The Sun.
London, England, 1869-03-09 00:00:00

SPAIN'.

The commission appointed to draw up a draft of the
new Constitution has commenced its task. According
to intelligence received by the Moniteur, the commission
has decided upon universal suffrage and a monarchical
form of government as the principles by which its labours
will be guided. Freedom of worship will be finally
established, but the Roman Catholic Church will be the
only religious body recognised by the State.
The completion of the draft will, however, be delayed
somewhat. Three members of the commission have
declined to take the responsibility which has been offered
them. They refuse to assist in drawing up a democratic
constitution " which may be of but shortduration." There
are other signs that the conflict of parties is about to begin
in earnest. Some of the journals, especially the Iberia,
vigorously denounce the can,iidature of the Duke of
Montpensier. Petitions are being signed against him. A
day or two ago an amnesty for all political offenders was pro-
posed, but the Ministry declined, because Carlist conspi-
racies were still on foot. The majority, however, is so
large that only prompt action can be required to finally
extinguish opposition.

MONEY AND BUSINESS.

(From the Spring field Republican, Feb. 20.)
The principal feature of the money market, this week,
ias been a growing tightness, which has made borrowers
some trouble. The ruling rate at New York has been 7 per
cent. for call loans, and rather close at that, although the
market was easier on Thursday. It is surmised that the
stringency was artificially produced in the interest of the
bear operators at the stock board,with a view to the depres-
sion of prices; and it is said that the combination com-
prises two large banks, a prominent dealer in Govern-
ments, two or three stock houses, and several speculators.
The course of the market, however, made the undertaking
comparatively an easy one for them. The flour and dry
goods trade require a fair amount of currency ; the
" carrying" of sugar and molasses perhaps makes larger
borrowers than usual in that branch of trade ; the pork
crop, as well as a portion of the grain crop, has yet to
be moved to the seaboard ; and a great deal of currency
has been sent South where the people are in a condi-
tion to hold on to it longer and stronger than for several
years past.—The Boston money market has been closer
than New York's, and is quoted "decidedly tight." Prime
business paper is discennted at rates varying from 7 to 9
per cent., but the transactions have been very largely re-
duced. The New York stock market has been heavy, and
has been kept from going into a decline only by vigorous
efforts on the part of the bulls. They have produced an
occasional firmness, but the downward tendency of the
market has been unmistakable. The principal feature of
the. market has been Pacific Mail, whose fluctuations have
kept tke whole list feverish and unsettled. Notwithstand-
ing a 3 per cent. dividend was declared on Tuesday the
stock continued to settle. The bears say that the China
line so far has not met the expectations of its projectors,
and is not a source of profit. The stock is depressed from
the fact that many of the oldest stockholders have sold
out, foreseeing an immense loss of revenue as soon as the
Pacific Railroad is completed. The New York Central
dividend, expected to be paid on the 20th of this month,
has been deferred until the 15th of March, on account of
the recent litigations and the long time in which the
transfer books have been closed. The Chicago and
Alton Company have declared as hall-yearly divivend of
5 per cent. on both classes of their stock. The Mo-
bile and Ohio Road is about to pass into the hands of
the Illinois Central Railroad on a lease for a term of
years. The bears have been industriously hammering
. away on the Government Bond market, the result being
only a fractional reduction in price. But the firm quota-
tions received from foreign markets and the demand
for export make their undertaking a difficult one. Pro-
bably ten million of dollars in bonds have been sent
abroad within the last month. The bill pending in Con-
gress, which proposes to put an end to the issuing of any
more bonds, ought to become a law; it would give great
confidence to the holders of bonds at home and abroad.
The exports from New York (exclusive of specie) for the
week and year are $3,228,065 and $20,665,571 against
$3,686,417 and $22,143,310. The export figures for the
last seven months are $118,756,461 against $140,147,823.
The import entries for January were $22,321,251 against
$15,281,997; for seven months (gold values) $151,398,208
against $138,688,570. Gold has been dull and has hardly
