The Sun.
London, England, 1867-04-08 00:00:00

UNITED STATES DEBT.

The official monthly statement of the Public Debt of
the United States, which we gave in our last, shows that
the policy initiated by the Secretary cl the Treasury more
than a year-and-a-half ago is being steadily adhered to.
The object he then professed to have in view, was to
effect a gradual return to specie payments, without occa-
sioning any violent financial convulsion, and at the same
time to effect as large a reduction of the national liabilities
as practicable. The highest point reached was in August,
1865, when the total debt of all descriptions stood at two
thousand six hundred and seventy million dollars, while
on the Ist of March it was two thousand five hun-
Ored and thirty million dollars, or a reduction of one
hundred and thirty-eight millions in eighteen months.
The amount in the Treasury had, during the same period,
nearly doubled, the gold being over one hundred and
seven millions against forty-five, and the currency fifty-
two against forty-two.

On looking into the details of the return, we find that
the portion of the indebtedness bearing interest payable in
currency exhibits a decline of five hundred millions, a
portion of which has been converted into gold bearing
debt, which c.misequently shows an increase of about
throe hundred and fifty millions. This is quite iu accord-
ance with the proposition of the Secretary, as the three-
years Treasury notes were largely used as a circulating
medium, and the funding of them into a debt of a more
permanent' character will greatly facilitate a return to a
specie basis for all business transactions.
Taken as a whole we think no ether nation could in so
short a period exhibit such satisfactory results.
The fluctuations in American securities on the London
market during the week have been unimportant, the rela-
tive price in London and New York having so nearly ap-
proximated ; and the quotations of bonds and premium
on gold haying varied but little since our last has induced
steadiness in quotations. United States 5-20 Bonds close
741 to 75, Illinois Central Shares 78-1- to 79, and Erie 381 to
391 ; in the latter there were considerable purchases early
in the week for shipment to New York, but the last day
or two the market has been inactive. There has been
rather more demand for Virginian Sixes, and at 45 to
they exhibit a slight improvement.
Atlantic and Great Western Sectional Bonds are steady,
but the Consolidated Bonds and Debentures are a fraction
lower.

(From Gilead A. Smith's Monthly Circular, April 1.)
The market for American securities in our Stock Ex-
change during the past month has formed a favourable
exception to the general market, which latterly has shown
every symptom of a panic, of which speculators for a fall
have as usual not been slow to take advantage. American
securities appear to grow in favour with investors in pro-
portion as the distrust in English railways increases.
United States 5-20 Bonds have advanced about 2 per
cent., and are much inquired after. There have been con-
siderable purchases by the Frankfort and Paris Bourses,
to re-invest, it is believed in part the April coupon, and
the bonds have not been sent over from America in suffi-
ciently large quantities to meet the demand.
Illinois Central shares have improved upon the annual
report just issued, which has been read very favourably,
and shows that the line has been managed with great skill

and care.
The traffic receipts for the past year show a decrease of
$634,466.90, compared with those of 1865, but the working
expenses show a corresponding decrease of $634,990.18.
The policy of the directors evidently is to keep expenses
within the narrowest limit, and take advantage as quickly
as possible of the decline in recent inflated prices for labour
and material.
Pennsylvania Bonds continue in increasing favour among
investors. Payment of the coupons on the 6 per cent. Con-
vertible Sterling Bonds, the 6 per cent. short-dated bonds,
and the Philadelphia and Erie 6 per cent. Sterling Bonds
(which are guaranteed by the Pennsylvania Railroad) due
this day, is announced.
There are no bonds of the Philadelphia and Erie offered
under 821, making an advance of 2 per cent. for the past
fortnight.
Virginia State 6 per Cent. Bonds have met with a de-
mand on the announcement that the overdue coupons,
amounting to $360 on every $l,OOO bond, would be taken
in lieu for bonds bearing 6 per cent. coupons, payable
January and July.
Great Western of Canada Shares have been inactive at
depressed prices, but they rallied about 1 per cent., when
the dividend for the half-year was announced to be 31 per
cont. per annum.

(From Messrs. Bowles, Drevat, and Co.'s Circular.)
Paris, April 5.

The political situation, which seems to grow more and
more gloomy, has caused this week, at last, a very cautious
and even apprehensive state of feeling at the Bourse.
Tho stocks which depend on the Credit Mobilier carried
with them at first, in their continued fall, nearly all other
securities ; a slight reaction then took place, but the
market, nevertheless, presents a very discouraging ap-
pearance, without the slightest animation.
American Five-twenties, however, continue to keep up
in spite of the general want of confidence, which merely
furnishes another proof of the fact that the credit of
those bonds is beyond the reach of European influences.
The quotation rose on Saturday to 858, the highest point
ever reached, to fall on the Monday following to a slight
extent, on account of the receipt of the news of the
purchase of Russian-America. Great importance was at
first attached to this question, on account of the proba-
bility that the change would be very unpalatable to the
British Government, but the pacific articles published by
the English press, and more particularly the Times, have
re-assured the public. The latest quotation is 841. On
the whole, the rise in the price of these bonds sinee their
introduction to the Paris market has amounted to between
5 and 6 per cent., and those who have bought have found
their course amply justified.
Bonds of the issue of 1865 are quoted at 83 to 83i.
Money is still very abundant.
French 3 per Cents. close at 68 52}.
Exchange on London, 25 16 to 25 18.
The opening of the Exhibition on the Ist seems to have
had no influence upon the Bourse, though many had been
counting on a favourable turn at this time for various
reasons.

The illoniteur du Soir of Saturday last contains
the following article :—" It would appear from the
terms of a telegram published in the Times of the
28th inst. that the French Government had refused
to adopt a proposition made by the Prussian Go-
vernment to introduce into the passport system
modifications necessary for facilitating the visits of
foreigners to the Universal Exhibition. The Eng-
lish journal has been misled by its correspondent.
Justly desirous of encouraging the visits of travel-
lers, which might be affected by a rigorous applica-
tion of the police measures sanctioned by law, the
Minister of the Interior, in concert with his col-
league the Minister for Foreign Affairs, has decided
that foreigners, natives of States which act recipro-
cally towards us, need only be provided with a
document establishing their identity, and that such
document shall not be required to bear the visa of
QUr diplomatic and consular agents.",