The Sun.
London, England, 1870-03-03 00:00:00

THE CRISIS IN BAVARIA.

The constitutional difficulty in Bavaria has been
met for the present by the formation of a Ministry
with Count Bray as its leader. The crisis was
a very, curious and a very serious one. The
King is of decided Liberal tendencies, hostile to
the pretensions of Rome, and favourable to a close
alliance—in fact, confederation—with Prussia. In
Prince Hohenlohe the Sovereign had a Premier after
his own heart. Whilst all the rest of Europe looked on
with indifference at the projects of a General Council,
and the designs fostered in connection with it,
Prince Hohenlohe was unceasingly vigilant, and
constant in his endeavours to induce the Catholic
Governments to interfere. But the statesman had
not the support of the country. At the last general
election the Ultramontanes secured a small majority of
four, and the Prince resigned. But the King would not
part with him. The resignation was not accepted. The
Parliament passed a vote of no confidence. For
weeks a constitutional struggle has been carried on
between the sovereign and the representatives of the
people, and the most violent solutions of the dead-
lock have been talked of. At length, however,
Prince Hohenlohe has finally withdrawn from the
Government. There was no other resource, for the
Ultramontanes had the majority in Parliament, and
their supremacy could be set aside only by illegal
means. 4 •

SFIRrr LICENSES—A NOVEL Ponrr of LAW.—If, after
having obtained a license to sell excisableliquors in a house
you should move the house upon rollers to a point 35 feet
distant from its original site, does the license roll with
it ? Thi3 rather novel question has just arisen before
the Wrexham magistrates, and they took a week
to deliberate upon it. They decided that the
house thus rolled away was not the house which had been
licensed, and fined a Mr. Whittaker £5 for selling
spirituous liquors there. A case was granted for the dem-
mon of the Court of Queen's Bench on the point, which is
about as strange a matter for argument as ever learned
counsel had to meddle witj.•
EMBEZZLEMENT THROUGH BILLIARD PLATING.--:A youth
named Heifer aged 17, has been sentenced to six months'
hard labour, for embezzling money from his employers.
The prosecutors recommended him to mercy, as he was
very young, and his friends would send him out of the
country as soon as possible. It seemed he was induced to
commit the offence through losing money at billiards,
The Recorder took these circumstances into consideration
in giving sentence.
TRIAL FOR MURDER. —At the Durham Spring As-
sizes, a miner named Kellet has been charged with
the wilful murder of his son-in-law, by shooting
him with a gun at Woodland, near Staindrop. The pri•
Boner was found guilty of manslaughter, and sentenced to
ten years' penal servitude. The murdered man wag
only 2L

The United States Minister, Mr. Jay, gave an
official and diplomatic banquet, at Vienna, on Tuesday
evening in honour of Washington's birthday. Count
Beust and all the heads of the foreign embassies and lega-
tions were present. The anniversary was observed as a
universal holiday throughout the United States, but, ac-
cording to a telegram of a contemporary, with less en-
thusiasm than usual. Our Paris correspondent gives an
WOW Of the *batten there,

