The Sun. — London, England, 1867-12-25 00:00:00

MIXING INTELLIGENCE. GOLD MINING AS A BUSINESS. Looking at it as a speculation, it is the fancy of the press generally to have a fling at gold mining. In every circle we hear men telling of successful adventures in what they mis-name mining. If you inquire closely you will find all losses by speculation in Washoe stock are set down as losses in mining. Money paid for claims supposed to cover good min ing ground, and money spent in finding out that there was no such ore as represented, is called mining. Money put into opening out ores that assay well, but which, after putting up expensive works, are found so full of base metal that our pre sent milling will not work them, is classed as losses by mining. Tempted by under estimates, men go into such companies and find they cannot pay the assessments ; so they lose what they have paid by forfeiture Soon after this a numerous crowd croak against what it understands as " mining." Of all the class of regular newspaper writers there is scarcely one that does not take a fling at mining, and scarce one really knows anything about actual min ing. Hearing much talk from the loungers about, they get an idea that mining is all loss and no gain. Seldom, if ever, these writers hear anything from men really engaged in mining. Legitimate miners are at their work, and are not encauntered in the sa loons nor in the clusters at our street corners. When we consider that GO millions of dollars are produced annually from our mines we cannot resist the conclusion that mining is a steady and profitable business, and that a great many persons are en gaged in it successfully; so many, indeed, that if they would take the same pains to chronicle their success and their monthly profits, as others do to circulate their vague and unsubstantiated denuncia tions against what they understood as mining, people would get a just conception of the wealth of our Pacific States. They who best know the value of good mines, well worked, are silently realising. They do not talk nor write. Like the.. dog with a rich bone, they do not even like people to be look ing inquiringly, and counting the income return. Unfortunately, one min who has a loss to tell of, like one whose head gets a crack in a crowd, makes outcry more than one hundred men whose heads have not been hurt. San Fran cisco owes everything to the gold mines of California. People come here for gold. They are kept here for gold. All other industries are an out growth from our gold mines. Take them away, and the whole State as well as the city would retro grade. The production of the precious metal is the talisman which started this coast into life, and will stimulate its growth as year after year rolls round. We are not of those who complain that capital in San Francisco does not give aid to mining. It has done its reasonable share, despite of the efforts of the press to discourage it. What gold mining asks, and it asks no more, is fair and honest repre sentation. There are gold-bearing quartz mines enough to assure us that gold mining will endure and be a permanent dependence of California. Every business has its risks. Taking the actual results of gold mining, pursued as a regular busi ness, we are confident that it will be found to have less risks, in proportion to the profits, than any other business, wherever it has been conducted with equal prudence and economy. It is free from the risks of close competition, over importations, dull markets, dead seasons, changing fashions rem nants, bad debts, and the worry of a hundred de tail annoyances, repeated daily, from multitudi nous dealings. It is not one season you make and another you lose. If you have a good mine in regu lar work, and keep your dead work a year ahead, it is the most steadfast and trustworthy of all invest ments for revenue. No advertising, no higgling, no white lies, no adulterations, no customers to please, and all seems alike. There may be exceptions to some of these rules ; but they are more rare than in any other business. Gold mining has some other admitted advantages over all other industries that need to be considered. When once under system it does not exact con tinuous personal presence, but gives you reivionable recreation. Besides, the duller times, and the harder the money panic in other pursuits, the more eager is thu demand for the production of your gold mine. If statistics speak truly, in all mercantile business men fail in staggering propor tions. But the rarest thing ore hears is the failure of a gold miner, whose mine is once opened and in regular work. The chief risk is not in working a gold mine, but in finding one that is workable, to begin with. Here you need circumspection and good judgment. A mere mining claim has no value. Listen to no large talk ; you must have proof of the fact that the ore has been well and largely tested. As a general rule you aresafest when you get on the well known mineral belts that have mines and mills strewn along their well-known course. Then you want to be convinced that the particular part of the belt you examine has a sufficient proportion of pay chutes. All quartz, on whatever mineral belt, is not pay quartz. Every line of quartz consists of alter nations of pay and barren chutes, or sections. Take no account of certified analyses of small pieces of quartz. They should go for nothing. The vein may furnish rich specimens, and yet be generally not rich enough to pay. Prefer veins, as a gene ral rule, that supply an assured plenty of rock of lower grade, so it be safe for satisfactory results, to veins that are so small as to make supplies un certain, even when the yield of gold promises more to the ton. Ten-dollar rock, and plenty of it, is more desirable than twenty-dollar rock with scant, uncertain supply. Rock that mills easily by pre sent mill process is greatly to be preferred. Though other ores show more gold, and doubtless a time come will when they will be more valued, they do not answer your purpose at present. Of two places, one accessible and another difficult of access and shut out from the world, prefer the former, unless there be much counterbalancing disadvantages. Be sure that your capital is competent to your under taking. As a rule, three or four should unite to make sure on this point. There is no paying mine that cannot extend its workings in time so as to satisfy tho increased capital parties desired to in vest. For centuries the mines of Mexico, of Peru, and Chili, have been worked to proverbial profit, under difficulties that are not in California. In Europe lean gold and silver ores, in very deep workings, are still the most envied investments. So would be our gold mines of California if their undoubted superiority were understood abroad. But California, with the best chances to offer, is perhaps the only mineral country in the world where the press decries its mines, and unwittingly sends abroad advice not to come and invest in this our best and most attrac tive property. Gentlemen of the press, we pray you to inform yourselves, and we know you will alter your ver dict. Instead of listening to men about town, speak among the veritable miners who are produc ing sixty millions of gold and silver annually, and be assured that you will find quite a different pic ture to present to capital abroad and at home. There is not a day that you may not chronicle a mine that is paying what no other industry does. llowever, in the time of our inexperience, some may have been misguided (and let us freely alinit it), gel I n,iui, g has now become a science, and a s a fe industry to those who use ordinary discri:iii • nation. Moreover, whatever our mints have paid, it 1, ;; ; heen from only one-half of the gold which fire assay prove to be in our ores. Now, by a new process of fleet pulverisation, our miners are be ginning (as shown by ample proofs at Mariposa) to add to their pro ts the greater part of the other half of the gold hitherto lost, and at no appreciable ad ditional cost of reduction. We need not say that this improved process is about to double the value of our gold mines generally, and to bring into use many mines not now available on account of the impracticability of getting more of the contained gold from the ore by present modes of reduction. — Alta California. LARGE PRODUCT OF SILVER.