The Sun.
London, England, 1867-09-12 00:00:00

forfeited :shareholders pro rata, must be accepted in
writing by the Ist of October, must have a deposit
of £1 :per share paid on them at that date, and a
call of ..£3 on the 10th was then agreed to.
A second resolution, authorising the borrowing of
£466,600 on mortgages, bonds, or debentures, was
also carried, and the proceedings terminated with a
cordial vote of thanks to the chairman and directors.

BLACKWOOD AND THE HON. D. A.

IVELLS.

The Hon. David A. WELLS has taken the trouble
1 to show up in a letter to the Times the gross mis-
statements and errors of an article in the July num-
ber of BlackwoocP s Magazine, entitled "The American
Debt, and Financial Prospects of the Union."
English people will be glad to receive from a Com-
missioner of the Treasury Department of the United
States, information which may be regarded as
official, and which must be of deep interest both to
Great Britain and to many nations on the Continent.
Remarks in Blackwood on the United States are
scarcely worth answering. Old Ebony is the stereo-
typed Tory, who recognises in the great Republic
his most dangerous enemy. He never loses an op-
portunity of inflicting an injury, and he scruples
little over the means. 'Whatever the subject,
whether financial, political, commercial, or social, it
is handled to this end. Like a burglar attacking a
safe, it is examined in front, in rear, at the sides,
and chisels, crow-bars, gunpowder, applied where
the defence is weakest. Finance is the point most
assailable, as credit is so easily injured, and when
injured at once damages the object of enmity.
Political and social misrepresentations only gratify
spite, and keep alive a feeling of hatred. By de-
picting American immorality, corruption, political
delinquencies, and the demoralisation of society,
another object may, however, be gained. These
pictures point morals, as well as adorn tales. The
chief moral is—beware of Republicanism, behold
the result, and ponder before you follow so pernicious
an example. Although the stereotyped Tory can
by such means inflict but little injury on the United
States, he fosters and confirms the English dread
of Republicanism. When he wants to injure
America he attacks her financial stability. There
is nothing more easy than to throw discredit on the
truth of Treasury Statements. It is not by attack-
ing the figures that this is best accomplished ; but
by insinuating that these figures only represent a
portion of the truth. Blackwood is unfortu-
nate in having made something more than
itself
feto satafteewm ents.
figures,
whichTh A
The
mlra.gaWziEneus exposes so
completely that it might reasonably be expected we
would have no more articles in Old Ebony on
American finance. But those who expect such
to exposed,su eaway
as
by experience. Blac
a result are sanguine pke owpoloed, wh
willo chaen n tu
ibtee taught
of spurious figures.
to begin again in next numbletrmwaittthera f s
little manu-
facture
leh
t 0
00lci
h exposure
eetriimnge
otuhtatofhme
ihndas.
he has hammered
bHeee Ebonyk
ae cetcphusas that
o hammeringhmee is
ds
beyond the memory of the oldest inhabitant, having
by custom and prescription obtained the right which
Tories recognise as having the force of law. Mr.
WELLS points out an amusing blunder. Mr. A.
STEW ART for 1865-66 paid an income tax on
$4,000,000. For 1866-67 that tax was paid only
on $BOO,OOO. This circumstance Blackwood
misconstrued to mean that that merchant paid
duties to the amount of $1,000,000 on the manu-
factured fabrics of England and France he imported
during that year, the last of the war ; but in the
first year of peace he paid only $BOO,OOO, or one-
fifth of his former contribution. Mr. WELLS shows
that the house in question actually paid into the
United States Treasury, in coin, upwards of
$10,000,000, instead of $BOO,OOO, on account of
duties on its importations, the writer having con-
founded a statement, which went the rounds of the
papers, of the income tax on the profits of the New
York merchant, with his import dues, and used this
example to show how heavily the customs dues of
the United States were falling off. Mr. WELLS is
impressed with the contradiction between the
universal expression of the English public, as
signified to him, of their desire to maintain
the most friendly- and intimate relations between
the countries, with the constant misrepresenta-
tion of public writers in England, more
especially with regard to the financial position
of the United State-4. On this the Times
remarks that the leading American journals them-
selves furnish the most alarming intimations. This
statement may be true in fact, but it should be qua-
lified by the explanation that such articles have in
America a mere political significance, being directed
at a department of the Government, or perhaps
written, as they sometimes are, to affect the markets.
nit of
States'
The writers who habitually endeavour to discredit
the stabilityued
American
correspondentsfi nanc e are its
ofad ownlleading
other g
oLfo nidt
so n johtul
ardneallps i a
nF or
correspondent
ikne
tthhee letter
issue, of which a third is devoted to an account
edwe
dtht
oa t tnhfleus ee
nreeep ot rhtes
mwae
rrke
egtrsofsos
rf agboril d-
of the frauds in the Treasury department, although
,teirntkenn
c thea
ti ownrsi
and Government bonds. More than a column of the
Standard's correspondence of the same date is given
to a discussion of the intention of the
to adopt as a plank of their platform—the Repudia-
tion of the National Debt, yet this writer was
aware that the mass denounced as infamous
the scheme. It is no wonder that JOHN BULL
gets puzzled over American politics. " Why,"
he exclaims in wonder, " are not the Democrats the
Conservatives of the United States ? Here, the
Tories inaugurate and take the first t step
towards s ep
towards manhood suffrage. There the most able
leader of the Conservatives, as the writer calls Mr.
GEORGE H. PENDLETON, openly advocates a method
of paying the National Debt which the Republicans
(to use the correspondent's words), with some reason,
characterised by one word—Repudiation." Mr.
PENDLETON'S plan is this. Fund the whole debt,
and issue therefor 6 per cent. Bonds ; as fast as
these mature meet and pay them in greenbacks or
paper currency. To carry out this plan $2,000,000,000
must be added to the paper currency now in circu-
lation. What the country thinks of such schemes
is sufficiently shown in the steady rise of these
securities. Americans well know that they
of all nations could least allow their credit
to be damaged. They are aware that they
have more undeveloped resources than any
other country ; that they can invite and em-
ploy foreign capital to the greatest advantage ;
that with this development will be generated a
power that will enable them with ease to liquidate
the national indebtedness--in one word, that their

