The Sun.
London, England, 1869-11-08 00:00:00

THE SUN, LONDON, MONDAY EVENING, INOVEMBER 8, ISO,

Eltitiio 10 deb. to Mag., an 4 he Conjecture's that
these numerous connected lakes and rivers are the ulti-
mate southern sources of the Nile. When he wrote he was
about to travel northwards to Ujiji, on the eastern shore
of Lake Tanganyika, where he expected so find some infor-
mation from home, of which he had been entirely deprived
for two years, as well as to roceivo provisions and
assistance.

We may infer, Sir Roderick Murchison adds, that
before this time the great traveller will have satis-
fied himself whether any of the great South African
waters flow into the equatorial Albert Nyanza of
Baker :—" If this determination has been arrived at,
Livingstone will have gloriously solved the great
problem of African geography, and will have proved
by actual observation that Ptolemy, seventeen cen-
turies ago., really placed the sources of the Nile in
about their true latitude, a view which has of late
years been sustained by Beke, Arrowsmith, and
Findlay."

in the production of which the United States would
seem to have a speciality." The idea that a nation
in such financial prosperity should repudiate its debt,
Herapath's Journal considers absurd. Englishmen
will begin to believe in Five-Twenties and Ten-
Forties when they are all paid off.

FOREIGN NOTES.

THE EMPEROR OP AUSTRIA AND THE RING OF ITALY.

It seems pretty certain that an interview will take place
between the Emperor Francis Joseph and King Victor
Emmanuel. It is expected to come off on the 22nd of the
month, at Ancona, where the Emperor will stay on leav-
ing Egypt, before he proceeds to Trieste. In the event of
this meeting, Count Beust and Count Andrassy will
accompany their imperial master, and Victor Emmanuel
will be attended by General Menabrea and the Minister of
War. After this first step has been taken, the King of
Italy will pay a visit to the Emperor at Vienna in the
course of the winter.

see the United States misrepresented, bad it not
embodied another popular error. The Republic
does desire to have meted to her what she has meted
to others. No community will be coerced into her fold,
for only on the.voice of the inhabitants themselves
can their fate be decided. Her object is noble, be-

ing calculated to injure the present generation for
the good of unborn millions. What citizen expected
to derive any advantage from the purchase of
Alaska? A present outlay, a prospective expense,
its icebound mountains utterly valueless to a nation
possessing millions of fertile acres unoccupied ; yet
it is purchased, and the expense cheerfully borne,
because it is a step towards the completion of the
United States of America. The writer alludes to
the discreditable means by which the United States
acquired Texas and other parts of Mexico, showing
that both Texas and California proved a source of
weakness in time of trial, but not of strength.
Texas entered the Union by the free vote of its in-
habitants, after its own independence of Mexico
had long been proclaimed and established. We
cannot see what there is discreditable in the tran-
saction, while we admit that Texas has been a
source of weakness to the Union. But so is Alaska,
and so must all additions to a domain which► tend
to scatter, not to concentrate, the inhabitants ; and
these extensions must remain a source of weakness,
for generations, when they will change into a source
of strength. But does not the writer see that this
assertion destroys the other ? The boy put his hand
into the jar of sweetmeats, but the present genera-
tion of Americans give, instead of take, and accept
what to them are hard bargains and a source of
weakness, that their great grandchildren may pos-
sess a continent without a hostile border. The
Pacific Railway he asserts to have been built at an
enormous expense to secure California to the Union,
while it will be useless in protecting that State in
case of foreign war, or of coercing it in case of its
rebellion. The writer does not appear to be aware
that the line is a highroad of the world ; that it
opens out vast tracts of land, and is beneficial to the
whole Union. One would think he was writing of
a Russian province, or the territory lately annexed
of an Indian Rajah, and that the Pacific Railway
was constructed for military purposes. Where
Europeans so err is in bringing the state of things
which prevail in old feudal Europe to Lear on Ame-
rican questions, when they must, starting from
false premises, arrive at false conclusions. The
man who glibly talks of the disruption of the Union
cites the Roman Empire to show what the end is
to be, while he might as well attempt to show the
connection between the career of the lion. East India
Company and the Fenians ; thus also he associates
in his mind as part of the same, two things equally
dissimilar. The progress of American extension
over the Continent is wholly unlike that of the
British in India, or of the Muscovite in Europe
and Asia, and when men persist in connecting
them, and write with this association strongly im-
pressed on their minds, they reach the sort of con-
clusions arrived at by the Albion. Can they not see
that settlement and colonization differ very widely

