The Sun.
London, England, 1869-04-24 00:00:00

THE SUN, _LONDON, SATURDAY EVENING, APRIL 24_ 1.69

MISCELLANEOUS NEWS.

'hit NEW LAW COURTS.
It is to be hoped that some arrangement will be
made very shortly as to the site of the new law
courts, and the disposal of the Carey-street site,
should it be rejected. Every day's delay costs
the nation £11.6 for interest upon the heavy sum
which was paid for that site. Mr. Lowe has certainly
treated the House rather cavalierly in the matter.
The huge vacant space between the Strand and
Lincoln's-inn was not acquired without much con-
sideration. A royal commission, including the most
eminent lawyers in the land, consulted and decided
upon the above mentioned locality. Parliament
passed Acts authorising the purchase, and nearly a
million sterling has been actually spent upon it. Mr.
Lowe coolly proposes to ignore the Royal Com-
missioners and Parliament, to resell, probably at a
loss of half a million sterling, the Carey-street site,
and to transfer the settlement of the matter to the
Treasury and himself. llis own figures will certainly
be severely criticised. For instance, he says that the
site which he recommends will cost £OOO,OOO,
and the building £1,000,000, but he allows nothing
for approaches. Sir R. Palmer declares that the
Embankment site will cost £2,200,000 before building
begins, and as it will be necessary to dig down 30 feet
before a stone is laid, there is room here for the ex-
penditure of another half million. The discrepancy
between the two estimates is so enormous that neither
can be accepted without further investigation. One
of the most amusing features of this controversy is
the lively interest which the Metropolitan Railway
Company feels in the Embankment site. Of course
if the law courts were built there, a large amount of
additional traffic would go over the line, and so peti-
tions in favour of Mr. Lowe's scheme lie at all the
stations of the Metropolitan [Railways. A few days
ago a number of little boys were seen exercising
their caligraphy by signing one of these disinterested
documents.

The Builder says it "is obvious that if the plot
of land pointed to by Mr. Lowe is sufficient
for the building required, it must be a very different
building from that necessitated by the commis-
fioners' instructions. A more remarkable mess was
probable never made by a royal commission than
that which is now before us."
TEMPERANCE, POLITICS, AND RELIGION.

Some little while back much stress was laid by the
opponent of certain liquor bills on the fact that in
Massachusetts the prohibitory liquor law had been
tried and had failed. It was pointed out at the time
that in its stead there existed a very stringent
license law much more restricting the liberty of the
subject than the prohibition. But the news now to
hand shews that the license law has failed. The
local House of Representatives has repealed it, re-
enacting by nearly two to one the old prohibitory
law.

Meanwhile, in England the necessity for some
alteration of the law is daily more pressingly felt.
Convocation has condemned the present system;
and the testimony of ministers of all denominations
is that nothing so much prevents the successful pro-
secution of their work as excessive drinking. The
annual meeting of the Leeds Congregationalists was
held on Thursday, and their attention being directed
to the subject, a resolution was unanimously passed,
advocating the repeal of the Beerhouse Act, and the
suppression of the excise licences.

A special correspondent of the Alliance News calls:
attention to the evidence being given before the
Elections Committee on the influences of the public-
house at election times. Witness after witness
has told the same tale, " too much beer."
Treating prevails here and there • drunkenness
everywhere. Mr. Bright has pressed witnesses very
earnestly upon the matter, and from several of them
has obtained the opinion that the drinkshops ought to
be altogether shut during the polling. A large pro-
portion earnestly advocated that public-houses should
not be used as committee-rooms.

aitnougn ne wisnea to =elm tue urns yet) no WW3
strongly averse to throw any factious opposition in
tho way of its further progress This might be a
useful lesson to Mr. Disraeli.
'WHY " NO SURIIESDER P "

