The Sun.
London, England, 1864-11-24 00:00:00

BROXEB.S.

Messrs Joshua Hutchinson and Son, 15, Angel•court,
Throgmorton-street, E,C.. London.
E. F. Satterthwaite, Esq., 38, Throgmorton-street, E.C.,

London.
Messrs. T. Tinley and Sons, 44,:8r.-Avn's-buildings, Liver-

pool.
Messrs, Shore and Kirk, 14, S. Ann's-Equare, Man-
chester.

The Imperial Mercantile Credit Association (Limited),
are prepared to receive Subscriptions for the above amount
of Certificates of Debentures, of which £1,200,000 have
been already applied for.
The Atlantic and Great Western Railway consists of the
following Divisions and Branches :
The Main Line in I\vew York ..
„ in Pennsylvania
„ in Ohio ..

50 Miles,

.. 215 „
- 385

Extension in New York (Buffalo) 45 „
„ to Oil Creek in Pennsylvania .. 35 „
„ to Co 1 Regions in Ohio (New
Lisbon) ..
„ to thevciand

20 „
67 „

- 161
552 Miles.

Total

Also the Erie and Niagara Railway, belonging to same
system, 30 miles in length, is wholly iu Canada, and secures
an enormous coal traffic over 200 miles of the Atlantic and
Great Western, by whom it has been constructed, and is
now chiefly owned.
The route of this Great Railway, connecting New York
with St. Louis, a distance of 1,200 miles (without
change of carriages or break of gunge) passes through
Free States, far removed from the scene of war. The
line is now completed, and in possession of a traffic
which may fairly be called extraordinary. For September
last the gross earnings on 322 miles open were, at ordinary
exchange, at the rate of £1,100,000 per annum (exclusive
of the bonus of 10 per cent. paid by the Erie Railway on all
through traffic, which will probably reach 1100,000 per
annum additional), the earnings having increased since the
commencement of the year by 100 per cent. This, even at
the present exchange, would leave a large surplus, after
payment of the interest in gold on the bonded debt. The
power to increase the fares will of course be exercised, if the
present exceptional rates of exchange should continue.
The total bonded debt over the whole system of the At-
lantic and Great Western Railway is £3,600,110, and with
the exception of proceeds of bonds £1,755,070, held by the
public, the line has been constructed with funds advanced
by capitalists, whose anticipations of profitable results have
been tar more than realised ; the railway, although only
partially developed, exhibiting returns of traffic and re-
venue which may without exaggeration may be designated
unexampled.
When this under t eking was projected, it was found neces-
sary to obtain powers for its conitrueion from each State
through which it would pass. This compelled independent
organisations and separate financial arrangements • the in-
convenience attending which has become so manifest, that
it is determined to consolidate the whole line under one ad-
ministration. Pending the completion of legislative enact-
ments, it has been resolved to issue Sterling Certificates of
Debenture, payable in three years, bearing interest at 8
per cent. per annum, which interest is guaranteed by the
Consolidated Bank ; and the Principal secured by a deposit
with the Trustees of Bonds and Shares amounting at usual
exchange to £4,230,193.

'.l he Bendy and Shares so deposited will be kept at the
Bank of England, in the names of the Trustees, and the
Form of Declaration of Trust to be executed by them may
be inspected at the office of Messrs. FreshfiJcla and New-
man.

The Erie Railway, of which the Atlantic and Great
Western is practically an extension, upon a mileage of about
the same extent, but constructed at a cost nearly three
times as great, has earned in the present year sufficient not
only to pay interest on all its bonded debt, but also a divi-
dend of 10 per cent. on ordinary stock. The Atlantic and
Great Western Railway, in addition to its through traffic
with Erie, has almost a monopoly of the petroleum traffic
in Pennsylvania, with vast coal fields, and other important
sources of local revenue. The cost of its construction
having been so much less, and its mortgage debt conse-
quently so much smaller, with an assured traffic at least
equal, it is estimated that in the three years, during which
the certificates of debenture run, the payment of the prin-
cipal will be provided for out cf revenue alone.
The Directors of the Erie Company have manifested the
estimation in which they hold the Atlantic and Great
Western Railway, and the opinion they entertain of its
future prospects, by contracting to supply for its use, at
their own expense, rolling stock to the extent of one million.
The Atlantic and Great Western Railway has been con-
structed by Thomas W. Kennard, C.E., as engineer-in-
chief, and under the immediate superintendence of an
experienced agent of Messrs Pete and Betts. A re-
port troth S r S. Morton Pete, Bart., M.P., is an-
nexed, showing that the works have been executed
in the most substantial manner. Appended are some
statistics, derived from official returns, relating to the in-
crease in the carriage eastwards of produce during the past
five years from some of the chief cities of the West, with
which traffic the Atlantic and Great Western Railway is
directly connected; from these figures the causes of its
extraordinary revenue may be deduced.

