The Sun.
London, England, 1867-02-12 00:00:00

THE SUN, LONLON, TUESOAY EVENING, FEBRUARY 12, 1867.

desirable and must not be on any account permitted, and
for two reasons : the first is, that it is difficult and not
desirable, but certainly difficult, to rigidly and severelyde-
fine the boundaries between the boroughs and counties.
Sir, this is an erroneous impression. It is not difficult to
define the boundary between the borough and the county
population : it is impossible ; no one ever contemplated it.
They must to a certain degree blend, and it is desirable
that they should blend. But acts of great injustice
like the case I have mentioned, and twenty others I
could mention, should not pass without a remedy,
and the remedy is perfectly consistent with a natural
blending between the populations of the counties and
boroughs. But the great objection that is urged is this—
and I put it, I hope, fairly, in its naked form—it is said
the scheme of revising and readjusting the boundaries of
the parliamentary boroughs of England is a plan which,
if adopted with other schemes of an analogous, but not
so important a uature, such as giving representation
to other boroughs, would give the 162 county members en-
tirely into the hands of the landlords and their tenants.
You accept that proposition ? (Laughter.) lam sorry for
you that you do, for it is so fatally erroneous. (Renewed
laughter.) This, sir, is a case of the utmost consequence.
I do not believe that any part of a future reform bill can
really be so important, and it is the interest of both sides
of the house clearly to understand it. I have reminded you
of the eleven millions and a half of population. If our pro-
positions are admitted, there will be, no doubt, a consider-
able diminution of that amount of population. I do not
wish to conceal the fact. We should propose to enfran-
chise boroughs which may diminish by hundreds of thou-
sands that amount of population. There will still remain
in England a vast number of towns that by no scheme —no
wise scheme—of parliamentary representation can be or
ought to be represented. There will still remain in Eng-
land, as appears by the evidence on your table, but which
the hon. gentleman who interposed a remark unfortunately
has never heard—(a laugh)—there still remains in England
what in the technical language of statistics is called a scat-
tered village population, a population that does not live in
towns—even in small towns of 1,500 inhabitants—and
which is equal in amount to that of all the represented
boroughs in England. (Hear, hear.) But you say here are
to be found only landlords, farmers, and farm labourers,
and you ask, " Who cares for them ?" Sir, the landlords,
farmers, and farm labourers, and all connected with the
land, are referred to in your statistics, and still form, alone,
in property and numbers, a most important class in Eng-
land. There numbers amount to 2,000,000. Take away
all the landlords, farmers, and farm labourers, and what
are your duties to the 7,000,000 of the population who re-
main ? What are these seven millions ? They are the
backbone of the country. (Hear, hear.) I say that for inde-
pendence, for industry, and for the comparative simplicity
of their lives, whatever may be their creed—whether they
be Churchmen or Dissenters—for their sincerity and the
deep religion of their lives, I say that no portion of the
population of England are more esteemed, or more to
be respected. (Hear, hear.) Why, sir, on this subject
of the population of counties there exists in this enlightened
metropolis a degree of want of information which is per-
fectly astonishing. Ido not like to refer to an opinion
that has been circulated by one who was always my poli-
tical opponent in this house, but whom I always respected,
and more than respected ; who was a great honour to this
house ; who lived long in it, and whose memorable achieve-
ments can never be forgotten. I was astonished to find
him state that the farmers of England had been enfran-
chised 30 or 40 years ago. (Conservative cheers.) I think
I have indicated to-night in the beginning of my remarks
that the real cause of dissatisfaction at the present day was
the Reform Act of 1832. That measure did not enfran-
chise the farmers of England. It disfranchised the work-
ing men of England. (Hear.) Ido not think there can be
any doubt as to who is responsible for that measure. (Hear,
hear.) But, sir, on the subject of our county representa-
tion I was adverting to the extraordinary want of informa-
tion that exists. Look at these seven millions of your
population. Who are those seven millions ? They are re-
presented by all the ancient freeholders of England. I
say, even of the latest great event, of that event which
when I entered this house, was never mentioned except
with enthusiasm, but is now mentioned with contumely, I
say it was the counties of England that carried the Reform
Act of 1832. If you look to the growth of the county con-
stituencies, and take away the occupying tenants—if you
take away the 100,000 occupying tenants, and all those
freeholders who vote for counties in respect of freeholds
existing in boroughs—take away all these, and you take
away two-fifths of the electoral body, and leave more than
300,000 freeholders who exist among these seven millions,
who aro utterly unknown, and are a minority in this house.
If I have asked for justice for these men, I have been told
by persons holding the highest position in this house that
1 am seeking to eliminate all the independence and en-
lightenment from the House of Commons. (Hear, hear.)
I say that these are circumstances which require the
grave attention of Parliament. I have never attempted
