The Sun.
London, England, 1865-02-22 00:00:00

rHE SUN, LONDON, WEDNESDAY EVENING-% FEBRUARY 22, 18M,

AMERICA,

ARRIVAL OF THE PERUVIAN.
(Via Greencastle.)
The following are the heads of the intelligence
brought by the Peruvian :
NEW YORK, Feb. 11 (Evening).
The reports of Presidents Lincoln and Davis upon
the late Congress at Fortress Monroe show that
Lincoln demanded unconditional submission to the
Union.
A mass meeting has been held at Richmond, at
which President Lincoln's terms were spurned, and
strong war resolutions passed.
Fighting took place on Grant's left on Monday,
when a portion of the Federal troops were tempo-
rarily repulsed. Grant's left is now extended four
miles.
At noon on Monday Grant's left again advanced,
but was shortly afterwards attacked by the Confe-
derates in force, and driven back in confusion to its
entrenchments on Hatcher's Run. The loss was
upwards of 1,500.
On Tuesday the Federals advanced a portion of
their picket line about a mile from their entrench-
ments, the Confederates offering no opposition.
The electoral votes of the States for President
and Vice-President, excepting those excluded by
the recent resolution of Congress, were counted in
the House of Representatives on Wednesday last.
A committee of the Senate, presided over by Vice-
President Hamlin, werepresent. Lincoln and John-
son were declared elected by 22 States against three
for M'Clellan and Pendleton.
General Lee reports the death of General Pegram
in Monday's action. It is reported that this move-
ment of the Potomac army was designed to cover
an advance against Wilmington, which was com-
menced on Monday by General Terry, at the head
of 30,000 men.
The New York Times asserts that a large cavalry
force, under Thomas, is moving from Tennessee,
for Montgomery, Selma, and Mobile.
It was rumoured in Richmond on Tuesday that
Charleston had been evacuated.
COMMERCIAL INTELLIGENCE.
Gold closed at 211, declining to-day to 204,
under rumours of the capture of Branchville.
Exchange on London, 2261 ; 5-20 U.S. Bonds,
110 ; Illinois, 1174 ; Middling Upland, 86c.
FEB. 11 (Morning).
The New York Times asserts that Generals
Thomas and Watson, with 40,000 cavalry and
mounted infantry, are moving for a campaign from
the Tennessee River to the Mexican Gulf, via
Montgomery, Selma, and Mobile.
President Lincoln has signed the joint resolution
to give England notice of the termination of the
treaty of 1817 regulating the naval force on the
lakes. The resolution is preceded by a declaration
that peace on the frontier is endangered by hostile
expeditions which the naval forces of the two
countries may be insufficient to prevent.
The Indiana Senate has ratified the constitutional
amendment.
The Spanish and Peruvian Legations have
received information of the definite settlement of
the dispute between Peru and Spain.
Gold, 205 k.

FEB. 10 (Evening).

President Davis has sent a message to Congress,
submitting the report of the Peace Conference.
The President states that he sent Commissioners
to confer with Mr. Lincoln in consequence of the
receipt of a written notification that the President
was disposed to confer informally with unofficial
agents that Mr. Davis might send with a view to
the restoration of peace.
The Commissioners' reports submitted show that
the Federals refused to negotiate on any other terms
than those of conquerors, or to permit the South to
have peace otherwise than through unconditional sub-
mission, with acceptance of the recent Federal legis-
lation, including the constitutional amendment, and
with the right on the part of the Federal Congress to
legislate on the subject of the relation between the
white and black population of each State. Such
President Davis understands to be the effect of the
constitutional amendment. The Commissioners
report that their interview with President Lincoln
and Mr. Seward continued several hours, and was
full and explicit. They learned from them that
Mr. Lincoln's message to Congress in Decem-
ber last explains clearly and frankly his
sentiments upon the terms and conditions, and
the method of proceeding by which the Southern
people can secure peace.
The Commissioners were not informed that
they would be allowed to obtain that end. No
terms or prospects with the authorities of the
Confederate States or with separate States would be
entertained, because that would recognise their
existence as a separate power, which under no cir-
cumstances would be done. No extended truce or
armistice, as at present advised, would be granted
or allowed, without a satisfactory assurance in ad-
vance of the complete restoration of the authority
and constitutional laws of the United States over
all places within the Confederacy. Whatever con-
sequences may follow from the re-establishment of
that authority, must be accepted. Individuals sub-
jectstat e
sto l a
wpains
gahnt id e
ly penaltiesup on a unvedryermatehreal Unitedeiteodf
the power confided to the President to omit those
pains and penalties if peace be restored. During
the Conference the proposed constitutional amend-
ment was brought to the Commissioners' notice.

