The Sun.
London, England, 1863-08-07 00:00:00

THE SUN, LONDON, FRIDAY EVENING, AUGUST 7, 1863.

interval that was to elapse between its own retire-
ment from public life and the assembling of its suc-
cessor, and voted for the service of the year ending
on the Ist of July, 1864, the following sums :
Dols.
Far the support of the Army .. 838,594,644
•• •• Navy 89,843,205
45,612,821
Civil and other expenses

Total
To meet this expenditure and to pay the interest of
the debt, Mr. Chase has no actual resources except
the proceeds of taxation—of which the Customs'
duties were expected to produce last year 70,000,000
dole., but which only produced 60,000,000 dole., and
which may, perhaps, produce still less in the current
year—and the new war taxes, which were estimated
at 150,800,000 dole., or a total of 220,000,0C° dole.
Supposing that taxation yields the sum anticipated,
that the Western agriculturists are in a position
and in the mood to pay income.tax ; and that the
great bulk of the commercial and professional classes
throug flout the North make honest returns of their
gains, and cheerfully pay a direct tax upon them
(which is a little too much to expect of Yankee
human nature, or of British human nature either,
as Mr. Gladstone and the Income and Property Tax
Commissioners well know), Mr. Chase will have to
provide at least 753,000,000 dols. over and above
the revenues of the State for the necessities of the
Government during the year. Should he resolve to
meet the emergency by issuing all the greenbacks
that Congress has authorised him to put into the
market, he will not only fall short of his needs by
the sum of 100,000,000 dole. (twenty millions ster-
ling), but he will send up the price of gold to a
much higher point than the maximum which it
attained this year, 76 per cent., possibly, and very
probably to 100—a state of affairs to which as a good
financier, he has the strongest repugnance. Nor is
this the whole of his difficulty, for within 12 months
he must pay off short loans, of 5 per cent., 6 per
cent., and 7 3-10ths per cent., amounting in the
aggregate to 392,000,000 dole. And these
short loans are already beginning to trouble his re-
pose. Within the last 90 days 150,000,000 dol3. in
greenbacks have been funded into " Five Twenty
Bonds," an operation which has caused a rise in
the value of money from 4 and 5 to 6 and 7 per
cent. The continuance of this high rate necessarily
involves the repayment by the Secretary of all the
temporary loans which he holds at a lower rate.
Congress, however, has not left him without power
to contract new loans for the repayment of the old,
and has authorised him to issue—

Dols.
Six per Cent. Five Twenty Bonds
Six per Cent. Ten Forty Bonds 500,000,000
Six per Cent. Twelvemonth Bonds (or loans
for a year)

1,100,000,000

It was originally the intention that these bonds
should be put up to public competition, but as the
probable discount at which they would be taken
might have been alarming in itself, and hurtful to
the prestige of the Federal Government, if com-
mented upon in Europe, Mr. Chase on his own
urgent remonstrance was authorized to sell any of
stocks at any price privately. The law approved
on the 3d of March.

