The Sun.
London, England, 1864-07-11 00:00:00

the promise is likely to be kept, and whether, at
some future day, they may not receive the interest

in depreciated greenbacks, if, indeed, they are for.
tunate enough to receive any interest a 11. " Re-

pudiatioa" is a word that has ao terrors cn this side
of the Atlantic—
or the Legislature he State of
New York would not so coolly have r efrauded its
foreign as well as domestic creditors by insisting
that greenbacks are and ought to be legal tender

or the payment both of principal and interest of

all debts, public or private. To show that Con.
press itself is not much, if any, better in this re.

spect than the local Legislature at Albany, it is
only necessary to read the debates that took place
in the House of Representatives on Friday last.

Mr. Chase's new loan was under discussion, when

no less a person than Mr. Thaddeus Stevens, the
leader of the house, and chairman of the Committee

of Ways and Means, asserted, in answer to several

previous speakers who had expressed contrary
opinions, that the issue of legal:tender paper money
had been the salvation of the country—that no sys-
tem ever worked better—that specie payments

would not be resumed for ten years to come—and
that whoever looked for a speedier return to hard

money was not wise, and had studied history to

little profit. He added that "he deprecated the
present policy of paying the interest of the debt in
gold, and expressed his opinion, if such policy were
persisted in, with an increase of debt at the same
time, the Government would fail. It was a fatal
policy, which rested like an incubus upon the
nation, and gold would continue to rise, as he long

ago predicted, until it would become impossible
for the Government to prooure the coin," Mr.

Davis, of New York, agreed with Mr. Ster ens, bul

refused to vote with, him, in opposition to the
wishes of the Secretary of the Treasury. The Com-

mittee of Ways and Means, fascinated or convinced
by the eloquence or the arguments of its chairman,
adopted an amendment based upon his speech. The

house afterwards refused to concur in the action ol

;he committee by a vote of 80 against 50, and Mr

Chase's Loan Bill of 400 millions, bearing interest
at 6 per cent. in gold, was passed, and only awaits
the signature of the President to become law. The

discussion shows not only that there is a large, bu

an influential party in Congress who will make no
scruple, should public necessity seem to urge that
course, in repudiating that portion of their liabili-
ties which makes the golden and not the paper dol-

.ar the reward of the creditor for the confidence he

has placed in the Government. Americans in their
lost of empira and their passionate desire for the

restoration of the Union may lend their money to
the Government, subject to the risk of such partial

repudiation, but foreigners, whether is Amsterdam
or London, having no such lust or passion, and only
desirous of good and safe investment, will be very
unwire if they do not ponder carefully the speech
and action of Mr Stevens and of those who agree
with him before they part with a stiver or a pound

sterling. If, after such an exposition, they choose
to pin their faith upon the American Congress, pre-

sent or prospective, they will have no right to cry
out if, instead of an annual income in gold of 60
sovereigns for an investment of £l,OOO, they receive
but 300 doll. in greenbacks, worth perhaps no more
than se. or 10c. each.
The uncertainty whether Grant will not be added to the
other military failures of the war unsettles the politics of
the War Democrats to such an extent as to deprive them of

