The Sun.
London, England, 1862-12-04 00:00:00

The Richmond Dispatch of the 19th says :

" Once more the Yankee nation is evidently essaying an
'On to Richmond' march. M'Ciellan, who had seen the
elephant on that 'journey of death,' was unwilling to go
about it with the haste the Abolitionists now deem indis-
pensable to mend their fortunes and modify their fate from
utter ruin. He was ordered to go ahead; but for reasons
which he has not yet made public he would not. Aboli-
tiondom determined at once upon his disgrace, and he was
disgraced. He was not even permitted to follow Pope to the
Northern Siberia and fight the Indians, but he was sent to
the Jarsies' to pine in inaction and impotency. M'Ciellan
having gone off, his successor at once proceeds, no doubt, to
cut the capers Abolitiondom demands of him. He has been
moving about with a view, no doubt, to the indispensable
advance. His plans are not yet fully developed to us
here ; but we take it for granted that the astute military
chieftains who have heretofore foiled abler men have
watched him with their eagle eyes, and know by this
pretty well what he is after. The reported withdrawal
from the Rappahannock front, and the advance upon Fre-
dericksburg, resembles M'Clellan's spring campaign, and
it is not improbable that the pending ' On to Richmond'
may be in a great degree an imitation of that, with the
variation that there shall be a combined land and river
attack upon our defences at Drewry's Bluff. Whatever be
the plan of the new leader, who is the fourth to undertake
the Herculean task, there can be little doubt that he means
to endeavour to succeed, or lose his official head before
Christmas. On our side the enemy cannot please us better
than by going ahead with the war. It is the long and
wearying hours of inaction in camp that wears out the
eigiTy-rotalltitiVifittasilltSit.gilifttcrEgLsoldier. Let the
the attack. He will be met, and putting our trust in God
and our good cause, we will defeat him. We cannot but
believe that the General who has lent himself to the Abo-
litionists of the North, and undertakes to pursue the war of
rapine and barbarity in the spirit pleasing to them, is de-
stined to discomfiture and disgrace, and to follow his pre-
decessors to the Hades of lost reputations, and that event
will be hastened just as he may choose to hasten his own
movements."

Advices from Cairo to the 18th report that the
main body of the Federal army is still here. The
Memphis Bulletin of the 18th says Bragg had ar-
rived at Holly Springs last Saturday with 15,000
troops; that he, Pemberton, and Price were mak-
ing all possible preparations to give Grant battle.
A correspondent of the Savannah .Republican
gives the following as what he believes to have
been the losses of the Confederates in the battles
named:—
" Our loss in killed and wounded at Fort Donelson may
be roughly estimated at 3,600; at Roanoke and on the North
Carolina coast, 600; at Elkhorn, 3,500; at Shiloh, 10,000;
at Williamsburg, Seven Pines, and before Richmond,
20,000; in the Valley of the Shenandoah, 5,000 ; at Cedar
Run, 1,200 ; at the second battle of Manasses, 6,000 ; at
Boonton and Crampton Gaps, 4,000; at Sharpsburg, 10,000;
at Corinth, 4,000 ; at Perrysville, 3,000, and 5,000 for those
who have fallen at outpoEts, in skirmishes, &c. These
figures added together make the enormous sum of 75,000.
Of this number it would be safe to say that one-third, or
25,000, are now in their graves, having either been killed
outright or died from their wounds. Quite as many—
probably more have died from sickness. To this
should be added 25,000 more for those who have
been maimed and whose health has been ruined
for life. Thus, our losses for 10 months of the present year
may be estimated at 75,000 men, who have either perished
or have been disabled. If the whole truth were known
they would probably reach 100,000 by the end of the year,
for the deaths from disease in the hospitals, in camp, and at
home generally, exceed those in battle. For every year the
war continues we must expect our casualties to be quite as
heavy as they have been the present."
Southern papers state that the portfolio of the
Confederate War-office has been tendered to the
Hon. James A, Seddon, of Virginia.

COMMERCIAL INTELLIGENCE.

(Rom the New York Shipping and Commercial _List of

Nov. 22.)

