The Sun.
London, England, 1870-07-25 00:00:00

THE CONFEDERATE PRESIDENCY.

Judge A. M. Clayton, of Mississippi, recently wrote a,
letter to the Louisville Courier Journal, in reply to the
following statement in Mr. Stephens's " History of the
War :"—" Toombs was to have been chosen President, but
failed through a singular misapprehension on the part of
representatives of other States, who had understood that
he had refused to have his name put forward. There
was some misunderstanding likewise concerning Howell
Cobb being the choice of Georgia. By accidental com-
plications, Mississippi had the first choice, and chose
Jefferson Davis, leaving Georgia second, which resulted
in the Vice-Presidency of Mr. Stephens." Judge
Clayton says there is a great error in this
statement. As a member of the Provisional Congress
from Mississippi, believing that Mr. Davis was the
choice of the South for the Presidency, we wrote him asking
whether he would accept the place. Mr. Davis replied
that the Presidency was not his choice ; that he would
greatly prefer the command of the army, but would give
himself to the cause in any capacity whatever. Mr. Ste-
phens was the first choice of Georgia. There was no elec-
tioneering, no , management, and it was evidont at the
time that the wishes of the great majority of the Southern
people were carried out in the election of Davis as Presi-
dent and Stephens as Vice-President.
Mr. Robert Rhett, of South Carolina, answers Judge
Clayton, in the Charleston Courier, as follows :—" Judge
Clayton affirms that Mr. Stephens was the first choice of
Georgia. Mr. Stephens himself says that Mr. Toombs
was her first choice, but the fact is that when the ballot
came off, Georgia voted for Mr. Howell Cobb for the
Presidency of the Confederacy. On finding that the
other States had voted for Mr. Davis, the Georgia dele-
gation withdrew their vote for Mr. Cobb, and voted for
Mr. Davis, "to make the vote unanimous." Nor do I
think that Mr. Clayton is quite correct when he says that
' there was no electioneering—no management.' "

IHE GOLD MARKET.

EFFECT OF THE WAR NEWS FROM EUROPE.

(From the New York Times of July 12.)

That which the operators in gold have waited for so
long, and about which so many vague rumours were wont
to be circulated, has come at last, and the hearts of the
bulls are made glad by veritable news of an impending
war in Europe. Like the sailor becalmed praying for a
breeze, the operators in gold have daily cast wistful
glances towards the various points of the political coin-
pais, ever since last March, in the hope that something
would occur to set the golden billows in motion once
more. Failing of providing the means for a sensation
from Washington, and having worn the Funding Bill, the
Currency Bill, and all other financial measures almost
threadbare by their various manipulations, the news from
Europe last week that a war-cloud, no bigger than a
man's hand, was spreading over the Continent, seemed
too good to be true. Last week the war rumours were
considered too vague to produce much effect upon the
gold market, and the tossing of the auriferous waves was
quite gentle. Yesterday, however, the storm cloud seemed
to gather in magnitude, and assumed such stupendous
proportions that the gold market began to feel its effects
—the waves were in motion, and commenced their almost
ceaseless music. The rush to the Gold Room yesterday
morning, to hear what the gold waves were saying, was
tremendous. Those operators who had not anticipated
the storm found that the billows were making for them a
sea of trouble ; but the careful mariner, who bad anti-
cipated the movement, looked calmly on, and played
with the golden spray as it dashed upon the rock.
The transactions in the Gold Room at an early
hour in the morning were quite heavy, and the
' price of 1121, which ruled at the close on Saturday, was
soon distanced, and gold was sold up to 115 g. The Board
opened with gold at 115 k, which was the highest point
reached during exchange hours. From that figure it
fluctuated rapidly all day, running as low as 113 g. The
air was filled with rumours which were circulated upon
the yellow slips of tissue paper—which not unfrequently
are tissues of falsehood, but nevertheless serve their
purpose—and the German bunkers were heavy buyers.
The report that American securities had fallen off from
two or three per cent. on the other side, and a return
movement might be expected, affected Governments, and
they in turn had an effect upon the gold market.
It is scarcely necessary to follow the fortunes of the day
as recorded upon the gold indicators. The scene yesterday
was but a repetition of those which have been faithfully
painted in these columns during previous ex-
citements, though, perhaps, the feeling was not
sointense yesterday as it was when gold was falling step
by step in the latter part of February, and during
IVlarch. It certainly bore no resemblance to the panic
which attended the transactions of " Black Friday " last
September. Now there is legitimate cause for a rise in
gold, and the market is in the control of the bulls, who
will doubtless make the most of the excitement while it
lasts. Should the war-cloud in Europe be dissipated, the
bears will be intoxicated with joy, for then they will reap
their harvest. The fluctuations were influenced by the
conflicting reports from Europe. The heavy rise early
in the morning was caused by the large purchases by
German bankers. Private dispatches to the effect that
the rupture would be healed by diplomacy sent the price
down again, and contradictory reports kept it oscillating
all day. Rentes declined to 66 francs 50 centimes—the
lowest point for many years, and this course of
the never-failing barometer, the Paris Bourse,
was considered as a certain indication that
war was imminent. Up went the price again,
and it kept up until dispatches were re-
ceived announcing that England had offered mediation
with France, when the price fell to 1131, though the
market was still active. The clearings at the Gold Ex-
change cannot, it is thought, fall short of 100,000,000 dols.
The war news had a marked effect upon the dry goods
market, which was unsettled and inclined to advance.
The produce market was also affected. Early in the day
the war news and the resulting buoyancy in gold
strengthened business in breadstuffs, and led holders to
demand much higher prices for flour and wheat. But the
export and speculative inquiry was comparatively tame
throughout the day, and at the close the markets were
generally weaker and irregular. In cotton there was a
rather lower range of prices, under firmer offerings, and a
limited demand. In ocean freight there was an unusually
limited demand for ship room, but rates were nomi-
nally unchanged. Outside of these there was no excite-
ment.

Her Majesty the Queen, we regret to hear, is again
in indifferent health.—Echo.

A Dublin correspondent writes that the Irish
" National" journals are this week furiously anti-Prussian
in their articles. The aim of the writers is to convince
France that the Fenian party are her enthusi-
astic friends ; but this is all, it need hardly be said,
contemptible bluster. The war is seized on chiefly
as a " sensation " topic, and will be used as a means of
fostering hatred to England in the breasts of the ignorant.
The bombast of these prints of course can deceive no in
telligent person ; but it has its mischievous effect here
jiist now, and the demonstration before the French
Consul's house was one evidence of it.