from conquest, and to these, almost wholly, is
due the progress of the Republic? May we
ask the writer in the Albion to consider this
subject, and give us the benefit of his conclu-
sions ? England has discovered, as has the Union,

that distant tracts are rather a source of weakness
than of strength, at least for the present generation,
whatever they may be to posterity. Acting on this
new revelation, England withdraws, abandoning
her far-away children and leaving them to take care
of themselves. The Republic, equally recognising
the fact, adopts the opposite policy, and makes the
present sacrifice for the benefit of those who come
hereafter. Will the writer in the Albion tell us,
arguing out the question honestly and fairly which
is the greedy, which the noble course. We may
help him to his conclusions by a little illustration
from which perhaps he may deriie a better notion
of the American character. England began with
William 111. to contract a debt, which bas gone on
with scarcely a variation upwards, increasing in
magnitude till now it stands at £800,000,000. The
United States contracted a debt in the War of In-
dependence, and after a little breathing time to re-
cover from the desolating contest, began to pay it
off. Another great war suddenly burdened the
country with a debt of over £600,000,000, but
without pausing to recover breath from that strife,

the nation set to work, and iu little over four years
reduced it to something under £500,000,000, con-
tinuing thereductiun at the rate of nearly £1,500,000
a month. Perhaps the writer may find impatience,
even greed, in this, but it cannot be denied that
the present generation of Amiricatis are making a
sacrifice which Englishmen never dreamt of making
fur the benefit of their descendants. It is hard to
misrepresent this act, while it is easy to misrepresent
the greed for territory, though both spring from
precisely the same source, which, in truth, reflects
honour on the country.

MONEY AND BUSINESS.

(From the Springfield Republican, Oct. 23.)

Money continues very easy in New York, as well it may
in the almost entire absence of the speculation that has
heretofore occupied the funds of the metropolis. The de-
mand from the South and West has slightly increased, but
is easily met, or could be met, if it were not for the scar-
city of small bills, as those are most wanted in those sec-
tions. The Treasury will hardly be able to issue small
notes before November. Those friends of the contraction
of the currency, who have been at all puzzled by the co-
existence of the two contradictories, high rates of interest
and superfluous money, may now see the explanation of the
paradox. The speculation that an inflated currency breeds,
or one branch of it at least, being in abeyance, money
loses all the value that these fictitious dealings have at-
tached to it and takes only that which the actual de-
mands of commerce confer. In the endeavour to find the
causes and remedies of the late gold rebellion (for though
a month old it is still a standing editorial topic), the ex-
tent of the field that has been groaned over, and its dis-
tance from the object sought, would afford painful reflec-
tions to a man of close habits or thoughts, if such a one
should perchance tram his attention to the subject at all.
Some have declaimed so loudly against the gold room
that the Nation felt called upon to enter into an elaborate
apologia of that institution. Brokers as a class were
also loudly maligned, and the New York Times came to
their defence in an editorial. Again, brokers, as in-
dividuals, have acquired fame as the prime cause of all
our woes, and fame of a pretty good quality, too, at
least with the rising generation, for very few young
men are taught to see the distinction between the
man who buys and sells with intent to confer value
meantime and him who buys and sells without such
intention ; in other words, between the merchants and
the speculator, the man of business, and the idle gambler
But the gold room, the fictitious dealings, the crowd of
brokers, Jim Fisk, all these are the children of specula-
tion, the inseparable paramour of an inflated currency.
Speculation being for the moment fairly exhausted and
taken from the ring, all her numerous family follow her,
and the commercial community, so long in a state of
delirium tremens, is now fairly sick with sobriety. In
providing a remedy for these troubles, that may at any
time be upon us again, and in all our thought upon the
subject, it is highly important that this fact should not
only be admitted, but should constantly assert itself in our
minds that speculation and, back of that, redundant money
is the cause of the disease. Any such plan, therefore, as
that said to have been proposed by Senator Wilson,
making sales of gold illegal, except in cases of actual
delivery (it is almost impossible that he should have
thought of such a piece of nonsense) or the indictment of
Fisk and Gould and the whole of Wall-street before a
grand jury, or the abolition of the gold exchange and its
bank, or any process of " weeding out" all of these rags
of prevention tied together wouldn't be half so efficient
against the speculative spirit as Partington's mop against
the Atlantic. The present state of financial affairs in
this country has had many parallels, not in degree of de-
bauchery perhaps, but certainly in all the elements that
produce intoxication. In the crisis year of each decade,
since wo have had a financial history, money has been as
abundaut as bank-bill printers could make it, and, never-
theless, interest has been high, and speculation growing
reckless has embarked in wild-cat schemes that speedily
went to wreck w hen terrafirm t of specie payments hove in
sight. Just so now, specie payment is the land of promise
on which th ) people of this ecuntry must keep their eyes
fixed. We may get a grand jury to punish spaculators
and usurers if we can, but lot us not suppose for an in-
stant that we aro by that means reaching the root of the
evil. It may be a qu3stiou whether those petty prosecu-
tions, taking their hazardous nature into account, do not
more harm than good by diverting attention from the true
issue. The statement of the New York bank for the past
week is unexpectedly favourable, the reserve being in-
creased 697,460, against a reduction of liabilities of over
half a million. But, as the Evening Post well says, the
" present plan of statements affords no guide to the true
condition of the banks." The gold market for the past
week, in the language of Wall-street, has been " dull,"
but it was the dullness of a patient who pro tempore is not