—Few persons in this community, we believe, have anything like a correct idea of the amount of bullion that is being produced by one twenty-stamp mill alone. We stepped into the Manhattan Mill yesterday, and were shown the bullion product of the previous day, which was exactly 3,400 ounces—fully equal to $4,400. So far this month the amount has reached 3,000 ounces daily. When it is considered that the ore is crashed dry and then roasted, making twelve tons a day fair average work for the mill, its extraordinary quality will be under stood. Excepting some twenty tons of custom ore, the present lively yield of bullion is from the ore of the company's North Star Mine. The ore produced now by that " razor-blade" is wonderful both in quantity and quality. For rich silver ore the mines of Lander Hill are unequalled. If the Manhattan mill continues to produce bullion in anything like the same ratio to the close of the waning year— and apparently nothing short of some serious accident will prevent it—the amount for the last quarter will foot up the snug sum of $250,000. Should this estimate be realised it will be, under all the conditions, without a precedent in the history of silver mining. A PRODUCTIVE MINE.—From present appearances the product this month of the famous Murphy mine of the Twin River Company will exceed that of any month since the mill was opened. Last evening eight bars, valued at $2,000, arrived in the city, making twenty-nine bars received so far this month. The value of these bars is about $30,000. At the expiration of the month we have not the least doubt that the mine will have produced $BO,OOO worth of silver. BULLION FROM HOT CREEK.—Yesterday 3,6110 z. of crude bullion arrived in the city from the mill of the Old Dominion Company at Hot Creek. FROM PALMETTO.—CoIoneI Catherwood has sent to Aurora for more men to come to Palmetto Dis trict. He intends to work his mines the coming winter, so as to be present to put up extensive works early in the spring. STOPPED WORK.—We have been informed by persons who have arrived from Cortez that the mill and mine of the Mount Tenabo Company have been closed for the winter by order of the Board of En gineers in San Francisco. It may be novel and agreeable, even droll, working mines located in the centre of the State of Nevada, in San Francisco, but it will hardly prove profitable- But that remains to be seen. VERY Rica ORE.—The extraordinary quality of the ore which the Diana mine is producing excites general surprise, as it had not hitherto obtained distinction in that respect. We have before us the result of the working of two batches of its first class ore at the Mettacom mill : the first lot of three and a half tons yielded at the rate of $842 per ton ; the second lot of three tons at the rate of $844 per" ton. Seven and a half tons of silver ore, producing $5,579, could scarcely be' met elsewhere than on Lander Hill. The second class-ore, of which the Diana yields a larger quantity, is also of superior quality, and will work upwards of $2OO per ton. It must be classed among the richest mines of the Reese River district. NOTES OF REVEILLE DISTRICT.—We learned from Mr. G. E. Clarke, who arrived in the city from the Reveille District a few days ago, that a number of mines were producing ore for transportation to Hot Creek for reduction. The Atlantic and Mediter ranean ledges of the Reveille Company were yield ing a good quality of ore, which is estimated to give $l5O per ton. The owners of a ledge called the Davis are working it with much energy, and the ore which they have taken out shows largely of horn silver ; they expect heavy returns from the first working in the mill. The Amazon Ledge is also producing fine ore. Brobant and Co. are stirring among their ledges on South Mountain, and are ex tracting ore for the mill at Hot Creek. The Bullion Company is at present engaged altogether on its Fisherman Ledge, which is opened by an incline shaft 85 feet deep. The vein varies in thickness from two to five feet. The ore produced by the mine is of a remarkably high grade; for instance, three-quarters of a ton, which were reduced at the Keystone Mill near this city, yielded at the rate of $1,647 per too ; and several lots of several tons each have been worked here since, which yielded from $3OO to $714 per ton. We have before us a certificate from the superintendent of the Old Dominion Mill at Ilot Creek, which gives the result of the working of six tor.s of second-class ore at $17535c. per ton. Thus far the Fisherman has yielded a large profit over the expense of working ; and the fine quality of its ore will be appreciated when it is stated that nearly twenty tons of this first-class ore have been transported to this city at the cost of $6O to $75 per ton. It is the testimony of mill men who have worked the ores from the Reveille District, that they are of simple combinatio and free from base metals, and very easy of reduction. Just now the district needs an efficient mill under sensible and liberal management. THE RIVER PLATE. If the news by the Brazil and River Plate steamer proves in this instance true, as an exception to a general rule, there are indications of the termination of the Paraguayan war. The dates are to the 23d Nor., and it is asserted that on the 3d Nov. Marshal Lopez attacked the allied position at the head of 8,000 men, and after a desperate fight was defeated. If the figures given be true, the fight must have been desperate, for it is alleged that half the Para guayans were killed and wounded, and that 2,040, including 72 officers, were only the portion of the killed that the allies had buried, and that more were being hourly discovered on all sides. Half the attacking column, according to this account, had been destroyed, and 1,900 muskets collected on the field. The muskets are certainly not in proportion with the men killed, and the extraordinary fact is admitted by the Brazilians, that 7 pieces of artillery, one a 32-pounder, were captured by the Paraguayans. The Allies lost upwards of 700 men, besides the artil lery. It appears. also that four days after the desperate defeat the Paraguayans made anothersortie in which they lost 200 killed and 30 prisoners. The figures belie the truth of the story. It is asserted that three Paraguayan steamers had attempted to escape, and that but one of them succeeded, the other two being sunk. Messrs. Tait, of London and Limerick, have just completed a contract for 10 years with the Belgian Government for a monthly mail service between Ostend and the Brazils. The line will consist of four powerful steamships, fitted for first-class passengers only, and sailing from London on the 14th, Ostend on the 16th, and Falmouth on the 18th of each month ; the home ward bound ships leaving Buenos Ayres on the Ist, Montevideo on the 3d, and Rio Janeiro on the 10th of every month. The City of London, the pioneer ship, sailed from Falmouth yesterday, at four p.m., upon her second voyage, and she will be followed in succession by the City of Buenos Ayres, the City of Brussels, and the City of Rio Janeiro. On the return voyage all the ships will call at Falmouth to land mails and pas sengers, and then go on to discharge cargo at Antwerp and in London. The following telegram from Paris explains the mystery of the above figures :—Paris, Dec. 20.—The Moniteur of this morning states in its bulletin that on the 3d of November the Paraguayans carried the allied camp by storm, but not having the necessary pre cautions, they were attacked in their turn and driven back with great loss. Their object was, however, partly attained, as they had to destroy the enemy's magazines and to spike a number of their guns. CAUSE OF TIIE GLORY OF SUNRISE AND SUNSET. —Dr. Lommel's theory of the glowing colours of sunrise and sunset, originally published in Poggendorff's Annalen, has given occasion to 11L.. Sorby to ni:she known in the Pitiosophical Magazine that in ➢larch last ho read a paper before the Sheffield Literary and Philosophical Institute, on the colour of the clouds and sky, in which, as appears from the printed summary, much of the learned German's explanation is anticipated. Transparent vapour of water absorbs mostly the red rays of light, while the lower strata of the atmosphere offer most resistance to the passage of the blue rays. By these two simple facts the glorious phenomenon seen at dawn and eve are accounted for. Of course, it must be understood that tho sun is low ; for directly overhead the sky looks blue, and the quantity of transparent watery vapour may be estimated by the colour ; the darker the blue the more vapour—a fact which meteorologists may avail themselves of. Mr. Sorby shows how all the tints—green, yellow, purple, orange—that are seen at times around the rising or setting san are pro duced; and he may, perhaps, expect a remonstrance from poets and sentimental people, who, regarding the' magnificence