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

quietly carried 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. Mr. 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; os Juue lit was $19,981,555. This
increase shows a withdrawal of $13,181,927 from the cir-
culation of the country in two months. But this increase
was exceptional, the currency balances having Leen volun-
tarily reduced in March and April to a point too low for

safety or convenience, in 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 legAl 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 let of March, is only $3,131,027 ;
or at the rate of a little mote than $1,000,000 per month."
The New York Nation seems also in some den e
at least to have changed its opinion regarding Mr.
Boutwell. It observes—

" If there bo anybo,ly in the country who does not un-
derstand the condition of the public debt, certainly Mr.
13outwell is not to blam3. Ms monthly statements aro
almost ingeniously clear ; that is to say, ho Makes plain a
great many things which none of his predecessors, in spite
of their good intentions, ever made p!ain."

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, ap?3ar 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 Hod. Benjamin F.
Butler, and the Hon. Zechariah Chandler ought to be
stripped to tLo waist, and put in charge of a barbetta gun
lon one of our most exposed forts."

In a- teading 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 don-
vention, on its meeting, will endeavour to make the
Administration feel the force of its opinions pn the
Alabama Claims, which, whether true or not, it
considers extremely probable :
"Those who, like ourselves, 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 logally 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 more in-
decent than the spectacle of the politicians •of Pennsyl-
vania or New York —most of them steeped in ignorance of
law, 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-
tratiou 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
mc.ch 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
Alasanza 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 relat'ons 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 on that question? We are all agreed; and wh3 'should
one party more than another claim the credit of being espe-
cially sound upon it ? Nothing could belittle America or
degrade our claim against England more than to intro-
duce them into our village and State polities and lash our-
selves intc, a fury over them. Lot us not repeat the folly
from which England is just recovering."
Johannes losing, 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—
,4 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 callod upon to make this correction in the interests of
the hundreds of thousands of small German capitalists,
who had confidence in the Republic during its darkest
days, and continue to trust its Government uow 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. Borie as Secretary of
the Navy. Mr. Borio 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, Fleetwing,
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 novr
superior in sailing qualities to those built in the United
States, and this superiority has not baen reached by blindly
following the model of the America, but through the genius
and originality of English shipbuilders."

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BIRTHS.
Aloitnisom—On the 29th ult., at Cleygate, Esher, the wit°
of Colonel J. C. D. Morrison, of a son.
SCALES—On the Ist inst., at Belvoir llouse,Hornsey-Litle'
the wife of G. J. Scales, Esq., of a son.