The Sun.
London, England, 1867-07-04 00:00:00

TILE SUN. LONDON. THURSDAY EVENING, JULY 4, 1867.

words in regard to the past and to the future. cause a labourer might be puzzled to calculate his
respect to the past, having taken part in a Reform contract if the sovereign were reduced twopence in
Bill with Lord Grey, Lord Althorp, Lord Brougham, value. Although "X" refers with some contempt
and others, I will say that our vital points were to the convenience of travellers, the subject is of
vital (hear, hear), our securities were really secure, much broader significance than he appears to ima-
and our opinions were not elastic (great laughter gine, not only affecting a large number, but affect-
and cheers). With regard to the future, we all ing them very materially. Like many improvements
look, no doubt, to such men as Mr. Gladstone and eventually made in spite of bigoted opposition, the
Mr. Bright to promote the great cause of Liberal advantages will be moreapparent if this changecomes
progress, which is sure of fulfilment in the future, into operation, when the immediate inconveniencies
however the working of the present Reform Bill are overcome. We must expect, at first, an outcry,
may turn out. The first thing to be attended to is but we trust that the general and permanent good
the great cause of education, because, however fit will not be sacrificed in the face of a few difficulties
these persons may be to whom the House of Com- and the invariable obstacles which are thrown in the
mons has given the suffrage, they cannot but be way even of the most beneficial measures.—Anglo-
made more fit if they receive such an education as American limes.
the people of Scotland or the people of America re-
ceive. The first object of the reformed Parliament
' ought to be this, and I hope that it will throw aside
the prejudices which I am sorry to say the Church
still clings to, and that all persons will be educated
in a sound secular education, independent of the
sect or communion they may belong to (hear, hear).
Another matter is that the people of Ireland should
receive whatever remedy may be thought best for
the grievances they complain of (cheers). The noble
earl concluded by expressing his personal thanks
for the toast.
The company separated soon after 11 o'clock.
The dinner was in every respect an admirable
one, and gave the utmost satisfaction.

Miscellaneous :Foreign News.

The President has accepted the invitation of the
city of Boston to participate in the ceremonies of
dedicating a new Masonic Hall to be opened on the
24th June, and said to be the finest building of the
kind in the country. The route to the capitol of
Massachusetts will be through Philadelphia and
New York. Mr. Johnson in these great cities,
where party feeling runs so high, will be placed in
more trying circumstances than in his late visit to
his birthplace, Raleigh. But he has been so suc-
cessful in his late tour that his friends have a well-
founded hope that he will not be guilty of any ex-
travagant denunciations. The following is his letter
accepting the invitation, tendered to him through
the Mayor of Boston :—" Executive Mansion, Wash-
ington, D.C., June 11, 1867.—Sir,—I have the
honour to acknowledge the receipt of your letter of
the 7th, tendering to me, in accordance with the
vote of the council, the hospitalities of the city of
Boston daring my contemplated visit. I intend
being present at the dedication of the new Masonic
Temple in your city on the 24th inst., and during
my short stay in Boston I will feel honoured to
accept the hospitalities of your city, receiving them
with a reciprocation of the friendship and courtesy
which prompted the council in their offer.—With
great respect, very truly yours, ANDREW JOHNSON.
—To his Honour Otis Norcross, Mayor of Boston,
Mass."

