The Sun.
London, England, 1869-09-20 00:00:00

TUE SUN, _LONDON, MONDAY EVENING, SEPTEMBER 20, 1.`..09.

MISCELLANEOUS NEWS.

iremature, and ho calls upon all the admirers of
Beaks to send in their subscriptions at once.. He
also warns the Government that if Mr. Beales'
services should be overlooked the great mass of the
people will never forgive it.

inteneres with class movements, and there is little
4‘ holding together " among American working men.

The chief point of unity among them is to be
found in their support of Protection, as opposed to a
policy of Free Trade. They believe that Protection is
their best friend, and keeps wages high, thus drawing
labour to their country. They declare that the Ameri-
can cotton-manufacturing industry sprang entirely out
of the adoption of the protective policy. There is an
active movement in favour of free-trade going on in tho
Union, but it is looked upon with great distrust by the
working classes. They say that the free-traders make the
mistake of supposing that articles of luxury are as neces-
pary as articles of utility. So long as bread and meat aro
cheap, what does it matte; they ask, what price is paid
for ivory-handled knives. All must eat, but let thoso who
want the addition of food " elegantly " cut up, rt- for the
luxury,

Alarming rumours have again been circulated with respect
to tho health of the Emperor. It was said that he had a
recurrence of fainting-fits, and that Dr. Nelaton had been
sent for. The preparations for the Empress's departure
are still kept up, and the alarmists aro told that the
Emperor thinks himself worse than he is. A propos of the
Empress's journey, it is said that when she has set out, tho
Emperor will recall Prince Napoleon, whose departure was
occasioned by the excitement produced by the discussion of
the Regency question.

M. Pe tetin, the director of the Imperial Printing Press,
has paid many visits to St. Cloud. His department, it
appears, is full of business, though it is tho dull season of
the year. Every day great quantities of printed matter
are sent to the public offices and to the Ministers. It is
said that there is a good deal going on now in all the
public offices, but no one seems to know what is the cause
of the extra activity.
The Presse declares that tho Emperor will open the Cham-
bers in person, at the Palais Bourbon, in order to connect him-
self more closely. with the customs of representative
kingdoms. The Chamber of the Etats du Louvre, which
has usually been the scene of the opening ceremony, has
been joined to the Museum of the French School.
The Princo of Wales has paid a short visit to St. Cloud.
It is said that the French Government had intended to
send a military commission to be present at the grand
manoeuvres of the Prussian army. This proposal was not
rejected by the Prussian Government, but was so coldly
received that it was deemed expedient to allow the mili-
tary attache at the Prussian Legation to attend on behalf
of tho Emperor. This coldness on the part of the Prus-
sians is attributed to the recollection of an affront put
upon a Prussian visitor at the camp of Chalons.
General Prim has again breakfasted at St. Cloud, and he
seems just now much more pre-occupied about the Cuban
affair than about tho question of a monarchy or a republic
for Spain. The Emperor is, it appears, very anxious to
arrive at a satisfactory settlement of the dispute between
the Spanish and American Governments, and the General's
visits to St. Cloud are chiefly occupied with this affair.

Tho Journel Officiel of this morning publishes an impe-
rial decree, promulgating the convention concluded in May
1864 between France, Brazil, the republic of Hayti, Italy,
and Portugal, for the establishment of an international
telegraph line between Europe and South America. There
has been an interval of five years between the conclusion
of the treaty and its promulgation.

