The Sun.
London, England, 1869-03-22 00:00:00

MONEY AND BUSINESS.

(From the New York Tribune, March 9.)
Government Bonds opened steady but declined from
toe per cent. on the quotations from London, which
were t per cent. lower than on Saturday. At the Second
Board prices rallied to the opening rates, and there was
a heavy demand for all classes. 62's sold at 1181 ; 65's,
llq; 67's, 1121. At the close the market was steady, and
there was a good demand for bonds, at our quotations.
The market has been strong throughout the day, but lacks
speculative spirit. New York Central was purchased
largely, and Michigan Southern was in active demand for
the election purposes. The strength of these stocks gave
a firm tone to the whole market. The delay in the selec-
tion of a Secretary to the Treasury, and the disturbance
caused by the new rule in certifying checks, had a ten-
dency to restrict operations. Rock Island sold at 129
1 Money was in good supply at 7 per cent. in currency.
There was but little activity in call hours. Commercial
paper remains unchanged at 7to 9 per cent. The Banks
to-day generally enforced the new law in regard to the
certification of checks. No checks were certified unless
the money was in the bank to meet them. Considerable
disturbance was caused by the change.
Sterling Exchange was dull and steady atquotations—
London, 60 days, 1081 to 109 ; London, sight, 1091 to 101
London, prime commercial, 108 i to 1081; Paris, long,
5.20 to 5.171 ; Paris, short, 5.171 to 5.15 ; Antwerp, 5.211
to 5.20; Swiss, 5.211 to 5.20; Hamburg, 351 to to 351;
Amsterdam, 401 to 401 ; Frankfort, 401 to 40i; Bremen,
781 to 78i ; Berlin, 711 to 711.
The Pennsylvania Railroad is quoted in the Philadel-
phia Ledger of March 8, at 561 to 57 ; Sixes, Ist Mortgage,
93* 1 ; 2d Mortgage, 961 97.

(From the Springfield Republican, March 6.)
The course of the Money Market at New York has been
fluctuating, with a decided tendency, during the early part
of the week, to stringency. Subsequently the pressure
relaxed, and money was abundant at 7 per cent. in gold,
and in some instances in currency. The situation of the
market has been so frequently changed, and always for
speculative purposes, that it can hardly be said to have a
distinctive or independent character, and probably will not
settle on a firm and solid foundation until the new Admini-
stration shall have made its financial policy felt, and re-
stored to some degree the business confidence of the coun-
try. The danger of a "lock up" of currency still exists,
and this bugbear is at any time used with effect to affright
timid capitalists. The bankers and brokers are extremely
wary in discounting paper, and only approved and un-
doubted names are received with any favour. In Boston
the market is not materially different from that in New
York, while at the Western monetary centres, money is
scarce and in active demand. The activity, however, is
said to be due to an unnatural and speculative demand
rather than to any real necessity in regular and legiti-
mate business. Much capital is locked up in grain
and provisions, and the real estate agents and stock
speculators are the most active seekers for money. The
farmers of the north-west are still holding on to their
grain and other products in anticipation of an advance,
which they are not likely to secure, and in tho mean-
time are causing stringency and pressure in the money
market.

Government Bonds continue to be the leading feature
of the stock markets, at home and abroad, and the de-
mand is increasing and the price steadily advancing. On
Wednesday there was a slight depression, on account of
the delay and possible failure of the Public Credit Bill in
Congress, but the final success of that important measure
will doubtless have a speedy restorative effect. For,
though the bill may fail to become law, because of the
capacity of ex-President Johnson's " pocket," it will
stand before the world as the expression of the Ame-
rican people and their representatives, that our debts
are to be honourably paid, and paid in coin. The
New York Sun, however, labours, and with good suc-
cess, to prove that the advance in our national securities
is due more to the action of the Supreme Court, declar-
ing that contracts for payment in gold are valid, and
can be enforced, than to the action of Congress. The lat-
ter ca❑ at any time be preserved by the power of the ma-
jority, but the decision of the Supreme Court remains firm
and permanent. Bath events have combined to produce
the same result, and both Wend harmoniously in their
effect. If Congrooe would now Dill, ro-
sbraining the further issue of United States Five-Twenty
Bonds, and the increase of the aggregate of the Funded
Debt paying interest in gold, the financial legislation
would be truly hopeful, and the situation more encourag-
ing for a speedy return to specie payments than at any
time since the war. But the administration of General
Grant will soon be iu running order, and with this new
force at work in our financial legislation Congress may
well make haste slowly. The foreign demand has almost
exhausted the supply of Five-Twenties of 1862 in the
New York market, and in some cases orders are trans-
mitted by cable front London and Frankfort fur the pur-
chase of 1867's instead. The Bonds of 1868 are an equally
desirable investment. The National Debt statement for
March I—Secretary 'M'Culloch's last—shows a gratifying
reduction of $12,000,000 in the total indebtedness, and an
increase of coin in the Treasury of nearly 89,500,000. The
(Wailed statement, together with the corresponding figures
for February 1, appear below :

