The Sun. — London, England, 1869-01-07 00:00:00

PBOCEEDINi OF OVE.REND, GURNEY, AND CO. On Wednesday the hearing of this case was resumed 'at the Court of Queen's Bench, Guildhall, before the Lord Mayor and Alderman Sir Thomas Gabriel. The de fendants Henry Edmund Gurney, John Henry Gurney, Robert Birkbeck, Henry Ford Barclay, Harry George Gordon, and William Rennie—sur -rendered to their bail, and took seats below their counsel. The prosecutor, Dr. Thom, was again represented by Mr. George Lewis, jun. The defendants' representa tives were—For the two Gurneys and Birkbeck, Serjeant Ballantine and Mr. J. C. Matthews ; for Barclay, Serjeant Parry and Mr. Montagu Williams ; for Gordon, Serjeant Sleigh and Mr. Ledgard ; and for Rennie, Mr. Hardinge Giffard, Q.C., and Mr. Gardyne. The court was crowded, and many were refused admission. Mr. Lewis made an application to the bench to have evidence given of the prospectus which had been objected to previously ; and on the court assenting, Mr. Francis Levi (the secretary of the London Stock Exchange) was called. He said : An application, dated August 1,965, was made by Overend, Gurney, and Co. to the London Stock Exchange Committee, and documents were handed to the committee, in answer to the require ments, purporting to be the original deed of covenant transferring the business of Overend, Gurney, and Co. to Overend, Gurney, and Co. (Limited). The prospectus, the articles of association, bankers' vouchers, and specimens of scrip he had retained in his possession ; the deed he had not kept. A settlement was granted for the sale of shares. Mr. Lewis hoped that the evidence would entitle him to to put in the prospectus ; but the defendants' counsel objected. The court over-ruled the objection, and the prospectus was then read by the clerk of the court. Objection was again taken that it was not evidence till the secretary of Overend, Gurney, and Co. (Limited), was called. Mr. Robert Slater, 26, Cornhill, said he was a member of Lloyd's. He received a request from Mr. Gordon to keep himself in readiness for the formation of a company ; that was about three weeks before the formation of the Overend, Gurney, and Co. (Limited). Mr. Gordon had been connected with witness, who acted as secretary to several companies. Was requested to attend at the offices of Messrs. Young, Jones, and Co. Was not told for what purpose. Attended on the 12th of July and found Mr. Gordon there. Witness had to attend to the business. The prospectus was issued on the 13th of July. On the 20th July commenced keeping a minute book. Mr. Lewis : Was there no entry made between the 12th and 20th of July ?—Witness : No, excepting application for shares. Examination continued : On the 13th of July most of the defendants looked in, but there was no board meeting. Received a bundle of prospectuses, and knew from them the directors. They were issued to the public on application. Between the 12th and 20th July, believed all the directors, excepting perhaps Mr. Gibbs, were at the offices, 51, Lombard-street. There was general conversation with regard to the business of- preparing for the allotment of shares. Remembered the application from the Stock Exchange Committee with regard to a settlement ;it was on the Bth of August. There was a board meeting on this application, at which there were present Mr. John Henry Gurney (in the chair), Mr. Barclay, Mr. Birkbeck, Mr. Gibbs, and Mr. Rennie. In accordance with a resolution, he applied to Messrs. Young and Jones, the solicitors of the company, for documents, and reef.; vsnl from them a certificate of incorporation, and the original deed of covenant transferring the business from Overend, Gurney, and Co. to 0 veret. d, Gurney, and Co. (Limited). [A deed, purporting to be the deed sent into the committee of Stock Exchange, was handed to witness.] Witness could not say that it was the same as sent ; there was only one parchment document sent to the committee. The documents with witness's signature, bearing date 12th August, 1865, were then read. They were sent to have a settling day for quotation of shares on the Exchange. The documents purported that 224,454 shares were applied for by the public, and 365 of these had been withdrawn. There were 83,340 shares allotted unconditionally ; and at 7 per share amounted to p:1 - 0.323, leaving a balance of 13,015 shares. On the Bth A •gnst, at a meeting, there were five resolutions agreed to. but these had not appeared in the minute book under that date. There were four resolutions entered in reference to the deed of transfer of 27th of July : the custody of the deeds in the hands of Messrs. Young and Jones, the soli citors to the company; the custody of the keys by the chairman (Mr. Edmund Gurney), and Messrs. Barclay, Bevan, and Co., and Mr. Heskitt, valuer of premises. On the Bth of August was not present when the resolutions were passed ; was there at part of the meeting. Was requested to withdraw on several occasions fr in the board room, and this may have been the case on this occasion. This took place up to the time of witness leaving the com pany in the following January. Saw seals affixed to three deeds on the Bth of August ; was not aware of their contents. On the 12th of August forwarded the deed of transfer of 27th July to the Committee of the Stock Exchange ; it bore the signatures of the defen dants and attesting witnesses. The deed of arrange ment, on the b is of the deed of transfer, also bore signatures of the defendants, excepting Mr. Gordon's. The shares allotted to Mr. John Henry Gurney, irrespective of those allotted for good will, was not known to witness. At the allotment of shares on the 22th July there were present Mr. John Henry Gurney, Mr. Birk beck:, Mr. Gibbs, Mr. Gordon, Mr. Henry Edmund Gurney, and Mr. Rennie. The total number allotted was 83,180, leaving 153 shares unappropriated to meet the con tingencies which might arise iu the hurry of closing the allotment. Ceased to be secretary of the company on 16th February 1866, when the bulk of the shares had been issued to the public. Cross-examined by Serjeant Parry : Witness acted as secretary pro tem. for the share department. Mr. Bois was the permanent secretary. Mr. Barclay left England on board his own yacht from the 14th of July to the sth of August 1865. The Bth August was the first meeting Mr. Barclay attended. Did not remember Mr. Bois then asking Mr. Barclay to certify to the seal of the company to three documents, viz., the first deed of mutual covenant, dated the 27th of July, 1865 ; the deed of the arrange ment on the basis of a contemporaneous indenture, dated the 27th of July, 1865 ; and a deed of further covenant and arrangement. Mr. Barclay took 1,000 shares, and paid on them £l5 per share. Did not know of further payments of £lO per share. Was not aware that Mr Barclay had paid £35,000 on his shares. Mr. Serjeant Parry asked Mr. Lewis to admit the last item.—Mr. Lewis said he knew nothing about it ; but he knew that Mr. Barclay held the Norwich bank, which was reputed to be worth £1,000,000. (A laugh.) Re-examined by Mr. Lewis Was the deed of further covenant and arrangement ever shewn to the public ? Witness : Not that I am aware of. The public allotment-book was handed to witness, and he was asked to state what were allotted to the defendants. Witness could not give them, as there was no entry in this book. He said it was not necessary to enter them here, as the shares had been allotted under the articles of association. Mr. Lewis then said there were 83,344 shares allotted to the public, which would leave 16,666 shares to make up the 100,000 shares to be taken up ; and if so taken up, the amount would be about £250,000. The public allottnen -book was handed to the court, witness having previously stated that there were 83,31 s shares. and again gave 70,034 shares. The Lord Mayor asked witness how he came at this discrepancy, and wit ness answered that he had deducted what was allotted to the defendants, as it did not appear in the book. His lordship said the names of the defendants did appear in the book. Witness proceeded to read from it the allotments :—Mr. cordon,. 200 shares ; Mr. Gibbs, 1,000 shares : Mr. Rennie 401 shares ; Mr. Henry Ford Barclay, 1,000 shares ; ant. Mr. S. G. Buxton, 600 shares. Mr. Lewis : Do you find that Mr. John Henry Gurney, Mr. Edmund Gurney, or Mr. Birkbeck allotted 10,000 or any shares ? LAW AND POLICE. - a-- I MR. RUSSELL GURNEY'S ACT.