The Sun.
London, England, 1863-02-25 00:00:00

COMMERCIAL INTELLIGENCE.

Money easy; gold 553-. Stocks dull. New
York Centrals, 1171; Illinois, 901; Erie, 74i.
The Hansa, which sailed this morning, took
300,000 doll.

(PER MANCHESTER.)
Via ROCHE'S POINT, FEB. 25, 2 20 A.M.
NEW YORK, Feb. 14.

M. Mercier's despatch of the 13th April, 1862, to
M. Thouvenel, published in the French Livre
Jaune, just received in America, has created a great
sensation in this city and Washington.
M. Mercier states that Mr. Seward had expressed
a desire upon the part of the Federal Administra-
tion for the re-establishment of peace, and implies
that his visit to Richmond during that mouth was
undertaken at the suggestion of Mr. Seward to
ascertain the state of feeling at the Confederate
capital.

On the 9th inst. the Senate passed a resolution
requesting the President to acquaint that body with
the character of Mr. Seward's conferences with the
French Minister.
Mr. Seward, on the 12th, laid before the Presi-
dent the correspondence between M. Mercier and
himself, accompanied by a despatch denying that
be had made any suggestions to M. Mercier or in-
fluenced him in any particular, and stating that M.
Mercier's passport to cross the lines was furnished
at his own request, and that he travelled in a strictly
private and unofficial manner.

The correspondence was sent to the Senate the
same day.
The emphatic manner in which Mr. Seward con-
tradicts M. Mercier's statements renders it doubt-
ful whether there can be any renewal of official or
personal intercourse between them. It is feared
that if Mr. Seward be not dismissed M. Mercier
will be recalled by the French Government.
Mr. Seward yesterday transmitted to the Presi-
dent, and the President to the Senate, his official
correspondence with Mr. Dayton, dated the 6th
instant, in which he peremptorily declines the sug-
gestion of the French Government that Commis-
sioners from North and South should meet on neu-
tral territory to debate the terms of an adjustment.
The dismemberment of the army of the Potomac
has commenced. The Ninth Army Corps has been
ordered to report at Fortress Monroe, preparatory, it
it thought, to its departure for North Carolina.
Two unimportant reconnaissances were made by
detachments from the army on the 10th and 11th
inst.

The attack on Charleston is postponed on account
of a difference between Generals Hunter and Foster.
General Foster, having disembarked his forces at St.
Helena Island, has returned to Washington to con-
sult with the Government in regard to future move-
ments ; General Hunter, at Port Royal, has ordered
a conscription of all the able bodied negroes in his
department to be employed in garrison and fatigue
duty under a directing force of 100 whites to 100
blacks.

The Federal rani Queen of the West had re-
turned from her expedition down the Mississippi
on the 11th inst. ; she is reported, by telegraphic
despatches from Cairo, to have sunk three Con-
federate steamers laden with provisions, t, ken 56
prssoners, and to Lave gone within range of the
Confederate guns at Port Hudson.

Colonel Ellis, her commander, in his official re-
port, states that he failed in an attempt to destroy
the Confederate steamer City of Vicksburg. He
says his shells set fire to the Confederate vessel,
but that the flames were extinguished, and in turn
the bales of cotton by which his boat was protected
took fire from the enemy's shells, which caused him
to desist from the attack, but he makes no allusion
to the sinking of the steamers or visit to Port Hud-
son, accredited to him by the telegraphic reports.
The correspondence of the St. Louis Democrat,
dated Helena, Arkansas, February 3, states that
General Gorman had commenced the destruction
of the Levee at Yazoo Pass on the Mississippi. By
this project a large tract of country which separates
the waters of the Mississippi from those of the
Cold Water river will to laid under water to a
depth sufficient to float vessels of little draught.
The Cold Water leads into the Yazoo some 200
miles above Vicksburg, and is also navigable for
vessels of light draught.

It is believed to be a part of General Grant's
plan of attack upon Vicksburg to take this means
of communication for reaching the rear of the city,
and for cutting off the Confederate supplies.
The Illinois Legislature has appointed Commis-
sioners to confer with delegates from other States
upon the condition of the country, to meet at
Louisville, Kentucky, in March next, and has
agreed upon a recess from the 14th proxime until
June 1, i❑ order to receive their reports. The most
prominent of the Commissioners is a stanch _Re-
publican and a personal friend of Mr. Lincoln, but
who urged his friends to vote the Democratic ticket
at the November election as the only means of sav-
ing the Union. In consequence of the proceedings
of the Democrats, Abolition members have seceded
from the Legislature, and threaten to revolutionise
the State.

Kentucky has also appointed Commissioners to
the Louisville Conference in March, and it is be-
lieved that all the loyal Middle and NVestern States
will be represented.

The New Jersey Legislature has appointed Com-
missioners to proceed to Richmond for the purpose
of inviting the Southern States to join in a National
Convention.

The resolutions in the Indiana Legislature de-
mand the establishment of an armistice as soon as
practicable, and a convention of all the States, in-
cluding those of the Confederacy, to be held at
Nashville, Tennessee,
on the Ist of June. The New
York Assembly, by a vote of 95 agst 4, has autho.
rised the Governor to invite General M'Clellan to
visit Albany az the guest of the State.
The Florida was chased by the Federal steamer
Sonoma off the Bahamas, on the Ist and 2d inst, for
36 hours, but, owing to the superior speed of the
Florida, the Sonoma was distanced an gave up the
pursuit.

Mr. Chase's financial scheme has passed the
Senate, and it is thought in Wall-street it will cer-
tainly pass the House of Representatives.
Gold was excited yesterday, selling at loot to
154. Stocks have fallen slightly. Erie, 991; New
York CentrAls, 148; Illinois Central, Provi-

sions steady ; flour, 10c. to 15c. better. Cotton 91c
per pound.

SATURDAY MORNING, Feb. 14.

The Secretary of War has ordered a court of in-
quiry to be held at Cairo to ascertain if any, and
what Federal officers have been engaged in traffic-
ing in cotton on the Mississippi, granting licenses
of trade or using Government transportation for
private purposes. This Court must necessarily inves-
tigate the charges current against General Butler
daring his Administration at New Orleans.
Southern journals of the 11th inst. state that the
Confederates are endeavouring to repair the railroad
at Okolona, Mississippi, which was destroyed by
General Grant.

A large portion of the Confederate Army of Vir-
ginia and of the garrison of Mobile have been sent
to Vicksburg. The Confederates have completed the
railway from Selma to Meridien, which enables
them to rapidly concentrate their forces at Vicks-
burg.