The Sun. — London, England, 1867-12-19 00:00:00

tristmas . HopVTOOd __._................'.'"'"...'........ rtubt: RE, Dec. 1 8 . ral Ilighaes.° acess Beatr ice ' Swig-Holstel°2' luar ter-past th e e3s 1 °sport ill Tene Highli this morning' ce. Prin ce° • Flora Aill e ' t, attended 11 'his Day. :NCH. TigES' V. wiLTO . )out four ho u ci is intentio n the containing assertions on action, aPP o a f Baron, th e against A committee' aside the el oc ' , 'due icaluenceit his period L.oin this e 13,, to have,. '. D d Sir ri', o Sir R. ,wledge Lion which b 3, s subsequ cutl ' Wasou mak er r of the Co lg r a Bench as 1.4 3 ely prePa re ' s , " Of Lord n which al ' Cli % Of .tho 3rstOod Ir. 1% 'anon . illy sent 111° a ly two 11 , 01 !, lad suffer ea ;; put uP° 3 „Ar l e streu o ". ov , ourse of astir 1 who d ig : t d ibel, ands k t bet a nd the f ur s 00 columns, c4 he ell v ents had mee t e should n in" g entlee 3s " n himsel f I' i,q• —This p chlncred rf‘te°' / :ANT o jat' of rules • eoiF Id ec .G. 14, to ti l. ' ° 00 by the ot rOli (j r to accla ad of Ve r ", to pa y to fLiic , e 3rett, the r 4 . ,/ 10 sum °f EA An inga oeto )dy of. 1 . , A go:. shootio 1.. a bir d fc ot'o't .to p s ori sto anc i rj , be e lf is out. id ex pres . o 4o 00' ild exerclw letter t° ° es ti!' n dt` t c rap_r be 1. 1 when dto -1 3 brig a are a so-cal e ,410 ,1 , e xting li % to 0 pour co tr the De l/ O r ' d 17/ Fe ro °Pet i t e oni o ° o r ces s pe' alm° ticoate• trt of r, 0 1 $ j ol the 1° 1 1 : 0 0 0 5 geth er op e cor ew Co ll=ll Th e t oe titldd ros (lou r t o de id e nly o f SP t iou ntaii' s ,kfr.,oo oteristic,;ito, ,ng fob -" )j iss tir s,o sung I ' f , tiV ) l;t ° Grigo',„ r oc k' ) • , picot' 0 led lio , 10 , 0 F rdul' e aiol 7 ' v el' ' cl3c) e 1 4 0 f acter o _ ieo tli t ce ,m 'sin ef flu ts prol ir itl: wring du de Ti ts ne olo l ti " 9 Ching stO Of 1110 ler Y 00 best f 3.1 (I.(J . Pt Li ' of I St , bie f lar-in" s v ec ret i 7oo l jader - 60 , ( 0 0 eo o' t th e _p c ool ei ves i : 0 the • ° t° 4 l 3 ivi are g b ,,a , o f thel' e - icPcJ aSea TlO -c EY MARKET AND COMMERCIAL INTRLLIGENCE. TWELVE O'CLOCK. At the weekly Court of the Directors of the Bank of England this morning, no alteration was an nounced in the minimum rate of discount, which still remains at 2 per cent. In the general market there continues to be a fair demand, and the rates current are in most instances fully equal to the Bank minimum. At a meeting of the Grand Trunk Railway Com pany of Canada the report of Captain Tyler, who 14 8 just returned from his mission to Canada, was discused, The biddings for bills on India took place yester day at the Bank of England, and 12,30,000 rs. (£ 1 23,000) were allotted to Calcutta. The mini• Ilium price was fixed, as before, at ls. 11d. on Calcutta and Madras, and all tenders at above that price will be allotted in full. The return of traffic of the Ottoman Railway for the week ending Dec. 1, 1867, amounted to £1,009, against £787 of the corresponding week of 18 66, showing an increase of £221. The shares of the Auglo-Argentine Company Were to-day quoted at Ito prem. The directJrs of the Chontales Gold and Silver Mines have received advices from the mines dated 9 th November, 1867. Cholera has entirely disap peared from the mines. The health of the establish ment is satisfactory. Native labourers still scarce, but expected soon to return. The general prospects pinch more encouraging. The remittance of gold Was 245 ounces. At a general meeting of the shareholders of the Great Wheal Vor United Mines Company, held this day (George Noakes, Esq., in the chair), the reports read were considered highly satisfactory, and show that the mine has considerably improved since the last meeting. There is every probability of a lasting and profitable mine for some time yet to come. The accounts made up to-day showed a balance in hard of £5,010 after paying all liabilities. A dividend of 7s. 6d. per share on 5,908 shares (amounting to £2,215 10s.) was declared, and the usual vote of thanks to the chairman and committee terminated the proceedings. The New Honduras Loan is firm, at 1 to 2 Prem. Atlantic and Great Western Railway Debentures remain firm at 221 23k, and the Consolidated Mort gage Bonds at 19 19f. The last week's railway receipts, ascertained up to this day, ars in round figures as under 1867. 1866. Great Western . . . 71,827 71,379 North Western -.122,679 120,450 Beath Western 21,785 22,059 Brighton ... 20,495 19,820 Midland *** ••• 51027 47,072 South Eastern *:: ... 22,617 21,907 Great Northern 43,264 42,472 Lancashire and Yorkshire... ... 45,111 44, 153 tristol and Exeter ... ... 7,150 6,891 North Eastern . ... 66,894 68 , 789 ianchester Sheffield and Lincoln ... 20,693 21 , 261 Great Eastern ... ... 33, 736 34,458 London, Chatham, .a . n . d Doper ... 8,643 8,447 ketropolitan. ... 4,741 4 , 530 North British- ... 25,154 2 4 , 393 1 11 4 , 4g0w and South . WesteTn 9,611 9,413 Midland and Great Western of Ireland 5,092 5,251 These returns, when compared with those of the Corresponding period of last year, are generally of a satisfactory character. On the Great Western there is an increase of £448 ; on the Xorth-Western, of £2,229 ; on the Brighton, of £675 ; on the Midland, of £3,995 ; on the South -Eastern, of £3,600 ; on the Great Northern, of £792 ; on the Lancashire and Yorkshire, of L 958 ; on the Bristol and Exeter, of £339 ; on the On the London, Chatham, and Dover,, of £196 ; On the Metropolitan, of £211; and on the North British, of £761 ; while the South-Western shows a decrease of £274 ; the North-Eastern, of £1,895; the Manchester, Sheffield, and Lincoln, of £568 ; and the Great Eastern, of £722. The Manchester markets during the last fort 4ight are thus commented on by Messrs. Alexander Collie and Co.:-" During the past fortnight the total absence of speculation ia cotton and piece goods, as well as the absence of general and steady confidence to which the now very low scale of prices seems to encourage a return, have made themselves observable in the eagerness of planters and holders of American cotton to quit their stocks `e'ven at prices which, it is believed, entail loss upon them. This exhibition of weakness on their part 'has inilueittecl injuriously the course of cotton at Liverpool, cotton goods here and cotton goods in the East and induces the most extreme caution ou the part of shippers. The opinion is becoming pretty general that, not withstanding the scarcity of money in the south, a nd:consequent necessity to effect sales of the crop, t he Americans will ere long become steadier holders, because the chief outlets for manufacturers, although giving way with every report of cheaper cotton, "ill leave a handsome margin upon present Manchester prices, and thus encourage te hope that consumption of cotton will increase, and l ead to firm, if not higher rates. The repeal of their export tax, which is now so much urged, would, it is inferred, only enable them to retrieve past losses without fur. her yielding in price, for the other qualities have only declined to present values In order to maintain their relative positions in th • C onsumption, not that cheaper production or greater ° a bundance enables them to do so. Messrs. Stern Brothers have announced to the public that his Majesty the King of Portugal, by a decree under date of the 16th of December, has authorised the creation of £5,500,000 nominal capital 3 per cent. stock, and that they have entered into a contract with the Portuguese Go- l 'eriameut for the negotiation of the same. It ap- Pears that £750,000 has already been disposed of ; £ 1.,000,000 is reserved for Portugal, and the con tractors are now prepared to receive applications f or the remaining £3,750,000. Bonds, to bearer a re proposed in amounts of £lOO and £5OO, bear ing interest at 3 per cent. per annum, payable half Yearly, on Jan. 1 and July 1, at the Portuguese Fi 33naeial Commission in London in pounds sterling; ' ll Paris, at the Exchange, of 25f. 25c. ; aad at Amsterdam, at 11 guilders 80c. per pound. The Price of issue is 38i for every £lOO stock, with inte rest from July 1, 1867, payable as follows :--£5 per neut. on application, £5 OR allotment; £5 Jan. 30, 186 8, deducting 11 per cent. dividend (less income t ax), due Jan. 1, 1868 ; £5 March 30 ; £lO May 30 , and £8 10s. per cent. June 30, total 38f. Sub aeriptions will be received in London by Messrs. stern Brothers, and in Lisbon and Oporto by 41essrs. Fonsecas Santos and Viauna. With the P r ice of issue at 38k, inclusive of the January ? 