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

....,#"'-' 3 Hon- pwood .gazine s here publi pod of no gift future know reet is skilled ell the in this Nnpted Bond and it Ly like baud in any e have charm- Then a And ore the no less Dlif ton, What 7ornhill d Street ertainlp ted and erature. hi is this iodicals, ood and 3y vial he new a thing Tr. ;c. 18. ghn eves Beatrice , lolstein, r-past 2 't in the iighness corning , Princess ra Mac' ;nded by ' TIMES." ►LTER. )ur houre ention of ning the ctions 00 1, apP e ' ar 013, then nst , Di rnittee , the elec- influence• eriod sir this date have re' ;ir ~ Peel, °° e on th e , vhich ha d sequentli on make° 3 COnS er , as Lori-. )repares 3 iord Ras ich a d is : le pres en t >cl that rason °l— ent hial a two hours offered 1) 7 upon bt xenuousu 3 of aC ti°l3 c i 0 differe d a nd sta ted the furthe r ans of the had bee D uid ioe lem an il r a scii as 5 This D'il. ed rata, BEE"' t , Miles Poo, Li lani f to the . 0 ,, the Dor° P v ' equ aint tik e t -Derby, Woo r to Yotiiice the P ° al of .°.l' wa g tr ue sv ul vit B IJ. o ne g Pl o g e t o ird fr° t o hot ald ;011 t. The J ' pressed re xe rcise 0° G•t-' . Ba f in-Ch ief r 00, y r-Se e D O t or- l e e rce _ o e GO: le o( 0 abou t t 0 be evil, en ef66°led MONEY. MARKS AND .10MMERCIAL NT ELLIGENCE. 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 Las just returned from his mission to Canada, was discussed. The biddings for bills on India took place yester day at the Bank of England, and 12,30,000 rs. (£123,000) were allotted to Calcutta. The mini mum price was fixed, as before, at Is. 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 1866, showing an increase of £221. . The shares of the Anglo-Argentine Company Were to-day quoted at Ito prem. The directors of the Chontales Gold and Silver Mines have received advices from the mines dated 9th November, 1867. Cholera bas 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 much 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 11 to 2 Prem. Atlantic and Great Western Railway Debentures remain firm at 22i 23k, and the Consolidated Mart gage Bonds at 19 19k. The last week's railway receipts, ascertained up to this day, are in round figures as under : 1867. 1866. Great Western ... 71,827 71,379 North Western ... ...122,679 120,450 South Western ... 21,785 22,059 Brighton ... ... 20,495 19,820 Midland ... 51,027 47,072 South Eastern ... ... 22,617 21,907 Great Norther' ... 43,264 42,472 Lancashire and Yorkshire... 45,111 44,153 Bristol and Exeter... ... 7,150 6,891 North Eastern ... 66,891 68,789 Manche s t er , Sheffield, and Lincoln 20,693 21,261 Great Eastern ... ... 33,736 34,458 London, Chatham, and Dover ... ... 8,643 8,447 Metropolitan-. 4,741 4,530 North British ... 25,151 24,393 Glaßgow and South Western . t . 9,611 9,443 Midland and Great Western of Ireland ... 5,092 5,254 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 North-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 £958 ; on the Bristol and Exeter, of £339 ; on the on the London, Chatham, and Dover, of £196; nu 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 tight are thus commented on by Messrs. Alexander Collie and Co. :-" During the past fortnight the total absence of speculation is 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 even at prices which, it is believed, entail loss upon them. This exhibition of weakness 011 their part has influenced injuriously the course °f cotton at Liverpool, cotton goods here th lt ed cotton good s i n th e E a st and induces most extreme caution on the part of shippers. T he opinion is becoming pretty general that, not 'Withstanding the scarcity of money in the south, and consequent necessity to effect sales of the crop, the -elericans will ere long become steadier holders, b ecause the chief outlets for manufacturers, although g i ving way with every report of cheaper cotton, s_tstill- le ave a h andsome marg i n upon presen t 44 nchester prices, and thus encourage the hope tha t consumption of cotton will increase, and le ad to fi rm, if not hi g h er rates . Th e re p ea l o f 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 e° esumption, not that cheaper production or greater. abundance enables them to do so. Messrs. Stern Brothers have announced to the public that his Majesty the King of Portugal, by a decre e under date of the 16th of December, has a uthorised the creation of £5,500,000 nominal e4 Pital 3 per cent. stock, and that they have entered into a contract with the Portuguese Go %.ernment for the negotiation of the same. It ap rlars that £750,000 h as a l rea dy been di s p ose d o f ; ,000,000 is reserved for Portugal, and the con ?actors are now prepared to receive applications i° t th e rema i n i ng £ 3,750,000. Bon d s to b earer are Proposed in amounts of £lOO an d £5OO, bear ieg interest at 3 per cent. per annum, payable half dearly, on Jan. 1 and July 1, a t th e Portu g u ese Fi l4nnial C omm i ss i on i n L on d on i n poun d s ster li ng ; Paris, a t t h e E xc h ange , o f 25f . 