(From the Anglo-American Times.)
The ruling of the Supreme Court on the 7th
inst. that contracts made before the Legal-Tender
Act was passed are payable, and must be paid, in
gold may convey an idea to the minds of English-
men of the importance attaching to the selection of
lawyers for that high Bench. They have heard much
about the nomination by the PRESIDENT of Attorney-
General HOAR and his rejection by the Senate, and
the reason that tberejection has on the whole been con-
demned by the country is, that the Senate was influ-
enced by other causes than the fitness cf t'le individ-
ual, though such causes should only be considered,
individual fitness being taken as equal. The case
just decided is one of vast importunee, as it involves
much property, and is the greatest step yet made
towards specie payments. When seven men have
to, decide on the legality of a Congressional entice-
ment affecting forty millions of a wealthy, in lus-
trious people, it is impossible to bestow too much
care on the selection of those persons. The judges
were NELSON, CLIFFORD, and FIELD ; Alieeeu,
SWAXNE, and Davis; presided over by Chief Jus-
tice CHASE. Judge GRIER had but just reti ed, or
another would have been added to the majority, for
he held with Mr. CHASE. The question decided
was whether the Legal-Tend_r Act had a retrospec-
tive effect, covering the payment cf debts con-
tracted prior to its passage. The case o:3curred in
Kentucky in 1860, and the law was passed as a war
measure in 1862. 'Under it the debtor tendered
payrhent in greenbacks at their nominal value. This
the creditor refused, demanding coin orlegal tenders
equal to the coin value. The Supreme Court of Ken-
tucky pronounced the Legal-Tender Act to be uncon-
stitutional, and appeal was made to the Supreme Court
of the United States. For many years this ques-
tion has been argued and decided in State Courts,
though it has not till now reached the highest tri-
bunal. This may perhaps be accounted for by the
general feeling which .held the passage of the Act
to be a necessity of the situation, and induced the
people to submit to what, at least to the creditor
class, was a grave injustice. Through a singular fa-
tality, the Secretary of the TreaStity, mini. whose au-
spices the Legal-Tender Act had been passed, " Old
GREENBACKS," as he was commonly nicknamed, had
himself to decide on the constitutionality of the
law ; and it is a very strange fact that his decision
mainly hinged on the question whether the means
employed were appropriate, plainly adapted, and
"really calculated for thepurpose." At the time, the
policy of the issue was much discussed, and it has
been pronounced erroneous, as it injured the credit
of the Union abroad. Now the Chief Justice bad
to state his legal opinion, which was that greenbacks
were not in the prescribed category, for the war
could have been carried on without them, though
it might be at a greater cost. Though dwelt on
by. the Chief JuStice, this, we believe, was not
the chief point with the assenting Judges. Con-
gress intended the Act to apply to debts previously
contracted; but had Congress the power of enact-
ing this? The Constitution gives the Federal Le-
gislature authority to borrow money on the credit
of the Union, also to coin money ; but does this in-
clude the power of making anything but coin a legal
tender? To issue bills, and to pass them to those
who choose to accept them, is one thing, but to
force a creditor to take them in discharge of a debt,
otherwise contracted, is another thing ; and the ma-
jority held that such a power is not necessary to the
proper exercise of Congressional control over the
currency. Yet it may be a necessity of the war power,
but the Chief Justice held that it was not, consider-
ing, as we before remarked, that it did not come
within the list of measures " appropriate, plainly
adapted, and really calculated." The majority of
the Judges also affirmed that it infringed contracts,
obligations, held sacred by the framers of the Con-
stitution ; hence, that it was opposed to the gene-
ral principles of justice whereon the Republic was
based, that it took away private property without the
ordinary process of law as directly and inevitably
as if it had authorized a man to redeem his contract
by giving half or two-thirds of the promised mea-
sure. Judge MILLER delivered the dissenting opinion,
concurred in as well by Judges SWAYNE and Davis.
They held that the Constithtiou by implication gave
Congress the power to make U.S. notes a lawful ten-
der in liquidation of debts, as the individual States
were expressly prohibited from making anything
but coin such a tender, a view which derives confir-
mation from the Congressional power to abrogate
contracts in bankruptcy laws as well as to charter
the United States Bunk, that charter being affirmed
by their Court. The choice of means, must be largely
left to the Legislature, to avail itself of experience
to exercise its reason, and to adapt itself to circum-
stances. That the magnitude of the struggle en-
forced a departure from the ordinary financial ex-
pedients ; that the credit of the Government was
at the time exhausted, and without this form of
discharging existing debts, its paper would have
become worthless. Hence the issue was a "neces-
sary and proper means" of exercising the war power.
Though an interference with contracts, so is the
Bankruptcy Act ; though lowering values without
compensation, so does a change in the tariff or a
declaration of war, both undoubtedly within the
scope of Congress. Tho Chief Justice and the as-
senting Judges considered that the Supreme Court
must judge of the means used by the Legislature
under pressure, while Judge MILLER and the dis-
senting Judges thought it undesirable to take from
Congress a function properly belonging to it, as,
for instance, the decision on the necessity and pro-
priety of such acts in great emergencies, transferring
_ _ _