of the eastern and western sky as of celestial origin, will bo shocked to learn that it is terrestrial, and due for the most part to impurities in the lower strata of our atmosphere. THE SUN, LONDON. WEDNESDAY EVENING, DECEMBER 25, 1867. MISCELLANEOUS NE TVS. (From the Anglo-American Times.) PARIS, Dec. 19. I have sat down to-night to forward the weekly notice of Paris news which the Franco does me the honour to insert ; but I have been reflecting that its next issue will be the only opportunity I shall have previous to the arrival of Christmas of expres sing to the numerous kind friends who have hitherto borne with my lucubrations my sincere wishes for a merrie Christmas (I like the old spelling) and a happy New Year. Under this plea, therefore, je prend conye of my ordinary duties, and venture to luxuriate in a page of Christmas gossip. Every body keeps Christmas. The Emperor here keeps it right gallantly, and it is even said that in com pany with the Empress he makes the tour of the Boulevards to inspect the Christmas Fair, unsur passed, I will venture to say, in any nation in the world ; and the Prince Imperial has opened his furnaces for the benefit of the poor of Paris. Mr. Beckwith keeps Christmas, and thinks, doubtless, of the turkeys, bear venison, and other innumerable American delicacies which have been immortalised by Cooper and Washington Irving. Lord Lyons will keep Christmas, and doubtless will not forget his plain pudding, though he may not have it served up in the style, which tradition states it was on one occasion served up in France to a British Ambassador, viz., without being previously tied in a cloth. The Ambassador had given all the requisite directions for the making of the pudding, but he had forgotten the cloth. Magazine writers will shut themselves up to elaborate Christmas legends, and Dickens, the Christmas writer par excellence, will have an opportunity cf judging between Christ mas iu the Old World and the New. Even our respected Chef will smile, regardless of possibly un paid subscriptions and advertisements, as he wit nesses the cheerful alacrity with which his legion of subordinates hasten to empacket the journal on its Christmas passage to the four quarters of the globe and escape to their respective firesides ; whilst his unworthy Paris Correspordent, with nevertheless the greatest goodwill in the world, feels himself utterly unable to do more than indulge in reveries of scenes and friends far away, leaving the indi rect responsibility of his holiday upon the indulg ence of his readers. Good friends in America, whom the arrival of the journal will remind of the brilliant scenes of the most brilliant expositions the world ever saw.—Good friends in Old England, and even in climes far more remote, for whom the same kindly messenger will form a fresh link with the yet unforgotten past. Scenes of the past—scenes of infancy, when the writer slept but little in his little bed the night of the Christmas-eve, in his anxiety to know if he had been sufficiently good to induce old Father Christmas to pass in the night and leave upon his pillow the supply of mince pies and bonbons which he always distributes to good little children on that occasion; and the midnight music of the Waits, with the childish trebles mingling in the carol, were like the angel's whisper iu the bal lad of the Irish poet.—Scenes of youth, the gay dances of the Christmas party, and the privileged escort of the fair partner of the evening, inclemency of weather forming, if possible, an additional gratification. Scenes of manhood, where the subdued light of the dining-room shone pleasantly upon the substantial delicacies of Christmas, and sparkled with a thousand varied hues upon the well filled decanters, when the attractions of the dance had yielded to those of the quiet rubber, and the Waits had partially lost their charm. Scenes when the festive board of Christmas was surrounded by four generations, and the wanderers were recalled from all parts to make the tale complete. Scenes when a grey head or the golden ringlets of childhood were missing from the number; scenes of mingled grief and happiness, which make up the web of human destiny, testifying to that elasticity of human nature so mercifully accorded to the state of trials and temptations ordained for all on earth. Who is there on earth who has not experienced this in a greater or lesser degree—who is there amongst his numerous readers, who will not re-echo the kindly wish of their Paris correspondent, when he hopes that they all may spend their Christmass as happily as possible, remember ing that the dullest day will pass, and that the advent of the child's festival, inaugurated by the Child Jesus, will be to them a season of hope, happiness, and comfort. Mais revenous a nos mou tons, for I am beginning to exceed my space, and the shears of the sub-editor clip as mercilessly as those of Atropos. I had a vague idea at the com mencement of myletter of launching into some fanciful Christmas legend for the amusement of my readers, but the plain home-feeling has been too much for me ; and, in consideration of my sincere and hearty good wishes, they must excuse an effort which would probably have resembled that of Icarus, and resulted not only in my discomfiture, but, in Par liamentary language, in a vote of want of confi dence. Let me then occupy the remainder of the space which may be graciously conceded me by describing what Christmas looks like at Paris. In other countries, England and America especially, solids predominate ; in the case of the former aided by the attractions of the pantomimes and the Christmas parties; in that of the latter by those of the many sleighing parties. But in Paris, whilst yield ing in no respect in excellence of catering, there exists a greater degree of refinement—naturally to be expected from so spirituelle a people. Long before the arrival of " Noel," as Christmas is called in France, the commerce of the bonbons and various descriptions of etrennes (New-year's gifts) occupy fully the Paris tradesman, to the exclusion of all other. The golden fruit of Portugal arrives in shiploads, the confitures of Aix, the dried fruits of Provence, the prunes, the pistolles (a conserved apricot), the cho colate moulded into the most fanciful forms which the human imagination can conceive. Even the representations of the half-burnt Yule log fill up every window. The skill of the illustrator and printer i▪ s taxed to produce those beautiful little pictures which, in every variety of shape, illustrate the events connected with the season, and espe cially wi▪ th the birth of the Saviour, whilst in other instances they are modelled in a manner to repre sent nature. Along the li ne of the G r a n d Bottle yarns, for more than three miles in length, on either side are erected a row of wooden baraques, or stalls, in contemplating whi c h one wou ld f anc y th a t th e Parisians who supply them had spent the entire year in catering for every wan t o f ever y cl a s s , for the ouvr i er may purchase for his child an etrenne for a sou, while the scale advances to suit the pocket even of a millionaire, especially if the shops of the Boulevards be also taken into consideration, where the products of all the quarters of the globe offer themselves as etrennes; and the Christmas trees of Paris bear fruit within the reach of every one. I intend, if possible, on the occasion of the present Christmas to witness the midnight mass in the celebrated cathedral of Notre Dame. It is true that Notre Dame is some way off on an island on the Seine, whose dark current washes its base, but there is an old adage, Cantabit Vacutts, and also Vive l'Empereur ; he keeps Paris in good order, and is, in every respect, a father to his people. But my space is fast lessening, especially as there will also be so much Christmas news, &c., to get in from all parts. Once more, then, dear friends and readers, a merry Christmas and a happy New Year. Dear friends in America, in England, in Australia, aye, even in Africa, think, when you get the Christ mas number of the Iranco, that as the clock strikes twelve, on the night of the 24th of December, 1867, I looked towards you— Valete biers sincerenzent. [AlWE[tTlSEMENT.]