25 c. ; ai d at A msterda m , at 11 guilders 80c. per pound. The s P_ r iee of issue is 381 for every £lOO stock, with inte rest from July 1, 1867, payable as follows :-£5 per i c4 t• on a p p li ca ti on, £5 on allotment; £5 J an. 30 , 8 deducting 11 per cent. dividend (lees income 3 - '/), due Jau. 1, 1868 ; £5 March 30 ; £lO May s ° ' and £8 10s. per cent. June 30, total 38k. Sub criptions will be received in London by liessrs. pter Brothers, and in Lisbon and Oporto by a era• Fonsecas Santos and Vi enna . With the „ee of issue at 38k, inclusive of the January 'Pon of 11 pe r cen t. an d th e di scoun t s on pay ments in full e qu i va l en t t o 9-16 per cen t . th e ne t B r iee is less than 361, and will yield the investor, aealling himself of all the advantages offered, t tit . r l 8 1 per cent. This loan is merely a substi -10,1:34 of Interior Stock pledged fo r t emporary Cua raised by the Government, which stock as • 4,,i) in accordance with the loan of the lst Y 1 1 867 , to be cancelled against the issue of the te lt 1 ezi st . °an ; the latter, therefore, will not add to s a i„ l ng charges on the revenue, but rather di , •ash to„them by substituting funded debt for float en° u chts, bearing very high rates of interest and - trinlis • Of 4 „ fission. When the Cortes last met £520,000 rti taxes were voted, the collection of which will n:l7 Cal ~, ,Les lice in January, 1868. The Government e reed, and has commenced to carry out, the mu °f the landed p r op er ti es b e l ong i ng t o th e Nl 'elPa i"lities and hospitals, which at the lowest 14 4 , 11 , a te are valued at £2,500,000, and this siti4Ges bY law be invested in Government Seen the T Portugal there is an institution for io a s ss e _ e urity of stockholders which does not exist u s. Y other country, called the Junta of Public a r 4 e ect v l It appears that every year certain taxes laa 4ci : t o e l f ily the Cortes to be paid direct into the o iellt this institution, to be applied for the pay of44 the interest on the external and internal ! an d it fte int er very often happen s th a t th e i n t eres t on 11 Li es nal stock is paid three months in advance. at 43,u°n and at Amsterdam and Londo n at Stock is now largel 401 y dealt in . Two o'CLocK. Pr4 en c c c h °r i c l in g to Reuter's telegram this morning the ~..,,entes were 68f. 75c. Firm. " 3 / 1 • - Securities remain inactive, and the tone Day, is generally dull. Uneasiness prevails in many minds with respect to domestic matters, and the Market still shows a downward tendency. Consols are 92i * for money, and 92i for the account, the latter price being * per cent. lower. The New Threes and Reduced Annuities are 924 ; Exchequer Bills, 255. prem. ; India 5 per Cents., 1121 1114 ; Enfaced ditto, 104; and ditto Debentures, 1873, 1054. In the Foreign Market few variations have oc curred, there being a very restricted business. Italian are at the same quotations at which they left off last night, viz., 45 .; and the following are also unaltered :—Greek, 12k- 13 ; Mexican, 15i- a ; Spanish Passive, 26 ; and the 3 per Cents. Stock, 36 4 ; Turkish 5 per Cents., however, are lower, at 33 if. American Securities generally show rather more firmness. United States 5-20 Bonds have ad vance I i t, to 72 1 ; Erie shares :I, to 50 50i ; 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 1. Great Eastern 1, and South- Eastern i t ; North-Western 11, Metropolitan 11, Great Northern 2, Lancashire and Yorkshire 2, and Midland 3f. The following are the latest current quotations of some of the principal shares : —Great Western, 444 44 ; Leeds, 118 119 ; London, 112 k ; Mid land, 99f 100 ; Brighton, 50k 51; Caledonians, 744 75f ; Chathams, 181 184 ; Great Northern, 108 109 ; ditto A Stock, 109 110 ; Metropolitan, 110 f ; South-Eastern, 66f ; Sheffield, 44f 45 ; North- Eastern (Berwick), 99 100 ; ditto (York), 92 93 ; North British, 33 34 ; Great Eastern, 311. In the Foreign and Colonial lines there has not been much variation. Great Luxembourg 'are marked 8 15-16ths ; San Paulo 171 ; Great Wes tern of Canada have declined to 164 ; Bombay and Baroda remain at 1011 ; and Great Indian Peninsula at 1104. Bank shares are dull, Agra being dealt in at 711-, Imperial at 181 s, London and County 51i 1, and London and Westminster Scrip at 37k. Miscellaneous and Finance Shares in one or two instances are a shade firmer. Atlantic Telegraph Old Stock has improved to 44i ; Viceroy of Egypt's Mortgage Loan, to 72; ; while City Offices are marked 5:1 6 ; and Anglo-American Telegraph, 19 191. MINING 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 Cam Brea, 2/21 ; Chiverton Moor, 5/ ; Cliontales Gold, 31 31; Clifford Amalgamated, 51 6 ; East Basset, ; East Caradon, 5 51; East Lovell, ; East Russell, 25s 80s; Frontino and Bolivia Gold, 19s Od 20s; Great Laxey, 17/ 18/ ; Great Retalliek, ; Great Wh al Vor, 17 18 ; Marke Valley, —; North Crofty, 21 21; North Treskerby, 30s 32s 