The Sun.
London, England, 1869-05-17 00:00:00

THE SUN, LONDON, MONDAY: EVENING, MAY 17, 1869.

other perniissive prohibitory measure which shall
deal with other tendencies of the flesh to evil and
riotous living." But the Saturday Review thinks
something must be done—something will be done
next session. The present licensing system is
doomed. The brewers' monopoly must be reformed,
the excise licenses must be altered, beerhouses must
be repressed, some guarantees must be given for the
r orderly management of public-houses, the Legislature
I must require pure drinks to be sold.

up country, the inseparable difficulty still remains
to the Free-traders of applying British principles
to America, where the circumstances are wholly
dissimilar. Economic laws are regulated by nature,
and nature is universal ; therefore the economic
law which benefits England must benefit America.
This is very fine in theory, but it no more answers in
practice than giving Tom and HARRY the same dose,
or insisting on JACK and Jim having a like taste.
We do not now discuss whether Protection or Free
Trade be best suited to the present circumstances
of the United States ; but we are sensible of the
powerful weapon weilded by the Free-traders in the
assertion that protection means, in a greater or lesser
degree, monopoly ; monopoly means benefiting the
few at the expense of the many ; therefore it is the
antithesis of the Republican doctrine which main-
tains the equality of all or benefits the many at the
expense of the few. Yet this is the very point the
Protectionists dispute, who say, if you take the
world, perhaps yes, bat if you take the Repub-
lic, certainly no. The point of the Free-traders
attack is that the citizens of the United States
are unfairly mulcted to supply undue profits to a few
cliques. The great guns of the garrison reply no ;
this fortress is the national security and strong-
hold. It is true we benefit, but only with the na-
tion, more especially the workmen, and in no more
than a just degree to those who build up the manu-
factures of America and create her industries.
These manufactures and industries are the nation's
civilization and strength ; they are wealth to the
poor, and employment to the industrious. Admit
the fabrics of foreigners, and the pauper labour of
Europe is placed on an equality with the highly
paid and heavily taxed American artisans, and you
break down not only the growing national indus-
tries, but the sources of your present and future
revenues. The Free-traders answer, let American
industry be employed in the direction wherein it is
most profitable. By the present system it is artifi-
cially diverted into such channels as most pay cliques
who control "rings," and best know how to "lobby."
The whole system; is artificial, mistaken, and na-
tionally false. Leave industry to nature and the
instinct of the people ; cease the attempt to control
natural laws by Congress, which only generates
corruption, and entails even more loss by turning
labour into false courses than by fleecing the people
to gorge monied oligarchies. A great Protection
Meeting has been held in Philadelphia in reply to
the Free-trade gathering at Boston. The Hon.
MORTON M`MICHAEL7 who was called to occupy
the chair, stated that the object was to con-
sult and take action for the Protection of home
industrial. pursuits. He deemed it time to make
counter efforts to those of the Free Trade League,
who were spending large sums in disseminating its
opinions. The report was read, which showed
that the Industrial League of Pennsylvania was
not far behind in this respect, the National Ameri-
can and the Industrial American having been widely
circulated, besides petitions and journals. As
Congress would receive at its next session a report
from the Committee of Ways and Means on the
revision of the Tariff, it was desirable for them to
take early measures for impressing their views on
that Committee. First, they assert the home
markets to be infinitely more important than
foreign commerce ; next, that the possession of
these gives them financial independence, ad-
vancing arts and civilization ; then they maintain
that this can only be achieved by Protection ; the
sixth resolution advises the establishment of a
bureau to watch over the development of new in-
dustries, and see how they are acted on by tariff
legislation ; and they finally state experience to
have shown that low prices in manufactured goods
.can only be attained through domestic production.
The subject is of the greater interest, as around the
standards of Protection and Free Trade must rally
the political parties about to be formed in the
United States. General SCHENCK occupies a posi-
tion which gives him great influence in Washing-
ton, and if he makes a tour through the manufac-
turing towns of England, the leaders in them
ought to know that he is a veritable lion. The
Round Table advocates a Reform Club for New
York, and suggests the Free-Trade League as the
neuclus or basis of such an organization. It points
to the power of the Carlton, Brooks, and the Re-
form Clubs in London and the Union League Asso-
ciations in America. The soundness of the prin-
ciples of Free-Trade are neer more generally believed,
as that journal asserts, and if the Free-Trade party
seize the opportunity thus to organize themselves,
it considers that the " push and eclat" would ma-
terially benefit the cause.

