The Sun.
London, England, 1870-01-06 00:00:00

THE LATE EDWIN W. 87411

kPOIV.

(From the Anglo American Times.)

The past year is remarkable for the deaths of
celebrated citizens of the United States.* Perhaps
the most remarkable of these is the statesman whose
career closed at Washington on the night of the
23d December. EDWIN M. STANTON then died of
general debility, after a long and wearing illness,
aged 55. We need not dwell on the general cir-
cumstances of his life, as its outline, extracted from
" Men of the Time," has gone the rounds of the
English Press. Suffice it to say that he was edu-
cated for the law, and found himself Attorney-
General on Mr. LINCOLN'S succession to the Presi-
lotcy, a post from which he was transferred, on
the outbreak of the rebellion, to that, then the most
important in the country, viz., Minister of War.
the most striking phase of Mr. STANTON'S career
was his connection with the events which led to
the impeachment of ANDREW JOHNSON when PRE-
SIDENT of the United States. Mr. STANTON was
as determined and obstinate a man as Mr. Joitx-
soN ; he had the advantage of a legal education,
And was backed by Congress and the dominant
party in the United States. On the other hand,
ANDREW JOHNSON was the PRESIDENT, and there-
fore-wielded a weighty authority. Two men hold •
ing views so diverse as regarded the policy towards
the South, and both placed in posts which brought
them into contact with that section of the Union,
cou'd scarcely fail to clash. The South was divided
into Military Districts, a Major-General presiding
over each. These officers were Union Generals who
had pined distinction in the war, and as far as they
had given utterance to political opinions were in
favour of the Republican patty. By the Recon-
struction Acts Congress haddelegated to the General
Commanding-in-Chief the power of appointment
and removal of these officers, an infringement of the
PRESIDENT'S authority who is the Commander-
in-Chief both of the Federal Army and the Navy.
General SHERIDAN was sent to command at New
Orleans, and his conduct there failed to meet
with the approval of the PRESIDENT. Mr. STAN-
TON, the Secretary of War, and tieneral GRANT,
Commanding the Army, supported Gen. SHERIDAN,
as did the majority in Congress. The PRESIDENT,
however, was backed by his Cabinet, of which STAN-
TON, as a member, became so peculiarly obnoxious
to him that he (the PRESIDENT) made up his mind
to get rid of him. As early'as November, 1867, it is
said that the PRESIDENT was only dissuaded from
removing Mr. STANTON by the entreaties of 'DEUR-
LOW WEED and HENRY T. RAYMOND, after General
SHERMAN had been called from the West to Wash-
ington to hold the post ml interim. The Tenure-of-
Office Bill was passed expressly when Congress met
to prevent the PRESIDENT from discharging the
Secretary of War. In vain. Mr. JOHNSON informed
Mr. STANTON he would accept his resignation ; the
Secretary paid no attention to the hints until this
curt communication was wrung from the PRESI-
DENT :

"Executive Mansion, Washington, Aug. 5, 1867.
"Sir,—Public considerations of a higli character con-
strain me to say that your resignation as Secretary of War
will be accepted.—Very respectfully yours,

_
"ANDREW JOHNSON.
"To Hon. Edwin M. Stanton, Secretary of War."

