The Sun.
London, England, 1869-01-20 00:00:00

AMATItra DOCTORING.

The Times published a letter two or three clays
ago from Mr. Le Neve Foster, of the Society of Arts,
in which he advocated the administration of carbolic
acid diluted with ten parts of water for scarlet fever
and typhus, the dose used being one teaspoonful. It is to
be hoped no one attempted to administer it, for the
next day letters appeared from two doctors stating
that such a dose would kill a child. Mr. Foster now
writes correcting his former letter. He says that he
did not mean the pure concentrated carbolic acid,
but a " solution of the medicinal " preparation. A
smaller dose. he is told. would be efficacious.

PROFESSOR MORSE AND 7HE

7 ELEGRA PH.

(From the Anglo-American Times.)

The dinner at DELMONICO'S to Professor S. F. B.
MORSE was made the more interesting, from the his-
tory he took that opportunity of telling the world, of
the invention which associates his name for ever with
that great wonder of our age—the telegraph. Mr.
MORSE made no uncertain sound, yet he advanced
only the statonents and actsof others while proving
that to him, and to his country belong the invention
of the telegraph. Doubts could only have arisen
on the subject from confounding two things—the
semaphore and the telegraph. The former conveys
a signal, which vanishes when made ; the latter
gives a mark, which remains on permanent record.
The one is a semaphore, the other a telegraph, both
widely differing, as their names indicate. Let people
understand this, and then they will know the ground
on which Professor MORSE claims for himself and his
country the credit of the invention. Mr. COOK'S sys-
tem, improved by Professor WHEATSTONE, and esta-
blished in Great Britain in 1837, is a semaphore, but
as a long step towards the perfection of this new
power, Professor MORSE'S invention superseded it
in all other countries, and in a great measure in the
United Kingdom also. It has been, then, only by con-
fusing two things so distinct, as signalling and writing,
that men managed to confound a subject so simple
in this aspect, and thus to do an injustice to the dis-
tinguished American. The idea of the telegraph ori-
ginated on board a ship then on her voyage from
Havre to New York in 1832. Three years afterwards
the instrument was so far perfected as to be tried
in the New York City University, though then
a feeble, ungainly, and stammering child, and it
was indebted to Mr. ALFRED VAIL, of New Jersey,
for being able even to make that appearance.
It looks but a small thing to assist with encourage-
ment and with money the efforts of a successful in-
ventor when the world has elevated him into a great
man, and his name is associated with a marvel
which in a measure is revolutionizing society. So
difficult is it truly to compare, that it is almost im-
possible not to be unjust to men like Mr. VAIL, for
we see the wealthy, the titled, the decorated and
distinguished individual set up on high as an ex-
ample for others, as an honour to his country ; and
we turn to the man who takes the credit for having
aided him, with the sneer in look, if not in words.
which says, "You might as well proclaim your libera-
lity in lending ROTHSCHILD a hundred pounds." But
to a ROTHSCHILD starving in the streets a hundred
pounds might not only have been a generous loan,
but the turning point from a pauper's death on
the one hand to enormous wealth on the other, and
it is not the rich ROTHSCHILD who is to be grateful,
but the poor ROTHSCHILD, and so with the inven-
tor. It is not the figure set up on high men should
picture when they hear of the generous aid ten-
dered, but what the world regards as a crazed
monomaniac, a bore, who can see but one object
in life, and that no object at all —but the mere
creation of a distempered brain—in pursuit of which
all else is sacrificed ; they must see one who looks
like a man smitten with this disease, sinking into
hopeless poverty, and carrying down his family
with him as victims to an idle whim. When this
is thoroughly understood, those will be appreciated
who have saved to the world many of its greatest
inventions. Could we but learn the statistics
buried with the conceptions of generations of in-
ventors, we would learn how our race has been de-
layed in its scientific progress by the want of such
men. There is no lack of prejudice, opposition, open