The last working day of the sittings of Congress
expressly states that he may " sell them below the
"market value." If Mr. Chase desires to succeed
Mr. Lincoln in the Presidential Chair, as most people
believe, it is evident that he has it in his power to
work the finances of the country to that end ; and
that he can place chances of fortune in the way or
his friends aed supports more brilliant than ever
before were at the disposal of a Minister. However
that may be, the task before him is herculean, if he
would avoid, as he desires to do, the inflation of the
currency, and the consequent rise in gold, and carry
on the war without a total derangement of all the
trade, commerce, and industry of the country. By
the Ist of July, 1864, let him manage as he will—
either by fresh loans at high interest, or by the
issue of paper,—the debt of the Federal Govern-
ment will greatly exceed two thousand millions of
dollars, or, at the ordinary rate of exchange, four
hundred millions of pounds sterling. This vast
sum, however, has no terrors for the American
mind. "If Great Britain owes £800,000,000 ster-
ling, are we going to break down under the weight
of one-half of that sum ? Guess not !" Such is the
substance of the reply that is invariably given,
followed very often by the consolatory reflection
that though it is possible to ruin many hundreds of
thousands of American citizens, it is utterly im-
possible to ruin the great American nation.
All the foregoing calculations are founded on the
liabilities of the past and the current year. Should
the war continue for a longer period, and not be
brought to a close by Mr. Lincoln's successor in the
Presidency (which is not likely if he be of the same
school of politics as Mr. Chase, or any other poli-
tician pledged to the emancipation of the Southern
slaves as the necessary preliminary to any recon-
struction of the Union), the financial situation would
of course be much worse. The Southern debt
would have to be added to the Northern to arrive
at the real money cost of the struggle, in which
case the fast Americans would have the right to
boast of having attained in four years a state
of indebtedness in fighting against one another
which it took slow England nearly 200 years
to incur in battles by sea and land with foreign foes
exclusively. And should the Northern Government
succeed, as it hopes, in conquering the South by
means of this enormous expenditure, it will gain
nothing but a half-ruined territory, inhabited by an
exasperated and embittered population of whites,
and a useless and pauperised population of blacks,
to keep the first of whom in subjection and the
second in bread will cost annually about as much as
was required to carry on the war. America may be
a very great and very fruitful country, with resources
all but illimitable; but if the North can stand such
a drain upon the industry of its taxpaying people it
may claim to rank not only as the richest and most
patient, but the most heavily burdened nation on
the face of the globe. Bat its future prosperity will
not, under such circumstances, keep peace with the
promise of the past. The struggling workers of
Europe who have done so much to develope its re-
sources will remain at home. America will offer
them no attractions. With more of liberty and less
of taxation in the Old World, they will either re-
main in their birthplaces or betake themselves to
Australia and New Zealand—to any place that
offers a strong man a chance of freedom and sub-
sistence, and not to America, that will cease to offer
him either.

CONSUMPTION HOSPITAL, BROMPTON. The
quarterly court of the governors of this charity was
held yesterday at the hospital, Brompton, Mr. T. P. Beck-
worth in the chair. The minutes of the last court having
been read and confirmed, the report, which was read by the
Secretary, stated that the institution continued its course of
usefulness. The extra beds put up during the winter
months, ani increasing the hospital accommodation to 210
beds, had been vacated since the commencement of the
warm weather, the hospital having now its ordinary com-
plement, viz., 200 beds. The number of patients under
treatment was about the same as in the corresponding
quarter last year. The out-patient department still con-
tinued to do great good. During the past three months,
although the donations had not been so numerous as the
committee wished, yet the committee had been encouraged
by several liberal gifts, and amongst others might be men-
tioned the munificent contribution of £l,OOO from a lady.
The hospital had also obtained several additional annual
subscribers. the number of
dischargedpa mtienotrse o
adrmliettsesdsincethe
28th benefitted,
153
drain
; of
upon
died,M
wasthe new 178;
out-patients numbered 1,417. The
y 1
the 9 funds of hospital, caused by the mortgage
of £9,000, rendered the acquisition of new legacies pa:-
y acceptable. The committee begged to express
ttheircu la
re
lor cordial thanks to the Archbishop of Armagh, the
Bishops of Limerick, Lichfield, and Mauritius, and to other
clergymen who had so ably advocated the charity. On the
motion of Mr. Dixon, seconded by the Rev. Mr. Franklin,
the report was adopted. A vote of thanks to the chairman
closed the proceedings.
-ji_Holloway's Ointment and Pills.—
: ose
up:sr icahffi this
encgt
affections,
happily for all such sufferers at the present day the use
.of
dMi
to[adAreynr Pills.—
Modern
kESiRne
diseaseseins cEem. —ENTi.wheer timewere
pronounced
isn o t remote
to
be when
incurable;all h ebr eui
sdenluo
delusion.
. remedies
scro i
cHouolrlaogwinayg'
• a ready and
glandular swellings, and inflammations yield
painless obedience to the cooling, rectifying,
these justly-esteemed Pills. Their accompanying directions
strengthening properties of this well-known Ointment and
Scrofulous sore,sp ail); umd
will enable every one to apply these remedies to the best
advantage, and no one need fear that any evils will result
from the adoption of Holloway's purifying treatment, pro.
vided the diet be regulated and " the instructions" receive
I even moderate attention.

