The Sun. — London, England, 1867-11-25 00:00:00

THE SUN, LONDorv. MONDAY EVENINU, NOVEMBER 25, 1%7. AMERICAN FINANCES. IMPORTANT LETTER FROM THE HON. THAD STEVENS. LANCASTER, PenusylvaniA, Oct. 31,1867. lion. Thaddeus Stevens : Dear Sir,—As usual, when in doubt upon any subject which I suppose you to understand better than 1 do, I never feel the least difficulty in asking your opinion upon the subject, because I have ever found you willing to answer an old neighbour so far as you find yourself able. I see au angry controversy has sprung up between two gentlemen as to what kind of money the national debt shall be paid in. One gentlenem argues from whit he supposes to be the law of the question and the duty of the Government under its legal obliga tions to those who hold its liabilities; the other seems to deal principally in what he considers ought to have been the duty of Government in the dis charge of its debts to those who hold them, at what ever price they may have been purchased, and to deal in strong vituperation against those who would pay according to law, if that law contradicts his idea of equity, without any regard to the letter or the spirit of the contract between the Government and the holder, and to denounce as immoral the payment of its debts according to contract, because, at other times, other nations have paid more, and because a portion of that present debt is also paid at a higher rate. _ . Now, I am a banker, desirous to do business upon legal principles, and at the same time to deal justly with all men, so that when I have passed away, as I soon shall, I may not be represented as a swindler, a robber, an unjust man, whose memory should be held in execration for my dealings with my fellow men. While lam unwilling to wantonly sacrifice my estate, I shall not hesitate to aid in paying any portion of the half a billion of money necessary, if necessary to support a good character, although the same should come out of the taxes and hard earnings of our labour. Will you also, if you have time, add a word as to your idea of the wisdom of the management of our finances and of our financial system generally? I remember you, at one time, did not quite agree with the then Secretary of the Treasury.—Yours, very truly, JOHN GYGER. LANCASTER, Pennsylvania, Nov. 4, 1867. Dear Gyger,—l shall not hesitate to answer the questions which you have proposed to me according to my poor ability, although I know that I thereby incur the risk of sharp and frivolous criticism by able New York editors, whose age is scarcely more than eighty years, and who will probably discover in my answer evidence of old age and of decaying intellectual powers. Of all this lam myself con scious, and only regret the pain which it gives those youthful gentlemen to make such delicate sugges tions. But as literary pride has never been among my aspirations I will not venture to smother the free intercourse with my neighbours in advanced life. They need hardly tell you, who reside my near neighbours, what I doubt not is apparent in the intrinsic evidence of my poor productions, that these things which 1 am too often giving to the public are dictated from a sick bed, in the intervals of pain which Providence indulges me with, and to which those gentlemen abroad so kindly refer. But as I may print or not print as suits my discretion, I have no right to complain of the criticism or ridi cule which gentlemen in vigorous health see proper to bestow upon our productions. So far as the financial condition of this republic is concerned, it is not, and never can be, in doubt or peril. With the products which we can readily dispose of to supply the demand of every kind, there never can he a time when, with honest dealings, this republic will be unable to pay all her just liabi lities. The best mode of managing her finances, of which you inquire, and which you are much more capable of determining than I am, and I least of all, is a much more difficult question, and one which has puzzled abstractionists long before Adam Smith. I have not approved, and do not now approve, of the financial policy pursued by our Government for the last six years. I think we have thrown away our billions, and are still throwing away our millions, by mismanagement. You are a banker, and a sound one ; but you are making more by the United States through the national banking system, as is every other man who has adopted it, than you ought to make. This may appear dogmatical ; but lam only answering the question which you have asked me. In all financial questions he who makes an honest bargain and pays dollar for dollar, every cent he contracts for, is not a dishonest man, and does not deserve to be denounced as a swindler or a cheat, whatever may be his pros perity in life. Let us come to a brief and true history of the present finances of our country, and see whether you have anything to reproach yourself with in dealing with your fellow citizens in the exchange of those finances. Every nation of any magni tude in the present stage of civilisation, and with any considerable business and commerce, must and will use some kind of a paper medium to carry on its business. None but the Choctaws, Chickasaws, and their kindred tribes now doubt or deny this. In framing our constitution it was not doubted that this medium must be used, redeem able by its equivalent in whatever should be the money of the country. That instrument provides that the general Government shall coin money and regulate its value. Under that clause I have never doubted that the general Government alone was competent to issue bills of credit ; or, in other words, to establish banks of issue, and to declare what should be the money of the country and its value. We have fallen, lam sorry to say, into a different practice, and States do that which, for the sake of uniformity, the general Government alone ought to control. The certain result of all large commercial trans actions under any system is, that sometimes the currency of a country will be expanded and some times contracted according to the supply and the bwiineis and the prce,tence of the people. This is what is caPed the expansion and contraction of the currency, and denounced as a thing which might have been avoided. That expansion or con traction is in no wise effected by the kind of money which is used. If it be too abundant or too scarce, it is of no consequence whether it be in coin or in paper. A hundred millions too much of gold is just as injurious in inflating prices as a hundred millions too much in greenbacks. But in my judgment, which ever is used by Government should be promptly redeemable, according to the law of re demption, which shall be directed by the power that authorised the issue, who should use it without the payment of interest, and profit by the losses which are incurred in its destruction. The law of redemption, regulating redemption, both as to the commodity in which it shall be re deemed, and its intrinsic value compared with the money issued, is as much a part of the contract as the price of the article reduced to writing and sealed by the parties. Not because of the usage of the country, but because of the law which says so. When, therefore, you find that the standard of the American dollar is one hundred cents, and you arc in the posscs.)ion of such dollar, you know that you are entitled to just one him lred cents for your money and no more, whether that one hundred cents be made of leather, tin or greenbacks, and its mode of payment pointed out. And when the Supreme Court shall have decided such law to be constitutional and binding upon all, it being the highest tribunal to decide between man and man in all earthly affairs, it is not only legal, but is just, as part of the law of the contract, to pay your debt in that money, which, if the Government was wise - when it created it, cannot be a loss to the citizen. I e may not be a fool who doubts this proposition, but he has an excessive folly which all the world except himself and his creditors will ridicule. it v. a 3 your contract and it was your Government, orated by yourself, that fixed its security and who i.s responsiblejas you are, partly for a foolish ar rangement, if there be loss. if you do not like the legislation of your Government and the provisions it raakee for your welfare and that of all its zens, choose better men, or go elsewhere for pro tection ; but do not tell us that, when One-half of the community impose laws upon the other half and make them binding, and that other half obey those laws, they are swindlers and villains. The language is neither decorous nor such as gentlemen would use. Money ! What is money ? If it be a fixed, un alterable thing of intrinsic and known