The Sun.
London, England, 1870-03-12 00:00:00

niE SUN, LONDON, SATURDAY EVENING, MARCH 12 1870.

mem, ana Inez trio otate ougnt nol ro interrere rur-
ther with religious education. The one deputation
asked for the greatest possible amount of religious
teaching, and the other for the smallest amount. The
Ministers, of course, gave no precise reply to either
party.

DEPUTATIONS ON EDUCATION,
THE CONO-REGATION'A ti}ION AND MR,

FORSTER.

This afternoon a deputation from the Congregational
Union of England and Wales, consisting of Mr. S.
Morley, M.P., Mr. Winterbotham, M.P., Mr.
Richards, M.P., Mr. J. Spicer, Mr. H. Wright,
Rev. Dr. Raleigh, Rev. R. White, Rev. a. G.
Rogers, Rev. A. Hannay, and Rev. A. Macdonnel, had
an interview with the Right Hon. W. E. Forster, M.P.,
Vice-President of the Privy Council, respecting the
clause in the Government Education Bill which proposes
to deal with religious teaching. Their views were ex-
pressed in the following resolutions, passed by a com-
mittee of the Congregational Union, which were
handed to the right honourable gentleman :—" That
this committee strongly deprecate the extension of
the Denominational system, believing that national schools
ought to be entirely free from sectarian control, and sec-
tarian teaching. They therefore object to the provision
in the bill (clause A) by which the interval of a
year is allowed the various denominations in
which to provide free schools, but still more
strongly do they protest against the power given to local
boards to establish new denominational schools, or to take
under their management and support those at present in
existence. 1. Because of the opening thus afforded for
the introduction of religious strife in the various borough
and parishes in the kingdom. 2. Because of the sanction
tins given to the principle of concurrent endowment. 3.
BJcause the action of the compulsory clause will thus be
greatly complicated, and under its operations childrenwill,
in many cases, be forced into schools of sects to which
their- parents are opposed, and whose influence
over them they regard with anxiety and appre-
hension. They object to the conscience clause,
believing that it will be practically unworkable.
Several members of the deputation addressed the Vice-
President in support of this statement, and it was repre-
sented that their views were shared by the Baptist and
other Nonconformist unions. A large number of Dissen-
ters were in favour of strictly secular education;
but as all did not agree in this, it was thought
the difficulty would be met by the master
of the school being allowed to read the Scriptures, but
prohibited from teaching the dogmas of Christianity.
A conversation of some length ensued, and a variety of
questions were asked by Mr. Forster, who expressed him-
self to be most anxious to ascertain the various opinions
held with respect to the bill, and particularly so
from such an influential body as that which was repre-
sented. He referred to the difficulties which the framers
of the measure had to encounter, and assured the deputa-
tion that the views they had laid before him should be
duly reported to his colleagues, who would give them their
most serious consideration.

MONEY AND BUSINESS.

(From Messrs. Bowles Brothers and Co.'s Circular)

tiNITED STATES TRIPLE CTJRRENCY CONSOLS.