Lord Oranmore and Browne writes to the Tele-
graph explaining and justifying the cry of "No
Surrender " which has been raised by the Church
party in Ireland. He thinks bat it is too much to
expect a Church, whose principle is opposition to the
Roman Catholics, to agree to a compromise by which
property is handed over to Maynooth and the
priests. But while the Churchmen are crying
"No Surrender," their representatives in Par-
liament are trying to make the best of a bad
job by modifying the principles of the bill. The
moderate Liberals, according to Lord Oranmore,
would, if the "No Surrrender" cry was dropped,
help to alter the bill. Is it logical (he a&cs) to refuse
to do so while the cry is continued ? Especially he
calls their attention to the commutation of life
intertsts. Maynooth is to be arranged with
at fourteen years' purchase. On the same
principle, he arg;ies, should the Irish Church
clergy be dealt with. " Most Irishmen do not
believe that the sacrifice of the Irish Church
will in any way satisfy the Roman Catholic priests or
people, but if Englishmen have a different convic-
tion, they should at least shew some consideration
for the position, feelings, and interests of the Pro-
testant people f this country."

by the President to the post of United States Minis-
ter at Lisbon, and his nomination has been con-
firmed by the Senate. Mr. Basset, a negro, has
likewise been confirmed, as we anticipated an
African would' be, as United States Minister to
Hayti. The appointment of the Hon. Freeman
Morse, as Consul-General in London, we need
scarcely add, has been assented to by the Senate.
Among the Bills passed by the Representatives
on the 9th April was that for removing political
disabilities. It required a two-thirds majority, and
there being 97 yeas to 47 nays, it was carried. But
one Democrat (Brooks) voted with the minority.
The Bill for the protection of soldiers and their
heirs, facilitating the payment of bounties, was also
passed. Mr. Myers was sworn in as Representa-
tive from Pennsylvania. The seat was contested
by Mr. Moffett, but decided gainst him by a strict
party vote.
General Grant made a bold push to complete the
reconstruction of the 'Southern States. He sent a
message to Congress on the subject, which at first
created fears that the debate would prolong the
session, which the rapidity of the House dispelled.
General Butler, who can be useful on occasions,
acted with his usual vigour. Early the next morning,
April 8, he saw the President, obtained his views,
nen explained them to the Reconstruction Com-
mittee he assembled, as well as his own opinions and
those of the country. Of course this settled the
question ; for the Committee had then the views of
Butler, Grant, and the country. A Bill was agreed
upon, and presented to the House when it met, and
passed by the enormous majority of 125 to 24, all
the Republicans and a few Democrats voting yea.
After passing the House it was taken to the Senate,
where it was carried by 44 yeas to 9 nays. Being
slightly amended in its passage through that Cham-
ber, it was returned to the House, the amendments
concurred in, and sent for signature to the Presi-
dent on the night of the 9th inst., and this was the
Bill the Cable informed us had become law for bring-
ing back, as States of the Union, Virginia, Missis-
sippi, and Texas.
The Post Route Bill has passed the House of
Representatives, and another authorizing the
Northern Pacific Railroad to extend its branch line
from a point near Portland, Oregon, to Pauget's
Sound, and to connect the same with its main line
west of the Cascade mountains, the company not
to be entitled to any subsidies, money, bonds, or
lands, except as such lands may be included in the
right of way. The Union Pacific Railroad was com-
pleted on the 20th March to within seven miles of
the mouth of Weber Canon, which is virtually to
Salt Lake. We may here observe that explorations
made by General Conner on Salt Lake, in his new
steamer, prove that the water has risen thirteen
feet since the first surveys, and is rising now one
foot per year. The boat ran for a mile in one place
over what was grazing land five years ago. It is
thought that perhaps the subterranean outlet has
been partially choked up.
On the Bth inst. the President issued a proclama-
tion calling for an extra session of the Senate to
act upon nominations. Grant's first wording must,
we presume, have been " 12th day of April next,"
instead of 1869, for Senator Fessenden pointed out
that by the phraseology the Senate would have to
assemble on the 12th day of April, 1870, and the
proclamation was informally sent back to the Pre-
sident for correction. It is as follows :
Whereas, objects of interest to the United States re-
quire that the Senate should be convened at 12 o'clock on
the 12th day of April, 1869, to receive and act upon such
communications as may be made to it on the part of the
Executive. Now therefore, I, U. S. Grant, President of
the United States, have considered it to be my duty to
issue this my proclamation, declaring that an extraordi-
nary occasion requires the Senate of the United States to
convene for the transaction of business at the Capitol in
the City cf Washington on the 12th day of April, 1869, at
12 o'clock noon on that day, on which all who shall at
that time be entitled to act as members of that body are
hereby required to take notice.