I learn from the Carr csponclance d'Orient that a committee
has been formed at Paris composed of some extreme Radi-
cal; and of partisans of Hellenic independence, with the
object of translating the declaration of the Rights of Man
into all the languages spoken in the East. They intend to
distribute several thousand copies among the representa-
tives of each nationality. It has been remarked that this
publication will be somewhat inopportune in a country
where brigandage is far from being suppressed.
Wednesday was the last day for the Camp of Chalons
for this year, and already many of the officers have arrived
in Paris. They all speak with confidence of the new
weapon, in the use of which the troops are becoming
very expert, seldom missing their aim at 600 metres.
The Farcy gunboat, invented by the officer of
that name, is the military wonder of the day.
It draws little more than three feet of water, but
carries with ease the new rifled gun, which is capable,
it is said, of throwing a 2881 b. ball to a distance of 8,000
metres. The Farcy gunboat has been an object of great
curiosity at Cherbourg.
There seems to be some unfavourable influence at work
among our marshals. Two more are seriously ill. M.
Valliant, Minister of the Emperor's household, is the one,
and M. Regault de Genouilly, the Commander-in-Chief of
the Imperial Guard, is the other.
Prevost Paradol's communication to the Debuts has
attracted some notice. The three measures which M.
Paradol considers necessary to supplement the work
of the Senatus-Consultum are :-1. The right of Councils
General to elect their own presidents. 2. The right of
municipal councils to elect their own mayors. 3. A
reform of the electoral law. The latter suggestion
would increase the number of Deputies from
3')o to 500. These reforms would be very
welcome in their way; but M. Paradol is much mistaken
if he thinks they would satisfy the people. Tho abolition
of the obnoxious Article 75 "do la Constitution de Pan
VIII." must certainly be among the immediate concessions,
while the retention of arbitrary power by the Senate
certain to be a fertile source of agitation and disturbance.
The Public, M. Rouher's organ, calls for the immediate
convocation of the Corps Logislatif since the postponement
of the session only prolongs the political crisis and
increases the responsibilities of Ministers. The Public
attributes the delay to the " Mauvais Conseil" of M.
Schneider. The Temps attributes it to the personal con-
venience of M. M. de Forcade, Duvergier, and Bourbcau.

MONEY AND BUSINESS.

(From the Springfield Republican, Sept. 4)

Money continues easy, refusing to forsake the metro-
politan centres and go off to the South and West, despite
the plaintive voices that have been so long calling it in
those directions. The theories in regard to the necessity
of a crop-moving fund, which regularly prevail upon the
approach of harvest weather, have had the effect, how-
over, to make the money men careful of their liabilities,
and have caused a tightening up of the loose screws that
would not be amiss at any time. The announcement of
the continuance of the bond-buying policy during Sep-
tember confirms the hopes of the New York bankers that
the Government would be ready to ease the money
market with further disbursements. As there are five
Wednesdays in September, the purchases on these
days will amount to $10,000,000. The fortnightly
purchases will be $2,000,000, which will be *offset by
the sale of $2,000,C00 of gold. The Government will
also dispense about $14,000,000 of pensions, so that