—llyspo,psin,(lndigestion), Constipation. De bility, Consumption, and all nervous, bilious, stomach, and livei complaints in every stage, are only aggravated and aeceleratea by di tt,:s of every description. but perfectly curable by Du Barry's health-restoring Revalenta Arabica Food, as proved by thousands of cases which had been considered hopeless, suet as—cough, asthma,. also diarrhea, hemorrhoids, liver com p:aims, flatulency, nervousness, biliousness, fevers, sore throats diphtheria, catarrhs, colds, influenza, noises in the head and ears, rheumatism, gout, impurities, eruptions, hysteria, neuralgia, irritability, sleeplessness, acidity, palpitation, heartburn, head ache, debility, dropsy, cramps, spasms, nausea and sickness, even in pregnancy or at sea, sinking tits, bronchitis, scrofula, tightness of the chest, pains at the pit of the stomach and between the shoulders, &c. We quote a few :—The Pope's health restored by Du Barry's Food. Curs No. 63,413.—"R0me, July 12, 1866.—The health of the Holy Father is excellent, especially since, abandoning all other remedies, he has ccuflued himself entirely to Du Barry's Revalenta Arabica Food, of which he consumes a plateful at every meal. It has produced a sur prisingly beneficial effect on his health, and his Holiness cannot praise this excellent food too highly."—From the " Gazette du Midi, July 25 Cure No. 46,270 Mr James Roberts, timber merchant, of Fernley, Surrey, of thirty years' diseased lungs, spitting of blood, liver derangement, and partial deafness. Cure No. 1,771. Lord Stuart de Decies, Lord Lieut. of Waterford, of many years' dyspepsia.—No. 49,832. "Fifty years' indescribable agony from dyspepsia, nervousness. asthma, cough, constipation, flatulency. spasms, sickness and vomiting.—MariaJoly." Important Caution.—Beware of the many unsavoury and more than sloppy imitations to which, withou' authority, Baron Liebig's name is most audaciously attached.— In tins at ls. lid.; 1 lb., 2s 9d. 2 lbs., 4s. 6dl; 5 lbs., Ils.; 12 lbs., 225.; 24 lbs., 40s.—BARRY Do BARRY and Co., No. 77, :regent-street, London; also Fortnam and Mason, 182 Piccadilly, and at GI, Gracechurch-street; 4, Cheapside ; 63, 150, and 289, 020014-street; 330 Strand ; and all grocers and chemists. R. SECRETARY MCULLOC.H'S REPORT. The following abstract from the Baltimore lVeekly Com mercial will be found to contain the main features of the very able report of the Secretary of the Treasury : lawful money because it was thought that this character was necessary to secure their currency. By reference to the first debates of Congress upon the subject, it will be noticed that those who advocated their issue justi fied themselves on the ground of necessity. No one who spoke in favour of the measure favoured it upon principle, or hesitated to express his apprehensions that evil consequences might result from it. But the Govern ment was in peril, the emergency was pressing ; necessity seemed to sanction a departure from sound principles of finance, if not from the letter of the constitution, and an inconvertible currency became the lawful money of the country. While the action of Con gress, in authorising the issue of these notes, seemed necessary at the time, and was undoubtedly approved by a large majority of the people, there can now, in the light of experience, be no question that the apprehensions of those who advocated the measure as a necessity were well founded. Upon the demoralising influence of an incon vertible Government currency it is not necessary to kn large. They aro forced upon our attention by every day's observation, and we cannot be blind to them if we would. The Government is virtually repudiating its own obliga tions by failing to redeem its notes according to their tenor. These notes are payable to bearer on demand in dollars, and not one of them is being so, paid It is not to be expected that a people will be more honest than the Government under which they live, and while the Government of the United States refuses to pay its'notes according to their tenor, or at least as long as it fails to make proper efforts to do so, it practically teaches to the people the doctrine of repudiation. The general financial legislation and the administration of the finances during the war reflect the highest credit upon Congress and the distinguished gentlemen then at the head of the Treasury Department. They have com manded the admiration of intelligent and impartial men at home and abroad. In speaking thus plainly of the legal tender notes, the Secretary must not therefore be understood as indulging in the language of criticism. His object is neither to criticise nor to condemn what has been done, but to express his decided conviction of the danger of a repetition or a perpetuation of what experience has shown to have been, in a single but important matter, un fortunate legislation. RESUMPTION OF SPECIE PAYMENTS. In his last report the Secretary remarked that, ' After a careful survey of the whole field, he was of the opinion that specie payments might be resumed, and ought to be resumed as early as the first day of July, 1868, while he in dulged the hope that such would bo the character of future legislation and such the condition of our productive indus try that this most desirable event might be brought about at a still earlier day." These anticipations of the Secre tary may not be fully realised. The grain crops of 1866 were barely sufficient for home consumption. The ex penses of the War Department, by reason of Indian hos tilities and the establishment of military governments in the Southern States, have greatly exceeded the estimates. The Government has been defrauded of a large part of the revenue upon distilled liquors, and the condition of the South has been disturbed and unsatisfactory. These facts, and the apprehension created in Europe, and to some extent at home, by the utterances of some of our public men upon the subjects of finance and taxation, that the public faith might not be maintained, may post-- pone the time when specie payments shall be resumed. But, notwithstanding these unexpected embarrassments much preliminary work has been done, and there is not, in the opinion of the Secretary, any insuperuble difficulty in the way of an early and a permanent restoration of the specie standard. It may not be safe to fix the exact time, but, with favourable crops next year, and with no legislation unfavourable to contraction at this session, it ought not to be delayed beyond the Ist of January, or at the farthest the Ist of July, 1869. Nothing will be gained, however, by a forced resumption. When the country is in a condition to maintain specie payments, they will be restored as a necessary consequence. To such a condition of national prosperity as will insure a permanent restora tion of the specie standard, the following measures are, in the opinion of the Secretary, important, if not indispens able : First—The funding or payment of the balance of in terest bearing note, and a continued contraction of the paper currency. Second—The maintenance of the public faith in regard to the funded debt. Third—The restoration of the Southern States to their limper relations to the Federal Government. If this opinion bo correct, the question of permanent specie payments, involving as it does the prosperity of the country, underlies the great questions of currency, taxa tion, and reconstruction, which are now engaging the attention of the people, and cannot fail to receive the earnest and deliberate attention of Congress. In view of the paramount importance of this great question the Secre tary deems it to be his duty briefly to discuss the mea sures regarded by him to be necessary for an early and wise disposition of it, even at the risk of a repetition of what ho has said in previous communications to Congress. The measures regarded by him as important, if not in dispensable for national prosperity, and, as consequence for permanent resumption, are— _ _ First—The funding or payment of the balance of into terest-bearing notes, and a continued contraction of the paper currency. By the Act of March 2, 1867, the Secretary was autho rised and directed to issue 3 per cent. loan certificates to the amount of fifty millions of dollars, for the purpose of redeeming and retiring compound interest notes; and such certificates on the Ist instant had been issued to the amount of $11,560,000, in redemption of the notes incom ing due in October and December. The notes still out standing will be either taken up with certificates or paid at maturity. The seven and three-tenth notes, being ply able in lawful money or convertible at the option of the holders into Five-Twenty Bonds, will bo paid or converted according to the terms of the contract. Fortunately all the interest-bearing notes are to bo paid or converted within eleven months, and they need not therefore be regarded as a serious impediment to a return to the true standard of value. As to the redemption of these notes, and the man ner