Our Washington correspondence mentions some opposi-
tion to the policy adopted by the Treasury, of making the
coupons of our now United States Bonds payable at Lon-
don, Paris, Amsterdam, and Frankfort, in francs, dollars,
or pounds sterling at a fixed exchange. At the suggestion,
it is said, of certain European financiers sojourning at
Washington, it was feared that these arrangements would
affect the new Four per ('ent. Bonds unfavourably in the
markets where they wore not payable, and by reac-
tion elsewhere. At first sight it seems difficult to
understand Low suet an effect could result from dis-
positions altogether favourable to the holders of these
new bonds. What objection could they make to receiving,
in even the small towns of France, Holland, or Germany,
the interest on their bonds, payable at their doors, so to
speak, without cost of transport or commission, at a uni-
form rate; that is to say, in au unvarying number of francs
or thalers ? There can be no disinterested person who
does not see in this new feature, when combined with the
issue of bonds of small denominations—say 850—the sure
way and means of placing the United States Government
debt within the reach of holders however small,and of secur-
ing thereby the circulation of these bends among the masses
of the people, who, after all, constitute the best and most ad-
autageous class of bondholders, since they buy to keep,and
not for speculation. Would they imply that the market
for the new Four per Cent. Bonds will not be the same as
is now occupied by the Six per Cents.—that there will be
any change of location, and consequent weakness? The
location of the Bonds will change, it is to be hoped; and
but little reflection is recesssry to dissipate all fears on
this account. The market which, among our continental
markets, first operated in American Bonds, commonly
called "dollars," and which, until they ceased to be
speculative, so largely, controlled them, was that of Frank-
fort-on-the-Maine. European speculation centres at Frank-
furt, having its connexions and powerful influences at
London, Paris, New York, and oven Washington. With this
speculative interest, the first object in financial transac
tions is the rapid resale of values, purchased consequently
less on account of their merit or intrinsic value than of
their easy manipulation, or plausible and attractive look
to the public. For such consumption a steady and non-
fluctuating bond is undesirable, and every feature which
renders it plainer or more available to the public is na-
turally just so much to the advantage of those who
would fain, through public ignorance, still keep it under
the shears of private interest or speculation. In this
point of view the market of Frankfort, and its agencies
elsewhere, play a most important and useful part in the
general movements of finance. Guided by keener in-
stincts, it detects a value unjustly depreciated, and,
from self-interest, helps to raise it to its true level.
Wo should be ungrateful not to acknowledge this.
But this role and its importance are by nature temporary.
When a value, of a solidity unquestionable, has success-
fully run the gauntlet of speculation, and becomes recog-
nised as steady, it gradually finds its way to other Euro-
pean markets of a less changeable character and having a
greater capacity for absorption, such as Amsterdam, Paris,
Berlin, Geneva, ,tc. It is only then that it takes its just
rank by the side of first-class values, such as English
Coneols, Irrench Rentes, &c. Now, if in this manner we
can conceive that the paymeiat of interest at domicile and
at invariable rates of exchange may be at least indifferent
to monetary holders, who buy more in view of a probable
rise than of an interest which they rarely count on receiv-
ing—no ono can think the same
s of the serious holders and
ermanent investors, whose interest and goodwill every
able financial administration aims to favour and secure.
It should inevitably be with United States Government
Bonds as it has been with the Relates of the French Trea-
sury. Restricted to a relatively limited number of holders
when they were confined to the control or direction of the
bankers alone, they experienced an immense circulation and
popularity from the very moment that the French Treasury
opened direct relations with the public, and by the creation
of bonds of small denomination, by the payment of its cou-
pons without loss in every village,renderod the holding of its
obligations possible to the humblest of its thrifty citizens.
The French Routes, which before 1854 were held mainly
by privileged classes in great cities, have become since this
change of their intermediate channels so popular and so
widespread that there are few cottages in Franco where
coupons may not be found. Such will also be the aim of
our American Democratic Goverurn-mt, and, in order to
attain it, we are right to demand that the interest of the
future United States Triple Currency Four per Cent. Con-
sols shall be payable in the principal money-centres of
the world, within the reach and comprehension of any
citizen or friend, abroad or at home.

(From the Springfield Republican, Feb. 25.)

