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

1 G j-

THE AMERICAN PRESS.

The Baltimore' Gazette, alluding to Mr. Reverdy
Johnson's recall, says :
"Wo have reason to believe that tha resignation of Mr.
Johrson was tendered less from his anticipation of that
fact than from his unwillingness to be a party to demands
upon the British Government which have no foundation
in either decency or justice."
The Halifax Chronicle, in an article on Manifest
Destiny, contends that it is useless to attempt the
erection of such au independent power on the Con-
tinent as the Dominion. It thinks that such a
design could not be successful
:
"Daily it is becoming more and more certain, not alone
on this continent, but in Europo as well, that not great
countries, but small countries, are an impossibility. With
regard to America, it is every day becoming mwe and
more patent to all that there can be but ono Government
on all this continent: . . . The Latin Empire in Mexico
crumbled into dust at the frown of the Republican giant ;
and the same fate is in store for the Dominion. Jr. could
hopo for no other consummation. If it were even pros-
perous it could never afford to compete with the United States
in commerce, manufactures, mining, and in military pre-.
paration. But it is not prosperous. We would ask any man
would it be a good thing to belong to a Dominion which,
• with impoverished resources, would have to construct
men-of-war, each costing a private fortune ; which would
have to maintain the dignity of the nation out of the
narrow means of a province, and do desperate battle
against desperate odds, with painfully insufficient means
for a life which can only be at best but a burden to it ?"

The Montreal correspondent of the Tribune wrote
on the same subject, June 3., under headings as

'ollows :

" The Question of Independence—Actual Names and
Hard Facts—The Trade —Exodus of Canadians —New
Light on the Subject —The Policy of the Hon. John Rose
and Members of Parliament. . . To-day comes a rumour
that the Hon. John Rose, the Finance Minister of the
Dcminion, has resigned. It is not true. But the Hon.
John is too able a man to remain long with the fossils
who constitute the present Government, and is restivo
under the existing state of affairs. He will take an
early opportunity of resigning—probably when the
new Banking Bill comes up for discussion. The Hon.
John Rose is the Gladstone of Canada, and shall I
whisper it?—is said to be thoroughly in accord with
the Independents. I scarce dare assert that the Hon.
James Young and the Hon. Mr. Galt are Indepen-
dents at heart, but such are the facts which a little
bird whispers to rue. . . . The unsettled nature of our

future political status is engendering a chronic timidity
approaching to dread—which has the effect of shackling
energy and destroying business. Conspicuous in every
street, highway, and byway are dwellings and stores,
workshops. and manufactories to let,' or, what is worse,
for sale,' by order of the official assignee. Every em-
ployer is discharging hands, and the exodus is but in its
infancy. The rush has heretofore been from the sparsely
settled rural districts ; now it has reached, and is making
startling headway amidst our skilled artisans, who cannot
remain workless dwellers in our towns. One firm, em-
ploying almost exclusively skilled labour, has discharged
over 150 hands within the last three weeks. More than
half of these men have already gone West."

The New York Evening Post of the 7th inst.
favours Secretary Boutwell's policy. That journal
had opposed his appointment, and had maintained
its opposition till experience satisfied it that Mr.

Bouiwell was a safe man in his important post.
"Greenbacks and fractional currency wear out, and no
law requires him to print more when the worn ones are re-

deemed. Three per cent. Certificates occasionally come in
for payment, and no law requires him to reissue them.
The practice under the former administration seems to

have been to keep the place of the notes withdrawn sup-
plied by new ones. But Mr. Boutwell has wisely avoided
thi3, as it seems, and the results attained are important,
although the process has been so quiet as to attract no at-
tention and produce no disturbance. Thus, the three per
cent. certificates in circulation wore, at Mr. Boutwell's ac-

cession,

March 1 $57,140,000
April 1, after one month
May 1, after two mouths
June 1, after three months
Thus he has reduced these certificates $4,065,C00 in
three months ; an average contraction in this ono item
of $1,355,000 per month ; or at a rate which will extin-
guish this most objectionable forni of the public debt be-
fore the Ist of ➢lay next. Inasmuch as this amount is
taken directly out of the Bank reserves, which are in the
aggregate less than 20 per cent. of their-contribution to
the general inflation, the actual contraction represented
by this movement is not less than $6,000,000 per month
in the circulating medium of the country ; and is p3rhaps
as great as can take place without seriously disturbing
the money market. The same process is taking place in
the Treasury money, the figures being as follows:•