it to a mere Court of Justice. If such a decision
is to stand, statesmen may be paralyzed in the face
of a crisis, and in the presence of such a difficulty
there is but one escape. The Supreme Court must
be the final interpreter of the written Constitution
if that Constitution is to stand against the usurpa-
tion of a majority ; but statesmen must be prepared
when a crisis arises to take the responsibility of
adopting the measures best calculated to effect
their object, leaving the Supreme Court after-
wards to settle the matter with reference to the
Constitution. A year ago the consequences in-
volved in the decision would have been much more
severely felt ; but legal tenders and gold have been
all the time approximating in value, and those inte-
rested have for the period had this decision hanging
over them ; indeed, it was generally believed that
the Court would so decide, and, therefore, the rude
shock has been avoided ; that impression, and the
time taken, acting as a fender against a damaging
collision. But the effects will nevertheless be great.
The interest of debts contracted by States prior to
the war have, in nearly all cases, been paid in green-
backs, under the impression that they were legal
tenders, and because the debtors chose to avail them-
selves of the easier mode. So also with the rail-
road corporations, and the readiness with which ad-
vantage was taken of the opportunity has materially
injured the credit of the whole Republic. That great
State, Pennsylvania, which could, perhaps, more
easily than any other, have discharged its obliga-
tions, liberally interpreted, met Mr. BELMONT'S
protest, as the ROTHSCHILDS' agent, with an insolent
allusion to SITYLOCII and his/pound of flesh. The
ROTHSCHILDS are now shown to have been right in
law, and Pennsylvania, while the discredit remains,cr`
will, perhaps, have to pay the money, which, volun;
tarily tendered,would have been worth millions to
State, and millions more to the Union in the gait
to its credit. Doubtless most of the debts contracted
prior to the war have been long ago settled, indi-
viduals accepting the best terms offered. Still the
States and railways alone have nearly $400,000,000
of outstanding bonds affected by this decision, much
of which is held in Europe ; and one calculation
estimates the whole sum affected at a billion of dol-
lars. Although the language of Chief Justice
CHASE leads to the inference that the Supreme
Court does not consider the Legal-Tender Act co?'
stitutional, still, the absolute expression of sue; .
an opinion has been carefully avoided, the
it-
only denying greenbacks to be a legal tender
debts existing on the 25th of Feb., 1862, when tl
Act was passed.

General Francis A. Walker has resigned his
Lion as Deputy Commissioner of tbe Revenue in du
the bureau of statistics, and entered upon duty as i
intendant of the Census, 3

,~`~

"'THE APPAREL OFT PROCLAIMS THE
MAN."

BEST MATERIALS, BEST STYLES
BEST 'WORKMANSHIP, and LOWEST
PRICES, at E. MOSES and SON'S.

Every description of Clothing ready-mado
or made to measure, br all as, all occa-
sions, and all classes, at E. ge MOSES and
SON'S.

An immense assortment of WINTER
CLOTHING, in all the newest designs and
materials, at E. MOSES and SON'S.
OVERCOATS from 19g. to X'6.

BOY'S OVERCOATS from 10s. Gd. to 455.

For the convenience of Ladies accom-
panying their Sous there is a separate de-
partment for Boys' Clothing, and it is fur-
nished with a splendid assortment of Suits,
Overcoats, and Clothing for all occasions,
including .all the favourite designs and the
,nest fashionable materials.

Orders by Post are attended to with care
and punctuality, and the easy and accurate
system of self-measure introduced by E.
NinsES and SON enables them to guarantor:
a faultless fit.

Any article not worn or injured will be
exchanged, or, if desired, the money will
be returned.

All Goods are marked in Plain Figures,
(corn which no abatement can be made.

The Stock of Hosiery and Drapery, Hats
and Caps, and Boots and Shoes, is un-
aqualled for magnitude, variety, and cheap-
ness.

A very large assortment of BLANKETS,
from ss. 4d. the pair.
Complete Outfits for all Climates, with
every requisite for the voyage. •
List of Prices, with Rujes for Self-mea
sure, Patterns, and Fashion-sheet, gratis and
post-free.

V ,1 '
0
i

E. MOSES and SON'S Establishments
are closed every Friday evening at sunset till
Saturday evening at sunset, when business
is resumed until eleven o'clock.
E. MOSES and SON, Ready-made and Be-
spoke Tailors, Habitmakers, Woollendrapers,
Hatters, Hosiers, Boot and Shoe Manufac-
turers, and General Outfitter for all
Classes.