The result of the negotiation of the Government loan,
previously announced, has proved very satisfactory to all
concerned, and much more so than was to be expected from
the summary and hurried manner in which the project was
Inuus bcforo *lx° r..1311* and nnrriarl Shrnneh. The fart
that the 7 3-10 per cent. Treasury notes have proved a very
popular and desirable investment, and that this was the last
instalment of the amount which the Secretary was by Con-
gress empowered to issue, stimulated a desire on the part of
the moneyed men to obtain as large an amount of them as
possible. There is a growing conviction that the Secretary
has determined not to use to the utmost the power invested
in him by the last Congress, regarding the issuing of de•
mand notes; and that he has been forewarned by the great
depreciation of the currency against the further issue of it,
and the negotiation of the loan of 13,000,000 dols. tends to
confirm the impression. If he has concluded to rely in
future upon loans to meet the current expenditure of the
Government, instead of resorting to a further issue of
legal tender notes, the effect upon the money-market
will be marked, and so soon as his future policy in this
regard shall have been declared, the result will be mani-
fested in the higher rates of interest. The negotiation
of the 13,000,000 dollars Loan has rendered the
money-market decidedly more stringent, and rates of in-
terest on call loans aro Ito 2 per cent. higher. The nego-
tiation of ether and larger loans will undoubtedly have the
effect to render money as scarce as it has been plenty, and
rates must advance correspondingly. At the same time,
gold and the currency must more nearly approximate each
other in value, though the day when a paper dollar will
again be equivalent to a gold dollar cannot be expected

for some considerable time hence. The impression has
been prevalent in certain quarters of late, that in case
Secretary Chase concluded to change his policy at all,
it would be with the express determination to make
war upon the banks, with the idea of legislating them
out of existence, and substituting for the private hank-
notes the Government currency—the cacluaivo cireula-
tion of a projected National Bank. But, however
feasible this plan may have been regarded by some people at
the commencement of our troubles, it is evident that the
very absurdity of the idea of this particular juncture would
debar Mr. Chase from so monstrous an undertaking, even
though he were ever so dispo„ed,
which but few people will
be willing to assert; while it would be met with a determined
if not impossible to over-
mopposition from the banking interest and others, which he
wouldo
findit
t iti
s n
ot exceedinglydifficult,
likely that any plan for the future which
the Secretary
B
may proposet 0
aci opt will be made known prior

to the assembling of Congress next urnth. Meanwhile,
judging from what had already transpired, it would seem
to be pretty certain that he was determined either to cease
the issuing of demand notes altogether, or, at least, to
ostpone it until after Congress shall have advised bim—
when Congress, and not the Secretary, will be responsible
for any further depreciation of the currency from ex-
cessive issues. Moreover, the pressing necessity for the
creation of money by the Government, which was uni-
versally acknowledged to exist at the commencement of
the war, and the great difficulty of negotiating a large
loan upon favourable terms, aro in no wise apparent now.
On the contrary, the immense revenue which will accrue to
the Government from the import duties, internal taxes,
&c., will go a great way towards meeting the expenses of
the Government during the war, and it would be an easy
matter to negotiate a loan or loans for the moderate amount
which may be required over and above the aggregate re-
ceipts without in the least deranging the money-market or
other financial matters. In general trade nothing has trans-
pired of unusual interest or calling for especial remark here.
The trade in most articles has been moderate,. and there
has been very little speculation. Gold has not been subjected
to any very violent fluctuations, though rates have declined
about 1 per cent. The dealings have been pretty liberal
both at the stock board and in the street. The bulk of busi-
ness has been at 301 I pm., and the market closed steady at
the rates quoted below. Exchange has followed the course
of gold, and drawers have reluctantly lowered their preten-
sions somewhat, though the reduction is not very marked.
The market for dry goods continues dull, and not even the
late excitement in the cotton market could stimulate an
active demand. The decision of Commissioner Boutwell
that clothiers must pay a tax of 3 per cent. upon the full
value of the clothing they manufacture, even after the
manufacturers have already paid a tax of 3 per cent., is
the cause of much dissatisfaction. It has been officially
stated that "the general principle of the excise law is that
each particular manufacture is taxed for its value,
though materials used in its production are in them-
selves manufactures on which a duty has been pre-
viously made." To this there could be no objection,
and clothiers would willingly pay a tax upon the increased
value of the ready-mado garments over that of the cloth,
but to paying 3 per cent. on the full value of the goods they
demur. The money market remains stringent, and, if any-
thing, more so than at the beginning of
,iaot, t. to 7 per cent., but a large
proportion of the business is now at the higher rate.