the entire amount thrown upon the market during
the month will be about $25,000,000. The aid de-
rived by the bankers by this source must be largely
fictitious, except in their own minds. Many of
them have got in the habit of looking to the Government
as a kind of mine, absolutely creating money and bring-
ing it to market. But of course the disbursements, on
which New York relies, have first to be disbursed by pri-
vate individuals to the Government. The income tax,
that, in the form of payment for bonds, appears in the
New York market, was but a few days before drawn from
the same, source, or from the same West whose needs it is
now depended upon to relieve. The real necessity is that
money should be detained from circulation among the
people for as brief a time as possible. It is in this way
that the management of the Treasury effects the ease of
money. Considering, however, the volume of currency, it
would seem as if the Governmeni purchasesswere absorb-
ing more attention than they really deserve from those
who have to borrow and lend. The monetary community
seems to have become thoroughly saturated with the idea
that its immediate destiny is in the bands of Mr. Bout-
well, and depends on his spending the public money as'
fast as he gets it. Under these circumstances the rates of
interest depend on hopes and fears, often ill-founded,
rather than upon the legitimate supply and demaml of
commerce. There is another consideration that must off-
set somewhat the alleviation afforded to the market by
bond purchases. Government bonds have greatly facili-
tated borrowing by affording a perfectly secure collateral.
As fast as they arlarawn from the market, borrowers will
have to obtain money on the strength of other loss secure
stocks, and will probably have to pay a higher rate of in-
terest, corresponding to the greater risk. The New York
Bank statement for the w‘rek ending the 28th of August,
shows a decrease in loans of $1,729,024, in specie of
$2,125,408, in legal tenders of $277,977, in deposits of
$3,270,000, and in circulation of $28,362. Now York is
unusually full of National Bank notes, the legal-tenders
have been sent to other cities to pay for bonds sold to Mr.
Bontwell at New York. Controller Hurlbut, suspecting
that " all is not gold that glitters," has issued orders to the
banks for a stricter account of their specie assets, compell-
ing a full statement, item by item. Tho stringency of
money on the Pacific coast has been quite distressing and
attracts considerable attention. The San Francisco Mint
coins annually $18,000,000, or three-fourths of the coinage
of the United States. Half of this is absorbed isy the
Government for import duties and other taxes. The
other $9,000,000 is not sufficient to moot the export
demand of commerce, the wants of travellers, who in
the aggregate carry off quite a sum, and the actual
need of the community of a medium of exchanie.
At this season of the year, when the greatest activity
prevails on the farms and wharves, rccourso must
be had either to the local Sub-Treasury to disburse its
hoard or to New York for a return of coals to New-
castle. The Californians, therefore, ask Secretary
Boutwell to open the vaults of tho Pacific Treasury to the
public,keeping back a reserve of not more than $1,000,000,
and allowing any one to deposit in New York, by tele-
graphing to his agent whatever he draws out in San Fran-
cisco. The Government would thus save from I to of
one per cent. in freight, and at the same time favour both
tho Atlantic wad rg9ific cornaluziti9fi. lacTOYOrl Cali-