value, why does the constitution put it into the power of a legislative tribunal to create it and reassess it anew ? It is all fancy. Money is just what the law makes it, and you must take the chance that your Go vernment make it wisely, and when made you fix your eye upon it and make your contract accord ingly. I abhor repudiation or clipping the coin ; and yet this nation has twice, or, I think, three times, by its legislation reduced the price of silver, and made it pass to every creditor as well as debtor at the original price. Who are these reasoners, Nho, with these facts in view, talk so learnedly of the laws of finance and morality of human dealings ? Whose consciences are so raw, and stick out so far from their excited covering that no pharmaceutist can heal their in ward wound; no poultice can cicatrize it sufficiently to take from it its lasting plague after the malefac tor shall have lain himself down in the hope of seek ing rest in another world? Now let us come to the Government loan, and for a single moment con sider it, which, even without the monstrous doc trine of Greely and Cooke, is the most profitable in vestment ever made by money-lenders, and is a monstrous swindle on Americans, on the part of European capitalists. In what I say I would not depress that loan by a single dollar, for all the profit which it were possible for me to make by it ; for it has done its service, and no more than its service to the American Government in the days of her need ; and for such service it has been trebly rewarded by the nation. When I say this I do not begrudge the poor speculator or the rich capitalist who has entered the gold room a beggar and come out with a princely fortune, his earnings ; that is not his folly, but the folly of the Government, which, though a hundred times warned, would never take heed. Would to God that my intellectual vigour might increase in proportion to my disease, that I might properly depict this important subject to the Ameri can people. But such a phenomenon will never again be found to exist this side of Port Royal. In 1860-61, when the war broke out, it was found that the then Administration—for what purpose I will not undertake to pronounce—had left the coun try bare of all defensive weapons, and not only with an empty Treasury, but $80,000,000 in debt. The first few millions ne3ded to equip our army and navy were easily borrowed, for our Government had a very poor and shallow idea of the intensity of feeling of the independent belligerent with whom we hal to deal% But it was soon found that all the energies of the nation were necessary to defend freedom from the plunderers, the robbers, the re volutionary cut-throats, our Southern brethren I think they are called, whom we had to deal with. The next loan of $250,000,000 was readily taken by the Philadelphia, New York, and Boston banks. But when Congress assembled the banks complained that the Treasury had so placed their loans, by aggregating them in the deposit banks, as to render them, the lenders, unable longer to pay coin for them. They, however, went on and paid them in currency at some discount, which, I think, cost, the Government some millions of dollars. Still the Treasury was soon emptied, such -was the enormous draft upon it for war material. Inquiry was then made of bankers and brokers by the Committee of Ways and Means, of which I hap pened to be chairman, as to the probability of ob taining a loan, and at what rate. The answer was discouraging, and did not give us reason to hope that we would be able to obtain sufficient money to carry on the war at more than eighty-five per cent., with interest at six per cent. on the loan. The committee were unwilling to take eighty-five per cent. principal and receive the loan in a depre ciated currency, which would have probably brought it to seventy-five per cent. 'This was borrowing millions at so ruinous a rate that we looked around for other means. Two of us, Mr. Spaulding, of Buffalo, and myself, were in favour of issuing notes of the United States and making them a legal tender, but receiving them at par for all transac tions with the Government, believing that they would pass at very nearly par for all the supplies of war material which the Government might need ; as all demand, both by the Government and indivi duals, for anything but legal tender, would thereby be taken away. No reason could be seen why, to the extent of the demand in this country, which proved to be nearly the whole, they should go much below par. They would answer every purpose for which the farmer, mechanic, merchant, and manu facturer desired to purchase material. We remem bered that in England for moat of the time that specie payment was supended her bank notes were at about fourteen per cent. discount. After having repeatedly attempted to purchase loans at a less sum than what in coin would be about $4O on the $lOO, we urged the Secretary of the Treasury to give his consent to offering a loan and issuing there for United States notes and making a legal tender. To this two members of the committee agreed, but the others, together with the Secretary, decidedly refused their consent, as he (the Secretary) had very consistently done in his report. The committee waited, again consulted the moneyed men of the country, and found that no large loan could be obtained in coin except at a most ruinous price. They again importuned the Secretary for his con sent, the committee having become a tie. A bill for the issue of $100,000,000 of legal tender had been drawn and offered by Mr. Spaulding, and was allowed to remain in that position till February, when a Democratic member of the committee, re serving the right to vote against it, consented that it might be reported. In February, after severe opposition, it passed the House and was sent to the Senate. Then nothing was said about the currency in which either principal or interest were to be paid. No one, I suppose, doubted that the loans of the United States of every description were payable in the money of the United States of every description ; but to change that aspect as it regarded a portion of the fund, the New York money changers again made their appearance, Jew and Gentile mingling in sweet communion to discover some cunning in vention to make in a day what it would take weeks for honest men to earn. They went directly to the Committee of Ways and Means, and asked that the interest should be made payable in coin, leaving the principal as it was. The committee utterly re jected the absurd proposition of two currencies— two legal tenders—in the same empire and for the same commodities. They had once heard of such a transaction in Austrian bonds, which utterly de stroyed their credit. The brokers then resorted to the Secretary of the Treasury. He was more easily persuaded, and, it is understood, went with them to the committee of the Senate and pressed the change. The Finance Committee of the Senate agreed to it, and sent it back to the House with that amendment. The House rejected it, and the consequence was a com mittee of conference, and as some bill was necessary it resulted in the present law, making the debts of the United States, so far as regarded their interest, payable in a different kind of a currency from the debt itself. One of the House Committee proposed then, in order to raise a sum sufficient for that pur pose, that the duties on imports should be paid in coin. That proposition prevailed, and the result was and is that the interest on the natioeal loans and the duties on importations are payable in one kind of money called legal tender, but made of a different material and of a different shape. Thus, as any one can see, the Congress declared that while she created two kinds of money she had made them of unequal value and for different purposes. For nearly two years the greenbacks were the most popular currency that was ever used in the United States, and, had there been no other, would not have failed to buy every necessary commodity for every use, public and private, without the least complaint. And if it swelled the currency of the country it also swelled the business of every kind, foreign and domestic, agricultural and manufactur ing. So also it swelled the income of business men, and thereby vastly increased the revenue of the Government. No man was ever known to refuse Any article which he had to sell, (huh, g all that time, for one of the greenbacks or certificates of loan of the nation. Under the easily excited imagination of the American public, and seeing a system of finance which no human folly had ever before wit nessed, hopes were excited much more rampant than the lottery dealers or the faro players ; and, in the belief that a single