Fractional
Greenbacks. Currency. Total.
lklarch 1, 356,021,073 36,781,547 392,802,620
April 1, 355,941,032 36,075,830 392,616,862
141ay 1, 355,941,032 35,350,323 391,291,355
Juno 1, 355,936,431 33,452,323 389,388,754
Here is a further contraction, therefore, as steadily and

quietly crtrried on as the former; and amounting to
$3,413,866 in three months, or at the rate of $1,137,955
per month. To complete our view of this movement it is

_ ------- --
only necessary to look at the currency balance on hand in
the Treasury. Ur. Boutwell's first statement of the debt

on April 1 showed this balance to be $6,802,628 ; on May
lit was $7,896,564; on June lit was $19,981,555. This
increase shows a withdrawal of $13,181,927 frotafthe cir-
culation of the country in two months. But thittine'rease
was exceptional, the currency balances having Leen volun-
tarily reduced in March and April to a point too low for
safety or convenience, iu order to relieve the stringency
of the money markets. It is chiefly significant in two re-
spects—First, as showing that Mr.
_Boutwell means to
hold a large leg•tl tender reserve in the Treasury ; and
then as a practical demonstration that even the necessity
of accumulating the reserve so rapidly does not prevent
him from permitting the contraction of the currency to go
on naturally and steadily at the same time. The actual
contraction of the circulation, by the increase of his cur-
rency balance, since the Ist of March, is only $3,131,027 ;
or at the rate of a little more than $1,000,000 per month."
The New York Nation seems also in some degrLe
at least to have changed its opinion regarding Mr.
Boutwell. It observes—

"If they:, be anybody in the country who does not un-
derstand the condition of the public debt, certainly Mr.
Boutwell is not to blame. tiis monthly statements are
almost ingeniously clear ; that is to say, he makes plain a
great many things which none of his predecessors, in splte
of their good intentions, ever made plain."
If things are not going on well in the Treasury it
cannot be said they they are going ill, except in so
far as there is as yet no sign of specie payment ; that
we believe is held by Mr. Boutwell's friends to be
at the end of a coming loan to be contracted at
four per cent., if in the mean time we have no more
speeches. The same paper, alluding to Mr. Sum-
ner's speech as slowly passing from the public mind,
which has now turned to the renewal of the negotia-
tions by Mr. Motley in England, says :

"The various ' war speeches' by which Mr. Sumner's
have been followed up, such as General Butler's and the
Rev. Dr. Sunderland's, appear to have fallen quite flat.
We asked a distinguished engineering officer the other
day who knows exactly how things stand, whether our
naval and coast defences were in a condition to justify the
bloody tone of some of our most gifted popular orators
with reference to foreign powers. The man of war an-
swered us with a melancholy smile, and communicated to
us some particulars on the state of our armament which
we withhold for the present. He was, however, very em-
phatic in expressing his opinion that, should any trouble
come, the Rev. Dr. Sunderland, the Hon. Benjamin F.
Butler, and the Hon. Zachariah Chandler ought to be
stripped to the waist, and put in charge of a barbette gun
on one of our most exposed forts."

I❑ a leading article it strongly censures what it
terms " Instruction" for the Administration, which
means making the Alabama Claims a plank in a
party platform for the coming election. The re-
port is that the Pennsylvania Republican State Con-
vention, on its meeting, will endeavour to make the
Administration feel the force of its opinions on the
Alabama Claims, which, whether true or not, it
considers extremely probable :
" Those who, like ourselv s, only desire a settlement
honourable to both countries, and one likely to strengthen
the obligations of international law, are probably already
_ _

agreed that the administration is the proper agency for the
conclusion of this difficult and irritating business, and not
caucuses and conventions of 'the men inside politics.'
The President and Senate are the legally constituted
treaty-making power in this country; and until the Con-
stitution is changed so as to give authority in foreign
affairs to mass-meetings and managing men who serve on
executive committees, these latter can do nothing, better
than leave them alone. We can imagine nothing morein-
decent than the spectacle of the politicians of Pennsyl-
vania or New York —most of them steeped in ignorance of
1 lav, statecraft, history, and in fact of everything except
that worse side of human nature out of acquaintance with
which they get their living—attempting to incorporate
their passions into the code of international obligations,
and to force upon the Government a foreign policy dic-
tated it may be by local jealousy, it may be by mere igno-
rance, it may be even by a desire to involve the Adminis-
tration itself in difficulties which shall inure to the advan-
tage of some ' statesman' or other in '72 or '76. There is
probably no political body in the country which knows so
much the Alabama controversy, and the legal bearing of
the various questions arising in it, as the Cabinet."
On the same subject the Springfield Republican