in which they should be redeemed, there cannot of course be much difference of opinion. It is in regard to a contraction of the currency, and upon which of the two kinds of currency—United States notes or the notes of the National banks—contraction should be brought to boar, that a difference of sentiment seems to exist. THE SECRETARY'S VIEWS ON CONTRACTION. In his report to Congress, under date of the 4th of December, 1865, the Secretary presented, as fully and as clearly as he was able to do, his views upon the subject of the currency, and the necessity of action for the purpose of bringing about a return to specie paytn3nts. The views thus presented by him were approved by the House of Representatives on the Bth December, 1865, by the adop tion of the following resolution, by th -‘ decisive vote of 144 to 6:— _ _ "Resolved, That this House cordially concurs in the views of the Secretary of the Treasury in relation to the necessity of a contraction of the currency, with a view to as early a resumption of specie payments as the business interests of the country will permit, and we hereby pledge co-operative action to this end as speedily as practicable." Among the views thus emphatbally endorsed were the " The right of Congress, at all times, to borrow money, and to issue obligations for loans in such form as may be convenient is unquestionable ; but their authority to issue obligations for circulating medium as money, and to make these obligations a legal tender, can only be found in the unwritten law which sanctions whatever the representa tives of tho people, whose duty it is to maintain the Go vernment against its enemies, may consider in a great emergency necessary to be done. The present legal-ten der acts were war measures, and, while the repeal of those provisions which made the United States notes lawful money is not recommended, the Secretary is of the opin ion that they ought not to remain in force one day longer than shall be necessary to enable the people to prepare for a return to the constitutional currency. After discussing this subject at considerable length, sus taining his views by a reference to the experience of the country under previous inflations of the currency, the Secretary concludes his remarks as follows : " Every conEideration, therefore, that has been brought to the mind of the Secretary confirms the correctness of the views he has presented. If the business of the coun try rested upon a stable basis, or if credits could be kept from being still further increased, there would be less occa sion for solicitude on this subject. But such is not the fact. Business is not in a healthy condition ; it is specu lative, feverish, and uncertain. Every day that contrac tion is deferred increases the difficulty of preventing a financial collapse. Prices and credits will not remain as they are. The tide will either recede or advance, and it will not recede without the exorcise of the controlling power of Congress." These views were not only approved by the House of Representatives, but they seemed at the time to be heartily responded to by the people. By the Act of April 12, 1866, the Secretary was authorised to receive Treasury notes and other obligations of the Government, whether bearing interest or not, in exchange for bonds, with a proviso that of United States notes not more than ten millions of dollars should be cancelled within six months from the passage of the Act, and thereafter not more than four millions of dollars in any one month. This proviso, while it fixed a limit to the amount of notes which should be retired per month, so far from indicating an abandonment of the policy of contraction, confirmed and established it. To this policy (although for reasons that seemed to him to bo judicious the regular monthly reduc tion has not always boon made) the action of tho Secretary has been conformed, and the effect has been so salutary, and the continuation of it would be so obviously wise, that he would not consider it necessary to say one word in its favour wore there not indications that, under the teachings of the advocates of a largo and consequently a depreciated currency, such views are being inculcated as, if not corrected, may lend to its abandonment. Money is simply a medium of exchange and measure of value. As a medium it facilitates exchanges, and by doing this necessarily stimulates its production. It does not follow, however, that exchanges are facilitated and pro duction stimulated in proportion to its increase. It is a measure of value, but it does not necessarily create values. It is an indispensable agent in trade between individuals, and in commerce between nations ; the groat incentive to enterprise and labour in the wide range of human energy and skill ; but, great as is its power, and essential as it is to the progress of the race in civilisation and refinement, there are limits beyond which its volume cannot be ex tended without a diminution of its usefulness. A certain amount is required for facilitating exchanges and determin ing values. The exact amount required cannot, of course, be accurately determined, but the excess or deficiency of money in a country is always pretty accurately indicated by the condition of its industry and trade. In all countries there is just as much money needed as will encourage en terprise, give employment to labour and furni.,h the means for a ready exchange of property, and no more. When ever the amount in circulation exceeds the amount re quired for these purposes, the fact will become apparent by a decline of industry, an advance of prices, and a tendency to speculation. - • - Especially will this be the case when an irredeemable currency becomes the standard of value by being made a legal tender. Coin, being the circulating medium of the world, flows from one country to another in obedience to the law of trade, which prevents it from becoming any where, for any considerable period, excessive in amount ; when this law is not interfered with by legislation, the evils of an excessive currency are corrected by the law it self. An increase of money beyond what is needed for the purposes above named, according to all experience not only inflates prices, but diminishes labour; and coin, as a consequence, flows from the country in which the excess exists to some other where labour is more active and prices are lower, to flow back again when the loss by one coun try and the gain by another produce the natural results upon industry and production. Thus, coin is not only the regulator of commerce, but the great stimulator of indus try and enterprise. The United States notes were made a legal tender and NETT' YORK MARKETS. (From the Correspondent of the Anglo-American Times.) 1 regret to report that failures rapidly follow each other —adding to the insecurity, and the general depression. The wholesale grocery house of Bentley, Burton, and Co., 14 and 16, Beaver-street, has stopped ; also the China House, Westray, Gibbs, and Hardcastle, the liabilities of the former being more than a quarter of a million dollars. Among the eleven that suspended on Wednesday were several of minor importance ; David Talmage and Co., rico dealers, being of the number. Philadelphia still con tinues to suffer, John H. Williams and Co., dry-goods, being added to its list. At Boston the failed housss are not of importance, and consist chiefly of dry-goods. The feeling of hope which till lately prevailed is dying out, and people fear that they will have to pass through a panic before they can realise the favourable change anticipated. On call, money is sufficiently plentiful, at 7 per cent., but discounts cannot be so readily obtained, and rule at 7- to 10 fot the best names ; and it is only that class that finds any market. There are heavy demands at the West for the pork trade, and the result I anticipated on the canals has come to pass, and an immense amount of produce of all sorts is frozen up at various points. The President's Message and Mr. M'Culloch's report were anticipated, and have, therefore, produced little effect in Wall-street. The point most discussed in the Secretary's Report is his pro position for the consolidation of the National Debt by the issue of 6 per cent. Bonds open to the Government to repay at 20 years, 1 per cent. being retained for the pay ment of taxes, which virtually reduces it to a 5 per cent. Loan. It is believed that the temptation is not sufficient to induce holders of the Bonds now issued to make such a change. Tho more favourable anticipations Mr. M'Culloch once entertained do not figure so prominently in his present report. Up to July 30, 