The flow of currency from country to city has been re-
versed during the past week. The nerves of commerce are
pricking with unwonted enterprizo, and the winter quie-
tude of the marts of trade is giving way to the lusty busi-
ness of the new season. The financial history of the past
few days has been marked by the gradual revival of trade
rather than by interesting incidents. Money continues easy
at New York at 6 to 7. The greenback average of the
banks of that city fell off a million and a half last week,
but alto sub-treasury balance increased more than that
amount. The National Bank notes are no longer se
plenty as to prove embarrassing, and the West and South
aro I.e.giuniug to recall the currency which they have
poured into New York steadily since New Year's-day. The
vast amount of railway loans now offering to the public
will absorb much of the capital now afloat, but the
time that must elapse before these funds can be "fixed" in
ballast and rolling stock will ameliorate the effect of their
withdrawal from the loan market. The spring trade it is
now thought, will be more active than it was last year.
The business in foreign imports is already large, the
amount of foreign merchandise marketed at New York,
last week, being about nine millions, and the customs re-
venue nearly four millions. The total amount of imports
at New York up to February 19, since July 1, 1869, was
$164,210,595. against $157,100,226 for the corresponding
period ol the previous sear. The exports were quite
light, last week, except in cotton. Since July 1, they
amount to $130,337,705, against $101,367,056, last year
This of eourse does not include the Public Securities
sent abroad, the aggregate amount of which has been
immense, more than sufficient to cancel all commercial
balances against us. They are chewing interest all
the time, however, and cry "give" like the horse-
leech. In domestic trade there is a fair businesii, wes-
tern and southern buyers of dry goods, especially,
coming forward with more alacrity than was exhibiting
last spring. Gold has gone down in spite of the spasmodic
vote of the lower house of Congress to instruct the bank-
ing committee to bring forward a bill for the issue of
$50,000,000 more of bottomless currency. There is no
probability of this measure going through the Senate, even
if the House, for the sake of buncombe, should go so far as
to pass it. Gold was down to 1181 on Saturday and again
on Monday after a slight advance. Foreign exchange was
also a little cheaper, the supply of cotton bills more liberal
and the foreign quotations of bonds higher, so that the
bullish effect of congressional action, if it existed at all, was
,core than counteracted. The high quotationsof bonds abroad
on Wednesday bore the premium down to a still lowerpoint,
the lowest fraction being 1171, from which there was some
reaction. This downward tendency of gold is the more re-
markable in view of the present active demand for coin-for
Custom house duties. The receipts of :he Government
from this source are now large, and for the first and
second quarters of the present fiscal year amount to
$93,907,069, against $86,587,057 last year, an increase of
over seven and a quarter millions. Secretary Boutwell, in
his estimates, calculated an increase of only seven and a
half millions for the whole year. Many of the importers
provided for their present wants by buying coin when
it was at 120 to 122, and this fact probably explains
in a measure the present low premium. The export
of silver front New York last week amounted to
$119,800, most of which was from White Pine. This
region continues to yield largely. A. London offer of
$1,000,000 for the Aurora mine has just been declined.
The advance of Government Bonds in the European
markets for the past few days has boon unprecedented.
It is hardly ten days since we congratulated ourselves
on seeing them quoted at 88, and now they have mounted
to 89, and on Wednesday were quoted in London at 891..
This extraordinary leap has had the effect in New York
to drop gold and steady bonds, so that for the first time in
a decade the promise of the American nation stood at par
in its own market. The bonds of 1881 and American
eagles were, for the first time since the war, quoted at the
same figure in New York on Wednesday, Feb. 23, 1870.
The cause for this activity in bonds in the British and
German markets is, probably, the great ease of money
in those centres and the abundance of capital seek-
ing profitable investment. Recent events indicate an
unusual greediness for new loans, and, probably, the
European loan market is rarely iu a condition so
favourable as now to sustain the weight of any loan
we may have to dispose rd. The Russian agent bad
an assortment of bids, amounting to $500,000,000, when 4
he "placed" his $60,000,000 loan on. London, and the
Chilian agent had offers of $10,000,000 for a recent loan
of $5,000,000. The upward tern in the Stock -Market
early last week was succeeded by a reaction on;Thursday,
when a bear movement seemed to have been inaugurated.
The programme thus far this week has been similar. The
fluctuating stocks, which were St. Paul, North. west, Rock
Island, and Lake Shore, have mostly recovered from last
week's decline. No business was done at any of the
Boards on Washington's birthday, the 22d. The earnings
and expenses of the three great trunk lines to th) West--
the Pennsylvania, New York Central, and Erie—contrast
as follows for the past fiscal year :
Traffic. Expenses.
Pennsylvania 517,250,811 $12,203,276
New York Central
Erie

Mail advices from Europe indicate that the wheat fields of
the continent, especially of Hungary, have received much
damage from floods. Ordinary travellers for some days
boated over the grain fields, and the devastation was wide-
spread. The Mark, Lane (Loudon) Express, in its review

of the crops and of the British markets, says :—" We aro
reaching a crisis of contrasts. Bread goes a-begging, while
many go begging for bread. While some propose emigra-
tion as the great source of relief to the country, no bolder
of corn believes that a diminished consumption will in-
crease the demand. The strange phenomenon is this,
Providence has made the earth to teem with plenty, that
plenty instrumentally caused by the hand of man, yet the
labouring man is destitute in the midst of abundance.

(From the Wall-street Journal.)
FRIDAY EVENING, Feb. 25.

