The Sun.
London, England, 1870-03-31 00:00:00

INVESTMENTS IN AMERICA.

(From the Anglo-American Times.)
• If Mr. BOUTWELL had any chance of here being
L able to float the new U. S. Loan for the redemption
of the Five-Twenty Bonds as proposed in the Senate's
Bill, one circumstance now in opera Lion would
materially lessen that chance. Among the eager
borrowers in the European marts are the agents of
some good American ralways, who offer bonds
bearing far higher interest, and possessing, if Effi-
ciently and honestly managed, as good security as
any offered. It is said that people are flocking
from New York to Frankfort as to a gold fie!d, and
capitalis's are largely selling U. S. Securities to
make the transfer. These German moneyed men
have been wise in their generation, and their
example might profitably be followed in England.
Theyalone in Europe earlyappreciatedthe value of the
securities offered by the Federal Government during
the war, and the reward of their knowledge and con-
fidence has been an enormous harvest. Having got
all they can out of the war, they are now going in
for all they can get out of the peace. First, they
hold that Five-Twenties cannotrise much higher, for
they are now close on par,though in this calculation
it should not be overlooked that the Bonds at present
bear nearly 3 per cent. interest. But the Washing-
ton Government will surely meet a rise above par
by funding the Debt at a lower interest; therefore
any strong upward movement must be checked.
Next, they see that the United States is on the eve
of resuming specie payments, and that if they cut in
early,theywill get the benefit of the discredit attach-
ing to a country which, from any cause, has had a
currency depreciated below the standard of the world.
That discredit forces Americans to pay a higher rate
for money than they would otherwise have to do ;
and if it is on the eve of being removed, with the
isestige, too, of passing through the most extraordi-
nary financial revolution ever recorded without con-
vulsion, American credit will rapidly rise. The
third reason is the prosperity of the couutry, for,
notwithstanding the depression caused by the
shrinkage of values, arising from the approximation
towards equality of coin and greenbacks, trade in
America is sound ; and the great productive power
of the South is being developed as of old, while there
is an unprecedented settlement of population going
on in the Western States. What is the conclusion?
Why, of course, that there is a great deal of money
to be made by taking part in the industrial en-
terprises now waking into life and viuour all
over the Union ; and the man of enterprise, who un-
derstands what he is about, can there secure for his-
capital a far better return than from the national
securities. It is not in the hands of such persons that
the Republic should desire to see its Bonds. No
Government Securities can be firm so long as they
are main lydealt in by such operators ; because, they
are quick to buy and quick to sell, and what gives
the impulse to one, gives the impulse to many.
Those who ought to buy and hold U.S Securities are
the trustees for institutions, for widows and chil-

dren ; men who have laid by a provision for retire-
ment, and people generally whose Bonds are in the
depth of a strong box, where they lie undisturbed
till the coupon is wanted. A few years more, and
there will be as small a portion of U.S.Bonds floating
about on the markets as of British Consols, for
they will then have been absorbed in the same
way, and the sooner such trustees take them from
the hands of the operators, releasing the capital of
the latter for more profitable purposes, the better
for both, for although an enormous sum has_been
made by Europeans out of the United States, a vast
deal more remains to make. The first effect of the
action indicated has been to make U.S. Securities
flat, but the changewill steadily progress as he circle
widens of those who comprehend the subject. There
is one danger, which it is the interest both of Eu-
rope and America to lessen to the smallest possible
dimensions, and that is the negotiation of bogus
bouds,of" wild-cat mines," and other swindles, which

have already so materially retarded European in-
vestment in A iwri,•an undertak'ngs. A tra,twor.hy
ag ency for bringing forward the mining enterprises of
the Pacific Slope ought to be es' ablished ;n London,
for it is painful to see the things unblushingly adver-
tised, while a valuable property like the Eureka
faits to secure a market. What we recommend
for the Pacific Slope is the establishment of a Trust
and Loan Company, borrowing money in London
and lending it in San Francisco, and the establish-
ment of a Mining Agency, the respectability of
which will be a guarantee that none but genuine
properties are offered to the British investor. There
are a few Americans now in London from Cali-
fornia and Nevada who would command the con-

fidence of their own States, and if they could form
an association of men in whom the lloglish would
put faith, something might be achieved, in the face
of which a " wild-cat" dare not be announced,

while bona fide paying mines could, with a chance
of success, be offered to the public. We hope that
some action may follow this suggestion, or Cali-
fornia and Nevada may oon have reason to regret

their neglect of interests as material to them as to
English investors.