1869, his estimated surplus to be applied to the pay ment of the debt is but $32,800,000. Even this is re garded as doubtful in the presence of reduced taxes, some articles being relieved entirely. The 7-30's are still being converted, and the exchanges now amount to $66,500,000 since Oct. 15. The January coupon is cut off the bonds now being delivered. It is felt here that finance is the great question of the day, and one of so serious a nature that Congressmen will be compelled to give to it undivided attention, and cease their reconstruction wrangles and ex periments. Gold has been declining, and closed yesterday at 137 i, being a rise from what it was in the early part of the week, when it touched 136 i. The speculators who purchased so largely in anticipation of the Congress im peaching Mr. Johnson have been on the wrong tack, as the tendency is clearly downwards. The market is further depressed in anticipation of large payments due January 1. The hea vy shipments of treasure front San Francisco to China and Japan affect our receipts and exports, and the steamers to Europe carry little bullion from New York. The railroads and miscellaneous markets remain sluggish, although some of the lines, more especially those of the west, have been makir g good profits. Consolidation is now the work most actively carried out. The four rival Express Companies it is de finitely announced will amalgamate, though this is dlnied. Yet it is admitted by all that a plan has boon agreed on for a tariff of rates which will pay the pro prietors at the public expense. Next week the election will take place of a President and Board of Directors of the Now York Central, which will be controlled by Commo dore Vanderbilt, and his nominees will be elected. The Erie has declared a dividend to be paid on the Ist January of 7 per cent. on its Preferred Stock, and it is expected that all its shares will realise that amount under a more honest management. The squabble between the Pacific Steam ship board and the shareholders has been made up. An opposition has come into the field in the North American Steamship Company. Their first vessel, the Nevada, has arrived at Panama, and the Nebraska left New York on the 25th ult., which will land passengers to proceed by the Nevada to San Francisco. The company announce that their line will soon be complete on the Pacific as well as on the Atlantic side, when they will run every 20 days, and their rates will always be lower than those of any other line. The stock has been rising, reaching 121, not much more than the lowest point lately touched by the old established and powerful company. The Express Companies may find an opposition in the railways. The line from Boston to Nashua, New Hampshire, announce that it will carry and deliver parcels from Jan. 1, and the example will be followed if successful. The latest quotations are as follows :—Adams 82f to 821, American 801 to 81, United States 821 to 83, Wells, Fargo, and Co. 541 to 55, Mer chants Union ($33 paid) 401 to 41. American silver is 5 to 6 cents below gold, and Mexican dollars 1021 to 103 in gold. Petroleum stocks are active, but mining continue dull. Foreign exchange is stronger, and more business doing. Government Securities are weaker on the fall of 5-20's in the London market. They closed at about lower, at 1071 to 1071. As you inform me you can get fuller quotations from the Wall-Street Journal, I will henceforth omit them. (From the Wall-Street Journal, Friday evening, Dec. 6.) Sixes, 1867, 141 1411 ; Sixes, 1868, coupon, 138 1381; Sixes, 1881, coupon, 1121 1121 ; Five-Twenties, 1862, coupon, 1071 1071; Five-Twenties, 1864, coupon, 1041 1041; Five-Twenties, 1865, coupon, 1051 1051 ; Five- Twenties, 1865, coupon, new, 1071 1071; Five-Twenties, 1867, coupon, 1071 108 ; Ten-Forties, coupon, 1011 1011; Seven-Thirties, 2d series, 1011 1011; Seven-Thirties, 3d series, 1041 1041. The following are the railway and miscellaneous stocks : —New York Central 1141, Erie 711, Hudson 1251, Read ing 951, Michigan Southern and N.I. 801, Illinois Central 1341, Cleveland and Pittsburgh 821, North-West 641, North-West Preferred 661, Canton 444, Rock Island 951, Cleveland and Toledo 1021, Fort Wayae 971, Pacific Mail 122, Atlantic Mail 113, Quicksilver 161, W. U. Telegraph 321, Mariposa Preferred 13, Ohio and Mississippi Certifi cates 231, Boston Water Power 17. The following for the ow York City Bank Stocks : Merchants, 186 ; America, 138 ; City, 200 ; Now York, 132 ; Manhattan, 135 ; Mechanics, 120 ; Union, 114 ; Phenix, 104; Tradesmen's, 133; National, 103; Merchants Exchange, 110 ; Seventh Ward, 110 ; State of New York, 105 ; Commerce, 116 ; Ocean, 103 ; American Exchange, 1121 ; Bank of the Republic, 111; Bank of North America, 109 ; Mercantile, 118 ; Mechanics' Association, 110 ; Broadway, 235; Hanover, 109; Irving, 106; Metropolitan, 130 ; Peoples, 135 ; Market, 110 ; Nassau, 103 ; Shoe and Leather, 112 ; Corn Exchange, 122 ; Continental, 102 ; St. Nicholas, 102 ; Commonwealth, 104 ; Importers and Traders, 116; Central National, 1031; Fourth National 1161 ; Ninth National, 104 ; Park, 148 ; and Oriental Bank, 135. Subjoined is the total amount of gold certificates issued and redeemed by the Sub-Treasury, together with the outstanding balance on the 20th May and at subsequent in tervals : Issued. .Rodoeinoil. Outstanding. 203 5333,900 $206,600 $127,300 10Js 5,321,000 3,753,400 1,562,600 500 s 1,161,500 511,110,) 625,5'10 I,ooos 26,1165,000 21,859,000 4,206,000 5,0006 159,675,000 140,130,000 19,515,000 10,0008 5,000,000 5,000,000 Slay 18 May 27 June 1 200,092,100 174,475,000 25,617,100 June 22 June 29 July 6 July 20 July 27 Aug 3 213,104,220 185,466,000 28,638,220 Aug. 10 Aug 17 Sept. 7.... 216,174,580 191,284,000 24,910,580 Sept. 14 Oct. 30 225,519,920 198,816,000 26,703,920 Nov. 9 229,999,280 200,123,000 99,176,280 Nov. 23 Nov. 30 DIVIDEN DS. Tho Now York Gold Exchange Bank give notice in an other column that tho half yearly dividend of eight per cent., free from Government and City taxes, is payable at i the Bank, 58, Broadway, on and after Dec. 11. The Dubuque and Sioux City Railroad Company will pay seven per cent. on the preferred stock at the office of M. K. Jesup and Co., 12, Pine-street, New York, on Dec. 31; the Erie Railroad Company, seven per cent. on the preferred stock, at the Treasurer's office, Erie-place, on January 6th, 1868, and the Girard Fire Insurance Com pany, $5 per share at their office, Philadelphia, on demand, and the New York and New Haven Railroad Company, a semi-annual dividend of five per cent., payable at the office on and after January 2. The Pittsburgh, Fort Wayne, and Chicago Railroad Company have declared the usual quarterly dividend of 2} per cent., free of Government tax, on their stock of $11,500,000, payable on 16th of January, and they anti cipate, at the same time, the first of April, 31 per cent. on the $2,000,000 of their Third Mortgage Bonds. The earn ings and finances of the road are in a highly satisfactory condition, authorising the present early announcement of the quarterly dividend earned since the first of October. The Board of Trustees of the Illinois and Michigan Canal have declared a dividend of ten per cent. on account of principal of registered bonds, payable on and after January 2d next, at the office of Ward, Campbell, and Co., 56, Wall-street, New York. The coupons of the Cincinnati, Hamilton, and Dayton Railroad Company's Eight per Cent. Bonds, due on Decem ber Ist, will be paid on demand at the American Exchange Bank. Arrangements are being made to establish a Stock ex change Bank, to serve as a clearing house for stock brokers. The Gold Exchange Bank has proved a great financial success, as well as a great financial convenience, and there is no reason why as great success and profits cannot be attained by the proposed new institution. NEW YORK RITES OF EXCHANGE, DEC. 6, 1867. Corrected by W. Aufermann, 68, Exchange-place, N.Y. Sixty Days. Three Days. London Bankers London, Prime Commercial Paris, Bankers Bremen, Rankers Hamburgb, Bankers 3si-36 Frankfort, O.M. 4oi-40i Berlin and Cologne Antwerp 5.171-5.15 Amsterdam, Bankers Swiss LATEST PRICES OF SILVER MINING STOCKS AT SAN FRANCISCO. By telegram from San Francisco, dated December 4th, 1867, we have the following quotations:— Gould and Curry Savage Chollar-Potosi Ophir 6O Hale and Norcross Crown Point.. 625 „ Yellow Jacket Belcher Alpha 450 Kentucky Overman Empire imperial .. Confidence.. 