found and applied ; if not, England can at least see
where the danger lies, as well as the value of the
settlement of the Alabama claims on any terms in
removing such a grievance. The question resolves
itself into this—Can her MAJESTY'S subjects concede
to Americanfeeling the realization of that, Americans
hold to be a destiny almost profane to contend
against ? We believe that England, so far as she
comprehends the position, has given an emphatic.,
response, which underlies every article treating of
the American difficulty. The principle is conceded
of the colonists' right to determine their own future
so far as Providence permits—that it is for them
to decide whether their country should or should
not enter the Union. If so, no objection would be
raised in England; if not, nothing less than the de-
feat of the British Empire in arms, could achieve such
a result. This is fair, and ought to be known through-
out the States, where the position is misunderstood.
Emphatically, then, the question is one to be decided
in America, England only looking on to see fair
play. And it is this truth that we desire earnestly
to iinprea; on the Washington Government, for we
feel satisfied that had it been fully understood, Mr.
SUMNER'S great blunder would never have been
committed. For Senator CHANDLER no one cares,
as he finds a worthy place in the Fenian org iniza-
tion, which has done so much to defeat tife Ameri-
can aspiration when ripening to fruition. The idea
on which such men as the latter work is that coarse
and vulgar one not unfrequently adopted in Eng-
land by a servant who desires to enforce an unjust
charge. On the calculation that the time and the
disagreeablcs would far outweigh the annoyance of
having to concede the demand, the servant threatens
and carries the case to the County Court. Either
the gentleman concedes or compromises, or he re-
sists, when startling statements are manufactured
for the Court, and perhaps both sides find their
conduct can bear an astonishing interpretation. By
threats of Fenian invasion, by the cloud of Michi-
gan volunteers gathering at Detroit, to burst in a
devastating storm over the richest parts of Canada
by that nagging irritation and the interference
with free commercial intercourse, such men imagine
that the Canadians may he driven for the sake of peace
and security into the Union. The application of
the same sauce to England is attended, they consi-
der, with even a better effect. The constant menace
of war means no insecurity to British homes, al-
though it may end in a great drain on the British
purse and loss of British life ; but to Canada it
means invasion, a repetition up North of the desola-
tion spread down South, cities in flames, and
RACIIELS weeping over their slain sons. It kills
also two birds with one stone, for they know that
England does not set much store in a material
way on her possessions in North America, while
she considers a war with the United States the
greatest calamity that could befall. Suppose that
by ceding provinces to her of no value she could
shake off this incubus, escape this ever-threatening
danger, and cease to be haunted by this nightmare?
Here is a motive for the policy which will suggest
itself to such minds as that of Mr. CHANDLER, per-
haps none the leas readily because a coarse and brutal
expedient. Now the attitude of England, as well
as of Canada is a fair answer. If the colonists
can be persuaded to cast in their lot with the Union,
persuade them, and we are content, says England;
we are the arbiters of our destiny, says Canada,
and under all circumstances we will maintain this
right, which, being interpreted, means exactly the
same ; while both
_speak emphatically in unison
as to their determination to resist by force any
attempt at coercion against either. This manly
course is not only fair, but that alone which could
command American respect; and in adhering to this
simple programme the Republic can thoroughly un-
derstand the position, which is, that the end can be
gained by concession and the force of argument, in
a word, making it the interest of the Canadas to
enter the Union ; while it cannot be gained by
threats, exaggerated pretensions, or war.