The fallowing are the only addrosses of E. MOSES
and SON:—

LONDOY.
CORNER OF MINORIES AND ALDGATE.
NEW OXFORD-STREET, CORNER OF HART-STREET.
CORNER OF TOTTENHAM-COURT-ROAD AND EUSTON-
ROAD.

Country Branch:

BRADFORD, YORKSHIRE.

FOREIGN and COLONIAL GOVERNMENT
TRUST (SECOND ISSUE),
In Certificates of £lOO each, bearing n per cent. Interest.
To be issued at £BO.
TRUSTEES.
The Right Hon. Lord Westbury.
Lord Eustace Cecil, M.P.
Gro. Wodehouse Currie, Esq.
G. M. W. Sandford, Esq.
• Philip Rose, Esq.

The success of the Foreign and Colonial Government
Trust, which was formed in May, 1868, has called for an
extension of this mode of investment. .

During the last two 3-;;;;-ii;;Investors in the Trust
have received at the rate of 7 per cent. upon their capital,
free of income tax, and 235 Certificates have been drawn
and paid off at par. The successful holders having thus
received a bonus of £l5 per cent. in addition.
The market value of the securities held by the Trust is
greatly in excess of the original purchase price, and its
estimation by the public is shown by the present quota-
tion of the Certificates, the issue price having been £B5.
In compliance, therefore, with a general desire, it has
been determined to open a subscription for a second issue
not exceeding £600,000, in Certificates of .£lOO, to bear 5
per cent. interest, to be issued at £BO.
The object, which is now well understood, is to give to
the Investor of moderate means the same advantages as
the large capitalist, in diminishing the risk of investing in
Foreign and Colonial Government Stocks, by spreading
the investment over a number of different Stocks, and
reserving a portion of the extra interest and the amounts
received in redemption as a Sinking Fund to pay off the
original capital ; and, in addition, to give to each Sub-
scriber a pro rata participation in the ultimate reversion In
these different Stocks, which will remain when the return
of the original capital has by these means been accom-
plished.
A capitalist who twenty or thirty years ago had invested,
say, £1,000,000 in ten or twelve such Stocks, prudently
selected, would, on the above plan, not only have re-
ceived a high rate of interest, but by this time have had
nearly the whole of his original capital returned by the
action of the Drawings and Sinking Fund, and still have
hell a great part of his Stocks for nothing.
It has not teen thought necessary iu this instance to
incur the heavyexpenses necessarily attendant upon a pre-
liminary contract for the delivery of the Stocks at a fixed
price, but after the subscriptions are received the Trus-
tees will invest the amount subscribed, after deducting the
contract sum for expenses, in the purchase, at the market
prices, of such dividowl-pftying stocky or Obligations of
Foreign or Colonial Governments or States, or of Foreign
Railways or undertakings having the guarantee of a Fo-
reign or Provincial Government, as in their judgment will
best answer the purposes of the Trust.
For obvious reasons it is not advisable to specify before-
hand the particular Stocks intended to hi purchased, but
in rmik:ng the purchases the Trustees will use their best
discretion: imrl not more than one-tenth of the amount
subscribed will be invested in any one Stock or guaranteed
undertaking.
The prices and amounts of each Stock purchased will
be specified in the Schedule to the Trust Deed, which
will be signed by the Trustees as soon as the Stocks aro
delivered.

The annual receipts by the Trustees will be first applied,
after deducting the limited amount of expenses, in paying
the interest upon the Certificates. The excess will be ap-
plied as a Sinking Fund in repaying the Certificates at par
by annual drawings, to be made in the presence of a Notary
Public in the month of May in each year.
The securities representing the Second Issue will form
a distinct and separate Trust, though identical in principle
with that of the first, and under the control of the same
Trustees and managed by the same staff.
The Trust of the Second Issue will last for twenty-five
years, at the expiration of which time it is estimated that
a large proportion of the Certificates will, in all probabi-
lity, have been paid off, and that a large proportion of the
Stocks will still remain for distribution as a reversion;
accordingly the Trust will be wound up as soon as all the
Certificates have been drawn, or at the end of twenty-five
years, whichever shall first happen, the remaining Stocks
being then sold, and any Certificates not previously drawn
being first paid off, after which the balance will form the
reversion to be distributed pro rota.
All sums received will be placed to the credit of the
Trustees, at the Banking House of Messrs. Glyn, Mills,
Currie, and Co.
For each £BO of the total amount subscribed will be
issued a Certificate of £lOO with Coupons attached, bearing
5 per cent. interest, payable at the Banking-house of
Messrs. Glyn, Mills, Currie, and o. half yearly, on the
15th of January and the 15th of July, the first Coupon for
the proportion of the half year falling due on the 15th
July next.
In addition to the Interest Coupons, a Coupon, repre-
senting the share accruing to the Certificate-holder in the
above reversion, will be attached to each Certificate. This
Coupon of Reversion will be retained by the holder when
the Certificate is drawu, and entitle him to a pro rata divi-
sion of the ultimate reversion.