- DEBT BEARING COIN INTEREST.
March 1. Feb. 1.
5 per Cent. Bonds 5221,589,300 $221,589,300
6 per Cent. Bends of 1881 283,677,400 283677400
6 per Cent. 5-20 Bonds 1,602,587,350 1,60!,583,350
--

- -
Total
DEBT BEARING CURRENCY INTEREST.
Certificates,3 per Cent
.$57,140,000 $57,410,000
Navy Pension Fund .. 14,000,000 14,000,000

Total
MATURED DEBT NOT PRESENTED.
Seven-thirty notes
3,422,460
TexasCompounde
mi nnt
ie
trye st
bonds not e s
..
256,000
Treasury notes, Act of July

$1,977,150
3,599,170
256,000

17, 1861
Bonds prior to March 31,

148,411 148,41

1848
Treasury notes, March 31,

202,800 278,100

1863
Temporary loans
Certificates of indebted-
ness

375,432
1 415,492
89.010
103,313

12,000

13,000

$6,422,463 $6,910,936
DEBT BEARING NO INTEREST.
United States Notes 5356,021,073 00 $356,021,073 00
Fractional Currency 36,781,547 00 35,511,127 00
Gold Certificates 28,775,560 00 32,659,520 00

Total
Six per cent. lawful
money, bonds issued
to Pacific Railroad
Companies

---- ---
Total debt 52,660,931,644 0052,662,379,707 00
AMOUNT IN TREASURY.
Coin in hand
Currency in hand 16,853,529 00 17,441,332 00

The contest in Dumfries promises to be a close
one. Both sides are putting forward their utmost
endeavours, and meetings are being held in all parts
of the county. Those called by the Liberal candi-
,mount of debt, less
date are public, but Major Walker's have hitherto cash in Treasury ... $2,545,236,904 062,556,205,658 00
been of a private nature. The Scotsman asserts that The warrants issued by the Treasury Department dur-
the screw is being put on by the Conservatives, and ing February were, in round numbers, as follows, exclud-
ing those of the redemption of the public debt : —Civil,
that they rely solely upon this weapon in order to
miscellaneous, and foreign intercourse, $3,433,200; interest
reverse the decision of the constituency in November.
Our contemporary reminds the Conservative party on the public debt, $2,206,700; wardepartment, $2,493,400;
navy, $1,028,000 ; and interior,pensions and Indians
of the judgment of Justice Willes at Blackburn,
where he declared that a certain circular, issued $5,496,200. The gold market' is rather quiet and the
by the leaders of the same party in th,e, general tendency downward. The decline of United
town, was intimidation. "It is well known,
continues the Scotsman, " that not one, but 1 States bonds on Wednesday had no perceptible effect
• several circulars of the same class, but more peremp- 1
on the gold market, and the popular impression that
1 gold will hereafter be lower is undoubtedly correct.
tory and incautious in their expressions have been
Thus far at least events favour the theory. The in-
employed in Dumfriesshire on behalf of Major !
! crease of gold customs receipts during the present
fiscal year, of
Walker. In' short, in the highly improbable and un-
desirable event of his being elected, there is already which eight months have elapsed, is about
evidence enough to unseat him and expose all his $10,500,000 over the amount for the corresponding time
year
factors." The day for the election has not yet been in the last fiscal year, and the aggregate amount for the
fixed.. The Liberals speak confidently of being able entire current will undoubtedly be $175,000,000,
to return Sir Sydney Waterlow by a larger majority and is even set as high as $180,000,000. Last year they
than the number he obtained at the general election.
, ye
were only $164,492,000, and as the interest on the gold-
We understand that it is the intention of the bearing debt for the current
aris only 6124,255,1'92, there
Conservatives to bring forward the Earl of March as will remain from the customs receipts about $56,000,000
candidate for West Sussex, in the room of Captain in gold, to be applied to the reduction of the principal of
the debt. The receipts of the customs at the New York
the Hon. Henry Wyndham, who takes his seat in the
House of Lords by the death of his father, Lord office of the United States Treasury, from July 1, 1868, to
Leconfield. . February 28, were $80,725,627, and the gold interest paid
corresponding months The writs for Hereford and Blackburn will be $63,158,346, against $73,631,248, and $51,166,606 for the
moved for to-night, the former by Mr. Glyn, the during tho previous year. The ex-
latter by Mr. Noel. ports of specie from New York, since July, 1868, have been
It is stated that Mr Whitworth, lately unseated at $28,184,461 against $38,562,730 for the corresponding
Drogheda, and Mr. Bagehot, editor of the _Economist, time in 1867 and 1868, and the exports exclusive of specie,
-
will become candidates in the Liberal interest for for the week ending March 2, $2,108,,'76, and since Janu-
ary I, $26,035,420 against $3,980,200, and $29,892,329
Bridgwater, whose representation is now vacant by
the unseating of Messrs. Kinglake and Vand for the same time in erbyl. Is 1868. Tho supply of California
not this statement a little premature I' Bridgwater, gold and silver in New York, for the current year is over
Beverley, and Norwich have been proved to be $6,000,000 less than for the corresponding months a year
thoroughly corrupt, and the two first are old and ago.
notorious offenders. We suspect that the result of . The railway share market has been variable, in sym-
a royal commission would be the disfranchisement Pithy with the money market, and its general course has
of at least the two first boroughs. Should the writ be been active and upward. No great excitement or panic
issued, it is supposed that the old Conservative midi_ has marked the week, but the demand for most of the
dates, Messrs. Gray and WTestropp, will stand. Mr. western railroads has been sharp and competition lively.
Westronp was on a former occasion unseated for The new stock board has not yet gone into operation, but
bribery. . reports are plenty of the strength which it will command,
THE ELECTION PETITIONS. 1 and of the power it will exert when it commences busi-
- The ,D ill ItailB thus summarises the results of i 14e$6. Tho 19w-freights war between New York an ct