Ina former
qu
of
canadaw.asanrotitclte whedeshowedf
Ethnagtlathned
,cbonur
tehset
danger of America, that such plucking turned it
into Dead Sea fruit, pleasant to the eye, but ashes
on the lip, and men like Mr. CHANDLER might well
consider what it really means. There is no more
fatal inheritance to a nation than a conquered terri-
tory inhabited by a high-spirited and energetic
people. The Battle of Bannockburn did not save
Scotland half so much as England, although the
greatest defeat ever inflicted on the latter. In re-
pelling conquest Scotland prepared a genial, hearty,
and equal union ; but, disastrous day for England !
she did conquer Ireland.; and let America -tell what
the consequence has been. Does Mr. SU3INER think
that the end of the Confederate War is now ?
Generations must pass away before the full effects
of that struggle are realised, and no man lives who
can predict how far the seeds of disunion have therein
been sown. There is a poetry in war ; a sentiment
that penetrates to the soul of a people, and the Re-
public is one of the most striking illustration's of
what we assert. The War of Independence was a
great American triumph, yet deeply embedded
in it are the roots of that tree of hatred to the
mother country which has flourished so vigorously.
Is a war of triumph to be followed by that great
growth of bitterness, but a still vaster war of defeat
to leave no trace ? 'With reviving prosperity—
the fact ought not to be ignored—may revive in.
the South a sentiment difficult to deal with. Over
every battle-field, through every captured city, along
SHERMAN 'S devastating march, will pass the Southern
tourist when Senator SUMNER will be known as one
who lived generations ago, and even the descendants
of those now settling in the places made vacant by
that awful strife will be imbued with Southern
sympathy and identify themselves with the Southern
armies in that fierce struggle. Let those who
desire to have the American aspiration realized, not
deceive themselves on this most vital point—that
the conquest of Canada can hasten the fulfilment
of the destiny, for deliberately, calmly, we assert,
that,—and that only, can and surely would defeat it.
On the strength of the Southern feeling against the
Union that crushed them must in a measure hinge
that continental unity, and on.the way in which it is
soothed and treated by the conquerors; but those who
desire- to smash up every chance of a continental go.:
vernment other thanon the Russian plan will proceed
to the conquest of Canada. Nor would it even
have the exctise of the necessity that there was one way
only, and the Republic was compelled to take it
for we believe her path is so clearly marked that
none except the morally blind can fail to see it.
England is willing that the (Janadas should go ; all
the Republic then has to do is to discover what the
inducement is that would bring these provinces into
the Union. This would soon be known when the
question was raised and agitated, the pros and cons
being debated aad understood by the people. We
believe, with the vast body of Americans, that the
greatest gainers would be the Canadians ; but that
the United States and England would also gain in
a secondary degree. If so, our trust must bererio.tba
object,
and danisdcuttion andsthenistite, as sure
onuradvicet_opacrcoopmptlhiesshe irritating
questions ; let the United Kingdom understand
that in such a union a finer field still would be open
to her emigrants and to her commerce, that the Re-
public would see England's best proof of good-will
in leaving the matter to be settled between the
colonists and the Union, and that when they arrived
at the decision of which we feel
politically, to
England
would shake hands and to be united
all the more strongly pact
in a commercial
union and in a kinship of which both are proud.—
Anglo-American Times.

ANGLO-AMERICAN TF.LLORAPIT COMPANY (LI-
MITED.)—The following is a return of the statistics of
traffic of the above named company under the £2O, £lO,
£5 55., and £3 7s. Gd. tariffs :—Under the £2O tariff—
Number c f messages from July 28, 1860, to Oct. SI, 1866,
2,772 ; daily average number of messages, 29 ; average
amount per day, .1:5t1,. Under the £lO tariff—Number of
messages from Nov. 30, 1860, to Nov. 30, 1867, 25,020 ;
daily average number of messages, 64 ; average amount
per day, £579. Under the £5 Ss. tariff —Number of mes-
sages from Dec. 31, 1867, to August 31, 1868, 35,1)74; daily
average number of messages, 131 ; average amount per
day, £035. Under the £3 7s. Gd. tariff—Number of mes-
sages from Sept. 30, 1868, to April 30, 1869, 52,403; daily
average number of messages, 216; average amount per clay,
£615.

1) LINVILLE and Co., Belfast, are the largest
holders of Whisky in the world. Their Old Irish Whisky is re
commended.by the medical profession in preference to French
Brandy. Supplied in casks and cases for home use or exporta
tion. Quotations on application 'to Messrs. Dunville and Co.,
Belfast; or 4, Beaufort-buillinge, Strand, Loudon, W.Q.--[Ad-
Tertigieruent.

MONEY AND BUSINEn

(From the Springfield &publican, May 1.)

An abundance of funds and low rates of interest have
been the features of the money market for the past week,
though the even tenour of affairs has once or twice been
disturbed by a temporary spasm of stringency and scarcity.
Seven per cent., and iu some cases less, has been the pre-
vailing rate at New York, while at Boston the banks are
generally asking a little higher. The demand in many
cases is purely speculative, and the market is consequently
in a rather uncertain and sensitive condition. The call
for money in the stock market is steadily increasing and
there seems to be no difficulty about the remunerative em-
ployment of all surplus capital. The opening of naviga-
tion on the lakes this week will probably stimulate the
movement of currency, but there is no reason to suppose
that will draw any great amount from New York to the
West. The West is already largely indebted to the East,
and the New I ork banks have been steadily receiving
remittances from the West for several weeks past, and the
disposal of the remnants of last year's crops will hardly do
more than restore the balance. The statement by the
national banks of their condition on the 17th ult., i❑ ac-
cordance with the recent circular of Controller llulburd,
presents a favourable exhibit, and the last weekly state-
mOnt of the New York banks was a very satisfactory one.
Every item, loans, specie, deposits, &c., shows an increase,
except circulation, which is reduced $350,000 on account
of the withdrawal of the Bank of North America from the

