The Sun.
London, England, 1869-04-05 00:00:00

REPUBLICAN MOVEMENTS IN ITALY.

INFLA7ION IN NEW YORK.
The drain of gold from the Bank of England to
the United States in payment of American
Bonds
has had the effect of raising the Bank rate of in-
terest from three to four per cent. The limes
notices the apprehensions of American authorities
on finance, that an inflation prevails in New York,
upheld by the means afforded in transferring to
Europe, as money, Five-Twenties and other Bonds.
Although the national Treasury of the United
States is in a comparatively flourishing condition,
and steadily i.nproving, we regret that there is but
too much reason to apprehend that an inflation- does
prevail in New York, which may eventuate in the
catastrophe predicted. The speculation in real
estate has risen into a mania, which must end, as
these periodical fits always do end, in leaving on
the hands of speculators and others a burden of
land, to them useless, bought merely to secure
the profit on the rise, but which, after reaching
the termination of the rise, drop with extraordinary
speed to a tithe of th, value at which the holder
estimated the lots. It is probable that the collapse
will first come in this direction, which will take the
enemy straight into the citadel, where he may act
the part of the bull in the China shop. The Nation
asserts that the returns of the Department of
Agriculture for February show the truth of the
series of articles published in that paper which we
summarized, alleging a serious decline in the agri-
cultural produce of the United States. Oxen and
other cattle have decreased in New Jersey, Mary-
land, North Carolina, Florida, Texas, Kentucky,
Ohio, Indiana, and most in the great agricultu-
ral State of Illinois, where the decline is five per
cent. In several of these States there is a falling
off in rnilch cows, as well as in the number of sheep
and hogs. This the Nation attributes to the eco-
nomical blunders in legislation which foster mann-
facturesat the expense of agriculture, drawing labour
by artificial means from its natural employment.
The same paper has steadily maintained, and has
been a good deal abused for its pains, that the price
of everything in the United States has been affected
by the action of speculators, and that a great fall is
inevitable before commerce is placed on a healthy
level. Such a fall must be productive of a disturb-
ing influence, perhaps of a catastrophe ; and it is as
well for men of business to be on their guard against
the danger of such a contingency. However, the
fact is patent that people have always been predict-
ing a great smash for the United States ; and those
who have been most cot& lent that it was coming
have smashed themselves, while the United States
continue the even tenour of their way. Still there
is noun', in being blind to the fact that it is easier
to float a lot.of paper than to redeem it; it is easier
to spend a fortune than to make it; and from the
commencement of the war the citizens of the. United
States have been more engaged in the former than
in the latter occupation.--Anglo-American Times

LITERARY.—Mr. Sedley, editor of the Round
Table, has explained how the article headed "An English
Bully"‘came to appear in that journal. ' This was one of
the papers on which Mr. Charles Heade grounded his
action for libel. In June, 1866; the articles were published
on "Griffith Gaunt," which gave offence to the author.
In response, Mr. Charles Roade wrote "Prurient Prude,"
which was copied into the New York Times, Tribune,
World, and other American newspapers. Meanwhile, as
Mr. Sedley had in August purchased the stock of the
Round Table Assoc.iation and assumed editorial charge,
he became responsible for what appeared after, but not
for what appeared before. But "An English Bully,"
written in re ply to "Prurient Prude," came out in
October. Hence Mr. Sedley's connection with the
case, and his. explanation. The gentleman who had
written "An English Bully" urged its publication,
and so strongly, as to boar down the remonstrance
of the editor, who disapproved of the article, and would
not except under peculiar circumstances have allowed it
to appear in the Round Table. It was a position an editor
can understand and sympathize with, for while disapprov-
ing both the sentimont and the expression, the article was
but the sequel of a previous controversy which had been
commenced before Mr. Sedley 'had taken the editorial
chair. He feared to incur the imputation of being un-
generous and arbitrary by rulingit out under such circum-
stances ; yet, so strongly did he disapprove that he wrote
to the offiee desiring an explanatory foot-note to be in-
serted or the initials of the two gentlemen defendants in
the action; which might imply, by the absence of his own,
his non-concurrence. This appears to have arrived too.late
as the paper had gone to press, and now that the action' has
terminated, Mr. Sedley has written an article to explain
the eircutubtances.—Myron Angel, the author of several
valuable publications on silver mining in Eastern Nevada,
has gone to White Pine to take charge editorially of the
White Pine Neics. Mr. Angel was editor of the Austin
Reveille during the palmiest days of that burg, and is a
representative Californian in possessing that bait which
tends to carry us into the very midst of everything hn-
portant that is transpiring within our reach. More re-
cently, Mr. Angel has been connected with the State
Capitol Reporter at Sacramento.—MininY and Bcientific
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Testimony comes from various quarters respecting the
unusual activity of the Italian Republicans, The Rome
correspondent of the Tablet says that a number of noted
Mazzinians are now in Rome on various pretexts. There
is, he says, a general ferment in the Garibaldian centres,
and another attempt upon Rome is probable if the French
troops are withdrawn. " Very sure information" the
writer has received from France leads to the conclusion
that a secret treaty of evacuation has been concluded
between the Governments of Paris and Florence.

WAR IMPROVEMENTS.
The French army authorities have been trying the
experiment of throwing up entrenchments in front of the
line of battle in order to protect the troops from cannop
and rifle shots. Of course this device could in any case be
available only for defence, but it seems that it will not
answer iven for that purpose ; for much time is wasted,
and in order to throw up these entrenchments it would be
necessary to arm the men like sappers. Another expe-
dient is, therefore, under consideration. The French
soldiers, acting in small parties, have been instructed to
make a temporary rampart with their knapsacks, over
which they throw their brown coloured blankets. Behind
this shelter they can crouch, either using it for the purpose
of hiding them entirely or for protection.

THE AUSTRIAN FLEET.
The Austrians have taken courage by Lissa. Admiral
Tegethoff has so much improved the Austrian fleet
that the Emperor Francis Joseph has written an autograph
letter congratulating him upon the progress of the last two
years. His Majesty, during his last journey, visited all
the maritime establishments of the Adriatic, was present
at the manoeuvres of the armour-plated squadron, and
recognised the merit of the new naval artillery. He now
declares, with great satisfaction, that Austria at the
present day possesses a war fleet worthy of her power and
high destinies. This letter has been published as an
order of the day.

SPAIN.
The great debate which is to decide the destinies of
Spain opens in the Constituent Cortes to-day. The dis-
cussion on the draft of the new Constitution will be com-
menced. So large is the number cf speakers already
announced that the contest promises to be extremely pro-
tracted.

THE INSURRECTION IN CUBA.
The Journal Officiel of Paris has received news to the
effect that General Lesca after many desperate combats,
has broken through the insurgents who beleaguer Puerto
Principe, and has relieved the city. Many -previous
attempts to break through the insurgent lines have been
defeated.