—A curious point, a point exceedingly interesting to members of benefit societies, has been raising concerning the meaning of the word " servant," in the Act passed in the last Parliament, under the auspices of the Recorder of London. At the Middlesex Sessions a man named Tyree, who had acted as treasurer to a loan society established in Marylebone, was indicted under the Act for having embezzled £lB6 belonging to the members. The prisoner's counsel submitted that his client, having been paid no salary, was neither a clerk nor a servant within the meaning of the statute. He was, however, found guilty, but the judge reserved the point which had been raised, and deferred passing sentence until it can be decided upon by a superior court. In the meantime the pi isoner is admitted to bail. BANTING IN COURT. —Mr. Banting, the Court under taker and anti obese writer, seems to be " fated " to be kept prominently before the public. He has been sum moned at the Hammersmith Police-court frt. having allowed a person in his service to stand on th , sill of a window for the purpose of cleaning it, That the window was so cleaned there was no question, but the work was clone, not by one of Mr. Banting's servants, but by a competent glazier employed for the purpose. The complainant, a man named Hanson, contended that the tradesman was Mr. Banting's servant whilst employed under his roof ; but the magistr _te decided otherwise, and dismissed the summons with costs. THE ELECTION DISTURBANCES.—A case arising out of the recent disturbances in the northern division of Leicestershire has been heard at Leicester. Fourteen men were charged with "unlawfully, riotously, and wantonly, with divers other evil - disposed per- sons, to the number of fifty and more, assembling together to disturb the public peace at Sheepshed, on Nov. 20." Several farmers described the outrageous treatment they received from a mob as they were proceeding to vote for Lord J. Manners and Mr. Clowes. The counsel f•or the defence urged that the proof of identity rested entirely n the evidence of the policemen, and even they could not speak to any particular acts committed by his clipr_ts, only that they formed part of a crowd who were guilty of riotous conduct. He asked the jury not to convict the defendants, wim we -e y,ung men of good character, of the serious off nce w ih which they were charged. The jury, however, f. and all the prisoners guilty, and they were sentenced to three months' bard labour each. ROYAL GEOGRAPHICAL SOCIETY.—At tne meet ing of the Royal Geographical Society, on Monday even• ing next, a paper will be read, entitled " A Journey in the Caucasus and Ascent of Kasbek and Elbruz," by Douglas W. Freshfield, Esq. Sir R. L Murchison, Bart., will 'reside. CH ANNEL RAILWAY BRIDGE. Marshal Vail lent, Minister of the Emperor's Household and of the Flee Arts, has given a site on the territory of the Depot a Marbles for the erection of the model of the railway "bridge from Calais to Dover. The model is about to be erected. PRIVATE BILLS IN PARLIAMENT.—The number of private bills deposited in the House of Commons for the session 1869 is 212. Of these, 59 are English railway bills, Q Welsh, 5 Scotch, and 11 Irish railway bills ; 5 are tram• way bills, 26 waterworks, 26 gas, 12 harbour, dock, and tort bills, 23 town improvement, market bills, &c., 5 road bills, and 31 miscellaneous bills. A meeting of the Executive Committee of the National Reform Union was held in Manchester on Tues day. After several matters of routine and been disposed of, the question of the action of the Union was introduced, and resolutions to the Effect that an effort should be made to unite more fully the various Liberal associations, that new branches should be formed, and that arrangements for complete system of meetings and lectures should be orga nised were carried. The remains of the late Sir Thomas Edsmonde, Bart., of Johnstown Castle, arrived in Dublin on Tuesday morning. The funeral cortege proceeded to the Roman Catholic Cathedral in Marlbor ugh-street. Amonat those present were the Lord Chancellor, the Lord Chief Justice of the Common Pleas, the Lord Chief Baron, John O'llagan t Q.C., and Sir James Power, Bart. At the conclusion of the burial services, the coffin containing the remains was con rued to the family vault beneath the building, and there lepositeil. A SMALL DEALER.—The celebrated Archdeacon Paley used to relate that he had a kinsman who kept a little grocer's shop at Settle, in Craven, and whom he took great delight, when a boy, in assisting to wrap up tobacco. The archdeacon held out this little grocer to his family as a model of perseverance and industry, because he separated two pounds of black and white pepper which had accidentally been mixed, and went thirty-six times (as he used to calculate) into his shop for a farthing. When the Duke of Montrose quitted offi, ice an Witness (after looking a t the book some tim e ) sa id h e address was presented t o hi m b y the officers of the G enera l Post-office. The duke repli e d b y l etter, i n which he said, could not find any en t ry. Mr. Lewi s :T o w h om were t h e 16 , 666 s h ares a ll otted ? " I must state that 1 h ave rece i ve d the kindest assistance from all those with wh om I have come in contact, an d Witness: Sam ue l G urney, 4 , 666 s h ares; H enry Bi r kb ec k , have witnessed the g r ea t es t zea l and activity in affording 2,606 f.h ares ; H enry Edmund Gurney, 4,000 shares ; Mr. John Henry G urney, 4,000 shares ; Mr. Ro b ert Birkbeck me all the information which might be necessa r y t o ena bl e 2,000 s h ares. me to master the business of the office; and I can b ear t es ti- Mr. Lewis : Was one farthing ever paid on these mony to the correctness of the public conviction, that there sh ares? Witness : A ccor di ng to the banker ' s book, I is no cffice which is so ably ccnd uc t e d b y t h e permanent should s a y yes , officials as the Post-office." [The bank er ' s b ook W 2 S. here asked f or; an d th e cons ; A serious eas explosion oc curre d on T ues d ay_at adjourned for a quarter of an hour.] Brixton, in the house of a gentleman named Taylor. Some Mr. Slat er ' s ev i dence was resumed by Mr. Lewis ask- - f othe people in the house having stated th a t th e r e was a ing wheth er anyt hi ng bad been p a id on t h e 16,066 shares. 'el Witness said he h a d l ooked over the banker's book, but he the su llico of gas, Mr. Taylor took a c andl e an d went over useto.7. A room which had b e e n c l ose d was f u ll find where the leakage w as . H o f oun d could not End any pay ment ; b ut he had an impression that it only too easey. something was p a id, of gas, and as soon as Mr. Taylor opened the door, with his By the Bench : I believe it was effected by a counter lighted candle, .an explosion took , place,. which burntblew mount • l of the windows of the house, and severely 1 entry; but no money was received at the office in respect several of any of the shares. Taylor, who had to bo taken to rhohospital. Cross examined by Mr. Serjeant Sleigh : Mr. Gibbs In the Liverpool Court of Bankruptcy on Tuesday, took part in all the business. a clergyman nam e d D u n can , cu ra t e o f H o ly T r i n i ty Ch urc h , Cross-examined b y M r. Giffard, for Mr. Rennie : W avertree, came hefore tLe Commissioner for the purpose Believed th a t th ere was some hesitation on the part of of passing his last examination and receiving his order Mr. Rennie in taking up the 500 shares, on account of the high premium at w hi c h t h e shares were being taken u of dischar ge . D ur i ng hi s exam i nat i on the bankrupt con p. ducted himself i n eo o ff ens i ve a manner that his 11r. Osw a ld Howell was ag a i n p l ace d i n the witness-box and examined by Mr. Lewis, his p rev i ous ev i dence havin2. own attorn e y h a d t o remonstrate with him. Ibis liabilities first been read by th e clerk of the court, incurred in Liverp oo l d ur i ng the last nine months amounted to ..£1,497; th e assets being .