The Sun.
London, England, 1869-09-29 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, SEPTEMBER 29, 1569.

would rau into, and -believing that on many
occasions the clergy would be powerless to roach the
masses unsupported by the laity, he thought the
Church benefited by its connection with the State.
The duties of citizen and Churchman were blended
together, and the best citizen was the best Church-
man, and rice vend. The Archbishop, however, de-
clared himself favourable to complete liberty
of conscience, as well as to the influence
exercised by the laity in the bestowal of
Church patronage. They must all unite to meet
the wants of a changing age, and instead of
contemplating organic changes in the English Church
they had better regard it as a good and tried machine,
perfectly capable of doing its work in the nineteenth
century.

THE LATE BISHOP OF EXETER AND THE IRISH

CHURCH.

Archdeacon Phillpotts sends a second letter to the
Times in answer to Sir Georg,e Bowycr's reiterated
assertion that twenty years ago the late Bishop
expressed his belief that the Irish Church
was doomed. To prove that his father di'i
not hold such an opinion, the Archdeacon states
that the last groat mental effort the Bishop made was
in defence of the Irish Church, And that nothing but
bodily weakness prevented him from persevering
in it. His medical advisor pesitlvely for-
bade his attempting it further. " Everyone,'
continues the Archdeacon, "must perceive, notwith-
standing the specious disguise with which Sir G corge
Bowyer affects to cover it, that this matter brings in
question the personal honour and consistency of the
late Bishop of Exeter, and if in vindicating his
character I do any damage to that of his accuser, the
fault is not mine, but his."

—nrown—ana give up tne onjecnoname titie. Ants
difficulties arose. The college can, indeed, give
licences to change names, but Brown, it appears,
is an ennobled name, and no one can take
it without permission from the head of
the family. Mr. Shortguts accordingly applied
to the head of the family—whoever he may
be ; but, to his extreme distress, his request was
refused. A. relative of the unhappy man did very
differently. The Rev. Moses Shortguts snapped his
fingers both at the " head of the family " and at the
Heralds' College, changed his name to brown, and is
now recognised as the Rev. Moses Brown.

I am ashamed to say that, not having the same amouiat
of courage as my cousin, to this day I am a Shortguts.
Now, I wish to know why tho head of the "ennobled"
family of Brown should be allowed to stand in my way
in so important a matter? I claim no relationship to the
ennobled family of Brown, and I think they might
have allowed me the privilege of rejoicing in that name
when the welfare of my family so much depends upon that
sanction. My sons got much persecution at school on ac-
count of their name, over which they have no control, and
my girls, I feel for them, for who in the world would lead
to the hymeneal altar a Miss Shortguts ? As far as I can
learn, no female of our name has ever married. I regret
that I did not do as the Rev. Moses Brown did, but I fear
it is too late now.

The unfortunate Shortguts might, indeed, have been
excused for acting as his cousin did, but was there
not another resource ? Might ho not have taken a
name which was not "ennobled " ? There is nothing
very noble about Brown.

FOREIGN NOTES.

TEE DUKE OF EDINDUEGII AND EIS INDIAN' MOVE

The Times of India has an article on the presentsto be
given and received by the Duke of Edinburgh on the occa-
sion of his visit to India. The Times has heard that the
Home Government were taking steps to provide the Vice-
roy with sufficient supplies of suitable presents for native
princes and chiefs, to be given at the durbars held in
honour of the Duke. It approves of this, but
fears there may be some difficulty in store on
the subject. The native princes are apt to be lavish
in their present giving, and will, it is feared, be
likely to make an excessive expenditure, to do honour to
the Empress of India through her son. The Indian journal
suggests that some hint should be given, through the
tical agent'or othererise, by which the native chiefs may
understand how little Qceen Victoria desires that they
should put a pressure on their resources in time of famine
for such an object. When the presents are made, it is
hoped that the Prince will be allowed to retain them and
take them to England. Indian officials are strictly prohi-
bited from accepting any private gift from a native prince,
but the visit of the Royal Duke is something exceptional.

MONEY AND BUSINESS.