national b mking system. The Western market shows a
steady improvement, the call for loans being only mt.d
rate, while the bankers' resources are increasing. The
stringency which has been so severe through the winter
has entirely passed away, and loans are now firm and
steady at 10 per cent, annual interest. The general aspect
of the market east and west indicates a favourab!e situa-
tion, and moderate rates of interest through the summer.
The announcement that the United States would com-
mence selling gold on Thursday of this week and the ad-
vance of our bonds in London checked the rise in gold for
a day or two in the early part of the week, but the specu-
lative influences were subsequently set at work and forced
up the premium again. There is great diversity of opinion
among financiers and politicans as to the expediency of the
sales of Treasury gold at this time, and an equal uncer-
tainty as to the reason for Secretary Boutwoll's actions.
In his advertisement of the sale be does not indicate
whether the disposal of the surplus gold is effected merely
to supply the current needs of the Government for money,
or whether it is a part of the financial policy of his. Admi-
nistration. it is certain that the amount of gold now in
the Treasury is unusually large, and that the currency
balance at the New. York Sub-Treasury is small—on Sa-
turday night it was only 83,400,000, a much lower figure
than has been reached for many years. Bat if the Govern-
ment wants money the best way to get it would be either
to reduce the expenses or collect the revenues, and it is
particularly desirable for the strength and efficiency of
the new Administration, in which economy, honesty, and
purity were to form such prominent elements, that it
should not adopt any measures tending to shake popu-
lar confidence in its policy. The Sinking Fund Law,
enacted in February, 1862, which requires all coin re-
ceived by the Government for customs to be sat aside as
a special fund, and applied, first, to the payment of the
interest on the public debt, and then to constitute a sink •
ing fund for the redemption of one-fourth of the debt
annually, also stands in the way of sales of gold by the
Secretary of the Treasury, and it was only by substanti-
ally disregarding this Act that Mr. M'Culloch was able
to keep up his sales of gold, redeeming with the pro-
ceeds $50,000,000 of Treasury paper. It is possible that
Mr. Boutwell finds his authority for the sale of gold
in the clause of the Public Credit Act, which provides
that the United States Bonds shall not be paid er redeemed
before maturity, and regards this as a substantial repeal
of the Sinking Fund Act, or at least of that portion of it
directing the redemption of one per cent. annually of the
debt. But whatever the reason of Mr. Boutwell's sales of
gold at the present time, it would have been desirable if
he had made it public, that the country may know and un-
derstand what is to be the financial policy of the Adminis-
tration. Mr. Boutwell has always been supposed to be in
favour of retaining the gold in the Treasury, and on the
accumulation of a sufficient amount expending it in the
redemption of United States Bonds, and it would be inte-
resting to know whether his present action is an expedient
for a temporary purpose, or a part of his permanent policy.
Iu any event there is no doubt that the gold will be sold
honestly and honourably; not secretly and with favourit-
ism, as under the M'Culloch Administration, and with the
public advertisement and announcement of the sales, the
fact itself is of no great consequence.
United States securities are strong and steadily advanc-
ing. Two or three days this week the market has been
entirely bare of Five-twenties of the earlier issues, and
those of the 1862 series have uniformly sold above 120.
The foreign May coupons continue to arrive in large
quantities, and their proceeds are immediately invested in
Government bonds—over a million of dollars having been
placed in this way during the past week. The amount of
interest due on the May coupons, which are those attached
to the Five-twenties of 1862, 1864, and old 1865'5, will be
nearly $25,000,000, and its payment, with the sales, of
Treasury gold, will reduce the coin on hand to a low
figure. The public debt statement for May, which will
be out promptly on the first day of the month, will show
a reluctioc of $2,000,000 in the liabilities of the Govern-
ment during the month, a fact which is of course favour-
able to the new Administration. The expenditures, how-
ever, have not been particularly large, and the receipts
for customs have been unusually heavy. The payment
of the May interest and the reduction of the revenue, con-
sequent upon the charges of assessors and collectors,which
is expected to appear during this month, may, however,
produce an increase in the indebtedness in the June re-
port. The reduction of expenses, by the discharge of a
few hundred clerks Lin the Washington department will
not amount to much, nor can any important economical
reforms be effected without considerable time.
Plenty of money and a strong bull combination have
kept the stock balloon at New York well inflated and
steadily sustained. The increasing probability of favour-
able action by the Legislature in legalizing the 80 per
Cent. Stock Certificates of the New York Central, has
kept that road at the top of the ladder, while all the
smaller concerns aro steadily shouting " Excelsior," and
following the upward movement. Vanderbilt's brokers
continue to purchase heavily of the stock of his own
roads, and all signs indicate that he intends to accom-
plish his prophecy that Central Stock would be worth 200
in Wall street before winter. It is also reported that
Vanderbilt is arranging for a liberal scrip dividend on
the stock of all the roads comprising his grand
through route to the West by the Lake Shore, bring-
ing these to the standard of the New York Central
preparatory to a general ' consolidation from Albany
or New York to Chicago. The advance in the other rail-
way stocks is principally referable to the firmness of the
Central, and the situation is daily becoming one of in-
creasing interest. The herald correctly remarks—" If, on
the one hand, this sudden appreciation of value is based
upon the expected prosperity of the country in the ensu-
ing future, it is only what the more enthusiastic have pro-
phesied ever since the Administration of Gen. Grant was
decided upon by a majority of the people of the United
Slates. If, on the other hand, it is the work of the cliques
and combinations of Wall-street, who have conspired to
advance prices to make a market for their long-hoarded
stocks, its success is stupendous." The Erie Road has at
last secured its coveted entrde into Cincinnati, 0., by a ten
years' lease of the Cincinnati, Hamilton, and Dayton, and
at the same time comes the announcement that the Penn-
sylvania Central has leased the new road from Cincinnati
to Louisville, Kentucky, thus securing through and direct
Southern connections. The Pennsylvania Road is also
operating in the north-west, and is building a fleet of six
steamers to ply between Du Luth, Minnesota, the pro-
spective terminus of the St. Paul and Lake Superior Rail-
road, and outlet of all the Minnesota grain trade and Erie,
Pennsylvania, and the wisdom of the policy will doubtless
be clearly apparent on the completion of the railroad, for
Du Luth is no further by water from New York than is
Chicago.