The pith of Mr. STANTON'S reply was that public
considerations of a high character constrained him
not to resign the office of Secretary at War. Even-
tually the PRESIDENT removed him, and appointed
General GRANT to act in his place. During this
period scandals were industriously circulated against
Mr. STANTON, one of which was that he had de-
tached from the papers of the Court's proceedings
of the trial of Mrs. Sueearr, prior to their sub-
mission to the PRESIDENT, a recommendation to
commute the sentence of death to one of imp i-
somnent for life. The failure of the Tribune to
defend Mr. STANTON was attributed to an order
once made out by Secretary STANTON for the
arrest of Mr. GREELEY, who had been negotiating
with rebels
.in Canada, an order promptly sup-
pressed by President LINCOLN. Ou the re-assem-
bly-of Congress the Senate adopted a resolution rein-
stating Mr. STANTON as Secretary of War, where-
on General GRANT vacated the office, and the for-
mer Secretary resumed possession. Another com-
plication arose out of this, for the PRESIDENT as-
serted that General GRANT bad engaged not to
surrender the office without communicating his in-
tention ; hence sprang a charge that the General had
betrayed his superior, and a very disagreeable cor-
respondence was the result. It was evidently the
PRESIDENT'S intention to fill the office with a man
who would hold it at all hazards, if General GRANT
declined, but on the evening of January 13, 1868,
the deci,ion of the Senate pronouncing the PRESI-
DENT'S charges against Mr. STANTON unsuetained,
and his removal unjustifiable, was officially served
on both STANTON and GRANT. The General left the
key of the War-office with his adjutant, and west
to the headquarters of the Army early the next
morning, when Mr. STANTON took possession, the
PRESIDENT afterwards learning the fact from the let-
ter then addressed to him by GRANT. Then com-
menced a turmoil at Washington, where ANDREW
JOIINSON was busily engaged in stirring up the mud
with which he covered everybody near, friend and
foe ; but at last he proceeded to an act which led to
serious consequences. While Congress was discuss-
ing some business on Feb. 21, 1868, messengers ap-
peared inboth Houses from the PRESIDENT, andiron)
Mr. STANTON, announcing , that the latter had been
removed by the former, Adjutant-General LoenNzo
THOMAS being appointed to hold the post ad interim.
Major General U. 11. THOMAS at the same time
was promoted Lieutenant-General and General
by brevet. The Senate immediately ceased its de-
bates and went into secret session, and, after seven
hours of closed doors, resolved that the PRESIDENT
had no power under the Constitution and laws of the
United States to remove the Secretary of War, and
to designate another officer to perform the dutieb
of that office. The scene in the House is described
as being the most exciting ever there witnessed.
Its business of course was interrupted, and the fol-
lowing resolution, after a wild debate, was referred
to the Reconstruction Committee, " That ANDREW
JOHNSON, President of the L nited States, be im-
peached for high crimes and misdemeanours."
That committee reported in favour of impeachment,
an announcement made through the late THADDEUS
STEVENS, and charges were ordered to be drawn
up by a committee specially selected to prepare them.
Perhaps never before for a short period had the
United States been thrown into such a fever of ex-
citement; indeed, for a moment it almost appeared
as if the civil war was about to be renewed, for
Mr. STANTON fortified himself in hie office against
the PRESIDENT, remaining there night and day, in
momentary expectation of being turned out by an
armed party of soldiers. Our readers know the re-
stilt; how the PRESIDENT was tried before the Senate
Court on the charges framed by the House of
Representatives; how, after lengthened proceed-
ings, which called forth the highest talent in the
United States, he was acquitted, as two-thirds
of the Senate failed to pronounce him guilty,
the nation being kept in suspense till the last
moment, as all hinged upon one vote. After
ANDREW JOHNSON had thus scraped through Mr.
STANTON resigned, and was succeeded by General
SCHOFIELD. Mr. STANTON then retired into private
life, his health doubtless injured by what be had
recently gone through, as well as by his close ap-
plication and the long continued strain of his work
during the war ; but he supported as actively as he
could the nomination of General GRANT to the
Presidency, and there was no more effective or
eloquent speaker on the Republican side. After a
residence on the sea coast he lately returned to
Washington in a feeble condition, but still able to
take his daily exercise, though it was much doubted
whether lie was in a fit state of health to assume
the duties of the Supreme Bench, to which it was
known the PRESIDENT desired to nominate him. A
telegram, however, of last week announced that he
had been appointed, and the nomination was con-
firnied in the Senate by 41 votes against 11. Thus
this able and energetic man put on harness almost
on his deathbed, and it is also a singular fact that
one of the last debates he heard consisted of eulogies
on the character of Senator FESSENDEN, through
whose instrumentality be was finally defeated in
his great contest with ANDREW JOHNSON. When

Mr. STANTON heard that Senator's praises sung in
the House by the very men who a year and a half
ago assured all that he especially (as the leader) wa
on the dark and dreary track to infamy, as well a:
General BUTLER, who had led in the Impeachment
trial, censuring and proposing the repeal of that
law which had enabled him thus to prosecute, he
might well question whether all these exciting
scenes through which his memory carried him back
had not been a stage play, or acts tending to mo-
dify the Constitution of a mighty nation.

MONEY AND BUSINESS.

(Fro2n the Springfield Republican, Dec. 18.)

