The Sun.
London, England, 1869-11-22 00:00:00

MONEY AND BUSINESS;

(Front the Springfield Republican, Nov. (l)
Wall-street continues so dull that, according to a New
York commercial paper, many of the brokers are actually
forsaking it and engaging in other fields of enterprise, as
we expressed the hope that they would bo obliged to do.
The legitimate business of the brokers, as lubricators of
exchange, could be done by one-tenth of those who now
make that vocation the cloak of mere speculation. The
two stock boards and the gold board comprise iu all over
2,000 members, for every one of whom it is estimated
there are at least six street operators and runners. This
vast community ought not to find support as the mere
go-betweens of legitimate merchants and stock dealers,
and no one will mourn at any amount of "weeding" it
may suffer. Though the actual condition of the present
money market is so flattering as to excite little comment,
the near approach of a session of Congress creates no
little financial discussion and writing, in which the
amount of thought expended bears a very small proportion
to the magnitude of the questions involved. Recent ad.
vices from Washington indicate that a free banking law
will be one of the measures proposed to Congress, though
we cannot but think that the strength of its advocates has
been over-estimated. It is difficult to see the exigency
that calls for such a measure at the present time. The
National Bank law allows perfect freedom in the manu-
facture of money so long as the issuers thereof can fur-
nish a certain proportion of Government Securities as
guarantees of their solvency, and the very liberal profit
which the national banks are able to divide on this
basis shows that the amount cf security required by the
Government is not excessive or even onerous. This
is tolerably free banking, and when even freer
freedom is asked for, the demand may mean nothing
more than an unlimited volume of paper currency.
Another subject that is exciting attention is the
probable action of the Supreme Court on the constitu-
tionality of the Legal Tender Act. After the decision
establishing the authority of the Court in the Yerger case,
and the one legalising contracts in rebel shinpasters,
people are preparing their minds for any dispensation of
constitutional lore from that august body. The New York
Commercial, after suggesting the possibility of legal ten-
ders being outlawed, makes some observations on the fea-
sibility of returning to specie payments, which are very
encouraging on general grounds. Supposing the Court
should deny tho legality of the so-called legal tenders, the
Secretary of the Treasury would have no other road to
pursue than to ask Congress to enact the return to specie
payments, or perhaps this would be effected by the deci-
sion itself without Congressional aid. In either event,
observes the Commercial, the effect on the country would
depend largely on the action of the New York banks,
which, by presenting at once their $20,000,000 of green-
backs to the Treasury for redemption, could produce an
overwhelming and disastrous run on the Government, or
by withholding their greenbacks could inspire confidence
in the community, and largely check that drain from the
gold in the Treasury, which in any event would be to a cer-
tain degree inevitable. The banks would be led t? adopt
the latter course, not only from motives of patriotism, but
from self-interest; for, if they should adopt the Corm and
even fill their own vaults with the Government gold, they
would be seriously embarrassed by the worthlessness of
the greenbacks consoluent on their own " run". upon the
Treasury. If, however, they will consent Ie hold the
greenbacks as the representatives of so much
the conrevseucrult
tr currentwithouthe
large.
nslawniitlEarettdhicie.aleteesayi°‘:lll'-nt s.--
Would the banks be disposed to take a course so inimical
to the return to a sound monetary basis, to the good credit