maintained its price, although the market was a good deal
excited on Thursday. The report of specie in the last
week amounted to $927,839, making $36,877,171 since
July 1, 1868, against $36,968,565. In the same period
the deliveries of gold and silver at New York were
$15,008,144 against $19,967,774; while the receipts for
customs were $75,050,739 against $68,703,123, and the
gold interest paid out by the Goverument in that city
was 62,743,131 against $50,871,520. The official recapi-
tulation of gold and silver coin sold on account of the
United States from January, 1863, to January, 9, 1869,
shows $238,500,000. The largest sales were in 1869
namely, near $59,000,000 at New York. In 1868, over
$39,000,000 were sold at New York and St. Louis. The
taxes on the entire amount sold in those years
were $148,000 ; commissions, $263,000; premiums
$108,22`2,000; net receipts about $346,500,000. The de-
cision of the Supreme Court, that contract's specially made
payable in coin are valid, is a very important one, and
will lead to an increased business by importers, who
desire to make their sales in the same currency in which
their commodities are bought. It is looked upon as the
ffrst Step in advance toward the resumption of specie
payments. The dry goods market is not so lively as was
generally anticipated would be the case at the opening
of the season. Jobbers, however, are not inclined to give
way on the prices of any line of domestic cotton fabrics,
as they think the advance of the raw material will
soon send up the price of goods. The Boston market re-
mains quiet, with the wants of the jobbing and retail trade
temporality supplied. But all staple and seasonable goods
are firmly held, and there is no disposition to force the
demand or anticipate the regular business season ; neither
is there any anxiety on the score of prices being sustained
when the exigencies of consumption shall bring in buyers.
Notwithstanding the receipts at tide-water thus far of the
current cotton crop are nearly 200,000. bales in excess of
the amount received at this date last year, there aill re-
mains a large quantity to come forward (nearly a million
bales if the highest estimate of the crop be allowed), re-
quiring something like $100,000,000 for its purchase. Pay-
ments are made to some extent through pork and corn ac-
counts in the West, but a large amount of cash is requisite.
The South is taking merchandise more freely than of late
years,but the habit is again setting in in some description of
goods of giving southern dealers four and six months credit.
There is more excitement in the sugar market than.we have
had occasion to notice for a long time, and prices have
further materially advanced on account of unfavourable
advises from Cuba, where wet weather and revolutionary
movements have seriously interfered with the production.
To what extent the Cuba crops will be reduced is yet un-
certain, but as about one third of the entire prodUction of
the world is raised in Cuba, even a reduction of 10 to 20
per cent, of that crop would have an important bearing on
prices. The sales have been quite large, speculators, re-
finers, and the trade buying all lots offering at prices abOut
2c. higher for raw, and full 3c. per pound higher for re-
fined. The highest prices touched have been 20c for
crushed and 19 to 19ic for granulated and powdered. The
market, however, is very unsettled, and prices are almost
entirely nominal, with very little sugar of any kind
offering. The molasses market is also firm and unsettled,
except at prices above the views of buyers. Molasses I
and sugar are not scarce, but those who hold them ex-
pect they will be ; hence the high prices asked for them.
The demand for fleece and pulled wool has continued quite
active throughout the week, and full prices are readily
obtained for all kinds. The sales at Boston have been
considerable, and comprise 1,100,000 pounds of fleece and
pulled, and fleece at prices ranging from d 5 to 61 cents
for common and XXX, and the pulled from 28 to 55 cents
as to quality, choLe Eastern super selling at the latter
rate. The demand is principally for the finer gr dos of
Ohio and Pennsylvania and choice medium and X Michi-
gan. The Cambridge and Brighton cattle markets have
been even more unfavourable to the interests of drovers
than they were last week, and farmers who have been
feeding meal liberally ever since the snow flew, as well as
drovers who purchased stock with the expectation of
realising last winter's prices, are alike greatly disappointed.
The market has been unusually dull for the season, and
low prices have not been the only trouble, as the drovers
were at one time afraid that they would not be able to sell
at aIL At 'Albany, howoyer, thg receipts were omaller