6d ; Prince of Wales, 48s 50s ; ;West Basset, 2/ 21; South Caradon —; South Frances, 24s 265; Tincroft, - ; West Caradon, 10 11; West Chiver ton, 65 67 ; West Seton, 190 195 ; Whea: Basset, 72/ 77/; Wheal Grenville, 26s 28s; Wheal Mary Ann, 19 21; Wheal Seton, 85 90 ; Great South Tolgus, 20s 22s 6d ; Eat Gunnis Lake and South Bedford, --s Od —s Od ; East Wheal Grenville, 26s 28s ; Wheal Basset, 72/ 77/ ; West Frances, 9 11; Wheal Buller, 16 18. LATEST CITY INTELLIGENCE. CITY, 4.30 P.M. Consols have closed at 92f k tor money, and a t 92i f for the account. There Were again no operations in gold at the Bank of England. Foreign Stocks show little variation. The following are the principal alterations ex hibited in the Bank of England return published this afternoon :—An increase in the bullion of £277,152 ; in the return of notes, of £735,780 ; in the public deposits, of £320,962 ; and a decrease in the circu!atiou, of £512,365. The return issued from the Bankers' Clearing House by George Derbyshire, chief inspector of the paid clearing, for the * week ending the 11th Dec., is as follows : Thunday, Friday, Saturd4y, Monday, Tuesday, Wednesday, Total £70,411,000 BRITISH FUNDS.—CLOSING PRICES. OOVERNMENT FUNDS. 8 per WILL Consols Do. Account, - i 3 per Cant. Reduced 92i / l New 3 per Cent 921 1 I New 21 per Cent. Jan. 1894 Do. 5 per Cent,. el an. 1873 Innuities, 80 yrs, expire sth Jan ' 188 e — Do. for 30 yrs, expire sth April 1885 — Do (Red Sea Telegraph), An d ., 1908 — E (chequer Bills, £l,OOO, 2 &21 per Ct 25 28 pm Do £5OO 25 28 pm Do. £lOO & .£2OO 25 28 pin Bank of England Stock, 41 per Cent — Do. Account INDIAN GOVERNMENT SECURITIES. Indiau Fe'•tock, 101 per Cent., April 1874 — Do. Account Do. 5 per Cent. July, 1880 Do. 4 per. Cent., Oct. 1888 Do. Certificates Do. Enlaced Paper 4 per Cent — Do. 5 per Cent., Jan. 1872 Do. 51 per Cent., May 1879 lO9 Do. 5 per Cont., Rup. Deb., 1872 — Do. do. 1877 — Do. do. 1882 Do I)eb., 5 per Cent., Aug. Ibia Do. Bonds, 5 per Cent., £l,OOO Do under £l,OOO Fa FOREIGN FUNDS—CLOSING PRICES, Argentine Republic, 6 per Cent Austrian Bonds, 6 per Cent. 1859 _ Brazilian 5 per Cent — Do. 4} per Cent., 1852-58-60 Do. 1863 Do. 5 per Cent., 1865 Do Account Do. £lOO Bonds — Buenos Ayres 6 per Cent — DJ 2 per Cent. (Deferred 3 per Cent , Calla, 6 per Cent. 0,1119.0 6 per Cent lO2 Do. 4} per Cent — Do. 6 per Cent., B . Do., 1867 Do., 7 per Cent., 1866 9l Do., Scrip' £32 paid 0 ~ mknan, 6 per Cont. Danish, 3 p x Cent, 1825. D tnubian Principalities, 7 per Vent Do 8 per Cent., 1867 — Eluador New Consolidated, 1 per Comm rlgyptiar, 7 per Cent — Do. Secoad Issue ...... D % £590 Bonds Do. .£IOC Bonds Do. 1864 Do. £5 )0 Bonds — Do. £lOO Bonds ~... 87! 61 Government Railway Debentures ..... 93 Greek, 5 per Cent., 1824-5, ex Coups — Do. Account Do. Coupons Do. Account Guatemala 5 per Cent .. 10;ian 5 per Cert., 1865 .................. Do, Account ~ Do. Maremmana Railway Mexican 3 per Cent Ditto for Account Do. 1864 — Do f per Cont. Anglo-French....... Aontevidqau C per Cent. .. ktoorish Imperial 5 per Coat Now Granada Do 3 per Con Do. Deferred Do Laud Warrants (hectares) Peruvian 5 per Cent. 1865 — Do Account 73 2f Do 41 per Cent. (Uribarren) - Do 41 per Cent., 18C2 Do Ac(;cu it ' Poraiguosb 3 per Ct., 1853, '6, '7, '9,'60,'2,'3 401 40 1 EttL3siau 5 per Cent., 1822, £ St — Do 41 per Cent. 1850 Do 4} per Cent., 1860 Do 3 per Cont., 1859 D o 5 per Cent., 1862 Do• Anglo-Dutch, 1861, £lOO Bond s — Do, do. £Bl 13s. do — D.., 1866, £lOO Bonds BB Du. do. £B4 15s. do B4} Sardinian, 5 per Cent — Spanish 3 per Oen .., 7ll 1 Do A. un unt , Do New IN ferruct .. ~ . — Do Account Do Pur tu i„ _ Do Ace,„ t , 26} 6 Do Ck" 1 1, Cert. 01 Cott... not fu ded Do Account T Irkisli 6 Per Cent., 1854 Do Accou nt Do 6 per u ent. 1858 Do Account Do £lOO It uta d s Do 6 per Cent., 1862 ••• Do Account THE sulS, LONDON, THURSDAI EVE_N LNG ; DECEMBER 19, 1867. Do £lOO Bonds 6l Do. 1863 — Do 5 per Cont., 1865 — Do Account Do 6 per Cent., 1865 - 52 Do 4 por Cent., Guaranteed Venezuela, 3 per Cent. -- Do Account — Do 6 per Cont., 1862 Do 6 per Cent. 1864 — Dividends on the above payable in London. Austnan o par Cent. Ex 10 Florins Belgian. 4} per cent., Ex. 25f. Dutch i'-?s. per Cont. Ex. 12 Gui , , Do. 4 per Cent. Certificates .... French Heaths, 3 per Cent., Ex. 25f. — Itahah 5 per Cent. 1831, Ex. 25i. Do. Account 45 1 ' THREE O'CLOCK. Consols, Money 921 -} Du. Account , 021 i- hare BRITI6II MINES. 'am. Consol. Gold, lim. 1 - 'hiverton 'lifford Amalgamated SO 53 66 evon G. Cons. (Tavist 1 4.,t) 430 , rakewalls 2.1.0 3 3 East Bassett (Illogan) 293 1U 12 last Caradon 2.11.1. 6 6 'East tiara BrPa 33 2 21 Aims t Grenville ... , East Gunnislake 6.3.t, 3 4 East Loved , ... 3.9.0 8 8 E. WI Russell (Tavistk 11.7.6 13 2 'Jam.dt StAubyn(Gwen. 68 4 5 4 Great LAxey, limited.. all 17 18 Great South Tolgus.... 0.11. Great Wheal ow. •... 14.9.1 - - G. Wheal Vor (lielstill 40 17 19 Grenville . 9.0.6 13 13 Elerod's loot .... 5.10. t, 35 37 d ir.gston Downs 5.10. 