£lO2. The list of cr e dit ors Mr. Serj ean t Sl e i g h (interrupting) said he boped Mr. contained the names of some of the principal local jewellers, Lewis would retract what he had stated in his opening ' and it was stated that the Lankrupt had pawned the jewel with reference to Mr. Gordon being a director in the 'errand everything else he could obtain. The Case wets Ebb Valo Company, which had transferred 131.009 adfigglied for a m94th• I 'S AGAINST THE DIRECTORS from the Overend, Gurney, and Co. to the Overend, Gurney and Co. (Limited),.leave the court to believe ghat Mr. Gordon had an interest in that transfer, and that the amount had risen from £ll,OOO to £48,000. His client (Mr. Gordon), was not a director of the Ebb Vale Company, and was not in any way connected with it. The Ebb Vale Company had actually taken off £48,000- , aroeth from Overend, Gurney, and Co. (Limited) of the Millwall Company, a perfectly worthless concern. He hoped, therefore, Mr. Lewis would make the retractation. Mr. Lewis utterly denied that Overend, Gurney, ana Co. (Limited) possessed a single farthing of Ebb Vale Company. The only mistake was that Mr. Gordon was a director of the old Ebb Vale Company, with whom they had transactions, and not of the new. with whom they had nothing to do. Mr. Oswald Howell, examination resumed : The list of debts of £4,214,896 was transferred by the old company to the new as cash ; that appeared from the general ledger of the company. The ..mount due in deposit and drawing accounts was £5,147,444 in Overend, Gurney, and Co.'s books. The amount handed over by Overend, Gurney, and Co. in cash towards the payment of the £5,147,444 was £120,000. Before the 31st of July the amounts in the books as due had represented £4,448,000. Mr. Leopold Lewis's debt had £70,000 written off in March 1865, and it was debited to the reserve fund of Overend, Gurney, and Co. in the private ;eager; in May £90,000 was treated in a similar manner, as was also £35,000 in the same month. The whole amount transferred was £330,000. The Millwall Company was transferred as £566,000 ; and in March 1865 £95,000 was written off as above. Mr. Lewis : Have you examined the books to ascertain whether of this £4,000,000 odd transferred to the Limited Company any portion had been realised; or did they profit or lose by the transference? Witness : The losses were very serious. The Atlantic Royal "Mail Company's debt had increased by £8,764 ; Astley and Co.'s balance of £4OO, as due to the transfer, had increased by business done to £11,870, which had turned out a total loss. Bruzewitch's debt was originally £54,000, and this was increased by £BO,OOO, the total loss to the new company being £135,344. Messrs. J. H. Cox and Co. owed £lBO, and at the stoppage of the company it had increased to £4,575. The Greek and Oriental Company's debt at the transfer was £144,144 ; :t was not increased, but nothing came from it. The East India Shipping Company's debt commences with £406,264, and it left off with £578,218—an increase of £171,954. F. and F. Gurney's account began at £190,000, and ended with an increase of £1,279. Halliday, Fox, and Co., £44,000, and at the stoppage of £66,000. Mr. Thomas Howard's debt was £321,000, and it remained about the same. Mr. John Jones's account was £22,000, and at the stoppage £61,000. Mr. J. E. C. Cock's account, £243,000 at the time of transfer, and at the stoppage it was £345,060. At the conclusion of the cross-examination of this wit ness, the inquiry was adjourned until to-morrow, the Lord Mayor intimating that it would be advisable to sit on Saturday. THE.: - SITN; LONDON, TfliTitSpAY- :JANUARY-7 - I; 1869. MISC. IVEWS. TITE S. P. C. K. INIKETTIN-G. There was a large gathering of mei - abet-5 of the S. P. C. K. at Tuesday's meeting. They had beer drawn thither under the idea that the battle of a month ago was to be fought out again. The Bev. R. T. West had given notice of a motion that the sum of £2,500 should be granted to the Bishop of Cape Town and be paid within fourteen days. But this motion was placed on the paper before the late vote was taken, awl, as a grant has been made, Mr. West had no intention of pressing his motion. The conse quence was that he withdrew it, and the members who had come from a long distance found that thou' favourite organ, the Record, had been crying " Wolf " without reason. TIIE EPISCOPATE. According to the Church News, Bishop Harper, who has become Metropolitan of New Zealand, in the place of Dr. Selwyn, now Bishop of Lichfield, will be succeeded in the bishopric of Christ Church by Mr. Randall, of Newbury, son of Archdeacon Randall. We announced some months ago the probable eleva tion of Mr. Randall to the episcopate.—The Bishor of Salisbury has come to London in order to obtain medical advice.—The Bishop of Bombay, who was consecrated only on Stinday, sails for his diocese to clay, a laudable instance of promptitude.--Mr, Macrorie has received a very enthusiastic reception at Madeira, on his way out to Natal. - THE OVEREND AND GURNEY PROSECr; Dr. Thom, who has undertaken on his soleres, the arduous work of prosecutor in this important case, writes that he has received many spontaneous offers of support, written in the general interest of commercial honour and integrity. One correspondent, an M.P., sends £lOO ; another, a poor man, sends half a dozen penny stamps. Dr. Thom adds: '` Thisunsohcited a ss i s t ance f rom near l y all grades of society, besides sustaining me personally under my arduous labours and heavy responsibilities, cheers me also with the prospect of s ifti ng th e scan d a l i n a ll i ts ramifications to the very dregs, through the more than able co-operation of Mr. George Lewis and Mr. Oswald Howell." He proposes that a committee shall be appointed to receive and administer any funds that may be sent to him. A correspondent of the Morning Advertiser pre sumes that the bar at the London Guildhall has been abolished, inasmuch as the defendants in the Overend and Gurney prosecution were accommo dated with chairs in front of the clerk's table. Or is it that because the defendants are accused of gigantic swindling that they are allowed a privilege which is never granted to the petty pilferer P DR. SANDWITII ON THE TURCO-GREEK SITUATION, Dr. Sandwith, the hero of Kars, and a defeated candidate in the academic Liberal interest for Maryle bone,writes to the Morning Star his anxiety respecting the approaching conference. He fears that Lord Clarendon is not free from pro-Turkish sympathies, and he reminds his readers of the scandalous part taken by this country in 1863, when Lord Russell employed British men-of-war to sink any Garibaldian sympathisers with the Montenegrin Christians, who were then endeavouring to free themselves from the Mahometan yoke. Another instance of this partiality was shewn by the withholding of Lord Hobart's official report on the finances of Turkey. When some M.P. asked for this document, he was assured on high authority that the finances were in an admirable condition ; so the Turkish loan went off merrily. No sooner had it done so than the report was issued, and it shelved a hopeless state of confusion. Again: when the Turks bombarded Belgrade our Consul-G eneral wrote some what indignantly against the outrage, and he was thoroughly snubbed for so acting against the policy of his Government ; and when at last it was deter mined that each European Power should send a commissioner to act with judicial impartiality between Servians and Turks in marking out the neutral ground between the town and the fortress, Earl Russell sent Major Gordon (who at that time was receiving £l,OOO a year from the Sultan as an employ 6) to act as British Commissioner. Further : when Dr. Sandwith was travelling in Turkey, he was told by one of our consuls that orders had been sent from headquarters not to write against tile Turks. Sir H. Bulwer, who was for several years our Ambassador at Constantinople, has declared that "wherever the Turk is sufficiently pre ponderant to be implicitly obeyed, laziness, corrup tion, extravagance, and penury mark his rule ; and wherever he is too feeble to exert more than a doubtful and nominal authority, the system of government which prevails is that of the Arab robber and the lawless Highland chieftain." As for the Greeks, Dr. Sandwith does not believe that they are so foolhardy as they seem to be. In reality there is no more acute and calculating people. They know the weakness of their bulky antagonist ; they know , that his provinces are volcanic ; that Sonia is practi cally independent ; that Montenegro is now armed I with rifled guns ; and that these States will menace the communicaticns of Omar Pasha. THE RAINFALL OF 1868, Last year's rainfall seems to have been very unequally distributed. In June there fell at Wrex ham, Denbighshire, only 0 . 