any violent disruption of our electoral scheme o:
parliamentary seats that could give an adequate represen-
tation 2
y
t
t,Lyroc irnofogipopulation
nuoetiittsn: trtagtwo:
members
populationhent
sicounty these
ohnouennti
drhlt
noel persons.runnooos(ltta,yo:si:t
bt
bilvyrtcehui
rensbostsli
mytoi
irkhnoeyanu.
inoognmuwh borough
shoulden,
otajntevobrehodteedeslopanet.
rthb:serte,
principles
ntputeecchuctert
it4liceprteedt
ooyehtlndvfeuhdtacf
ssoei
course
trhsteytolohden.soof
n.ei
Government
pesajrolntruoteduo(jhosn,
arpitp3ioetiybrisopn_uchiaseojpnatane3o,
hsratvdc6yyi.
ra:ee.
also prepared a resolution which will propose a course do-'
ing justice, we hope, with respect to this long-vexed ques-
ttiioonn.l will
10l Andnbet :hot seff i
offered
principles.
ei sd foundeda t
hoifs
to
rhnuo
house
hs.
ee
hope, on calm consideration, it will be found to be esta-
blishedand that we shall at least reconcile a great portion of the
people to our new arrangements, feeling that they now en-
joy those privileges which the constitution has given
them. I hope, at least, the house will do justice to the
great body of freeholders of England, who have been
utterly forgotten in those discussions. I saw a proof of
this the other day. I was amused to find that a rampant
lecturer has been going about the country maligning men
and things. (A laugh.) He attacked the House of Commons
xa pu ge naturallyrhi)e
under the very thin veil of a dissertation on the reign of
eeoxfpexpect
lifect asked, t where
ohfienrcel
Charles 1., and alluding to two illustrious men who then
e
existed, and going out of his way to attack men, and he
are the 4,000 freeholders of Buckinghamshire? Why, sir,
could obtain no better e
pthteeeirr.
he subject—(a
u,Pehewat
so—un(load
el
ytthhooeuymnga—remtheaexny:tlttvrlhleoin the county of Buckingham. (Cheers
and laughter.) I could forgive such an opinion from a wild
beyond
his college, but I cannot pardon grave and eminent states-
men who always treat the population of counties as con-
sisting of tenant farmers. That is an error which, proceed.
ing from such quarters, cannot be passed over so easily.
There is no subject on which so much exaggeration exists
as the subject of occupying tenants of counties. They never
at any time exceeded one-fifth of the constituencies, and
that has to be divided between the two great parties in the
State. How is it possible they could exercise the influence
ascribed to them ? In my own county, which, according
to the lecturer, contains nothing but tenant farmers, from a
constituency of 6,000 there are 1,200 registered occupying
tenants. But you will not do justice to the county popu
lation if the extraordinary view is to prevail that nobody
lives in counties but landlords, farmers, and labourers.
(Hear.) I have thus placed before the house, not only the
course which her Majesty's Government proposes to take
on this question, which has been so long discussed—not
only the course which her Majesty's Government propose,
and which they earnestly hope this house will adopt—but
I have also endeavOured to convoy to them as far as I could
without reserve—(a laugh)—l say without reserve, because
I could easily have signified some other policy and evaded
the discussion of this matter ; but I thought it best without
reserve to express to the house the general principles on
which we propose to act. (Hear, hear.) Do not let the house
suppose we are attempting to cast upon them the burden
of this great question, or that we are angling for a policy.
We have certain distinct principles to guide us, which we
wish the house to sanction. But there aro certain other
subjects besides those I have indicated which, if not equal,
are still of great importance to the happy settlement of this
most difficult question, and on which it is desirable that
the opinion of this house should be given. On those sub-
jects we shall defer to the opinion of the house. Ii wo go
into committee for the discussion of resolutions applicable
to those principles we shall consult the sense of the cone-
, mittee, and we shall be prepared to bow to their decision.
And though we are not prepared to shrink from the great
leading principles which we shall submit to the house, and
which we hope this house will sanction, we believe that even
on questions of paramount importance, if the house will
deign to co-operate with us, suggestions of great value may
be made which will add to the fulness and completeness of
the measure. I may say, on behalf of my colleagues, that
these suggestions will be considered with candour, and
if generally approved by the house they will be accepted
even with gratitude. We shall enter into committee anxious
to avail ourselves of all that the learning, the genius, and
the experience of this house can suggest for the solution of
this question. To all such suggestions we will give our
earnest. and candid attention. The course that -we adopt is
one not very flattering to ourselves. (Hear, hoar.) But
it is more flattering to every man's ambition to assist, how-
ever humbly, in effecting what he thinks to bo for the pub-
lic good, than to bring forward a mock measure which he
knows the spirit of party will be sure to reject. (Hear.)
The hon. member for Birmingham marks this with an
ironical cheer, but there are others beside him who wish
the question settled, and who wish to have it settled in
accordance with the genius of the English constitution. It
would have been much more agreeable to us to bring for-
ward a complete measure, backed by a confiding majority,
and to enjoy the fame of having settled satisfactorily the
question which has so long occupied the attention of a
from
nation. None of my colleagues pretend to be free