turn of the card would bring up the holder's fortune, palaces were opened for the purpose of inviting speculation and dealing in this new system of gambling. Some became rich while others went to beggary—doubling and doubling their ventures to indemnify themselves; everything became excited and inflated, from the commonest fabric to the most valuable estate. Thus the arti cles necessary to supply the war were vastly in creased in price, while the honest Jews of the gold rooms, Shadrach, Meshach, and Abednego, came out unsinged. The violation of an undertaking to do or not to do may be compensated in money. Sometimes the amount is liquidated by the parties and sometimes let to be fixed by a jury. In either event it is to be paid for in the money of the country—in this country in dollars and cents. No one ever supposed that the non-fulfilment of a contract is to be paid for in kind. A plaintiff recovers a verdict of $l,OOO, the non-payment of a farm ; execution issues for $l,OOO in money ; and the defendant can tender the sheriff $l,OOO of the legal tender of the country and he is obliged to take it in full pay ment of the debt. How inconsistent is that with the idea that the creditor can select his medium of payment ? A man sells his property for forty horses, worth $lOO each, amounting in cash to $4,000 ; if the purchaser do not pay and is sued for the debt, judgment is given against him for $4,000, not for forty horses. How would you execute a judgment given and an execution issued for forty horses? Indeed there is no breach of contract, either sounding in damages or in contract, which cannot be paid by tender ing the amount assessed in a legal tender note. As to the equity and morality of these transac tions, I have never discussed them. A colleague of mine in Congress, and excellent man and rich, asked me whether I supposed the United States loan of 'Bl, made before the passage of the act, would be paid in coin or currency. I told him it might be paid in either by the ex press terms of the law; but that I did not know how the Secretary of the Treasury would treat it. Be told me the next day that ho had consulted the Secretary, who said he would pay it in coin, being then due. He had invested $30,000 in legal tenders at a cost of $30,000, for which he received $60,000 in green backs or its equivalent in coin. A consti tuent of mine, within two months after the ad journment of the Congress that passed this law, in formed me that he had guaranteed to a gentleman in Philadelphia before the passage of the law a judgment of $28,000, expressly payable in gold. The creditor demanded the money. It was then worth about two or three times its nominal value. He went to him and tendered the amount in green backs. He refused to accept and issued execution, and the Court set it aside, and compelled him to take the lawful money of the United States which had been offered him. Whether the transaction was a moral or immoral one every gentleman must judge for himself, and will judge according to his position. If a man be dealing for himself, with his own money, I can understand his right to bestow the half of the whole of the sum upon his creditors, either under the fancy of generosity or honour. But when he is acting as trustee for others and pay ing out the money of cestui que trusts and wards, it seems to me that there may be in morals, although not law, a question about the difference. It is but just to Mr. M'Cullech here to say that he does not pretend that the principal of the Five. twenties (as his late letter shows) is payable in coin, as the bonds are silent upon that subject, and as that conclusion is excluded by that verj silence. It is just also to the Democratic party to say that when the question has been discussed in the House no lawyer among them has set up such a foolish pretension ; and when the bill was o❑ its final passage the question was expressly asked of the chairman of the Committee of Ways and Means, and as expressly answered by him, that only the interest was payably in coin. But every instrument speaks for itself, and when it is silent upon the subject of the currency, it is always made payable in money, which means the legal ten der of the country. I fear, however, I am elaborat ing this point, ad nauseam, unless a newspaper editor or a country broker can enact laws and af terwards enforce them. There is nothing short of the sheerest folly in this argument, and it will not be persevered in by those who have sufficient strength to carry them genteelly over the " asses' bridge." Nay, more; I feel that what I am going to state may set New York editors and brokers upon a dan gerous rampage amid the flowery fields and golden images of Chiriqui and Golfonto ; and yet I shall venture to say that if the United States chose to be faithless enough she could tender and pay not only the principal but the interest in legal tenders, al though the latter is expressly contracted to be paid in coin. The law of legal tender means this or it means nothing. Let not this alarm any one, for no nation short of the basest Asiatics would ever think of such an act, however capitalists might ask trustees, guardians, and administrators to violate the law and their sworn oaths to double the revenu which the public debtor is to pay them. What would be the difference in effect between the two modes of paying the public creditors—in greenbacks, as the loans fall due, or exclusively in coin—l once had a calculation made, when I brought in a bill to borrow greenbacks for that purpose (in deed, I brought in three bills hoping to save two or three billions thereby). But each session the rattle of the gold room was much louder than what I was pleased to call the voice of reason, and what I still think deserved that appellation. Take th a number of millions which through six years of war have been expended, which is alarming, and count it, as I wish some one would do, on the principle I have laid down, when for some time the premium was at 281 per $lOO, and the sum will be appalling. Take $lOO and count it into greenbacks at the above rate ; it will produce you $2Bl. Now, so convert or use it every day for one year, and you have at the end of the year a diffesbnce of $66,065, the gold bearers costing the Government that much more than the legal tenders. Take $lOO,OOO, and suppose the legal tenders to be worth at all times at least half as much as coin for all articles which the Government may need, which no man can doubt, convert or use it daily for a year at that rate, and you have a difference of $36,500,000 in favour of greenbacks. But the business of the Government during the war amounted to more than $1,500,000 per day, I presume. For one year it would amount to $547,540,000, and during the war, upon an average of three years, it would amount to $1,612,500,000; and this vast sum would also be the amount in favour of greenbacks, for the same length of time, rate of expendi ture, and at the above difference in price. Why is this clamour against a legal tender, which answers all the pur poses of solid metal, and which has never been complained of by the business men of the community ? Why is there such a headlong desire for the resumption of specie payment, much earlier than England returned to it after her wars which left her a less debt than ours? She was not able to resume until more than eight years after cessation of hostilities ; notwithstanding her great commercial advantages over the rest of the world, and not withstanding she had in circulation but a little over $20,000,000. Is she deluded by the free-trade quacks into the belief that $lOO,OOO paid out to her own industrial classes is more useful than $200,000 paid out to the industry of our own farmers, labourers, and mechanics ? Is she again to be taught that cotton—crippled, hump-backed, crook shouldered as she is -is still to be king ? Still you see that every advantage is taken of circumstances by the English Government to build up, not only her foreign trade, but her farmers and mechanics. We have heard great praises bestowed upon Cobden for his liberality in granting free trade to France in her late treaty after ha had succeeded iu abolishing the corn-law duties. Short sighted sciolists! 