of the Government, and to the safety of their own Wlts
of operations ? We think not. On the contrary, there is,
the strongest probability that, alike upon grounds of
patriotism and of sound financial policy, the banks would
unanimously resolve, upon the Government resuming Vid
payments, to send in no greenbacks for redemption,
bn
rather to hold them, first as representing so much gold in
the Treasury at their instant command, and next, as far
more convenient for handling than coin, intending per
subsequently to increase somewhat their gold reserve.
cral
the event of the banks taking this course,
public would take confidence, and the demand upon the
Treasury for the redemption of greenbacks would be con
fined to a few small holders more timorous than sagaciou,
who, finding that their gold was worth no more than
greenbacks and much less convenient, would soon become
ashamed of having done the little within their power
drive the Government into perpetual suspension.
i 115 far
the injury to the debtor class by return to specie pliYinetlf:
to a certain degree it cannot be avoided, and perhaps nil
justice ought not to be, for the debtor class during ring
the ger
these years of inflation have been iu clover, and 1111°
expect retribution. But the fact is, that the whole.conn"
try, debtors and all, has hell itself in readiness to rel.'
sumo, and the actual damage would probably be inucl
less . than is apprehended certainly much less th 33
continued postponement of specie payment. The W. 0.0:
market during the week has been easy, the only activit.)
being on Monday, which, besides being Vanl,.-
bilt day, was the occasion of the withdrawal of three. O'
four millions by the City of New York for the redenePti°3.
of a portion of her debt. Commercial paper, howevel'o
passes with difficulty. The pork packing trade calls °in
money to the West, but the supply at New York has boo
thus far kept up by. the remittances from other parte
the country. Foreign exchange is kept down by the sq.
ply of cotton and produce bills, some of which, howl;
aro met by the payment of the November coupon of °iog
held in Europe. Gold has very sensibly declined
du
the week, the announcement of the sales by the 1.113181
through November amounting to $11,000,000, being an
assurance. of a good supply, while the demand for eit:P.°..
is very small. The currency withdrawn from circulatides,'i
to pay. for this gold will be offset by the purchases of hc)n„r..
which amount to $10,000,000, or over $11,000,000 in c'',,
rency. Governments continuo their apparent decline•
gold is going down at the same time, and the bonds do 110,ri
depreciate as rapidly as gold, bonds are really rising is
price. At the Ist of September the issues of 1867 Wer.eirt
121, or with gold at 131 where it then was, amts° in
gold. At the present time, with quotations of 93
116 and of gold at 128, the price of the former is ors.;
in gold. The quotations are maintained in the fersigo
marxets, though the demand for bonds from .ah,,r,°-to
has almost ceased for the time being. Southern °13.,
Bonds have been rather active, the North Car°ll„l.o
specisl tax bonds having risen 21 to 431, andrr to.
new bonds of the same State rising'. I to 38i•
nessees are 511. and 50 for new and old respec't,—,-1..
Old North Carolinas are 47, Missouri sixes Bn, "ta
isiana levee sixes 90, new Virginias 53, Alabama eig."-t
91. The stock market has had one most st dismal I°,°l;
merit during the past week, in the consolidation of .0" t
York Central and Hudson River Railways. This o.44Tet;'
has been on the tapis for years, fathered numberlesa.%- tg
tuitions, and been responsible for enough
to invalid a whole community. And yet when it was 310
flounced on Monday that the consolidated capital OA
sleepless nig Iv
be $45,000,000, Central to go in at 207 and Hudson atAlthe
everybody was disgusted without knowing why, 3.,,,,a "g
of
shares of both roads fell off 10 per cent. The toil for
the agreement were about what was expecteil, out for
reason everybody was anxious to sell, and -",indjea
but was unpopular even with his friends. This s-,,,,
depreciation occasioned a temporary activity in al'iceeea
and at times symptoms of a panic. Stocks halir°li- re
generally depressed throughout the week. Lake
maintains its advance very well. "Reliable genti°—.Keear
from the West inform the financial reporters 01 New
that the grain crop has started, and that 00.1,4' to
roads in that section are burdened with freight. It 1-,,0r0
be hoped that the depression in the West will Non. hie
way to business, but the farmers have been prettlb:eg re-
their demands, and very likely are not yet read)" r. :3
spend. Tho exports for the week ending Nnvenloo'2s
were $4,13',157 against $3,121,997 last year, and 51,': ‘'der-
in 1867. The receipts of cotton at the various por's
ing October were 445,421 bales, against 319,5.31 1
ass
Y 0570
Tho exports for the week ending October 29 were 's of
bales against 32,455 last year. Tho floods and storinboo
September, and the low price of grain in the West' aoa
had a very depressing effect on the dry goods trade)
the general market has been dull and uusettled.