a Presidential candidate. If Grant would but capture Rich
mond he would be their man—at least they suppose so, for
he is so little of a politician that few people know his opi-
nions. If he would but fail, rued fail as ignominiously or
completely as present appearances indicate that he will,
they would unite upon Gen. M 'Ciellan, and run him against
Fremont and Lincoln. Unfortunately for the Democrats,
who are all more or less friendly to the South, and to the
principle of State sovereignty, which underlies and justifies
secession, they are like the Republicans broken up into two
hostile sections. The Republicans are divided by the pre-
tensions of their present chief magistrate; the Demo-
mats are severed by a principle, A large, and it may prove
the more powerful, section of the Republican party insists
that Lincoln is incapable, dishonest, devoid of high prin-
ciple, and that it is high time there should be a change if
the country is to be saved from destruction. They propose
to pat General Fremont into his place, and will undoubtedly
make a strong fight for their nominee; even although the
friends of Mr Lincoln should wield all the immense patro-
nege in the President's hands to defeat ur buy off opposi-
tion. The Democrats, less fortunate than the Republicans,
cannot at present select an available man, for the all-suffi-
cient reason that they cannot agree upon a fundamental
principle, The War Democrats insist upon the vigorous
prosecution of the war—to the last man and the last dollar
—if both have to be expended for the restoration of the
Union. The Peace Demorats, more consistent with the
principles of their party—the only principles on which as a
party it can continue to exist—declare that the war is not
only a crime, but a blunder; that it never can, and never
ought to, restore the Union ; that it ought to cease imme-
diately; that the independence of the South should be re-
cognised forthwith ; that a treaty of alliance, offensive and
defensive, ought to bo made with it, in support of the
Monroe doctrine; and that this, with such a commercial
Zollverein as might be mutually advantageous, would cer-
tainly enable the two Republics to live harmoniously to-
gether, and might in the course of years lead to a restora-
tion of something like the old feeling—if not to a virtual
reconstruction of the Federal Union, on a broader or more
solid basis than before, The War Democrats have a candi-
date ready to their hands in General M'Clellan, provided
always that Grant be placed hors de corneal by his antici-
pated failure before Richmond. The Peace Democrats
have no candidate. There are thousands of able, con-
scientious, accomplished, and far-seeing men whose
hearts yearn for peace, and would cheerfully follow the
lead of any bold champion who would run the risks, not
alone of unpopularity, but of persecution in his advocacy of
the cause; but the champion does not declare himself. If,
like a village Hampden, or a mute inglorious Milton, he
exists somewhere or other in the depths of social or political
obscurity, ha has not the courage to declare himself. The
fear of being accused of treason to the Union, a crime in
American eyes far greater than treason to any King or
Emperor who ever breathed, deprives him of the civic
courage without which in its citizens no nation ever became
great and powerful. Under these circumstances the two
sections of the Democracy have had a consultation, and
agreed, in view of tho military situation, to postpone for
two months the Chicago Convention which was summoned
for the 4th of July, as well as the great peace meeting
which was to have been convened in this city on Wednes-
day next. Thus both of them await events, the War De-
mocrats living in the hope that the Democratic soldier
actually victorious will turn up during the next few weeks,
or, in his default, that M'Clelian, who might have been
victorious if he had been left alone by the marplots and im-
beciles of Washington, will become the man of the hour
and carry everything before him. The Peace Democrats,
in the hope that victory or defeat will alike serve their
sacred cause, and that a man worthy of being their leader,
and with courage and intellect sufficient to make the voice
of Peace heard throughout the land, will arise to relieve the
principle of Republican self-government from the disgrace
of failure that attaches to it, and prove to the nations that
au educated Democracy is something better and more rea-
sonable than the sanguinary despotism of old time and the
Eastern hemisphere. In the meanwhile Gen. Fremont, who
has officially accepted the nomination of the Cleveland, and
Mr. Lincoln, who has accepted that of the Baltimore Con-
vention, are the only candidates in the field.
The Peace party—gloomy as its prospects were a
twelvemonth ago—has, however, grown so steadily
in public favour, and has so vast a fund of reason
and policy on its side, to say nothing of Christianity, that a
very crushing defeat of the Northern arms, followed by a
commercial crisis, would infallibly strengthen its position,
and perhaps compel General Fremont to become a convert
to its views. The real duty of the next President, whom-
sever it may be, will be to let the South go, and lend all
his energies to the mighty task of preventing a further dis-
integration of the North.
ea

LLANELLY RAILWAY AND DOCK. -- A special
meeting of the shareholders in this company and
the Swansea and Carmarthen lines, was hold on Friday at
the office, 34, Great George-street, Westminster ; Mr. R.
Biddulph in the chair, when it was unanimously resolved,
" That the directors be authorised to pay on the preference
and deferred shares of the Swansea line a dividend in per-
petuity of £5 per cent. per annum, but such shares not to
confer the power of voting." It was also resolved, " That
the directors be authorised to issue in preference and de.
ferrcd sharo3 the remaining capital of the company, subject
18, such shares not to confer
the
power 110
kCn ip t al
n gny.' s , A
to the terms and conditions contained in the Llanelly Rail-
way Act'64
vote of
thanks to the chairmax
closed the proceedings.
of o
voting."
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