The Monetary Convention

A letter appeared recently in the Times on the
Monetary Conference, with which the writer has
strangely coupled Australian coins. "X" considers
the superiority of the monetary system of England
to lie in the fact that the unit of value is not the
sovereign, but the pound sterling. He defines the
pound sterling as containing the invariable quantity
of 113.001 grains of pure gold. As pure gold re-
quires alloy before it can be converted into coin for
practical purposes the sovereign contains 123.274
grains of standard gold, and the sovereign so formed
is legal tender as a pound sterling. When such
coins are deprived of more than it of a grain of their
original weight they cease to be legal tender. With
the thorough narrow-mindedness of a genuine JOHN
BULL, "X" maintains the superiority of this unit
of value, and can see no reason why it should be
altered to bring it into harmony with any
other currency. He
quotes M. CHEVALIER, who
has signified an adverse opinion in a letter
to the Economiste Francais to the proposal
that foreign coins should be altered so as to harmo-
nise with the French gold-piece, which has no merit
over others, and ought to be abandoned by France
in favour of one of a different size, instead of ask-
ing other countries to accept it into their system. '
The writer does not give M. CHEVALIER'S reason
for condemning the gold coin of France, if he has
done so ; but the reasons why the monetary con-
vention advise its general adoption are very clear.
The currency of France is decimal, and therefore
more easily calculated. The French system is that
of 60,000,000 of people, and therefore the most
general. The gold unit of France approximates
nearly in value to the pound sterling of Great Bri-
tain and the eagle of America, and therefore neces-
sitates no violent change in the units of the two lat-
ter countries to bring all into harmony. Against
this " X" contends that it is im politic in the
highest dergree to admit the French system into
the English, because the latter is built not on the
basis of coins, but on that of the unvarying and
invariable pound sterling, to which English coins
throughout play only a subordinate part. Should
any countries over-coin, or like Russia, the United
States, or Italy lapse into paper money, the coins
thus rendered excessive would be liable to be fused
into the English, and so destroy the limitation by
which English coins are kept up to parity with the
pound sterling. The writer acknowledges that
neither the Legislature nor the people seem to
understand the difference between the pound
sterling and the sovereign as the measure of value.
Nor do we think that either the Legislature or the
people will be much enlightened by the explanation
given. The pound sterling represents so many
grains of pure gold, the sovereign represents the
same quantity, mixed with an alloy to give it a
consistency and hardness which will enable it to be
used practically as a coin. To all intents and
purposes, the one is the equivalent of the other.
If gold falls in value, the pound sterling and
the sovereign are alike affected, and if
England be deluged with the precious metal
we cannot see how sovereigns and half-
sovereigns should gain or lose except in the exact
ratio of the unit by which the bullion in the Bank
of England is measured. On what principle can
" X" separate so broadly gold in bars and gold in
coin ? The only difference we can detect is that
the former is buried out of sight, and the latter in
the tills of British traders or carried in the pockets
of her MAJESTY'S lieges. If there be a surplus
beyond the requirements of the population it quickly
finds its way to the vaults; and whether it lies there
in bars or stamped for currency makes no differ-
ence. The idea suggested by " X" of the limitation
being disturbed, by which our coins are kept up to
parity with our sterling, has no meaning. We be-
lieve that it is not the people and Legislature of this
country that are blundering in this matter, but the
Mentor" X" There is force in the practical objec-
tion urged by " X" to the proposed change in the
value of the sovereign. lie asks, " Are all the rela-
tions between debtor and creditor, all salaries and
wages to be calculated anew, the arithmetic of
life-long habit—the only arithmetic of the labour-
ing man—is that to go for nothing? Why, the
number of these labouring men are millions, while
the number of travellers in whose interests ' X'
supposes the change is desired are hundreds."
" X" partly furnishes an answer to his own ques-
tion. It often happens that the sovereign loses in
weight by the friction of constant use, and a trades-
man takes care to protect himself when such a
sovereign is presented in payment. The change in
the value of the sovereign, which it is supposed the
Conference will ask, is twopence, and we are at a
loss to see how this change is to affect these millions
of labouring men. The revelations of trade unions
prove that the interest of these classes are pretty
well looked after, and although it is not usual for
labourers to deal in sovereigns, if any change occurs
it is more likely that it will be made a handle for further
extortion in their behalf than a source of loss to them.
The relations between debtor and creditor would in
no way be affected by such a change. The lion. JOAN
SHERMAN, in his letter on which we commented last
week, pointedly alluded to this subject, remember-
ing that the American currency would be affected
to a far greater degree than English currency.
Although he saw a difficulty in adjusting existing
contracts with the new dollar, he regarded them as
by no means insurmountable. We can easily adjust,
he adds, the reduction with the public creditors in
the payment or conversion of their securities, while
private creditors might be authorised to recover on
theold standard. Salaries and wages are simple mat-
ters of arrangement, fluctuating in the market as
the demand rises or falls. The pound sterling is
the mere unit by which the individual estimates his
services, and although some small derangement
might occur on the first introduction of the change,
matters would soon, in this respect, regulate them-
selves. This would be still easier in the contracts
to which "X " alludes, when he states that all the
coins of England and France put
together do not
English amount to 300,000,000 of
money,
y ms•the er rl
sterling
the obligations expressed in the pound
which arc held all the world over, and would 131 deranged or invaded, or subverted, by thepro change', in ust amount to many thousands of inilriosnes( These contracts are matters of arithmetic involving
an exchange of coin only to a limited extent, and
are by no means so formidable when the payment
of differences is arranged as the magnitude of the
figures would lead people to suppose. A vast por-
tion of the exchanges, bargains, and contracts to
which " X" alludes are with the nations now con-
ferring on the best means of assimilating their cur-
rency, and one of the main benefits to be derived
from the proposed change is that it will simplify
these transactions. America is the country with
which Great Britain will transact most business.
The system of exchange is a barbarous absurdity.
Yet " X" would perpetuate this state of things In.

We are informed through the Cable (New York,
Evening, June 27) that the President had been
cordially received in Bcston, and, as en route is
adied, he must have been well received both at
Philadelphia and New York, the arrangements
being that he passed through these cities. lie is
sail to have made a few brief conciliatory speeches.

The City of New York and the Nebraska reached
New York on the 21st inst., and the Canadian mail
steamer Austrian was at Quebec on the 18th inst.
The City of Boston and the North German Lloyd
steamship New York arrived at New York on Sun-
day, the 23rd inst. On the 24th inst. the steamer
Hanzmonia from Southampton, the Caledonia from
Glasgow, and the Fulton from Falmouth, arrived at
New York. By an error in our last issue the
Fulton was substituted for the Arago, as having
arrived at Falmouth at daylight on the 21st June.
On the 25th the St. David, Nestorian, and Den-
mark reached New York, and the Russia and the
William Penn on the 25th instant.

