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

ESTAB LIS HMEN T for GENTLEWOMEN
during TEMPORARY ILLNESS.
The relatives of Clergymen, Naval, Military, and Pro-
fessional Men, Govornesses, and Artists may, for a small
weekly payment, receive the comforts of a HOME, com-
bined with the best medical and surgical treatment, at the
establishment, 90, Upper Harley-street.
This establishment, which was opened in 1850, is patro-
nised by her Majesty. The Bishop of London is Visitor,
and it is managed by the Marchioness of Ormonde, the
Lady Laura Palmer, Mrs. Edward Romilly, the Lady
Caroline Russell, Mrs. Cecil Russell, and other ladies.
All information respecting it may be obtained on writ-
ten or personal application Superintendent.
to the-Lady
Subscriptions received at the Institution, and by the
Treasurer, at Messrs. Coutts and Co.'s, 59, Strand.
W. C SPRING MOE Hon. Sec.

MESSRS,. NICOLL & Co.'s MANUFAC-
TURES aro SOLD by the Following Firms,
namely :
Messrs Howell and James Regent street, W.

... i
Messrs W. Tarn and Co Newngton-causeway, S.E.
Messrs Goodall and Graham 6, Conduit street, W.
Mr H. Withers Poultry, E.C.
l'‘l essrs Wheeler and Son 17, Poultry, E.C.
Mr J Prewitt 7, Piccadilly, W.
Mr T. Bryer I ondon Bridge, E.C.
Messrs Goy and Son 36, Leadenhall street, E.C.
Messrs Godsburgh and Co 19, London street, Fen-
church street, E.C.
Mr Bradshaw 7B, Poultry, E.C.

Messrs Jannings and Son 16, Fenchurch street, E.C.
Mr Shayer Bishopsgate street, E.C.
Mr B. Drew 3l, Piccadilly, W.

Mr G. Roberts 183, Oxford street, W.
Messrs Plumpton and Sons Church street, Camberwell,
S.E.
Mr G. F. Harcombe 2, High street, Clapham,
S.W.
Mr Jos. Baker 6, Lower Vale place, Ham-
mersmith road, W.
Messrs G. R. Woolgar and Co 43, Ludgate hill, E.O.
Mr C. Wetton 6, High street, Notting hill.
Mr E. Hemming l4, Tichborne street, Hay-
market, W.
Messrs Hembry and Sons 80, Strand
Messrs Crane and Co Commercial road, E.
Messrs E. M. Paul 5, Moorgate street, E.C.
Mr Austin Withers 22, Wallbrook, E.C.
Messrs W. Bliss and Sons Sun street.
Mr Ashford 72, High st., Islington, N.

Mr W. Pile 73, PEZ-rk street.
Mr Yeller Blackheath, S.E.
Messrs T. Fencott Evans & Co 74, Upper st., Islington, N.
Mr E. Hawkes Great College street, Cam-
den Town, N.W.
Mr T. Reeve 11, Maddox street, W.
Messrs. D. NICOLL and CO. furnish above a list of
some of the Establishments in London where the public
are supplied with all or some of Messrs. Nicoll's patent
productions, and this course is taken to avert inconveni-
ence to numerous correspondents who daily seek this in-
formation. At the drapers' establishments which are in-
cluded in the above list, and at other houses where only
materials for ladies' use are kept, there are for inspection
the CHANTILLY, a new waterproof cloak, and the
TRAVELLING COSTUME now in general request,
made of fine, all wool, shower-proof tweed or tartan, and
at the clothiers' and hosiers', where gentlemen's goods are
supplied, the RUG-PALETOT (patented by Messrs.
Nicoll, July 5, 1889), decidedly the cheapest guinea's
worth ever offered to the public. ThA RUG-PALE-
TOT fits anybody, can be lent to a lady, throws off
rain, and is ono of the most graceful garments ever
produced. It is a cloak for the shoulders when walk-
in?, or a rug for the knees in the carriage or at rest.
More than 800 Drapers, Hosiers, and Clothiers are re-
tailing the articles of Messrs. D. Nicoll and Co.'s manu-
facture in various parts of the country, and their
ad-
dresses will occasionally be advertised, but will be in-
stantly forwarded on application to Messrs. D. Nicoll
and Co.
The want has long been felt of a wholesale house for
manufacturing first-class goods only—that is to say, a
firm which confined themselves entirely to the use of the
best materials, made up in the best manner. The higher
and middle classes in this country have found that what
is called a "low price" is not the only test of cheapness ;
real cheapness depends upon quality, and the manufacture
of the best goods only forms the main recommendation of
Messrs. D. Nicoll and Co.'s manufactures. A great reduc-
tion in the cost of production is consecuent upon making
in large quantities, and a concentration of attention to the
required object, these advantages are secured by Messrs.
D. Nicoll and Co. in the manufacture of their several
novelties for the season, which will be found occasionally
advertised in a full column of the "Times" and other
newspapers.