165 pr share. From the Iron Age, Dec. G. Copper continues firm, with a quiet demand, and prices range from 221 c. to 23ic. for ingot. Iron, very quiet, from $39 to $42 for Scotch, and $4O to $42 for American No. 1, No. 2 extra $3B to $39, No. 2 $35 to $36 ; scrap iron nominal; old rails $46 to $47 ; bar iron nominal ; rails without change. Speller, firm at 61c. (gold), 9c. to 91c. currency. Lead, 61c. (gold), 9c. to 91c. currency. Tin, very quiet and without change. Antimony, quiet at 14c. to 15c. currency. (From E. F. Satterthwaite and Co.'s Weekly Circular, Dec.lB.) Per City ofParis we have advicos from New York to the 6th inst. The influx of currency from the West had caused an easier money market, borrowers on Government secu rities being freely supplied at 6 per cent., but owing to some mistrust caused by several failures commercial paper was not regarded with favour, and 8 to 10 per cent. was asked for first-class bills. Notwithstanding the favourable nature of the Secretary of the Treasury's statement, Government Bonds generally showed some weakness, especially in those descriptions not usually dealt in on the European markets. Railroad Stocks had been fairly active, and we have to note a further rise in Chicago and North Western of $6, and in Illinois Central of $4. Railroad Mortgages were well supported, and some of the best State Stocks were inquired for at advanced prices. Gold showed a continued steady downward tendency, being last quoted 37 premium. With the exception of some few largo transactions there has been but little business during the week in American Government securities on the London market ; the final quotations, however, show a slight advance on the prices of this day week. Erie shares have been in good demand, and at 491 to 50, the closing price, show an improvement of one-and-a-half per cent.. Illinois Central shares have been steady at from 89 to 90, and the Seven per Cent. Construction Bonds have been in good demand, higher rates having been paid for them; the Six per Cent. Sterling Redemption Bonds have also been more inquired for. Atlantic and Great Western Debentures are slightly stronger, but the Consoli dated Bonds are without change. (From Messrs. Bowles, Drevet, and Co.'s Cirular.) Paris, Dec. 20, 1867. The general market has been fairly active, but without material change iu values or marked feature of interest. United States Government Bonds have benefited from the low rates of gold reported from New York, and the rejection by Congress of the propositions for their re demption in currency. The issue of 1847, maturing Dec. 31st, 1867, and largely held in Europe, is being cashed by bankers hero at full gold rates. We quote : For the issue of 1862 For the issue of 1864 For the issue of 1865 Our advices from New York are to the 17th instant. Gold United States Bonds, 1862 (currency) loB* The Rente closes at 6Bf. 55c. The Italian closes at Exchange ou London 2sf. 15c. (From Messrs. Belding, Keith, and Co.'s Circular.) FRMAY, Dec. 20. There has been a considerable amount of activity in the market for American Securities, and prices in most in stances have advanced. This has been chiefly owing to the steady decline in the price of gold, which is now quoted in Now York at 134. Five-Twenties of the 1862 issue have advanced i per cent. during the week, and opened this morning 71j. 72k. A like improvement has taken place in 1865'5, which were last quoted 74 g. Ten• Forties have not changed at all, and remain at 67i 68i. Illinois Central Railway shares have declined I per cent. during the week, and opened at 89 90. There has been an im provement in Erie Railway shares of 1 per cent. They were last quoted 49 50. The last quotation for Atlantic and Great Western Con - solidated Mortgage Bonds was 19 20, shbwing no change during the week. SPORTING INTELLIGENCE, (From the Newmarket Correspondent of the Racing Times.) Sir Joseph Hawley may with truth be called the lucky baronet, as he has already won three Derbys, whilst some gentlemen much older than himself have laboured in vain all their lives to achieve such an honour, and having much larger studs of horses than Sir Joseph cannot even get a situation. Nearly all the sporting writers during the past week have thrust the Two Thousand, One Thousand, and Derby on him with Rosicrucian and Green Sleeve, so that fortune is likely to beset Sir Joseph again in the year 1868, with both hands full—that is if we are to believe all the prophets who have thrust such greatness on his head. I am afraid it will be too much for one man to bear all in one year—although a less excitable man, in my opinion, does not exist than Sir Joseph ; for it - was really astonishing to see how calmly he born the disappoint ment of losing the Champagne Stakes at Doncaster, after he had won as he thought, and would have landed a large sum in buts. He smoked his cigar, and looked as uncon cerned as if nothing had happened to disturb his temper, when a lot of low fellows that perhaps had a sovereign on were making use of the most filthy language against poor Wells, who felt the mistake he had made most keenly him self ; and although Wells had met with many a breeze before he never had such a blow. I have seen him my self lay, as I thought, dead on four different racecourses. The first time was at Walsall, about 17 years ago ; the next was at Northampton, when he rode a mare of Mr. Payne's. She fell and broke her neck, and nearly killed him ; then at Hampton Court he met with a severe injury, when it was reported he was dead. The next, and I hope the last, accident ho will ever meet with was at Chester, when he rode Summersido iu the Deo Stakes. This, I believe, in another sense, was the most severe shaking he ever had ; but I am quite sure, from what I know of Wells, that if all the misfortunes ho has had through lila were more than three times doubled, they were nothing to compare to what he felt after the unfortunate mis take he made at Doncaster. I should not have alluded to this unpleasant subject here, only I seo every week one or two sporting writers oall the mistake a most unpardonable offence, but I have no doubt Sir Joseph is aware that nothing becomes a man with half so good a grace as mercy does. He has forgiven him, and I hope Wells will have the good fortune to win him another Derby, which, I am sure, would bo a consummation de voutly to be wished by that famous jockey. But however I may respect the cherry and black cap myself, I must differ in opinion with some of your contemporaries for, to take public running as my guide, I canno see how Sir Joseph can beat Lady Alizalseth, for I feel sure Blue Gown is not within 141 b. oft he Marquis's filly ; and suppose, for the sake of argument, that Lady Elizabeth had been kept quiet all the year for the Middle Park Plate, and had the maiden allowance the same as Green Sleeve had, I wonder what she would have done with Sir Joseph's two ? In my opinion, she would have cantered in. It is admitted on all sides that she settled Grimstone, as he never recovered his two severe races at Epsom, an d , surely it must have taken something out of th e filly; an d yet we are told she can't stay. But, in my opinion, we never have seen such a filly as Lady Elizabeth, an d whenever I have differed in opinion from other sporting writers I have always had the satisfaction of seeing nil predictions realised to the letter. It will be remembere d that a correspondent stated last winter that the Dragon would come to sto 1, and The Rake go to 30. I stated 'the following week that The Rako would see 4 to 1, and the Dragon go to 40, which was verified, as they took 3 t° 1 about The Rake at Bath, and I saw him backed agains t Vauban for two thousand pounds ; and I am confident had he not broken a blood vessel he would have won the Derby', especially from what I saw him do with Friponnier ; an d be yond doubt the latter is the best 3-year-old we have seen out this year. Sir Joseph must have a great chance of winning the Two Thousand Guineas, but, in my opinion , he must pull out Rosicrucian to win, as I have not such high opinion of Green Sleeve as some people ban as I am persuaded liosicrucian would have beat her hau he nct stumbled in the race ; and 1 am not sure sbo can beat Formosa, as the latter was giving her 10Ib°' the last time they met, and was not more than a length from Sir Joseph's pair. I have a very high opinion of Formosa, as I cannot forget how she cantered away from Suffolk and Leonie in the Chesterfield Stakes at New market ; and the latter was not within 101bs. of her best form when she rau second to Rosicrucian in the Criterion' as she had been dead amiss the week before, and had only recovered the week before she ran lit Shrewsbury. In my opinion that was the seco nd best two-year-old pal formance that