" active" with excruciating pain. All accounts agree that
the gold room has been visited only by those who wenteA
coin for the legitmate demands of business. What the
legitimate demands of business are in comparison with
the demands of speculation may be learned from the fact
that the business of the gold room is now only five per
cent. of what it was in ordinary times. Here is an insd-
tution, 95 per cent. of whose character is purely faro bank,
and yet the whole country is accustomed to write and to
read long telegrams and articles on its daily doings, to
look to it hourly for business advicos, and to smile and
grow sad according to the humours of its index ! The
affairs of the Gold Exchange Bank have been so far
settled as to allow of the payment of a dividend of
25 per cent to the creditors. Last week was disgraced
by a personal difficulty between the house of Unger
and Co. and Receiver Jordan. The former had had
dealings with this bank since, and entirely distinct
from the panic, and having waited three weeks for
settlement, on Saturday put their case into the hands of
the United States Bankruptcy Court. This horribly honest
proceeding excited a vast deal of indignation, it being
considered dishonourable for a man to patronize any but
the corrupt local judiciary. Jordan freed his nsind of his
opinion of Unger and Co. in the gold room, but sent a
note of apology on Monday, and smoothed the affair over.
Foreign exchange was easy through the early part of the
week, but on Wednesday cotton and produce bills were
scarce, and the rates went up to 1094 to 109 k. Govern-
agents continue steady, both at home and abroad. The
Government proposal to buy $2,000,000, Wednesday,
drew out offers of $8,271,150, a stock in the market that
forbids anyvery great fluctuations in the upward direction.
Up to October 14, the secretary had purchased bonds to
the face value of $57,773,000. The total amount offered
at the sales must have been nearly three times this amount.
The coupon bonds of 1867 have been purchased more
largely than any other class, and constitute about one
quarter of the whole amount. The coupons of 1865 stand
next ($11,418,850), and the registered issue of 1862 next
($6,355,050), while the coupons of the same year show
the lowest figures ($113,000.) The whole list includes
registered and coupon bonds of 186`2,1864,1865,1865 new,
1867, and 1868. The stock market has been recovering
somewhat its speculative tone. It begins to be pretty
well believed that Vanderbilt, instead of Fisk, has got
control of the Lake Shore Railroad. It is said that the
tumble in New York Central was even encoutaged by the
Commodore, who was well aware that the whole list would
come down in sympathy, and that, when this effect actually
did follow, he stepped in and bought enough of Lake Shore
to secure to him the balance of power in that company.
That road is certainly a very natural and powerful
ally of the New York Central, and would be very danger-
ous to the latter in the hands of a rival. By the belief
that it has become a Vanderbilt road, its stock has appre-
ciated from 854 last week to 93. New York Central within
12 days has risen froM 1774 to 193, Hudson from 159 to
1744, and Harlem from 140 to 1494. It is noticeable that
the London papers continue to advise investment in Erie
stocir, evidently not aware what they are about when they
give such cruel counsel, such as it would be difficult to
find in any American journal, however high or low its
character. The New York Custom returns for September
have just been rendered. Specie imports reached
$1,864,904 against $906,558 a year ago. Tho amount of
specie received during the past nine months is $11,738,578,
or double last year's amount. The amount of specie ex-
ported for the same time is much less than half of last
year's, or $26,717,628 against $66,333,870. Thus more
than double the amount of gold is coming in and not half
as much going out as last year. The entries of merchandise
for the month of September were $22,979,489, only
$600,000 more than last year. The value of foreign mer-
chandise of the previous importation withdrawn from
bond is $11,121,143, or $2,281,084 more than went into
bond during the month; so that the amount of merchan-
dise actually marketed during the month, dutiable and
free, is $25,260,578, on which the gold customs collected
amount to $11,975,805, being at an average rate of duty
on all the marketed imports (including free articles)
of 474 per cent. The amount marketed in Septem-
ber, 1868, was $26,509,857, and the customs collected
$12,916,782. The exports of produce for the past nine
months amount to $134,728,340 against $113,707,570.
Dry goods have been reasonably active through the week,
the far west purchasers being the most numerous. Un-
bleached shirtings and shootings have been irregular, with
a pretty well defined decline of half a cent on a yard.
Indian head and Appleton A are held at 164 cents and
Amoskeag Aat 16. Bleached have been well sold out ;
New York Mills is held at 21 cents. Prints have not been
so active as they were expected to be even at an estab-
lished reduction of half a cent, and a further decline is
probable. Ginghams are very active and prices are firmly
maintained. Muslin de laines are in good demand and
have not fallen With other goods. The demand for woollen
shawls is falling off, but prices are kept up and domestic
woollens are well sustained. Foreign goods are in fair
demand, and importers appear quite willing to dispose of
their stock at ruling prices. The imports of the past three
weeks declined considerably, and it is net likely that
there will be much more done for the present season.