undisguised hostility ; but there may be the need of
a friend, of a look, of a word of encouragement, above
all of the means, and a genius freighted with a grand
conception sinks into the pauper's grave, realizing the
very prediction of his opponents, who sing the old
tune " I told you so; the man was a mere visionary,
mad upon one point, making that one point his all
in all." At the same time we are bound to confess
that it is only in the exceptions that the world is
wrong, and being nearly always right, it assumes
an air of the greater confidence in its suppression of
inventors. But while people sneeringly point to
the poverty-stricken deaths of the crazed fools, the
unsuccessful inventors, the succAsful inventors
can retaliate with the bitterest sarcasm. There
never was such a story told as the English opposition
to STEPHENSON'S railroads. Men read it, and won-
der whether England is like other nations or idiotic,
at least on particular subjects. A whole nation had
taken up the role of the unsuccessful inventor, and
gone mad in its opposition to a threatened benefit, and
they marvel more than ever when informed that these
people on the contrary are held to be advanced in ci-
vilization and liberal in their notions. In answer to
the assertion that it is Tory prejudice which is always
found blocking the way, it can be stated with truth
that the most stubborn opposition to improvement
comes from the labouring classes, and that the most
Republican assembly is at least as likely as the most
aristocratic to bar the road. Those who doubt this
have but to read the speech of Professor MORSE.
Thirty-two years ago that gentleman proposed to
the Secretary of the Treasury at Washington the
attachment of the telegraph to the Post-office
Department, and though backed by the Secretary of
the Treasury the late Judge WOODBRIDGE in a letter
to the Speaker of the Representatives, dated Dec. 6,
1837, the suggestion was suffered to lie dormant till
Dec. 30, 1842, when it was again reported on by
the House Committee of Commerce, which during
the two years 1837 and 1838 had come unanimously
to a favourable agreement on the subject. The
proposal of the Hon. C. G. FERRIS was brought up
for discussion on the motion of Mr. KENNEDY of
Maryland, on a bill appropriating $30,000 to be
expended in experiments to test the merits of the
invention. Mr. CAVE-JOHNSON of Tennessee did
not wish to see the science of mesmerism neglected,
so he proposed that half the sum be given to Mr.
PISK, then lecturing in Washington, to expend on
mesmeric experiments. SAM HOUSTON of Texas
thought that " Millerism" should have a slice of
the appropriation • Mr. STANLEY "of North .Caro-
lina then came in with a little more " chaff." He
would vote for the mesmeric experiment, provided
the gentleman from Tennessee was the subject,
to which CAVE-JOHNSON quickly replied he had
no objection if the gentleman from North Carolina
was to be the operator. Amidst loud laughter the
amendment was read, when Mr. MASON, of Ohio,
not considering it bona fide, rose to order, urging
that it was calculated to injure the character of the
House, but the Chairman sustained CAVE-JoHN-
soN's amendment on the ground that he could not
undertake to settle its bona fides, as it would-require
a scientific analysis to determine how far the magnet
of mesmerism was analogous to that to be em-
ployed in telegraphs. Yet this occurred in 1813,
showing even at that date how the House regarded
the invention. The Hon. CAVE-JOHNSON in 1845
held the office of Postmster-General, and the ex-
perimental line between Washington and Baltimore
was put under his control. Here then was the very
individual selected officially to report on an inven-
tion which two years before he had oper ly en-
deavoured to discredit in the eyes of Congress, and
through it, of the nation. No notice was taken by the
Government of the patriotic offer made by Professor
MORSE to surrender his whole invention to the coun-
try for $lOO,OOO, which, considering the 13 years
of labour, and the large sums expended, was but a
trifle, while it absolutely sinks to nothing when
contrasted with the enormous interests now in-
volved. Yet his letter did not even receive a re-
ply, and it was then that the Professor, through
the Hon. Amos KENDALL, formed joint-stock com-
panies to work his instrument. Still unwilling to
shut the door on- the 'Government, Mr. MORSE

