The Sun.
London, England, 1869-07-02 00:00:00

THE QUEEN AT ALDERSHOT.

Her Majesty seems to enjoy reviews ; we Are told,
indeed, that any out-of-doors amusement she can enter
into. She attended the Windor Review, and appeared
to really take enjoyment from it ; and within a very few
days she has held a review of her troops at Aldershot. At
one time her Majesty regarded her, military encampment
with much favour, and her Consort also took a lively in-
terest in the place, and in the welfare of the men who
inhabited it. During last year, and again this season, the
Queen has returned to the visitations which for a
season she had broken off, and the soldiers and their
families arc renewing their eagerness for a recurrence of
those field days at which her Majesty and other members
of the Royal Family shall be present. Her Majesty left
Windsor with the Princess Louise, the Princess
Beatrice, Prince Leopold and suite about ten o'clock
on Thursday morning, and drove in open carriages
to Aldershot. She was here received with great
enthusiasm by the soldiers, and acknowledged the
plaudits, it is said, with more than ordinary emphasis.
The Duke of Cambridge, the Prince of Wales, and Prince
Arthur came down by special train ; and some of the
spectators were much amused and delighted upon seeing
the Prince of Wales, rather than wait for his own
horse, step into a dingy old fly, and repair to
his destination. The soldiers had three miles
to march to the review ground, said review being
held on the wide plateau at the further end of the
table land. The Queen and party arrived on the ground
at half-past four, and at once drove round and inspected
the troops, which probably numbered from 12,000 to
15,000. Her :Majesty was attended by a brilliant staff,
and the Duke of Cambridge rode by her side.
The indispensable march past was the first
;hing done. After the march, the artillery
and cavalry trotted and galloped by, and then
dispositions were made by the lieutenant-general com-
manding and the major-generals of divisions for a sham
fight. There was an imaginary enemy in possession of
the Long Valley and adjoining heights ; it soon
became certain he would be repelled with triumph.
For some time the artillery and skirmishers had
it all to themselves, but the cavalry and then
the infantry appeared in different parts of the
valley, occupying ground and executing movements with
an ease and despatch that the most untutored civilian

could not but admire. The line of advance, at length, by
the junction of two grand divisions, compassed the entire
valley, and after a sharply-sustained fire from both infantry
and battery, and several effective charges from the cavalry,
the desired issue was decided. The Queen and spectators
followed the tide of battle as it rolled from south-west to
north-east, and everybody seemed delighted at the grand
military spectacle.
The review concluded before eight o'clock. The Duke
of Cambridge returned to London ; the Prince, who rode
at the head of his regiment (the 10th Hussars), remained
to dine at the mess ; and the Queen and the other mem-
bers of her family repaired to the Pavilion, there to pass
the night.

THE BANK OF ENGLAND.

it _.

Mr. Charles Sturge writes to the Daily News the fol-
lowing letter on the Bank of England :—" A little consi-
deration will shew every man of business that a moderate
and steady rate of interest is essential to this country
if our manufacturers and merchants are successfully to
compete with those of France and Germany. The
recent semi-panic shews how utterly incapable the
Bank of England is to supply the wants of the trade
of the country, as the least revival in business
doubles the rate of interest, and nearly the whole of the
small profit left by foreign competition is absorbed in the
extra discount on the bills taken in payment. The
Government advance on land, public works, drainage,
&c., but not on what the nation's credit especially
requires they should, that is, their own stocks.
If this was done at the same rate of interest
as on the above, it would, I think, he all that is wanted,
but it should be in legal tender notes payable in taxes,
not in gold. There is naturally a prejudice against a
currency not payable in gold, but this is only an idea, as
the Bank of England has never whilst the charter has
existed been able to pay the amount of notes in gold
if called upon to do so, consequently Bank of England
notes are only really payable in gold so long as the
holders do not require such payment. The interest
saved by thus advancing upon Consols would enable
the Government to further reduce taxation, and serve
as a step towards the ' free breakfast table,' &c., &c.
It appears absurd to try to snake a less currency
do now than we had sixty years back, though our trade
and money transactions have multiplied ten times; and the
wonder is that we get along so well as we do, particularly
as under the clauses of the Bank Restriction Act the
supply decreases from year to year. The Bank Restriction
Act and the sliding scale of corn duties were both intended
to regulate commerce by law ; together they might work ;
but free trade in produce and an artificially restricted
currency for its payment must continually clash. Every
now and then, either from commercial distrust or the
state of the continental markets, large sums in specie are
required for the adjustment of balances incident to our
transactions with foreign countries. These are of course
drawn out of the Bank of England. Under ordinary
circumstances the only result would be that for a tilne e
the 'auk Restriction Act here steps in, and says that
the stock of gold being temporarily reduced, the supply of
notes, by which the internal trade of the nation is carried
on, shall also be reduced ; and the business of the country
is all at once pulled up, not because of any national loss,
for our farms are as fertile as ever, our ships as good, our
warehouses as full of produce ; but an old restrictive law
has suddenly deprived us of the circulating medium used
in the exchange of these. As the trade of the country