23 23 Alargaret (Uuy Lelant, 13.17. 6 8 Clarke Valley. 4 dwyudy Iron Ore, Um 36 23 13 4e7s , S ton -- North loskear A.Wh Bassettallogan 1.4.0 - - 4orth Wheal Crotty l'rosper United 8.11.0 2 23 er.videnee k UnyLelaut 10.6.; 29 31 I S. Caradon (St. Cleer) l3 ISO 4 00 South Condurrow 5.2.0 3 3 S. Wheal Iran. (I.llogau 18.18.9 373 421 Stray Park /In Crott..... Vigra and Clugan, lim all West Bassett (Mogan W. Caradun (.I..tekeard 11 13 11 Wes t C hiverton ll 71 73 West Seton 473 110 14 Wheal Bassett 'lllogau 53 673 726 Wheal Buller (Redruth 16 16 19 .. Wheal nary Anu Olen. 8 18 20 Wheal Setou 583 95 100 Wheat Trelawney (Lis 5./7.0 6 8 BRITISH POSSESSIONS. .., Atlantic & St• Lawrence all 53 55 1 itom.,BarodaouCeu'lL 1 0 0 1 , 4 105 1041 I gu. 5 per c9nt.. • .., Do. I shares lO p +l , .04 iiufralo a Lake Huron all 34 4 10 Do. Preference all 5 6 (oa )Bud ,Brant, a Godcrich 8 P.c. .872- 3-t .. luo 68 71 at Calcutta aS. E., lim.. (t() st ,a, e Town & Dock, gu. 101 18 52 )0 )emerara, 7 p.c. per. p all 99 1(2 it •.:ast. Bengal, gu. ' sdo 100 .(3 114 ,t East Licluta, gu.s p.o. 100 . 110 1105 :0 Do. .1 h&tension .. 15 st •ran.l frunkot Canada 100 :7 18 100 Do. h.•quip. Mort, Bonds 1 charge 6 p.c alt ;.3 100 Do. Ist Pref, Bonds all So 52 100 Do. do deferred 100 De. 2d I'rd. Bonds all 10 45 100 l'u. do. deterred .., all - (00 Do. 3d Pref. stook all 32 51 100 Do. do. deferred 100 Do. 4th Pref. stock 100 Do. do. deterred at di. India Pen. gua. sp.e 100 107 108 1101 13 ,o. Gus. 5 per cent lB 2 l' 20 Do. New g ua . sp. e 6 2 , tt .i t. South of India gua. 5 per cent et Do. 41 per cent loo 92 94 et Do • ..... . 204'treat Wes. of Canada., all 154 155 105 4 204 Do. New ..... ...... - tot) Do. 6p. 0 Bets. pay. 187 3 all 95 97 10C uo. 55 do. pay. 1877-8 all 85 67 10 Indian Branch, limited 3 1 id at Madras, gua. 5 p.o at Do. 11 do lOO 93 95 at Do. 15 do .......... 29 Do. Fifth ixtension 5 at Melb. Cor. 6p. c. Linda. 100 50 r i lel. & Hobson's Bay all n. et .. .I . ll.C'da,6pc Istpigua lOU 83 sa et Scinde .. •. • ..... a lOO 100 101 at Do. Delhi ...... i 5, 3 100 1004 1015 103 21 20 Do. do gi„ 15 t at Do. Puniaub.... .71..., 100 99 1 00 at Do.lndus St.Floi ho ioo 85 87 COLONIAL GOVIfatNAIENT 811:CU/LIT1 aL. , ... Britiab Columbia, 6 per Can.Gov.6p.c.Ja.aJ u l y o. 6p. o. Feb. & Aug.. 1,0 101 11:3 , --DJ. sp. o. Mar. & Se pt 100 101 1(3 Do. sp. 0. Jan. & J uly 100 90 92 Do. sp. e. Inscrib e d ak 100 89 91 Cape G. Hope. 6 p. 0.1873 100 102 104 0o.Apl.&001 . 1890-1 900 100 106 108 Do. do 1880- 90 100 104 106 Do. Jan.&July, 1890 4 , 100 107 1 09 Do. 5 per cent. 15 April cent., Deo. 31, 1572.... 1 0 0 1877-84 and 15 Oct., 1900 Caylon, Nov. 1868, 8 p , , 100 ri) Jan. and July Do. 1878, d o lOO 111 1105 Mauritius, 6p. o, 1873, Do. 1878 ... ... . .... . 100 106 108 Do. 1882, — 1 %1' 1 5, Nov. it. 100 105 107 Do. 1895, Feb. & Aug-. 100 107 " Natal gov. 15 per cent lOO - 1(4 106 N.B.Gov. 6 p.o.Ja.a.July 100 103 105 100 1(3 105 N• st B e • r W lin .:ov lB • 7 s s PV.,lB6b 100 - Do. 5 p.c. 1871 to 1876 100 98 99 Do. 5 p.c. 1888 to 1895 100 974 955 New Zealand, 6 P. cent 100 Do. 5 per cent.... Nova Scotia Gov. 6p. o ueenelandaGoV. 6p. c lOO 103 101 104 . Aus.Gov. 6 P.O. 1868-9 100 Do. 1878 & upwards lO4 110 1 1 Vio,Oov. 6 p.O.Ja &July 100 - Do. do, April & Oot lOO 110 112 ,104 rit.loFEltlzN Ulu SuAttzt . [id Consolidated, 6 per cent. stock. Ind consolidated, 6 per cent. stock, Ditto. Bristol and Bina., 6 per cent., Ditto, 4i per cent. rd.. 91 Midl Ind, Lei ester and liito►ien, 11 per cent., 878 I'REFItRENCE S ARE 3 AND Sroms, London and S.-Western 44 per cent., 90 Midland A and B£s per cen t ., 1(3 LINES LEASED AT FIXED RENTALS. Brkenhead. 92, Midland, Bradford Pref. stook, 91 FOREIGN RAIL WAY r. Great Luxembourg, 8, i t San Paulo, litn., pia : 6 per cent., 171 FO UNION ail& icis. Chontales Gold and Silver minng, 1 Um., 3 von Pedro, Nor h Del Rcy, 2, pm Scottish Australi►n, 11111..1 St John del Key, lim , a? DOCKS. London and St. Katharine. Sit Ditto, Debenture Stock, 88 BANNis; Agra, P.m. A, 71:1 Alliance, din., !4 &U y- ustrian. 91 Consolidated, lim. Imperial Bank, thri.. 181 Liter! Mortgage Bank of India, lim., le London and Brazilian, lim., 15 Ditto, new, 2e London and County, 50 London and ‘Vestininstcr, Ditto, Scrip. 37) Midland Bank, lim., 191 Oriental Bank Corporation, 42. Union ul London, 36} ' MISCELLA.NEOU2. Ang'o American Telegraph, 19 k Atlantis telegraph, 3 24 6 Dit.o, 8 par cut., 90 1 Boa.bay Gas ' lira., 4i City Discount, Jim, ge City of Moscow Gas. lim., 11 city Offices, lirn., 6 6 Credit r'oncier of Eniziand. lim.. 2i: East India Irrigation and Canal, 17 k.lyptian 9 per Cent, Viceroy Loan,:gua by Egypt. Gov., - Ditto, Scrip, 11 London elenerai Omnibus Company, lira, 11 Madras Irrigation and; Canal (guaranteed 5 percent. ty Indian Government), I(j3 National Discount Lompany. 11 Ocean :marine Insurance), 2)4 orieutal Gas, lim.. 611 Panama, New Zealand and Aus. It. Mail., 5 Peninsula and Oriental iteam, 56)1 Ditto, new, 1867, 5) Royal Mail Steam, 6 e 2 Submarine Telegraph. 