I Caw last year, when she cantered away from Knight of the Garter and some other good old horses at a difference of only 91b4 and I really think she would have beaten any two year old in England that day bar Lady Elizabeth, as she woe .fully 141 b. better than when she ran in the Criterion ; and should she be all right and meet Green Sleeve in the One Thousand Guineas, it will be seen who is corrects for I don't think anything on four lege on° beat Leonia when she is well bar Lady Eliz a ; beth. We are told Lady Coventry i s as good' but I doubt it ; besides, they are not in the same interests as it will be remembered that the latter ran in Lord Jer sey's colours on her first and last appearance in public ; but one would suppose that Dawson has an interest in Lady Coventry, as Lord Jersey has taken all his horse° from Newmarket, except this fine daughter of Dund ee There are a lot of horses in the Two Thousand Guineas that are written about every week as having a chance, not good enough to win a handicap. I have no fancy for Typhoeus or Rabican, although 1 suppose the French stable will have a Derby favourite some time this year, for th e public can't forget Gladiateur for another year or two. Pace is one of the grandest-looking horses at Newmarket' and if Mat Dawson can only get him to stand a prepara' tion he will beat all the horses at head-quarters, wh en ever he meets 'them either for the Two Thousand or Derby ; but J shall keep your readers well posted from headquarters as soon as the horses get into strong -work. We can toll hut very little about them at present, as they are only cantering about to keep them in healthy exercise' It will be seen from the foregoing remarks that I 'anal Rosicrucian or Formosa for the Two Thousand, Lo l l Elizabeth for the Derby, and if she is pulled out for the One Thousand she will win ; if not, I shall stand L.°" RACING FIXT FEBR Lincoln lB Harrow 2O MA Liverpool Spring M 3 Chelmsford Spring M 10 West Dray ton l2 AP Durham Hendon l3 Newmarket Craven 13 Chester 5 Winchester York Spring Salisbury l4 West Drayton 1 Croydon 2d Summer Ascot Summer 9 Windsor Summer JII. Worcester Summer Newmarket July 7 Reading Liverpool l6 AUG Brighton Brighton Club 6 Lewes Summer Wolverhampton ll Stockton Windsor Eghani lB Hastings SEPT] Warwick 1 Abingdon 3 Leicester Doncaster 8 Richmond OCT Bedford 1 Newmarket 2d October 5 Cheltenham l3 NOVI RES FOR 1868. LARY. 25 Nottingham Spring .... Derby Spring ............ ;011. ?.4 Epsom Spring /looting Northampton ............ tn. 21 Lewos Spring ........ ... 21 Newmarket Ist Spring .Y. 19 Bath Croydon Ist Summer Harpenden ........... Epsom Summer NE. Bibury Club ............... Stockbridge ............ V o " I I Chelmsford Summer Alexandra Park......... us' LY. 21 Huntingdon ............... l g Nottingham July ...... 3 Goodwood ............... UST. 1 9 York Oxford Canterbury 25 Derby Summer Weymouth Lichfield Tunbridge AMER. 11 Kelso ll 1 Hendon l9 Monmouth ... Newmarket Ist October 2 9 ‘ West Drayton .......... 'BER. Newmarket Houghton !,9/ Worcester ............... Shrewsbury !MBE 10 •• MERCANTILE SHIP NEWS. St. Croix, Nov. 27.—There have been over 100 sh° cks , of earthquake since Nov. 18, and the town of Freder.o‘ lo stad has been much destroyed, principally by the was h in of the sea. St. Thomas, Nov 27 —A part o the car o ° . in a very damaged condition, has been saved from the „ lumbian, screw steamer, from Liverpool, sunk here ve 29. and has been sold. London Custom-house Dec. 18.—Vessels entered i ll ; wards—The Nannie F. Bell and the Marcia C. Dap , f rcl m r New York. Entered • outwards—The Prince George , New Orleans. Vessels spoken with—The Harriet Lila say, Boston to Buenos Ayres, Oct. 28, lat. 3 N., loog' 3 o, W.; a brig-rigged Cunard steamer, bound east, No v lat. 43 N. long. 59 W. ; an Inman steamer, bound e 8 r , Dec. 2, lat. 41 N., long. 61 W. Gravesend, Dec. 18.- 4 18. rived, the Liverpool, from New York. Liverpool, Dee. 1 , —Sailed, the Sidon, screw steamer, the Oily of Lond°.; the Nebraska, screw steamer, and tho Denmark, for Se" York. Off Crookhaven, Dec. 19.—Arrived, the Pennsylvania' for New York. NT if Dublin, Dec. 17.—Arrived, the Fred Bliss, from 4- 4 York. New York, Dec. 7.—The D. G. Bigelow, barque, from Liverpool, arrived yesterday, had her stern and cutsva t °9,. started, having had strong north-west gales the entire Pil o sage, and reports having passed, on November 1 8 , n • 44 N., long. 57 W., a vessel of about 800 tons burden, t'rof parently a barque, with nothing but her broadside out at water. She appeared to have been but a short time ti" condition. London Custom House, Dec. 19.—Vessel entered wards.—The Liverpool, from New York. est i/ Vessel Spoken With.—The Kedar, London to Francisco, Oct. 29, lat. 56 S, long. 13 E. Foreign Mail Packet List. MAILS DUE. 19. Australia and New Zealand, via Southampton ..... Jan* . 3. Ditto, via Marseilles Ditto, via Panama ......... ........ ........ Brazil, Buenos Ayres, and Monte Video Jan 5 ' Ditto, by French packet Cape Verde, by Brazil packet 4,11. 5 ' • 23, Cape of Good Hope. Ascension. and St. Helena... •De 3• China, Penang, and Singapore, via Southampton—Ja n. Ditto, via Marseilles • Falkland Islands Gibraltar, via southamotott Dec. Dom' 2-* India, via Southampton 20 Ditto, via Marseilles Malta, lilgypt, Sac. De 3" Ditto, Marseilles pee- Mauritius, Cape of Good Hope, and Natal, via Southampton .101 1.19' Ditto, Marseilles Jan. 13, 3 Newfoundlts LC .. Jan. 1 ,, Portugal ...„ Jan. " Ditto, by pr v le ship to Oporto .. Ditto .tto to Lisbon United States, anada, California, Sm., by British packet Ditto, by L tited States packet Ditto ditto 'New York) Ditto aitto 'Ntw York) Ditto dittk (Baltimore) Ditto, by Canadian packet West Coast of Aim a, Madeira, and Teneriffa JO' West Incites and Pazific ;except Mexico and Balla- 30. ea mas) De• Cuba and Mexico Jan. 9. .. 1 Bahamas, via New York Bermuda, via Halifax Births. LAMBERT—On the 20th inst., at the Castle, Dau' z ' Lad Fanny ambart, of a son WOOD- On the L 23d inst., at 10,. The Terme°, re ch.-"°l' rye, Mrs. henry Wood, of a sun. Marriages. t MILLIN'GTON—SKELTON—On the 23d inst., at St. - . ti lleg -1 Sutton Bridge, lierbort MiLington. E q., of the () (1 Leamington, to Emma Ann, third daughter of SP Skelton, Esq., of Sutton Bridge. MONROE —3IOI:LE —Oa the 23d inst., at St• Church, Richmond, Surrey, John Monroe, lA;',, of barrister-at-law, Dublin, to Lizzie, fourth dtugl-R W. Moule, Esq. Deaths. r CLERK-On the 23d inst., at Peuicuik ILI e jciii-f burgh, the Right Hon. Sir George Clerk, of Bart., aged 81. O'GR&DY -On the 21st the Hon. John Commander RN., sou of the Ist Viscount Guillatro9 te a TRACY—On the 23d iut., at Northlands, Cheltenll3l lion. Frances Hanbury Tracy, second da u g hter first Lord Sudeloy, of Toddington, Gloucester. No I London : Printed and Published by WILLL&3I A NV is r Strand, No. 112, Strand, Printer, at Tam SUN ODle e, „;tl Strand, in the Precinct of the Se voy, in the v . " 2aidalesoZ,-Wedneaday, December 25, 1807. A . FTER C After Drury-I After Hayma After Adelph After Olymp! After Strand After New R After St. Jan After Prince ..don Singing a M TIIE NON L DNCIIEON CUISI W "e. Private rc "xT OFF TO OR On and after Mt. to One a.n prize celebrai rrize Medal. It 18 Pure, Mi Sold in Bottle the Agents in t 8, GM) Observe the I " 11 '9 LL Whisl 1 1 r ') : U1 : ; ; ,r r e t 3 Leil free I ,: M°.n u t i; eNt : 74 , RUSSELL e A.RGYLL This magniflit havinc. been E by ivie s ssrs. Rnl for the AUTITI Selo Cornet, DI NIADAM A Life-size 1 ABYSSINIA, Bnglind, Amei „..idexing-day, ft 14 0lidays. Iron 48 .; children u NIADAIV PORT added to the C in the morning the morning ti sears of age, 6 T n During th lON from PNFERS, I MERRY CE Principal Renry ; Mes Pull Band a Messrs. Pa.cii COMEDY TER, 11 AR: RICHARDS an in Eng Mr. E. W. day next, th , STODARE' Private lx nienaie, WES 7 Mr. SAVE X the flattering lowing talent botraNE, the brist ; •GEorta (Who are alb other artiste 1 appearance); Comic Singe _▪ EaRSE (her Provincial pr TamuniE, tl successful pr Fall Orche ✓layer, will Flute Player. Special Nc tient, the do , in the prices at Mitchell's St. James's; o'clock. QPANI ALEJ Produces 10s. 6d.; sei 248, High W " in preparation Moving the 218, high I 111111 - AIF Lo Ladle or as. 6d., ss. —liad of GRE) AL immediate effect. Pr and 144 .1 RA' ilnous hai: skin. Pri IMI ski 'I'IIBLE 2e. 9d. an , 245, nigh R AI ten clays 1 an occasi 248, High Ju , lJ GI a ,,irpearan ziad of a G. R] This H ilabed at &Tams. I Brai Pa iuted, f 8 PI Aid to kt the off rim} At, bf their tave bey of the tore, the try, will tower p, Messrs. Argyll -1 iIEALI ~U No. 5!