2'or the Navigation Act, the most strin gent that over protected domestic industry from the pos sibility of foreign competition, gave to England the com mand of the ocean ; since England never consciously en tered into any treaty or arrangement which gave to foreign nations an industrial advantage in mechanics or manufac tures over her own people, if it were in her power to pre vent it, as the late treaty with France conclusively shows. After she had driven the Flemings from the ocean, and Genoa and the free towns of Holland had been compelled to surrender their advantages to the st!perior skill and hardihood of the fishermen of tho Lowlands—after Van Tromp had lowered his haughty flag and no longer threatened to swoep the ocean with a broom, this masterly Navigation Act of the commonwealth of England was in troduced) and prevails in many of its features to the pre sent day. While other nations had more numerous harbours and ports, England, surrounding the world from drum beat to drum beat, stood sentinel to protect her own people against the encroaching industry of other nations, so that her sentinels could call out almost audibly to each other— Watchman, what of the night ? All this was produced by her protection of the industry of the country wherever she could protect it without interfering with some other of her own interests. That which other nations called a masterly stroke of liberality and free trade, in that treaty with France, wasnothing more orless than a cunning contrivance to pro tect the mechanical industry of the looms of Lyons and the splindles of Marseilles and Rouen, by allowing the silk spin ners and weavers of Franca to use up what was beforo taken to England, and there converted into thread and woof. Before, that was done by France sending her co coons across the channel to bo spun by English spinners and woven by English weavers after it had been half wrought on its native stem, and then sending it back to be skilfully manipulated by the cunning fingers which near the spot of its production twirled the flying spindles. By that single provision in the treaty which took a third of the export duty from the English tariff ou bituminous coal French operators saved their millions of dollars in the cost of fuel alone with which to drive their motive power. You are aware that all that power is produced by bitumi nous coal, which England furnished in ample quantities of the best quality and at the cheapest price, and France pro duced only an inferior quality and at an expensive rate. That single article in the Cobden treaty relatively protected both France and England, whilst it left other nations pre cisely as they then stood with reference to them. By that article I doubt not that English operators saved more and imposed in the aggregate a heavier duty than any American tariff ever levied upon the importations of England. How cunning are American economists to shout paeans to the free trade of England and France, and ex hort us to follow their noble example. Will one never be obliged or allowed to cease their marvelling at the shallow examination of the teachers of political economy in this country—the misleaders of the valley of the Mis sissippi —nay, of the whole country. Although not strictly connected with what we are considering, I do not know whether this is not a proper place to consult my constituents upon a question that has always puzzled and somewhat amazed me. That question regards the conduct not of our Executive, but Legislative branch of the Government upon the subject of protection. By our constitution all export duties are prohibited. That con stitution was made before either cotton or tobacco were articles of any account in our foreign trade, and was evi dently intended to prevent the power of checking the exports of grain, tempted by what were then the Corn Laws of England, which laid a heavy duty upon the importation of all grain. But there is now no danger of an excessive exportation nor of an excessive prohibition by any duty upon any of the agricultural pro ducts of this country ; and the only qaestion for us is, Can we by export duties increase our revenue, encourage domestic manufactures and our foreign trade ? I admit that, with the exception of the two articles mentioned, cotton and tobacco, they would never be resorted to, for it would increase the prosperity of no part of the country. The great manufacturing prosperity of England, as well as many other countries of Europe, is dependent solely upon the cotton of America. It was believed before, and is now clearly proved since the war, that other countries cannot, or will not, produce it of a suitable kind, even at a cost of two or three times that at which it is produced by us. Hence it follows that an additional burden of one-half the present native price of cotton could be imposed without checking the export of a pound. If we then were to im pose an export duty of one, two, or three cents per pound, it would be just so much tax upon the foreign merchant and manufacturer, and so much of a clear revenue put into the coffers of the United States. How much that would produce, with the increasing business of the world, is almost impossible to adequately estimate. Heretofore our exports of cotton have been as high as 1,767,686,338 lbs. per annum, and for years have averaged 1,501,862,198 lbs. The increasing business of the world will no doubt soon add one-third to these amounts, making the ave rage exports 2,002,482,930 lbs. per annum, which, at three cents a pound export duty, would make $60,074,487. The internal tax of two cents a pound is now upon our own manufacturers ; then it would be levied exclusively upon the foieign operators; and would be a protection to American fabrics of five cents for every pound of cotton produced ; and not an American would pay one farthing of it, nor would it, by that amount, diminish the product of the planters, who would charge it upon the consumers. If with that protection, which upon an average, I suppose, would be more than ten cents a yard upon all their fabrics, the American manufacturer did not monopolise the cotton market of the world, it would argue great want of skill and enterprise. Besides that, it would take from the other taxpayers of the United States the sum of 660,000,000 of internal duties. And yet, when I proposed an amendment to the constitution to abolish the prohibition to export duties and leave the matter discretionary with Congress, it was resisted by the representatives of the Mississippi valley, who were clothed in cottons, and who ought to have been anxious, one would think, to build up cotton machinery ; and what was more amazing still, it was resisted by the manufacturers of New England, who are nut charged with liberality or in overlooking their own interests for the benefit of others. But we return from this episode. Various methods are suggested to redeem the Five- twenties in currency. Ono very able writer suggests a loan in greenbacks to their amount, so that afterwards the greenbacks may be redeemed with the others. If we are satisfied that there is not more than a sufficient currency to do the business of the country together with its pro bable increase, then that would be the proper method, without inflating prices as a counterbalance to the saving. But if it is believed that the present and prospective business of the country would fairly absorb an amount large enough to redeem these bonds as they become due, and not injuriously increase the business, then the true way would be for the Government to issue legal tenders equal to the amount to be redeemed, and thus save the interest both of the old and a now loan. Indeed, but a small por tion might be issued monthly, say $4,000,000, so as to imperceptibly affect the currency. The business men here complain that the retiring of $4,000,000 a month without any substitute causes a stringency in the money market very injurious to business operations. I doubt not that that additional issue would in some way be taken up in the course of business without being injuriously felt as an expansion. I may here state that Ido not see why nearly $ 100 ,000,000 in coin has been constantly lying idle in the Treasury, when it might have paid at least twice that amount of the national debt. I do not attribute any undue motives to the Secretary of the Treasury, whom I believe to be a very great man. But I think be errs. How specie payment is to be resumed withinth Before the time spoken thepok ba eno n f ks by the dep ar t men t I cann ot conjecture. can be expected to resume the Government must resume the payment of legal ten -000,000, and be sides paying p a W y ihnagt its n meansordinary has na r it y of raising expenses inscsopion,, which must be done at the same time, thereby adding 150 or 200 millions more, thus requiring three-quarters of a billion ? The in terest upon the public loan, about $123,000,000, added to the ordinary and foreign expenses of the Government, about $300,000,000, make an aggregate of $323,000,000, which must first be paid in coin. Of that sum $120,000,000 be t w h o e u t l h d enqe c p o a n i t d ra i t nc d bu oinfr s o in m es f s of the importations, and with the country about a like sum by internal