The Buenos Ayres Standard says that the Eng-
lish Government has thanked, through Mr. Seward,
Minister Washburn for the protection he extended
in Paraguay to English subjects, and his efforts to
save them from the grasp of Lopez. Mr. Wash-
burn considers the false reports circulated in Europe
about Paraguayan affairs to emanate from the French
author who wrote the pamphlet lately published in
Paris, which we at the time reviewed. Dr.
Stewart, now in London, had numerous interviews
both with the Emperor and his Ministers when atitio,
;n fhn llutaura for England.
Ile had just arrived -from Paraguay, it being his
good fortune to escape, notwithstanding the inten-
tion of Lopez to shoot him early last De-
cember. The Emperor expressed the wish that
Dr. Stewart should publish his experiences of Lopez
in the English papers, to correct the erro-
neous impressions circulated in the country.
It is evident that things are in a very bad way with
the Allies at Ascuncion, the army being in a ter-
rible state or disorganization, as Marshal Caxias
had left nothing but confusion behind, while his
successor, General Guillermo, is represented as in-
capable of doing anything. Lopez having gathered
arms and horses is in possession of most of the
country. An expeditionary force had moved from
Ascuncion against him, but at the moment he is
more master of the situation than the Allies, and it
is evident that the war is by no means ended. The
American built steamer Li had been burnt to the
water's edge at Buenos Ayres, and four of the crew

are missing.
To the last it was doubtful whether Mr John
Jay or Mr. Motley would be nominated Minister
to England. It was urged against Mr. Motley that
Massachusetts had already two members in the
Cabinet, and it would be unfair to other States to
add the most important mission to its share. For
Mr. Jay it was argued that New York was more
than any other State interested in the settlement of
the pending claims against England and in questions
of commercial intercourse, and the State that did

most business with Great Britain was best entitled
to send the representative. Both gnat men re-
gton till this question
mained on and off at Washin

was settled.

Americans often allude with astonishment to the
fact that half the land in England is hell by less
than ten score people, and perhaps less than one
score hold half the land of Scotland, but it is sur-
prising to see how time compasses the same result
in America. New York is the third city of the
world, yet a dozen families do little less than own
it, while it is no great exaggeration to say that a
State belongs to one man. Senator Sprague in-
herited one-half of the State of Rhode Is'and from
his father, and the other half he has acquired since ;
but there is another family of great wealth and in-
fluence in Providence.

MONEY AND BUSINESS.

(From the Springfield Republican., Aprillo.)

aerkmebtarfrraosmseathiet
stringencyw
The expectheidchrehleaass
ef
or of
stoh e m ma
noyn edya
ys
seemed to begin last Saturday, but the ease on that day
was only temporary, and since then the market has been
as tight as ever in Now York, Boston, Chicago, and all other
money centres. The quarter-day settlements have no
longer perceptible effect, and easier times would be looked
forat once but for other cauees which now seem to
threaten a prolongation of the distress. This uncomfort-
able situation of affairs attracts, very naturally, much at-
tention, and a large number of reasons are assigned to
account for it. The banks all over the country, it is be-
lieved, are carrying more loans than their reserve of law-
ful money is capable of sustaining without embarrass-
ments to themselves and the morcanti'e community. But
there are some indications that the present condition of
affairs, though bad enough, is made worse than need be
by artificial means; that money would be easier and
cheaper but for combinations among lenders to keep up
the price; and that there is really no such extraordinary
scarcity of currency just n-o,v as some people would have
us believe. On this-point the New Fork Herald's financial
article says:—" Money is had, and always had, provided
the borrower pays the rate demanded. The lenders by the
present system of a sidewalk exchange aro enabled to
gather the borrowers into one group and thus aggravate
their need by its apparent magnitude. The banks are con-
fessedly unable to enlarge theiraccommodation, but are not
shipping currency to the country. Reports differ as to the
extent of the amounts received in return. On some sides it
is stated as trivial, on others as satisfactory. The southern
and western exchanges have veered quite coquettishly
and inexplicably. Currency has come this way. Then
the consignments were iutermitted, and currency has
gone out of the city. The pressure on Tuesday was more
urgent than on Monday, but the effects of artificial in-
iillollCON *oro plainly yliklo," It is 02119 'forth stating