caused the insertion of a clause in every contract
providing for the surrender to Government, on
liberal terms, if the purchase were concluded by the
4th of March, 1847. At the expiration of the time
the Postmaster-General had but reported that
though he considered it vastly surerior to any
other, he remained unsatisfied that any rates
could make the revenue derived from the
telegraph equal its expenditure. This wise
opinion finished off every chance of its adoption
by Congress, nor that only, but for a period effec-
tually checked the construction of the joint-stock
lines then in progress, and had it not been that many
gentlemen were by this time as persuaded of its
value as Mr. MORSE himself, these wiseacres would
have burked one of the greatest inventions of the
age. What the Government is likely now to get
the telegraph for, we cannot say ; but it is possible
that the action of the lion. CAVE-JOHNSON has lost
to the United States some millions of dollars. Here,
however, we may observe that Mr. ORTON, who
presides over the Telegraph system of the United
States, which nearly equals those of all Europe con:-
bined, gave some good reasons why it should not be
transferred as a department of the Government. The
Professor's speech was one well worth reading, as
in simple, earnest language he tells the story, alike
honourable to himself and to many of the most able
of his countrymen, while almost unconsciously he
stigmatizes severely the prejudices and follies of
others. Not far from him sat CYRUS \V.
FIELD, the man of practice. Both names are
indelibly engraven on the telegraph, but each in
different characters; the one associated with a scien-
tific invention, the other with a gigantic enterprise ;
and that they heartily respect and appreciate each
other is seen in the fact that the most active pro-
moter of this public acknowledgment of Professor
MORSE'S services was CYRUS W. FIELD, while as
graceful a compliment as could have been paid was
interwoven with the name of FIELD in the Profes-
sor's able speech on which we now comment.

MONEY AND BUSINESS.

NEW YORK, Thursday, Dec. 31.

At the Stock Exchange hero to-day there was inquiry
for Governments, and we note sales of $13,000 Five-
Twenties (Consols of 1865) at 1101. The other issues were
firm. Baltimore City 6's continue in demand and firm,
1890's selling at 94, and 1893's at 96. A small lot of old
registered Virginia 6's sold to-day at 441. Northern
Central Railway shares sold at $431, yesterday's prices,
and a lot of forty shares Mechanics' Bank brought
$lll. Railway Bonds were steady, Baltimore and
Ohio 1865's selling at 94, and Western Mary-
land, endorsed by Washington County, at 85. To-
morrow being New Year's-day, and a holiday, there
will be no session of the Stock Board, and business aril
La generally suspended. Business will also be suspeniled
at New York. At Now York this morning gold was firm,
prices ranging from 1341 to 1341. Governments were also
strong at about the rates current at the close yestei day.
The market for Railway rhares was again strong. New
York Central, however, fell off after th 3 opening, prices
first ranging from 1591 down to 1581. Reading was steady
at 981. Erie sold early at 381, but fell subsequently to
381. Michigan Southern sold at 871 to 871. North-
Western common at 81 to 811; ditto preferred at 831 to
831; and Rock Island at 1171 to 1181. Fort Wayne opened
at 113/, and Pittsburgh at 834, but they each fell off sub-
sequently 4 per cent.

Gold .„
U.S. Coupon 6's of 1881
U.S. Five-Twenties of 1862
U.S. Five-Twenties of 1864
U.S. Five-Twenties of 1865
U.S. Five-Twenties of 1865, new