11 Pon of 1f per cent. and the discounts on pay `Lients in full equivalent to 9-16 per cent. the net Price is less than 36k, and will yield the investor, av ailing himself of all the advantages offered, nearly 81 per cent. This loan is merely a substi tution of Interior Stock pledged for temporary i ( 'nos raised by the Government, which stock L a a s, in accordance with the loan of the Ist 1867, to be cancelled against the issue of the ;a e w loan ; the latter, therefore, will not add to : Is ting charges on the revenue, but rather di inisll them by substituting funded debt for p,stigfloat debts, bearing very high rates of interest and 0 7 1 nission. When the Cortes last met £ 520 ,000 e n ew taxes were voted, the collection of which will has in January, 1868. The Government a s decreed, and has commenced to carry out, the sale of the landed properties belonging to time ea tlni cipalities and hospitals, which at the lowest v 141 ate are valued at £2,500,000, and this il rit 4t by law be invested in Government Seca % 1 "' In Portugal there is an institution for e security itl of stockholders which does not exist cr a nY other country, called the Junta of Public edit. It appears that 'every' year certain taxes are han ds by th e C or t ex t o b e p a id direct into the " of this institution, to be applied for the pay -ent - nf the interest on the external and internal h e t' and it very often happens that the interest on at,.iaternal stock is paid three months in advance. 43 b en Portugese Story is now largely dealt in and at Amsterdam and London at 40k. ..,b r te,Ording Two O'CLOCK. to Reuter's telegram this morning the t ,_ u_Rentes were 68f. 75c. Firm. L'uglifill Securities remain inactive, and the tone is generally dull. Uneasiness prevails in many minds with respect to domestic matters, and the Market still shows a downward tendency. Consols are 921 for money, and 924 for the account, the latter price being * per cent. lower. The New Threes and Reduced Annuities are 928 3 ; Exchequer Bills, 255. prem. ; India 5 per Cents., 1124 111-1 ; Enfaced ditto, 1054; and ditto Debentures. 1873, 1051. Iu the Foreign Market few variations have oc curred, there being a very restricted business. Italian are at t he same quotations at which they left off last night, viz., 45 4 ; and the following are also unaltered :—Greek, 121- 13 ; Mexican, 15i ; Spanish Passive, 26 ; and the 3 per Cents. Stock, 36 ; Turkish 5 per Cents., however, are i f lower, at 33 I. American Securities generally show rather more firmness. United States 5-20 Bonds have ad v.lnced i t , to 724 ; Eric shares t, to 50 50f ; and Illinois shares 1, to 90 91. The Market for English Railway Shares again exhibits considerable excitement, a species of panic being apparent, and sales are being pressed in most of the principal undertakings. Caledonian have further declined *, Great Eabtern *, and South- Eastern * ; North-Western 1/, Metropolitan 14, Great Northern 2, Lancashire and Yorkshire 2, and Midland 34. The following are the latest current quotations of same of the principal shares : Great Western, 44i 44 ; Leeds, 118 119 ; Londons, 1121 ; 991 100 ; Brighton, 501 51; Caledonians, 74i 751; Chathains, 18/ 18i; Great Northern, 108 109; ditto A Stock, 109 110; Metropolitan, 1101; South-Eastern, 661 ; Sheffield, 44/ 45 ; North- Eastern (Berwick), 99 100 ; ditto (York), 92 93 ; North British, 33 34; Great Eastern, 3li. In the Foreign and Colonial lines there has not been much variation. Great Luxembourg are marked 8 15-16ths ; San Paulo 17/ ; Great Wes tern of Canada have declined to 161 j; Bombay and Baroda remain at 1041 ; and Great Indian Peninsula at 1101. Batik shares - are dull, Agra being dealt in at 7j, Imperial at 181 1, London and County 54/ I, and London and Westminster Scrip at 371. Miscellaneous and Finance Shares in one or two instances are a shade firmer. Atlantic Telegraph Old Stock has improved to 44/ ; Viceroy of Egypt's Mortgage Loan, to 721 ; while City Offices are marked 5t 6 ; and Anglo-American Telegraph, 19 19/. MININ G MARKET. THURSDAY, Two P.M. Business in the market to-day continues very inactive. Seton, North Crofty, Chiverton Moor, and West Caradon have been dealt in at a decline. Annexed are the latest quotations : East Oarn Brea, 2121; Chiverton Moor, 51 51 ; Chontales Gold, 31 3}; Clifford Amalgamated, 51 6; East Basset, -- - ; East Caradon, 5 51 ; East Lovell, --; East Russell, 25s 30s; Frontino and Bolivia Gold, 18s Od 20x; Great Lacey, 171 184 ; Great Retallick, ; Great Wh al Vor, 17 18; Marke —; North Crofty, 21 21; North Treskerby, 30s 32s 6d ; Prince of Wales, 48s 503 ; 'West Basset, 21 21 ; South Caradon —; South Frances, 24s 26s ; Tincreft, —; Wrest Caradon, 10 . 11; West Chiver ton, 65 67 ; West Seton, 190 195 ; Wheal Basset, 721 771; Wheal Grenville, 26s 28s; Wheal Mary Ann, 19 21; Wheal Seton, 85 90 ; Great South Tolgus, 20s 22s 6d ; Eaat Gunnis Lake and South Bedford, --s Od —s Od ; East Wheal Grenville, 26s 28s; Wheal Basset, 72/ 771; W es t Frances, 9 11; Wheal Buller, 16 18. BRITISH FUNDS—TWO O'CLOCK. GOVERNMENT FUNDS. 3 per Oent. Console Do. Account, 3 per Cent. Reduced 9 2 i New 3 per Cont 92 New 21 per Cont. Jan. 1894 Do. 5 per Coin. oan. 1873 Annuities, 80 vrs, expire sth Jan., 1880. Do. for 30 yrs, expire sth April 1885 — Do (Rod Sea Tele6raph), Au g ., 1908 — EKchoquer Bills, £l,OOO, 2 &21 por Ct 25 pin Do £5OO 25 pin Do. £lOO 34 £2OO 25 pat Bank of England Stock. 44 per Cent Do. Account INDIAN JOVEItNMENT SECURITIES. Italia , ' :took, 104 per Cent., April 1871 — Do. Account Do. 5 per Cent. July, 1881) Do. 4 per Cent., Oct. 180 Do. Certificates Do. Enfaced Paper 4 per Gen' — Do. 5 per Cent., Jan. 1872 Do. 5 per Cent., May 1879 — Do. 5 por.Cent., Rup. Deb., 1872 — Do. ~. do. 1877 — Do. do. 188' ) Do Deb.,- 5 per Cent., Aug. 1873 Do. Bonds, 5 per Cent., £l,000 Do. under .£l.000 • FOREIGN FUNDS—TWO O'CLOCK. A-2;entine Republic, 6 per Cont — A.t-,trian Bonds, 5 per Cent. 1859 L • tribal 5 per Cent — Da.''. poi. Cent., 1852-58-60 Do. 1866 Do. .- ner Cent., 1865 — Do A , 7,otrot 761 t Do. _:100 Bonds Bre-o , Ayces 6 per Cent. DJ 2 ,oar Cent. (Deferred 6 per Cent.) C •dr„ 6 ner Cent. o_.•kian6lor Con' lO2 Do. 4i Pe . .. Cent — Do. 6 per Ceot., B • Do., 1667 Do., 7 per Cent., 1806 ' 94 Do., Scrip' £32 paid C 7. Mbia.o, 6 per Cent.. Danish 3p n . Cent., 1825. D atunian Principalities, 7 periCent — Do 8 per Cent., 1867 — B I.7ador New . Consolidated, - 1 per Celli_ tggyptiar, 7 per Cent —* i ie. Set odd Issue ....t., ..... D . £5lO Bonds Do. .£lOO Bonds 1/4.. 1.M;4 ...‘. P. 5 in lionis — Do. £lOO Bonds ..... 871 6 Government Railway Debentures .... 93 Greek, 5 per Cent., 1824-5, ex Coups — Do. Account , , 13 Do. Coupons Do. Account .•• Giatemala 5 per Cent . — It.,ian 5 per Cert., 1865 Do, Account :.:o. Maremmana Railway Nl. , xicar. 