The Monarch, now in the Portsmouth doGs•J‘-gr•
coaling and fitting to receive the remains of the late and
Peabody, is an armour plated turret ship of 7 gel-15'00
is being put into mourning with grey painted masts'
the
stern cabin on the main deck has been set aside fotarci;
body. As soon as it is received on board, the -11°# ore
will steam slowly out of harbour, while minute gnen;e-
front the ships and garrison saluting the battery. The for
of-war will then anchor at Spithead, and finally leavr'tico-
America on the morning of the 2:th inst. Some P 5 boa
Lars showing the simplicity of Mr. Peabody's habits
i„,IIY
been published. At the grand dinners he gave he 11,tio.
confined himself to a plain mutton chop. He lisr°ll the
quiet and retired manner, occupying only a rooet
house of his old friend, Sir Curtis Lampson, wile° 11:0 he
Though suffering much during the last four Ye` then
seldom would allow a doctor to be sent for, su lle
neither obeyed his orders nor took his medicines,'
joith
disliked " fuss," and hated to be asked about his 11 of
It is related of him and Sir Curtis, that thinking %v.: pet
some American-railway they not only invcsted teloglish
spoke favourably of it, and in consequence sonic' troy
ironmasters supplied materials, for which it soon ise not
pired they were not likely to be paid, the enterPr schen
being of the character these gentlemen supposed,' abedP
this was made clear, Sir Curtis called on gr.
and declared that these men should be paid by tbe eithet
though no responsibility whatever rested on then',
aid
legally or morally to do so, the ironmasters were P:et itS
them, but fortunately in the long run the railerg
liabilities. 01'111°
The collapse of speculative operations in g coeso-
had an unexpected effect, showing how widely' theeo,-):00'
quences spread. Many who deal in foreign goods in 1401,010
had laid them in when they had to pay the heasTY cis are
duties in gold at a high price; consequently the s°°,l con'
ticketed at a corresponding rate, but the steo.dY at's, 300
tinned fall has lessened their value, and enable tija„
had not laid in a stock to import cheaper and unue°,o, the
others; hence a heavy loss where not anticipated,f'oeia
storekeepers after holding on in the expectation ° t:
a reaction upwards must ore this have been e°P3Peeentielit
give way. The order of Secretary Boutwell to
oughoe
the sales of gold, and the purchase of Bonds Or
topriolo
November, has taken another " bull" clique 11 , had
as they anticipated a different line of policy ; the'red tij
turn round, and in their endeavour to unload loW°
market. ifePith
'ADVERTISEMENT. Holloway'S Pills.--ad st tst°
made Good.—Thousands have died during the ;:ad rat
months in excess of the average because they r b
°
glected to purify the blood after the late start'ertues
Every invalid should be acquainted with the
Holloway's inestimable pills; their purifying, regtried
strengthening, and aperient qualities should heof bolt'
all persons in a delicate or precarious state systee;
These pills expel all noxious humours from t:133 to
improve the appetite, amend the digestion, preui: 100
secretions of healthy bile, and regulate the Wt. wite,,/
loway's pills att admirably as a tonic to frenressecl
nerves have been over-wrought by study or deP
excessive indulgence.
LAD WERTISEMENT.I-11eneeforth no one will dot:tate v;r:siiigl
properties of Du Barry's health-restoring Itevs,4-efbee"
Invalids' and Infants' Food, since to the thousaliinn hailer,,/
it has already received from Invalids whose P°e,l.—ess
deemed hopeless, we may now add that of his Ilear,irty9'oo.;
whose health has been perfectly restored by it after "„ paSe ijob
unsuccessful medical treatment. We quote frora tigia of tiOretair
Midi," July 25th:—" Route, J uly 21,1866. -The ilea othe,r,ieStr
Father is excellent, especially since, abandoning 5 ,s fie; fiend
dies, he has confined himself entirely to Du BarireverS„ toi
Arabica Food, of which he consumes a plateful s.is „ healr'lBr‘;
It has produced a surprisingly beneficial effect on
his Holiness cannot praise this excellent food toohighlyZ
• 011' • 111
extract a few out ofmore than 68,000 cures or ei,•oo°,
the Marchioness de Brehan, of seven yeare',.,-Qvas "'s`ost .Jljo
wasting away, debility, nervousness, with a ' the Hart
all over, bad digestion, constant sleeplessness, Sr!.
ord Seps?
tolerable nervous agitation. Cure No 1,771: dYe,Peps7
Decies, Lord-Lieutenant of Waterford, of ma" Yeora clle„rs,s.,ter:
No. 49,832: "Fifty years' indescribable ago noy,
• ilatule 6 1/0• figs.
nervousness, asthma, cough, constipation, 4 lt: ify
sickness, and vomiting.—Maria Joly." Curo t'cuseo,se
0. tio
James Roberts, of Frimley, Surrey, of 30 Ye_.,ar.'nl °rig
spitting of blood, liver derangement, and Pa."_,- and "iieh'`
portant Caution—Beware of the many unsavoury 13090 ;
sloppy imitations to which, without authority,
v.llbs AT°
name is most
In attached.
tins, at ls lad;audaciously Ilb 2s 9d; 2lbs 48 6d 5 lbs 11,,,e110C°o1:
24 lbs 40s. —Also Du BARRY'S REVALENTA. 01'2'; for „tdild,
PowDEn is packed in tin canisters: for 12 cups ttryl, enP:re,
at 3s 6d, for 483 ups at per 288 cups at 30s, f.,,4 pr.,* cl
—being about one penny cup The 30s and '`;,0043,- ,;
free of carriage in England on *receipt of Pcist-vi- ond°'
BARMY Du BARRY and Co., No 77 Regent street'
all Grocers and Chemists
don Ole
BIRTHS. 1)/
Coormt On the 18th hist , at The Firs, Win 3
le
wife of Hay Cool-K.*, of a. laughter.
STANLEY—On t 1.3 18th inst., at The Grove,
Lady Constance Stanley, of twin sons.

A tiO
waif or-I

MARRIAGES. DrY°:
r rv's, ;p0
CRIP'3—CLAGETT—On the 18th inst., at St- l‘i'.". Cr brat
ston-square, Joseph B. Cripps, eldest, son of t dogit
lsq., of Davenport-street, to Fanny, yonnqro. i 6,
Yo f the late Thos. W. Clagett,O'''. ~ .fo'ito
wEn—O'REILLY—On the 18th in at Bright.°,4itoo,,h,
second son of Nicholas Power, Esq., of Bohof Brity
Diary, eldest daughter of John O'Reilly, of
tcn.

BA4R3RO li►to of
,ONS—traOnna,tilive.2,oatgheidfs:t9.,..lFlrliaBl:eis 13'ul°13'1.0,
tArltS, °
EATwAnu—On the 19th inst., at Rushall,
`Q.
Ila,yward, Esq , aged 45. , nrao
SOINES —On the 19th inst., at Etreatham,
Soanes, Esq., aged 79.

, kNIPV'Sg'a
Loo Nln(on: Printed and Published by WILLIA,
ir
thef
o. Iplt2.e,
esttnreatnedf, Pthrein
Savoy,ter at, sthSeurtc(C)3.taillnet;
01'1!i °%.
'dal°
in
Monday, November 22, Iso9.