The Sun.
London, England, 1867-12-25 00:00:00

THE SUN, LONDON. WEDNESDAY EVENiNG, DECEMBER 25, 1867

MISCELLANEOUS NEWS.

(Front the Anglo-American 2'imes.)

PARIS, Dec. 19.

I have sat down to-night to forward the weekly
notice of Paris news which the Franco does me the
honour to insert ; but I have been reflecting that
its next issue will be the only opportunity I shall
have previous to the arrival of Christmas of expres-
sing to the numerous kind friends who have hitherto
borne with my lucubrations my sincere wishes for a
merrie Christmas (I like the old spelling) and a
happy New Year. Under this plea, therefore, je
prend con9e of my ordinary duties, and venture to
luxuriate in a page of Christmas gossip. Every-
boJy keeps Christmas. The Emperor here keeps
it right gallantly, and it is even said that in com-
pany with the Empress he makes the tour of the
Boulevards to inspect the Christmas Fair, unsur-
passed, I will venture to say, in any nation i❑ the
world ; and the Prince Imperial has opened his
furnaces for the benefit of the poor of Paris. Mr.
Beckwith keeps Christmas, and thinks, doubtless,
of the turkeys, bear venison, and other innumerable
American delicacies which have been immortalised
by Cooper and Washington Irving. Lord Lyons
will keep Christmas, and doubtless will not
forget his plum pudding, though he may not
have it served up in the style, which tradition states
it was on one occasion served up in France to a
British Ambassador, viz., without being previously
tied in a cloth. The Ambassador had given all the
requisite directions for the making of the pudding,
but he had forgotten the cloth. Magazine writers will
shut themselves up to elaborate Christmas legends,
and Dickens, the Christmas writer par excellence,
will have an opportunity cf judging between Christ-
mas in the Old World and the New. Even our
respected Chef will smile, regardless of possibly un-
paid subscriptions and advertisements, as he wit-
nesses the cheerful alacrity with which his legion of
subordinates hasten to empacket the journal on its
Christmas passage to the four quarters of the globe
and escape to their respective firesides ; whilst his
unworthy Paris Correspoedent, with nevertheless
the greatest goodwill in the world, feels himself
utterly unable to du more than indulge in reveries
of scenes and friends far away, leaving the indi-
rect responsibility of his holiday upon the indulg-
ence of his readers. Good friends i❑ America,
whom the arrival of the journal will remind of the
brilliant scenes of the most brilliant expositions the
world ever saw. —Good friends in Old England, and
even in climes far more remote, for whom the same
kindly messenger will form a fresh link with the yet
unforgotteu past. Scenes of the past—scenes of
infancy, when the writer slept but little in his little
bed the night of the Christmas-eve, in his anxiety
to know it he had been sufficiently good to induce
old Father Christmas to pass in the night and
leave upon his pillow the supply of mince pies and

bonbons which he always distributes to good little

children on that occasion ; and the midnight music
of the Waits, with the childish trebles mingling in
the carol, were like the angel's whisper in the bal-
lad of the Irish poet.—Scenes of youth, the gay
dances of the Christmas party, and the privileged
escort o.! the fair partner of the evening, inclemency
of weather forming, if possible, an additional
gratification. Scenes of manhood, where the

subdued light of the dining-room shone pleasantly
upon the substantial delicacies of Christmas, and
sparkled with a thousand varied hues upon the well-
filled decanters, when the attractions of the dance
had yielded to those of the quiet rubber, and the
Waits had partially lost their charm. Scenes when
the festive board of Christmas was surrounded by
four generations, and the wanderers were recalled