The money market has experienced a little more activity
since Monday, but in a great measure from causes that
afford us no reason for self-congratulation. The immense
frauds perpetrated by Gray and C,., by the comparatively
simple device of borrowing money on stock collateral that
was counterfeit, have thee oughly alarmed many capitalists
and led them to shift their loans, or to demand higher in-
terest commensurate with the increased risk. Of the two
elements that weigh in the lender's mind, the ri ,k of losing
his money and the profit that can be got from its use, the
former for the time assumes an importance that it ordi
narily does not, and ought not to have in law-abiding
and rogue-punishing communities. The " insecurity of
property," an expression we have been apt to associate
with an early and Arab state of society, comes close home
to our business and bosoms, in view of the gigantic
robberies that are now daily perpetrated with im-
punity, not only by professed thieves and swindlers
upon the innocent and helpless public at largo, but
also by magnificent ruffians, with $l,OOO memberships
in stock exchanges, upon the business community
itself, shrewd and cautious and hard to " gull" as that
community is supposed to be. It is difficult to deter-
mine how much of the present activity in money, such as
it is, is duo to this affair, and how much to greater activity
in business. The West calls for moderate amounts, which
are easily supplied. The tremendous reaction against spe-
culation, which has been gaining ground steadily for many
months, has turned much money from that channel into
the legitimate loan market, while on the other hand busi-
ness men are working on a short tether and using as little
credit as possible. The cause of • this anti-speculatio❑
sentiment and of this business caution is undoubtedly the
underlying sense of the community that specie payment
is impending. There never has been a time when the
disposition to prepare for it has been so great as new.
The temper of all classes is cheerful, however, and confi-
dent of ability to weather the storm. The prospect of the
money market for the winter is very favourable. Gold has
been quiet, without much change in quotations. It was
thought that the Bank of England would raise its rate of
discount at a meeting of its directors, held last Thursday,
but such a step was not taken, and the result was an un-
usually weak market for gold in New York on the follow-
ing day. The sales of Government gold and the purchase
of bonds to go abroad have since kept the price down to
122 to 1221. Considerable interest just now centres in
Government Bonds, which have risen to an uprecedented
figure in the foreign markets,and at home also if we should
quote them in gold, though the greenback quotations do
not rise to those of a few months since. On Tuesday the
Five-Twenties of 1867 (the standard bond abroad) were
quoted at 87 in London, or with the exchange added, 96.
The bonds of Great Britain, or Consols, bearing 31 per
cent. interest, were quoted on the same day at 92 to 92f.
As our bonds now bear 6 per cent. interest, even at 41 per
cent. they might be quoted higher than consols, though we
hardly see how they could get up to par. The Turkish
Government has just "placed" $60,000,000 of 6 per Cents.,
and has got but 54 for them. The messages of the Presi-
dent and Secretary Boutwell are well received in Europe,
and probably make more stir there than here, for we were
more confident than people over sea of the soundness of
those documents on the financial question. Southern
State bonds are now the "wild cat" of the market, and
afford much field for speculation. The several Legisla-
tures now in session seem inclined to "stand by " and re-
deem the promises of their States, though some of them are
also pretty free to extend those promises still further. Ten-
nessee is a specimen State, having a debt of $39,000,000, of
which $20,000,000 was issued for the benefit of railroads.
These roads altogether cost about $65,000,000, and half
of them are able to, and do, pay the interest on their
bonds. The Legislature is taking measures to secure the
payment of the holders of the interest on all the bonds
promptly. Governor Scott, of South Carolina, is endea-
vouring to raise the credit of that State, and gets many
cuffs for so doing from the Charleston papers, which
claim that he has invested largely in State Stocks.
Patriotic governor! Wouldn't it be expedient to fur-
nish all our executives, and legislators too, with such a
motive, by paying them their salaries in the bonds of
the Governments for which they labour ? If wo did,
Massachusetts sixes wouldn't be dropping below par.
Alabama seems to bo on the point of burying her credit
under railroad bonds, but we trust she will give the cor-
porate lobby a decided snub. Louisiana stands very
well in the market. Her debt is but $10,588,880, on
which the annual interest is 8661,575, and $71,000 of this
is upoe trust funds in her own hands. North Carolinas
are subject to considerable variation. On the whole, the
South stands considerably better than it did a few
months ago.
The quotations of railroad and miscellaneous stocks
for the week together have not varied much. St. Paul
common has risen 3 per cent. on account of the declaration
of a dividend that was somewhat doubtful. Reading has
appreciated to 984, and Rock Island fallen off slightly.
Pacific Railroad bonds aro quoted at 841 to 841 for Union,
931 to 94 for Central, and 90 for Western. The railroad
commissioner of Ohio publishes the earnings of the Fisk-
ridden Atlantic and Great Western for the year ending
June 30, 1869, amounting to $5,097,367, $1,638,069 more
than the expenses for the same time. The earnings of
fourteen of the principal railroads of the West dur-
ing November amounted to $7,111,324, an increase of
$777,945 over the same month last year. The earnings
of eleven of these roads for the eleven months were
$61,177,848, an increase of nearly three and a half mil-
lions over the amount for the same months last year.
But one road, the Ohio and Mississippi, suffered a de-
crease. The movement in behalf of tho Chesapeake and
Ohio line to the West is attracting considerable atten-
tion. From Chesapeake bay to the Ohio river, by the
proposed route, is but 400 miles. The new project will
have to compete, however, with four very strong corpora-
tic us, which now do the business between the grain basin
and the sea,—viz., the New York Central, Lake Shore
and Michigan Southern line ; the Erie and Atlantic and
Great Western line ; the Pittsburg, Fort Wayne, and
Chicago line ; and the Baltimore and Ohio and Ohio and
Mississippi line,