Ist Board.
... 134 k
• 1141
▪ 1101
▪ 107 i
• 107 i

U.S. Five-Twenties of 1867
U.S. Five-Twenties of 1868
U.S. Ten-Forties ...
Missouri 6's
Tennessee 6's, ex cpn
Tennessee 6's, new
North Caroline 6's, new ...
North Carolina 6's, x cpn
Virginia, 6's new •••
Virginia 6's, x cpn •••
Canton Company ..•
Cumberland Company
Cumberland Coal, preferred
Quicksilver Mining •••
Boston Water Power
Ohio and Mississippi Certificates
Pacific Mail S. S ••• •••
Atlantic Mail S. S
Western Union Telegraph ... 331 33/
Adams Express Company ... 41.2. 48+
Wells, Fargo, and Company's Express 251 241
U. S. Express 45
New York Central Railroad 1.581 1591
Erie Railroad ... ••• 38+
Hudson River Railroad 1341 1334
Reading Railroad ... 981 98
Micbigln Southern ... 873 881
Cleveland and Pittsburg . 831 831
Northwestern Common 831 821
Northwestern Preferred ... 831, 841
Cleveland and Toledo 1001 1011
Rock Island 1171 118
Fort Wayne 1131 1131
Toledo, Wabash, and Western RR. 581 59
Milkwaukee and St. Paul Preferred 871 881
Messrs. Stokes, M‘Haffie, and Co. have received the
following message from their Now York correspondents
by Atlantic Telegraph :—" New York, Jan. 13.—Four
days' receipts of cotton at all the ports are 30,000 bales.
Approximate estimate of receipts for the week is 60,000
bales ; same week last year, 83,000 bales. Price of mid-
dling upland, laid down in Liverpool, is 121 d. New
Orleans, Jan. 13.—Price of middling Orleans, laid down
in Liverpool, by sailing vessel is 12d. Ciavauuali, Jan. 13.
—Middling costs, from this port, laid down in Liverpool,
per sail, 121 d. Galveston, Texas, Jan. 12.—Good ordi-
nary from this port, laid down in Liverpool, by sail, costs
111 d. Tone of all markets very strong. The above
quotations include an allowance of 6 per cent. for loss in
weight."
The Commercial and financial Chronicle shows that
Senator Morton's estimate of the gold now in the United
States is far too high. The Senator thought that the
amount had actually largely increased since 1860, and
might now be as high as 572,000,000 dols., certainly
above 400,000,000. The Chronicle, assuming that tra-
vellers in Europe have taken out as much as emigrants
have brought in, and leaving out the circulation in the
Pacific States as of no use to the banks or people of the
Atlantic States, makes the following estimate :
Gold iu Atlantic States in 1861 $165,000,000
Product of mines for 8 years
ending June 30, 1868 485,000,000
Imports of specie for 8 years
ending June 30, 1868 141,900,000

2d Board,
135
114+
114
107+
107 i

... 1191

1101-
111 k
111*
105-*

• 111
▪ 1051
... 901
• 69i
... 694

341
120 k

Total supply, 8 years ... $791,900,000
Exports of specie last 8 year5...5518,100,000
Sent from South dialog the war 15,000,000 '

Total loss in 8 years

563,100,000

Stock in 1868 8228,800,000
It would thus appear that the present stock of the
precious metals in the Atlantic States is close upon :30
millions of dollars. It is not to be supposed, however,
that all this exists in the form of coin, or even of coin and
bars. A certain portion of the supply cf gold and silver
has been taken for commercial purposes. That form of
consumption has been largely increased within late years,
under the high duties of jewelry and plate, and perhaps
could not be safely estimated at less than $10,000,000 per
annum. Assuming this to be a full estimate, and deduct-
ing only $70,000,000 from the foregoing balance, we should
have about $160,000,000 as the present stock of coin and
bullion in the Atlantic States." If there is so much gold
in the country, where is it ? It is difficult to account for
much more than half even of that sum.

(From the Philadelphia Public Ledger, Dec. 30.)

We learn through the medium of correspondence from
Washington that the Committee on Banking and Currency
have under consideration the recommendations contains
in the report of the Comptroller of the Currency in rela•
tion to Bank reports, banks in voluntary liquidation, the
periodical stringency in New York city, panics, specie
payments, and free banking. It is reported that the
majority of the committee seem to be in favour of the
Comptroller's plan of remedying the system of requiring
quarterly bank reports to be made on a specified day, by
which the letter, and not the spirit, of the law has been
very easily complied with, the banks being careful to ex-
hibit the required amount of reserve at that time. The
Comptroller contends that the actual working condition of
the banks caa hardly be expected to be shown when the
day of making the report is known in advance, and re-
commends that section 34 of the Currency Act bo so amended
as to authorize the Comptroller to call upon the banks for five
detailed statements or reports during each year,fixing upon
some day that is past, as such a change would bar the prepara-
tions now made about the end of each quarter, and pre-
vent outside operators from conspiring against the bank
and the honest trade. The evils of the present arrange-
ment mentioned are no doubt true, and the remedy sug-
gested, it is believed, would be adequate to the end. The
committee, we understand through the same medium also,
seem favourably inclined to the proposition of the Comptrol-
ler that banking associations going into voluntary
liquidation be required to provide for their out-
standing circulation in lawful money, and take up their
bonds within three months, under penalty of having their
bonds sold at auction in New York city, and to pay'such
association the excess of the amount required to pay its
outstanding circulation. This, he claims, will remedy the
present partial system authorized by section 42 of the
Currency Act, by which a banking association may go
into liquidation, pay off its creditors, do no business,
and yet reap all the benefits of a circulation
guaranteed by the Government. In some cases two or
three have owned a bank, gone into liquidation, done