The Riehmond Examiner asserts that Lincoln and
Seward, in the conversation during the Conference,
were understood to admit that they looked forward
to some future complication in their foreign rela-
tions, and more so with England than with France
—but that they were satisfied they could dispose of
the rebellion in time to take care of their European
interests.

An immense mass meeting has been held at Rich-
mond, at the call of the Governor of Virginia, for
the people to testify their sense of the result of the
peace conference. Resolutions were passed spurn-
ing with indignation due to so gross an insult the
terms on which Mr. Lincoln proffered peace to the
people of the Confederate States ; that the circum-
stances under which that proffer was made add to
the outrage, and stamps it as a designed and pre-
meditated indignity to the Southern people; that
the profoundest gratitude is due to the soldiers who
for four years have maintained our liberties, and
we will sustain them by every means and resource
in our command in the face of the world ; that,
invoking God's aid, we renew our resolution to
pledge our lives, our fortunes, and our sacred
honour to maintain our liberties and independence."

President Davis made a speech, declaring that if
all heartily and unanimously answered the demands
of the present exigency, then he could say that the
South stood upon the verge of success, which would
teach the insolent enemy who had treated the pro-
positions with contumely.
A special despatch to the Philadelphia Bulletin
states that the Aichmowl papers of yesterday an-

nounce unofficially the capture of Branchville by

Sherman,

Hood's army is said to be at St. John, and Beau-
regard at Augusta.
Richmond papers state that the liabilities of the
Confederate Government exceed the estimate in the
Secretary of the Treasury's report by 400 millions
of dollars. Plans for additional taxation were
under consideration.

General Grant has declared officially that he has
arranged for the exchange of prisoners, man for
man and officer for officer, until one or the other
party has exhausted the number they now hold.
General Grant was introduced to-day to the
House of Representatives.
The St. David has arrived out.

COMMERCIAL INTELLIGENCE.
NEW YORK, FEB. 10 (Evening).
Money easy. Gold, 211. Stocks steady. New
York Centrals, 1154 ; Illinois, 1184 ; Erie, 751,
5.20 ; U. S. Bonds, 1094.

CANADA.
MONTREAL, FEB. 11.

The Montreal Court has refused to grant further
delay in the case of the St. Albans raiders. The
refusal is regarded as deciding the case against the
prisoners. Their counsel asked for delay, on the
ground that the messengers sent to Richmond were
unable yet to reach their destination.
It is unofficially announced that the riders will,
if surrendered, be delivered to the authorities of
Vermont for trial according to the State laws.

PORTUGAL.

LISBON, FEB. 16.

Don Diego de Portugal y Quesada, the newly-
appointed Spanish Minister, has been received in
solemn audience by the King, and has presented his

credentials.

Itt the Chamber of Peers Count d'Avila has pro-
posed to submit the question relative to the appoint-
ment of General Lobo d'Avila to a commission of
inquiry ; a proposal which the Minister of War
accepted.
The Minister of Finance has made an official
declaration in the Chamber of Deputies that it has
become necessary to put a stop to financial expe-
dients, and expose the truth to the country, at the
same time asking it to pay by imposts what has
hitherto been covered by loans. The Minister added
that he would soon present several projects of law
carrying out these ideas, of which he would make a
Ministerial question, inasmuch as it was impossible
to direct the finances without•the means of orga-
nising them to the profit of the country.

Exchange on London, 53/ ; on Paris, 47i.
Rentes, 49-a.

FRANCE.

BOURSE, Feb. 2l.—The market opened flat,
and the transactions were few and unimportant,
with a downward tendency in quotations. Threes,
for the Account, arc now at 67f. 35c. Mobilier
are lower, and have been offered at 995 f. In Rail-
wry Shares business is likewise dull, and at lower
prices. The market was heavy towards the close.
The following are the last quotations :

4i per Cents 95 75
Do. end month —
3 per Cents. 67 35
Do. end month 67 25
Credit Mobilier
Do. end month
Bank Shares 3500
Cr Alt Foncier 1275
Roman 73 50

Italian Loan 64 70
Do. end month 64 80
Ditto Threes —
New Mexican
Russian B9
Austrian
Spanish Threes
Home Debt
Deferred -
rAYs.

Cash. Acct.
926 25 927 50

?he Paris Exhibition in 1867,

[REUTER'S EXPRESS.]
PARIS, Feb. 21.