(From the Springfield Republican, Sept. 11)
No oetter indication can be required of the faith of the
commercial public in the stability of the national credit
and in the general solvency of the business community
than the course of the money and bond market for the
past week. Notwithstanding the exciting movements of
gold, money has been comparatively steady, at no time
rising above 7 per cent. on Government collaterals. The
dealings have been active compared with those of the pre-
vious few weeks, but have resulted almost entirely from
the pressure of the gold gamblers. Some of the bulls seem
to have interpreted ono item of the September debt state-
ment to mean that the Secretary of the Treasury had but
$12,000,000 of currency with which to buy $12,000,000 of
bonds and pay $10,000,000 pensions during the month.
There is, however, a fund of $10,000,000 for pensions and
of $9,000,000 for ordinary appropriations in the Treasury
in addition to the currency item iu the debt schedule.
From this source, from the sale of gold and the ordinary
revenue returns Mr. Boutwell will draw enough to
make all his promised disbursements. The statement
of the Now York banks for the past week was unex-
pectedly favourable, the total reserve having been in-
creased $1,029,568 against a reduction in the total liabi-
lities of $2,306,840. Tho banks hold lawful money in
excess of the amount required by law, $17,026,224 against
$16,573,336 during the preceding week. The specie aver-
age is $17,461,722, a decrease of $2,007,380 from the pre-
ceding return duo to the payment of Customs. The legal
tender average is higher by $2,036,948, which is iu part
accounted for by the payments of the Treasury for bends
purchased. The groat excitement of the week has been
in gold, the bulls having everything their own way since
Friday. The occasion was happily chosen in some re-
spects, though the bank statement of the following day
was certainly unlooked for. The excitement in the New
York gold room through Monday aad Tuesday was very
intense and entirely out of propel than to the extent of the
fluctuations. The conflicting rumours in regard to th
foreign bond market, and above all the state of the Emporo
Napoleon's health, afforded a good cover for speculative
movements, and plenty of canard materials. On Monday,
when the price was urged up to $1371 in New York, the
Paris Bourse was so feverish that the presiding officer
felt called upon to proclaim that the Emperor's health
was entirely " satisfactosy." One of the ridiculous stories,
made to do duty in New York, on Tuesday, was that that
city was pervaded by secret rod Republican societies which
were anxious to put Prince Napoleon on the throne, and
wore buying gold wherewith to accomplish their purpose
as soon as Eugenie and her boy were loft alone in the
world. The attempt to foist all the speculation in Wall-
street upon the foreshadows oZ foreign revolutions is no
credit to the men who can be gielty of it. In case of coin-
motions in France or other foreign countries, it is difficult
to see why they should conic to us for gold, why in fact
they would not demand most everything else first. That
the rise in gold here is purely speculative is plain from
the fact that Government Bonds have not risen with it,
at home or abroad. The export demand for gold has almost
ceased, so cotton and wheat bills have by this time settled
the balance of trade that was against us. In fact, a
Frankfort house has already shipped to this country
$3,000,000 of gold, soon to arrive, on account of bond pur-
chases. This amount, however, has been purchased
already by the bulls, who undoubtedly have a long purse,
• and would like to keep the treasure locked up just as
long as they can afford to pay the steep carrying rates or
until they can force the gold-using community to pay a
generous ransom for the metal. In the absence of the
export demand, this community consists merely of the
importers, or payers of gold dues, whose demand is
legitimate and rather peremptory, and of the bears, who
speculate and deserve no sympathy, as they are merely
taking their turn, as the under-dog in the fight. Aside
from embarrassing the importers, the only other effect the
present artifice has upon commerce is to derange the rates
of foreign exchange—a real grievance to be sure. To
sum up, immediate effect of a lock-up of gold is now con-
fined to the importers and the dealers in exchange, and
does not affect seriously the rates of money or the price of
bonds. The present combination showed signs of weak-
ness on Wednesday, and gold became dull at 1351.
Government bonds have been much more influenced by
the activity in money than by the advance in gold, so that
the tendency of the latter to appreciate them has been
quite overbalanced by the desire to convert them into
money. This, however, would hardly seem sufficient to
produce the falling off 11 per cent: that has occurred. The
depreciation is in part due to the quotation of American
Securities at two and a half per cent. off at Frankfort on
Monday, due to the fact of its being a holiday, the Jewish
Now Year's day. As the Jews aro largo dealers in our
funds, their absence from the market naturally occasioned
a reduction. Our bankers were perhaps ignorant of the