taxes, making in all $210,000,000, which, taken from the aggregate of interest and expenses, :eaves a balance of $83,000,000. So it will bo soen that the coin revenue raised by the ordinary means of the Govern ment will be insufficient to meet what is required to be paid in coin before resumption is touched—the difference being $83,000,000. But if all the gold bearing bonds were out of the way, the legal tenders would undoubtedly bo absorbed to a very large amount by other equivalents which the Government could furnish, and which the holders would be willing to receive ; but the process would be a slow one, and any attempt to hasten it would be ruinous to the business men of the community. My notion, therefore, is that the sooner the Government converts all its in debtedness into a paper currency which the people will be willing to accept at a long loan and to a considerable amount the sooner it will be able to resume specie pay ment. I observe that respectable New York papers have for the last year or two charged me with wishing to delay the resumption of specie payment. This is wholly false. I have been anxious to resume the use of coin as a legal tender exclusively, not because it is any better as a token of debt, but because it has been adopted by the other civil - ised nations. But Ido not wish to resume by breaking the bones of every manufacturer, mechanic, and agricultu rist, for the benefit of foreign operators, who have now their fixed capital. I think that even the $4,000,000 a month which the Treasurer is retiring will be found quite as stringent as they can endure. I admit that such restric tion might beneficially cramp for a short time foreign im portation; because they now are introduced beyond the means of payment. To my mind that is a recommenda tion instead of an objection to resumption; but it would be an objection to many who think that coin alone should be used in the business of the country. It has been said that the present national banking system, instead of being a lass to the Government, has been a largo gain, because, i❑ addition to the amount of money paid to the National Government by individuals, the banks also have contributed their taxes. It has been said also that the establishment of national banks contributed to the sale of bonds. Now I do not suppose that one sane man in America believes this. Those bonds were taken with an avidity never before known in a national loan. True it required agents and promises, as doall efforts of the kind. But point out the man who has any money to lend, and, pre ferring interest to its lying idle, ever refused to entrust this Government with it on account of the security, and then I will admit that they assisted in the sale of the bonds. The banks were established to absorb the bonds already held rather than the bonds purchased to establish the banks. But why would they help to sell bonds of the Government and certificates of loan bearing six per cent. unless those kind of securities were worth less than six per cent. in terest ? if they were worth less, who made up the diffor ence ? But it is said that, besides the banks paying taxes, the capital pays some taxes in the hands of the holders. if these banks had not erected yaulte for the protection of this wrong, where would it have been bidden away to escape taxation ? Could it have been put in any other form less likely to be protected? They must deduct these and other just as absurd items, not one of which can be charge able as an increase to the taxation of the country. What should have been done after the establishment of this sys tem to relieve the country of its burden ? By its provisions, if the national banks deposited Six per cent. Bonds of the Government, redeemable in coin or its equivalent, the Government became liable to the note-holders of the bank to which it made its circulation to guarantee all such circu lation, and to make good any loss .which the holders might sustain in case of insolvency. Those bonds were to be deposited in the banks, not to lie idle, so far as the owner was concerned, but to bear the highest rate of six per cent. interest, payable just the same as if the beads remained in the hands of the original holder. Did the Government gain anything in the way of interest by this deposit ? On the other hand, it withdrew a portion of them from the taxation of the country, so far as State and municipal cor porations were concerned. It gained nothing in any other way that I can perceive, but the chance of law suits, vexation and costs, in case of the failure of tho banks to redeem their notes; and for this chance thus to deposit for safe keeping and distribution the $300,000,000 the national banks were to receive 818,000,000—rather a high reward for such a duty. If any gentleman can show me any other advantage, either in the loss of notes or in the diminution of interest, it is yet to be pointed out to me. After the establishment of these banks and their palpable injury to the country, I brought in, as I have already said, two or three bills at different sessions of Congress, to bor row a sufficient quantity of money in greenbacks, and as fast as the Five-twenties fell due to redeem these bonds whose interest was payable in coin and principal in money. That day has now arrived, and had that law been enacted the outstanding Five-twenties would have been paid, not purchased, at the rate of their lowest figure, and might have been bought, I have no doubt, at a much less sum some time back. Here, then, would have been the pay ment of the national debt at the rate of $lOO for what is now worth $143. The amount saved to the nation would have been $737,645,729. Had the bill prevailed at the time with leave to borrow the money and make the tender, the probability is half a billion more might have been saved, making:ten or twelve hundred millions. But tender con sciences have compelled the nation to pay this sum in addition to her legal debt because Mr. Jay Cooke and the Tribune had pledged their word that it should be paid. I have no objections to their paying it, but 1 dislike to take the balance left me by the rebels to pay my part unless the law requires that my trustee should do it. How does the European creditor stand with relation to these bonds? I have no documents here to tell me where they are held ; but most of them, I presume, are held in Frankfort and London ; for the money lenders there are more sharp-scented than those who were cud gelled out of the Temple. At the time they were bought in gold was 281, or rather greenbacks were at that dis count by the arrangement of the market. Gold was made to purchase greenbacks at the rate of about 280 to a dollar. But suppose them to have sold at that time for 40 per cent. —which was the highest, I think, they commanded— what was the operation ? The purchaser paid to-day S4GO in gold for $l,OOO, and next Monday, quarter-day, received the interest on $l,OOO in gold, and so ever since ; and now claims that when the principal falls due in a year or two it shall be paid in coin. This is what they call honour, conscietce, justice, through the custom of the country, and tell the farmers of America that they were bound to pay the money-dealers of Europe this enormous rate to save their property from destruction, and the moral men of New York denounce you and me and others as dis honourable robbers and swindlers if we do not in 40 years quadruple the capital of the Rothschilds, Goldsmiths, and other large money dealers. I must beg leave to judge for myself of this monstrous proposition, and to see whether I am bound to pay any more than he demands who, with pistol at my breast, commands me to stand and deliver. I do not blame the European and American holders, at whatever price the loan was fairly obtained; but I scorn the denunciation which would drive me to pay such enormous rates, most probably to thoso who never advanced the money, and which I was never legally bound to pay. I find, my dear friend, I am likely never to stop—the sure symptom of chronic old age. But it is sweet, when you have discovered an old friend, or made a new one, to be permitted to hold unrestrained intercourse with him. Garrulity is one of the enticements to old age, if any in ducement were necessary to carry you to that point, which should always be mentioned as sweetest of them all. I advise Cicero when he again attempts to instruct us upon the chief solace of old age, like Demosthenes, who pro claimed action, action as the chief merit of an orator, if he has not already done it, for it is long since I read De Senectute, to insert garrulity ! garrulity ! garrulity ! Yours, THADDEUS. STETESS. Miscellaneous News. (From the Anglo-Americn Times.) The Social Manufacturing Company