Idelsi.s. I). Nicoll and Co. until they became manufac-
turers and wholesale warehousemen only were unable to
place before the public in the metropolis their productions,
except at retail establishments, with which they aro now
no longer in any way connected. They have at the pre-
sent time the honour to announce that the firms above-
named, and others to be advertised hereafter, will alone
have a right to exhibit in London goods bearing the follow-
ing trado mark, namely : Between the Shields of Arms
of London and Paris the words "Nicoll's Patent" stamped
or woven, and no goods of a second-rate quality will ever
be produced with that trade mark. If garments bearing
that mark aro described as "shower proof" or "all wool"
the assertion may be relied upon, and the goods will in all
other respects sustain the reputation of mole than a quar-
ter of a century's standing.
(Signed)
D. NICOLL and Co., Wholesale Warehousemen,
6, Fell-street, Wood. street, London,
and 14, Rue do la Banque, Paris.

Mr. BOWLES has handled his difficult subject with
great skill, and his reply to the criticism of the New
York Evening Post is forcible, fortifying the posi-
tion he has taken. lie reduces the debt which
Mr. BOUTWELL will have to fund at a lower inte-
rest to $1,200,000,000, as he subtracts the Five per
Cents., the currency debt, legal tenders, and gold
certificates from the total. He proposes that bonds
should be issued payable at the Government option
after 20 years, and redeemable in 40 years from
January Ist, 1870, bearing four per cent. interest,
guaranteed free from all taxation, the whole on a
gold basis. Ile would make the bonds uniform in
date, term, and other particulars, except in retaining
the power of partial payments by subdividing the
issues into series of $100,000,000. To popularize
the loan, the bonds should be payable in the three
standard currencies of the world, whereby the face
in dollars, would represent the equivalent in francs,
or sterling, gold for gold, at the rates fixed by the
Washington Mint. Agents ought to be appointed
iu all the great cities to cash the coupons at the ex-
act amount they represent in dollars. When unifor-
mity is established in the currencies of the world, as
is fast becoming the case, the United States Triple
Currency Consol (as Mr. BOWLES calls his proposed
bond) would circulate more freely, and its value
would be known to all, the $l,OOO Bond being ex-
actly equal to £2OO or to 5,000 francs. It has been
objected, as we last week observed, that this plan
favours the transfer to foreign hands of the United
States certificates of indebtedness, which aggra-
vates the now unavoidable evil of being indebted at
all. It would not be pleasant to an individual to
find an enemy in possession of his "promises to pay" he
could not redeem, but it is necessary, in considering
this subject of foreign loans, broadly to separate per-
sonal indebtedness and national indebtedness. An
individual is under the control of the law, while a
sovereign nation is controlled only by the fear of
an adversary's power, by a sense of honour, and
expediency. With nations it is not the debtor who
is at the mercy of the other, but the creditor, which
exactly reverses the position. There is no force,
then, except to the foreign purchaser of the bonds,
in the inadvisability of their being held by fo-
reigners in case of complications, but 'there is the
danger that such complications might so rapidly
send back the bonds as to derange, in an emer-
gency, the Money Market of New York. This is
an unavoidable evil, which may, in the way
BOWLES suggests, be mitigated, but cannot be
wholly removed. He maintains that his plan- of
making the debt payable in the three chief curren-
cies of the world would keep the bonds in the strong
boxes to which they had found their way, as cons
fidence in the holder would be inspired both by his
ability to estimate the value in the coin of the coun-
'ry, as well as in the knowledge that he can receive
the interest in his own capital in the currency that
there circulates. But these considerations favour the
transfer of the bonds into foreign hands abroad. Yes,
they must go, for there are no means except one by
which they can be prevented, and that one can only
be regarded as a farce. If Americans will give par for
their debt reduced to three per cent., the question
will be set at rest for ever; but though it might
have been possible, by subscription, to pay it off (fur
the persons who subscribed would have received -
some equivalent in credit for their patriotism), as_
they cannot get any in such action, the bonds will
obey the economic law, which always, in the end,
and in spite of sentiment, regulates these matters.
We venture to assert that if the citizens in a fit of pa-
triotism took up their debt at par bearing three per
cent. interest, the bonds would in a year be flowing
freely to Europe at a considerable percentage of dis-
count ; that is, when the fit was over they would
rapidly find their level. Great Britain retains within
its own borders nearly all its Consols, because
nobody except the British will buy them, and the
United States must place and maintain their's on the
same footing or the bonds will flow abroad. Now
the Union cannot do so ; for it is a comparatively
young country, with vast wastes yet to occupy, and
a,./1141.A13 .1151a11 &LA tiCl
valuable as in England. This sta' eof things must
be recognised, and in its face the Secretary should
take the most effective means to secure the best
terms, dismissing selitimett as outside the sub-
ject. Mr. BOWLES attaches to these terms a vast
importance, extending far beyond the mere gain in
interest which may accrue to the United States.