" This last infirmity of noble minds."

But this is not a time to defer to the self-complacency of a
Ministry or to the pride of party. I earnestly hope that
the House of Commons will rise to this occasion. I earnestly
hope that the House of Commons will, in unison with the
gracious Speech which her Majesty has delivered to Par-
liament, divest themselves of all party feeling, and will
give the Ministers ou this—we do not ask it on any other

occasion—their hearty co-operation and their cordial help.
Some sharp things have been said, not referring merely to
its present character, but to its past conduct in matters
which I thought had been accepted, and sanctioned, and
embalmed by history. I do not doubt that as a human in-
stitution it is not free from the imperfections of humanity
It is possible there may have been periods when integrity
of the House of Commons could be successfully impugned.
I know well—we all know—that there have been times of
violence when its conduct was unjust, violent, and even
tyrannical. If you search its records, unquestionably you
will find it arrived at conclusions on many subjects which
are at variance with the doctrines, with the sentiments, or
even with the happiness of our more enlightened age. But
there can be no granter error than to judge of the morality
of one ago by the manners of a subsequent age. Tiers
can be no greater error than to decide on measures adopted
in perilous times with the philosophic calmness of assured
security. There can be no greater error than to gauge the
intellect of the past by the deficiencies of the present,
though that past has bequeathed to us our glorious and
magnificent patrimony. (Cheers.) Those who take a
larger and nobler view of human affairs will, I think, re-
cognise that alone among the countries of Europe England
has now for almost countless generations by its Parliament
exhibited the fait exemplar of a free government. She has
maintained, by her House of Commons, and she has
cherished that free spirit which is the soul of common-
wealths, without which empire has no glory, and the wealth
of nations is but the lees of corruption and decay. (Loud
cheers.) Sir, 1 move that on the 25th of February this
house n ill resolve itself into a committee of the whole house,
to take into consideration the 2d and 3d William IV.,
chapter 25. (The right hon. gentleman resumed his seat
amid general cheering, having been exactly two hours and
a quarter addressing the house.)
Mr. GLADSTONE rose amidst Opposition cheers. He
said —Without for a moment wishing to derogate from the
ability of the speech which the right hon. gentleman has now
delivered, I may venture an observation in which I am sure
many in this house will concur—an observation not neces-
sarily one implying censure—that the house has now been
placed in a peculiar position. We are approaching the dis-
cussion of a subject of unparalleled difficulty—one that
has been embittered in other times by proceedings
which, whether justified by the spirit of party and the
ordinary usages of Parliament or not, has in a certain
and even in a high degree obstructed public progress. We
approach this subject, on the invitation of the right hon.
gentleman, in a manner that is altogether novel. I am not
about to discuss at any length the propositions of the hon.
gentleman, which we shall best consider when we hold
them in their express terms in our hands. Still loss am I
about to submit to the house a single remark which may
diminish the expectation or the hopes any of us may enter-
tain that the proposition which the right hon. gentleman is
about to make may happily settle the question. Still there
were certain remarks made in the speech of the right hon.
gentleman which I am not able to pass over altogether in
silence. The right hon. gentleman, in the early portion of
his speech, placed on certain terms not commonly found in
a speech from the Throne an explanation as to the temper
in which the house should deal with the question of reform.
The signification which the right hon. gentleman—no doubt
a great authority in the definition of such words—put on
those words was that the subject of Parliamentary Reform
was no longer to be a question on which the fate of a
Ministry is to depend. ,(Hear, hear.) Now, no more grave
or difficult question can arise for the consideration of the
responsible Ministers of the Crown than to determine what
are and what are not the occasions on which the failure or
rejection of their propositions constitutes a sufficient cause
for resignation of office ; and if that general proposition be
sustained, as I think it is, both by opinion and experience,
there follows from it immediately this consequence, that
the Executive Government ought on every occasion to re-
tain in its own hands an unimpaired and unfettered power
of considering the most difficult questions in reference to
its own dignity, and the interests of the country, according
to the circumstances that may arise. These circumstances,
sir, it is impossible to define ; and I entertain a doubt
whether the right hon. gentleman has oven conduced to
the more easy settlement of this question by announcing
something like an abstract resolution resting on the pro-
position that the result will not involve the fate of the
Ministry. (Cheers.) The principle announced by the right
hon. gentleman is of so much importance, and is open, in
my mind, to so much doubt, that I could not allow it to
pass without a remark against it. (Cheers.) The right
hon. gentleman then proceeded to give us a lengthened his-
torical disquisition on the transactions of previous sessions
with regard to measures of Parliamentary Reform. I wish,
sir, to give the right hon. gentleman the opportunity of
correcting on a future occasion any misrepresentation I
may make of what he said, as I was unable sufficiently to
apprehend what he said. I did not clearly gather from his
speech what precise result he intended to draw from that
recital. It appeared to be to show that there was a special
responsibility in this house as distinct from the Govern-
ment with reference to this subject of Parliamentary Re-