(From the Wall-street Journal.)
FRIDAY EVENING, October 22.

Outside of the Vanderbilt stocks, Wall-street continues
prostrated, and generally Vlore is very little doing. Since
our last, the expected failure of L. M. Hoffman and Co.
has occurred, but, on the other band, the resumption of
business by the respected firm of Chase, M'Clure and Co.
is announced. The Gold Exchange Bank has also com-
menced to pay off their indebtedness. Money on call con-
tinues easy at 6to 7 per cent. Discounts are readily ob-
tained at 9to 12 per cent. on first-class names. Gold has,
been moderately active, opening to-day at 131, thous()
rising to 1311 and closing at 131 a.

QUOTATIONS FOR SPECIE.
Amer. silver... 971, to 981 I Eng. soya 484 to 486
Mex. d011ar5...103-} „ 101 20 francs 384 „ 386
Eng. silver 470 , 480 Thalers
Five francs .... 95 „ 96

Foreign Exchange is active, with a restricted supply of
bills.

Sixty Days. Three Days
London Bankers
London, Prime Commercial lOB-}-109*
Paris, Bankers
Bremen, Bankers
Hamburgh, Bankers 34-86
Frankfort, 0.3,1 404-41 •
Berlin and Cologne _ 7q-70}..

—Antwerp 5 214-5.1761
Amsterdam, Bankers
Swiss 5.21; —5.161

The Sub-Treasury have purchased the following Five-
Twenty Bonds since our last:—
On October 20th, $2,000,000 from 115.68 to 115.71. - The
total amount offered was $8,271,000 at prices varying from
115.68 to 117.73.

