The Sun.
London, England, 1869-07-02 00:00:00

THE iLIIERICALV PRESS.

The Baltimore Gazette, alluding to Mr. Reverdy
Johnson's recall, says :
" We have reason to believe that the resignation of Mr.
Johrson was tendered less from his anticipation of that
fact than from his unwillingness to be a party to demands
upon the British Government which have no foundation
in either decency or justice."

The Halifax Chronicle, in an article on Manifest
Destiny, contends that it is useless to attempt the
erection of such an indenp.ndonf. nn the con-
,:—Lic, as the vommion. It thinks that such a
design could not be successful :

"Daily it is becoming more and more certain, not alone
on this continent., but in Europe as well, that not groat
countries, but small countries, are an ithpossibility. With
regard to America, it is every day becoming nt-y:o and
more patent to all that there can be but ono Government
on all this continent. . . . The Latin Empire in Mexico
crumbled into dust at the frown of the Republican giant ;
and the same fate is in store for the Dominion. It could
hope for no other consummation. If it were even pros-
perous it could neverafford to compete with the United States
in commerce, manufactures, mining, and in military pre-
paration. But it is not prosperous. Wo would ask any man
would it be a good thing to belong to a Dominion which,
with impoverished resources, would have to construct
men-of-war, each costing a private fortune ; which would
lowa to maintain the dignity of the nation out of the
narrow means of a province, and do desperate battle
against desperate odds, with painfully insufficient moans
for a life which can only be at best but a burden to it ?"

The Montreal correspondent of the Tribune wrote
on the same subject, June 3, under headings as

: -

t, The Question of Independence—Actual Names and
Hard Facts—The Trade -Exodus of Canadians—New
Light on the Subject—The Policy of the Hon. John Rose
and Members of Parliament. . . . To-day comes a rumour
that the Hon. John Rose, the Finance Minister of the
Dcminion, has resigned. 'lt is not true. But the Hon.
John is too able a man to remain long with the fossils
who constitute the present Government, and is restive
under the existing state of affairs. He will take an
early opportunity of resigning—probably when the
new Banking Bill comes up for discussion. The Hon.
John Rose is the Gladstone of Canada, and - shall I
whisper it 2—is said to be thoroughly in accord with
the Independents. I scarce dare assert that the Hon.
James Young and the Hon. kr. Galt are Indepen-
dents at heart, but such are the facts which a little
bird whispers to me. . . . The unsettled nature of our
future political status is engendering a chronic timidity—
approaching to dread—which has the effect of shackling
energy and destroying business. Conspicuous in every
street, highway, and byway are dwellings aad stores,
workshops. and manufactories 'to let,' or, what is worse,
' for sale,' by order of the official assignee. Every em-
ployer is discharging hands, and the exodus is but in its
infancy. The rush has heretofore been from the sparsely
settled rural districts; now it has reached, and is making
startling headway amidst our skilled artisans, who cannot
remain workless dwellers in our towns. One firm, em-
ploying almost exclusively skilled labour, has discharged
over 150 hands within the last three weeks. More than
half of these men have already gone West."

The New York Evening Post of the 7th inst.
favours Secretary Boutwell's policy. That journal
had opposed his appointment, and had maintained
its opposition till experience satisfied it that Mr.
Boutwell was a safe man in his important post.
"Greenbacks and fractional currency wear out, and no
law requires him to print more when the worn ones are re-
deemed. Three per cent. Certificates occasionally come in

for payment, and no law requires him to reissue them.
The practice under the former administration seems to
have been to keep the place of the notes withdrawn sup-
plied by now ones. But Mr. Boutwell has wisely avoided
this, as it seems, and the results attained are important,
although the process has been so quiet as to attract no at-
tention and produce no disturbance. Thus, the three per
cent. certificates in circulation were, at Mr. Boutwell's ac-

cession,
March 1 557,110,000
April 1, after one month
May 1, after two months
June 1, after three months
Thus he has reduced these certificates $4,065,C00 in
three months ; an average contraction in this one item
of $1,355,000 per month ; or at a rate which will extin-
guish this most objectionable form of the public debt be-
fore the Ist of May next. Inasmuch as this amount is
taken directly out of the Bank reserves, which are in the
aggregate less than 20 por cent. of their contribution to
the general inflation, the actual contraction represented
by this movement is not less than $6,000,000 per month
in the circulating medium of the country ; and is perhaps
as great as can take place without seriously disturbing
the money market. The same process is taking place in
the Treasury money, the figures being as follows:
Fractional
Greenbacks. Currency. Total.
March 1, 356,021,073 36,781,517 392,802,620
April 1, 355,943,032 86,075,830 392,616,862
May 1, 355,941,032 35,350,323 391,291,355
June 1, 3::5,936,431 33,452,323 389,388,754
Here is a further contraction, therefore, as _steadily pad