most paying policy is not only to be honest, but to
be scrupulously so, conceding even doubtful points

in favour of their creditors. ".The people of the
United States," the Standard correspondent adds,

" will ere long demand-1, that the Federal Bonds

be subjected to taxation like other property ; and

2, that the present rate of interest be reduced."

The object can be attained in the same way as
Great Britain secured it, by exciting general con-

fidence. IVhen the world believes that 5-20's are

equal in security to Consols the rate of interest will
be equalised. The question is simply one of belief
in the ability and honesty of the Governments to

discharge their obligations. Few doubt the ability
of the United States, but many doubt their honesty,

and this feeling is kept alive by these writers.
Those who are mast injured by these unscrupulous

attacks are the holders of the bands, one-fifth of
which belong to Europeans. Not only are the

bonds unduly depressed, but an uneasy feeling of
insecurity is excited, and the investor is thus made

to suffer both in pocket and person.
The ?lines exemplified in an article on Wednes-
day, after the above was written, the criticisms of
which Americans complain. Abandoning the un-
tenable position taken by the writer in Blackwood
it bases the depreciation of American Bonds on the
_ _

bad faith shown towards the creditors of the indi-

vidual States of which the Union is the aggregate,
and on Mr. HAINES' report, who, as one of three
chosen by the Secretary of the Treasury as most

conversant with the theory and practice of finance,

recommended that on the redemption of the

bond; the terms should be maintained in form,
though nullified in fact, Thus, while the Times

acknowledges the incompetency of the writer in
Blackwood to discuss American finance, it endea-
vours, by a side blow, materially to aid that writer
in his intention to damage American credit, knowing
well that no community had yet made so strenuous
and successful an exertion to discharge debts as
the United States. In discussing American finance
every unfavourable incident is recalled, while no
allusion is made to the unanimous and individual
efforts of the American people to uphold their
national honour and integrity. We freely grant
that such plans as that of Mr. PENDLETON is cal-
culated to impress, most unfavourably, foreign
nations. If ever a man made political capital at
the expense of the country that man is Mr.
PENDLETON. By the issue of greenbacks in
payment of Five-twenty Bonds be would not
only get rid of all interest, but also of the
principal of the debt. Although a greenback is a
promise to pay 244 grains of gold by the United
States for each dollar marked on its face, yet at this
moment it takes 140 of such promises to buy a hun-
dred of such quantities of gold. What number
would it require after Mr. PENDLETON'S plan had
come into operation ? The fact is that greenbacks
would simply be annihilated in value. This
is the Democratic proposal for doing away
with the national debt, and the result is that
the party which advocates the infamous scheme is
denounced over the Union as having reached the
lowest depth of political degredation. It should not
be forgotten that such schemes have for generations
fumed the political capital of charlatans, mounte-
banks, and financial quacks of all sorts in Great
Britain, and will to the end of the chapter. No
one, therefore, ought to be surprised that a like
condition of affairs in the United States generates
a similar class of politicians ; the real point being—
how such schemes are received by the people. Of
this there can be little doubt, and Mr. PENDLETON
and the Democratic party will be made painfully
aware of what Americans think of repudiation be.
fore the Ohio elections in October come off.—Anglo
American 7 imes.

EMIGRANTS WANTED IN VICTORIA.