Last Saturday the Virginia arrived at Queens-
town with $300,000, and the Borussia at South-
ampton with 91 passengers and $192,000. On
Sunday the flecla reached Queenstown with 121
passengers ; on Monday the City of Paris ar-
rived at Queenstown with 153 passengers and
$913,387 ; and on the same day the extra steamer of
the same line Edinburgh. The Deutschland on the
same day reached Southampton with 203 passengers
and $141,285, having left New York on the 13th
instant. On Tuesday, at midnight, the Allemania
reached Southampton, having left New York on
the 15th instant with 203 passengers and $181,500.
The St. Laurent reached Brest on Wednesday,
having also left New York on the 15th instant,
with 240 passengers and 1,100,000 francs in specie.
The Minnesota, which had also left New York 15th
June, arrived at Queenstown on Wednesday morn-
ing, with 60 cabin and 50 steerage passengers. The
Helvetia arrived at Queenstown on Thursday, and
the Cuba reached the same port at 10 p.m. on that
day, having left New York on the 18th instant,
with 173 cabin passengers and $175,317. The Baltic
passed the Needles at 4.35 a.m. yesterday.
The news from Mexico is to the effect that
General Santa Anna has been captured by the
Liberals at Sisal. Campeche was taken on the Ist
June by the Republicans. Maximilian's plea, de-
nying the jurisdiction of the Court to try him,
appears to have stopped the proceedings, and if the
despatch from Paris of last Sunday evening be true,
the American Legation in Vienna had been in-
formed by Mr. Seward that Maximilian, having
been sentenced to exile, had left for Europe, and
will land in England. That he had been pardoned
and banished received some confirmation from a
message from New York, dated six p.m., June 26,
and repeated on the 27th. General Steedman had
been offered but declined a mission to Mexico.
The only further intelligence by the Cuba is that the
Louisiana Republican Convention had adjourned,
after passing resolutions favouring political equality
irrespective of colour, and the disfranchisement of
rebels.

Jefferson Davis took occasion, on being seren-
aded during his recent visit to Niagara, to make the
following speech :—" Gentlemen, I thank you sin-
cerely for the honour you have this evening shown
to me ; it shows that true British manhood to which
misfortune is always attractive. May peace and
prosperity be for ever the blessing of Canada, for
she has been the asylum for many of my friends, as
she is now an asylum to myself. I hope that
Canada may for ever remain a part of the British
Empire, and may God bless you all, and the British
flag never cease to wave over you."
The opinion of the United States Attorney-
General Stanberry has at last been published, and
President Johnson has ordered the enforcement of
the Reconstruction Act, as interpreted by him.
Mr. Stanberry states that the Southern Military
District Commanders have no right, under the Re-
construction Act, to remove civil officers, executive
or judicial, or appoint their successors. lie says—
" Commanders have no right to establish military
courts to try civil cases. This is contrary to the
Civil Rights Bill, which is still in force. Civil
officers can only be temporarily suspended iu a case
of riot. The military power in the South should
act as a police force to preserve order and enforce
existing laws when neglected by local officials ; but
commanders have no right to declare a new code of
laws, as this assumption of such powers would
place them on an equality with Congress." Attor-
ney-General Stanberry then proceeds to repeat his
former opinion as to the extent of disfranchisement,
declaring that substantially the Reconstruction Act
only disfranchises those rebels who held national
or State, or military, executive, or judicial office,
having taken the oath to support the Constitution of
the United States.

There appears to be the greatest difficulty in
empannelling a jury for the trial of Surratt. All
who have expressed an opinion as to the guilt or
innocence of Mrs. Surratt, who was executed as a
conspirator, are considered ineligible to sit as jurors.
This plea has been allowed by the Government
counsel, and all have availed themselves of it who
wish to escape a disagreeable duty. Surratt was
arraigned in the Washington Criminal Court on
the 10th June, and though a week had passed three
jurors only had been obtained. Out of the 26
talesmen summoned when the first panel of jurors
was thrown out, the three who stood the final test
were sworn in, William B. Todd, Robert Ball, and
J. Russell Barr. Calculating on so small a per-
centage, Marshal Gooding was ordered to bring
into Court on Saturday, the 15th, a hundred more
talesmea, from whom it appears the panel was
fille and the jury sworn in. One witness deposed
that he saw Surratt conversing with Booth at
Ford's Theatre, at Washington, previous to the
assassination of President Lincoln. ,Surratt suc-
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one, and the counsel for the prisoner appear confi-
dent that there is no evidence on which conviction
could be obtained.

The Greek Minister, A. R. Raugabe, was pre-
sented to Secretary .`;:eward on the 13th instant. M.