form. If that bo so, I have no difficulty in subscribing to
the doctrine of the right hon. gentleman, for although the
opinion, when I expressed it, was objected to, I did enter-
tain the opinion that the house itself—from the action of
various causes and of independent members --had incurred
a special responsibility with regard to the question of Re-
form. (Hear, hoar.) But I understood the right hon.
gentleman to go further, and to leave it to be implied that
there beingan increase of responsibility on the house, there
',Was a diminished responsibility on the part of the Govern-
ment, and that it was obligatory almost on the house to
approach the settlement of this difficult question under the
guidance at least and leadership of the Government, but with
a responsibility of a different kind from that which usually
attached to the advisers of the Crown. I confess I am
doubtful whether such a proposal will add to the weight and
authority of the Government, and whether it will not, by
lessening the responsibility of the Executive for the propo-
sals which they make, also diminish ono of the great pro-
pelling forces by which measures are carried in this house.
The right hon. gentleman haaannounced what I had heard
from various quarters, that he intends proceeding by reso-
lution. I shall not enter into any full discussion as to that
method of proceeding. I frankly own that my preposses-
sions are against it. It might be justifiable and necessary in
certain cases where it is necessary to obtain a simultaneous
concurrence of both houses, but I do not think this is such
a case. I will not ask what the precise nature of the resolu-
tions are, but I am satisfied that the plan of taking the
,opinion of the house twice over on the same subject has a
tendency to produce delay. (Hear.) A second point of
more importance is the vagueness which is almost inherent
in the nature of resolutions, the opinion being that such re-
solutions may be passed with greater facility than the same
propositions embodied in a bill. (Hear, hear.) The right
hon. gentleman has shadowed forth the principal points to
be included in the resolutions he intends to propose. I
wish to state with the utmost clearness whatin any opinion
ought to bo the course of independent members on this
question. I do not ask, under the circumstances, how far
the Government, in making their proposals, have the
general confidence of the house. Notwithstanding their
mode of procedure 1 will not stand in the way—and I ought
not to stand in
,the way—of a settlement of the question,
if that can be obtained by the adoption with alteration of
their proposals. (Hear, hear.) I will cast whatever doubt
or scruple I have as to proceeding by resolution behind
me, if I find it possible to make an onward movement.
(Hear, hear.) What we are bound to do is to avoid every-
thing that tends to adjourn this question, whether it be
impracticable propositions or measures that must require
a long time to carry into operation. The right hon. gen-
tleman has referred to the reconstruction of the law of
rating, and if I interpret rightly the terms of the notice
on the votes an important change in that law must be
contemplated. Such a change cannot be made in a mo-
ment, and when it becomes law it cannot come into opera-
tion immediately. Is the settlement of reform to depend
on the previous attainment of what the right hon. gentle-
man calls a perfect system of rating ? (Hear, hear.) I
understand him to say that he cannot fix the amount of the
reduction of the franchise in the first resolution, as that
must depend on points to be disposed of by subsequent
resolutions. But does not the right hon. gentleman see
that many members mayrefuso to commit themselves to an
abstract principle of reduction, and justly, until they know
what thatreduction is to be ? (Hear, hear.) If the amount
of reduction is to depend on the subsequent resolution as
to rating, I hope I may dismiss my apprehensions that the
re-adjustment of the system of rating is to precede
the settlement of the question of reform. (Hear, hear.)
At any rate I beg of the right hon. gentleman, if he should
think it worth his while to consider what I say, to recol-
lect that the very same motives which would lead me, for ,
one, with the utmost earnestness to co-operate with him
in building on his foundation, if I thought it pos-
sible it would load to a speedy settlement of this ques-
tion, would likewise lead me, I frankly own, to offer a de-
termined opposition to any proposition, or any method of
proceeding, which would appear to me to be likely to east
it into the far future. (Opposition cheers.) We cannot
afford iu this country to go on much longer as we are now
acting. It is time that this discord of class and class, or
this tendency to discord, this appeal to separate interests
to which I must say the speech of the right hon. gentle-
man—whatever may be the merits of the paragraph from
the Speech from the Throne—is not altogether free, it is
time, I say, that that lino of proceeding should cease.
Until this question is altogether removed from the arena
of controversy we cannot expect to see the people of Eng-
land in the position in which we desire to see them—
namely, a happy or united people. (Hoar, hear.) The
right hon. gentleman has told us to-day the course in
which he proposes to proceed with his resolutions. I
think it better we should give an opinion on the important
question whether the resolutions of the right hon. gentle-
man do indeed constitute a plan. If they constitute a plan
to which we may assent; if we should agree in them, or
join issue with the right hon. gentleman if we do not agree
with them, so as to raise fairly and promptly the great
question which is in fact raised for our decision, no objec-
tion will be taken, as far as I know and as far as I hope to
the mode of proceeding proposed. But that is the ques-
tion, after all, to be determined by us, and according to
the mode in which we ahall treat it our conduct will be
judged. Our object being to make progress on this ques-
tion—a progress which the country is entitled to expect—
we shall gladly assist the right hon. gentleman if lie