The dry goods business is extremely dull, and the sales
for November were 15 per cent. less than during the same
month, last year. The depression in prices during the
last four years is estimated at 65 per cent., being 21 per
cent. in 1866 and 11 per cent in 1869. These figures of
course are very general and must not be much built upon.
At the present time, however, collections are easy, losses
small and few, and extensions of credit are not much
asked—all indications of safety. The old dry goods firms
are confident, and new ones are venturing in New York.
The jewellery trade is pretty badly down and some manu-
facturing firms have suspended work, but hope to revive
with the Christmas trade.

(From the ►Wall-street Journal.)

Nrw Youx, FRIDAY EVENING, Dec. 17.

Money on call is active, and borrowers readily pay seven
per cent. in currency and in gold, with a commission in
exceptional cases. Discounts are slow, and prime busi-
ness notes are with difficulty negotiated at 10 to 12 per
cent., and with single names at 12 to 20 per cent. Heavy
failures continue in all our leading commercial centres,
New York, of- course, being the heaviest sufferer. We
regret in this city to have to note the failures of Richard
Patrick and Co., whose house in San Francisco was the
loading hardware firm on the Pacific; of L. Edgerton
and Co., the second largest importers of foreign carpets.
in the country, and of numerous other respectable firms.
Boston, Philadelphia and Baltimore show a heavy list,
in which latter city we note the suspension of Howard,
Cole, and Co., dry goods jobbers, who owe about half a
million, and show assets to the amount of three-fourths
of a million, but who Gave been crippled in making collec-
tions. The gold market is considerably demoralized,
and since the acceptance of ,the offers to-day, by the Sub-
Treasury, the price has fallen to 120 k.
Government Bonds are freely offered, and prices, 6pito
of the energetic repudiation of the Democratic party in
Congress, of Repudiation in any shape or form, are heavy.
i
sixes, 1861, registered lll to 112
119 to 119}

Sixes; 1881, coupon

-- to

_
Sixes, 1868, coupon .................. --
U.S. 65. Pacific Mahout lOBl to 109
Five-twenties, 1862, registered 111 to 112+
Five-twenties, 1862, coupon ......... - to 113+
Five-twenties, 1864, coupon ........... .
Five-twenties, 1865, coupon : ll2l to 1121
Five-twenties, 1835, coupon, new - to 1141
Five-twenties, 1867, coupon .....
U.S. 5-20 Coupons, 1868. ll5 to 1151
Ten-forties, coupon ll9i to 109:i
109+ to 109 i
Ten-forties, registered
Oregon War Loan, Sixes, 1881
Miscellaneous Stocks show little activity, and Pacific
Mail has fallen off to 49+.
Railroad Stocks aro heavy and dull, spite of every effort
to drive them up.
N. Y. Cont. & Hud. Rr B7
Erio
Hudson ..

Atlantic
Fort Wayne
Pacific Mai1..
Quicksilver
33
cidAleagiTia:Ph" —
W.
U.
T
Mariposa- Preferred
Ohio and Mississippi 25
Boston Water Power l4
Cumberland d maven
N Y and H_
M & St. Paul
M & St. Paul Preferred 841
FOB, SPECIE.
Eng. sous 4BB to 490
j 20 francs 386 „ 388.
I neioZ"P t 0 „ 70

Reading
Mich. Central
Illinois Central

Cleveland & Pittslog. 82;
Nortb-West

North-West Preferred 82),
Canton..
Rock Island
Cleveland and Toledo

QUOTATIONS
Amer. silver 974 to 98 I
Mex. dollars 1034 „ 104
Eng. silver 470 , 480
Fin franca ~, 96 +? 97

London : Printed and Published by WILLIAII ANDREWS.
of No. 112; Strand, Printer, at THE Sux Office, NO. 112, Strand,
in the Precinct of the Savoy, in the Oounty of KiddlgoeV'
raureday, Jumpy 6, 1670,