73 70 Thames and Slerwey Marine, Insurance, tim., 43 Universal Marine (insuranca), Upper Assam Tea, Jim . 41 Viceroy of Egypt (Mortgage) Loan, 721 MAD.orr, TUSSALVS EXBIBITION.--A full-length portrait model, taken from life, of Frederick Baker, who is condemned to death for the atrocious murder of a poor little girl at Alton, is now added to the Chamber of Horrors in Baker-street. The figure of Theodorus, King of Abys sinia, continues to be a great attraction. THIRD EDITION* :w SUN OFFICE, 7 o'CLocK. SPORTING INTBL LiGriNOE—This Day. ST. ALBANS RAMS—Tins DAY. HARPENDEN PLATE. Tho Harpenden Plate (Handicap) of 40 says ; winners o any steeplechase after Nov. t.W (at 11 a.m,) 7lb extra , about two miles. Guide Kronberg Hence Five ma-. HUNT STEEPLECHASE. The Hunt Steeplechase Plato of 40 suvs, for hunters ; llst 7lb each; thorough breds 711) extra ; to be ridden by gentlemen, farmers, or their suns. About three miles. Cripple 1 Pat ience Wrangler Five ►an. Winner objee ed to. SELLING STEEPLECHASE. The Selling Steeplechase Stakes of 8 says each, 1 ft, with 20 added ; three year olds lOst 71b, four llst 71b, five, six and aged list 121 b ; the winner to be sold for 50 sovs (if 30 sovs allowed 71b); about two miles. Sir Stephen 1 Oldminster Rapture 3 Six ran. ARISTOCRATIC HANDICAP. The Aristocratic Steeplechase (Handicap) of 10 sovs each, 3 ft, with 50 added ; winners after Nov. 29, at 11 a.m., 71b extra; gentlemen riders. About three miles. 22 sabs. Kronberg .., 1 Arlescott Toni Thumb 3 FREE HANDICAP. The Steeplechase Free Handicap of 10 sovs each, 3 ft. ; winners after Nov. 22 (at 9 a.m.) 71b extra. About two miles. 10 subs. No race. PROGRAMME OF ST. ALBANS STEEPLECHASES FRIDAY. The Selling Handicap Plate ' ols . o sous ; the winner to be sold for 40 sous. About two miles. The Luton Plato (Handicap), of 30 sovs ; winners of any steeplechase after Nov. 29 (at 11 a.m.) 71b extra ; about two miles. Age st lb Leicester Harcourt Kronberg Joker 5 10 12 Sinite a 10 11 Northill . Pearl Bm by Leopold (It b) 6 10 9 Diomed Legerdemain 5 10 9 Merry Horn (h b) 4 10 9 Wedding Peal Black Rock 5 10 7 Signal 6 10 7 Caustic Faint Heart Crafty 4 10 0 Vici 3 10 0 Age st lb Flyfisher ... a 13 0 Lady Newark Trap Franciscan La Pique Serious Case a 11 3 Oldminster Darkness (h b) ll 2 Woodbury Hill (h b) a 11 2 Arthur Ben (h b)) a 11 2 Triumpher Robber If elice 5 11 0 The Guide 5 11 0 Jacob a 11 0 Portfire Ace of Hearts Harbinger Ihe 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 raised to 12st 71b, and the others in proportion. Age st lb Ago st lb Sir Bobby ... a 12 7 Arlescott all 2 Benazet al2 5 Cabin Boy (h b) all 1 Despatch ... Tally-ho(in.slb ex.) a 11 12 Spatchcock ... a 10 13 Hornet a 11 11 LI ppoly te a 10 13 Chimney Sweep(in: _ Greenland ... ... 610 12 cluditig 101 b ex.) 511 11 Lawrence (h b) alO 9 Pensioner (pd) 6 11 7 Highflyer ... a 10 9 Sprite a 11 7 King Alfred 6 10 9 Patienc • (it b) ... all 5 Harcourt (pi) ... 610 9 Tuscula.nu►u ... 511 5 NorthernLight(b. b) 610 9 L. S. D. ... a 11 4 Polestar . 6 10 9 Clansman ... 5 11 4 Bishopton ... 5 C The Local Cup (the gift of the licensed victuallers in the tow and neighbourhood of St. Albans)rfor horses the ploperty 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 Siand. The Maiden Steeplechase Plate of 30 sovs ; list 71b each ; if beaten three tittles 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 sovs ; about two Bank of England RI An Account, pursuant to cap. 32, for the week ending ISSUE DE Notes issued ....485,786,095 1,35,786,99 b BANKING D. Proprietors'Capi tal f14,553,000 Rest 3,039,288 Public Deposits (including Ex chequer, Sav ings' Banks, Commissioners of National Debt, and Div. Accounts Other Deposits 18,000,485 Seven Days and other B►lls 550,954 turns,-11.1'‘,5 Evening. he Act 7th and Bth Victoria Wednesday, 130,,c. 18, 1867. P ARTMENT. Governmt. Debt.Xll,ols,loo Other Secarities 8,984,900 Gold Coin and • Bullion Silver Bullion £35,786,993 :PARTMENT. Governmt. Secu rities(including Dead Weight Annuity) .... £13,019,203 Other Securities 17,218,755 Notes 12,898,375 Gold and Silver Coin , i , 1,153,714 £44,290,017 444,290,047 NAVAL APPOINT= N IS. The following appointments were made at the Admiralty this afternoon : Sub-Lieutenant—Willoughby E. Still, to the Pylades. Surgeon—John Fisher, to the Pylades. Assistant-Surgeons David William Telford, to the Cambridge; William M. Power, to the Bazzard. Acting Assistant-Surgeon—Richard S. P. Griffiths, to the Impregnable. MR. D. A. WELLS ON 7HE COTTON TAX. The following are the conclusions arrived at and embodied by 111 r. David A. Wells iu his Special Re port on the Cotton Tax to Secretary the Chief of his Department : Ist. That cotton growing in th^ Southern States, if un taxed, can be conducted profitably and successfully, as agaiust all competition elsewhere. 2d. That if burdened by a tax sufficient to be worth to the Treasury the cost of its collection, it cannot at present, if ever, be successfully prosecuted. 