---- that a powerful clique has been at work to keep up the
money rate, in order to depress the price of Government
Bonds, but so far with only partial success. The ano-
malous condition of affairs previously noticed at the
New York stock boards—a strong market in the face of
money stringency, is still a striking feature of the financial
situation. Usually the bears welcome nothing more than
a tightness in money, if it doesn't last too long ; but
at present the prices at the stock boards are maintained
with surprising strength. One reason for this is doubt-
less the fact that many brokers, in anticipation of the
Ist of April stringency, obtained thirty and sixty day
loans, so that the present condition of the market has
little effect upon them. There is a determined move-
ment on foot to force Pacific mail up to par, and this
stock and New York Central have been the principal fea-
ture of the week. There are renewed rumours that the
80 per cent. issue is to be legalized at Albany. The pro
rata bill now pending in the Legislature there provides
that merchandize transported not less than 150 miles
shall be carried at as low rates per mile as through
freight. Of course Vanderbilt and other railway princes
are fighting the bill. They declare that if it were to
pass the New York Central would be compelled to aban-
don the through freight business entirely, and throNs it
into the hands of the Pennsylvania Central and the
Canada roads. Government Bonds have fluctuated
rather more than usual during the past week, but their
tone has generally been firm in spite of the effort, al-
ready noticed, to depress them. Considerable amounts
have been placed upon the market by bankers and others
who can temporarily realize greater profit by loaning,
at the present high rates, the money, which they sell
for, than by holding the bonds. But the confidence
in Government Securities is so great that home and foreign
buyers are always ready, and so the market is generally
well sustained. Mr. Van Dyck, the assistant treasurer at
New York, gives notice that coupons for interest due May
1, will now be received for examination, and the same
cashed, if desired, on a rebate of the interest from the day
of payment to May 1, at the rate of 6 per cent. per annum
in coin. Gold continues to sell for 131 and a fraction
with incon sequential fluctuation. The market has been firm,
and there are some indications of a slight advance in price.
Cash gold is by no means plenty. Mr Atnasa Walker pro-
tests in the New York Times against " the oft-repeated fal-
-1 cy that ' increased productiveness' will bring about a re-
sumption of specie payment ; that a groat crop of cotton
and cereals would restore our currency to par with gold.
There is no truth whatever is this popular assumption.
Should we have for the current year a crop of
4,600,000 bales of cotton, as in 1860, and a surplus of a
hundred million dollars worth of wheat and corn for
export, it would make no difference in the convertibility
of our currency, because while there is such an immense
redundancy of it as at present gold will not be brought into
this country in any event, but be constantly flowing out.
Owing to our great surplus of currency over the normal
amount required by the exchanges of the country, gold is
a cheaper commodity than any other. Should we have an
extra crop of cotton, wheat, &c., so that a large amount
must be exported, the result would be a heavy fall of
prices. There is only one possible way in which the
currency can be restored, and that is by reducing its
volume to the national limit, when it will be, as a matter
of course, on a par with gold, the currency of commerce."
Tho figures confirm the oft reiterated statement that
the imports of foreign dry goods at New York last
month, were very large. The total amount (foreign
gold cost) was 13,321,059 dols. against $9,361,654 dols., an
increase of nearly 50 per cent. over March of last year. In
the throe months of this year now past the dry goods im-
ports amounted to $30,183,267 against $23,055,783, a gain
on the first quarter of last year of seven millions of dollars.
The corresponding footings in the nine months since July
1 are $73,199,277 against $62,420,141. The current busi-
ness is not so very large for the demand, and all desirable
goods are taken without material sacrifice, but the trade is
not so animated as to leave large margin for profits, except-
ing on a very few scarce fabrics.—The foreign imports at
New York (including general merchandise but excluding
gold) are $7,682,192 (foreign gold value) for the week, and
$77,367,354 for theyear, against $5,701,225 and $61,328,423.
The exports (exclusive of specie) for the week and year are
$3,878,954 and $40,982,107, against $4,731,689 and
817,194,634. Thus it will be seen that, compared with last
year, our imports are increasing while ourexports are falling
off. The exports of specie for the week and year are
$55,585 and $9,352,612. The latter item shows a de-
crease of $6,652,839 in comparison with last year. Sub-
tracting receipts of gold at New York from the amount
exported there appears to be a loss since since January 1
of $948,018. Railroad earnings in March :—lllinois Cen-
tral, $701,559 agst $462,316 last year ; Chicago and North-
Western, $1,149,258 against $267,091; Milwaukee and St.
Paul, $420,774 against $333,510. In 1868 the Ohio and
Mississipi Railroad earned $1,230,981 from passengers,
$1,586,818 from freight, and $146,239 from expresses and
mails—a total of $2,961,040. Compared with 1867 this is
a decrease of $495,278, or about 161 per cent. The net
earnings of the road last year were $663,426. The Cleve-
land, Columbus, Cincinnati and Indianapolis Road earned
last year $2,962,613 gross and $739,513 net. The latest
New York quotations for seed leaf tobacco aro these :
Connecticut and Massachusetts, 8 to 12c ; wrapping lots,
18 to 45c ; fine wrappers, 50 to 65c.