extends, the quantities of gold required for the temporary
adjustment of foreign balances will of course increase, and
•panics, from this dept ivation of internal currency, become

more and more frequent. I could never understand why
England is not allowed the cheap luxury. convenience,
and advantage of one-pound notes, the same as Scotland
and Ireland, instead of our clumsy, cumbersome gold
currency, which, from the Chancellor of the Exchequer's
statement, will before very long cost this nation nearly
half•a•million merely to rectify."

LIEETING OF CONFEDERATE COTTON

LOAA BUNDBOLDEI?S.

A meeting of Confederate Cotton Loan Bondholders
was held at the Cannon-street Hotel, London, on Thurs.
day, to protest against the speech of Mr. Sumner on
the Alabama and British Claims Treaty, delivered
on the 13th of April last. The chair was occupied by
Admiral Sir Provo Wallis, K.C.8., and a long report was
read setting forth the correspondence which had passed
between the committee of the holders of bonds of the
cotton loan contracted with the Confederate States of
America and the authorities of the Foreign Office.
The adoption of the report was formally moved by the
CHAIRMAN, and was seconded by Mr. MORGAN, who
intimated that not only had the most able members of the
bar expressed a strong opinion upon the validity of the
claims of the bondholders, but the present Lord Chancellor
bad also admitted it in his judgment in the case of
" Prioleau and the United States of America." Were it not
for the American Government he believed that every
State would at once recognise the claims of thebondholders.
General HOWARD, of the Confederate army, stated that
during the war the cotton was absolutely stowed away for
the bondholders. Even when the soldiers wanted food the
Confederate Government would not touch property which
they felt belonged to others.

Mr. HEAD urged that the just and legal claim of the
bondholders should be persistently kept before the Ameri-
can Government. Let them understand that the bonds
had been taken, and were held by persons who took
them, not out of political sympathy with one section or
the other, but because they thought them a sane invest-
ment.

The CHAIRMAN was quite sure that the time would
,orne when the American Gcvernment would be com-
pelled by pressure from without to recognise the bond-
holders' claims.

A BONDHOLDER wished to know if there was anything like
an assurance that the negotiations in reference to the
Alabama claims were about to be resumed.
Mr. MORGAN understood that they were to be re-opened,
and, he believed, on a basis that would be of advantage
to the bondholders.

Two resolutions bad been prepared to be submitted to
tne meeting, but tLe general feeling being that it was
better for the bondholders to take no action at present,
they were not put, and the proceedings were brought to a
close with a vote of thanks to the committee.

AN ASSAULT LY A " UNIONIST."—TIIO strikes
at Oldham are intensifying the ill-feeling existing between
the trades unionists and the non-nniorists of Oldham.
A man was brought up there before the magistrates a
day or two back and sentenced to two months' imprison•
mcnt fer assaulting a " knobstick," as he called one of the
men who did not go on strike. The attack made was most
savage.

TIIE OVEREND, GCRNEY, AND CO. CASE.—The
counsel engaged for the defence in the Overend, Gurney,
and Co. prosecution are—For John Henry and Henry
Edmund Gurney and Mr. Birkbeck— the Solicitor-
General, Mr. Hawkins, Q.C., Mr. Serjeant Ballantine,
and Mr. J. C. Mathews. For Mr. Barclay—Mr. Mellish,
Q.C., Mr. Serjeant Parry, and Mr. Montague Williams.
For Mr. Gordon—Sir John Karslake and Mr Ledgard.
For Mr. Rennie—Mr. Gifford, Q.C., Mr, Poland, and
Mr. ITArdillet