Total cash in Treasury 8115,594,789 00 5106,174,049 00

Chicago has ended, with a victory for Commodore Van-
derbilt and the despatch companies in league with him,
and prices are back to their old rates. The reduction,
while it lasted, was entirely unprecedented and the busi-
ness enormous. Freights went down from $l.BB to 25
cents per hundred pounds, and on the last day of grace,
Saturday, 27th ult., 70 car loads of merchandise left New
York for Chicago by way of the Central Railroad. The
order of ejectment of the United States Express Company
from the Erie Railroad has been suspended for a week, and
in the meantime it is understood that negotiations are
pending to retain the company. The Erie and the
Pittsburg, Fort Wayne, and Chicago Railroads are re-
ported to have made up their differences and to have
effected an arrangement, by which a third rail will be laid
from Mansfield, 0., to Chicago, thus giving the Erie the
terminus at the Garden City, which it lost when the "Ben
Smith" roads —the middle tier of Ohio and Indiana—were
taken out of its mouth by the Pennsylvania and Pan-handle.
The annual earnings of the Union Pacific Railroad will
ba $46,491,500, provided it reaches th) average of the
New York Central, Erie and Pennsylvania, $18,515
per mile, but it will hardly do this for the first year
of its operation, althougt the Senate Committee at
Washi,gton on the road express the opinion that its busi-
ness will prove greater than the capacity of its single
track. The opening of the spring trade iu Now York
wholesale houses is moderate and a heavy business is not
expected. Money is not plenty at the West., and the
Southern demand is mostly for domestic and heavy goods.
The Southern buyers, however, are purchasing judiciously
and paying cash, or on thirty days, which is a great im-
provement over the old system of large and endless credit.
The wool market at Now York is firm and strong, with an
upward demand for all descriptions, and at Boston no ma-
terial change in prices has taken place. Prices of rail'
cotton are firmly held, and there appears no desire to press
sales at any considerable concession. The boot and shoe
business of Boston is under all sale, and the manufacturers
are bard pushed to meet their orders. The Brighton and
Cambridge cattle markets have been but scantily supplied
with northern stock, on account of the heavy snowstorms
and railroad blockade, but the trains from the West were
not greatly delayed, and prices did not advance over 500.
per 100 on the best grades.