notices :
" That the war horses of Pennsylvania politics propose
to respond to the ridiculous fury into which the English
people have lashed themselves over our rejection of the
Alabama treaty, and Mr. Sumner's speech, accepting their
interpretation of both, and doubling up our fists in return,
was quite what might be expected in so barren a summer
as this of political issues ; but that Mr. Sumner himself
should respond to the proposition to make an issue in this
country over our relations with England is quite too pre-
posterous. His vanity is capable of a good deal, but we
are sure it will not yield to this transparent piece of cam-
paign jugglery, Besides, who differs here with Mr. Sum-
ner ou that question ? We are all agreed ; and wh3 should
one party more than another claim the credit of being espe.-
daily sound upon it ? Nothing could belittle America or
degrade our claims against England more than to intro-
duce them into our village and State politics and lash our-
selves into a fury over them. Let us not repeat the folly
from which England is just recovering." •
Johannes Dosing, Consul-General of the North
German Confederation in New York, denies in a
letter the truth of the Cable report received in
America that the Federal Parliament of Germany
was about to introduce a bill taxing capital in-
vested in foreign securities. The project is to tax
sales of stocks and bonds generally, without, dis-
crimination between foreign or domestic paper, and
even that met with so little encouragement as to
enable him confidently to predict its failure. Mr.
hosing thus continues—
" Inasmuch as the party of repudiation in this country
may avail themselves of the false announcement referred
to, with a view to recommend their scheme of taxing the
United States Bonds contrary to the terms of contract, I
felt called upon to make this correction in the interests of
the hundreds of thousands of small German capitalists,
who had confidence in the RApublic during its darkest
days, and continue to trust its Government now that it
has been firmly re-established."
The Washington correspondent of the Philadel-
phia Post, writing June 9, says
" Governor Geary of Pennsylvania left this city in the
afternoon train to-day for Harrisburg. During his short
stay here he was closely engaged with President Grant,
and there is good authority for saying that within 30
days the Governor will succeed Mr. Boris as Secretary of
the Navy. Mr. Boris had several times lately declared to
his friends his intention of retiring from the Cabinet, and
from information derived from a well-informed source
there is no doubt that Governor Geary has been tendered
and has accepted the position. Admiral Porter is to be
continued in his present official relations with the De-
partment."
The Albion says,—
"Among the leading yachts at present in this port un-
dergoing repairs, and being generally fitted up for the sum-
mer campaign, are the Rambler, Palmer, Eva, Fleetwiag,
Sappho, Alarm, and Meteor. The best of accounts are given
respecting these and other craft that will soon spread their
sails to the breeze, and yachtsmen are eagerly anticipating
the coming struggle. With reference to the international
contest, it is to be hoped that good feeling and an earnest
desire to raise this manly diversion to a still higher level,
will mark the friendly rivalry between the two countries.
The English yachtsmen believe that their craft are now
superior in sailing qualities to those built in the United
States, and this superiority has not been reached by blindly
following the model of the America, but through the genius
and originality of English shipbuilders."

[ADVERTISEMENT. I—Holloway's Ointment and
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In ordinary cases the ointment should be rubbed into tho
parts affected ; but if they are too tender or irritable for
this process, they should be gently smeared with it 14
least twice a-day. The most inveterate external diseaseo
will yield sooner or later to this ointment.

BIRTHS.
MORRISON —On the 29th ult., at Cleygato, Esher, the wilt/
of Colonel J. C. D. Morrison, of a son.
SCALES—On the Ist inst., nt Belvoir House, rfornsey-lanof
the wife of G. J. Scales, Esq., of a son.
MARRIAGES.

HUGHES —COUSESS —On the Ist inst., at Christ Churcll:
Hanover-square, William F. Hughes, of St. John's-11,11'
Seveuoalts, to Edith Dicette, fourth daughter of Biel,'"
T. Cousens, Esq., of Kensington-palace-gardens. ~
LEES —BRADY —On the 29th inst., at St. Peter's, Comb!,
1
James Lees, Esq., son of Sir Jchu Lees, Bart., to EJvilyr
second daughter of John Brady, Esq , M.P.

DEATES.
FARBROTHER —On the 30th ult., at Reading, Henry F'
Farbrother, of the Middle Temple, aged 31.
lloLwou'ruY - On the 30th ult., at 2, Finchley-road,
W. llulworthy, Esq., aged 77.
REYNOLDS -On the 29th ult at Loyton, Essex, James
C. Reynolds, aged 58.

London: Printed and Published by WILLIAM ANDIIEWT
of No. 112, Strand, Printer, at TELE SUN Office N 0.112, Saari;
in the Precinct of the Savoy, in the County of Mlddlesel•
Friday, July 2, lbt9.