of Woon socket has just completed a model boarding house for its operatives, which has comfortable and spacious sleeping rooms, reception and reading rooms, and full and complete arrangements for providing a genial, healthy home for its 150 occupants. The mills of the company produced last year 7,500,000 yards of cloth, and it deserves success for the humanity and consideration with which it treats its employes. The Chico Courant, Butte County, states, dated Sept. 27th :—" We have a piece of wood taken from the centre of a large conglomerate boulder, in the mining claim of J. L. Bolos, on Chico Creek, about 20 miles from Chico. The boulder was blasted to got it out of the claim, and the wood found in the centre. The wood looks like cedar, and must have been embedded several thousand years." The ship Essex, which sailed from Melbourne, August 30, arrived lest Saturday night off the Scilly Islands. She rounded Cape Horn, Sept. 24, and on that day sent a boat to the American schooner, Levy Stephens, 98 days from Boston for San Francisco, which the day be fore, in the Straits of Lemaire, had lost in a squall five of her crow who wore washed overboard. The Essex also spoke the American brig Adrian Joanna, 21 days from Conception for Buenos Ayres. The directors of the North German Lloyd have contracted with Messrs. Caird and Co., of Greenock, for the construction of another first-class screw steamer, of 3,000 tons burden, for their New York mail line. The screw ship Rhein, now building on the Clyde, will be ready for service in February next. IMPORTANT, IF TRUE.—It is said that Mr. H. E.:Tweedles, of Pittsburg, Pennsylvania, has invented and patented a new process for the distillation of petroleum oils, in which steam is the only heating agent employed. It is furthermore claimed that the oil so produced is ob tained in such a state as to avoid the necessity and expense of any subsequent purification by alkalies and acids. But six or eight minutes only aro said to be employed in ac complishing the result. The quantity operated upon in a six or eight minutes run ;is not stated. Steam is un doubtedly to become a most important auxiliary in the distillation and purification of petroleum; numerous experi ments in that direction have already been undertaken on this coast, with a greater or less measure of success. Still we are not exactly prepared for the above announcement as yet.—San Francisco Mining and Scientific Press. A correspondent of the Memphis Post, from Houston, Oct. 16, gives the following sketch of life in Texas :—" We had a regular Texas street fight here the other day. Two men were waiting an hour or so at a hotel for one man. When he came out one of the two pulled a Derringer, fired, and missed; then pulled a six-shooter, and emptied every barrel at the advancing man, who was shut in four places, and who then, in spite of his wounds, pulled a bowie-knife and made two inser tions in the left breast of Brown, the commencer of the rcw, whose companion then pulled a revolver and abso lutely broke the skull of the bowie-knife man and laid him low. Brown breathed his last in 15 minutes; Pruitt, the other man, lingered for three days. The fuss was about a pretty milliner, named Sallie St. Clair, who, by the by, nursed Pruitt until his death. From up the country we have news of a "beautiful little fight," two men on a side, all armed, as is usual in Texas, with the inevitable six shooter. They amused themselves in a playful manner until two were instantly killed, ono mortally wounded, and the other (a man nearly 80 years old) was bored with three bullets only. But it was 'a beautiful little fight,' though." The report of the Paymaster-General for the fiscal year ending June 26, 1867, shows that the disburse ments to the volunteers, the regular army, and the mili tary academy for that year wore $42,758,457. The total number of claims for additional bounty received was 407,857, of which 96,606 wore paid, and 9,372 were dis allowed, leaving $302,479 on hand unsettled. For recon struction purposes $913,852 have been disbursed by the district paymasters, leaving a balance in their hands of $510,876. The following is a statement of the movement in cotton since the Ist September last, taken from W. P. Wright's circular, dated New York, 29th October :-- " Receipts at ports in the United States, 1867, 143,000 bales; 1866, 171,000 bales; 1865, 396,000 bales. Exports to Great Britain, 1867, 27,000 bales; 1866, 62,000 bales; 1865, 165,000 bales. Exports to France, 1867, 2,000 bales; 1866, 9,000 bales; 1865, 9,000 bales. Exports to other foreign ports, 1867, 4,000 bales; 1866, 4,000 bales; 1865, 2,000 bales. Total exports, 1867, 33,000 bales; 1866, 75,000 bales; 1865, 176,000 bales. Stock on hand, 1867, 120,000 bales; 1866, 283,000 bales; 1865, 377,000 bales. Of which during the past week included in the above- Receipts at the ports, 1867, 36,000 bales ; 1866, 51,000 bales ; 1865, 65,000 bales. Exports to Great Britain, 1867, 13,000 bales ; 1866, 8,000 bales ; 1865, 27,000 bales. Exports to France, 1867, 2,000 hales; 1866, 3,000 bales; 1865, 2,000 bales. Exports to other foreign ports, 1867, 1,000 bales ; 1866, 1,000 bales; 1865, - bales. Total ex ports-1867, 16,000 bales; 1866, 12,000 bales; 1865, 29,000 bales." _ _ _ During the past year unexampled liberality has been shown toward the higher educational establishments in America, wtich has inspired theta with full vigour, and will doubtless increase Unix usefulness. lu the following list taken from the Yale Courant the land grants to agri cultural colleges aro not included. Tho handsome gift of Mr. Cornell was made in 1865, but is given below, as it was not applied until within the last year :—Albion College, Albion, Michigan, $25,000; Baldwin University, Berea, Ohio, $103,000; Beloit College, Beloit, Wisconsin, $18,000; Bowdoin College, Brunswick, Maine, $27,000; College of New Jersey, Princeton, $20,000 ; Cornell University, New York, $760,000; Cornell College, Mt. Vernon, lowa, $25,000 ; Cumberland University, Lebanon, Tennessee, $35,000 ; Dartmouth College, Hanover, New Hamp shire, $35,000 ; Dickinson College, Carlisle, Pennsylvania, $100,000; Hamilton College, Clinton, New York, $94,000 ; Hanover College, Hanover, Indiana, $25,000 ; Harvard College, Cambridge, Massachusetts, $100,000; Kenyon College, Gambier, Ohio, $35,000; Lafayette Col lege, Easton, Pennsylvania, $90,000; Lawrence Univer sity, Appleton, Wisconsin, $20,000; M•Kendree College, Lebanon, Illinois, $20,000; N. W. Christian University, Indianapolis, Indiana, $35,000; Norwich University, Northfield, Vermont, $16,000; Oberlin College, Oberlin, Ohio, $31,000; Otterbein University, Westerville, Ohio, $30,000; Rutgers College, New Brunswick, Now Jersey, $50,000 ; Shu tleff College, Upper Alton, Illinois, $BO,OOO ; Tuft's College, Medford, Massachusetts, $300,000 ; Uni versity of Mississippi, Oxford, Mississippi, $25,C03 ; University of Chicago, Chicago, Illinois, $lOO,OOO ; Wa bash College, Crawfordsville, Indiana, $lO,OOO ; Wash ington University, St. Louis, Missouri, $109,000 ; Wes leyan University, Middletown, Connecticut, $98,000; Western University, Pittsburgh, Pennsylvania, $95,000; Yale College, New Haven, Connecticut, $206,000. Total of 31 colleges, $3,041,000. A statue of Adam Smith is to be erected in the city of Oxford, for the purpose of commemorating his con nection with the university. The statue, which has been executed by an Austrian sculptor, has cost £7OO, and is said to be an excellent likeness. A subscription has been set on foot to defray the expenses, and a committee, con sisting of the Dean of Christ Church, Dr. Scott, Master of Baliol (in which college Adam Smith was educated), and Professor J. E. Thorold Rogers, have been appointed to make the necessary arrangements. A hurricane has passed over some of the great Lakes of the United States, causing much damage to the shipping. Most of the iron mines in Michigan have adopted the old method of mining, instead of quarrying, as recently practised. Hunnicutt advises negroes discharged by their employers to ask for work, and if refused by them to apply the torch to their dwellings. NEW lORK MARKETS. (From Correspondent of the Anglo-American Times.) NEW YORK, Nov. 9, 1867. Far the first time for many months gold has dropped below 140, closing yesterday at 1381. There are many reasons advanced for this. Some attribute it to the satis factory progress of reconstruction, and the triumph of the Democratic party, which it is alleged will restore the South and work a favourable effect on the business of the country. Others assert that this will not be the effect of the elec tions on Tuesday, and predict that the market will soon rise when the gold disbursements of the