The Certificates of Debenture are in sums of:£100, £5OO,
and £l,OOO each; with Coupons attached for interest at 8
per cent. per annum, payable half-yearly. The interest
for the whole term will be guaranteed by the Consolidated
ihnk, with whom securities will be lodged.
The price of issue is fixed at 90; and the instalments
are payable as follows :-
5 per cent on application.
~ allotment.
10 ~ 17th January, 1865.
15 17th Febru iry,
13 17th March,
17 17th Aprli,
18 15th May

„ less coupon £4 per cent,
duo on that day.

The Certificates will bo paid off at par, on sth Novem-
ber, 1867.
The interest on the investment, inclu ling the redemption
at par, is upwards of 12 per cent, per annum, exclusive of
interest on deferred instalments.
Subscribers have the option of paying any or all of the
instalments in advance, and will be allo wed a discount of 8
per cent. pct. annum on such payments.
After alloto ent, Strip will be iEsued to " bearer." On
p ,yrnent of the final instalment, the scrip will be exchanged
1,,r certificates of deb.mtnre, with guaranteed interest
ciupons attached, payable 13th May and 13th November in
own year.

9, cireat George-street, Westminster,
November 4, 1864.
SAMUEL GURNEY, Eq., DI.P.
JOHN P. KENNAIRD, Esq., and Trustees.
CHARLES Al OZLEY, Esq.

Dear Sirs,—You are aware that at the rertnest of the
Captitaliste fotnishing the funds for the conetreetion. of
The Atlantic and Great Western Fqilway, my Firm Under-
took the grave responsibility of the enpervision of the Work,,
of the Line, to be executed uuder a contract with Mr
Menent y, and from the plans and designs of Mr Thomas
W. Kennaird, the engineer-in-chief of the Railway.
Before the works were commenced, my Firm sent one of
its most experienced agents, who had superintended the
Execution of several largo works, and who had been in its
employ upwards of thirty years, and entrusted to his
chergo the i•upervision of the various works to be executed
en the Railway.
It is due both to Mr. Kennard, the Engineer-in-Chief,
and to Mr. McHenry, the Contractor, that I should state
to you that the position we occupied, which might have
been an invidious ene, has not in the slightest degree par-

:LONDON, THURSDAY, NOV. 24, 1864.

There are two sides to every question, and it is
never very d'flicult for a public speaker to make the
worse appear the better come, especially when he is
addressing un audience very much his own way of
thinking. Under such favourable circumstances
adverse criticisms are spared, inconvenient questions
are not asked, and sharp retorts or searching analyses
are avoided. A ready flow of words bides all defi-
ciencies, and convenient generalities come to the
aid of both speaker and audience in getting up a
little enthusiasm. It is no arduous task to pass from
dry detail and strict narrative to the
mero elastic
region of appeal and declamation. Men always like
to be told that their side represents all the political
virtues, and that in following the passions or neces-
sities of the moment they are actuated by the high.
est and most disinterested motives, and when the
speaker who thus addresses them is no insignificant
orator his success is not doubtful. It is not there-
fore surprising that Mr SEWARD'S address to his

fellow-citizens of Auburn was received with enthu-
siastic approval. The spectacle of a great nation
torn and dismembered by civil war is of itself
enough to fire the coldest speaker, and the sound
of the war trumpet ringing from the distance lends
a spirit and a pathos to every military appeal. The
audience, too, were composed for the most Fart of
old friends and neighbours of the Secretary, and
their enthusiasm was heightened by the fact of his
addressing them on the eve of the Presidential elec.
tien. But we, on the other side of the Atlantic,
missing those exciting adjuncts of time and pl ice,
and having leisure to look a little more closely into
the orator's arguments, find it diffiault to forget
some awkward recollections. When we find Mr.
SEWARD reminding his hearers that every
great nation has had to pass through a time
of civil war, we are amezed to find him
confessing that the model Republic thus shares the
vices of the ancient despotisms. It is in their pas-
sage from civil slavery to freedom that the Euro.
peen nations have suffered these convulsions, but
the Republic of Washington professed to be free
already; it claimed to have achieved its freedom in
throwing off its allegiance to Great Britain. That
was verily a civil war, or at least it occupied the
same place in American history as the great con-
stitutional struggle in this country did in our own
records. And yet before a century has passed,
before the Presidential elections have reached a
score, we find one of the foremost men in the State
descanting about faction and rebellion, proclaiming
his resolve to live and die with his country, and to
maintain her rights to the uttermost. The language
which Mr SEWARD uses, the impassioned appeal
which he makes to the patriotism of the people
would become an Englishman in face of a foreign
invader. Truly no monarchiat hes ever penned so
cutting a satire of Democracy ! But Mr SEWARD
is more eager in denouncing the domestic traitor
than the open enemy, and, perhaps owing to the
momentous crisis so closely at hand when he spoke,
a great part of his address is occupied with such
denunciations. When he speaks in strong terms
of the " discontented opposition and resistance"
excited by the exercise of necessary force on the
part of the Government, and declares "faction in
civil war to be unmitigated treason," it is impos.
cible for an impartial observer to avoid remember-
ing what sort of a Government it is which has
provoked this discontent and resistance. When
we go further and find. Mr SEWARD talk.
ing of unfair conduct at the election, and
lauding the clemency of the LINCOLN Cabi-
, uet, our dissent passes into positive indigna-
tion. When we hear him saying that the people
have heard with surprise the discovery of meditated
frauds on the ballot-box, " frauds more fraudulent
in conception, more wicked in design" than any
previously encountered, we in this country do not
fail to remember on which side those frauds lie.
Fraud and treachery, says Mr SEWARD, are inci-
dent to civil war, and though he says it of his
enemies it may bear reference to his friends. The
application of the test oath, the supremacy of
BUTLER, the soldiers' votes, the various means of
pressure and suppression brought to bear, have ren-
dered it easy to foresee the immense majority for
LINCOLN from the first. It was scarcely necessary
to get up the transparent fiction of the anticipated
raids from Canada to account for the active part,
taken by the military in this purely civil transac-
tion. " You are thunderstruck," says Mr SEWARD
to the denizens of Auburn, " with the revelation
of concert between Chicago, Londcn, and Rich-
mond," and he afterwards speaks of the " plot"
conceived against them at Chicago. Canada, too,
figures largely in his strictures, and he speaks as if
the Canadian shores were lined with watchful ad-
versaries. Yet he plumes himself on the modera-
tion and humanity shown by his Government toe
wards refractory subjects, and unblushingly asserts
that " not one head has fallen on the judicial