He sass—
"The payment of an interest rate even a shade or a
trifle higher than is just or proportionate to that paid by
any other Government, would not only lower our national
position and credit, but it would react upon all our future
transactions and commercial necessities."

There may be more force than we perceive in this re-
mark, and as it comes from the head of a Paris bank-
ing house we would be slow to advance an opinion
against it. Yet so fully do we believe all such
questions to be governed by an economic law, that
however they may be influenced momentarily by
arbitrarily fixing a scale, that scale cannot long
be maintained. If capitalists consider such bonds
as Mr. BOWLES suggests worth baying at par, at
that rate they will be bought ; if not, they will sink
to a discount, while if eagerly taken they will rise
to a premium. It is a question of demand inspired by
confidence, and though we have not Mr. BOWLES'
letter from Geneva at hand, if we do not mistake,
the idea is embodied in it, that the floating of the
proposed loan will resolve itself into the attractions
to a new class of purchasers. Hitherto Five-Twen-
ties have been held by speculators and those who
forestall the bona fide investor. To place the United
States Securities on a par with Consols they must
be purchased by a totally different set—for trust
money, reserves of banks, assurance companies, the
provision made for families, and the sums held in
readiness for sudden emergencies. These are your
Four per Cent. people, and when they become the
buyers, that will be the rate which will rule. But
we do not hesitate to say that nearly every Four per
Cent. Bond will leave the United States, and the
effect will be to throw all that portion of the debt
into the hands of foreigners. While foreseeing this,
we detect in it no cause whatever for alarm; but,
on the contrary, we believe the achievement of such
a result would in no small degree benefit the United
States and insure the peace of the world. Lintening to
some Americans discussing this subject would leave
those who knew nothing of it under an impression
that foreigners became possessed of United States
Bonds by a. sort of legerdemain ; and to hear many
foreigners arguing it people would conclude that the
Americans had palmed off the bonds on them by a
sleight-of-hand. The truth is, that the foreigner
buys them as he buys anything else, for a price the
seller agrees to consider a fair equivalent in what is
more useful to him. The exchange means a trans-
fer to the one side of a United States guarantee of
indebtedness, and to the other side in exchange coin
or goods to an equal value. Every bond, then, held
abroad represents money or its equivalent lent to
the United States ; and if an American can use the
money of aforeigner, so as to give the lender what to
him is a high percentage, while it leaves an ample
margin of profit to the user, then that money is
most legitimately employed, and in a way alike bene-
ficial to all. Now this is really what the American
Bonds in foreign hands means, and we recommend
Mr. BOWLES to assume and maintain even more
distinctly than he has this position, when we venture
to assert that both controversy and experience will
fully bear him out. Sentiment on such a subject
is out of place, and sentiment is not likely to in-
fluence the Financial Secretary to whom the letter
is addressed, as he undoubtedly finds money to ba
a hard matter-of-fact thing, slavishly obeying cer-
tain economic laws, and with a ruthless disregard to
all else. •

BREAKFAST.—EPPS'S COCOA.— GRATEFUL AND COM-
roRTING.—The very agreeable character of this prepara-
tion has rendered it a general favourite. The Civil Service
Gazette remarks :—" The singular success which Mr. Epps
attained by his homoeopathic preparation of cocoa has
never been surpassed by any experimentalist. By a
thorough knowledge of the natural laws which govern the
operations of digestion and nutrition, and by a careful ap-
plication of the fine properties of well selected cocoa, Mr.
Epps has provided our breakfast tables with a delicately
flavoured beverage which may save us many heavy doc-
tors' bills." Made simply with boiling water or milk.
Sold only in tin-lined packets, labelled JAMES Ergs and
Co., Homceopathic Chemists, London.