The Sun.
London, England, 1862-06-14 00:00:00

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THE INTERNATIONAL EXt,
Yesterday was one of the "
people choose for a good look at they
consequently, although it was a half-a-civn
there was a very crowded attendance. We net,
saw the two picture galleries fuller, and all the long
corridors in their neighbourhood were densely
thronged with company. The Princesses Alice and.
Louisaonepaarnlyy
thevi sit
; and we observed alai()
am
Marquis of Westminster,
and several others of the haute noblesse. The long
gst
the paid
succession of eases in which the Coventry ribbons
are exposed had numerous admirers, and the
foreigners present seemed to be surprised at their
richness of texture and beauty of design. One
magnificent ribbon in which clearly the whole of
Tennyson's legend of 't Gcdiva" was embroidered
attracted very considerable notice. From the
cases the company would cross over to the balus-
trade, and looking down, admire the extraordi-
nary and beautiful moving panorama, which Wes
disclosed by the nave below. It wocid be im-
possible, indeed, anywhere to enjoy a Inc"
striking eff:et, both of sight and sound. The
gaily dressed people moving in every direction,
the numberless attractive
objects scattered in rich
profusion, the softened
sounds of the various:
musical instruments ascending, as it were, in one
great indistinct mass of l d
me o y, all combined to
produce a whole, which held the company spell-
bound as they leant over the slender .1. rat lng.
Wherever the promenader turned, life was to be
found teeming, and thoroughly enjoyed by the visi-
tors. In one place a crowd surrounded Mr. Distin
and his band; in another the great Orehestrion
detained a numerous audience. The eastern plat-
form was thronged, first to hear Mr. Richardson
and Master Drew Dean, and then to be delighted
by M-r-jazare's recital on one of Collard grand
pianofortes. Those who scorned music, and w.
affected " notions," turr,tied into the American de-
partment, where the latest -7.tr'rl-., invention was
exhibited in the shape of a :mechanical cow
milker," which does the work more effectually than
the neatest-handed Phyllis, and doubles the ordi-
nary process in results. The spectators NTere much
amused, and asked, "What next ?" but great
many thought that the odd machine had a great
many solid recommendations to the bucolic mind.
In the evening a good Many of the company
were drawn off to attend Mr. Baring's fete at the
Crystal Palace, but their places were soon supplied
by others, who poured in even so late as five or sir
o'clock. A heavy:shower which fell in the after-
noon tested the domes rather unpleasantly, and,
marked the necessity of some action being taken
to protect the costly articles on either platform
from the rain.
From the official return it appears that the num-
ber of visitors was—By season tickets, 6,271 ;by
payment, 21,589; total, 27,860.

PRICK.... ...4d.
STAMPED ....sd.

THE AIIIEBICAN CURRENCY.

It is doubted if the actual present state of the
American currency is known to any one in that
country unconnected with the Government, and
perhaps even the Secretary of the Treasury would
find it difficult to arrive at more than a vague es' i-
mate. The last resource has been to issue what are
termed " certificates of indebtedness," payable in one
year, with interest at 6 per cent., and, as these may
b 2 put forth in any quantity without Congressional
sanction, they furnish a ready means for a tempo-
rary avoidance 'not only of loans, but of any fresh
creation of the
"demand notes," which are a legal
tender, and of which up to the middle of last month
the Government were supposed to have issued about
220,000,000. These demand notes may be increased
to £30,000,000, under en Act of Congress passed
several months back, and it was expected that that
total would be reached about the present time.
£12,000,000 of those already out are a legal tender
for all purposes, including duties on imports, but
these are to be withdrawn as soon as possible, and
others substituted, which will be a legal tender
everywhere except at the Custom-house. Mem-
while, the local banks throughout all the States
continue their ordinary issues, and are increasing
the amount with great boldness in consequence of
the suspension of specie payments and the fact that
they are now bound to meet their Obligations only
in the irredeemable Government currency which is
being so profusely manufactured. A call for small
notes of one, two, and three dollars each, owing to
the withdrawal of silver from circulation, likewise
encourages them in this direction. According to
some opinions, the banks will before long issue two
paper dollars for every one issued by the Govern-
ment. In the midst of all this the causes that assist
to prevent the inflation from breaking up so soon
as might be expected are—l., that at the commence-
ment of the paper issues the country was more
rich in coin than at any former period ; 2, that the
currency previously to the suspension of specie pay-
ments'had been largely contracted, from the appre-
hensions caused by the war; and, 3, that the im-
portations had for a considerable time been less, and
the exportations greater, than had ever previously
been known.—Times City Article.

STATE OF TRADE.

