal of active orders for yarns and goods from the continent of Europe, the bank lins taken this course ns a step toward invigorating tho continental trade. Gr it may be that, thinking cotton unreasonably high, the mana? gers deem cotton paper unsafe to dis? count; only iu that case it would seem singular that the bank should have discounted cotton paper for so lon? during thc previous period of tho decline in price. But whatever may be the cause of its action, its effect has proved most baleful to the cotton trade: and tho injury is not confined to the mer? chants and bankers of this country, but extends equally to the great mer? cantile interest ot' Liverpool. The Hank of England ought to be tho best judge of its own actiou;but to our view, its coarse in this respect appears very short-sighted. The bank being in a certain sense a na? tional institution, and being sup? posed to b<? managed willi a regard to tho interests commerce at large, may be considered justified in regu? lating its action with a view to giving England the very important advan- ; tage of cheap cotton. It must be further all ?wed, that its refusal to dis? count cotton bills has had the effect of depressing the price of the staple, the probability being that but for its course, middling uplands would have been now worth 13d. per pound nt Liverpool, iustend of lld. But how long can this effect continue? No institution, though endowed with the vast power of the Bank of England, can. for any important pe? riod, keep products below their real value. Moreover, the direct effect of tho depression of the cotton trade is to limit the next crop. Planters are so discouraged by the numerous dif? ficulties that beset them, that the de? pression in the cotton market and tho downward tendency of the price have easily induced them to turn their attention from the production of cotton to the cultivation of other crops; while factors have had their means for assisting the planters ma? terially limited. It is quite probable that the pre? sent condition of the trade may in? duce a curtailment of the crop to the extent of 250,000 bales; and such being the case, what has the bank gained by its policy? The prospect of another light crop would cause an upward bound in the price of cotton, in which all would be lost in the way of a reduction of the price which has been gained by the action of the bank. It is, to say the least, very questionable of a great bank to take such an arbitrary course relative to the chief branch of trade of tho two countries. The cotton trade cannot be injured without damage resulting to other large departments of com? merce. It may be that, owing to the large losses in the cotton trade for many months past, cotton paper is not to be considered the safest way of em? ploying money; but if it was not pru? dent to discount it upon ordinary terms, what should prevent the tem? porary adoption of other terms, at? tended with less risk? It is the mis? fortune of that venerable institution that it has become "fogyish" and very whimmy. With firmer and more competent management, the great ! panic of last year would have boen j avoided, and it is because there are in the direction curtain gentlemen 1 of strong prejudices and feeble judg? ment, that we havo the present condi? tion of the cotton trade. ? United Slates Economist. FKEE MASONS IN NEW Yonic.-The annual session of tho Grand Lodge of Free and Accepted Masons began at Irving Hall on the 1th. Grand j Master Robert D. Holmes delivered his annual address. He appealed to the members to extend relief to their suffering brethren in the South. Tho Grand Secretary reported that he lind received during tho year Sd'2,101.59. There are now 550 regular warrunted | lodges in this State. During the past i year. 0,817 new members were added j to tho fraternity. The Trustee? of i the Hall and Asylum Ftiud report ! that they have received during tho past year $50,8-10; making an aggre-1 gate of $31)0,552.10. - New Vori- Pout. Miss Sylvan Hardy, of Winton, Me.. L-i a sylph of 350 pound, weight. . CORN AND WHEAT.