The Sun.
London, England, 1869-06-09 00:00:00

RACING IN PARIS.

The contests between horses at racing meetings hi
England are becoming more and more a subordinate

_ . •
part of the business ; but in France they nave peen
from the first a mere pretext for the gathering together
of an immense quantity of people. The French care
nothing about racing. But they care a great deal about
dress, and a racecourse furnishes admirable conveniences
for a fashionable display. Even the Grand Prize, a most
valuable stake, excites comparatively little interest.
Toilette absurdities are the chief concern of the gay crowd
which assembles at Longchamps. On Sunday the
Empress, wh.), with countless other lady magnates, was
present, was dressed very " simply." Her costume looked
as if nankin was the material of which it was made, but
it appears that it was of China crape, and must have cost
£2,000, Even this extravaganee does not represent the
height of fashion at Longchamps. The demz-monde com:.
pete most successfully with the ladies of the
beau-monde, who, indeed, are obliged to dress simply
in order to keep up the contrast. They cannot
compete with the glaring red locks, the diamond
powder, the " humps " adorned with tufts of ribbon and
laces, and the extravagant costumes which carry every-
thing before them. An attempt was once made to keep
the demi-monde out of the ring, but it miserably failed:
The beau-monde has found it necessary to give up the con-
test. By the correspondent of the Daily News we are told
that the sensation of the ring was an American
Anonyma. She came to brave out the Queen of
Holland, who, she heard, was to be in the Imperial
stand, and whom she has her own reasons for not
liking. This Transatlantic beauty, although she has four-
teen horses in her stables, rode from the Parc des Princes
in a tricycle with a blue satin cushion and silver mount,
live, followed by a groom on a bicycle, who took charge
of her vehicle while she was making up her book. The
Emperor witnessed the great race, and was, perhaps, the
most bored by it. He was visibly out of sorts, and looked
weary. An attempt to get up a demonstration before the
Imperial stand failed utterly.

A AIERICAN FINANCE.

(From the Anglo-American Times)