concur with us in this view of the matter, in giving
effect to his idea so far as we are able consistently
to do so. But ho will not I am sure expect
us to be parties to a course of pro ending which would
amount in effect to an absolute betrayal of public
duty—that is to say, to be parties to the adoption, not of
measures, but of a declaration preliminary to the conside-
ration of measures—a course tending to produce doubt and
uncertainty in the public mind, to diminish the confidence
of the people in Parliament, and to adjourn a conclusion
which on every ground it is desirable that we should with-
out delay arrive at. (Hear.) The right hon. gentleman has
asked the question on what principle was it that the House
of Commons was to be reeonstituted ? With considerable
force the right lion. gentleman laid down the principles of
our constitution, and thi), spro:ulinz his wings for •ui ex
tended flight, be travelled both Eastward and Westward,
and gave us an account of the representative chambers of
various foreign countries. Now, I confess I am very doubt-
ful of the wisdom of this self-complacent reference to our
constitution, when contrasting it with other constitutions.
I do not think that our review of them under such circum-
stances is altogether accurate, and it is not expected that it
should carry on it the stamp of impartiality. (Hear, hear.)
Were this the proper time and place, indeed, I should be
inclined to challenge some of the particular statements on
this point made by the right bon. gentleman. But even if
they were perfectly accurate, I doubt whether much could
be gained by comparisons of this nature, especially when I
think that the right hon. gentleman is, to a certain extent,
engaging in a combat with a phantom. I entirely deny that
any party or government in this house has at any time pro-
posed to deal with the question of Parliamentary reform
otherwise than upon the principle of the British constitu-
tion. I assert that we have been ready at all times, and never
more so than last year—to contend that it is upon those
principles we take our stand. It is true there may be diffe-
rences of opinion amongst us as to various points of detail,
but, however widely we may differ upon questions of general
policy, I do not believe that any one member in this house
would be willing to depart from the principles of the British
constitution. (Hear, hoar.) I frankly own it appears to me
that in the expression of his opinions the right hon. gentle-
man himself has somewhat departed from the principles of
the British constitution ; but am I to rise in my place and
assume that I have the exclusive possession of the key of
those principles ? Or am I to charge the right hon. gen-
tleman or any other member of this house with the aban-
donment of all regard for them? (Hear, hear.) I ask the
right hon. gentleman to enlarge his toleration so far as to
believe that even those who have differed from him on
former occasions, and who may ultimately differ from him
in the latter development of this question—to believe that
whether they differ from him or not, they are animated
equally with himself by a regard for that glorious consti-
tution, the rich traditions and noble inheritance which it
has left us, and that whilst upholding their rights of free-
dom they claim for themselves and their opinions that
consideration which they gladly and freely accord to
others. (Cheers.)
The motion was then agreed to.