3 per Cent Ditto for Account Do. 1864 Do 6 per Cont. Anglo-French ‘lontevidsto: i:: per Cent. . noorish imperial 5 per Cent New (3ranacia , ... Do 3 per Con Do. Deferral Do Laud Warr tnts (dectares) Pervrian 5 per Cent. 1865 — Do Account Do 41 per Cent. (Uri barren) Do 41 per Cent., 1812 Do Ace( u Porzuguese 3 per Ct.,185: 1 , '6, '7, '9,'60,'2,'3 401 40 4 aus3ian 5 per Cent., 1822, £ St Do 41 per Cent. 1850 Do 41 per Cent., 1860 Do 3 per Cent., 1859 Do 5 per Cent~ 1162 Do. Auglo-Dutc:i, 1864, £lOO Bonds — Du. do. £Bl 15s. do. Do., 1866, £lOO Bonds BB Do. do. £84155. do Bll Sardinian, 5 per Cent Spanish 3 per Cen Do Account Do New Deferrect Do Account Do Passive Do Acc.ant Do Com. Cert. of Con j.. not funded Do Account Turkish 6 per Cent., 1854 Do Account Do 6 per Cent. 1858 Do Account Do £lOO Bonds Do 6 per Cent., 1862.. ••• Do Account Do £lOO Bonds 6ll Do. 1863 Do 5 per Cent., 1865 Do Account Do 6 per Cent., 1865 D) -1 per Cent., Guaranteed Venezuela, 3 per Cent. Do Account Do 6 per Cont., 1862 DJ 6 per Cent. 1864 Dividanus on the above payable iu Londou Austrian o par Cent. Ex 10 Florins .„ Belgi ,n, 41 per cent., Ex. 25f. zi per Cent. Ex. 12 G'uil, Do. 4 per Cent. Certificates .... French lientes, 3 per Cent., Ex. 25f. — Italian 5 per Cent. 1831, Ex. 25f. Do. Account TITO O'CLOCK. Consols, Money 9 21 1 921 Do. Account [The following appeared in oar Latest Nation of yosior gay evoking.' CITY, HALF-PAST FOUR O'CLOCK. The market for the English Funds is still very depressed. Consols have further. fallen I, to 921 for money, and 924 92/1 for the account. Midland Railway shares have been a shade firmer, closing at 102 f 103. _ . The following were the closing quotations of some of the principal railway companies shares : tHE N, LON ;;0 1 ..N, THURSD E ENING. DECEMBER 19, 1867. Caledonian, 74 to 751; Great Eastern, 311 to 311 ; Great Northern, 1081 to 1091; Great Western, 431 to 441 ; Lancashire and Yorkshire, 1221 to 123/ ; Brighton, 501 to 51. ; Metropolitan, 113 to 114 ; Midland, 1021 to 103 ; North Eastern (Berwick), 99 to 100 ; and South-Eastern, 664 to 671. Foreign Stocks iu most instances are a shade flatter. SUARE Ll6T.—This Day. - IItDINAKY SHARI:B ANL► STOCKS ;hare 'Lail wayb. 1 Closing it ' Itriatol and EitelA - ....1 ,t '- t aledonian . 1' st 't.in,nrian . - Nark and Bannun 1 :0 :orn w.ilt at Finuiin & Belfast June ), at IDiiii„Perth,& Ab.Jutie 1 00 iti.l.,oli,:tin, ourip 1.5.:;.i i 00. it tGI kis:4oW a S. Western:l at .;Great Eastern, urn. bi.k.' st I Do. E. Angl. at. No. 2 s l at ,Ci - rcat 2i ortil ul awl lawg. at Great Northern 1 st D..i. A stock . it Do. B stock. I at Do. New, s. at 25 pru! st. LitS, and W. 01 Ireland' at • Gt. Western -Original, at Do . S. Val. Rail. gua.' at Do. South Wales .... at Do. W. Mid.-Oktord, at Do. Newport at Do. Itereford at Lancashire . St Yorkshire st Landon and Blackwall st tLon., Llrigh., k S Coast, at I-on., Chat., and Dover at Do. Metrop. Ex. A at PLon.•& North Western at Lon. & South Western A. -Man., Shet., & Lincoln at. Aletropolltan.... st Do. New at Do. Extension...- at Metropolitan District 201 Do. do. .10. 10 Do. and St. John' aIV 'u at Midland - Do. Zia Share st Do, i3iriniu.. & Darby - rtid Kent . • at Noah British st Do. Ed., Pth., & Dun. at Nth. Eastern-- Berwie, 25 Do. ti.N*.k..: purchanLi st Do. Leeds at Do. York • at Do. Carlisle ..... at Do. Stock. At. Darting. • 25 Do. do, 1860-01 st North London .. - Do. do. Mir 5 .. • 10 • Do. do. 1866 at north Staffordshire at N. &S. W. Junction - Scottish Central -690 t. N. E , Aoer. stock - Do. Scot, Min.:it:kik at Shropshire Union at South Devon st mouth Eastern . 20 Staines, Wok., & Wok st Taff Vale 10 Do. C - Vale of Neath - Waterford & Kilkennyl 10 Waterloo & Whiteha il aVeat Cornwall 71. 754 2.) 3') • 2 4 74 76 10 72 116 Di Z,ll 31, 7 8 15 6 103 0: 109 111 la 1-36 95 OS 43 44 25 30 29 31 i 222 N:3l 51 62 18 19 114 114 , } 76 :8 441 /51 113 11+ 100 7 100 all 10u 100 100 16.13.+, Busine, (bens. 741 4 a 32 31 108 6 14 431 i I 122 19 20i 51 } 181 a 114 13; :41 I 45 4) 112 it 1f.2 j :92 100 i 99i 92i 9 Cei CENTRAL CRIMINAL COURT.-7 his Day. OLD COURT.. . (Before Mr. Justice Lush.) THE LIBEL ON THE COMMON SERJEANT. John Verinder, 42, oilman, was indicted for un lawfully and maliciously writing, printing, and pub lishing divers false, and scandalous, and defamatory libels concerning Thomas Chambers, the Common Sergeant of the City of London. The indictment was, however, withdrawn, and the jury were em pannelled to try the state of the prisoner's mind. The jury having come to the conclusion that the prisoner was suffering from insanity, he was ordered by the Judge to be detained during her Majesty's pleasure. SeORTING INTELLIGENCE—This Day.. ST. ALBANS RACES—This DAY. The r, enden Plate (Handicap) of 40 sous ; winners of any sweplechaso after Nov. 20 (at 11 a.m.) 71b extra. about two miles. HARPENDEN PLATE. Guido Kronberg llelice Five ram. PROGRAMAIE OF ST.'ALBANS STEEP L.ECHAS.ES FRIDAY. The Selling Handicap Plate of 30 sovs ; the winner to be sold for 40 sovs. About two miles. ' - The Luton Plate (Haadicap), of 30 sovs ; winners of any steeplechase after Nov. 2J (at 11 a.m.) 71b extra ; about two miles. Age st lb Leicester Harcourt Krouberg Joker Smite a 10 11 Northill Pearl Bal by Leopold (11 b) 6 10 9 Dionted Legerdeardu 5 10 9 Merry horn (h b) 4.10 9 Wedding Peal Black Rock 5 10 7 Signal 6 10 7 Caustic Paint Heart Crafty 4lO 0 Vici 3 10 0 Age st lb Flyfisber a 13 0 Lady New.irl a 11 7 Trap Fatueiseau .. La Pique Serious Case a 11. 3 Olihninster Darkness (It b) a 11 2 Woodbury Hill (1 b) a 11 2 Arthur Ben (h b)) a 11 2 Triumpher Robber Helice .. 5 11 0 The Guide 5 11. 0 Jacob 1 11 0 Port fire Ace of Hearts Harbinger a 10 12 The St. Albans Open Steeplechase Handicap of 15 sovs each, 10 ft, with 100 added; the winner of the Grand Metropolitan Steeplechase at Croydon 101 b, and the second in the same 51b, or any other winner after Nov. 22 (at nine a.m.) 71b extra ; weights not to be accumu lative ; about three miles and a half ; 25 subs. The highest weight accepting being list 121 b, it has been r►ised to 12st 71b, and the others in proportion. • Age st lb Ago st lb Sir Bobby ... a 12 7 Arlescott • ... a 11 2 Benazet al2 5 Cabin Boy b) 11 1 Despatch a 11 13 Badminton ... 5 10 13 Tally-ho(in.slb ex.) a 11 12 Spatchcoek. a 10 13 Hornet ... Chimney S weep(in- Greenland 6 10 _l2 eluding 101 b ex.) 5 11 11 Lawrence (h b) ... a 10 9 Pensioner (pd) Sprite, all 7 King Alfred ... 6 10 9 Patienee(h b) all 5 Harcourt (pd) ...-.„6 10 9 Tusculanum L. S. D. Clansman ... The Local Cup (the gift of the licensed victuallers in the tow and neighbourhood of St. Albans), for horseS the property of persons residing within 40 miles of St. Albans, except winners of a handicap steeplechase ; llst each ; and any winner over country 71b extra. Once round the Steeplechase Course, starting in frcnt of the Grand Stand. The Maiden Steeplechase Plate of 30 sovs ; llst 7lb each ; if beaten three times previous to the time of starting allowed 71b, twice 51b; winners after the day of entry 51b extra ; the winner to be sold for 50 sous ; about two miles. Savannah aged, Chairman a, Kilkenny 4 yrs, Penelope 6, Byfield a, Miss Franklin, Leicester 6, Signal 6, Caustic 4, Merry Maid, Peignoir a, Joker 5, The Cripple, Bold Houghton 6, Rosebud 6, Bess 5, Seakale 5, Panther a, Black Swan (h b) a. i(4 1(5 - - 11l 111, tG 82 33 35 93 101 5.+ 61 V3i 91i 130, 132 111 ilti 1 lap 5) 61 110 112 57 68 42 14 671 68/ ba 94 145 ;50 BitITISII ALINES. . 'am. Consul. Gold, lice. 1 - 'hiverton - 'lifford Amalgamated 3O 54 61 - evon G. Cons. (Taytst 1 441., 430 - rake walls ' 2.1.0 4 2 -- -East Bassett 0.1logan) 294 10 22 - ast Caradon *, H., i 6 - ast Corn BrPa 3l 2 2.1 - ast Grenville - East Gunnislake e - East Love.l 3.0.0. 