3d. That, already familiar to our people, in all its details, it is the only industry immediately available and practicable to the great body of the labouring population of the South h r the profitable employment of surplus labour ; that is, beyond the necessities of crops for subsistence, in the pro duction of something saleable and exchangeable, whereby wealth can be regained ; and 4th. That the importance of a large production of cotton as the chief export of the country, in adjusting balances of trade and exchanges, and especially in its bearing upon the future position of the public debt, so largely held and to be hold abroad, cannot well be overstated; and so far transcends the value of the present tax that to preserve the latter at the cost of losing the former would be a " ha'penny 'orth of wisdom to a pound of folly." The whole amount of internal revenue derived from the tax on raw cottoe for the fiscal year ending June 30, 1867, was $23,769,078.80 ; and although this sum comprises nearly all the revenue derived from the nouthern snction of the country, and constitutes an amount that can ill be spared from the Treasury, yet, under all the circumstances, the commissioner has no hesitation in recommending the immediate passage by Congress of an act repealing the entire tax upon raw cotton, and the corresponding exist ing duty on imported cotton—the same to take effect on its passage. As yet but a small quantity of the new crop of cotton has been marketed, but if the repealing act be delayed to a latter period it will evidently work injustice to those producers who may bo forced to send their crop forward immediately, unless the removal of the tax should be de ferred to take effect at the close of the present cotton year, Sept. 1, 1838. If a repeal of the tax, to take effect immediately, should be enacted by Congress, it is important that one con tingency should be effectual y provided against it. Con tracts, it is understood, are proposed, and possibly already made, for the purchase of cotton, tax unpaid, to be held iu store until the repealing legislation of Congress has taken effect, thus insuring to the speculator or exporting buyer a gain equivalent to the amount of the tax. It seems de sirable, therefore, that the act of repeal should be so worded as to relieve from the payment of the tax only so much c9tton as, at the date named iu the act, remained unsold by the producer—all cotton having passed out of the hands of the producer to pay the tax, if it has not already done so. Only in this way can the relief go where it is intended, viz., to the impoverished cultivator. 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 Mannering," will ba performed, supported by the entire strength of the company. In addition to which Madlle. Liebhart, Mrs. Howard Paul, Mr. George Perrin, Mr. Wilford Morgan, Mr. Howard Paul, and Mr. 11. Widdicomb will appear. Mr. Roberts deserves full and oyerflowin6 audiences on each evening. CENTRAL ClinllN.iL Co U.R7 .—Mis D ty, OLD COURT. (Before Mr. Justice Lush.) THE LIBEL ON THE COMMON SEBJEANT. 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. CHARGE OF MURDER. John Thompson, 35, labourer, was indicted for the wilful murder of George Frederick James. From the evidence it appeared that, on the 23d of November the deceased and some other men had been to the Swan publichouse, Hammersmith, Broadway, when the prisoner and another 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 theprisonerknocked James 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 6een 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 prisoner did not deny that it belonged to him ; but, on the contrary, asked that it might be returned to him, as he wanted it. On being asked to account for the blood on the blade, he was silent. 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 jury returned a verdict of guilty, but with a recommendation to mercy. The learned Judge put on the black cap and passed sentence of death in the usual form. 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. The Jury returned a verdict of guilty, and the learned Judge sentenced the prisoner to 15 years' penal servitude. POLICE INTELLIGENCE.—This Day. THAMES. A STRONG AND POWERFUL MAN.— William Onion, who has been immortalised in the coliumns of Punch, was brought 13...f0re Mr. Paget to answer a charge of being drunk and disorderly. The prisoner has been repeatedly before tho 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. He was taken into cm tody by Macklin, a constable, No. 162 H, and used very foul language. Mr. 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 orderly 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—lt was a most strange and unseemly proceeding. Police-sergeant Smith, No. 47 K, stated that th• 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. The Prisoner (impudently) —Thank you, sir ; a merry Christmas to you. SWEARING IN SPECIAL CONSTABLES.