Failures continue, among whieh we hear reported that
the Washington Iron Works of Newburg, New York
which concern, during part of the war, employed 1,500
hands. The following firms in this city are also reported
to have suspended :—H. Sampson and Co., -wholesale
dealers in dry goods; W. W. and C. A. Robbins, dry
goods jobbers; and H. Zweig, wholesale tobacco dealer.
Money on call is in ample supply, at ö per cent. on Go-
vernments and 6 per cent. on railroads and miscellaneous.
Discounts are readily obtained at 6} to 81 per cent. on
primp double names, and 7 to 12 per cent. on single. Gold
has daily declined, and yesterday fell to 1161, the lowest
price reached since Aug. 30, 1862, when sales were made
at 115 To-day the market has reacted, having opened
at 116, thence ris.ng to 117}, and closing at 116 x.
The exports of silver bullion from New York last week
were $119,800. and the week before $125,643. This comes
chiefly from Me recent White Pine discoveries, some of
which continue to yield largely. An offer comes from
London of $1,000,000 for the Aurora South Mine, owned
by Messrs. Seligman Biothers and a California party,
which has been declined. The Eberhardt Mine, the first
of the White Pine openings, also attracts great attention
on the other side, because of its productiveness.

QtiOTATIONS FOR SPECIE.
Amer. silver... 96 to 97 1 Eng. sovs 485 to 487
Mex. dollars...lo3f „ 104 20 francs 384 „ 386
Eng. silver 470 , 480 y Thalers
Five francs .... 96 „ 97
Government Bonds are strong, with a fairly active de-
mand.

Sixes, 1861, registered ..
Sixes, 1881, coupon
Sixes, 1868, coupon
U.S. 6s. Pacific Railroad
Five-twenties, 1862, registered ll2f to 113
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1835, coupon
Five-twenties, 1835, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 ll3 to 113 f
Ten-forties, coupon ll2 to 1124
Ten-forties, registered
Oregon War Loan, Sixes 1881
FOREIGN EXCH.INGE.

Sixty Days. Three Days.
London Bankers - -1081 1091-1091
London, Prime Commercial lOBl-108f
Paris, Bankers
Bremen, Bankers
Ifamburgh, Bankers 351-86
Frankfort, 0 M . 4.01-402
Berlin and Cologne
Antwerp 5.24-5.171
Amsterdam, Bankers
Swiss 5.22i-5.171
Express Stocks are generally steady.
Adams
American Merchants' Uni
Merchants' Union, old Sto
United States
Well; Fargo, and Co
Railroad Stocks aro gent
Vanderbilt stocks, Central of
Rock Island, Cliicago and N(
Missiisippi. Railroad gold I
mand, and we note large put,
peaks and Ohio Railroad Con
The following are the morl
N. Y. Central 6s, 1883... 901
N. Y. Central 6s, 1887... 89
N. Y. Central 6s, H Est.. 87
N. Y. Central 6s, Sub'n.. 87
N. Y. Central 7s, 1876...100
N. Y. Cen. 7s, con. 76 ...
Erie Ist Mort, Ex 100
Erie 7s, 2d Mort, 1879 98
Erie 7s, 8d Mort, 1883 93
•Erie 7s, 4th Mort, 1880 85
Erie 7; sth Mort, 1888 RI
Long Dock Bonds
Buff. N.Y. &E. Ist M, '77 B7
R. 7s, Ist M,
Hod. E. 7; 3d M, '75 106
Harlem Ist M, '6B '72 102
Mich. C. Ist M, 69'72 124
Mich. new Ist 31 8s 'B2 —
Mich. So., 7 p. c 2dM 9B
N. Ind. Goshen Line '6B
Mich.S.&N.l.S.F'd7p.c. 98
111. Cen. 7 p. c, '7O 110
Alton & T. 11. Ist M 93
Alton &T.H. 2d pfd 80
Alton & T. H. 2d M. Inc. 75
Han.& St.J.LandWrntsloB
Ilan. & St. J. Con
Chi. B. & Q. Ist M 11 l
Chi. & N. West, S. F 96
Chi. & N. W. Con Cony B9l
Chi. & N. W. Int B B9l
('hi. & N: W. Ist M 93.
Quincy & Tol, Ist 31,'75 71
111. & So. lowa Ist 11 7O
Gt.Wesl. lstM, 'BB £3!;
Gt. Western 2(.1 AL '9.1 7B
Tol. & Wab. Ist 31 Ex 9O