INNS OF COURT,

The Council of Legal Education have approved
the following
emaorteunettlenoe d
stuhosetfpsuofutorubredltnaiehetnps s e
eete
sixripublic examination of
the students in 'Michaelmas term :
agnu
nAisTheushmea
dna
et
sat
ti ecnunh
adt:ei
tonconet
of
n h
ait
qiponurt
a.
oettpshi toorensedee.
tyt
hoaeneamdrth:se, e
falfuvnoredl
tsl
hoofsensort
ing rules of the Inns of Court :-
examination, studentships shall be founded of 50 guineas per
r
such studentship shall be conferred on the most distin-
the Examiners shall select and certify the
names of three
other students who shall have passed the next best exami-
nations ; and the Inns of Court to which such students be-
long may, if desired, dispense with any
terms, nut exceed-
ing two, that may remain to be kept by such students pre-
viously to their being called to the Bar. Provided that the
Examiners shall not be obliged to confer or grant any stu-
dentship or certificate unless they shall be of opinion that
the examination of the students they select has been such as
entitles them thereto.
" At every call to the Bar those students who have passed
a public examination,and either obtained a studentship or a
certificate of honour, shall take rank in seniority over all
other students who shall be called on the same day.
" No students shall be eligible to be called to the Bar who
shall not either have attended during one whole year the
lectures of two of the readers, or have satisfactorily passed
a public examination.
" RULES FOR THE PUBLIC EXAMINATION OF CANDIDATES
FOR HONOURS Or CERTIFICATES ENTITLING STUDENTS
TO BE CALLED TO THE BAIL.
" An examination will be held in next Michaelmas Term
to which a student of any of the Inns of Court who is desi-
rous of becoming a candidate for a studentship or honours,
or of obtaining a certificate of fitness for being called to the
Bar, will be admissible.
"Each student proposing to submit himself for examina-
tion will be required to enter his name at the Treasurer's-
office of the fun of Court to which he belongs on or before
Thursday, October 22 next ; and he will be further required
to state in writing whether his object in offering himself for
examination is to compete for a studentship or other honour-
able distinction, or whether he is merely desirous of obtain-
ing a certificate preliminary to a call to the Bar.
"The examination will commence on Thursday, October
29, and will be continued on the Friday and Saturday fol-
lowing.
" It will take place in the Bencher's Reading-room of
Lincoln's-inn, oust ate doors will be closed lu minutes after
the time appointed for the commencement of examination.
" The examination, by printed questions, will be conducted
in the following order:-
" Thursday morning, October 29, at half-past 9, on
Constitutional Law and Legal History; in the afternoon,
at half-past 1, on Equity.
" Friday morning. October 30; at half-past 9, on Common
Law ; in the afternoon, at half-past 1, on the Law of Real
Property, &c.
" Saturday morning, Uct. 31, at half-past 9, on Juris-
prudence and the Civil Laws; in the afternoon at half-past
1, a paper will be given to the students including questions
bearing upon all the foregoing subjects of examination.
" The oral examination will be conducted in the same order,
during the same hours, and on the same subjects as those
already marked out for the examination by printed ques-
tions, except that on Saturday afternoon there will be no
oral examination.
"The oral examination of each student will be conducted
apart from the other students ; and the character of that
examination will vary, according as the student is a candi-
date for honours or a studentship, or desires simply to ob-
tain a certificate.
" The oral examination and printed questions will be
founded on the books below mentioned, regard being had,
however, to the particular object with a view to which the
student presents himself for examination.
"In determining the question whether a student has passed