Leave was obtained by Mr. Hunt to introduce a bill to
provide for a common basis of value for the purposes of
Government and local taxation, and to promote unifor-
mity in the assessment of rateable property in England
and Wales.

Mr. CHILDERS and Mr. SCROPE expressed their approval
of the measure.

Some returns were ordered, and the house adjourned
at a few minutes past 8 o'clock.

Miscellaneous American News.

Another sad steamboat accident has occurred.
The Plato Valley, which left Memphis for Vicks-
burg on the 17th January, struck the wreck of a
sunken gunboat, and sank almost to the hurricane-
roof in about three minutes. It is estimated that
100 persons were drowned. Amongst them was
Judge M'Bride, of Missouri, and his family of 15
persons, bound for Texas. The,. steward and about
20 of the crew are supposed to be lost. Some 40
women were on board, few of whom were saved. A
tug took the survivors to Memphis.
The entire board of lowa State officers, including
the superintendent, commenced the new year by
signing the temperance pledge.
The importation of firecrackers is forbidden by
the new Tariff Bill. Mr. Fessenden inserted the-
clause because the great fire at Portland was caused
by crackers.

According to the news brought by the City of
New York, which is up to the 26th ult., the Judi-
ciary Committee of the House of Representatives
will not report upon the impeachment of President
Johnson until the close of the present Congressional
session. It is reported that John Surratt will be
summoned to give testimony in reference to Mr.
Johnson's alleged complicity in the assassination of
President Lincoln. The Indiana and Nevada
Legislatures have ratified the Constitutional Amend-
ment. The Maryland Legislature has abolished the
law permitting the sale of negroes into plavery for
crime. The Tennessee Legislature has amended the
franchise laws so as to admit negroes to vote. The
Supreme Court of Tennessee is considering the consti-
tutionality of this step. It is stated that the Canadian
Council has determined to pay all claims for
damages by the Fenian raids and to present the bill
to the United States. The 43d, 60th, and 25th
Regiments have been ordered home from Canada.
The Philadelphia correspondent of the Times
says that General Butler, always anxious for some-
thing to do, has devoted his attention of late to
Canadian affairs. Ile has written a letter to a
French gentleman at Montreal, which is published
in Le Pays of that city, in which he expresses his
opinion of the annexation or absorption of Canada
by the United States, regarding it as both neces-
sary and inevitable for the future welfare of the
latter country. Butler says that every American
statesman appreciates the question, and can only
come to one conclusion respecting the advantages
which its solution through annexation would confer
on the country.