8 9 - E. WI Russell (Tavistk 11.7.6 14 2 - S tAubyn(G - Nen. 66 4 5 4 Great Laxey, limited ail 17 18 - Great South Tolg.us u. - Great Wheal dusy 14.9.6 - - (i. Wheal Vor ( lielst • 0 it. 17 19 - - lierod's loot b. - ilingston Gowns 5.10. 21 - llargaret (Uny Lelaut 13.17.1. 6 - Aarke Valley 1.10.: 41 51 Iwyudy Iron Ore, Lim 31 21 11 - Aew S ton ....... • - North tcskear -sl.Wh Bassett(ltlogan 4.4.0 - - North Wheal Crotty - erosper United 8.11.0 2 24 - Providence (Uny Lelau 10.6.; 29 3t , Caradon (St. Ulcer) ll 380 400 - 'South Coudurrow 3.2.0 3 I i. Wheal Fran. (Illogau 18.18.9 374 424 'itray Park . 35.16. 4 6 - l'in Croft 9 13 14 - 7igra and Clog m an, a ' all est :assett (111ogaa - Caraduo (I.takeardi 1 t 1) 11 - West Clover tQn ll 7t 73 - West Seton 174 110 1:0 -I Wheal liatibrtt. '.ll.logan. ha 674 72/ - Wheal Boller i Itedruth 16 16 1 . - Wheal Mary Ann (Mnc. 8 18 20 - Wheat oeton . 584 95 100 Wheat Tiviawney ~ Lia.15.:7.0 6 8 Bitl.TlBl.l rtiSIiESSIONS. 'tit, Atlantic& Bt.Lawrence all 63 45 Baroda,4Cen.ll l . 100 IC4 i 5 1041 gu. 5 per c.nt... 0 Do. l shares lO p 1 1 . .04 11u'Tato & Lake liarot ail 31 at 1)0. Preference 100 i 6 p.c. .872-3 . ' 63 71 at Calcutta &S. E., lint.. 100 - - at ;a, e. lown A Dock, gu (00 18 2 00 /einerara, 7 p.c. per. p all 99 1. 2 at iftst. Bengal, gu., sdo 100 t 3 ithtst Indian, gu. 5 p.c. 100 , Do :4.04 - Do 1 Extension .. io - - ',and rr unkoi Ca.a.td, :tat ,7 18 )0 Do. hiquip. Mort.l;ond , 1 charge 8 p at, r-3 135 100 e•o. Ise Pref. Bonds ail 50 52 100 :to. do deterred - - [OO t)'.2o 11.,t. Bowls all 10 15 100 Do. do. deterred I ,1:1 - tOO Ito. 30 Pret.titock all 32 34 100 Do. do. deferred - - tOO Do. 4th Pref. stook al: in 201 100 Do. do. deterred - - et tit. India Pen. gua. sp.c 100 107 108 1101 10 0. Gus. 5 per cent lB - 2t, 20 Do. New gua. p.c 6 - 2 at it.Bouth of India gun. 3 per cent at D 4f per cent lou 92 94 it • Do . - 201 ;refit Wes. of Canada all 151 151 161 , ?03 I), New all - 00 .'o. 6p. c lil.b. pay. 1875 all 95 17 :01 1.0. 54 do. pay. 1877-8 all 85 e 7 10 Indian Branch, limited 3 t 4 .1 at Madras, gua. 5 p.c 100 100 109' it Do. 41 do lOO 93 95 it Do. 4/ do lOO 89 91 2) Do. t'iltlt Extcrisiot, 5 - - at Melb. Cor. 6p. c. Ends. 1 00 - - SO Itiel. A !lob. on's Bay.. all - at 'N.ll.l.C'da,6pcletpf.bs 100 63 85 at ticinde 100 100 101 at. Do. Delhi j Pi z d 10U :001 1011 IC3 21 20 ;Jo do. l5 I P DO. POD F%.,5 100 90 100 • 1 )0.1,, , his ST • 1(11 , 85 87 'lt) V At 0..e4T ..711,,U1; till / r.: - Britiab Columbia. 6 per cent., Dec. 31, 1372.... 100 - - Can.Gov.6 p.c../ a.& J lily 1877-54 Do. 6p. c. Feb. & Aug 1 ,.0 101 le3 , -- Do. sp. c. Mar. A Sept 100 101 103 - Do. sp. c. Jan. A July 100 90 92 Do. sp. c. Inscribed sk 100 89 91 - Cape U. !tope, 6 p.c.1873 100 102 104 - Do.Apl.2kOct .1890-1900 100 106 108 - JO, do 1880-0 , 100 104 1(.6 - 00. jan„ &July, 1890-9 100 11.7 109 - 5 per cent. 15 Apri. and 15 Oct., 1900-- 100 93 i 7 - lon, Nov. 1868, 6 p. , 100 - - Do. 1878, do lOO 11) 1104 - Mauritius, 6p. c, 1873, Jan. and July - Do. 1.i78 . lOO 106 108 to. 1882, Mayls, NOV. 10 , 105 107 - Do. 1895, FCI). A Aug lOO 107 1 00 - Natal 'iov. 0 per cent lOO 11.4 106 - N.8.G0v.6p.c..1a.&.1u 1 ) 100 1.3 105 - Y. S.W. Gov.s p'c.,lB 6 t , 100 - - Do. S p.c. 1871 to 1870 100 98 99 - Do. 5 P.D. 1888 to 1895 100 974 931 - New Zealand, 6p. cent 100 - Do. 5 per oent.... - Nova Scotia Gov. 6p. 0 sterling, 1875 l9O 'IQ 101 - I.lueenshind Gov. 6p. c lOO 103 104 104 - 3. Aus.Gov. 6 p,(3.1868-11 100 -- - Do. 1678 & upwards llO 110 .11 - Vlo,Gov. 6 p.c. Ja &July 100 - - - Do. do, April & Oct lOO 1 110 112 1101 riCliae hat WI; kJ II A /LK: , . Midland, Leicester and liitoben, 4i per cent., 13741 I'REFEIANCE SHARES AND STOCKS. London and S.-Western 16 per cent., 90 LtAELWAY'. Great Luxembourg, S it San P.iu10,1101., g ua. 6 per °cut., 171 FOREIGN ALINES. Chontales Gold and Silver 31inng„ 1 Urn., 3 uon reuro, Nur Ix oei Rey, 21 Pin Scottish Australia', lim., 1 St John del Rey, lira , 57 ' DOCKS. London and St. Katharine, 511 BAN lib. Agra, lim., A, 71 Imperial Bank, inn., 181 Land Mortgage Bank of India, liM., le London and County, 611 London and Scriy,37/ ILIISOICLLAZIXOUP.. Atlantic rel graph, 13 le Da 0, 8 pnr Jeut., 90 1 Bornbay Gas, inn., 4i city °Moos, Inn., 6 f •feneramUmutbus Company, lim, 11 Madras Irrigation and (;gnat (guarantee° a percent, Indian (iuvernmeut), 1(31 k;r'ental Gas, lint., 6 1 ran , ima New Ze.tia.nd and Aus. 11. Mail., bubmarine Telegraph, 7.1 Thatnes and Mersey Marine, Insurance, Ilia., 4j Universal Marine (insurance), iim., 4 Viceroy of Egypt (Mortgage) Loan, 721 PRINCESS'S THEATRE.—Mr. Roberts, acting ma nager and secretary, announces as his Benefit nights Monday and Tuesday next, on which occasions the cele brated Scottish Musical Drama, " Guy Manuering," will be performed, supported by the entire strength of the company. In addition to which Madlle. Liebbart, Mrs. Howard Paul, Mr. George Perrin, Mr. Wilford Morgan, Mr. Howard Paul, and Mr. H. Widdicomb will appear. Mr. Roberts deserves full and overflowing audienous on each evening. The quotation of gold at Paris Is about at par, and the short exchange on London is 25f. 150. per £1 sterling. On ciniparing these rates with the English Mint price (..1 .£3 iia. toad. per ounce for standard gold, it appears that gold it about 1-.oth per cent. dearer iu Paris than in Lon don. CHARGE OF MURDER. John Thompson, 35, labourer, was indicted for he wilful murder of George Frederick James. From the evidence it appeared that, on the 23d of November the deceased and some other men had ►.een to the Swan isublichouse, Hammersmith, Broadway, when the prisoner and an.)ther man, named Webb, came in, ',and began to make some remarks about a hare which Collins, a friend of the deceased, had in his hand. They left the house with prisoner and his companion, going away with them. _A quarrel:arose afterwards, when theprisoner knocked Thompson down, and the police being close at hand, the prisoner and Webb were taken to the station. The police then, as the deceased did not attempt to rise, proceeded to lift him up, when it was discovered that he had received a stab on the left side, and he appeared to be dying. He was at once taken .to the West London Hospital, where he expired a few minutes after ho had been admitted. The prisoner, Thompson, was searched at the station-house, when a pocket-knife was taken from him, upon the blade of which was a quantity of blood, quite damp. On the knife being found the prisonerodid not deny that it belonged to him ; but, on the contrary, asked that it might bereturned to him, as he wanted it. On being asked to account for the blood on the blade, he was Went. The surgeon of the hospital stated that the death of James had been produced by the wound in the side, the heart having been penetrated by the instrument used in inflicting the injury. The knife found on the prisoner would produce a wound similar to that he found on the body of the deceased. The grand jury ignored the bill against Webb, and the prisoner, therefore, was alone indicted for the of fence. The case was proceeding when we went to press NEW COURT. (Before the Common Sergeant.) James Howard was under trial in this court for a very heinous offence, for which he was committed for trial from Bow-street, but the jury had not re tured their verdict when we went to press. POLICE INTELLIGENOE.—This Day. THAMES. A STRONG AND POWERFUL MAN.