MANCHESTER, June 13.—We have no market to-
day. The races commencing on Wednesday, and
the usual holidays at Whitsuntide have taken
people out of town, and warehouses have only
opened during the mornings since Tuesday.
Some little business has been done, during the
hours when warehouses have been open, but it
has been trifling. Prices are rather higher,
or, at least, sellers are asking higher rater,
in consequence of the firmer and more active
cotton market at Liverpool, but the rumours
of a probable interference in American affairs by
France and England have had influence on busi-
ness. Burns's Colonial Circular and Commercial
Glance of to-morrow (proofs of which have been
obligingly furnished to us in anticipation) will give
some information as to the quantity of cotton now
Europe, and showing how greatly the trade have
been disappointed by the smallness of supply from
India. The paper says:—,, The diminished export%
from Bombay for this year certainly are not as
cheering as we might have expected, yet it is some
satisfaction to find by the last accounts from Bom-
bay that this is partly owing 'to the boats not
been able to reach the port, owing to the prevalence
of contrary winds ; however, a large quantity is ex-
pected as soon as the northerly winds set in again.
But still we must admit that this does not of itself
insure us any large increase in the exports from
India, nor does it fulfil our previous anticipations of
the immense quantity we expected to reecive,whicii
we still affirm she is capable of supplying. How,
then, shall we account for such dilatoriness on the
part of the natives? That India annually produces
upwards of 6,000,000 bales is as yet undisputed,and
it appears hardly credible that, if they have the
way, they are without the will to sell it us at 6d.
or 7d. per lb., instead of disposing of it to their own
weavers at ld. or 11d. per lb., and it is upon this
point we wish to draw most serious attention. The
great want of India is proper channels through
which cotton may find its way down to the ports.
In the first place, there are only two or three
European merchants in Bombay who have agents
out in the cotton districts. How, then, can we ex-
pect the merchants to provide us with anything like
the quantity'necessary to supply our requirements r
If they use such small exertions to obtain the cotton
direct, they at once lose our confidence in their capa-
bilities of supplying us. Yet hundreds of native
dealers swarm in the interior, practising every sort
of dishonesty, and blinding the natives as to t
real state of the export markets, and thus, although
these knavish dealers are filling their own pockets,
the growers are receiving no better prices than
usual, and so have no interest whatever in seek-
ing a means of conveyance to the ports. Again,
it is stated that the natives last year preferred
portion of their cotton rather
themselves, and consequently,
tthoanselwl
eaavleargite
saving produced less cloth last year, they will
consume more cotton themselves this. How does
this tally with the accounts that India is over-
stocked with goods ?
Here
goods if they were sought
r
f are markets open foror, and cotton ready for
a market if it was honestly looked for. The fact is
that cotton will not come down to the ports in any
like the quantity they are capable of supply-
ing unless Europeans go up the country and fetch
it. The native dealers .may, from the high price
obtainable at the ports, extend their incursions into
districts not yet ransacked for cotton, and in this
way some extra supply may be obtained from this
source. Now, it is very evident that if we are to
have a large increase in our imports of cotton from
India, we must ourselves send out agents to procure
it. It is there to be had, and only wants fetching.
What they did in 1861, they may surely be induced
to do in 1862-3, with the double advantage of °Fen-
ing up new and extended markets for our exports:
We therefore suggest that an association should be
immediately formed for the purpose of raising from
two or three millions of money, by issuing shoo'
at a low amount, and distributing them throughout
the length and breadth of the land, for all, are
deeply interested' in the cotton trade of this bar'
k'ng:
dom, which, for its magnitude, has become the
be em-
meter of our prosperity. This fund should
large number
ployed in the purchase of cotton by a
of agencies throughout India, a portionb
the nearest
duty being to see it conveyed in bulk by y of their
and most available means tothe ports,,
;11
ca
enodr
dbauns
ci
whence it should be shipp;odift
teethe trade. Such
direct to the associaa
tion, who would dispose otive
an association, with an ee
like committee, and
with rules carefully drawn up, would, Na e are as-
with a hearty response from the whole
worked 'iennesrtgriectti
handsome profit to
the share-
holders.advantage would el be • d
SO gained
if association until
ent would allow Om • t ff fofficial
their o
tto
aaetfor
number
of
agents
of
ins
fuatrthei nation, no, meetoavneAdr realiseidoublein
their
own ; these officers of the Government icing thickly
coulduu t sendln d out u
ttiihreyougl
scattered throughout the cotton districts, well
versed in the various languages, and fully ac-
quainted with the manner in which the native
trade is conducted. This would be the means of
bringing the earliest relief to the distress of Lan-
cashire, by providing them with cotton. Of
course, the funds for that purpose would be fur-
nished by the association." The writer suge
tats
~
that, to get cotton from India, a larg
e
caa pen at
s
should be subscribed in this country,
and't tog this
sent out to collect or buy it, and ship
country.