the examination in such a manner as to entitle him to be
called to the Bar, the Examiners will principally have regard
to the general knowledge of law and jurisprudence which
he has displayed.
" A student may present himself at any number of exa-
minations until ho shall have obtained a certificate.
" Any student who shall obtain a certificate may present
himself a second time for examination as a candidate for the
studentships, but only at one of the three examinations im-
mediately succeeding that at which he shall have obtained
such certificate; provided that if any student so presenting
himself shall not succeed in obtaining the studentship, his
name shall not appear in the list.
" Students who have kept more than eleven terms shall
not be admitted to an examination for the studentship.
"The Reader on Constitutional Law and Legal History
will expect candidates for honours to be well acquainted
with the Origin and Progress of our Laws and Constitution
as explained in chapter 8, part 3, of ' Hallam's History of
the Middle Ages.'
" He will expect them to be well acquainted with the Great
Char ter (on which they will find an excellent commentary
in " Sullivan's Lectures,' 39, 40, 41, 42, and 43, pages 313
to 381); with the reigns of Edward I. and Richard II.; with
the chapters in 'Hallam's Constitutional History,' which
contain an account of the reigns of Henry VII,, henry
VIII., Elizabeth, the Stuarts, William 111,, and Anne;
with the State Trials in the reign of Henry VIII., of the
Duke of Buckingham in Mary, of Thluguaorton, of the re-
markabl© trials during the reigns of the Stuart s and William
111. ; with the history of the Law of Treason, Libel, and of
the Tenure of Land down to the beginning of this century,
" He refers those candidates especially to the 26th, 27th,
28th, and 29th chapters in the third volume of Lord
Brougham's Political Philosophy;' to the close of the 23d
chapter of Home's History,' vol. 3, page 296, octavo
edition, the passage
beginning ' Thus far have we pursued
the History
of England,' etc. ; to the third volume of
to the preface to Gilbert on Uses,'
b'AyliLlloarrd's
St. History trY n ;a' rds , ;
the Preface to the State Trials ;'
the fifth chapter of the second volume of Blackstone's
o
Commentaries' (edition in which the text is preserved) ;
athned
ho awrs 1,2, and 3of Mr. Justice Foster's work on
"All candidates will be expected to know the principal
events in English History from the Conquest to the acces-
sion of George 111. ; to have an accurate knowledge of the
reigns
chapters e
Law.
Kings,ights
,ofth Aela gn
Lawa
of
Treason, Charts,
and the
the Petition
of Right, of the
the Stuart
Bill
Act of Settlement.
6( The Reader on Equity proposes to examine in the follow-
ing books :-1.
, naynes's Outlines of Equity,' Smith's
Manual of Equity Jurisprudences ," Hunter'Elementary
View of the Proceedings in a Court of Equity,' part I. 2.
The cases and notes contained in the first volume of White
and Tudor's Leading Cases ; the Act to further amend the
Law of Property and to Relieve Trustees, 22 and 23 Vict.,
cap. 15; the Act to further amend the Law of Property,
23 and 24 Vict., cap. 38 ; the Act to give to trustees, mort-
gagees, and others certain powers now commonly inserted
in settlements, mortgages, and wills, 23 and 24 Vict., cap.
145; the Act to regulate the procedure in the High Court
of Chancery and the Court of Chancery of the County Pala-
tine of Lancaster, 25 and 26 Vict., cap. 42 ; the General
Orders of the Court of Chancery of the Ist of February,
1861 (" Jurist," vol. 7, N
--S., pt. 2, p. 58) ; Mitfurd on
Pleadings in the Court of Chancery,' introduction; chap.
1, secs. 1 and 2 ; chap. 1 sec. 3 (the first six pages) ; chap.
2, sec. 1; chap. 2, sec. 2, part 1 (the first three pages);
chap. 2, sec. 2, part 2 (the first two pages); chap. 2, sec. 2,
part 3 ; chap. 3.
" Candidates for certificates of having passed a satisfactory
examination will bo expected to be well acquainted with I
the books mentioned in the first of the above classes.