—William Onion, who has b3en immortalised in the columns of Punch, was brought before Mr. Paget to answer a charge of being drunk and disorderly. _ _ . The prisoner has been repeatedly before thy) court for assaults on the police and others, and for drunkenness and disorderly conduct. Last night he was intoxicated and standing in front of a public house making a noise and pushing against every person going in and out. 1-le was taken into cus tody by Macklin, a constable, No. 162 1 - 1, and used very foul language. Paget said the prisoner was a very trouble some fellow, who was before him a few days ago, when it was proved that he recently frightened a lady out of her wits by asking her for work in a very rough manner at a late hour of the evening, and there was then another troublesome and dis orthrly man with him. On one occasion the pri soner was found to be drunk over his father's grave in Stepney Church-yard, and making a dis turbance in the middle of the night. The Prisoner—Yes ; I lost my father 36 years ago, and I sang " Father, come Home" over his grave. I had a little drink on that occasion. 1 have a veneration for my father's memory like other men. Mr. Paget— r lt was a most strange and unseemly proceeding. _ _ _ Polic , ;-sergeant Smith, No. 47 K, stated that the prisoner had been convicted at the Middlesex Ses sions for assaulting a London Duck constable, and sentenced to nine months' imprisonment and hard labour. The prisoner was a strong and powerful man, and very troublesome. Mr. Paget sentenced the prisoner to be impri soned for seven days, and kept to hard labour. 'rlie Prisoner (impudently) —Thank you, sir ; a merry Christmas to you. _ _ SWEARING IN SPECIAL CONSTABL ES.-Mr. Howell, a solicitor and vestry-clerk of the parish of St. George-in-the-East, waited on Mr. Paget this morning, and had a long conversation with him in an under tone. Mr. Howell said he had issued printed notices calling upon the inhabitant house holders to come forward and enrol themselves as special constables, and he made au arrangement with Mr. Benson yesterday that those well-disposed persons desirous of enrolling themselves as special con stables should attend the vestry hall, state their names and addresses, and afterwards proceed to the Thames Police -court to be sworn in. The in habitants, however, objected to being sworn in the police court, and to proceed there in twos and three along the streets. Besides, it was likely they would be detained if the ordinary business was prc ceeding on their arrival. Under these circumstances he bad respectfully to ask the magistrate to attend the Vestry Hall to swear in special constables. Mr. Paget said he could not without great in• convenience to the public leave the court, in which there was a heavy pressure of business. He was anxious to carry out the views of the Home Secre tary, and would swear in and enrol any inhabitant in the court, but he could not leave his post' for a distant part of the district. After some conversation, Mr. Paget said he would write to Sir Thomas Henry, the chief magi strate, to supply another police-court magistrate to swear in special constables at the Vestry Hall. The inconvenience and trouble mentioned by Mr. Howell would be entirely obviated if the precepts of the Home Office were directed to the county magistrates, who are a body of, loyal men, and are willing to act in the matter. SHIPPING INTELLIGENCE—This Day. - (By Telegraph.) URAYLSEND I Thursday Morning. Arrived, Dec. 18- Star of China, froM Shanghai. Arrived, Dec. 19—Borussa, from Gerntsehe ; Catharine Elizabeth, from Gothenburg; Bronco, fiom Cuba ; Arkara, from `'Vyborg ; Red, While, and 'Blue, from Brussels; Blanche, steamer, from Dunkirk; Victor, steamer, from Brussels ; Hatton Cayter, steamer, from Gothenburg. Sailed--Seine and Tamise, steamer, and Esther, steamer for Paris; Gosfortb, steamer, for Trieste. DEAL, Thursday Morning. Anchored, Dec. 18.—Mayflower, from Shield; for Argos teria ; Chryseie, from Sunderland, for Calcutta. Anchored, Dec. 19 —Mirella, from London for Bombay ; Arracann, from London, for Mobile. Passed—Seine et Tamiso, screw steamer, from London, for Paris; Elaine, screw steamer, from London, for lilasgow. MADAME TUSSAUD'S EXHIBITION.—A full-length portrait model, taken from life, of Frederick Baker, who is condemned to death tor .the atrocious murder of a poor little girl at Alton, is now added to the Chamber of llorrors in Baker-street. The figure of Theodorue, King of Abys sinia, continues to be a great attraction. SOUTH KENSINGTON MUSEUM.—The relict of the late Dr. Woollaston has just presented to the Art Library of the Museum a valuable series of drawings of Greek and Roman mosaics to be found iu Spain, France, Pompeii, Prussia, Ilalicarnassus, Switzerland, Rome and Italy generally, Constantine, Carthage, and also in various counties of England, which had been executed for Dr. Woollaston. LETT'S DIARIES FOR 1868 have made their an nual appearance. Tho arrangement of the matter in each of the many and various sizes in which the diaries appear seems, if it be possible, to be More than usually good. The want of every person needing a diary has been met by the Messrs. Letts, and the unusually cheap rate at which the books are published accounts for the immense circulation they have already achieved. As a recognition of the usefulness and excellence of these diaries, Messrs. Letts received the silver medal at the Paris Exhibition. • THE DUBLIA PROSECUTIONS. In dolineciion With the prosecution at Dublin of Mr. John Martin and Messrs. Waters, Scanlan, and Lalor, for taking part in the funeral procession, some unexpected incidents occurred. Before witnesses were call:d Mr. Martin offered to facilitate.the Crown in proving his con duct upon the day in question, and at a subsequent stage tendered himself for examination, but his assistance was declined. Mr. A. M. Sullivan, who had been summoned by the police, took advantage of this circumstance to deliver a characteristic address, which the magistrates but feebly endeavoured to prevent. He denounced it as a personal indignity to the editor of a national journal—the gyr a tion—to summon him as a Crown witness, and declared that he would refuse to be sworn. He avowed that he openly and deliberately took part in the proces sion ; and . althongh Mr. Murphy informed him that he did not intend to examine him, he proceeded to charge the Government with a cowardly attempt .to get him im prisoned for contempt when they dared not to prosecute him as a Fenian, knowing that they would not get a jury to convict him. After this display, which called forth some applause in court, the business was proceeded with. Superintendent Hawe was examined as to the character of the procession. He proved the wearing of crape, green ribands, and. rosettes. At one point he estimated the numbers at 25,000, including 2,000 or 3,000 women. He deposed to the speechmaking by Mr. Martin at the ceme tery. On cross-examination he admitted that every thing was orderly so far as he saw. Inspector O'Connor, the next witness, estimated the numbers at 20,000. Another epic incident occurred. - Sir J. Gray. following the example of Mr. Sullivan, addressed the..bench, as he itated, under unpleasant circumstances. At an advanced hour on Saturday he heard that the Crown "intended to .summon" some of the gentlemen connected with his establishment, and not wishing to subject them to the con sequences of a refusal, as he knew they would refuse to be examined, he called upon the Crown prosecutor, and said, " Summon me, and deal with me." He added that he attended to show his respect fer the court, but he wished " to state most distinctly that he would never consent to be examined as a Crown witness." He informed the bench that he was going to England to spend the Christmas, and would not attend, and he was generous enough to add that he did not blame the police or the Crown prosecutor,but simply desired to state " with the most profound respect for the bench and the court, I will not be a witness " a declaration which evoked loud applause in the court. Mr. Sullivan thereupon exclaimed, "It is an infamous conspiracy," and with this highly-effective situation the first act in the prosecution closed. The case was con cluded yesterday. The magistrates reserved judgment. OUTRAGE ON A Doy. — On Mondayevening, while a little boy about seven years of age, named Warrington, was playing along with some companions at a game which they called " Fenians," two Irishmen came up and laid hold of the little fellow. Then, whilst one of them held him, the other put some powder or a similar subStauce into his trousers. A light was then applied, and the poor child was very much burned. Information war given to t'ae police, but the miscreants have not yet been captured. —Yorkshire Post. GREAT JEWEL ROBBERY AT MR. CR A.CE 9 S.