(From the IVall-street Journal)
FItIDAY EVENING, April 9.
The money market is growing easier, and by the 20th
of the month we look for a great change from the present
stringency. 'to-clay the rates on callbee. 7 p.r cent.
in gold on stocks, and 7 per cent in currency on Govern-
ment Bonds, with a commission of 1-32 d to 1-16th per
cant. Discounts are still difficult, oven at 10 to 12 per
c,..nt for first-class names. Gold is very strong, and has
risen to-day one r,or cent., having opened at 1321 and
closed at 1331.
Quotations for specie are:—
Amer. silver... 95 to 951 I Eng. sovs 485 to 488
Mex. d011ar5...1033 Eng. silver 475 „, 48 10301 20 francs
703 „ 382 „ 385
. 71
Five francs .... 95
~96 I Thale
In Foreign Exchange rates are steady:—
Sixty Days.
Londcn Bankers
............... 107/-1081
Lot.d.n, Prime Commercial— 1071-1071
Paris, Bankers .................. 5.261- 5.20 5.211 —5.18,
Bremen, Rankers
............... 771-78
Hamburgh, Banlcers ............ 353-351
Cologne Frankfort, 0.111 ................... 40-403
Berlin andologne ............ 701-71
Antwerp ........................... 5.261-5.21}
Amsterdam, Bankers ......... 351-403 Swiss .............................. 5.263-5.21 f
Government Bonds are strong and active, with an ad.
Vance to-day of I per cent :
SiSixes, 1861, registered ........................ 1153 to 1151
Sixes, 1881, coupon ............................ 1153 to 116
xes, 1868, coupon •
....................... to
U.S. (is. Pacific Railroad ..................... 1033 to 1031
Five-twenties, 1862, coupon ................ 119 i to 1191
Five-twenties, 1864, coupon ................ 1141 to 115
Five-twenties, 1865, coupon ............... 1161 to 1161
Five-twenties 1835, coupon, new
Five-twenties, 1867, coup
lon .•. ....131 to 113
U.S. 5-20 Coupons, 1868
1
2d STen-forties, coupon
• lO5l to 1051
even-thirties 5erie5............
Seven-thirties, 3d series ▪ —to
Oregon War Loan, Sixes. 1881 ▪ —to Railroad Stocks are active and buoyant, with a largo
business in Chicago and North-Western, Milwaukee and
and St. Paul, Harlem, Hudson River, Michigan Southern,
Reading, and Toledo and Wabash.
In Miscellaneous Stocks the principal business has
been in Pacific Mail, closing at 921, and in Western Union
Telegraph, closing at 411.
N.
Y. Centra1.....,,,.. 1633 Fort Wayne ............ 1241
rie ........................ 34 Pacific Mai 1............... 92f
Hudson ............... 143 Atlantic Mail
Reading ....... .......... 931 Quicksilver
22
Mich. South. &N. 1.... 961 W. U. Telegraph
Illinois Central
Cleveland & Pittsbrg 9Ol Ohio and Mississippi... 323