285 in.; in December there fell 6 . 480; in fact, during the latter month the rain fall was nearly a quarter of that (27.28) of the whole year. The total number of rainy days was 172 ; twenty-eight of these occurred in December, only four in June, and six in July. aria cutting Nruon, and, in one ca-se, in ?scar e1,.. - ,reving the streets of . - a parish. With reg ar d t o th e scale of such economy in the us e of th e pu bli c moneys be relief adopted 'at present, it was found to be most effected as will enable the Government either judi ur -pal. Poplar being highest on the list, and ciously to fund or promptly to redeem its broken Bethnal-green giving the smallest amount per head. promises ? The United States notes, although de- The conference was adjourned without a decision elated by law to be lawful mono are nevertheless being come to upon any particul ar course o f ac ti on y, to be adopted in the future. a dishonoured and disreputable currency. The fact A PROMPT TELEGRAM. that they are a le ga l t en d er, possessing such attri- At midnight of Tuesday th e P r i nce an d P r i ncess butes of money as th e s t atu t e can g i ve them, adds of Wales were dancing at a ball in Copenhagen. nothing to their real value, but makes them all the Five hours later newspapers were published in Lon- more dishonourable to the Government, and sub don announcing the impertant fact, and informina versive of good morals. The people are compelled all persons interested of the number of guests, the dress of the Princess, and th e p r i nc i pa l partners i n to take as mon e y w h a t i s not money, and, becoming the opening dance. Quick w or k thi s . S ure l y we demoralized by its const an tl y c h ang i ng value, they are a great people, when the Londoner reads at his are in danger of losing that sense of honour in breakfast-table the particulars of a dance which took their dealings with Government and each other place some GOO miles away in a foreign land the night ' before, Iwh ich is necessary for th e we llb e i ng o f society. It is vain to expect on the part of the people a faithful fulfilment of their duties to the Government as long as the Government is false to its own obliga tions, nor will those who do not hesitate to defraud the public revenue long continue to be scrupulous in their private business. Justifiable and necessary as the measure was then regarded, it is now appa rent that one unfortunate step was taken when ir redeemable promises were issued as lawful money, and especially when they were made a valid tender in payment of debt contracted when specie was the legal as well as the commercial standard of value. The legal-tender notes enabled debtors to pay their debts in a currency largely inferior to that which was alone recognized as money at the time they were incurred, and thus the validity of contracts wits • virtually impaired. If all creditors had been com pelled by law to pay into the public Treasury 50 per cent, or 10 per cent., or indeed any portion of the amounts received by them from their debtors, such a law would have been condemned as unequal and unjust, and yet the effect of it would have been to lessen to the extent of the receipts fr,m this source the necessity for other kinds of taxation, and thus to reli-ve in some meAsure the class unjustly, because unequally, taxed. By the Legal-Tender Acts a portion of the property of one class of citizens was virtually con fis:cated for the benefit - of another with out an increase thereby of the public revenues, and consequently without- any compensation to the in jured class. There can be no doubt that these Acts have tended to blunt and deaden the public con science, not that they are chargeable in no small de- ' gree with the demoralization which so generally prevails. The Secretary still adheres to the opinion so fre quently expressed by him that a reduction of the paper circulation of the country until it appreciated to the specie standard was the true solution of our financial problem. But as this policy was empha tically condemned by Congress, and it is now too late to return to it, he recommends the following meajures as the next best calculated to effect the desired result. Agreements for the payments of coin seem to be the only ones not contrary to good morals, the per formance of which cannot be enforced in the courts. Coin contracts executed before the passage of the Legal-tender Acts, as well as those executed since, are s itisfied in all the States except California by the payment of the amounts called for in depreciated notes. This shackle upon commerce, this check upon our national progress, this restriction up in indivi dual rights, should no longer be continued. If it be admitted that the condition of the country during the war, and for a time after its close, created a ne cessity for laws and decisions making promissory notes, fluctuating in value according to the result of battles and of speculative combinations, the medium in whi,th contracts should be discharged, this necessity no longer exists. Steps should now be taken to give stability to business and secu rity to enterprise, and to this end specific con tracts to be executed in coin should at once be legalized. Perhaps no law could be passed which would be productive of better results with so little private or public inconvenience. Such a law would simply enable the citizen to do what the Go vernment is doing in its rec ;ipts for customs, and in the payment of its bonded debt—it would merely authorise the enforcement of contracts voluntarily entered into according to their letter. the effect of such a law would be to check the outflow of specie to other countries by creating a necessity for the use of it at home, to encourage enterprises ex tending into the future by removing all uncertainty in regard to the value, and show how groundless is the apprehension so generally existing that a with drawal of depreciated notes on the appreciation of these notes to par would produce a scarcity of money, by proving that specie expelled from the country by au inferior circulating medium will re turn again whet, it is made a b ,sis of contracts, and is needed in their performance. Business is now necessarily speculative, becausethe basis is untrust worthy. Currency, by reason of its uncertain future value, although usually plentiful in the cities and readily obtained there at low rates, or short a t time, withme d o earin ample the a c g o r l i l e a u t el agricultural s , isctortni districts, ar l a v t h i v e 1 : 1 o s e n a g r e e r e loans on commercial paper are required. Prudent' men hesitate both to lend or to borrow for any con siderable period, by reason of their inability to de termine the value of the medium in which the loans t a h r e e d t l b l a e r p , a a i n d d w w i h t e c h u w r r i e t h n i c tl y s n i x o w m o w n o t rhtshm7aoy cents n o e n e to 80 or decline to 60. It is strange that the flow is to the business centres, where it can be loaned "on call," leaving the interbr without proper sup plies at reasonable rates for moving the crops, and conducting other legitimate business. It is strange that in such an unsettled condition of the currency gambling is active, while enterprise halts, trade stagnates, and distrust and apprehension exist in a r e i g n a e r a d s u t r o e t ti h s e i f s u r t u e e t. m ? m I e d i s e d n owti will u c p u p r o e s t e h d e t fi h n a a t n s c u i c a h l evils which now afflict the country, but it will be a decided movement in the right direction, and the Secretary indulges the hope that it will re ceive the early and favourable consideration of Congress. er deb A a c t e al t -Tender By l re l f e ere L n e c g e e t a b o t he y te al tB m l who advocated them theywill be werep e perceived that expectedi% , temporary were e r yt only.wheairr p a s measures.s ag e i it was feared that irredeemable Government notes in the unfortunate condition of the country would only be saved from great depreciation by being made a legal tender. The great fact not being sufficiently considered, that by possessinm this character their depreciation would not be Prevented, but merely hdeisg,,uLisaewul moneyd.fllenceit was declared that they should of all debts, public oarndpraivlaegtea,l States, except d ut i es on imports and interest on th e w te i n t i i l i e n r i t n he pa u y n in i e te n d t