When Air. Boutwell was appointed Secretary of
the Treasury many predicted misfortune to that
most important of departments in the hands of one
who knew nothing of finance, and whose notions
of political economy were, it was said, grounded on
error. W hatever may beSecretar:, Boutwell's know-
ledge of economic laws his common sense appears to
guide him aright in dealing with the Treasury Funds.
It is a simple rule in business, and one worth volumes
of theory—to pay your debts when you have the
money. If an interest-bearing bill must be paid,
the sooner it is discharged by any unemployed capi-
tal the better, and it is clear the Secretary is acting
on this rule. But the financial affairs of great na-
tions are always complicated, and more especially is
this at present the case in the United States, where
the precious metals form no part of the currency,
but are commodities altogether distinct. No move-
ment can be made in one direction without finding
the equilibrium destroyed in the other, and so deli-
cate is the adjustment, so insecure the irredeemable
paper basis, that the Secretary, when even taking
the step his common sense dictates, sinks, and doubts
whether the cry be true that he is in a quagmire.
l'o understand his difficulties in deciding on selling
a million dears of gold every week, now inereasAl
to two millions, and in purchasing Bonds with the
currency proceeds not soon needed to meet the
Government expenditure, something should be
known of the finances with which he deals. The
revenue of the United States must be thus di-
vided—the import duties receivable in gold, and
the internal revenue and other imposts receivable in
greenbacks. The United States expenditures are like-
wise under two beads—the gold interest payable on
the National Debt, and the salaries in currency to
the army, navy, officials, the payments for contracts
and other general expenses of the Government.
The import duties bring in more gold than the
Treasury requires for the payment of the interest
due in gold ; the internal revenue and other taxes
bring it less greenbacks than the Government re-
quires to meet its disbursements. The suggestion
would then arise in any mind that Vie Secretary
has but to exchange the accumulating' gold surplus
into the amount of greenbacks required, and thus
adjust the difference. Now this is not only what
Mr.Boutwell is doing, and what Mr. M'Culloch was
compelled to do, but the new Secretary does some-
thing besides, and it is more especially that which
has raised a controzersy in the financial centres,
and led many to condemn his policy. The present
average monthly gold receipts from the Customs'
duties is $15,000,000, while the amount necessary to
redeem the coupons attached to the national bonds,
is about $10,500,000 a month. Hence a surplus
would accumulate in the Treasury every month of
four and a half millions, if these figures could be
maintained. But the Cestoins! receipts have lately
been unusually large,and cannot be relied on to con-
tinue by the Government. Still experience has shown
that they will always be considerably in excess of
the gold required for interest. According to the
Secretary's return for the Ist May, the coin in the
Treasury was 5i92,031,732, at which period the
total amount of gold interest due or accumulating
against the Government was $45,000,000, which
leaves a valance of $47,000,000 in gold, the
property of the nation. At the same time the cur-
rency in the Treasury was but $7,896,564—a sum
wholly inadequate to meet the expenditure of the
Government. By the telegram received on Thurs-
day the cal in the Treasury on the Ist June was
$124,000,000 ; of which $104,000,000 are in coin
and $20,000,000 in currency. On the Ist May up-
wards of sixteen millions and a quarter of what was
called coin were gold certificates of deposit, no more
coin than Bank of England notes ; and therefore if
a similarsum be deducted from the $104,000,000, it
will be seen that the gold has decreased, though the
currency has very largely increased ; but the figures
from Washington by telegraph are irreconcileable,
except by attributing to them a blunder of no less
than ten millions of dollars probably in the currency;
which may have been mixed up with the Sinking
Fund operations. Secretary Boutwell then stands in
the face of a large accumulating gold surplus,
and of a small and declining currency balance,
and if he had merely to sell the one to increase the
other his task would require but little skill or con-
sideration. The affairs of a great nation cannot,
however, thus be dealt with, for the moment be gets
outside the Treasury he becomes involved in a chaos
of conflicting interests. We say chaos advisedly, for
it comprises things which "no feller can understand."
Gold is, in the full sense of the word, a commodity
in New York, and financial transactions on an
enormous scale daily take place in the Gold-room,
where is to be found a screaming, rumour-speading,
panic-creating mob. The outsider might consider
it a Bedlam, while, in truth, it regulates at least for
the moment the value of property iu the United
States. A rise in the price of gold means a fall in
nearly everything, and a considerable rise, such, for
instance as was lately experienced, is a disturbance
of all values. Englishmen may, in some degree,
understand it by conceiving bank-notes only to be
in circulation, and then that within a week their
purchasing power bad fallen, say eight per cent.,
so that if everything for sale had time to ad-
just itself to the price of gold they would be
mulcted about one shilling and seven-pence on each
pound sterling of money in hand, of income, rents,
salaries, &c., &c. The fluctuations then have a
very serious meaning in America, and when Secre-
tary Boutwell takes his place in the market as a
seller he adds considerably to the disturbing ele-
ment. It is said that there are no more (though
we much question the assertion) than $100,000,000
in specie in the States east of the Rocky Moun-
tains, so the man acting with $92,000,000 of
that amount CAR seriously affect the market. No
doubt there is gold hoarded which finds its way
neither to Wall-street nor into the Treasury, an 1
the $100,000,000 may represent the sum with which
these operate. If $92,000,000 of it be in the 'Trea-
sury, only the narrow margin of $8,000,000 remains,
which must cause great sensitiveness, the pyramid
being on its apex. To such an extent was this felt
last April that our English readers may recolect
coin began to flow from the vaults of theßanleof
England to New York, as the quantity had become
so limited that the importing merchants could not
get what they required to clear their goods without
sensibly affecting the premium. It was then that
the Secretary offered to anticipate the interest on
the coupons at a rebate of 6 par cent. When, then,
Mr. Boutwell comes into the market. as a seller of
$2,000,000 a week the effect must be considerable,
unless counteracted by other causes. A heavy fall
in the price of gold makes it, the cheaper, t a send to

'-..