0, The advantages of the investment may be summed np
as follows:

1. interest at £6s. be. per cent. on the amount sub-
2. A bonus of .£2O per cent. by the repayment of capi-
tal at par.
3. A reversion, eventually divisible among the holders
of the Coupons of Reversion.
If from any circumstances the dividends and drawings
received in the year should be insufficient to pay the full
amount of interest on the Certificates, the deficiency will
form a first charge upon the subsequent receipts, subject
only to the annual expenses.
The object being to ensure the security of the Trust
Fund, the Stocks will remain under the co .trol of the
Trustees, in tho custody of Messrs. Glyn, Mills, Currie,
and Co., till the termination of the Trust ; and the
Trustees will be empowered to draw dividends, receive
capital repaid, &c., and apply the amount received in
interest and sinking fund according to the Trust Deed.
In order to fix the amount of preliminary expenses, a
contract has been entered into by which every expense is
guatanteed, including advertisements, stamps, legal and
all other expenses, and the cost of purchasing the Stocks,
at a commission of .£1 per cent. on the nominal amount of
Stocks purchased.
The expenses of manazement of the Trust are limited to
a sum not exceeding £2,000 per annum. No other expenses
can be undertaken without the assent of the Certificate-
holders' Committee.

As soon as possible after the Subscription has been
closed, a General Meeting of the Certificate-holders will
be convened for the purpose of appointing a Committee
in terms of the Trust Deed.

Application to be made in the annexed Form, accom-
panied by a deposit of £lO per cent.
If the subscriptions do not amount to £300,000, or in
cases where no allotment is made, the deposits will be
returned without deduction, and where the Certificates
allotted are less than the number applied tor, the surplus
deposits will be credited towards the allotment.
Payments to be made as follows:
On application
On allotment 7O 0 0

£BO 0 0
Certificates, with Interest Coupons attached, and also
the Coupons of Reversion, will be issued as soon as pos-
tible after the second payment, of which due notice will
be given.
A Draft of the Trust Deed, together Stith forms of the
Certificates and the contract as to the expenses, may be
seen at the Offices of the Foreign and Colonial Govern-
ment Trust, .1,70. G, Victoria-street, Westntiaster, and
Prosp,cm3 curl Forms of Application may be ob-
tained of W. B. Rose, Secretary, and cf Messrs.
Et %ter, Ewe, N)rton, Lnd Co., Solicitors, at the same
address ; and of Messrs. Glyn, Milts, Currie, and Co.,
Bankers, Lombatd-street, where all subscriptions nut
b • p iid.

March Ist, IC7U.

. ,
A. 4, FOREIGN AND COLONIAL GOVERNMENT
‘. TRUST (SECOND ISSUE).
'' To the Trustees of the Fund (care of Messrs. Baxter,
. Rose, Norton, and Co., 6, Victoria-street, Westminster,
'x,v4 London).
7 ' '' 1: A Having paid to Messrs. Glyn and Co., to the account of
-'-r tie Foreign and Colonial Government Trust (Second
fit}ssue), the sum of £ , as a Deposit on Cer-
.37::lVficates of £lOO each in the said Trust, I request you to
I,z. 1...10t to me that number of Certificates, and I engage to
„ikr,o,y tbe furtLer Instalment of .£7O per Certificate upon
.''- lat or any lesser number that you rav allot to me at the
"
4- - ,

11HE LATE EDITION of "THE SUN" at
W. SMITH'S " Camden Stores," 78, Park-street, Camden

town.