public debt." They were issued in an emergency for which it then seemed that no other provision could be made. They were in fact a forced loan, justified only by the condition of the country, and they were so recognized by Congress and the people. By no member of Congress, and by no pub lic journ a l was the issue of those notes as l aw f u l money advocated on an y other ground than that of necessity ; and the question arises, should they not not now o r at an early d ate b e di ve sted of the cha racter which was conferred upon them, in a condi tion of the country so different from the present? The Secretary believes that they could, and he therefore recommends, in addition to the enactment by which contracts for the payments of coin can be forced, that it be declared, that after the Ist day of January, 1870, United States notes shall cease to be a legal tender in payment of all private debts subsequently contracted, and that after the Ist day of January, 1871, they shall cease to be a legal tender on any account, or fir any purpose what ever, except Government does for which they are now receivable. The law should also authorize the conversion of these notes, at the pleasure of the holders, into bonds bearing such rate of interest as may be authorised by Congress on the debt on which the present outstanding bonds may be funded. The period for which they would continue to be a legal tender would be sufficient to enable the people and the banks to prepare for the contemplated change, and the privilege of their conversion would save them from depreciation. What has been said by the Secretary, in his previous reports on the per nicious effects upon business and the public morals of inconvertible legal-tender notes, and what is said in this report upon the advantages which would re sult from legalizing coin contracts, sustain this re eorutnendation. It may not be improper, however, to suggest another reason for divesting these notes of their legal-tender character by legislative action. Although the decisions of the Court have been ge nerally favourable to the constitutionality of the Acts by which they were authorized, grave doubts are entertained by many of the ablest lawyers of the country as to the correctness of these decisions, and it is to be borne in mind that they have ❑ot yet been sustained by the Supreme Court of the United States. measures which will tend not only to prevent fur. ther exportation of our bonds, and in the regular course of trade to bring back to the country those that have been exported, but which will also tend to restore these important interests that are now languishing as the result of the war and adverse legislation. The first and most important of these measures are those which shall bring about without unnecessary delay the restoration of the specie standard. The financial difficulties under which the country is labouring may be traced directly to the issue and continuance in cii ciliation of irredeemable promises as lawful money. The country will not be really and reliably prosperous until there is a return to specie payments, the question of a solvent convertible currency underlies all other financial and econcmical questions. It is in fact a fundamental question, and until it is settled, and settled in accord ance with the teachings of experience, all attempts at other financial and economical reforms will either fail absolutely or be but partially successful. A sound currency is the life-blood of a commercial nation ; if this is debased, the whole current of its commercial life must be disordered and irregular. The starting-point in reformatory legislation must be here. Our debased currency must be retired, or raised to the par of specie, or cease to be lawful money before substantial progress can be made with ocher reforms. Next in importance to the subject of the currency is that of the revenues. Taxes are indispensable for the support of the Government, for the maintenance of the public credit, and the payment of the public debt. To tax heavily, not only without impoverishing the people, but without checking enterprise or putting shackles upon in dustry, requires the most careful study, not only of the resources of the country and its relations with other nations, but a!so of the character of the people as affected by the nature of their institutions. While much may be learned by the study of the revenue systems of European nations, which have I . been perfected by years of experience and the em ployment of the highest talent, it must be obvious that these systems must undergo very considerable modifications before they will be fitted to the poli tical and physical c )ndicion of the United States. In a popular Government like ours, where the people virtually assess the taxes as well as pay them, the popular will, if not the popular prejudice, must be listened to in the preparation of revenue laws. Justice must in some instances yield to expediency, and some legitimate source of revenue may be un available, because a resort to them might be odious to a majority of tax-payers. The people of the United States are enterprising and self-reliant. Most of them are the architects of their own for tunes, few the inheritors of wealth ; engaged in various enterprises with constantly varying results, and in sharp competitions with each other, they submit reluctantly to inquisitions of tax-gatherers, which might not be obnoxious to people less independent and living under less liberal institu tions. Then, too, the United States are a new country of large extent and diversified interests, with great natural resources in the early process of development. Not only may systems of revenue which are suited to England, or Germany, or France be unsuited to this country, but careful and judi cious observation and study are indispensable to the preparation of tax bills suited to the peculiar interests of its different sections. It was with a view of supplying Congress with such information as was needed to secure the passage of equal and wise excise and tariff laws, which would yield the largest revenue with the least oppression and in convenience to the people, that the Revenue Com mission was created in 18135. The creation of this Commission was the first practical movement to ward a careful examination of the business and re sources of the country, with a view to the adoption of a judicious revenue system. The reports of this Commission were interesting and valuable, and they exhibited so clearly the necessity for further and more complete investigations that by the Act of July 13, 1866, the Secretary of the Treasury was authorized to appoint an officer in his department to be styled the. Special Commissioner of Revenue, whose duty it should be to inquire into all the sources of National Revenue and the best method of collecting the revenue ; the relation of foreign trade to domestic industry : the mutual adjustment of the systems of taxes by Customs and Excise, with a view of insuring the requisite revenue with the least disturbance and inconvenience to the pro gress of industry and the development of the re sources of the country, &c. Under this Act Mr. David A. Wells was appointed Special Commis sioner of the Revenue. With what energy and abi lity he has undertaken the very difficult duties de volved upon him has been manifested by the reports which he has already submitted to Congress. That which accompanies or will soon follow this comma- CUSTOMS' RECEIPTS OF THE UNITED 81A 11b,'S. The receipts for customs for the last three years have been as follows :—For the fiscal year ending .Tune 30, 186'6, $179,046,651 58 ; for the fiscal year ending June 30, 1867, $176,417,810 88; for the fiscal year ending June 30, 1863, £164,464,599 56. While it appears from, these figures that customs receipts since the commencement of the fiscal year, 1865, have been, on a revenue point of view, en tirely satisfactory, the question naturally arises, what do these large receipts under a high tariff in dicate in regard to our foreign trade and our finan cial relations with foreign nations? It is impos sible to ascertain with precision the amount of our securities held in Europe. Nor is there any per fectly trustworthy data for ascertaining even what amount has gone there annually since the first bonds were issued for the prosecution of the war. In his report of 1866, the Secretary es,iteates the amount of United States