— A most audacious burglary and robbery of jewellery, to the value of more than £5OO, has just been committed at the family residence of Mr. J. C. Crace, the well-known art decorator, of Wigmore-street, Cavendish-square. From the most authentic informationthat can be procured on the spot, and which agrees with what has been forwarded to the various stations of the City and Metropolitan police, f(,11..e. - 7ng particulars may be relied on : On Monday even ing, between seven and nine o'clock, Mr. and Mrs. Crace and family were at dinner, according to the- usual custom of the house, and all the in-door servants were engaged in their ordinary duties, Mr. Frederick Crace, in consequence of a very severe cold, being confined to his room. During the progress of the dinner one of the female servants had occasion to speak to Mrs. Crace, and thinking that lady had retired to her room, went there and knocked. No answer being given, the servant knocked a second time, and then tried the door, when she found it fastened. Thinking probably that her mistress did not wish to be dis turbed at thet hour, the servant came away. On mentioning the matter down stairs to her fellowsery ants, that her mistress was not to be interrupted at that time, she was surprised to hear that Mrs. Crace was still in the dining-room, and had never left during the whole of the dinner-time. Mrs. Crace was at once. made acquainted with the circumstance, and Mr. Frederick immediately hastened to test the alarm of the servant maid. He, too, discovered the room door fastened, inside—in fact, locked ; and without more ado he forced it,:; open. On entering the room a most deplorable scene of confusion presented itself. All the drawers, dressing. cases, desks, &c., and other depositories had been vio lently forced open and rifled of their contents, and the floor literally strewed knee-deep with articles of weal-in; apparel, &c., which were either deemed too bulky, or which the thieves, probably disturbed by the servant, as already mentioned,had not time to pack up and carry off. On look ing round, an open window, which had incautiously been left unfastened after dark, pointed to the faclity which had enabled the robbery to be so audaciously effected. Further search led to the discovery that jewellery of various kinds, to the extent of .upwards of £5OO worth, had been carried away. The name of Mr. Crate's private residence is Spring field, Dulwich, and it is about five minutes' walk from the railway station. It stands in its own grounds, and it is quite evident that the robbery was planned and carried out by some person or persons who knew the ways of the house and the family well. It has not been openly stated in • what direction suspicion at present points, but the public at large, to whom Mr. Crace is, so well and widely known, will deeply sympathise with him on this vexations loss. _ REFUSING TO HEAR AN ATTORNEY. —At the City Police-court, on Tuesday morning, during the hear ing of a case of robbery from a dwelling-house, in which Mr. Ward, attorney, appeared for the prisoners, Mr. Fow ler, the stipendiary magistrate, said—" Mr. Ward, until you condescend to give me in writing a reply to the matter about which I have sent to you several times, I decline to hear you in this court. You promised to do so, and upon your promise I refused to issue a warrant against you." The case was adjourned at the request of the police-officer in charge of it.—Manchester Courier. IHE PRESIDENTS MESSAGE. THE COST OF CONGRESSIONAL RECONSTRUCTION. I would not put considerations of money in com petition with justice and right, but the expenses incident to " reconstruction" under the system adopted by Congress aggravate what 1 regard as the intrinsic wrong of the measure itself. It has cost uncounted millions already, and, if persisted in, v.ill add largely to the weight of taxation, al ready too oppressive to be borne without just com plaint, and may finally reduce the Treasury of the nation to a condition of bankruptcy. We must not delude ourselves. It will require a strong standing army and probably more than two hundred millions of dollars per annum to maintain the supremacy of negro governments after they are established. The sums thus thrown away would, if properly used, form a sinking fund large enough to pay the whole national debt in LF33 than fifteen years. It is vain to hope that negroes will maintain their ascendancy themse!ves. Witho.:t military power they are wholly incapable of holding in subjection the white people of the South. I submit to the judgment of Congress whether public credit mty not be injuriously affected by a system of measures like this. With our debt and vast private interests, which, are complicated with it, we cannot be too cautious of a policy which might by possibility impair the confidence of the world in our Government. That confidence can only be retained by carefully incul cating the principles of justice and honour on the popular mind, and by the most scrupulous fidelity to all our engagements of every sort. Any serious breach of organic law persisted in for a considerable time cannot but create fears for the stability of our institutions. Habitual violation of prescribed rules, which we bind ourselves to observe, must demoralise the people. Our only standard of civil duty being set at nought, the sheet anchor of our political morality is lost, public confidence swings from its moorings, and yields to every impulse of passion and interest. If we repudiate the Constitution we may well not be expected to care much for mere pecuniary obligations. The violation of, such a pledge as we made on the 221 or July, 18G1, will assuredly diminish the market value of our other promises. Besides, if. we now acknowledge that the national debt was created not to hold States in the Union as taxpayers were led to suppose, but to expel them from it, and hand them over to be governed by negroes, moral duty to pay it may seem much less clear. I say it may seem so, for I do not admit that this or any other argument in favour of repudiation can. be enter tained as sound, but its influence on some classes of minds may well be apprehended. The financial honour of a great commercial nation largely in debted, and with a Republican form of govern ment, administered by the agents of popular choice, is a thing of such delicate texture, the destrudtion of it would be followed by such unspeakable cala mity, that every true patriot must desire to avoid whatever might expose it to the slightest danger. The great interests of the country require imme diate relief from these enactments. Business in the South is paralysed by a sense of