AMERICAN CORRESPONDENCE.

(From the Anglc-American Times.)
NEW YORK, March 12.

Governor Hoffman has pardoned a Russian named
Alexander Reno, though guilty of an unpardonable
offence, on c•mdition that he would leave the coun-
try within ten days ; that is, we make him a pre-
sent to you, as he will probably not have a fancy
for Russia, al hough the Russian Minister is be-
;levy(' to have interested himself in his behalf. To

,iir philanthropists the bare idea of punishment is
obnoxious. To punish that lordly creature, man,
is an invasion of his dignity and rights, even in
the person of a Jack Reynolds, about whom, by the
way, an earnest movement has taken place to get
the sentence of death commuted to imprisonment
for life. A petition is in circulation to press the
Governor into granting this; and, after being
signed by many influential names, the committee
has left for Albany personally to press the matter.
A story is related in one of our newspapers of some
. gentlemen who, in tke Astor House, were discus-
sing the increase of crime, and one bet another
that if he shammed intoxication, even in the slightest
degree, that he could not walk to Union-square
' without being followed by thieves, or the touters
of the gaming houses. The gentlemanwho was to try
the experiment got all right as far as Grand-street,
where a swell-mobsman met him, and, pretending
also to be in his cups, invited his brother in
liquor to a club. No sooner had he got rid of this
gambling-den touter and reached Hudson-street,
than he was beset by thieves, who hustled him,
and would have robbed him had he not woke
up to the necessity of being sober. An Eng-
lishman, who had only recently arrived, and is
said to b, a man of means, named J. G. Har-
dinge, was found dead at No. 122, West Twenty-
Seventh street. The circumstances are suspicious,
the. house being one of ill repute; but little is known
about the deceased gentleman except that he had
apartments at the Fifth Avenue Hotel. The bar
of this city has organized itself into an association
which may do same thing in checking crime ; for it is
impunity, and impunity only, which is procuring
fo,- New York so unenviable a reputation. If we
had judges more under the influence of the profes-
sion, and less tinder that of the criminal population,
a more rigid jubtie would be meted out, and the
police 111 held in an honest and zealous performance
of their duty. There was an important meeting
on Tu s lay evening of the Bar Association to
e'ect members ; the Hon W. M. Evarts presiding.
.the Committee on Admissions presented then Ines
of 200 lawyers, which were read twice, and after a
billot all were elected, though other names have
to stand over for future consideration. Seven thou-
sand dollats have been subscribed, and temporary
rooms taken. Gan. M‘Mahon presided at a meeting
of the Cuban league last Saturday, and many dis-
tinguished generals were preser.t. Among the gen-
tlemen on the platform was -Cassius M. Clay, tur
late Minister at St. Petersburg, who takes a warm