A report of M. Armand Behic, the Minister of
Agriculture, Commerce, and Tublic Works, upon
the Universal Exhibition of Agricultural, Industrial,
and Artistic products, proposed to be held in this
capital in 1867, has just appeared.
The report commences by stating the financial
results of the London Exhibitions in 1851 and 1862,
and of the Paris Exhibition of 1855, discusses the
causes which produced the success of the former and
the comparative failure of the latter, and holds out
the prospect of better fortune for the new under-
taking by drawing upon the experience gained in
1855. M. Behic then proceeds :
" Starting from these considerations, I foresee
that the Exhibition of 1867 may require an outlay
of 18 millions. I add that the unfavourable even-
tualities which may arise in these kinds of under-
takings do not seem able to carry this expense above
20 millions. The receipts will probably vary from
seven to nine millions. I conclude that the enter-
prise may show a deficit of 12 millions.

" These calculations would probably not vary
sensibly whether applied to an enterprise entirely
private or to an exhibition conducted with the as-
sistance and under the direction of the Government.
No company, actuated merely by speculation, would
therefore propose to undertake the Universal Exhi-
bition of 1867, without being guaranteed against
inevitable loss by a direct or indirect subvention at
least equal to the•deficit foreseen. From the finan-
cial point of view, therefore, the State would have
nothing to gain by depriving itself of all influence
in the preparation and conduct of the operation.
Perhaps it might be said that the character of the
public interest, which causes the participation of the
public Treasury in the expenses this operation en-
tails, does not permit the Government to hold itself
aloof ; and, further, it may be doubted whether such
abandonment would profit the brilliancy, the utility,
and the success of the Exhibition.

"In another direction, there is nothing exagge-
rated in admitting that by following the system of
administration adopted by France in 1862,—i. e.,
by firmly maintaining unity of action and energy of
control—notable improvements upon the previsions
of the budget may again be realised.
" The utility of Exhibitions has been clearly de-
monstrated by the arguments brought forward in
the Report my predecessor had the honour to sub-
mit to the Emperor in support of the decree of June
22, 1863. Referring to these arguments, I find
that the State and the city of Paris have a sufficient
interest in the realisation of your Majesty's idea to
justify their participation in the expense, by means
of a subvention.

" This subvention, limited to 12 million francs,
would be divided in equal portions between the
treasury and the city, which, by means of allotment,
would be relieved from all responsibility if the
undertaking were to entail loss. The Prefect of
the Seine, whom I have consulted upon the point,
is of opinion that the Municipal Council of Paris,
who are always found disposed to assist in useful
and generous matters, would not decline this par-
ticipation.
" The surplus of the expenses, estimated at six
or eight millions, would be covered by the receipts
arising from entry duties, and, should these be
found insufficiet, by the guarantee of a society to
be formed for that purpose under the auspices of
the Imperial commission.

" In case the amount of the realised receipts,
compared with total expenditure above the subven-
tion of 12 millions granted by the State and the
city, should leave a surplus, this benefit, arising from
the favour of the public and the good administra-
tion of the enterprise, would be apportioned in
equal parts to the State, the city of Paris, and the
guaranteeing society.
" By this proceeding, Sire, trade and commerce,
which are summoned to contribute to the splendour
of this solemnity and to reap its advantages, would
find themselves at the same time mixed up and in-
terested, in the only proportion the habits of our
country admit, in its organisation and in the for-
tunate or adverse chances it may offer in a financial
point of view.
" This would be at once a first step made upon
the initiative path traversed by our neighbours
with so much firmness, and a homage rendered to
the spirit of association.
" The natural consequence of this organisation
would be to give the guaranteeing society, in the
carrying out and surveillance of the operation, a
part proportioned to its interest.

" The Imperial Commission might then be com-
posed, in addition to its President and the Minis-
ters whom their functions summon to take part in
it, of 41 persons selected by the Emperor from
among competent notabilities of the State and the
city of Paris, and 19 others to be ulteriorly desig-
nated by the guaranteeing society by way of elec-
tion, 'and according to the mode that has been re-
cognised as most practicable.
" The chances of success of future Exhibitions
will be increased by adding upon each occasion to
the directing power persons conversant with the
conduct of Exhibitions held previously in other
countries. England being the only foreign nation
which, up to the present time, has engaged in this
kind of undertaking, I propose to your Majesty to
include three Englishmen among the members of
the Imperial commission.

The decree published in consequence of this re-
port orders that the Exhibition shall be opened at
Paris on the Ist May, 1867, and nominates the
members of the commission. Among these appear
the names of Prince Napoleon (President), Lords
Granville and Cowley, Mr. Cobden, certain of the
Ministers, MM. Elie de Beaumont, Dolfus, Dufour,
Devinck, Michel Chevalier, Ingres, Schneider,
Thouvenel, General Henry, Baron Houssmaun, Duke
de Morny, Admiral Laroneiere de Naury, Sze.
Another decree orders an Universal Exhibition of
Fine Arts to be held simultaneously with the Indus-
trial Exhibition, and to close the 30th September
following.