general insecurity, by tenor of confiscation, and dread of negro supre macy. Southern trade, from which the North would have derived so great a profit under a government of law, still languishes, and can never be revived until it ceases to be fettered by arbitrary power which makes all its operations unsafe. That rich country, the richest in natural resources the world ever saw, is worse than lost if it be not soon placed under the protection of a free constitution. Instead of being, as it ought to be, a source of wealth and power, it will become an intolerable burden upon the rest of the nation. TIIE LATE ELECTIONS. Another reason for retracing our steps will doubt less be seen by Congress in the late manifestations of public opinion upon this subject. We live in a country where popular will always enforces obed:- once to itself, sooner or later. It is vain to thiok of opposing it with any thing short of legal authority, backed by overwhelming force. It cannot have ef:caped your attention that, from the day on which Congress fairly and formally presented the proposi 'ion to govern the Southern States by military force with a view to the ultimate establishment of negro supremacy, every expression of general sentiment has been more or less aslverse to it. The affections of this generation cannot be d;:qached from the in stitutions of their ancestors. Their determination to preserve the inheritance of a free government iu their own hands, and transmit it undivided and un impaired to their own posterity, is too strong to be successfully opposed. Every weaker passion will disappear before the love of liberty and law for which the American people are distinguished above all others in the world. TILE PRESIDENT V. CONGRESS. Bow far the duty of the President to preserve, protect, and defend the constitution requires him to go on in opposing an unconstitutional act of Con gress, is a very serious and important question, on which I have deliberated much, and felt extremely anxious to reach a proper conclusion. Where an act has been passed according to the forms of the constitution by the supreme legislative authority, and is regularly enrolled among the public statutes of the country, executive resistance to it, especially in times of high party excitement, would be likely to produce a violent collision berween the respective adherents of the two branches of government. This would be rimply civil war, and civil war must be resorted to only as a last remedy for the worst of evils. Whatever.might tend to provoke it should be most carefully avoided. A faithful and conscientious magi strate will concede very much to honest error, and something even to perverse malice, before he II ill en danger public peace, and he will not adopt forcible measures, or such as might lead to force, as long as those who are peaceable remain open to him or to his constituents. It is true that cases may occur in vehich the executive would be compelled to stand on rights and maintain them regardless of consequences. If Congress should pass an act which is not only in palpable conflict with the constitution, but will cer tainly, if carried out, produce immediate and irre parable injury to the organic structure of the Go vernment, and if there be neither judicial remedy for the wrongs it inflicts, nor power in the people to protect themselves, without official aid of their elected defender ; if, for instance, the legislative department should pass an act, even through all . forms of law, to abolish a co-ordinate department of the Government—in such a case the President must take the high responsibilities . of his office and save the life of the nation at all hazards. l'he so called Reconstruction Acts,though as plainly uncon stitutional as any that can be imagined, were not believed to be within the class last mentioned. People Were not wholly disarmed of the power of self-defence. In all the Northern States they still hold in their hands the sacred right of the ballot, and it was safe to believe that in due time they woad come to the rescue of their own institutionS. It gives me pleasure to add that the appeal to our common constituents was not taken in vain, and that my confidence in their wisdom and virtue seems not to have been misplaced. FRAUDS ON THE TREASURY. It is well and publicly known that enormous frauds have been perpetrated on the Treasury, and that colossal fortunes have been made at the public expense. This species of corruption has increased, is increasing, and if not diminished will soon bring us into total ruin and disgrace. Public creditors and taxpayers are alike interested in an honest ad ministration of finances, and neither class will long endure the large-handed robberies of the recent past. For this discreditable state of things there are several causes. Some of the taxes are so laid out as to present an irresistible temptation to evade payment. The great sums which officers may win by connivance at fraud create a pressure which is more than the virtue of many cAu withstand, and there can be no doubt that the open disregard of the constitutional obligations avowed by some of the highest and most influential men in the country has greatly weakened the moral sense of those who serve in subordinate places. PRESIDENT'S POWER TO APPOINT OR REIIOVE SUBOR- DINATES. The expenses of the United States, including the interest on the public debt, are more than six time, as much as they were seven years ago. To collect and disburse this vast amount requires careful super vision, as well as systematic vigilance. Our system, never perfected, was much disorganised by the Tenure of Office Bill, which has almost destroyed official accountability. The President may be thoroughly convinced that an officer is incapable, dishonest, or unfaithful to the Constitution, but, under the law which I have named, the utmos`, - we can do is to complain to the Senate and ask the privilege of supplying his place with a better: man. If the Senate be regarded as personally c a r Politi cally hostile to the President, it is naturt,i, akd not altogether unreasonable, for that offi•-.ar to expect that it will take his part as far as poisible, restore him to his place, and give him a triumph over his executive superior. An officer has other chances of impunity arising from accidental defects of evidence, modes of investigating it, and secrecy of hearing. It is not wonderful that official malfeasance should become bold in proportion as delinquents ai l ]; themselves safe. I ant entirely persuaded that un'ler such a rule the President nannot•perform the great duty :IE-signed to him of seeing the laws faikhfrtily executed, and that disables hint most especially from enforcing that rigid accountability which is necessary to the due txecutiou • of the revenue laws. The Constitution invests the President wi b. authority to decide whether a removal should be made in any given case. The Act of Congress de clares in substance that he shall only accuse such as he supposes to be unworthy of their trust. The Constitution makes him sole judge in the premises, but the statute takes away his jurisdiction, transfers it to the Senate, and leaves him nothing but the odious and sometimes impracticable duty of becom ing a prosecutor. Prosecution is to be conducted before a tribunal whose members are not, like him, reponsible to the whole people, but to seporate con stituent bodies, and who may hear 'his accusation, without great disfavour. The Senate is absolritely without any known standard of decision applicable to such a case. Its judgment cannot be anticipated, for it is not governed by any rule. The law doea not define what shall be deemed