The Hampshire county receipts for 1866 were
$39,843, an excess 0f:52,949 over the expenditures.
The profits of the dog fund were $949.
The Persia brought intelligence from New York
o the 23d ult. Resolutions had been introduced
into the House of Representatives, declaring that
Civil State Governments do not exist in the South,
and that the South is not entitled to a voice in rati-
fying constitutional amendments. The Indians in
the •Western plains were become very troublesome.
At Toronto two more Fenian prisoners had been
ordered to be hung. The advices received at New
York from Mexico report various successes by
Juarez, and assert that he holds such a position
that, in the event of a successful fight with the Im-
perialists, he would be able to occupy the capital.
COMMERCIAL INTELLIGENCE.

NEW Your., Jan. 26.
The Stock Market has been highly excited, and the
" bears" have been hi the ascendant, most securities ex-
periencing a heavy fall. A few failures have been the
result, but none of any great importance. The danger of
impeachment has been made the most of, and the growing
hostility between the Executive and Legislative is, inde-
pendent of rumours concocted by those interested, suffi-
ciently alarming. Most of the failures aro among the
brokers. Some speculative companies have experienced
a very severe fall, but none of real sound merit have mate-
rially declined. The Now York Central went from 108 to
99, and the Hudson's River from 130 to 118. The Pacific
Mail Ship Company is now at 157, although lately quoted
at 170.

The total receipts of the Hudson River Railroad for the
year ending with September, 1866, were $4,827,562—an
increase of $500,762, and the total transportation expenses
$3,050,426, a decrease of $126,186. The dividends paid
during the year amounted to $615,427, an increase of
$286,022. The receipts of the Harlem Railroad in the
same time were $2,783,699, an increase of $273,974 ; trans-
portation expenses $1,661,330, a decrease of $210,317.
Other yearly earnings wore as follows : Reading
$4,164,072; Michigan Central, $4,260,125, decrease
$244,421; Michigan Southern and Northern Indiana,
$4,643,422, decrease $183,300; Chicago and North-West-
ern, $9,088,994, increase $1,128,013; Chicago and Alton,
$3,677,795, decrease.sl62,296 ; Rock Island and Pacific,
$3,478,325, increase $164,811. The New Jersey Central
Railroad will pay its usual quarterly dividend of 21 por
cent., and the Cleveland, Columbus, and Cincinnati Rail-
road a quarterly ono of 4 per cent.
An investigation has been proceeding into some difficulties
between the Now York Central and the Hudson River and
the Harlem Railways, which has shown a curious state of
affairs. The Hudson River Railroad has been used by the
members of the New York Common Council, from the evi-
dence of Mr. Horace P. Clarke, as a free lino. That gen-
tleman states that ho has known as many as 1,500 Now
York officials tohave free passes. It appears that the pro-
perty has been subjected to heavy fines, as fees to the
Common Council. The action now taken will probably
have a beneficial result.

Money is at 7 per cent. for call loans, but lenders prefer
loaning for short periods. Gold has been weak and de-
clining. The import of specie during the past week has
exceeded the export, the California steamer bringing
$532,000, while Saturday's steamers for Europe took out
only $156,000, and Wednesday's only $76,120. The ex-
ports (exclusive of specie) from New York for the week and
year are $2,724,291 against $4,860,386, and 810,697,573
against $13,955,536. The corresponding figures for im-
ports are • 40,229,355 against $6,450,688, and 811,291,547

against $13,317,871. These figures testify to the dullness
of trade, everywhere so much complained of. Foreign
exchange is quiet at 109 g. Official statements show that
the total issue of 5-20 Bonds under the act of March 3,
1865, was on the Ist of January, 1867, $268,665,350, of
which amount there had been issued in conversions, viz. :
of compound interest notes, $53,778,750; of 5 per cent.
notes, $6`20,700; of 7-30 notes, $108,255,400 ; of certifi-
cates of indebtedness, $257,000 ; total, $162,911,850 ; leav-
ing to be accounted for as sales $103,753,500. The avails
of the Bonds have been used in the purchase of seven-
thirty notes to the amount of $41,212,250, and the balance
in retiring compound interest notes, certificates of indebted-
ness, and the temporary loan. The premium on the
111,212,250 of seven-thirty n&-es purchased unik,r Oro acts
of JULIO, 1&.;1, and March, 1865, was $1,724,399; interest
on the same, $763,286; total, $13,704,935. The sales of
five-twenty bonds amounted to $103,753,500; premium,
$5,946,315; total $103,699,815. The total issue of national
bank currencylast week was $47,720, making $298,652,680
now in circulation. The disbursements last week for the
war, navy, and inferior departments were, respectively,
$536,065, $586,852 and $962,280. The total receipts of
internal revenue last week were $2,226,789. These re-
ceipts are falling off so much on account of the small busi-
ness now doing in the country, that Congress will hesitate
before reducing the taxes, fearing that the Government will
not in that case get sufficient income.