-
(From the Melbourne Argus.)
We have been exporting large quantities of wheat
co England ; some of our squatters are making pre-
parations to boil down their sheep for tallow, in the
absence of a market for the meat; bread is selling at
from sd. to 6d. the 41b. loaf, beef and mutton from
3d. to 6d. per lb., potatotes at £3 per ton, and ex-
cellent wine of colonial growth at from 4s. to ss. per
gallon ; local production in all that concerns a sup-
ply of the necessaries of life is considerably in excess
of local consumption ; and the progress of the
colony is literally arrested by the want of immigra-
tion. These facts cannot be repeated too often, nor
impressed too strongly on the minds of our country-
men "at home." That there should be at one end
of the world a British community so thickly peopled
as that population is incessantly encroaching upon
the means of subsistence ; that a million of paupers
are maintained at the public cost; that deaths from
cold and hunger are numerous and frequent ; that
children of tender years are driven to labour in the
fields in gangs, and are brutalised or destroyed in
the process ; that,
in every walk of life, competition
is so intense that the applicant for employment is a
suppliant and not a negotiator ; and that simulta-
neously with this state of things in the mother
country there should be one of her dependencies
in the South Pacific as large as England and
Wales, as fertile as Sicily, and as healthy as Nice,
craving for the superfluous capital and labour of the
parent State, but craving in vain, does appear an
inexplicable anomaly. We count our population
by hundreds of thousands only, while the country is
capable of maintaining millions, with a wide field
for the enterprise of the restless and the adventurous
in the neighbouring colonies and in the innumerable
islands of the great Pacific.
What a mere handful of people has accomplished
in Victoria, chiefly since the year 1851, may be
accepted as an earnest of what may be effected by
still larger numbers, actuated by the same spirit
of industry and energy in the time to come. We
have built and conferred municipal institutions
upon upwards of sixty towns and cities, contain-
ing 70,000 habitable dwellings, more than 300,000
souls, and rateable property of the estimatttl value
of £20,000,000. Outside of their limits are the
rural shires and road districts to the number of
100, with 54,000 houses, 253,000 inhabitants,
and rateable property exceeding £16,000,000 in
value. For the spiritual wants of the people 1,700
churches and chapels have been erected ; and for the
education of the young upwards of 700 common
schools have been opened, upon the rolls of which
the names of 70,000 children are inscribed. Some of
the most important towns of the colony are brought
into direct communication with the seaboard by 271
miles of railway and 3,000 miles of telegraph wire,
and 525 post-offices furnish the colonist with every
requisite facility for the transmission of his corre-
spondence. Pastoral and agricultural pursuits pro-
vide employment for 55,000 men and women, mining
for 80,000 men, and 900 miles and manufactories
afford occupation to nearly 10,000 perscns exclusive
of several thousand who are engaged in various
handicrafts in Melbourne and other large towns.
The immigrant, therefore, finds the same social con-
ditions and the same diversified outlets for his
skill, capital, and industry to which he has been
accustomed in the mother country. lie loses few
of the benefits bestowed upon it by its venerable
civilisation, and he gains largely by the superior ma-
terial advantages which a colony offers to the man
who has the courage to seize them, and the steadi•

ness of purpose necessary to turn them to their bes

account. If he has a career to make, nowhere are
the obstacles to success so few in number, and so
easily surmountable, nowhere are the opportunities
for self-advancement so numerous and so inviting,
as in a new country, with a large area of unculti-
vated territory, and with resources of which all that
is known encourages the belief that those which
yet await development will exceed in variety and
value the most sanguine expectations of the enthu-
siast. To capitalists, to fundholders, and annui-
Pa°fssaemssiliyngof grown-up sons, to
rrsioorus artisans and labourers, with
either a moderate
st
nabn
amountet
sober
, a
nt to
d of
industrious
dr
moneymu
s farmers
a general aptitude for anything, and a pliant adapt-
ability t 3 the circumstances and requirements of a
new country, Australia offers inducements for settle-
ment and assurances of reward such as are presented,
we will venture to say, by no other possession of the
British Crown.

We have shown what has been done within half
the lifetime of a single generation ; and this will
be repeated on a grander scale, and with propor-
tionately enlarged results, during the next 8 or 10
years, if the mother country will annually send us
40,000 or 50,000 men to eat our superabundant sup-
plies of food, to assist in the cultivation of our
waste lands, to multiply the number of our
industrious, and to continue and extend the
work which has been so prosperously commenced.
Need we remind our fellow-countrymen in England
that it is not thesecolonies alone which are benefited
by emigration. The parent State reaps from it'ad-
vantages not less
substantial than those which it
confers upon the dependency which receives the
efflux of population. There the emigrant has been a
competitor in the labour market, has divided with
another man the loaf which was scarcely adequate
for the support of either, and has been occasionally
an unwilling burden on the community, or on his
brother operatives ; but here he becomes one of their
best customers, he assists to augment the supply of
the raw materials which form the staple of various
British manufactures, and his improved circum-
stances enable him to purchase commodities which
were beyond his reach at home. Thus every man,
woman, and child in Victoria annually consumes
manufactured articles the produce of the United
Kingdom, of the value of about £l2, while our im-
ports from other British possessions are equivalent
in value to £6 per head of our population. And
since there are branches of manufacturing industry
which can only be successfully prosecuted in coun-
tries possessing cheap capital, cheap labour, great
mineral wealth, and matchless means of intercom-
munication, like England, it follows that our sup-
plies of certain articles of general consumption will
continue to be drawn from thence for many years

to come, and that, therefore, the growth of our