63i to 64
ion 37 to 38
)ek 6-} to 7
51i to 51f

21f to 21y
;rally strong, especially the
New Jersey, Chicago and
Irth-Western, and Ohio and
,onds continue in active de-
Anse of those of the Chesa-
npany.

gages :

Tol. & Wab. Equip 751
& Pr. du Ch. Ist M —
Gal. & Chic. Eat 9B
Gal. & Chic. 2d M 93
Chi. & R. I. Ist M 100
Chi. R. I. & Pacific 7's 9B
Cleve. & Tol. S. Fund 99
N. J. Central Ist M 102
N J. Central 2d M 100
Pitts. Ft.W., & Mist M 102
Pitts. Ft. W., & Ch. 2d M 951
Pitts. Ft. W., & Ch. 3d M 92
Cleve. & Pitts., 4th M 75
Chic. & Alton; S. F. Inc 97
Chic. & Alton, S. F. lstM 10
Mil. & St. Paul Ist 31 92
Mil. & St. Paul 2d 11 B3
Marietta & Gin. Ist 31 B7
Morris & Essex let 31 l 00j-
Morris & Essex 2d M
Joilet & Chic. Ist M —
Chi. & Gt. East'n 1801_ 75
N. Y. & N. H. 6s 97
Dubuque &S. City,lst M 95
Peninsula Ist M 9O
Ohio & Miss. lit M 96
Ohio & Miss. Con Bl
Tol. P. W. Ist M. E. D 7B
Atlantic & G. W. 2d It!.
Del., Lack., & W., 2d 31.100
Lake Shore Div. Bonds 85
Cleve, P. & Ash. N.B —

Do. 0.8...
Union Pacific Gold 8... 8G
Central P.llll. Uoli.l 8... 95
Pacific RR. guar. by Mo. 95

Miscellaneous Stocks do not show much animation, the
principal business being in Pacific Mail, which closes
at 421.
N. Y. Cent. & Intd. Er Hi
Erie
Reading
Mich. Central
Illinois Central
Cleveland & Pittsbrg lOl
(Jhi & North-West
North-West Preferred 87.:=1,
Canton 5B
Rock Island
Cleveland and Toledo
Fort Wayne 9lf I

Pacific Mail 421
Atlantic Mail —
Quicksilver
W. U. Telegraph -1;
Miraposa
Mariposa Preferred
U;iio and Mississippi 3oi.
Boston Water Power l7
Cumberland
N Y and N Haven 136;
M & St. Paul
M & St. Paul Preferred 87;

Messrs. Drexel and Co., the Philadelphia bankers, report
as follows on February 25 :—Pennsylvania Railroad
Shaies, 57 57; Sixes, Ist Mortgage, 99 100; Sixes, 2d
Mortgage, 99 100.

