The London letter to ibu New rk Commercial bas tho foliowing conccïifïfig' the now Priuce : Tho birth of anothej Prinoè lias b$eq our hief ovent aiuce tho Ij. ;t paokti;. ïho first child oí the Princo aud Princesa oí Wak -i is only aixlcen montpa old, and this epeedy additiöh" Bétöl;ViiB tluit tho fánsily of.theilií'r%?iJ5paiiont is likcly to multiply as rapidly r. i in the. iijstonoo of hja royrJ tno er. liapp.ily ia bo c! ;Cs t'ao proüny promisos to bo strong. lad'Vigorous. ï!ic Qtv ?n hus nover }dst.oio -pf-bor ;hn.vo they cv?? sibtiFerqd froamaaf imal illnc i; ami' judgin-froi), the, .Mpgffct'itótlrtóLiqi the oluld of the Princo aud Priucos?, 'ij 1 the hoalth of his paronts, a similar jijimuoity maytlêhopM for lu tho bocBd line. It appe! a tlíat tho Princ ;s was at a couoert yesterday, aud had a diiiiBoc païty in' the evnnitig, and that tbeohild wa born a littlo Eifter ona üi'doi-k in the morüiog. Ketrenchir.ent - Gen. Grant's Policy. The Chicago Tribune gives the follow ing version of a conversation of Genera] Grant upon public inatters : When Gen. Grant was urged to pro long his stay at the fair a fuw day.u, on thü ground that he was fairly entitled to a little more furlough after his fourycars of unremitting labor, he roplied, thai bufeÍDésá, if importai't, must always havo the preoedcnco of pleasure, and that ho would be vaslly inoro usuful to lns u'i try at his post in ushinirton tb ut by lingering in Chicago ; thut he cousidered it his higbest iuimediate duty to rotrcn jh government expenses, and save tho resources of the poople as fur as lay in bis power. He said thtit taxes would bc heavy enough in any event, and that not one dollar süould bo addud unuecessarily to the buiden. Ono item of expenditure which i-hould be Bpeedily retreuched, that he mentioned, was the support of 200, 000 heud of horses and mules in possossion of the army when Lee surrendered. To ieed and attend to these animáis will cost not far from one dollar por day each. Gen. Grant proposes to sell off 150,000 to 75,000 of them at public auetion to be highest bidders, and put the proeeds iuto the Treasury. The saving of heir support and attendance will araouut o moro than a million of dollars per week, to say notbing of the eight to ter. n'llions whioh they will probably realizo o the Treasury in the sale. The General says they aro now idle, nd eating their heads oñ. When they ro sold to the farmers in tho Suuth, is well aa the North, they will support hemselves, and more too, in tilling the oil and moving the crops. And the housandd of men taking care of them, while iu posiossion of the governmeul, will be relieved frora this duty and disharged, and sent home to aid in devel ping tho resources of the country ünd laying the taxes. Gen. Grant intends ,o reduce the army to its lowcst point consistent with publio safety. It is not irobable that more than ono huudrod housand men, after the lst of January, will be retaiued in the service, and purt of these may be grudually mustered out during the next three or four years - The black troops will mostly bü retaiued for garrisou purposes in the Gulf State?. The voteran reserve corpa and regular.1; are the only white troops that are likelj to bo kept in service beyond this year. Tho regulars may bc increased to the maximum of forty thousand men. A few regimeuts of cavalry wil] have to be retained for frontier service, to look after marauding red ekins. The army expenses havo .already been cut down more than a million of dollars per day, and, under Gen. Grant's vigilaut supervisión, a farther excisión ia going on every day. The General beiioves not only in hard fighting, but close shaving, so that the country mny be able to euduro any drain of' any other war wbich vnay ariso hereafter.