-It would be interesting to know kow much corn is planted during these pleasant June days. Owing to tho protracted wet weather, a large part of tho corn fields of tho North have remained implant? ed. But now, through a region a thousand miles long and threo hun? dred broad, from daylight till dusk, tho farmer improves tho favornblo hours to plant corn. Whatever tho amount may be, it is certainly larger than ever was planted before. With tho incentives of high prices, a real scarcity of grain and the growing season before us, we may confidently expect n yield fully up to the ove? rage. While the weather was so unfavor? able for corn planting, it was highly favorable for wheat. During those wet, cold weeks, thu wheat plant grew very slowly, and, in protecting itself, it sent out new shoots, which now, through all tho fields, aro rising to sight aud adding to a stand which, by reason of the winter snows, was already good. This addition will add much to thc crop. Hud the season been warm, thc plant would have grown rapidly and been deprived of this increase. Hence, one sccs that naturally a cold climate, giving a slow growth, and having a tendency to create a self-protecting sod, must in ii series of years yield more wealth than a warm, rapidly maturing cli? mate. Thousands of sharp observers ore noting those fads, for millions of dol? lars depend upon them. The pros? pect of bountiful harvests is having a powerful effect ou the market, and we aro noting heavy declines. Other articles of food aro also declining. These univ be considered us sure sign s of a speedy revival of trade. [Al:ir York Tribune. HURRY THE WHEAT CROP TO ?MAR? KET.-The accounts from all sections of thc country concur in tho state? ment that the wheat crop is larger and more promising than for years past. lu addition to this, large quantities of wheat are being re? ceived from California, a single ship, the George Peabody, having arrived at New York last week, from San Francisco, with a cargo of over 20, U00 bushels. Wheat is also being shipped to this country from Europe, and doubtless considerable quanti? ties will continue to be received from that quarter as long as thc present high prices prevail. Thc prospect of peace in Europe will have thc effect of reducing the price of breadstuff's in all the coun? tries of the old world, and will check any tendency toward exportation from this country. Tho crops of the Middle and Western States will be? gin to come into market in a few weeks, and then wc may expect, with a considerable degree of certainty, that tho l?ricos will fall rapidly. We, therefore, urge our planters to hurry in their crops to market, and reap tue benefit of the preseut high prices. Thc wheat crop of Georgia will bring into thc State many millions of dollars, and, if speedily put upon the market, will greatly alleviate the impoverished condition of our planters. We beg ; our planting friends not to wait for higher prices, but to push tho crops forward ut ouco. The price will surely fall, aud, we believe, at a very early day.-Augusta Chronicle. Tun NATIONAL FINANCES.-The Sec? retary of tho Treasury was most agreeably surprised by the favorable exhibit of tile Federal finances ol' the last month, and his ability to reduce tho public debt a little, instead of seeing it increased, as he appre? hended. Tho unexpected receipts came chiefly from miscellaneous items. The result is much moro satis? factory than that which w;\s feared by Mr. Culloch would have been. Nevt. ueless, this unexpected turn to a gentleman having all the figures of all the resources of tho Government before him, suggests the idea of a "cash nceouut ore}'." To the ac? countant, this is just as olarmiug ns the "cash account short." It is sure to be "short" before he gets it right. There is one groat evil that stares us all, as well as Mr. McCulloch, in tho face. It is the falling oil in internal revenue. That shows thu disturbance nt home, the diminution of domestic prosperity, and the prevailing disor? der in tho enterprise and industry of the country. Until quiet and confi? dence aro restored by tho re-estab? lished ?quality of the States, no great improve ment can be expected in our domestic affairs, and Mr. McCulloch's '.cash account" will not balance with much regularity. [Richmon>I Dispatch. THE NEGRO TOTE-A SELF-EVIDENT TRUTH.