The Liverpool Mercury gives the following as the
official list of cabin and steerage passengers of the still
missing Inman steamer City of Boston :—Cabin.—From
New York.—Allen Ebbs, wife, child, and infant ; Mr Ry-
land and wife, W. M. Cochrane, M. A. Praeger, Mre
M. Cosgrove, James Cosgrove, James Adshead, B. C.
Lawton.—From Halifax.— Captain Hamilton, 65th Regi-
ment ; Mrs Kihlabl, child (thirteen months), and infant;
Lieutenant H. Horace Baker, R.E., and Mrs. H. H. Baker,
two children, Frederick and Florence, and nurse (name
unknown); Capt. Sterling, wife, infant, and nurse; IL 0.
Morley, deputy assistant-superintendent stores ; Mrs
Orange and child; Lieut. Orange and female servant, Lieut.
Kildahl and female servant, W. E. Potter, Capt. Forbes,
Mr Leconte, Master T. R. Robinson, Master Thos. 11. Ro-
binson, Mr J. Allan, Mr A. K. Doull, Mr E. Billing, Mr J.
B. Young, Mr J Barron, Mr Walter Barron, Mr P. Power,
Mr James N. Paint, Miss F. Paint, Mr G. A. Knox, Mr
William Murray, Mr C. S. Silver, Mr E. J. Kenny,
Mr John Thompson, Mr John D. Purdy, Mr Charles
Fisher, Mr S. R. Montgomery, and Mr William Parkes.
Steerage--From New York—William J. M'Crea, wife,
and infant; Janet Barnesley and two children, John
Moran, \Vm. Lapsworth, John Gibson, Benjamin Wood-
head, James M'Manaus, Kate MiManau, Michael Parkin-
son, Edward Parrey, James McDonnell, T. Fox, Thomas
Barton, M. J. Harding, John J. Ashton, William Moales-
dale, William Barnsley, George Fearns, James IL Barns-
ley, George Jennings, John Taylor, Mary Taylor
Thomas Bolton, John T. Bailey, Joseph Davies, Ellen,
Davies, William Davies, Thomas Davies, W. J. Thre-trer,
John Davies, Evan Thomas, Samuel M.Culls, Michael
Dempsey, William Carr, Charles Grattan, James White,
Francis McCarthy, L. Floyer, Thomas Francis, William
Thompson, A. R. Conk. From Halifax : - James McCain
and wife, Joseph Holland, Jas. Graves, Mary A. Erskine,
Patrick Cassidy, Geo. Bowling. The vessel has a crew of
81 men :—Commander - Capt. J. J. Ilalcrow. Mates- J
Mortimer, first; J. Craven, second; and W. 11. James,
third. Surgeon —Thos. Spring Rice. Subordinate officers
—William Smith, purser; Alfred Josepl-4 Garnett, bar-
keeper; James M'Gregor, chief steward. Captain Bulmer,
of the Helene Marion, arrived at Spithead in distress from
New York for Antwerp, states that she left New York on
the same day as the City of Boston steamer. On the night
of the 29th of January met with a hurr.catie from S.E. to
to S.W., which, while hove-to, took away his foremast and
jibboom, although he had no sails set at the time, and his
new sails were taken completely out of the gaskets and
blown away. Believes the City of Boston must have been
in the same hurricane.

The National Conference on Prison Discipline
will open at Cincinnati, Sept. 20, 1870, and Dr. E. C.
Wines and Dr. B. K. Pierce, of New York; A.,E. Cham-
berlain, of Ohio ; Z. R. Brockway, of Michigan ; and
F. B. Sanborn, of Massachusetts, have been appointed
to make detailed arrangements, select topics, report sta-
tistics, &c. Dr. Wiebern, the famous reform school su-
perintendent of Hamburg, will probably .;attend. The
National Association formed to secure the recognition of
Almighty God and the Christian religion in the constitu-
tion of the United States has issued a call for a National
Convention at Pittsburgh, on Thursday, March 3. This
call is signed by William Strong, president of the associa-
tion; James Pollock; J. IL M'llvaine, professor in Prince-
ton College ; Bishop Scott, of the Methodist Church ; and
General 0. 0. Howard, vice-president.

From the Naples and Florence Observer we learn
that "a large party of Americans, accompanied by the
Consul, B. 0. Duncan, Esq., Mrs. Duncan, and Mr. Rogers,
madean excursion to Pompeii, March 4, where, by order of
Senator Morelli, a special excavation was made. Several
vases, a few coins, and various other objects were found.
A sumptuous dejenner was laid out in the narmx Stabiame,
to which tha guests, upwards of forty, sat down. The day
was remarkably fine, and all were highly delighted with
the trip."

The North German Correspondent remarks :
"The. Observatory last year conchulei a most important
examination of the course 41 followed by steam ships be-
tween the Lizard and New York. For this purl (use
it made use of 374 logs. kept by the respective captains
of eight vessels of the North-German Lloyd. These
logs furnish exact information as to the position of
each ship et noon on ever.day of its voyage, an accountof the state of wind and weather, and much interesting
information as to fogs, ice, the quantity of coal consumed,
etc., but unfortunately they contain nothing respecting the
pressure of the atmosphere, or the temperature of the air
and the sea. The practical purpose of this investigation
is to discover by what route a steamship can accomplish
the distance between the two points in question at vari-
ous seasons of the year in the shortest time. The report
concludes with an expression of gratitude to the Buudes-
rath for the subvention lately grunted, and of satisfaction
at the excellent relations existing between the North-
German Ocean Observatory and titnilar institutions in
oth©x c9untrics."