The trade in dry goods is not large, the backwardness
of the seaso,p, and the interruption of travel by the spring
freshets, both having an unfavourable influence. The
tendency of prices for all kinds of manufactured goods is
downward, and the cotton markets of the Southern ports
are also dull and inactive. Summer fabrics and new styles
of prints find their readiest sale, but the tone of the mar-
ket is not favourable. Most of the newly-imported goods
are sent to the auction rooms, and the results are not very
encouraging to the importers. The wheat and flour mar-
ket has improved, and under unfavourable advices from
Europe and a diminution of stock considerable business
has been done, and prices have advanced. The effect of
the recent heavy defalcation at New York has nearly
passed, and business is again settling to a firm and sound
basis. The Cambridge and Brighton cattle markets have
turned in favour of the consumer this week, and good
beef is nearly $1 per hundred lower in consequence of the
large supply of cattle at market.

(From the New York Tribune, May 1.)
Government Bonds were strong and active at the open-
ing of business, but receded 1 to j per cent. nuder a pres-
sure to realise the advance of the past two days. At
the decline, there were large orders to buy, and the
market had a strong appearance. The Secretary of the
Treasury created a 7ery favourable impression in finan.L
cial circles, and his determination to put the Sink-
ing Fund Law into operation meets with universal
commenlation. It is understoo4 that as his plans
are perfected, he will commence to convert his gold
balance into bonds, and that he will so arrange his
transactions as to be entirely free from any speculative com-
binations. The effect of this movement will be to advance
the price of our bonds in gold to a point that it will be cor-
respondingly easy to float a long bond at low rates of
interest. _ _

[No people can have their pudding. and eat it ; those
who threaten war and advance demands for which their
is no solution but war may serve political, but not finan-
cial ends. Senator Sumner's Speech has deferred the
period when such a loan could be floated.—En. A.A. T 1

Money was easy at 6to 7 per cent. on 911. Commer-
cial paper at Bto 9 per cent. for prime names. The bulk
of tray ootiono wore made at the lowest rata. At tho