The Sun.
London, England, 1865-02-04 00:00:00

1•III=0.1111.01~I
excitement. The Treasury brokers, instructed by the
Government to operate for a fall, succeeded, though
not so easily as they expected, in bringing c' own the
premium from 115 per cent., at which it stood on
the departure of the Liverpool steamer cn Wednes-
day, to 109 last nigkt and to 1011 th's m orning. In
the afternoon, however, a re-action occurred. The
Treasury had sold all the gold it had to sell—the
weak speculators were out of the "ring"—and the
price steadily advanced to 107 k, at which point it
stood at the close of the business. The bankers
and brokers of Wall-street are not so sanguine as
the public that the recent victories have done much
to prepare the way for a pacification ; and the con-
sequence is that the market, as soon as it is left to
the manipulation of people who understand their
business, and is relieved from the extraneous agency
of the Government, resumes its former condition,
and gold points steadily upwards to the point from
which it had been artificially depressed. The great
question of the arming of the negroes of the South,
and the certainty if they be armed and drilled and
converted into good soldiers, zealous for the cause
in which they fight, that the North will be com-
pelled to enforce a vigorous conscription, and cease
to rely upon the precarious and insufficient recruit-
ments to be purchased by high bounties, loom darkly
upon the vision of all who can see before them, and
are not led away by the enthusiasm of the moment.
The belief that the South will immediately have re-
course to this source of supply gains ground among
all who wish well to the Southern cause in this city,
and is also shared by large numbers of sincere
Abolitionists, who would as readily accept the
freedom of the coloured race from Southern neces-
sity as see it enforced by Northern bayonets. In
short, it would seem at this moment as if the fate of
the Confederates hung upon its decision in-this
matter. So strongly is this opinion entertained by
men who are in a position to form an accurate judg-
ment upon the question that it is openly alleged

that Mr. Lincoln fears that the negroes will be
armed and freed, and that the recognition of the
South by all the Powers of Europe will immediately
follow, is the reason why he despatches Mr. Blair
to Richmond, to ascertain if he cannot make terms
for a commercial, if he cannot restore a political,
Union, or agree to an alliance offensive and defen-
sive with the Confederacy. _

January 21.

Postscript.—The publication this morning of the
letter of President Davis to the Georgian Senators
who had expressed opinions in favour of a Conven-
tion of the States throws a new light upon the peace
question, and gives unanswerable reasons why
neither North nor South can settle their differences
by this method. The letter, though dated so far
back as the 17th November, applies with great force
and directness to the peace rumours of the day, and
effectually demolishes the hope entertained by many
leading members of the Federal Government that if
the South would not treat as a unit, it might treat
with the North State by State. Mr. Davis declares
that the first course of action is impossible without a
surrender to the North of the whole principle for
which the South has taken up arms, and that the
proposal of separate State action is unwise, imprac-
ticable, and offers no prospect of good to counter-
balance its manifold injurious consequences to the
cause of his country. It is yet too early to report the
effect which the letter has produced on the public
mind of the North; but that it will serve to dispel
many fallacious hopes, and correct many erroneous
ideas, is evident to every one who has had leisure to
bestow a thought upon the subject.

Mr. Gray, M.P., at Bolton.

On Thursday Mr. W. Gray, M.P., delivered an address
in All Saints' Schoolroom, Bolton, on the occasion of the
opening of a news and reading-room, in connection with

the East Ward Conservative Association. Mr. Marsden
occupied the chair.
In responding to several toasts Mr. GRAY said at present
the army and navy might be said to be in a state of tran-
sition, as great alterations and improvements were being
made in them. Neither of the services were ever in a more
efficient state. Both were necessarily very costly, conse-
quent upon the changes which were being made. But so
long as the money was well expended he was sure
that the taxpayers would not begrudge it. ' He believed
that the volunteers had been of the greatest ser-
vice to the country, and had been well supported in
Bolton. It had not been his practice to give a formal
account of his stewardship, nor did he think it
was the wish of his constituents that he should do
so. If such was their wish he should feel bound to
comply with it. (Hear, hear.) It was a more honourable
position for a member to occupy, when his constituents had
such confidence in him that they did not require an exact
exposition of his views, hut were satisfied that he would do
whatever was right and proper, and the best for his town
and country. (Applause.) He had, however, no objection
to mention one or two public matters. The American war,
he believed, had an indirect and very important effect on
this part of the country. He could not conceive how a great
many people could say that war was a contest to put down
slavery. (Hear, hear.) He considered that our Government
had taken a most wise course in not interfering in that war.
There was always a feeling among Englishmen that the
weaker party might to have their sympathy. He confessed
that so far his sympathies were with the South—(applause)
—but not because they were slaveholders. The North had
no right to take credit to themselves for the intention to put