securities of diffe rent kinds, including railroad and other stock held in Europe, at $600,000,000. He soon after became satisfied that this estimate was to low by from $100,000,000 to $150,000,000. It would be safe to put the amount so held at the present time, ex clusive of stocks, at $850,000,000, of which not les- , than $600,000,000 ace United States Bonds, nearly all of which have left the United States within the last six years. The amount is formidable, and little satisfaction is derived from the consideration that these securities have been transferred in payment of interest and for foreign commodities; and just as little from the consideration that probably not over $500,000,000 in gold values have been received for these $800,000,000 of debt. In this estimate of our foreign indebtedness, railroad, and other stocks are not included, as they are net a debt, but the evidence merely of the ownership of property in the United States. Fortunately for some years past individual credits have been curtailed, and our foreign and domestic trade in this particular has not been unsatisfactory. In addition, then,. to the stocks referred to, and the individual indebtedness, of the particular amount of which no accurate esti mate can be made, Europe holds not less than $850,000,000 of American securities, on nearly all of which interest, and on the greater part of which interest in gold, is being paid. Nor under the pre sent revenue systems, and with a depreciated paper currency, is the increase of our foreign debt likely to be stayed. With wide and abundant harvests, and a large surplus of agricultural productions of all descriptions, United States Bonds are still creat ing to no small extent the exchange with which our foreign balances are being adjusted. We are ever now increasing our debt to Europe at the rate of $ 6 0,000,000 or $70,000,000 per annum, in the form of gold-bearing bonds. The gold and sil ver product of California with the Territories since 1848 has been upwards of $1,300,000,0 1 )0. Allowing that $100,000,000 have been used in manufactures, and that the coin in the country has increased to an equal amount, the balance of this immense sum, $1,100,000,000, has gone to other countries in exchange for their productions. Within a period of 20 years, in addition to our agricultural produce, and to our manufactures, which have been exported in large quantities, we have parted with $ 1 ,100,000,000 of the precious metals, and are nevertheless confronted with a foreign debt of some $ 85 0,000,000, which is steadily increasing, and all this has occurred under tariffs in a good degree framed with the view of protecting Aelericau against foreign manufacturers. But this is not all. During the recent war most of our vessels engaged in the foreign trade were either destroyed by rebel cruisers or transferred to foreigners. Our exports as well as our imports are now chiefly in foreign bottoms. The carrying trade between the United State; and Europe is almost tetaliy in the hands of Europeans. Were it not for the remnant of ships still employed in the China trade and the s:tud we are making by the establishment of a him of steamers on the Pacific, the coastwise trade, which is retained by the exclusion of foreign competition, would seem to be about all that can, under exist ing legislation, be relied upon for the employment of American shipping. There are many intelligent persons who entertain the opinion that the country has been benefited by the transfer of our bonds to Europe, on the ground that capital has been received in exchange for them which has been profitably employed in the development of our national resources, and that it matters little whether the interest upon the debt is received by our own people or by the people of other countries. This opinion is the result of misapprehension of facts, and is unsound in principle. It is not to a large extent true, that capital which is being used in developing the national resources has been re ceived in exchange for the bonds which are held in Europe, while many articles, such as railroad iron, machinery, and raw materials used in manufactur ing, the value of which to the country is acknow ledged, have been so received, a large proportion of the receipts have been of a different description. Our bonds have been largely paid for in articles for which no nation can afford to run in debt—for articles which have neither stimulated industry nor increased the productive powers of the country— which have, in fact, added nothing to the nationa: wealth. A reference to the Custom-House entries will substantiate the correctness of these statements. Two-thirds of the importations of the United States consist of articles which in economical times would be pronounced luxuries. The war and a redundant currency have brought about unexampled extrava- vagance, which can only be satisfied by the most costly productions of foreign countries. No exception could be taken to such importations if they were paid for in our own productions. This, unfortu- nately, is not the fact. They are annually swelling our foreign debt without increasing our ability to pay it. How disastrous such a course of trade, if long continued, must be, it requires no spirit of prophecy to predict. Nor is it an unimportant . . matter that the interest upon a large portion of our securities is received by citizens of other countries instead of our own. If the interest upon a public debt is paid out, where the taxes to provide for it . _ are collebted, the debt, although a burden upon the tuazzs of taxpayers who are not holders of securities, may be so managed as not to be a severe burden upon the nation. The money which goes into the Treasury by means of taxes will flow out into the same community in the payment of interest, and were it not for the expenses attending it, the pro cess would not, in a purely economical view, be an exhausting one. If the bonds of the United St:des were equally distributed among the people of the different States there would be less complaint of the debt than is now heard. Anti-tax parties will attliu strength only in those States in which few bonds' are held. If the people of the West are more sensible of the burdens of Federal taxation than nication will prove more fully tha❑ those - which have preceded it have done the importance of the investigatiuus in which he is engaged, and the judi cious labour which he is bestowing upon them. The facts which he presAits, and the recommendations based upon them, are entitled to the most careful con- sideration of Congress. These reports of the Com missioner's are so complete that they relieve the Secretary from discussing elaborately the questiong of which they treat. His remarks, therefore, Ivor.' the Internal Revenue and the tariff will be general and brief. The following is a statement of receipts from Internal Revenue for thelast three fiscal years: For the y earendingJune 30, 1866, $309,226,813 42; for the year ending une3o, 1867, $266,027,537 43; for the year ending June 30, 1868, $191,087,589 41. It thus appears that the Internal Revenue receipts for the year ending June 30, 1867, fell below the receipts for the year ending June 30, 1866, $43,199,275 99; the receipts for the year ending June 30, '6B fellshort of the receipts for '67, $74,939,948 02. The receipts for the four first months of the present fiscal year were $18,736,348 33. If the receipts for those months are an index of th os e f or th e re: . . mining eight, the receipts for tilePresenifiscal, year will be $146,209,044. Thi s l arge re d uct i on 0 1 internal revenue receipts is attributable both to in efficient collections and to a reduction of taxes. IV is quite obvious that the receipts from customs can not be maintained without an increase of exports or of our foreign debt ; if the receipts from customs should be diminished . even with a large re luction of the expenses of the Government our internist . revenues must necessarily be increased. The filet thing to be done is to introduce economy into all branches of the public service, not by reduced 0' propriations to be made good by deficiency bills, but by putting a stop to all unnecessary demands upon the Treasury. There is no department of the Government which is conducted with proper eco nomy; the habits formed during the war are still strong, and will only yield to the requirements of inexorable laws. The average expenses of the next ten years for the civil service ought not to exceed $40,000,000 per annum. Those of the War De' partment after the bounties are paid should be brought down to $30,000,000, and those of the Navy to $20,000,000. The outlays for Pensioe o and Indians cannot for some years be considerably reduced, but they can doubtless be brought withal $30,000,000. FADVERTISEMENT.I —Holloway's Ointment and Nil! Throat Affections.