The Sun.
London, England, 1870-03-14 00:00:00

AMERICAN AFFAIRS.

(From the Anglo- Amertcan Times.)

A letter has been addressed to the Wall-street
Journal from London, by "A largo Holder of U.S. Secu-
rities," to which the editor calls attention as from a pro-
minent Am, rioan stock-house, and showing the feeling
created in financial circles in Europe by the Eiie pro-
ceedings. The writer points to the fact that every op-
portunity is seized by influential journals in London to
make the English believe there is no safety in investments
in America, on account of the recklessness of directors
and the corruption of judges; even the Governor of New
York being accused of using his position to protect dis-
honest persons in their operations. While acknowledging
the immense injury suffered by the proceedings of the Erie
clique, he alludes to the pain as well as the indignation that
he, as an American citizen, feels on hearing such charges.
The writer then argues that, as 500,000 of the 750,000
shares are held in Europe, it was the fault of the Euro-
pean holders, whose inaction permitted the' clique to carry
out their schemes. The American shareholders, being so
greatly in the minority, were powerless, and Judge Baleen
was justified in this statement, that if these shareholders
neglected their interests out of court, they need not come
into his court for protection. The same argument holds for
the Legislature; nor would Governor Hoffman have been
justified in vetoing a Bill which was unopposed by the
majority of the shareholders. The writer calls upon the
American press to explain these matters, and to prevent the
circulation of misrepresentations relative to the credit of
the Republic. Meanwhile the Times last Monday had an-
other rap atAmerican Securities ; indeed that journal is earn-
ing a very unenviable notoriety ion this subject, for it has
caused a heavy loss to many of the persons who believe in it.
Those, for instance, whom it a year ago frightened out of
U. S. Bonds, as well as the thousands who but for it
would have invested long since in securities which have
turned out to be among the most profitable ever put on
the market. The last assault of the City Editor arose
from the statement of a New York paper, which said that
the Edo management declare the proceedings of th
so-called Erie Protective Committe to be illegal ; that
the shares it stamps shall not be transferred; and that
it will assess the expense of litigation on the stock of the
parties who have started it. This io used as au intimation
that American directors can and will confiscate the pro-
perty of shareholders so far as it may be desirable ; and
what is legal in the State of New -York there is no reason
to doubt can be d me in less i..ll.tenti.d States.

The Monarch left Annapolis on the sth instant
for England, after a gay time, succeeding the solemn service,
to which she had been commissioned. Indeed the crew may
well doubt whether they had been despatched on a funereal
errand or to receive the festivities of a nation. There was
a great gathering on board on the 25th February ;
numbers of distinguished men as well as ladies were
then Captain Commerell's guests. They were received
with the yards manned, and the Land playing 't Hail to
the Chief." The vessel got up steam and proceeded about
12 miles down the bay, when she fired four shells of 600:b.
each from the turret guns of 25 tons, said to be the heaviest
in the world ever shipped. Commodore Worden received
the party on their return, and at his house the amusements
for that day ended.

Last Tuesday resolutions were introduced in the
Senate, and referred to the Finance Committee, providing
that half the amount of the import duties should hence-
forth be receivable in currency, and instructing the Secre-
tary of the Treasury to sell all surplus gold. Congreds
cannot refrain from mAdliug, even when the course
of affairs is progressing favourably ; indeed, tie fall
in gold incites interference, instead of deterring.
There never was a more extraordinary financial revolu-
tion than that now taking place in America. It is generally
ascribed to the half-yearly statement of exports and im
ports, which shows a vastly reduced balance against Ame-
rica in the foreign trade, the amount being under $3,000,000.
The decision of the United States Supreme Court on
the Legal-tender Act must have greatly helped to send
gold down. Attempts have been made in Congress to evade
the consequences; shielding, by enactment, those whom
it affects, but all stichUttempts will prove futile. At Albany
the Legislature has adopted a resolution to pay the
debt of New York in specie, and has authorized coin to
be procured for the purpose ; but in 'Pennsylvania. it is
rumoured that a loan, which will mature by next July
will be paid in greenbacks iu spite of the decision,
Pennsylvania thtlrefore throws her interest with those
who support tha,bill brought into the Senate to stay exe-
cntion on all judgments given in accordance with the late
ruling of the Supremo Court, from one to four years, the
time varying with the amount of the debt, unless green-
backs will be received by the plaintiff or unless specie pay-
tnent be resumed. Senator Wilson was preparing a Fund-
ing Bill as a substitute fur that of Senator Sherman, pro-
posing to save the expenses of azency, etg., pt ovided for in
that bill, employing Treasury officials instead of banks, and
agents. Senator Fenton delivered a long speech on the
24th Feb. on the Funding Bill. He favoured thus dealing
with some $1,200,000,000 of the debt inßonds running from
40 to 50 years bearing a uuifurm rate of 4i per cent. exempt
from taxation. Next week we will discuss this able speech
of the ex-Governor of New York. lie was followed by
Senator Patterson, whose views were somewhat similar.
The bill was reported by telegraph on the 4th inst. as then
being framed and debated in the Senate, aed Mr. Sumner
had carried an amendment authorising the issue of Five
per Cent. Ten-Forties to the amount of $400,000,000.
Final action is to be taken on the bill next week, and we
will soon learn the result.