Treasury in pay ment of 5-20's have been absorbed. The exports of the precious metals from Now York, from Ist January to the week ending Nov. 2, were $43,650,721 against $55,963,684 for the same period last year. The imports from San Francisco for the same period were $24,909,433 against $36,616,385. The Henry Chauncey brought last Sunday from Aspinwall $517,756, and the Sacramento left San Francisco with upwards of half a million, making up the total amount of treasure from that port for the year to $34,708,711. Money is easy, the demand is good on call, which is readily supplied at 7 per cent., with exceptions on Government Securities at 6 and 8 to 9 per cent. for time on good securities. The supply is abundant, and the tendency is towards greater ease. Business continues too depressed to use the funds disposable, and this very depression adds to the glut of money. There will soon be a better demand from the South, which is already increasing, and in anticipation the banks hold large ba lances, and only lend freely on call. Mercantile men look hopefully for better times, which have been delayed longer than they anticipated. At Chicago the money market is tight, and speculators are checked by the caution of the banks, and the stringent way in which loans are called in. Government Stocks are firm, with little change to report, except in 10-40's, which have improved on the official an nouncement from the Treasury that Government has stopped the sales, leaving in the Secretary's hands unissued $28,000,000 of these bonds. They are also strengthened by their introduction to the London market, and have risen here to 1011 to 1011. There is a rumour that greenbacks will be steadily contracted, and there is a suggestion that $500,000,000 of 5 per Cont. Bonds should be authorised by Congress in exchange for 5-20's, the interest and principal to be payable in London. Two objects would be gained by such a course—the first would be a large annual sav ing on the interest, as the bonds would be willingly taken in exchange in Europe at a lesser rate, the principal being guaranteed as payable in gold as well as the interest, which English holders would then obtain in sovereigns in Lon don. The second effect would be to strengthen Govern ment securities in the United States, preventing the chance of violent fluctuation. There is always the dauger of having the bonds hold in Europe forced back on the United States market when the country can least afford it ; that is, in time of peril. I seed you the last Report of Secretary M'Culloch, which is considered here very satisfactory. The receipts from Revenue and Customs declined in October, and are likely during the winter months to continue even still lower. There is very little doing in the Railway Market. The returns for October are not considered as good as anticipated. The Reading and Pennsylvania is expected to pay a 10 per cent. dividend on its stock. The Erie, it is said, is about to part with some of its land in New Jersey, where it owns 3,000 lots, each believed to be worth $l,OOO, the third of which is to bo sold. It is expected to realise a large advance on the cost price. The Illinois Central got for land in October $301,220, the largest sum yet received by the company for a single month. Mining Stocks continue to decline. Petroleum Stocks are active and rising ; a large business is transacted in them, Buchanan Farm being a favourite with speculators and investors. Express Stocks have risen, the following being the latest prices: —Adams, 671 to 671; American, 67f to 671 ; United States, 67/ to 681 ; Wells, Fargo, and Co., 471 to 48 ; Merchants Union ($35 paid) 291 to 291. The annual election of the Pacific Mail Ship Company's officers will be made on November 21. A hot fight is pro gressing, circulars being sent out by both parties. In answer to the charges of favouritism and extravagance, the defenders allege that their system is the best and cheapest, maintaining they were right in increasing capital last year, in building side-wheel instead of screw steamers, and in their annual payments to the President. The following are among the latest prices ;—New York Central 112, Erie 721, Hudson 125, Reading 96, Michigan, Southern, and Northern Indiana 78i, Illinois Central 126, Cleveland and Pittsburgh 811. North-west 471, North-west Preferred 631, Canton 42, Rock Island 951, Cleveland and Toledo 102 , 1, Fort Wayne 96, Pacific Mail 142, Atlantic Mail 116 f, Quicksilver 151, Western Union Telegraph 311, Mariposa Preferred 141, Ohio and Mississippi Certificates 24, Boston Water Power —, Cumberland 23k. THE PUBLIC DEBT OF THE UNITED STATES. (Secretary M'Culloch's Monthly Statements.) The following is the official statement of the public debt of tho United States on the Ist of November, 1867: DEBT BEARING COIN INTEREST. 5 per Cent. Bonds 5198,845,350 00 6 per Cent. Bonds of 1867 and 1868 6 per Ceut. Bonds of 1881 283 676,600 00 6 per Cent. 5-20 Bonds 1,267,898,100 00 Navy pension fund 13,000,000 00 Total 51,778,110,991 80 DEBT BEARING CURRENCY INTEREST. Six per Cent Bonds Three-year Compound Interest Notes Three-year 7-30 Notes 334,607,700 00 Three per Cent Certificates 11,560,000 00 Total 5426,768,610 00 Matured Debt not presented for payment —Three-year Seven-thirty Notes, due Aug.ls, 1867 53,371,100 00 Compound Interest Notes matured Juno 10, July 15, Aug. 15, and Oct. 15, 1867 9,316,100 00 Bonds of Texas Indemnity 262,000 00 Treasury Notes, Acts July 17, 1861, and prior thereto Bonds of April 15, 1862 Treasury Notes March 3d, 1863 868,240 00 Temporary Loau Certificates of Indebtedness 34,000 00 Total 518,237,538 83 DEBT BEARING NO INTEREST. United States Notes 5357,164,844 00 Fractional Currency 30,706,433 39 Gold Certificates Total Total debt 52,625,502,848 02 AMOUNT IN TREASURY Coin Currency 22,458,080 67 Total Amount of debt, less cash in Treasury-82,491,504,450 00 The foregoing is a correct statement of the Public Debt, as appears from the books and Treasurer's returns in the departnieut on the Ist of November, 1867. HUGH AICuLLocH, Secretary of the Treasury. (From Messrs. Belding, Keith, and Co.'s Circular.) FRIDAY EVENING, Nov. 22. There has been a general improvement in almost all United States securities during the past week, Erie Rail way shares being the only exception. The last quotation of gold in New York is 1391, which is 1 per cent. higher than the corresponding quotation of last week. Five- Twenties of both issues show an advance of 1 per cent. fer the week, opening at 701 for the 1862'5, and 691 1 for the issue of 1865. The 1864 Bonds aro without alte ration. Ten-Forties have advanced from 661 671 to 674 bowing a much closer quotation, with it tQleralilo mount of business, though the $5OO and smaller denomination , ' are scarcely marketable at present. (Fro►n Messrs. Bowles, Drevet, and Co.'s Circular.) Paris, Nov. 22, 1867. The event of the week has been the speech of the Em peror on the occasion of the opening of the Corps Legis latif. This, though generally constructed in a peaceful sense, has had but slight effect upon the market, which continues dull, with little change in quotations. United States Bonds have hardly varied in price, and transactions have been very limited. We quote— For the issue of 1862 For the issue of 1865 Advices from Now York aro to the 18th instant. Gold United States Bonds, 1862 (currency) 108; The Rent,' closes at GBf. 40c. The Italian closes at Exchange on London RAILWAY INTELLIGENCE. Contracts have been made for the construction of the twenty-five miles of the Boston, Hartford, and Erie Railroad from Putnam to Willimantic. The contractors upon the Cincinnati branch of the Louisville, Cincinnati, and Lexington Railroad are pushing their work uninterruptedly. The cost of grading and masonry will be about $1,400,00 0 . Of this amount there was to have been disbursed at the end of the present month from $450,000 to $500,000. It is expected to be finished and ()Pen to travel in the spring of 1869. The directors of the St. Joseph and Denis Rail road Company have elected General James Craig president. It is the determination of the directors to complete this road to Troy, Mobile, a distance of 15 miles, this fall. Contracts have been made for the construction of the 25 miles of the Boston, Hartford, and Erie Railway from Putnam to Willimantic. A large force of hands is now engaged in the work of grading the line of the St. Joseph and Council Bluffs Railroad. Their operations already extend a distance of 30 miles north of the former city. It is stated that the Memphis and Charleston Railroad Company has paid up all indebtedness to the Government, amounting to about half a million of dollars. Foreign Mail Packet Lisa, MAILS DUE. Australia and New Zealand, via Southampton ..... Nov. 19. Ditto, via Marseilles ...., .....