good cause for re moval. It is impossible -.even to conjecture. what may or may not be so considered by the Senate. The nature of the subject forbids clear proof. If the charge be incapacity, what evidencJe will sup port it? Fidelity to the constitution. may be un derstood or misundersiood in a thousand different ways, and by violent party :men in violent party times, unfaithfulness to the constitution may even come to be considered Meritorious. If an officer be accused of dishonesty, how shall it be made out ? Will it be inferred from acts unconnected with pub lic duty, from private history, or from genera repu tation ; or must the President await the commission of an actual misdemeanour in office? Shall he, in the meantime, risk the character and the interests of the nation in the hand of men to whom be cannot give his confidence ? Must he forbear his complaint until the mischief is done and cannot be prevented? If his zeal in the public service should impel him to anticipate an overt act, must he move at the peril of being tried himself for the offence of slandering his subordinate? In the present circumstances of the country some one must be held responsible for offi cial delinquencies of every kind. It is extremely difficult to say where that responsibility should be thrown if it be not left where it has been placed by the constitution. But all just men will admit that the President ought to be entirely relieved from such responsibility if he cannot meet it by reason of restrictions placed by law upon his actions. Unre stricted power of removal from office is a very great one to be trusted even to a magistrate chosen by the general suffrage of the whole people, and ac countable directly to them for his acts. It is un doubtedly liable to abuse, and at some periods of our history perhaps has been abused. If it be thought desirable and constitutional that it should be so limited as to make the President merely a common informer against other public agents, he should at lead be permitted to act in that capacity before some open tribunal, independent of party politics, ready to investigate the merits of every ease, fur nished with the means of taking evidence, end bouLd to dt Chic according w established rules. This would guarantee the safety of the accuser when he acts in good faith, and at the same tune seeure, the rights of the other party. I speak, of course, with all proper' respect for the present Se nate; but it does not seem to m : that. any legis:a tive body can be so constituted as to insure its fit ness for these functions. It is not the thewy of. this Government that the public offices are the pm operty of those who hold them. They are given merely as a trust for the public benefit, sometimes for a fixed period, sometimes during good beha viour; but generally they are liable to be tenni ' nated at the-pleasure of the appointing power, which represents the collective majesty and speaks the will of the people. The forced retention in office of a single dishonest person may work great injury to public interest. Danger to the public service comes not from the power to remove, but from the power to appoint ; therefore it was that the framers of the constitution left the power of re moval unrestricted, while they gave the Senate the right to reject all appointments which, in its opi nion, were not fit to be made. A little reflection on this subject will probably satisfy all who have the good of the country at heart that our best course is to take the constitution for our guide, and walk in the path marked out by the founders of the Republic, and obey the rules made sacred by the observance of our great predecessors. FINANCIAL MATTERS. The present condition of our finances and circulating medium is one to which your early consideration is in vited. The proportion which the currency of .any country should bear to the whole value of the annual produce cir culated by its means is a question upon which political economists have not agreed; ncr can it be controlled by legislation, but must be left to those irrevocable laws which everywhere regulate commerce and trade. The circulating medium will ever irresistibly flow to those pcints where it is in the greatest demand. The law of demand and supply is as unerring as that which regulates the tides of ocean; and, indeed, the currency, like the tides, has its ebbs and flows throughout the commercial world. At the beginning of the rebellion the bank-note circulation of the country amounted to not much mere than $200,000,000. Now the circulation of tie) National Bank - notes, and those known as legal tenders, is nearly $700,000,000. While it is krged by some that this amount should be increased, others contend that a de cided reduction is absolutely essential to the best in terests of the country. In view of these diverse opinions, it may be well to ascertain the real value of our paper issues, when compared with a metallic or convertible currency. For this purpose let us inquire how much gold and silver could be purchased by the $700,000,0)0 of paper money now in circulation. Probably hot more than half the amount of the latter, showing that when our paper currency is compared with gold and silver, its com mercial value is compressed into $350,000,000. This strik ing feet makes it t'ae obvious duty of the Govertiment, as early as may be consistent with the principles of sound political economy, to take such measures as will enable the holders of its notes and those of the national banks to con , vert them without loss into specie or its equivalent. A re duction of our paper circulating medium need not neces sarily follow. This, however, would depend upon the law of demand and supply ; though it should be borne iu mind that, by making legal tender and bank notes convertible into coin or its equivalent, their present specie value in the hands of their holders would be enhanced 100 per cent. Legislation for the accomplishment of tt rrsultso desire.blo is demanded l.y the higheSt public considerations. The constitution contemplates that the circulating medium of the country shall be uniform in quality and value. At the t i me o f the formation of that instrument the country had just emerged from the war of the revolution, and was suf fering from the effects of a redundant and worthless piper currency. The sages of that period were anxious to pro tect their posterity from the evils which they themselves had experienced. Hence, iu providing a circulating me dium, they conferred upon Congress the power to coin money and regulate the value thereof, at the same time pro hibiting the States from making anything but gold am! tender in payment of debts. The anomalous condition of our currency is in striking contrast with that which was originally designed. Our circulation now crab aces, first, the notes of the National Banks, which are made receiv able for all dues to Government, excluding imports, and by all its creditors, excepting in payment of interest upon its bonds and securities themselves; second, legal tender notes, issued by the United States, and which , the law requires shall be received as well in payment of all debts between citizens, as of all Government dues, excepting imports ; and third, g4ll and silver coin. By the operation of our present system of finance, however, the metallic currency when collected is reserved Only for ono class of Govern ment creditorr, who, holding its bonds semi-annually, re ceive their interest in coin from the national Treasury. They are thus made to occupy au insidious position, which. may ho used to strengthen the tii'guments of Ow* who would bring into disrepute the obligations of ihrilation 9