business as private bankers, avoided taxation, evaded the
requirements of the Currency Act, and still retained the
most profitable feature of a National bank. The establish-
ment of a central redeeming agency is rot so generally
favoured. Pretty much all outside of New York will op-
pose it. In regard to the periodical stringencies in New
York, and the loaning of money by the banks in large
amounts on call, by which the reserve fund is handed
over to the tender mercies of Wall-street and its purlieus,
decisive action will be recommended by the committee,
but exactly what is unknown. The same may be said
of the proposed squelching of the causes that bring about
apanic, no theory of the number advanced seeming to carry
with it sufficient power of conviction to be called the
plan, though Comptroller Hulburd's idea of holding in re-
serve a certain amount of Legal-Tender notes in excess of
the amount of money in regular circulation is the one
most discussed, and has the most supporters and the most
opponents. Regarding a return to specie payments and
free banking, an attempt to enumerate the various theories
by which the former desirable object may be attained
would lead too far into the mazy labyrinth of financial
propositions; while it in,y be safely said that the coin•
mittee are disposed to act favourably upon the most of
the recommendations of the Comptroller, but the question
of specie payments being such a vexed one, it is not at all
likely that the report will favour his Fopo,itions un-
amended.

(From the Philadelphia Public Ledger, Jan. 1.)

It is stated that Mr. Commissioner Wells, in his forth-
coming Report, will show that in addition to the thirty-
five millions surplus which the Government had last year,
we may expect this year a saving of thirty millions more,
on various accounts, among which are the finishing up of
the bounties, the reduction of interest from conversions,
and the withdrawal of the compound interest notes, and
the surrender of pensions. Mr. Wells further estimates
that an increase of thirty millions of receipts from the same
source of revenue may fairly be looked for, with an ordi-
nary efficient collection, and an ordinary honest adminis-
tration. He believes therefore that it is within bounds to
regard the Treasury as master of a clear yearly surplus,
from this time forward, of one hundred millions.

The report of the finances of the State of Michigan,
just published, is highly gratifying. The Treasury has
surplus of 1,130,229 dols. on hand, and received 29,359
dols. at 4 per cent. interest for its use last year. This was
done because the holders of the debt refused to allow the
redemption until maturity. The war bonds, amounting
to 185,000 dols., are due to-day, and will be paid. The
general Government has paid in 188,900 dole. for the ad-
justment of war claims, and 23,000 dole. came from a spe-
cial mortgage. The Treasurer states that he can meet all
obligations as fast as they mature, and proposes a reduc-
tion of the State tax.

The legal-tender issue now pending before the Supreme
Court continues to attract much interest, and the more it
is canvassed the greater is the number of dissenters to its
constitutionality. Among others who have spoken upon
the subject is the Hon. E. G. Spaulding, the author of the
Legal-Tender Act, who, in a recent letter from Buffalo,
New York, to the Secretary of the Treasury, declares his
belief that as a peace measure the Legal-Tender Law Is
unconstitutional.

Drexel and Co., Bankers, No. 31, South Third-street,
Philadelphia, quote—U.S. 6's, 1881, 1141 1141; Old U.S.
5-20's, 1862, 1101 1111; New U.S. 5-20's, 1861, 1071107-
New U.S. 5-20's, 1865, May and Nov., 1071 108; New U.S•
5-20's, 1865, July and Jan., 110* 111; New U.S.
1867, July and Jan., 111 1111 ; New U.S. 5-20's, 1868,
July and Jan., 1111 1111; 10-40 Bonds, 1051 105 i: gel(/'
1341 135; storling exchange, 1471 1474; Paris exchange,
381 397.