„ „ „Dee. 14. Ditto, via Panama Nov. 23 . Brazil, Buenos Ayres, and Monte Video Dec. 4. Ditto, by French packet • • Nov. 22 Cape Vords. by Brazil packet Cape of Good Hope, Ascension. and. St. Holena NoV. 1 : 7 • China, Penang. and Singapore, via Southampton Nov. Ditto, via Marseilles N o v, 27. Falkland Islands dibraltar, via Southampton . • Nov. 19. India, via Southampton Nov. 19. Ditto, via liarseil es .....N0v. 2 2, Malta, Egypt, Jo. ......... Nov. 19. Ditto, Marseilles... Oct. 27. Mauritius, Cape of Good Hope, and Natal, via Southam Nov. 1). Ditto, Marseilles Dec. 4 Newfoundland **** • • ....Nov. 20 ortugal Dee. 4 . Ditto, by r a 1 ship to Oporto .. Ditto t i to Lisbon states, Cana California, dtc... by British packet Ditto, by L sited Si..tes packet Ditto ditto (New York) Ditto ditto (Ntw York) Ditto ditt, (Baltimore) Ditto, by Canadian packet Nov 2 •• West Coast of Afri,a, Madeira, and Teneriffv,s., Deo. 4 West Indies and Pacific (except Mexico and Baha- mas) - - Nov. --• Cuba and Mexico Nov. 28 Bahamas, via New York Bermuda, via Halifax FOOTBALL.--On Saturday an interesting game was played in the " Timbrels," at Eton College, betwee n the Etonians and an eleven brought into the field by Mr. B. Hall, formerly captain of the boats. Play was commenced at half-past 12 o'clock, Mr. Hall's 11 for the first half hour having the best of the game, and making a rouge within ten minutes of the onset. After the change the Etonian s kept the ball well in the vicinity of their adversaries' goal, snaking no less than three "shaves." Mr. Hall's 11 then made a great effect, and the ball was kicked near the Eton " goal," only to bo turned and eventually dri ven by the Etonians through that in the possession of 31v * Hall's 11, the winning ball being kicked by Mr. Carr- Lloyd. Eton thus won by a " goal" to a rouge made 1 1 their opponents, the game concluding at half-past 1 o'clock* The following were the players :—E ton College. - E . slur* gins, corner; W. C. Calvert, flying man; T. M'Clintock• Bunbui y, short behind ; M. H. Romer, C. It. Warburton, corner; C. Tait, C. J. Thornton, long behind; H. Le es ' goal ; R. Russell, G. J. Courthorpe, J. M. Carr-Lloyd. 3 11. ' Hall's Eleven.—E. Hall, flying man ; E. Lubbock, corner' Rev. G. R. Dupuis, short behind ; P. Norman, corner ; Norman, H. W. Mozloy, R. H. Benson (substitute), B. F r ' L. Reade, goal (substitute); C. Manley (substitute), G. Horner (substitute), Hon. A. Parker (substitute). M r ' Patton was prevented from playing, having ricked back. The umpires were Messrs. A. Coates and Tritton: The annual football match between the Oppidaus an d Collegers will be played at the "wall" on Saturday (S t ' Andrew's Day). Oxford and Cambridge usually Plait afterwards in the "field." W e are requested to state that the " Old Haileyburian match," Haileybury College, 'left, ford, takes place on Saturday, tha 30th of November. TOWERING PARTRIDGES. —Seeing the numerel articles in Land and Water on partridges towering, wrote to a friend of mine in Ireland and asked him to ob serve-closely any birds which he saw tower. I copy , t , 1 7 following from his answer received a few days ago d have shot 333 head of game since the 20th August, a n , only two birds out of that number have towered, on e ; snipe, and the other a partridge. I had carefully no tice d the partridge when it came to the ground ; the eyes ! I' , head wore covered with blood, but not a feather of tm body seemed ruffled by the shot, or a shot-mark VW ' when the bird was plucked ; so that it must be lo ss ~ sight or a wound in the brain that causes the bird t; tower." Might not the rush of blood over the eyes (f r° ,., a wound in the head) blind the bird, which immediately causes it to fly upward to avoid coming into collisios; with any object which otherwise it might have done h d it continued its flight close to the ground?—V. ---- - tail and Wate;-. I ADVERTISEMENT.] —Holloway's Ointment and ril l c Autumn is usually the season when constitutional We n n t nesses develope themselves. Now is the time for prn.. and decisive intervention. With Holloway's twin l e a dies applied in conformity with the inst r uctions f°` round them every invalid may avert the threatening es meat, and escape both its sufferin gs an d it s p e rils. l' e rf medicaments cab be safely used by the afflicted of ef . . 'c h age, rank, and condition. They remove all causes w '' e d tend to vitiate the vital fluid ; they reduce all disor der ,, functions to regularity ; they purify, cool, and heal. "la malady, however trifling, should be permitted to re f li ly untreated when such easy and effective means of thoronglA eradicating the very seeds of disease are placed W every patient's reach. iog LADVERTISEMENT.]—Du Barry's Delicious Health r sho Revatenta Arabica Food, which contains three times her nourishment of the best meat, saves fifty times its cost 1 12 ,,,'" remedies restores perfect digestion, strong nerves, soull_,d`,; o ll, healthy liver, refreshing sleep, functional regularity, ala,a, e , -- 9 ,0 , ' to tae most disordered or enfeebled, removing speow* t,po , effectually indigestion (dyspepsia), habitual constips,,,s, dia• theca, haemorrhoids, liver complaints, flatulency, nerv.o. DAN ° noses, fevers, sore throats, catarrhs, colds, „ T or in the head and ears, rheumatism, gouc, tions, hysteria, neuralgia, irritability, sleeplessness, acidt,l,o, pitat:on, heartburn, headache, debility, dropsy, cramps, sPl i , tio, naosca, and sickness, sinking flts, coughs, asthma, br0 0 9 0 , - 4 incipien. consumption, scrofula, tightness of the chest, 1 03 0 , 0 ea the psi. of the stomach, between the shoulders, &c. We,q n „., pa few out of 65,000 cures :—The Pope's health restorea„" Barry's Food.—Cure No. 68,413. "Rome, July 21, 18 0 °' oat , : heal.,u of the Holy Father is excellent, especially since. , ~/ 3, to doniug ail other remedies, he has con lned himself ent a w ` es! Du Bat ry's Revalenta Arabica Food, of which he coo , " w yer,' plateful at every meal. It has produced a surprising;Y. cial eject on his health, and hip Holi'aess cannot pre,' JO excellent rood too hHity."—From the "Gazette du Tel froo 25. Cure No. 49,832. L." Of fifty years' indescribable ago ny t li e ncli dyspepsia, nervousness, asthma, cough, constipation, pp?, spasms, sickness at the stomach, and vomiting." 51a ,` 1 ,.....P ° Woe.ha.n, Ling, near Diss, Norf.:AL—Cure No. 47, 14 -"geri° , Elizabeth Jacobs, of Nazing Vicarage, Waltham Cross , Th of extreme nervousness, indigestion, gatherings, low eisoi and nervoas fancies. Important Caution.—Beware of tb_ n , it he o unsavoury and more than sloppy imitations to which, , 110 ;11 . authority, Baron Liebig's name is most audaciously acts - vie.. In tins at Is. lid.; 1 lb., 2s 9d. 2 lbs., 4s. Gd.' 5 Ib° /.lto. 1/ : 12 lbs. 225.; 24 lbs., 40s.—BARRY DU BARRY and C„ ° :' co ,cll o /: ategent-street, London; also Fortnam and Mason, 18 2 , ri c so i, 2 5 '" and at GI, Gracechurch-street; 4, Cheapside; 6 3 , 150 ' to . Oxford-street; 330 Strand; and all grocers and eneoli. Births. of Ricx—On the 19th inst., at Cheltenham, the wife Col. W. C. Rich, 11.M.'s Madras Staff C or ps, of a' s vipt 'TAYLOR-0u the 22d inst., at Putney, M rs. Da - Taylor, of a son. Aml to, WAYMOUTII—On tho 22d inst , at Knoll House, Sit'' ", i f a the wife of C. Wayinouth ; Captain 17th Lancers' - daughter. _ Marriages. rhUre b ' LAW—SIVEWRIGIIT—On the 21,A inst , a t Christ , --- do s, Chiswick, William Law', Esq., of 28,. Onslow-gftarleo London to Mary Catherine, third daughte r of , K. Sivcwright, Esq., of Burntisland, Fifeshire. DuN MARTIN—JAMIESON—On the 20th inst., at Shallalo, o ath bartonshire, John M. Martin, younger of Auchon Julia Dumbartonshire, to Isabella, second daughter Jamieson, Esq., Shandou. Fortu oiref Deaths. WATSON-0n the 20th inst., at Inchyra House, David Watson, Esq., formerly of Mancheser. _wood.. WoonALL—On Ihe 21st inst. tt B ri g ht. "' °l3ePil " all, Esq., of Wavertree-road, Liverpool. - -------- „so-vir,- . London : Printed and Published by WiLLLA.Id A- 14 ,,, ',„ 02. of No. 112, Strand, Printer, at TAB SUN Office, .. iti Of Strand, in tha Precinct a t h e Savoy, in the ("- KiiialeseXd"CliclaY) NClTeMber 25, 1867. APT Aft London IN This 1 It is tome. Soli i bY the wlinloga QT nbs4)r , _ A Ur 14 R T - T ,, App kN Preo th i d 7Dayah! uiscounti A I ON . Atlg 'rinetn p a , 4.e4sTN. And oh o ., CONCE Ur. IT. 1 The // - her, the oTi - e s Pearanci Privat, Ineaule. WI CROW Prj . ) ORE Th e (Ire ivtoO- NT, D ELEV C JI LP \V sniper]) i r,r SI .tipp o ng at I( Stalls ca Past 7. Afte Afte Afte Afte Afte Afte Afte 'VP 4 - LifeITIL all thTe E dze. 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