block," quietly suppressing the rec3rd of how

many citiz ns are dragging out their days in the
dungeons of the Federal prisons. The accounts
which from time to time have been published in
this country, and which are suffered to pass uncon-
tradicted, do not certainly vouch much for the

humanity or the moderation of the Lincoln Cal-

net, It was bat the other day we heard of
a gentleman connected with the press being con-
fined for months in a cell, dragging a chain with a
ball attached to it, for some political offence of
which he was actually ignorant. A half-intoxicated
German was another of the captives, but his crime
was patent—he had cursed LINCOLN in the public
streets, but such trifles Mr SEWARD would probably
set down as merely " incidental to civil war." We
hear no more though of the 90 days' contest ;
indeed, the tone of the North is evidently altered.
It was the cue of the Lincoln party to appeal (ver-
bally at least) to the patriotism and enthusiasm of

the people, urging the necessity of maintaining

their war policy. Still the absence of confidence in
Mr SEWARD'S speech is very noticeable. " Our
Republic," he says, " is now confessedly struggling
for life. This therefore may be our last Presidential
election." Again he says "The war will not last
for ever, but it must continue until we give up the
conflict or the enemy gives up the conflict." This
was not the tone of four years ago, but the North
has proved the Southern metal too often since then

to affect to hold it so lightly. Every disparage.
ment of Southern skill or courage or resolution
reacts upon the North ; for surely can they not
subdue an inferior foe ? It is true that the War
Secretary professes to feel confident that the

" rebels" will abandon the struggle from hopeless.
ness and exhaustion, but he admits the evidences
of such feelings are not now perceptible. They
will be more so, he thinks, on the re-election of
ABRAHAM LINCOLN. The difficulty is that they
are exhausted, but not conscious of their exhaustion
--an ignorance which may be forgiven them when
they have just succeeded in making up LEE'S forces
to equal GRANT'S for the first time. This
does not look like exhaustion, neither do
.the advances in Tennessee and Missouri, the
compelling of SHERMAN to evacuate Atlanta, the
triumphant retention of Charleston. The news
of LINCOLN'S re-election, far from paralysing the
energies of the South, will stimulate them to fresh
exertion. When Mr. SEWARD said "I am not going
to surrender, now or ever," he was speaking for
JEFFERSON' DAVIS rather than for himself. The
question of surrender does not lie with the North.
It only rests with them to relinquish their extra-
vagant pretentious, to cease representing it the
model It: public of the nineteenth century, the e ffete
and shortsighted policy of GEORGE 111. in the
eighteenth. The South has to decide on the great
question of national existence or annihilation, the
only risk which the North runs of such a catas-
trophe is from its reckless and headlong pursuance
of a policy which can lead to nothing but bank-
ruptcy and disaster. It is time the policy of free
America were changed, when the only one of the
European rulers whom Mr. SEWARD can speak of
with cordiality it the oppressor of the Poles.

" Our steadfast friend the Emperor of RUSSIA,"
says Mr. LINCOLN'S Secretary-at-War, and well
may he style him so, for their policy is sympa-
thetic. When the Hungarian patriot committed
the liberty of the world to the keeping of Eogland
and America it was not thus that he thought the
great Republic would fulfil the trust . It was not