interest in the Cuban cause. Frank Leslie has a
cut at Jonathan in the illustration on the outside
sheet,where he is represented as gropingabout with
his eyes bandaged with a napkin, on which is written
" The Alabama Claims." Columbia in great distress
tries to arouse him to:the battle going on, in which
the Cubans are depicted as having the worst of
the fray. The police have been informed tbat
Florence Scannell is not expected to live, and they
have been ordered to re-arrest those concerned in
the disreputable fight in which the alderman re-
ceived. his wound. An Englishman from Barba-
does, named John A. Phillips, has retired to Europ.•
in the Mahe with a considerable sum, cleverly ex-
trac' ed from the Treasury. He was considered a
trustworthy and valuable officer in the Internal
Revenue Office of the Fifth District, near the
Bowery. Mr. hl'Harg wa3 promoted last April to
collector in the district, whereupon Phillips was re-
tained as First Deputy. The Monthly Report.
No. 76, failed to reach Washington from the
Fifth District, and on investigation Collector
M'Harg's stamp account being found to be wrong,
Supervisor Butcher was quietly told to examine
and report upon it. Then Commissioner Delano
summoned the Collector to Washington, whence
he returned in an unpleasant frame of mind, while
Phillips walked about this city calculating what the
business was, and predicting that there was some-
thing wrong with the stamp account. When he
heard that M'Harg ha returned, he went home
and gave his wife $5O, saying that he would be
absent for a few days at Washington. Then he
got into a carriage with his trunks, and, in an hour,

;nag steaming out of the harbour in the Idaho, while
Supervisor Butcher and his chief clerk were puzzl-
ing therns Ayes all the night over the accounts.

Enough was made out to show that Phillips had
at least embezzled $30,000, altering or suppressing
reports to conceal his crime. It is believed that
he pocketed the cheques given by the manufacturers
for the tin foil tobacco-wrappers. Wm. Chambers
was arraigned in theKi n g's County Oyer an dTerminer
on Thursday for the murder of D. S. Voorhees, awl,
the trial has been fixed for the third Wednesday of
April. The defence will, as usual, be insanity, but
.the man, from whatever cause, really must have
been insane at the time he discharged his pistol so
fatally into the group. M'Farlaud's trial is post-
poned to procure important evidence from Ireland.
The counsel, in moving for delay, adroitly used the
opportunity to influeoce public opinion, and, as if
to show that his case was not particularly strong,
heartily abused the opposing attorney. Recorder
Hackett is known to be favourable to the prisoner,
and there ii scarcely a chance cf his being convicted,
for public opinion favours him, and no jury could
be got to agree. Mesdame s Woodhull and Claflin
lave added a "he" to the firm, in a Colonel 81001,
who now figures as " Co." They have agreed to
pay $4,000 annually for their office, and I hope the
proprietor may get it; for, uow that curiosity has
abated, little business appears to be doing, and the
credit of the sisters does not stand high. Another
c rcutnstance against the proprietor is that a pre
vious little bill for house-rent has remained unpaid
for years. Apropos of rent, the general impression
is that ,the terms must be lowered from last year's
figures. Real estate is certainly falling, as might be
expected, with the rise in the value of our cur-
rency. The Northern Hotel, for instance, was
sold a month ago at auction for $75,000, and
last Tuesday it was again knocked down for
$58,250, and the Jersey Hotel, close by,for $lB,OOO.
Notwithstanding the efforts of Messrs. Stewart and

Astor lower rents must be accepted this year, ex-
cept for very choice sites. A charge of libel has
been preferred against the editors of the Sunday
Mercury by Dr. Sherman. The case is grounded
on a letter published in that paper from the Rev.
Henry Ward Beecher, who wrote disparagingly of
the defendant. The premature publication by the
New York Times of the gold panic testimony has
excited interest ; the Tribune says it received the
report in time for publication the day before, in
confidence, and therefore would not publish it
as a " second rate" journal did. It appears that
two copies of the testimony only were written—the
one for the Committee, the other for the Presi-
dent ; and the latter gave it to the correspondent
of the Times, who, as a matter of course, despatched
it with all speed to his newspaper, which it reached
several days before the period for publication, with
explicit restrictions to delay it till the publkation
was nut'lorised. Later, the other newsy apers got
wind of the circumstance, and procured copies of

he testimony ; but the
.'limes, feiring t) lose i

priority in the race, published the rei ort before i
was officially submitted. Messrs. Butler and Gar,
field threaten all sorts of penalties, and talk of at

official inquiry into the facfs of the case. Mr. Jones is
the business manager of the Times, and MeBsrs,Shep-
pard and Bacon, to whom has late), been a hied Mr.
Chamberlain of the Buffalo Commercial Advertiser,