—There are many ways of rendering assistance to the deserving poor; yet he who gives the means of renewing health when it has failed does the most essential service. In all cases of relaxed, inflamed, and ulcerated throats, safety may always be secured by rubbing Holloway's ointment upon the glands under the lower, jaw. its curati ve powers may be accepted without doubt or distrust. In diphtheria the most marked success bas attended its use in cases where the disease threatened to run a fatal course in spite of the ordinary treatment. The convenience of appli cat i on of Holloway ' s ointment fits , well for application in children's ailments, when interns , medicines cen with difficulty be administered. are those of the Eastern States, it is because they TILE GIBRALTAR. QUESTION' A correspondent of the Times considers the ques tion of the cessin of Gibraltar, and refers to Admiral Grey's letter on the s*eet. In his sympathy for the Spanish people the Admiral is willing that England should lose one of her brightest jewels. He proposes that we should t a k e C eu t a, on t h e Moorish eoast, instead of Gibraltar. But to this propos dit is said that we ought not to attach less weight to the opinions of the Moors than to those of the Spaniards ; and if we are to accept it as our duty to give up our possessions as soon as our flag is unpopular with the inhabitants of any place, we shall very speedily reduce the limits of the mighty empire "on which the sun never sets." The writer of this letter observes that there would be nothing to fear from the question being discussed, if people could only appreciate what the value of Gibraltar would be to us in a European war, and how serious it would be if our enemies had possession of it instead. In considering that part of the question which relates to Ceuta being taken pos session of instead, he declares that it could in no way compensate to us for the loss of Gibraltar. It is worthy of recollection that we have held Gibraltar for 164 years, and that we have defended it against the united naval and military powers of both Prance and Spain through some glorious sieges; and we may judge from these facts the importance that both these countries attach to the place, and the prestige it represents in that part of the world. Another point not to be overlooked is, that the advan tages of such a position are greatly Enhanced in these days of steam, because no fleet is now independent of coaling stations and places where engines can be repaired. In the event of a great naval war, one of the first acts of an enemy would be to destroy our " strategical" coaling stations, such as Malta, Gibraltar, Mauritius, &c., so as to injure our naval power and to affect our com munication with the Eastern Empire. It is here admitted that Admiral's Grey's letter will have weight in certain quarters, particularly with a public which is too often ignorant of the whole facts of the case. Members of Parliament are also apt to be caught by these "Liberal ideas," and exhibit more zeal than discretion in taking up the subject when opportunity offers. This earnest advocate of the importance of Gibraltar declares that it is "the strongest place in the world," and if properly furnished with modern defences we may defy the fleets to captu re it by force. The Admiral speaks of the effect of modern artillery on the houses of the Rock ? but to this it is answered that during the famous siege of last cen tury no house was out of range of the enemy's guns. It is denied that Ceuta would answer the purposes of a harbour of refit, coaling, and refuge in time of war, if it came up to the requirements during a period of peace. Ceuta does not now possess the advantages that she offered in the middle ages, because the increased range of modern artillery has brought within gunshot some hills commanding her. No objection of this kind applies to Gibraltar, the "strategical fortress ;" it cannot be commanded by anything, for its batteries rise from the sea to its summit, some 1,400 feet, and mounted 000 gun s t wo or three year a a go. The glorious sieges of th e l as t century have shown how well Gibraltar could hold lin own against overwhelming odds by sea and by TELINIRAPHIC COMMUNICATION WITH CHINA. A correspondent of the' Daily Telegraph, writing on the importance of telegraphic communication with China, urges that sooner than incur the risk of warfare through the want of ready communication, it is not too much to say that the entire expense of con structing the necessary telegraphic line would be a proper undertaking for the British Government, and woulfl at the same time be the truest economy. As to the supposed difficulties of the undertaking, they could easily be overcome. There might be at first some ol,;ections by the Chinese to suspended wires and railwi: y cuttings; but the l an di ng o f sub marine cables a t t2ie several ports could meet with no objection, and the 'valuable nature of the produc tions of China skews that:, . when established, whether c," through private enter as a national unde r t a ki ng prise, such a scheme would !le very remunerative, while the known strong spirit of commerce in the Chinese character would materially enhance that result THE POOR. The represent..vtives of the various boards of guardians in the Eh:it-end of London, including the City of London, hav,‘ had an important conference with Mr. Corbett, the 'Poor-lase Inspector, for the purpose of considering w nether any uniform system of relief for the able-bocliet_q . and outdoor poor could be arranged and generally_ x.flopted. The diffe rent modes of employing the able-bodied poor at present in use were discussed, and there was a general feeling . of dissatisfaction with the existing system of -employing able-bodied men only in oakum-picking and atone-breaking, a desire being expressed that inen ,should be put to labour of a more useful chariotee It was elicited that in some unions the _labour Iva4gri.ncling corn THE LAW OF PRIMOGENITURE. Sir George Bowyer once more raises his voice against the abolition of the law of primogeniture. His great arguments against the division of the land are that it would render the sale of land very costly, and that it would put a stop to mortgages. To prove his first assertion he mentions a case in which a friend of his purchased a piece of gavelkind land for £l,OOO. To establish the title it was necessary to trace out twenty-one persons. The cost of doing this was £7O-7 per cent. of the value of the land—or two years' rental. As to the second case, suppose a mortgagor to die and to leave his land among twelve children, how would the mortgagee like to collect his rent from twelve persons ? Sir George adds that a fundholder may tie up millions of Consols if he likes. Why should not a landowner, then, be per mitted to tie up his land ? TILE V - 14 PARAGUAY. The fluctuating tide of war on the La Plata seems to have turned for the present in favour of the defenders. The Allies have been defeated, and operations have been suspended in order that the Brazilians may raise more troops, and not, as was at first alleged, for the purpose of executing a difficult flank movement. More important still, the Argentine Republic, which was long ago tired of the war, is now disposed to abandon it altogether. The lead ing journal of Buenos Ayres says that the Republic will send no further troops to the scene of operations ; Brazil must rely upon its own resources for the future. The Buenos Ayres Standard considers the termination of the war as remote as ever ; the Paraguayan harvest is good, and the country far from exhausted. It is not a little significant that since the capture of Hutnaita no news of any importance has come from Brazil. The little intelli gence that has been received is mostly from Paraguayan sources. Lopez has issued a proclamation to the Paraguayan army and nation. It is noteworthy chiefly because it seems to confirm the story that one of the Ministers attempted to negotiate peace, without the