On October 21, 81,000,000 new 1865's at 115.20 In one
lot from Messrs. Fisk and Hatch. The total amount
offered was $5,034,000, at prices varying from 115.20 to
117.64.

Government Bonds are generally firmer
sixes, 1861, registered ll9l to 1191
Sixes, 1881, coupon ..... 1191 to 1191

Sixes, 1868, coupon• -
U.S. Gs. Pacific Railroad
Five-twenties, 1862, registered
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1855, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 .... 1171 to 1171
Ten-forties, coupon lOBl to 108
Ten-forties, registered
Oregon War Loan, Sixes, 1881 — to
State Stocks are inactive, Old Tennessee's selling at 62 ;
Old North Carolina's at 471 New North Carolina's at 40,
and the Special Tax Bonds at 44. The Committee on
Securities of the Stock has made the following report in
regard to the North Carolina State Special Tax Bonds :
First, That those bonds Only which have been passed by
the Committee are good delivery, either as New Bonds or
Special Tax Bonds. Second, That until further notice
from the Committee all North Carolina State Bonds must
be dealt in according to the standard of the Old Bondi,
and carry the Coupon of January, 1869, or be made to con-
form thereto. The Committee likewise decide that North
Carolina State Bonds issued to the Atlantic, Ten-
nessee, and Ohio Railway Company are not good deli-
very, either as new bonds, or Special Tax Bonds. They
may, however, be oalled up separately on the free list
The following North Carolina New State Bonds have'
been passed by the Committee : North Carolina State
Bonds, issued to the Western North Carolina R.R. Com-
pany, dated October 1, 1868. North Carolina State Bonds
issued to the Western North Carolina R.R. Company,
dated April 1, 1869. Williamaton and Y arboro R.R. Com-
pany, dated October 1, 1868. Wilmington, Charlotte and
Rutherford R.R., dated April 1, 1869. Western RR. Com-
pany, dated April 1, 1869. All the above bear the imprint
(in medallion) that the special tax required by the Con-
stitution has been ordered to be levied by the act of the
Legislature authorising the same.
The Legislature of Tennessee has taken decided ground
against repudiation, as will be aeon by the following reso-
lutions which, on October 18th, passed the Senate by a
unanimous vote :—Whereas, Previous legislation on the
part of those who have heretofore controlled the
State Government, in pledging the public faith by the in-
surance of State Bonds, has tended greatly to impair the
public credit and impart distrust to the minds of the many
as to the ultimate payment of our public debt, and, whereas
a people who, in all •their history, have shown scrupu-
lous tidolity commercially and otherwise, to private cbli-
, gations, must consider justice to all public creditors as
essential to the honour and dignity of the State; therefore
—Resolved. By the General Assembly of the State of Ten-
nessee, that the people of Tennessee will a'ver- stigma-
tize their restoration to the control of public affairs by
sanctioning in any matter indifference to public oLliga-
tions. Resolved, That expediency, together with
honour and good faith of the State, demands that
the interest on the public debt be paid at the earliest
practicable moment, and its principal security provided for
at maturity ; and to those ends, under a careful ret ench-
meut and rigid economy in all other respects, the entire
available revenue and resources of the State should be
faithfully applied, as they in honour are bound.