down slavery. At his first election, President Lincoln said
he had no purpose, directly or indirectly, to interfere with
the institution of slavery in the states where it existed ;
that he had no lawful right, nor had he the inclination to
do so. In Sept., 1862, when the North found that they had
not conquered the South in 90 days, as they had anticipated,
President Lincoln issued a proclamation by which he ex-
pressed his intention to declare free the slaves in any state
the people of which were in rebellion. On that account
he (Mr. Gray) contended that the North had no right to
take credit to themsolVes for a desire to abolish slavery.
That slavery would be done away with by, the were he
was perfectly satisfied. That would be one of the advan-
tages resulting from the dreadful war now raging in
America. Closely connected with that question was the
cotton famine. They had had the greatest cause in Bolton
to be thankful that they had been so lightly dealt with.
He thought that Bolton had been less afflicted by the
famine than most other towns which were engaged in
the cotton manufacture, as was evidenced by the pro-

portion of the relief fund which had been distributed in
Bolton. With reference to parliamentary relorm he did
not think that the public feeling was very much excited
on that subject, notwitstanding the various meetings got
up in order to create an agitation. When he first came be-
fore the electors of Bolton he expressed himself as favour-
able to a moderate extension of the franchise. He still
held the same views: Moderate extension was not that
which was proposed by Mr. Bright and his supporters. He
(Mr. Gray) would be glad if all classes could be so educated
as to be enabled to enjoy the privilege of voting, and use-
fully to exercise it. He believed such would ultimately be
the case. We were now doing a good deal in the way of edu-

cation. Some people said that £BO,OOO a year was a great
sum to be voted for educational purposes. He thought that
an-
nualsum uefx pre:o duistyu rveu
toend t
fore
aa r mbeyt t
earn dpurn ap.vo ys
e.
for this country it was very little, compared with the
thTanhetrhee we
da su
nna o_
tional grant, and no equal amount would be more useful if
the educational grant was properly expended. But there
was a great number of schools that did not
get
a penny of
that grant, which was enjoyed by only a small number—.
4,000 out of upwards of 11,000: and he welcomed the
scheme proposed by Miss Burdett Contts, thinking that it
would tend to remedy the evil. Coming to the considera-
tion of the Permissive Bill, he said that if it was not igno-
miniously rejected, it was at all events overthrown by a
large majority. There was no wisdom in a measure which
would leave the question of the sale of spirituous liquors
in a district to the majority of the ratepayers. Such a step
would be an injustice to the owners and occupiers of pub-
lic-house property. In his opinion the House of Commons
took a very proper view of the bill ; and he would much
rather, to quote the words of Mr. Bright (for he would do
so when he and Mr. Bright agreed)—(laughter)—trust to
the education of the people than to any such measure of
legislation. (Hear.) If there was one tax which ought to bo
. The
anco
Chancellor su
repealed or reduced, it was the duty on fire in t
of the Exchequer had dealt with it to a
certain
extent, but as a member of a Liberal Government he might
liberal manner. It would have
have dealt with it in a more,
been wiser to have reduced the duty to 6d. per
malt tax
kinds of property, without any exemption. Tr on all
cent.e
country • bhe
did not much affect this part of the ,
a reduction.ut tos
The
whom it did affect would attempt to get
o ith
Chancellor of the Exchequer did not like to interfer
it, as it was a matter of six millions a year. Perhaps wine
half of it might be remitted at some future day. In all
matters relating to Bolton he had had the co-opera-
tion of his honourable colleague (Mr. Barnes). A gen-
tleman had lately said that in their representatives they
bad one man to say " yes," and another to say " no."
(Laughter.) On the question of the ballot, and two or
threes other questions, he differed with Mr. Barnes. It
e _ an advantage to the town to have one member on
ach side, as whichever party was in office it gave them
the ear of the Government. (Laughter.) His colleague, he
thought, had p
the present Government,
he hoped precedence with
Sol" day therewhould be a Government with
which he (Mr. Gray) should
gave him much pleasure to heave precedence.
(Hear.) It
celebrating the opening of theiramong them that night in
newsroom. They had taken