Europe, if the National Bonds do not droop hi
corresponding degree, in payment of the difference
between the values of the exports and imports. TllAe
tendency in America, in spite of all warning a'
every effort to restrain extravagance, has bee°
largely to increase the orders for foreign luxuries,
while American exports have been in the invelle
ratio. For the first four months of the current Sor
the imports at New York were $31,500,000 io
cess of those for the same period of last ve.tr, being
£24,000,000 sterling against £17,000,000, and that
against 11 1,700,000 in 1867,as valued abroad without
freight and duty, which nearly &Cable the am gig"
while the exports were $15,500,000 less than then,
and are still ou the decline, though we thioki°
change may be anticipated, for the country is rapid
r 3
its old industrial course. The differee'3:
has to be adjusted either by the export of 5-20'6 °r
of gold and silver, and were it not for the fort`.
many good authorities think the present lelurfl'o
ous rate of living would soon be brought ;1$
an end. Thus the bonds and these wet
are of the highest importance to the merct;
tile community in conducting their operations•
only, however, does Secretary Boutwell sell gcud:
but he buys bonds with the greenbacks not require..
Hence his operations tend to lower gold and to rtioi:
the bonds, and this it is which has call d forth sue.
.:opposition. The Secretary's operations interfer
then directly with trade, and as the speolla,tl
spirit is rampant in New York, hundreds basing,tu-
transactions on air, merely acting as bears sari
is
"bulls," his course makes or mars fortunes, and 1
furiously assailed or strenuously upheld fan° se;
fish motives independent of its merit. Some asser
,
that the rise in gold would be beneficial, as it i3ti,
;
cheapest commodity in the country which bas a banns
ful influence in causing the imports and the luxuriee
style of living. The result of the gold sales to
to
be to substitute gold for the Five Twenties, hlthert,
so largely exported in payment of American iudelb,,t
edness, and those who oppose this policy contend °-
the effect will be to sweep every coin out of the eetle;
try, and end by raising the very premium it was I,lg
3,
of the Secretary's objects to lower. But here, eglie
another cause comes into operation. Five:nye/3;0
already, through their free exports, growing sea',
in Nall-street, by the purchases of the Secretary, 8.s
si
becoming scarcer still, and Mr. Boutwell 's
policy has bad the direct effect of enhancing tu't,
value even in the face of the heavy fall in Eur°Pto;
and the threatening aspect following on Sen3.lo,
Sumner's speech. There is yet another subject
00
volved, perhaps more important than either the "
for it is „
is
or the bonds, and that is the currency ;
it that the whole community traffic. The indueliey
that a strong man may have in making 'lll5,
" tight," even in the great American metr°l3°lc,
and thereby affecting the entire mercantile traos;3,
tions of the nation was seen by the gambliag. °Peheir
tions of a few Erie directors. By having their
tions
hand on this string they danced all Americall,'`lrile
perty up and down like a Punch showmao, the
English merchants an I owners looked acress 511
Atlantic wondering what was going on, f°l•Tbe
could see the effect, but few the hidden cord' ant
policy of the Treasury in the face of a sttit'h°3eU
money market has been to reduce its gree°,-,er
balance to the lowest ebb, for the purpose °f bllO
ing the largest possible circulation afloat. '' 013
Mr. BOUTWELL purchases bonds with the prOceltb
of the gold sales his course does not interfere %/los
the currency in the hands of the public; Yet itali
this effect, he sells the nation's hoard, NN hereby. 4 , -1
the return to specie payment can be accompli' iO,
If we confine our attention entirely to Aleer
viewed from this point his policy might be wrcalif
but it has a wider range, embracing Enr°l3e• the
the obvious power of the Treasury to redeel° bid
principal of the Debt in due course be thorongan
appreciated in such financial centres as Londe°
to
Frankfort, the United States could borrow on 111,,0i,
I.op
less on erous terms,and when that credit is thoroalbJe
established, the return to specie payments w°l2
facilitated and be less costly, through the Cheaply
ability to obtain metal for the purpose eu'el,,t
abroad. We have no hesitation in asserting t
hal it not been for Mr. Sumner the Secrei37oo
policy would have raisedFive-Twenties on the L°l; the
market at least 5 per cent. The ininuatiog 1,1,4
Times that £150,000,000 sterling of these lx3ooo
were ready as a reinforcement to the
now iu European coffers, to keep up the procatiiiiy
flatiou in New York and end in repudiation,
true ; for the bonds are becoming scarce 1'
the
hands of those who will sell them in Aieerie''' ,re
bulk of the debt being there held as Cooolss to
held iu England. The object of the Times ,v1,.,3e 10
damage American credit (about which so er's
known in England), as a retort to Senator Suin.of
speech, and this, coupled with the rise in the 13‘ °dog
England rate, caused a heavy fall, notwitbstae u°'
Mr. Boutwell's measures. Had it not been ferf the
foreseen circumstances the upward tendencyo use
0 Bonds would have enabled the importers still t 013;
them with advantage iu spite of the decline in ceia
for if a 5-20 Band would sell it an enhanced Pria to
London, the New York merchant could affcrigbt
give a higher price for it in New York, and it niremit
still remain better worth his while thus to teat
than to buy gold cheaper. Nor would this icaa
benefit have been all, for while enabling the Al33he'ocea
merchant to obtain more goods for the ea": the
r
bond, though with the same figure on its ork•
Secretary could have established the propose
blest
in London, and readily floated a loan redeenaat Gill
longer dates and lower interest, payable tllogh
and Frankfort. Our impression then is, that °it poet'
Senator Sumner's speech defeated Secretary vial
well's policy, at least temporarily, the Pcdielo this
judicious, and would have been attended ° 00
aide the water, but for the speech, with pro fas
success. Indeed, in spite of the hostility °oil)
English class, the Secretary will assuredlyutiv Old
the end he seeks, for the advantages offered 'Joy.
investment in United States Securities are t°°,6sl)of
able to remain long concealed from the 133—bilfe
English investors. The United States, as We aged
again- and again said, is the only nation end its
in paying the principal as well as the interestjorf
debt. Though the Union stands in the 50: are
position of having the ability to do this, yet 133tili
here so ignorant of its resources, that they clao" wet
the category even below Governments wb°°,loubt"
to pay the interest of their Debt is more 010 "wir
ful. Notwithstanding, then, the shock acieloodf
tered by the hostile attitude so abruptly assit.opat
and the caution inspired by the undoubted in datinicill
New York, these Securities are even mere ra`ctoicl
than we anticipated recovering lost ground' Aye'
is falling, and we hope to see the policy of thctiOecl
rican Finance Minister receive fair 534 hi,l
that at least on this side, the result will an
s‘B%
expectations.