-We are indebted to the New York Times, a leading Republican organ, for tho following sound opi? nion. It says: "It is impossible that tho whites and blacks of the South should bc mustered into opposition camps po? litically, without a consequent hostili? ty in all the relations of life. Their only hope lies in harmony of senti? ment, based on n conviction of har? mony of interest. And the systematic crusade which is now going on, and which tends directly to a disturbance of these relations,* may well cause disquiet and resentment"to the whites iii the Southern States." The Mayor of Augusta. Ga., an? nounces in his message that there is just 810 in the Treasury with which to pay a floating debt ol 8112,000. Ziooal Items. Two companies of the Oth Infantry from this city and two from Charles? ton, leave hero this morning, to gar? rison one of the Western forts. POST OFFICE HOURS.-The oflico is opou from S a. m. until 3'_ p. m., and from G until 7 p. m. The North? ern mail closes at 3)_ p. m., and all other mails close at 8 p. m. Sargent, the illusionist, prestidiga teur, sleight-of-hnud mau, etc., ap? peared at Janney's Hall last night, and amused thc largo audience pre? sent with his wont" rful conjurations. As to-night is his inst performance, Bight-seers should :.ot fail to be on hand. Jon PRINTING.-Tho Job Oflice of the Phonix is as complete as any in the South. It is furnished with new fonts of type of all descriptions and of the most modern styles. All work executed promptly, with taste aud skill, and at reasonable rates. LOOK AT Torn NATIONAL. BANS NOTES.-The following National Banks have failed, or arc in process of liquidation: Veuango National Bank, Franklin, Pa. ; Teunessoo Na? tional Bank, Memphis, Tenn.; First National Bank, Attica, N. Y. ; First National Bank, Medina, N. Y. ; First National Bank, Columbia, Mo. ; First National Bank, Carondalet, Mo. ; Merchants' National Bank, Washing? ton, D. C. l?EMrrTANCEs TO THIS OFFICE.-As several lettei's have failed to reach us, we desire to say to all our friends who may be making remittances to this oflice, to do so either by "registered" letters or through the agency of the Southern Express Company. The latter is a reliable and safe mode of transmission on any line over whictt it does business. We hopo those in? terested will attend to this request. Thomas S. Lee, Esq., who was formerly connected with the State Bunk, has been appointed Surveyor General by his Excellency Governor Orr. A notice of importance to de? puty surveyors is published in this morning's Phooenix. TELEGRAPHIC DESPATCHES. -The Phainix and Gleaner are the only papers in the State, outside of the city of Charleston, that receive and publish the latest telegraphic de? spatches, market reports, etc.-Ame? rican and European. Recollect, also, that the news in these publications is furnished throughout the upper Dis? tricts twenty-four hours ahead of the Charleston papers. The subscription to the daily is 68 :i year; tri-weekly 5, and weekly ?3. We are indebted to I. N. Marks. Esq., for a copy of the report of the first grand fair of t'.ie Mechanics'and Agricultural Fair Association of Louisiana, held in the city of New Orleans, nt the magnificent and-ex? tensive foil* grounds of the associa? tion; together with the premium es? says aud addresses delivered on the occasion, by the Hons. I. N. Marks. Wm. M. Barwell and Victor Burt'ne. Tho Grand Fair No. 2 will take place in November next, at the fair grounds REMEDY FOR DULI, TIMES.-The best remedy for dull times is to ad? vertise freely. Merchants should not let their stocks stay shelved until they become old, stale and unprofit? able, for the sake of the small ex? pense it would cost them to adver? tise. If they try it regularly and persistently, they will find the in vestment to bo a paying one. Si FRORT YOUR OWN JOURNALS. The Gleaner, issued every Wednes? day, from this oflice, defies competi? tion as a literary and news journal. Those who subscribe to it are kept well posted up in the current ?venta of the day, as it embraces the tele? graphic news, political, commercial, state of the markets, ?fcc., up to the hour of going to press. NEW ADVEKTISBMIXTS.-Attention isca i edtothe following advertisements, winch ar? publi-ibed this morning t u the first time'! A. lb Phillips--Dwellings to Rent. Columbia t?malo College to Leas Amdv at this Oftice- Money Lost. " " -Dog Lost. Thoa. E. Gregg A Co.-Stocks Wanted. Prof. Sargent-Sleight of Hand, Ac. Thoa. S. Lee-To Deputy Surveyors. J. S. McMahon-Dubhe Notice. Some four weeks ago. anticipating ? heavy decline In goods. Mr. 1!. C. Shiver Dommenced his g.-ami clearing sales, which was a success; for the decline has come, und with it a large lot ot' new good*. Ho that his will b . tuc placo to buy now goods (ind a*, low p .; (,s