in a vv asuiDgion letter JJonn riaw writes : For the first time in tba history of the United States we havo a President who draws his salary with healthy regularity, and is íq overy word iho King Log of tho fable. We had been 80 loDg troublcd with the King: Stork and his eternal aud infernal poliey that to hare a President who knowa nothing, anddid not pretend to know anything, was refreshing. But, since King Log has turned all tho powers of the adruiuistralio.n over to seven gentlemen, and these not the wisest in the land, aud we find ourselvrs possessed of scven different policles, sonio of them confiioting, tho change is not 80 refreshing. For a time here the all-absorbing questiocs were, who runs the administiation, who is Grant'sconfidential adviser? The coDundrum diied out for lack of interost, for it was discovered that Grant had nothiog to do vvilli the admiuistraliou. ïho king smoked and said nothiog, and the governmeot run itself. On investigaron I found this to be the faet : We have seveu Presidenta ; Fish control the Stato Department without referonce to any one ; üoutwell is lord of tho treasury ; Cox conducta the interior, and Belknap tho War Department, nud so throughout. The Piesidout is a solemn, silent, smoking figure bead, wi h abuudauce of time to put on a white choker and swallow-tai', and attend every eutei taiament to whicU ar.y one may invite him. For the fi-rst time, I say, in our hiatory, we make an approacli to the buresuocracy of Frunce, under tho monarchy. Such a gnvernmeut means routioe at home, and drií'ting abroaJ. Id our fareign affairs wo hnvc no poliey, and, at home, his serene highness Crea another eigar, atid saya : "Better move on without change" for another year, nithougli the poople nru burdened to dcath with heavy taxation and hard times. We bavo had a year of ihia sort of thiog, with the grim prospect ol liaving, in another, tho Democratie party intervene; and, when it does, our exui.llont President will quietly swim over, and smoke áleiitly cu the other sido.