mainly conduct the editorial department. A. so
ciety has been formed to prosecute captains and
other ship officers who cruelly ill-treat their crews,.
and Joseph Clyne, mate of the Glad 'I idings, has
had.to answer a charge made by the seaman John
Linguist, during the passage from Liverpool. Dur-
ing the week the feature has been an extraordi-
n *ry excitement in the Gold Roam. Honest trade
is growing very weary of the constant fluctuations
and of the uncertainties kept up by these specula-

tors. These gold brokers are coming to be re-
garJed as maniacs. On Tuesday the old indicator
outside the room marked 111., whereon the opera-
tors in the " Street" broke into terrific yells. For a
time the business almost reached the excitement
of the well-known Friday, the room being crowded
and the side walks lined as far as the indicator
could be seen. The " bears" were conquerors in

the fight till a Washington telegram arrived of the
probability that $50,000,000 would be added to the
currency, when the premium instAntly rose one.
Next day, however, it was forced down to 1101 ;
but on Thursday the struggle ended in exhaustion,
and the premium then ranged between 11 and 12.
A email bank, the Mechanics of St. Louis, has re-

sumed specie paymeLts; and Portland is paying its
municipal coupons in gold. A few of our restau-
rants tried the experiment of paying out silver,

more as an advertisement, but soon grew weary

In Canada the Government is about to issue
greenbacks, and the silver is at a greater dis-
count than our paper, which must end by bring-
ing it all into the United States. The change
resulting from the fall in gold perplexes and
paralyses every branch of trade. Freights have
advanced, and the export of breadstuffs have been
brought to a stand. Dry goods are lower, and weak
houses are failing, and more are likely to go.
Wages, too, are difficult to adjust ; and strikes are
pi obable from the attempted redaction. The sea-
men have already struck of some of the steam lines
o New Orleans, Panama, and Havannah, to the

inconvenience of the community. Mr. Seward, in
his reply to the President of the Chamber of Com-
merce, who waited on him last Tuesday, alluded to

the present depression,but made light of it in the face
of the vast internal improvements. Our Mayor is
to figure at the head of the St. Patrick's Day Pro-
cession in an open barouche with several of the city
judges. It is expected that the procession will be
the greatest yet marshalled.

WASHINGTON, March 4.
Last Saturday, on the invitation of Mr. Clapp,
the President went over the Government Printing
Office. He was welcomed. with a band of music in
an office decorated with banners, festoons, and
mottoes, and the women employees presented him
with a bouquet ; but the work was continued all
the time. The sudden death of Mr. J. J. Paul, last
Monday, who had but just arrived at Washington
as. Minister from Venezuela to the United States,
was caused by apoplexy. He bad left his wire and
a large family in Venezuela, where he was well
known as a skilful lawyer ; but he bad not time
even to present his credentials. lle was about
forty-fiveyears old. A meeting had been held to make
arrangements -for the funeral, which took place
at the Church of St. Francis Xavier, the remains
being iutrred in Calvaty Cemetery. His father
was Chief Justice of the Supreme Court of Vene-
zuela, and the deceased Minister was a Judge, then
Secretary of the House of Representatives, then
Minister of the Interior, leadint, an active, and, on
tie whole, useful life. A case of assault. and battery
is told in the memorial of Colonel John Hildreth .
of Brooklyn, which was pres.mted to the House by
General Butler. It appears that Signor Louis de
Polestad, First S:-.eri.tary of the Spanish Legation,
assau'te l Ilddrith when la,:t week hecalled on
as at the Llgn tion , knocking him down on the stone
ste, s without provccation, and SD sevtrely inju ittg
him that his head is a mass of bruises, and his
b xly is much cut. Added to Ill's ill-treatment the
Spania• due lUm most insulting language. Colonel
Ilddieth his applied to Secretary Fish, who is
moving in the matter. General Butler has appointed
Charles Sumner Wilson, of Salem, Massachusetts,
a coloared lad, 17 years old,' and a graduate of