The railroads have lost during the winter by the dulness
in business and the severity of the weather, which has led
to unlooked-for expenses, the July dividends therefore will
probably be injuriously affected. The following aro the
latest quotations :—Stocks closed exceedingly heavy, Ame-
rican gold 1341, United States Five-twenties (1862), 1071,
(1864) 1051, (1865 new) 1041, United States Ten-forties 991,
United States 7 3-10 loan 1041, New York Central Rail-
road 991, Erie 621. Hudson River 118, Reading 101, Michi-
gan Central 1021, Michigan Southern and Northern In-
diana 71, Cleveland and Pittsburg 821, Cleveland and Toledo
1181, Chicago and Rock Island 951, Illinois Central 1121,
Chicago and North-Western 36, Chicago and North-Wes-
tern preferred 70, Pittsburg, Fort Wayne, and Chicago 931,
Adams Express Company 65, American 68, United States
661, Merchants' Union 131, Wells, Fargo, and Co.'s 701,
Western Union Telegraph Company 45, Pacific Mail
Steamship Company 157, Atlantic Mail Steamship Com-
pany 1021, Canton Company 44, Quicksilver Mining Com-
pany 381, Mariposa Mining Company 101, Boston Water
Power Company 261.

(From Bowleg, Drevet, and Co.'s Circular.)

PARIS, Feb. 7.
The principal, and, we may say, the only important
event of the week has been the failure of the firm of L.
Pollet Aine, at Lille, heretofore considered one of the
richest and most firmly established in Franco, bringing
down with it several of the best houses of Lille and Rou-
baix. The Banque de France is involved in this disaster
for an amount estimated at four millions of francs. Never-
theless, such is the Bank's credit that the effect of this
heavy loss upon the value of its shares has been insignifi-
cant.

The market is somewhat more animated, prices upon
tho whole being rather higher. French Three per Cents.
are decidedly better, and close to-day at 69c. 50f. Ex-
change on London, 25 11 to 25 15. American
5.20's have fluctuated between 82} and 821. Since our
last issue there was at first an improved movement, but on
Monday a reaction took place on account of unfavourable
financial news from New York, and also as the result Of
persistent speculative sales, and transactions have become
less frequent; still, as may bo seen from the above figures,
the variation has been inconsiderable, proving that the
growing confidence of capitalists is not easily to be shaken:

We have in this circular called the especial attention of
our Continental friends to the opening on January of the
great steamship route between San Francisco and China.
It is one of the most important signs of the times, which
our European world has not yet fairly appreciated. As this
übject is of universal interest, we seek to give it the
lreatest possible publicity.

(From E. F. Satterthwaite and Co.'s Weekly Circular,
February 6.)
The advices from New York by the Persia are to the
22d ult., they report a continued steady demand for Go-
vernment securities of all descriptions at prices fully up to
previous quotations. Railroad shares had fluctuated almost
daily, the latest prices showing a slight decline on the
week. For both State stocks and railway mortgages
there has been more inquiry than for some time past.
Gold was steady, and money still in demand at 7 per cent.
on best securities.

The advancing premium on gold in New York has
operated against the price of United States 5.20 Bonds in
the London market, the decline on the week being about
to 4 per cent. Illinois Shares have been very steady, but
Erie Shares have fluctuated between 39 and 401, the price
hero being almost entirely ruled by the quotations re-
ceived by telegraph from New York; they close firm at
391 to 40.
In Atlantic and Great Western Consolidated Mortgage
Bonds a considerable business has been done from 30} to
311 ; they close 31 to 1.
There is some inquiry for Pennsylvania Second Mort-
gage Sterling Bonds, from 89 to 90; also for Illinois
Central Six per cent. Bonds, from 83 to 84. The Seven
per Cent. Currency Bonds of this company are in good
demand, from 72 to 73.

COUNTRY MARKETS.