fornia fails to produce bullion money enough for her own
use, she must learn to do what the highest civilisation
everywhere teaches, and that is to fall back on a paper
currency. The present generation of Pacific financiers is
hoping that the closer commercial relations established
between New York and San Francisco, by the recent im-
provements in transportation, will result in introducing
gold more generally into circulation in the East. If we
mistake not, however, a paper currency generally drives
out a metallic when the two come in contact. A compre-
hensive view of the state of the Money Markel throughout
the Union affords pleasing evidences of the activity of
business, and the enterprise of capitalists in embodying
their money in profitable industries. When the require-
ments of the people compel the using of every dollar of
money, and do not allow even the public funds to rest in
their vaults but a few days at most, the activity of exchange
is evident. The gold market, during the week, has been
stronger. On Friday it was shocked up to two per cent.
by the reported paralysis of the French Emperor, and
its nerves have not become quieted since. On Tuesday
and Wednesday it relaped into dullness, but has not yet
dropped below 133. Ono of the curious features of this
excitement was that the London market was not affected
at all, and indeed seems not to have heat d the rumour,
a-hi, h, nevertheless, came to us via that city. Somebody
suggests that the Barings must have all been on the
Thames watching the international boat race, an event
that also well nigh suspended business in New York and
Boston. The export of gold during the week was incon-
siderable, $168,000, mostly to South America and the
West Indies. Government Bonds have steadily appre-
ciated, but are not yet up to the figures of a few weeks ago,
Ton-forties and Currency Sixes coming the nearest to
their highest quotations. Some of the calculators are of
the opinion that the demand for $12,000 to be purchased
this month will be felt quite extensively in the country,
the New York bondholders not having enough to satisfy
the requirement. There is a prevailing feeling that the
foreign market is overstocked with American Securities,
and the New York Times urges the reshipment of some of
them to this country, as the Government would be very
glad to get them at the lower premium that a greater
supply would occasion. Of course such advice inspires
our Jewish creditors with still more affection for us,
and a greater determination not to release our debts
on any very easy terms. The opening of the French
Cable has also introduced our bonds more intimately
to the Paris purse, and a decided increase in the dealings
in them is reported. A large portion of the recent heavy
purchases in London were on French account. European
capitalists are rapidly learning to prefer the security and
high interest of Uncle Sam's paper to the uncertain pro-
mises to pay of the rotten dynasties of the old world.
French rentes especially are very uncertain property, de-
pending, as they do apparently, on the existence of one
man, and he in precarious health. Every groan of the
imperial invalid, every ominous shake of the doctor's head
produces its demoralizing effect on the Bourse. The prin-
cipal interest of the stock market has centred around Erie
and Vanderbilt stocks. It is generally thought that Erie
has won the best of the western connections by its con-
solidation with Michigan Southern, thus driving Vander-
biltnorth to tho Michigan Central. Erie has also a line to
the Mississippi river over the Toledo,Wabash,and Western.
This road needs regeneration of some kind, for it has never
yet paid a dividend on its large capital. The Pennsylvania
Central road tried to get control of it, but was defeated by
its owners. Fisk then took it up, and " with no trouble-
some constituency of dividend-expecting stockholders,'
had purchased enough stock to control the road when
the direction, true to modern railroad instincts, issued
and kept possession of $2,500,000 more of stock. The
injunction epoch followed, and then a compromise, ac-
cording to which $1,500,000 of the new stock was can-
celled and the rest divided equally between the two claim-
ants. From this accord of warriors after a battle sprang
the consolidation of the road with the Michigan Southern,
Lake Shore, and Erie. Under the prestige of this exploit
Erie rose 3 per cent., but has failed to sustain the advance.
Vanderbilt has not yet consolidated Central and Hudson,
and everybody is disgusted in consequence. It is thought
that under his present disadvantages the Commolore will
have all he can do to pay promising dividends on the pre-
sent capitals of his roads, without issuing any new conso-
lidation stock. The election of a president of the North-
Western in place of Henry Keep took place on Wednes-
day, and resulted quite unexpectedly in favour of Alex F.
Mitchell, the Lockswood and St. Paul interests having
united on-him. This is said to be another triumph over
Vanderbilt, though in what way does not appear. Mit-
chell has recently purchased of Scotch capitalists the
Western Union road, formerly Racine and Mississippi, and
a consolidation of this with the other North-Western roads
is expected to take place speedily. The Ogdensburg and
Lake Chaplain Railroad, one of those which our Legisla-
ture gave permission to consolidate with the Boston and
Lowell last winter, earned the last fiscal year $1,145,221
against $898,980 of the previous year. Of the larger
sum, $356,939 was net, of which $208,922 is held over to
begin the new year, and the rest has been paid out in divi-
dends. The foreign trade during the week has been largo,
the exports from New York, besides specie, reaching
$3,800,000, or almost one million more than during the
same week in either 1867 or 1868. The imports elsewhere
have been large. In domestic trade, dry goods sustain
their high prices, first class woollens especially being in
good demand. The business is light, however, as yet.
Broadsluffs are brought forward fully as fast as they are
needed, and have a downward tendency. The future of
th flour market is so uncertain that dealers handle only
small lots. Provisions are unchanged, live hogs continu-
ing dull. The crop of seed leaf tobacco seems to be good
in Connecticut and Massachusetts, but that of Ohio has
suffered from the drought, and that of Pennsylvania and
New York is said to be of inferior quality. Gro veers are
still hopeful therefore of realizing high prices for this and
last year's crop, of which latter 24,000 cases have already
been taken in New England. Connecticut wrappers of
1865, 1866, and 1867 range from 18 to 75c ; of the new
crop, good to prime brings 60 to 75c ; medium, 35 to 45c ;
ordinary, 28 to 32c, and fillers 11 to 15c.