Railroad Stocks aro generally lower, and, excepting on

--~....~ i.~

the clique stocks, transactions are few and far betWeeu;
Railroad Bonds sell steadily and continue to be taken _.,f°
investment. We quote Union Pacifies at 831 bid and 841
asked, and for Central Pacifies 921 bid and 931 asked.
N. Y. Central 6s, 1883 90 Tol. & Wab. Equip......
N..Y. Central 6s, 1887 871 Mil. & Pr. du Ch. Ist M.. as
NY. Central 6s, R Est 871 Gal. & Chic. Ext. ......... 93
N. Y. Central 6s, Sub'n 871 Gal. & Chic. 2d M......•.•
N. Y. Central 7s, 1876 Chi. &R. I. Ist M.. . ......
N. Y. Cen. 7s, con. 76 Chi. R. I. & Pacific 7'5...
Erie Ist Mort, Ex 9B Cleve. & Tel. S. Fund... 7..
Erie 7s, 2d Mort, 1879 95 N. J. Central Ist M....••
Erie 7s, 3d Mort, 1883 B3 N J. Central 2d M.....•
Erie 7i3„ 4th Mort, 1880 BO Pitts. Ft.W., & Ch.lst 7e
Erie 7s, sth Mort, 1888 771 Pitts. Ft. W., & Oh.2d 31.
Long Dock Bonds
Buff. N.Y. &E. lstM,'77 B4 Cleve. & Pitts., 4th M..: 99
Hud. R. 7s, Ist 31, '69 99 Chic. & Alton, S. F. In_c•
Hod. R. 7s, 2d M, 'B5 103 Chic. &Alton, S. F. lsta•
gg
Harlem Ist Si, '6B '72 100 Mil. & St. Plul Ist 31...
Mich. C. Ist M, 69'72
Mich. new Ist M Bs, 'B2 — Marietta & Gin. Ist 31.-
too
Mich. So., 7p.c.2d Si 9l Morris & Essex Ist 31.-'O.l
N. Ind. Goshen Line '6B Morris & Essex 2d Si ..•
Ilieh.S.&N.l.S.F'd7p.c. 981 Joilet & Chic. Ist g••• c./
111. Cen. 7p. c, '7O 117 Chi. & Gt. East'nlst3l... 01
Alton &T. H. Ist Si
Alton &T.H. 2d pfd 80 Dubuque &S.City,lst
31. 91
Alton &T. 11. 2d M. Inc. 76 Peninsula Ist M......•••

Han.& St.J.LandWrntslo2/ Ohio & Miss. Ist M....•• :5
Han. & St. J. Con 100 Ohio & Miss. Con ......... 'A
Chi. B. & Q., Ist M — Tol. P. W. Ist M. E. P. ....
Chi. & N. West, S. P._ 921 Atlantic & G. W. '2d 14'. 92
Obi. &N. W. Con Cony. 92 Del., Lack., & W., 2d 31. 84
Chi. &N. W. Int B BB/ Lake Sbore Div. Bond° ,
('hi. &N. W. Ist M — Cleve, P. & ash. N. 13." ,
Quincy & Tol, Ist M, '75 75 Do. 0.11.* 9,9}
111. & So. lowa Ist M — Union Pacific Gold 13... 921
Gt.Wesl. Ist M, 'BB B2l Central P.RR. Gold IL.. ,0
Gt. Western 2d M '93 B2f Pacific RR. guar. by 31°'
Tol. p ci
Iu Miscellaneous Stocks the feature has bow' -$66
9
Mail, which has ranged to-day between 62/ and 60. 1011,
understood that an agreement has been made beivieen tile
hi
company and the Panama Railroad Company, by vi"'e
„b poi
latter are to take a rateable part of the California bran i tio
the Pacific Mail business. On freight the share °
1,, to
Panama Railroad will be 25 per cent. We were u1,31)i-vdi
ascertain the share on the passenger traffic. Th°ll:,,i6o
of the company claim that the arrangement will ins or
the company's receipts, and that it will enable it to
pets more favourably with the Pacific Railroad. 211
N. Y. Central xd 189 Fort Wayne ............ 0
Erie
Hudson
Reading
Mich. Central — W. U. Telegraph ...... 'l6l
Illinois Central
Cleveland & Pittsbrg 1001; Ohio and Mississippi.'' 14
North-West
North-West Preferred 84f Cumberland ............. ,
Canton..
Rock Island
Jleveland and Toledo IM & St. Paul Preferred

Express Stocks are generally slow.
661
Adams 56 to 36h
American Merchants' Union 36 to ,0
Merchants' Union, old Stock 9l to 1,-/
United States
!II
Wells, Fargo, and Co 20i to

rero
Messrs. Drexel and Co., the Philadelphia bankers,
as follows on Oct. 24 : —Pennsylvania Railroad shares,
56; Sixes, Ist Mortgage, 97 97i ; Sixes, 31()Ii°