occasion for a holiday, or did not give it full credit. Some
surprise is manifested that our securities should not de-
preciate more under the unsettled state of affairs at St.
Cloud, and in Europe generally, It would seem to bo a
pertinent question rather why they should not largely in-
crease in value as European affairs become complicated.
No Government in the world is so free from all care as to
whether N.lpoioon lives or dies, or peace or war prevails
in Europe, as ours, and none, therefore, can afford so stable
security to foreign capitalists. In addition to the two
causes above mentioned for the present temporary &pre-
ciation in bonds, it is also to bo noticed that the Now
York insurance companies aro releasing considerable
quantities of Five-Twenties by substituting for them
the cheaper currency bonds"(which Mr. Boutwell will
not buy) as a deposit with the State Government at
Albany. From the operation of all these movements,
exaggerated by the bears, the Government was able
to buy its $2,000,000 on Wednesday, at 117.80, Fisk
and Hatch furnishing the whole amount, receiving
greenbacks as pay, and immediately putting them upon
the loan market. In Southern Securities the chief trade
io in North Carolina special tax beads. These ere rail
read bonds, the interest of which is to be charged upon
the general revenues of the State, and is made doubly se-
cure, as is supposed, by a clause in the State Constitutioa
requiring a new levy cf taxes, whenever the debt is in-
creased, a provision that adds little either to the solvency
or honesty of the debtor. Tennessoes also maintain quite
a steady figure, considering the chaotic politics of that
commonwealth. The stock market has been rather dull
through the week on account o: the excitement in gold
and the desirableness of money. The unfavourable turn
the prominent stocks have taken lately has also served to
bring things to a stand still. Chicago and North-western
is not very well satisfied with her new president, partially
from his poor exhibits of earnings, (debt statements are all
the rage now), but still more probably Because he does not
comp to New York and indulge in the fanciful but expen-
sive gymnastics for which Vanderbilt, Drewand Fisk have
cultivated a taste in the audience of Broad-street. The
Times calls for a " bolder leader" and "new blood," two
trinkets the country at large will be very happy to see dis-
pensed with. Vanderbilt still delays consolidation, and
the freight and passenger war has not yet been settled,
circumstances that depress eastern stocks. The Central
Pacific earned during August about $700,000 in currency,
and the Union Pacific about the same amount, making at
least $16,000,000 per annum, or $9,000 per mile. These
receipts, after paying the interest and expenses, will leave
$2,000,000 for improvements. It is said that the Central
contemplates spending her money in building a double
track. The ',Kansas Pacific to Denver, Col., is being
rapidly pushed to completion, and, notwithstanding the
present low rates, freight is being held back to be sent over
it as soon as it is finished. The movements of produce
continue to be large in spite of the check upon exports
produced by the fluctuations in exchange. At New York
the receipts of breadstuffs and grain have been as follows
for the weeks ending September 2 in 1869 and 1868 re-
spectively:—Flour, 96,300 and 68,500 barrels; wheat,
1,084,100 and 126,890 bushels; corn, 281,160 and 523,155 ;
oats, 237,070 and 170,455. The receipts at New York
since January, for 1869, and for the corresponding
period of last year were as follows :—Flour, 1,851,165
and 1,405,450; wheat 12,029,140 and 5,125,600; corn,
6,324,830 and 13,262,305 ; oats, 3,911,775 and 4,084,205.
The total exports of the same from New York for the
same time were :—Flour, 923,498 and 591,812 ; wheat,
11,002,401 and 3,215,403; corn, 73,413 and 514,116 ; oats,
44,197 and 40,900. Thus it will be seen that in oats, flour
and wheat, especially the last, have our exports for this
year largely exceeded last year's, while in corn the
balance is on the other side. This abundant harvest has
brought wheat down to what it was in ante-war times. At
Detroit the highest prices of wheat for a series of years
were as follows :—ln May, 1825, $1.06; in December,
1827, it rose to $1.25, and in the same month of 1831 to
$1.35, a point it did not reach again for 20 years. In May,
1855, it rose to $2.80. In the crash of 1857 it sold for
$1.95 ; in April, 1864, for $2 ; and in May, 1865, for
$3.50. Present price at Detroit, $1.25. Dry goods have
had a healthy tone, the demand being steady, and the
prices well maintained. Attempts have been made to bear
prices by jobbers, but manufacturers are too confident to
admit of any success in that line. Prints aro in good
demand, but the new patterns do not conic up to those of
the English artisans in beauty and finish. Woollens
especially are selling freely. The foreign dry goods de-
mand has improved, though the importations were not so
large as on the previous week. The total value entered at
New York during the week was $2,116,405, against
$2,362,700 last year, and $2,213,065 in 1867. There is
not much change in the provision market.