LADvERTHEmENT.I-- Holloway's Pills.-- -"'"aire°'"(
Existence.—This medicine embraces every attribute red(l_ioos
a general and domestic remedy : it overturns the foif tu'raelt
disease laid by indigestible food and impure air. la -bhsr
or congestions of the liver, lungs, bowels, or any ot7, ,cessf%
these
pills are especially serviceable and eminently °;eciici°
They should be kept in every family, as they are 0000,tir
without a fault for young persons and those of feeble sitl'e
t osf°
tions. They never cause pain or irritate the 1101,Ast
nerves or tender bowels. Holloway's pills are the g
purifiers 01 the blood, and the best promoters of ttbsorP ticle
secretion which remove all poisonous and obnoxious Pal
from both solids and fluids.

BIRTHS. rr ibte'efl.
EASTON—On the Bth inst ,at Endsleigh-street, -,-°'4. of l'
square, the wife of . Shaw- Easton,-E6ql
Perey
the
daughter.
wife of Sidney Wilson, Esq.,
WILSON—On the Gth inst., at Wick Lodge, Brighten'
of a daughter.

Bull,,
j,,,,,,1yzi,Es- _ .
P issell, Esq.,
KINS— c, 11 013°1
RussrilLlßOßnlitiliGe.C:Stli inst., at o• .i'lir,--ettotit'',
, _. , Thomas Henry Burroughes, Esq., °I , D. I'
ta.tiland, to Swan Helen second daughter of d•
ITA."v - - ,'
gravia, George Lacy, eldest son of. Mr. Geo- iii gr.'
..uNsoEfy!igogni noHl
easllt,hNionrsttli:uantptsotn Northamptonshire
of Barnsbury, to Dieu, only daughter of the late
Kinsey, of Bermondsey.
DEATIIS. 1 Dilli'
DRECE On the Bth inst., John Druce, Esq., o.r -0'
ter-square, and Dulwich, aged 69. Ite/6
11, yrl,tosin-n-iinouontdl: aged ,
the, sth at Handsworth, the
Juan ia
, ,ai bott'
L.IMBERT-00 the sth inst., Admiral Sir Geo.i.,----
G.C.8., aged 74. late of
LOWE —On the sth inst, Whatson G. Low, Esti '
the Temple, aged :,7

London: Printed and Published by 13:riLLII01
lx
of No. 11.•) A , Strnd, Printer, at TnE SUN office, No.-,180%.--.
in tile Precinct- of the Savoy, in the County of AlLcia
11' ednesday, June 9, In 9.