Messrs. Drexel and Co., the Philadelphia bankers, report
as follows on Sept. 3 : Pennsylvania Railroad shares, 57
57; ; Sixes, Ist Mortgage, 98 98i ; Sixes, 2d Mortgage,
97 98.

(From the Wall-street Journal.)
FRIDAY EVENING, September 3. -
The Money Market, although somewhat disturbed this
morning, shows but little change, and borrowers wore
accommodated at 7 per cont. on miscellaneous collaterals,
and at 6 per cent. on Governments. Discounts are firmer,
and for prime names the rates are 9to 12 per cent. Gold
has shown many variations throughout the week, and
to-day especially has been very excited, having opened at
1354 and closed at 1351. At the Government sale yester-
day of $1,000,000 gold proposals were received to the
aggregate amount of $6,450,000 at prices ranging from 133
10-100 to 133 66-100. The whole amount sold was
awarded in ono sum to Marvin Brothers and Co. at 133
66-100. The Treasury Department give notice that they
will sell $1,000,000 gold on September 16 and 30, making
$3,000,000 for the month.
The following are the quotations for specie :
Amer. silver... 961 to 971 f Eng. sous 485 to 483
Mex. dollars...lo3i „ 1044 20 francs 385
~ 387
Eng. silver 475 , 480 Tholers
Five francs .... 964 ~ 97

Foreign exchange has declined consequent on the ad-
vance in gold, and the business generally is on a small
scale.

Sixty Days. Three Days.
London Bankers
London, Prime Commercial lOBl-109
Paris, Bankers
Bremen, Bankers
liamburgh, Bankers 351-351
Frankfort, 0.3!. 4Ol-401
Berlin and Cologne
Antwerp 5.20-5.16f
Amsterdam, Bankers
Swiss

Government Bonds aro lower, and show a decline of
to I per cent. on the prices of yesterday.

Sixes, 1861, registered 123 to 1231
Sixes, 1888, coupon ' — to
Sixes, 1881, coupon 1221 to 1231
U.S. Gs. Pacific Railroad llOl to 111
Five-twenties, 1862, registered 1221 to 122
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1835, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 l2Ol to 121
Ten-forties, coupon lll/ to 1111
Ton-forties, registered llll to 112
Oregon War Loan, Sixes, 1881 — to

Railroad stocks are feverish and unsettled. Much ex-
citement has been created on the Street by the appearance
of several certificates of the Ohio and Mississippi Railroad
Company altered from one share to 100 shares, and this
in so skilful a manner as to deceive the transfer clerk.

In Miscellaneous Stocks, the leading business continues
t 2 be in Pacific Mail and Western Union Telegraph.

N. Y. Central xd 205 i
Erie
fludon
Reading
Mich. Central l3O
Illinois Central
Cleveland ,t 6 Pittsbrg lOBl
North-West
North-West Preferred 901
Canton..: 55l
Rock Island
Cleveland and Toledo --

Fort Wayne
Pacific Mail BOl
Atlantic Mail
Quicksilver
W. U. Telegraph
Mariposa Preferred 11
Ohio and Mississippi 3lf
Boston Water Power l4;
Cumberland
Bankers and Brokers —
M & St. Paul
M & St. Paul Preferred 87i.
,r and are pressed on the

maErkxpet.ress Stocks are low
Adams
35 to 36
11 to 11}
3,AlienrecrhiacnantsF
United States
Usrnein,ll otsldUSntoiocnk
62} to 62i
Wells, Fargo, and Co lB to 18/
Railroad gold bonds are largely taken up both by homo
and foreign investors. Those of the Kansas Pacific Rail-
way, Seven per Cents , the coupons of which are pay-
able in either Frankfort, London, or New York,. are
selling rapidly. We note that the company is pushing
forward its road, and that one hundred miles of the
extension to Denver will be speedily completed. They
are also engaged in reducing the grades on the part
of the road already in operation, and aro mskiag .it in
every respect a first class railroad. As soon as these im-
prtneolento axv 9cted, tiarcnigh pulogez 444 freight