-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 conversatiJu 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 an arrangement with Ur. 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 pro ceeding on their arrival. Under these circumstances he had 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 thief 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.) GRAVESEND, Thursday Morning. Arrived, Dec. 18- Star of China, from Shanghai. Arrived, Dec. 19—Borussa, from Gemtsche ; Catharine Elizabeth, from Gothenburg ; Bronce, from Cuba ; Arkara, from Wyborg ; Red, Whhe, 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; Gosforth, steamer, for Trieste. DEAL, Thursday Morning. Anchored, Dec. 18. — Mayflower, from Shields, for Argos. teria ; Chryseis, from Suuderland, for Calcutta. Anchored, Dec. 19 —Mirella, from London for Bombay ; Arracana, from London, for Mobile. Passed -Seine et Tamise, screw steamer, from London, for Parist , Elaine, screw steamer, from London, for GlaFgovv. SHARE LlST.—This Day. oR,DINARY SHARES AND STOCKS. Railways. I Paid.( BY.atol and ~es Caledonian --- Oambrlan cork and Bandon...—. Cornwall Dublin & Belfast June Oun„Pertli, & Ab.Junc al. London, :scrip Corn,' Glasgow & S. Western Great Eastern; Urd. stk. Do. E. Aug'. st. No. 2 Great North of Scot!ails: Great Northern A stock SI 03 71 71 2J 30 ; 2 4 74 76 70 72 96 03 301 31,1 7 8 li 6 19i 03 IC4 123 145 Do. B atonic Do. New, is. at 25 Pfr titS. and W. of irei.iuu. (it. IVeatern -Original Du. 6. Vii. Rail gua. Do. South Wales 100 100 100 too 100 sod OS 43 Do. W. .11n1.—Oxturu Do. lie wpoi t tierelord......— Lancnantre sc Yortsnaq London and iilackwal , ISrigh., & a Cuaa. ton., k;liat.., and Dove, 25 Si 4V 3, 1181 1182 51 62 18 it/ Uo. Metrop. Ex. A .. Lon. North ►fester' Lon. 4 South Weetert• Shel., Liucoi.. Metropolitan Uo. New 100 100 100 100 all Do. I l xtcn6ion..... lletropolitau Distrie, Jo. and st. John's lir ' , ilktand Do. £9 Share Do, Birinin.. & Darby .11 , 1 Kent . . .iorth British Do. Ed., Pth., & Dun Oith. Eastern --Berwioi Do. ti.i. , l•E puroh6e Do. Leeds ..... Do. York D. Carlisle ..... Do. Stook. & Darling Do. do. 1 360-61 43rth London Do. do. 1854 5 Do. do. 1806 . 'orth Staffordshire g. & S. W. Junction ioQttish Central ioot. N. E , Aber. stow, uo. Soot, iliia. mtJeT. 3liropshire Union iiouttt Devon bouth Eastern -tainea, Wok., .1t Wok If Vale Do. C,.. V ale of Meath Waterford & Waterloo & W;utelia ✓est i.)ornwAll 112 112, it ;4 14! 151 AV 110 9)1 9 Closing 1 Business Price. dene. !,741 4 32 5 4 312 i I ins 6 111 bi 43 i I I '1%2 19 201 18; St lbt 114 ;3; 1/ 7 34 F 13 41 4.12 ill 10, 9 1(2 1 , 93 100 1 991 C 6 I £ lc 100 102 ii9Z 63 72 33 35 98i 9)i 5? 61 I.ot 93 120 132 112 14 1 lip 5J 61 110 112 55 55 42 (4 (35 1,6 i 86 9) 145 150 2HE PRESIDENT'S 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, will add largely to the weight of taxation, al ready too oppressive to be borne without just com plpint, 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 annu.n to maintain the supremacy of negro governments after they are established. The sums thus thrown away would, if properly used, fJrm a sinking fund large enough to pay the whole nation d debt in I,ss than fifteen years. it is vain to hope that negroes wi:l rnaiutain their ascendancy themvelves. Without military power they arc wholly incapable of holding in subjection the white people of the South. I submit to the judgment of Congress whether public credit may 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 22d of July, 1861, 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 destruction 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 terror 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. THE 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 obedi ence to itself, sooner or later. It is vain to think of opposing it with anything short of legal authority, backed by overwhelming force. It cannot have e:caped your attention that, from the day ou which Congress fairly and formally presented the proposi tion to govern the Southern States by military force with a view to the ul►imate establishment of negro supremacy, every expression of general sentiment has been more or less alverse to it. The affections of this generation cannot be detached from the in stitutions of their ancestors. Their determination to preserve the inheritance of a free government in 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. THE PRESIDENT V. CONGRESS. How 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 simply 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 I% ill en danger public peace, and . he will not adopt forcible measures, or such as migh.; 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 which 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. rhe 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 di2armed 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 would 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 born made at the public expense. This speoies of