(From the New York Tribune.)
NEW Yonx, Supt. 10,

Government Bonds opened steady at an improvement
of b to per cent. in quotations. At the Government pur-
chase for the sinking fund to-day the offerings were
$675,000. The market was firmer at the close at an ad-
vance ofd to 4 per cent. from the lowest prices of the day.
State Bonds were dull and steady; Tennessee 6 por
Cents. ex-Coupons sold at 61 ; North Carolina, now 6 per
Cents., 47 ; New special Long Bonds, 52} ; Missouri 6 per
Cents., 811 ; New York State Bounty Loan 7 per Cents.,
109. Railway Bonds were dull and steady on small tran-
sactions ; Western Union Telegraph sold at 36i to 37 :
Pacific Mail, 78-g- to 771; Express shares were active ;
Wells Fargo sold at 18-a : American, 61i to 61; Adams, 51i.
Railway shares were feverish and unsettled. New
`York Central and Hudson were firm on moderate tran-
I iwctioq, Aomling 74€44 OtOCIY at 96} t 9 961. Michigan

Southern sold at 1011 1011, closing 1011 ; Cleveland and
Pittsburgh was largely dealt in, selling at 110 to 1131, and
closing at 1111 North-Western and St. Paul shares wore
moderately active. Rock Island declined from 1114 to
1101 closing at 111. Pittsburgh, Fort Wayne, and Chi.-
cage Guaranteed sold at 87 to 871 ; Toledo and Wabash,
781 ; Chicago and Alton, 1501; New Jersey Central, 1041
to 1031; Hannibal and St. Joseph, 1191 to 118 ; Columbia,
Chicago, and Indiana Central, 321 to 321. At the second
board the tone of the market was steady, and after the
call prices improved from to + per cent. in sympathy
with the easier condition of the money market. The
transactions in Erie were large, and were attended
with considerable oxritement, tho prices ranging from
37 to 35, closing 37 to 371. At Lie close of busi-
ness prices reacted on the Western shares, but the
market had a steadier tone. New York Central sold
at 205 to 205+, but Jleveland and Pittsburg was the
centre of interest, and advanced to 1131, closing at 1114;
Rock Island sold at 1111 and North-West Common ad-
vanced to 801. Money was less active, and loans were
generally made at currency interest, although there was
considerable business done at coin rates. At the close the
tone of the market was decidedly easier. Commercial
paper is nominally quoted at 9 to 12 per cent., but no
transactions were repored. The drain of currency to the
West continues, but is moderato iu amount. The gross
earnings of the Central Pacific Railroad for August wore
6572,00, the larger portion of the amount being in gold.
Sterling Exchange was firmer, with more disposition to
buy. The quotations were
Sixty Days. Three Days.
London Bankers
London, Primo Commercial loBk-109
Paris, Bankers 5.211 —5.1 n —5.131
Bremen, Bankers 7Bl-781
Hamburgh, Bankers 351-351
Frankfort, 031 4o+-401
Berlin and Cologne
Antwerp 5.221-5.20
Amsterdam, Bankers
Swiss 5 221-5.20
QUOTATIONS FOR SPECIE.
Amer. silver... 9ti4 to 97; I Eng. sovs 485 to 488
Mex. d011ar5...1031 „ 1041 20 francs 385 387
Eng. silver 475 ~ I 480 Thalers
Five francs .... 961 97

The closing quotations of Government Bonds were as
follows:

Sixes, 1861, registered 123 to 1231
Sixes, 1868, coupon — to
Sixes, 1881, coupon 1221 to 1238
U.S. Gs. Pacific Railroad llO/ to 111
Five-twenties, 1862, registered 1241 to 1221
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon - to 1221
Five-twenties, 1855, coupon, now
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 l2Ol to 1211 Ten-forties, coupon lll/ to 114
Ten-forties, registered
Oregon War Loan, Sixes, 1881
RAILROAD AND MISCELLANEOUS STOCKS.
N. Y. Central xd 2051 Fort Wayne
Erie
Hudson
Reading
130 Mich. Central -
W U. Telegraph
W.
_._3-4*

..,4z
Illinois Central
Cleveland & Pittsbrg lOBl Ohio and Mississippi... 31i
North-West
North-West Preferred 90fc Cumberland
Canton 57 Bankers and Brokers...
Rock Island - M & St. Paul
Jleveland and Toledo IM & St. Paul Preferred 871-

EXPRESS STOCKS.

Adams
American Merchants' Unia
Merchants' Union, old Stoci
United States

56; to 561
on 33 to 36
,k ll to 114
62i to 621.
18 to 181

BANK STOCKS.
Irving
Nassau lO6
Commonwealth
Importers and Traders' 1381
Metropolitan
Central National
Fourth National lO5
Ninth National
Oriental Bank l5O
Hanover
Corn Exchange l3O
Chatham 165