North-West
North-West Preferred 963 Cumberland ............. 33
Canton..
Rock Island
Jleveland and Toledo 1311 IM & St. Paul Preferred 841
At the annual meeting of the stockholders of the Union
Pacific Railroad, Eastern Division, held in Lawrence,
Kansas, on April 6th, the name of the company was
changed to the Kansas Pacific Railroad Company, and the
board increased to 11 directors. The board organized, by
re-electing John D. Perry President. The annual report
of the company shows a total income from all sources of
over $?,100,000. The company resolved to push forward
the work of constructing the road to Denver.
Messrs. Drexel and Co., Philadelphia, report that on
April 9 the latest sales in Pennsylvania Railroad
Shares were 59 ; Sixes, Ist Mortgage, 99 993 ; 2d Mort-
gage, 95 951.
Express Stocks are dull. We quote :
Adams ... }
American. Merchants' Union 58/ to 401
Do. Old Stock .., •
153 to 16
40 to 401
United States Wells, Fargo, and Co. • 53 to
313 to 333
13
CLOSING QUOTATIONS FOR RAILROAD MORTGAGES.
N. Y.lCentral 65, 1883 9O Chi. &N. W. Ist M
N. Y. Central Os, 1887_ 90 Tol. & Wab. 2d MEx B5
N. Y. Central 6s, R'Est.. 873 Gt. Western 2d M 'BB 79
N. Y. Central Os, Sub'n.. 871 Mil. & Pr. du Ch. lst M —
N- Y. Central 75, 1876...
N. Y. Cen. 7s, con. 76
N. Y. Cen. 7s, '65-'76 ...
Erie Ist Mort, Ex
Erie 7s, 2d Mort, 1879 —
Erie 7s, 3d Mort, 1883._ 89
Erie 7s, 4th Mort, 1880 —
Erie 7s, sth Mort, 1888 —
Long Dock Bonds
&E. Ist 111,'77 B7
lind. It. 7s, let M, '69_100
Md. it. 7s, 3d M, '75 100
Harlem Ist M, '6B '72 102
Mich. C. Ist M, 69'72 112
Mich. new Ist M Bs, 'B2 113
Mich. So., 7 p. c. 2d M 93
N. Ind. Goshen Line '6B
Mich.S.&N.l.S.F'd7p.c. 993
111. Cen. 7 p, c, '7O
Alton & T. H. let M
Alton &T.H. 2d pfd
Alton & T. H. 2d M. Inc 793
Han.& St.J. La ndGran tslo3
Han. & St. J. Con 112
Chi. B. & Q., lst M
& N. West, S. R 95
Chi. & N.-W. Con Cony 97
chi.:lt zY. NY, Lai a.,,, •-•

Three Days
108i-108i

Gal. & Chic. Ext 96
Gal. & Chic. 2d M...., 93
Chi. & li. I. Ist M 9Bi
Chi. It. I. & Pacific 7's 931
Clove. & Tol. S. Fund 99
N. J. Central Ist M 97
N. J. Central 211 M B9
Pitts. &Ch. lst.M 1021
Pitts. Ft. W., & 011.2 d M -97
Pit ts. Ft. W., & Ch. 3d M 9l
Cleve. & Pitts. 2d M
Chic. & Alton, S. F. Inc —
Chic. & Alton, S.F. lstM 101
Mil. & St. Roil Ist M 9O
Mil. & St. Paul 2d ll_
Marietta & Cin. Ist M —
Morris Sc Essex Ist M 100
Morris & Essex 2d M 9O
Joliet & Chic. Ist M._
Chi. & Gt. East'n
N. Y. & N. H. 6s B4
Dubuque &S.City,l,st M 9O
Peninsula Ist M B5
Ohio & Miss. Ist M
Ohio & Miss. Con
Tel. P. W. Ist M. E. D —
Atlantic & G. W. lot Dl