" Candidates fora studentship or honours will be examined
in the books mentioned in the two classes.
"The Reader on the Law of Real Property proposes to
examine in the following books and subjects
1. Joshua Williams on the Law of Real Property,'
sixth edition. 2. The Specific Performance of Contracts,
and the Remedies at Law for their Breach; Sugden V. and P.,
sec. 3, pp. 200 -223, or Dart's V. and P.,
thirdi4th edition, cap. 5,
edition,cap 5.17 and 18, pp. 609-745. 3. The Law of
Uses ; Tyrell's case, ' Tudor's Leading Conveyancing
Cases,' second edition, pp. 274-304. 4. The Acts 22 and 23
Viet., cap. 35, and 23 and 24 Vict., cap. 38, and the Notes
to those Acts in the editions of Watters, Hunter, or Lang-
ley. 5. The Mutual Rights of Husband and Wife as re-
gards property; Josiah William Smith on Real . and
Personal Property,' second edit., 973-1,010; and the Acts
20 and 21 Vict,, cap. 57-
" Candidates for honours or the studentship will be exa-
mined in all the foregoing books and subjects; candidates
for a certificate in those under heads 1,2, and 3.
"The Reader on Civil Law and Jurisprudence proposes
to examine in the following books and subjects :
"1. Justinian.'s Institutes,' book 111., with the notes of
Ortolan or Sanders. 2. 'Mackeldeii Systems Juris Ro-
mani'—Pars Specialis, Lib. 11., secs. 352-416 (pp. 362-407,
edit. Lips., 1847). 3.' Code Napoleon,' arts. 1,582-1,701; De
la Vente, arts. 1,708-1,831; Du Contrat du Louage, arts,
1,832-1,873; Du Contrat de Societe. ' Code de Commerce,'
part 18-64. Des Societies. 4. Wheaton's International
Law,' part 4, chap. 3 ; Rights of War as to Neutrals (edit.
1863). 5. Austin's Province of Jurisprudence Defined,'
Lecture 6.

" Candidatesifor the studentship or honours will be exa-
mined in the whole of the above-named books and subjects ;
but candidates for a pass certificate will be examined in 1,
4, and 5.

•' The reader on Common Law proposes to examine in the
following books and subjects :
" Candidates for a pass certificate will be examined in-1.
The ordinary steps and course of pleading in an action; 2.
Smith's Lectures on Contracts' (last edit., secs. 1-5, inclu-
sive) ; 3. The Law of Torts—' Broom's Commentaries'
(second edit.), book 111. ; 4. The Laws of Homicide and
Larceny as contained in the statutes 24 and 25 Vic., cap.
100, secs. 1-10, and cap. 96, secs. 1-9, 40, 41, 51-61, 67, 68,
and 68, with the notes thereto in Mr. Greaves's edition of
the Criminal Law Consolidation and Amendment Acts.
Candidates for the studentship and honours will be examined
in the above books and subjects, and also in-5. The under-
mentioned cases, with the notes appended to them, contained
in Smith's Selection 'of Leading Cases' (last edition) :
Armory v. Delomirie," Ashby v. White,' Chandelor v
Lopus," Cogge v. Bernard,' Collins v. Blantern.' 6,
Selwyn's Nisi Prius,' twelfth edition, chap. 9—' Bills of
Exchange and Promissory Notes.' 7. "Broom's Legal

Maxims,' third edition, chap. 6—' The Acquisition, Enjoy-
ment, and Transfer of Property.' 8. Taylor on Evidence,'
third edition, part 2, chap. 4—' Best Evidence;' chap. 7
' Hearsay ;' chap. 19—' Admissibility of Parol Evidence to
affect Written Instruments.'.

" By order of the Council,
" WESTBURY, C., Chairman."

RAILWAY INTELLIGENCE.

-

GREAT EASTERN.

It appears that the directors of this company have
declared a dividend at the rate of li per cent. per
annum on the ordinary stock.

WIMBLEDON AND CROYDON.

Yesterday the half-yearly meeting of this com-
pany was held at the London-bridge terminus, Mr.
Reed in the chair, when a dividend at the rate of
4s, per share, less income-tax, was &dared, and the
meeting separated.