The account furnished, in response to the inquiry
by telegraph of the Bombay agent to the Peninsula and
oriental Company in London, with reference to the sink-
ing of the U. S. corvette Oneida by the steamer Bombay
does not explain the mystery. it is almost incredible that
Captain Eyre, in command of the Bombay, after the colli-
sion continued his voyage without stopping to inquire
whether the corvette was injured. The accident occurred
in the dark at 7 p.m., on the 24th January, about twenty
miles from Yokohama, "the Oneida being under all sail,
and going thirteen knots ; the Bombay steaming head to
wind, going eight knots. The Bombay ported her helm,
shutting in the Oneida's green lights. The Oneida star-
boarded her helm, crossing the Bombay's bows, rendering
a collision unavoidable. The Bombay felt the shock so
little that Captain Byte did not think the Oneida could
have been much damaged, and continued his voyage on to
Yokohama. The Oneida was cut down on the quarter,
and soon sank with 115 men. Twoof her boats with 61 men
escaped. Do not know the names of officers drowned. Saved,
Yates, master; Suddard, surgeon, Coningfield, cal-
tain's clerk ; and 57 sailors and Marines. The Bombay is
not much damaged." The Standard talks of a touch from
such a monster as the Bombay sinking he Oneida ; but as
it happens the Oneida was fully a third larger than the
Bombay, the latter being one of the smaller of the Penin
sular and Oriental Company's iron steamers, built many
years ago. Had the Oneida struck the Bombay amidships,
the mail steamer would have been torn up like a piece of
brown paper but the stem of the Bombay caught the
quarter of the Oneida and crushed it in, as it could
scarcely fail to do. The marvel is how Captain Eyre
could have continued his voyage without stopping even
to inquire as to the injury done—an astounding act, which
will be narrowly investigated. We will not, ignorant of
the facts as we are, comment on what appears to us such
a fatal neglect, but all England and America have been
filled with amazement on learning the story, and it wil'
require very satisfactory reasons to exonerate the com-
mander.

Mr. James Fisk adopted a method new to New
York, but old in London, advertising his play of "The
Twelve Temptations," by seudiug• a dozen men fantasti-
cally dressed into the streets, each with a banner making
the announcement. But the police arrested the entire
squad as an impediment in the highways, and Judge Hogan
held them for violating a city ordinance. If the Bench
would deal in the same way with Mr. Fisk in his capacity
of Erie Director, New York might be saved a scandal.
The New York Times says the directors have hit upon the
device "of putting a bill through the Legislature autho-
rizing the bondholders of any railroad, on foreclosing the
bonds, to become the owners of the road, and to issue new
stock, to the utter exclusion and obliteration of the old.
Here was a means of ridding themselves of the nightmare
of foreign stockholders, whose overshadowing power
threatened to drive the 'ring' out of existence." In proof
the rise in bonds awl the fall in stock is quoted; and it is
inferred that the clique had been exchanging the shares
fot bonds ; that they can pi event payment of the next
interest duo on those bonds, when they can foreclose and
extinguish the stock. The plan is ingenious, but the
swindle is too palpable for success.
Ur,ITUAItI —Mr. Henry E. Sweetser, of the
World, and formerly of the Round Table, died suddenly in
New York on the 17th Feb.—A. Dombronski, the oldest
Polish exile in Calif rub,, died the other day.— Commiodore
Stephen Champlin, last surviving officer commending in
the tattle of Lake Erie, died at Buffalo on the 20th Feb.—
Chief Justice Joel HiLman. who died ou Monday, Feb.
21, was a lineal descendant of Sergeant Edward Monter,
oce of the body guard of Charles I. of England, tt ho fled
to Ant. rice on that monereh'e defeat in 1630, et d setts. d
in Ftratferd. The grame ifather of the chief justice wan a
coloeel during the revolution, Lod in 171.) eetenteur!ed at
iconderoga. Joel Hinman was admitted to the tar in
1828, when '26 veers oil, eppointed to the Supreme Court
Bench in 1842, and became Chii.f Justice in 1861. The
Supreme Court met at Hartford Feb 22, and adjourned
to Feb. 28. The Hartford County Bar met and late uo-t
to eulogies, and Governor Jewell publicly recognised the
event, ordered flags at half-mast, and recommended the
closing of public offices on the day of the funeral.