The Sun.
London, England, 1865-06-19 00:00:00

quotations of Government loans now exert great
influence upon the market here, and capitalists
anxiously await the news by each steamer. It is
reported that large quantities of the v fous loans
are being sent from Europe to Americ to be sold,
and the financiers are quite excite out it. At
present prices much profit can be realis( d by buying
the bonds at the English price and selling them at
the American one. It is also reported that several
millions of the bonds were sent abroad by American
bankers, but the prices not warranting their sale
they have been returned. There is a general belief
here that the American price of the bonds must
decline.

Movements tending to reconstruction are pro-
gressing in nearly all the Southern States. As the
policy determined upon for North Carolina will be
the policy for all the States, we everywhere hear of
meetings approving its liberality. President John-
son wishes to be lenient. He commuted the death
sentence of the Indian conspirators to an imprison-
ment for life, and gave Mr. Harris, of Maryland, a
full pardon to prove his leniency. The Radical
Republicans are already declaring against him, and
the Northern Democracy are universally for him.
It is the general opinion that had M'Clellan been
elected measures more favourable to Democratic
views could not have been expected even from
him. The amnesty proclamation is regarded as too
sweeping in its exception, but opposition to it has
been disarmed by the statement that President John-
son does not include the Confederate armies of
others in these exceptions, as he considers them
already disposed of by the terms of their surrender.
If this is so, he should have announced it in his pro-
clamation. So far as the Confederate officers and
men are concerned, their treatment thus far has
, been in full accord with the terms of surrender, and
no one molests them. General Lee still has hisfree-
dom in Richmond, and the rumours of his intended
arrest Are all dissipated.
In Virginia the conflict between Governor Pier-
point and the newly elected Legislature will probably
retard reconstruction. It seems to be determined
that Pierpont will refuse to recognise the Legisla-
ture because the electors had not taken the amnesty
oath. He will declare their seats vacant and prevent
their meeting, and will have an adequate military
force to do this if necessary. Although Pierpont's
speech at the outset of his career at Richmond was
lenient and Conservative in every other respect, it
indicated no spirit of compromise in this matter.
Though there may be trouble in Virginia, however,
the rest of the South moves harmoniously. From
all parts of North Carolina that we have had ad-
vices since the issue of the reconstruction procla-
mation the universally reported opinion of the people
is in favour of it. Mr. W. Boyce, an ex-Congress
man from South Carolina, has been in consultation
with the President and urges reconstruction in that
State. Governor Brown had consulted him about
Georgia. On May 30 a large public meeting at
Savannah approved the President's policy, and
urged the appointment of a provisional Governor
for Georgia. As Governor Brown is released from
confinement and seems to enjoy Johnson's confi-
dence, ii is reported that he will be appointed Go-
vernor. The delegation of citizens of Alabama,
appointed at the meeting of the people of their
State, held at Montgomery, waited upon the Presi-
dent onJune 2. He refused to allow the Confederate
Legislature to be called together, but said he would
appoint a Provisional Governor, as in North Caro-
lina, and the duty of the Governor should be to call
a State Convention for reconstruction as soon as
possible. The Confederate Governor Magrath, of
South Carolina, about May 18, issued a proclama-
tion stating that his executive functions had ceased
and the State was under the control of the United
States forces. Magrath was arrested at Columbia,
South Carolina, on May 27, and is now on his way

to Fortress Monroe. President Johnson has not
yet announced his policy about Mississippi. The
committee sent from that State has not yet reached
Washington. Nothing is indicated about Florida,
Louisiana, or Texas. In Louisiana the amnesty oath
has been promulgated, and those not under disability
are taking it. In Tennessee, which already has a
Northern Government in operation under Parson
Brownlow, a bill has passed the State Senate de-
priving all who gave the rebellion aid and comfort

of the right to vote for six years. The question of
negro suffrage is to be decided by each State for

tself.

The amount of cotton now held by the Govern-
ment in various parts of the South is stated on good
authority to be about 350,000 bales. This is all the
cotton known to exist there, and part of it is claimed
by loyal residents of Georgia and Alabama. It is to
be shipped north as soon as means of transport can
be provided. There his been no report yet of the
cotton west of the Mississippi. From Massachusetts
we have information that the manufacturing com-
panies are preparing to start a portion of their works.
Scarcity of labourers, however, is a great drawback.
Weavers are in great demand in all parts of New
England.

Jefferson Davis has not been brought to Wash-
ington, as was reported. He is still at Fortress
Monroe. It has been arranged to begin his trial for
treason in the Court at Washington about the 19th
June. Charles O'Connor, one of the most eminent
New York lawyers, has sent Mr. Davis a letter
asking permission to defend him. No answer has yet
been received. The Government seems to have
abandoned the charge of assassination against Mr.
Davis. All the evidence has been taken in the con-
spiracy trials, and the suppressed testimony has
been published. The evidence against Mr. Davis is
of the weakest possible character, and would be
scouted by the whole country, were it in a condi-
tion to judge freely. This week will be consumed in
the conspiracy trials by the arguments of the counsel.

Howell Cobb reached Washington to-day in cus-
tody. The Confederate Generals Hood and Heth
have taken the oath. It is stated that Longstreet
has applied for pardon under the amnesty procla-
mation.

General Weitzel's Twenty-fifth Corps (Negroes)
sailed last week for Texas. The transports will stop
this week at Mobile for supplies.
The Government has decided to retain the Pro-
vost-Marshals in all the States except Rhode Island.
There is a Marshal in every Congressional district.
The same system will be extended to all the South-
ern States. The use of these officers, now that con-
scription is abolished, it is difficult to see, unless it

be to maintain an espionage upon the people.
It is stated that the British Government has given
notice of claims against this Government for damages
to its subjects arising from the war. It is also re-
ported that the British Government has refused to
discuss or even entertain the claims made for inju-
ries to American commerce by the Alabama. One
class of claims will offset the other.
It is reported from Mexico that Marshal Bazaine's
force, which is to invade Chihuahua, numbers seve-
ral thousand men, and is well on its way. There
are rumours of an alliance between Maximilian's
Government and Guatemala.
The Federal armies are disbanding at the rate of
from 5,000 to 10,000 a day. About three-fourths
of the blockading squadron is being laid up in ordi-
nary.
In publishing all the suppressed testimony in the
conspiracy trials the Government has shown its
hand against Davis. Scarcely anything is produced,
even by the most important witness, Connover, an
ex-New York Tribune correspondent, that implicates
him. The petticoat story, too, is dissipated by Col.
Pritchard. On the 3d June Pritchard, who was
Davis's captor, was at a public meeting in Philadel-
phia and made two speeches. Although the petticoat
story was pointedly alluded to by others, Pritchard
made no allusion to it. It is said that Connover, the
witness who claims to have been in the plot, and
who swore point black against all the Canada agents,
has suddenly disappeared, and cannot be found.
It is at length settled that Secretary Stanton is to
leave the War Department. His resignation is said
to have been already handed to the President. There
bareecralneld, rumours that
ththaet
tainmeexitsranost indicated
essionof. Cgr oness will

VOLTAIRE, DIDEROT, AND D'ALE3IBERT.—At a
sale which occurred at Saint-Sebastien a week or two since
a copy of the " Lettres Juives" was sold for less than is. 6d.,
and was found to contain 52 iuedited letters of Voltaire,
Diderot, D'Alembert, and their contemporaries. An ama-
teur of Bayonne heard of the discovery, and gave 2,000 fr.
for this promising lot of autographs.