corruption has increased, is increasing, and if nut 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 lung 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 can withstand, and there can be no doubt that the open disregard of the constitutior.al 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 subordivate places. PRESIDENT'S POWER TO APPOINT OR REMOVE SIJDOR- DINATES. The expenses of the United States, including the interest on the public debt, are more than six times 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 utmost, we can do is to complain to the Senate and ask the privilege of supplying hs place with a better man. If the Senate be regarded as personally or polii .cally hostile to the President, it is natural, a:4d not altogether unreasonable, for that officer to expect that it will take his part as far as possible, restore him to his place,- and give him a tiiumph over his executive superior. Au officer has other chances of impunity arising from accidental dcfects of evideLe.3, modes of investigating it, and secrecy of hearing. it is cot wonderful that official malfeasance should become bold in proportion as delinquents think themselves safe. I am entirely persuaded that under such a ruli the President cannot perform the g eat duty assigned to him of seeing the laws faithfully executed, and that disables him most especially from enforcing that rigid accountability which is necessary to the due execution of the revenue laws. The Constitution invests the President with 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 absolutely 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 does 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 evidence 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 general 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 he 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 their 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 con - anon informer against other public agents, he should at least be permitted to act in that capacity before some open tribunal, independent of party politics, ready to investigate the merits of every case, fur nished with the means of taking evidence, and bound to decide according to established rules. This would guarantee the safety of the accuser when he acts in good faith, and at the same time secure 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 mi that any I gisia tive body can be so constituted as to insure its fit ness for these functions. It is not the theory of this Government that the public offices are the property 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 termi 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 hs 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. Tho 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; nor can it bo 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 more than $200,000,000. Now the circulation of the National Bank notes, and those known as legal tenders, is nearly $700,000,000. While it is t.rged by some that this amount should be increased, others contend that a de cided reduction is absolutely essential' to the b.st 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 convertiLls currency. For this purpose let us inquire how much gold and silver could be purchased by the $700,000,000 of paper money now in circulation. Probably not 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 fact makes it the obvious duty of the Government, 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 a resultso desirable is demanded by the highest public considerations. The constitution contemplates that the circulating medium of the country shall be uniform in quality 'and value. At the time of 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 paper currency. The sages of that period were anxious to pro tect their posterity from the evils which they themselves had experienced. hence, in providing a circulating me- dium, they conferred upo❑ Ceugross the power to coin money uud regulate the value thereof, at the same time pro- hibiting the Btates from ma king anything bu t gold and silt, r tender in payment of debts. The anomalous condition of our currency is in striking contrast with that which was originally designed. Our circulation now club aces, first, the notes of the National Banks, which are made receiv- able fur all Cues to Government, excluding imports, and by all its creditors, excepting in payinent of interest upon its boudsand 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, gold and silver coin, By the operation of our preseLt system of lluatwe, however, the metallic currency when collected is reserved only for one class of Govern• ment creditors, who, holding its bonds semi-annually, re. . . ceivo their interest in coin from the national Treasury. They are thus made to occupy an invidious position, which maybe used to strengthen the arguments of those who would bring into disrepute the obligations of the nation NMI MN _ . _ - _ , - _ _ '1