knowledge of his associates, and was punished by death. The proclama• tion, too, in more than one place refers to the Paraguayan women who have taken up arms in defence of their country. A WARNING TO THE PREMIER. The Freeman's Journal discussing the return 01 the Attorney-General f or Ireland for the borough of Mallow, points out that opposition to the officials of the Government has been suspended, in order that the Ministry may be afforded every legitimate oppor tunity of realising their avowed policy towards Ireland. "We are, therefore, patient and indulgent because we believe we are dealing with men who mean to deal honestly with the country. Should there, how ever, be any miscarriage of justice in the legislation of the future—should the measures of religioug equality prove limping and incomplete, the disappoint. went will be extreme and the indignation of the people implacable. They have been led to expect much—they have been promised much—the exigencies of the country demand much ; and hence anything short of all that is neces sary for the tranquilisation and the permanent prosperity of the country will be a sad discourage meat to those who wish to recognise a real and thorough union existing between the two countries; while such half measures would be accepted as a boon by those who desire to perpetuate an unfriendly feeling with England, and who seem to believe that the Imperial Parliament is neither able nor willing to do justice to the Irish people." ELECTION NEWS. There will be a severe contest in Renfrewshire. In all probability the Conservatives will bring for ward Sir Michael Shaw Stewart, their former repre• sentative, who lost his seat in 1805. The Liberals will probably nominate Colonel Mure, of Cald well, a son of the late Colonel Mure, the his torian of Greece. The South Derbyshire election takes place next week. The first of the election petition trials opens at Windsor on Tuesday next; Mr. Justice Willes will preside. Mr. Baron Martin will preside at Norwich on Thursday. THE RITUAL JUDGMENT. " A Berkshire Incumbent" writes a very earnest letter to the Times, inploring the bishops to seize the present opportunity for conferring together with a view to the issue of a joint manifesto for the esta blishment of uniformity in ritual. The correspondent thinks there is no doubt that the judgment has sur prised a good many persons, that it has given neither side a party triumph, and that the clergy are every where asking for guidance as to what they should do. "If the bishops were now to speak with a unanimous and no uncertain sound, restraining and correcting the transgressions of the law of which both the great parties in the Church have undoubtedly been guilty, I believe the great body of the clergy would obey, and the laity gladly accept, their decision." It was but a few months ago that the bishops issued a pastoral from Lambeth with respect to subjects which scarcely seemed to require so weighty an utterance. There is far more need of an authoritative enunciation now. With the help of the recent judgment, and of the no less remarkable ono delivered by the same court in the St. Barnabas case some years ago, there can be no real difficulty in such a task, if entered upon in a spirit of perfect impartiality, having regard to one question alone—viz., what the law of the Church actually is, not what one or another might wish it to be. But the work must be that of a united and, above all, an impartial episcopate. The slightest suspicion of unfairness, of favouring one party more than another, or the failure of even one bishop to co-operate with his brethren, would certainly tend to deprive the movement of a great deal of its power for good. " Presbyter Londinen sis," writi ng on th e same subject, questions if thejudgment is so favourabl e to the Ritualists as they suppose it to be. Flowers and a cross he thinks harmless ; the vestments he passes no opinion upon ; but h e will not admit that the position of the celebrant is that whi c h th e Rit ua li s t s declare it to be according to Lord Cairns's judgment. Anyhow, he thinks that this portion of the judgment ought. to be r evised, so that th e c l ergy may no t be liabl e t o p r osecution by the English Church Union if they do not stand before the altar, or to Prosecution by the Church Association if they do, THE FINANCES OF AMERICA. WASHINGTON, Dec. 7.—The following is the annual report of the Secretary of the Treasury :-- TRrASURY DEPARTMENT, Dec. 1, 1868. In compliance with the requirements of law, the Secretary of the Treasury has the honour to make to Congress the following report. In former commu nications the Secretary has expressed so fully his views upon the great subjects of the currency, the revenues, and the public debt, that it may be thought quite unnecessary for him to press them upon the attention of Congress. These subjects, however, have lost none of their importanne--on the contrary, the public mind, during the past year, has been turned to their consideration with more absorbing interest than at any former period. The Secretary will, therefore, he trusts, be pardoned for restating some of the views heretofore presented by him. If there is any question in finance or politi cal economy which can be pronounced settled by argument and trial, it is that inconvertible and de preciated paper money is injurious to public and private interests, a positive political and financial evil, for which there can be but one justification or excuse, to wit : a temporary necessity, arising from an unexpected and pressing emergency, and it fol lows, consequently, that such a circulation should only be tolerated until, without a financial shock, it can be withdrawn or made convertible into specie. If an irredeemable bank note circulation is an evi dence of bankrupt or badly managed banking insti tutions, which should be deprived of their franchises or compiled to husband and make available their resources, in order that they may be prepared at the earliest day practicable to take up their dis honoured obligations, why should not an irredeem able Government cu rrency b e regar d e d as an evi dence of bad management of the national finances, if not national bankruptcy ? and why should not such wise and equal revenue laws be enacted, and are not holders to the same extent of national secu- rities. This inequality cannot, of course, be pre- vented by legal or artificial process. The securities will be more equally distributed among the respec tive States, if not among the people, as the new States approach the older ones in wealth. Th ese manifest truths indicate how important it is that the debt of the United States should be a home debt, so that the money which is collected for taxes may be paid to our own people in the way of inte rest. In fact, a large national debt to be tolerable must of necessity be a home debt. A nation that owes heavily must havo its own people for eredi ---- If it does not the debt will be a dead :ors. weight upon its in lustry, and will be quite likely to force it eventually into bankruptcy. The United States are not only able to p'3 , the interest on their debt, but to set a good example to other nations by steadily and rapidly reducing that debt. What is now required, as has been already attempted, are Births. O'REILLY—On the 4th inst., at Knock Abbey, the wife of Myles W. O'Reilly, Esq., M.P., of a sou. ST. AUBYN —On the sth inst., at Pendrea, Cornwall, Lady Elizabeth St. Aubyn, of a daughter. Wisn—On the sth inst., at Pelions, the wife of H. Wise , Esq., of a daughter. Marriages. GRENFELL—P YNE —On the sth inst., at Marylebone Church, John G. Grenfell, Esq., late of Pembroke Col lege, Oxford, to Alice, the second daughter of H. Pyue, Esq., 18, Kent-terrace, Regent's-park., RICHARDS—HOWE—On the sth inst., at Knawle, War' wickshire, Charles, son of the late Wm. W. Richardg, Esq., of Edgbaston, to Elizabeth Mary, daughter of the Rev. J. Howe, M.A., vicar of Knowle. Deaths. ADAMS —On the sth inst., Mr. John Adams, of 101, Fen church-street, aged 57. ANDERS— On the 3d inst., at Sholton, Notts, Jas. Anders , Esq., aged 79. BAGNALL—On the sth inst., at Lewisham, Wm. Bagnallt Esq., late of Blackheath, aged 71. SMITH - On the sth ir.st., George Smith, Esq., of Mercer's Ball, Loudon, aged 87. WARDE -O❑ the sth inst., at Squerryes Court, Wester ham, Kent, Admiral Charles Ward, K. 11., aged 83. 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