from all parts to make the tale complete. Scenes
when a grey head or the golden ringlets of childhood
were missing from the number; scenes of mingled
grief and happiness, which make up the web of
human destiny, testifying to that elasticity of human
nature so mercifully accorded to the state of trials
and temptations ordained for all on earth. Who is
there on earth who has not experienced this in a
greater or lesser degree—who is there amongst
his numerous readers, who will not re-echo
the kindly wish of their Paris correspondent,
when he hopes that they all may spend their
Christmass as happily as possible, remember-
ing that the dullest day will pass, and that
the advent of the child's festival, inaugurated by
the Child Jesus, will be to them a season of hope,
happiness, and comfort. Mais revenous a nos mou-
tons, for I am beginning to exceed my space, and
the shears of the sub-editor clip as mercilessly as
those of Atropos. I had a vague idea at the com-
mencement of myletter of launching into some fanciful
Christmas legend for the amusement of my readers,
but the plain home-feeling has been too much for
me ; and, in consideration of my sincere and hearty
good wishes, they must excuse an effort which
would probably have resembled that of Icarus, and
resulted not only in my discomfiture, but, in Par-
liamentary language, in a vote of want of confi-
dence. Let me then occupy the remainder of the
space which may be graciously conceded me by
describing what Christmas looks like at Paris. In
other countries, England and America especially,
solids predominate ; in the case of the former aided
by the attractions of the pantomimes and the
Christmas parties; in that of the latter by those of the
many sleighing parties. But in Paris, whilst yield-
ing in no respect in excellence of catering, there
exists a greater degree of refinement—naturally to be
expected from so spirituelle a people. Long before the
arrival of " Noel," as Christmas is called in France,
the commerce of the bonbons and various descriptions
of etrennes (New-year's gifts) occupy fully the Paris
tradesman, to the exclusion of all other. The
golden fruit of Portugal arrives in shiploads, the
confitures of Aix, the dried fruits of Provence, the
prunes, the pistolles (a conserved apricot), the cho-
colate moulded into the most fanciful forms which
the human imagination can conceive. Even the
representations of the half-burnt Yule log fill up
every window. The skill of the illustrator and
printer is taxed to produce those beautiful little
pictures which, in every variety of shape, illustrate
the events connected with the season, and espe-
cially with the birth of the Saviour, whilst in other
instances they are modelled in a manner to repre-
sent nature. Along the line of the Grand Boule-
vards, for more than three miles in length, on either
side are erected a row of wooden baraques, or stalls,
in contemplating which one would fancy that the
Parisians who supply them had spent the entire
year in catering for every want of every class, for
the ouvrier may purchase for his child an etrenne
for a sou, while the scale advances to suit the
pocket even of a millionaire, especially if the shops
of the Boulevards be also taken into consideration,
where the .products of all the quarters of the globe
offer themselves as etrennes ; and the Christmas-
trees of Paris bear fruit within the reach of every
one. I intend, if possible, on the occasion of the
present Christmas to witness the midnight mass in
the celebrated cathedral of Notre Dame. 1: is true
that Notre Dame is some way off on an island on
the Seine, whose dark current washes its base, but
there is an old adage, Cantahit Vacuus, and also
Vice l'Empereur ; he keeps Paris in good order, and
is, in every respect, a father to his people. But
my space is fast lessening, especially as there will
also be so much Christmas news, &c., to get in from
all parts. Once more, then, dear friends and
readers, a merry Christmas and a happy New Year.
Dear friends in America, in England, in Australia,
aye, even in Africa, think, when you get the Christ-
mas number of the lranco, that as the clock strikes
twelve, on the night of the 24th of December, 1867,
I looked towards you— Valete Bien sincerement.

[AD YERTISEMENT.]—Dyspepsia (Indigestion), Constipation, De-
bility, Consumption, and all nervous, bilious, stomach, and liver
complaints in every stage, arc only aggravated and accelerates
by thugs of every description, but perfectly curable by Du
Barry's health-restoring Revalenta Arabica Food, as proved by
thousands of cases which had been considered hopeless, such
as—cough, asthma, also diarrhcca, hemorrhoids, liver com-
plaints, flatulency, nervousness, biliousness, fevers, sore throats
diphtheria, catarrhs, colds, influenza, noises in the head and
ears, rheumatism, gout, impurities, eruptions, hysteria, neuralgia,
irritability, sleeplessness, acidity, palpitation, heartburn, head-
ache, debility, dropsy, cramps, spasms, nausea and sickness,
even in pregnancy or at sea, sinking tits, bronchitis, scrofula,
tightness of the chest, pains at the pit of the stomach and
between the shoulders, &c. We quote a few :—The Pope's health
restored by Du Barry's Food. Cure No. 64,413.—"R0me, July
12, 1866.—The health of the Holy Father is excellent, especially
since, abandoning all other remedies, he has confined himself
entirely to Du Barry's Revalenta Arabica Food, of which he
consumes a plateful at every meal. It has produced a sur-
prisingly beneficial effect on his health, and his Holiness cannot
praise this excellent food too highly."—From the " Gazette du
midi, July 25 Cure No. 46,270 Mr James Roberts, Umbel
merchant, of Frimley, Surrey, of thirty years' diseased lungs,
spitting of blood, liver derangement, and partial deafness.
Cure No. 1,771. Lord Stuart de Decies, Lord Lieut. of
Waterford, of many years' dyspepsia.—No. 49,832. "Fifty
years' indescribable agony from dyspepsia, nervousness,
asthma, cough, constipation, flatulency. spasms, sickness and
vomiting.—MariaJoly." Important Caution.—Beware of the many
unsavoury and more than sloppy imitations to which, without
authority, Baron Liebig's name is most audaciously attached.—
In tins at ls. lid.; 1 lb., 2s 9d. 2 lbs., 4s. Gcl:; 5 lbs., 11e.;
12 lbs., 225.; 24 lbs., 40s.—BARRY Do BARRY and Co., No. 77,
ategent-street, London; also Fortnam and Mason, 182 Piccadilly,
and at 61, Gracechurch-street; 4, Choapside; 63, 150. and 289,
Oxford-street; 330 Strand ; and all groom and Clawniots,

MR. SECRETARY M'CULLOCITS REPORT.

The following abstract from the Baltimore Weekly Com-
mercial will be found to contain the main features of the
very able report of the Secretary of tha Treasury :
REST:MPTION OF SPECIE PAYMENTS.

In his last report the Secretary remarked that, " After a
careful survey of .the whole field, he was of the opinion
that spocie payments might be resumed, and ought to be
resumed as early as the first day of July, 1868, while he in-
dulged the hope that such would be the character of future
legislation and such the condition of our productive indus-
try that this most desirable event might be brought about
at a still earlier day." These anticipations of the Secre-
tary may not bo fully realised. The grain crops of 1866
were barely sufficient for home consumption. The ex-
penses of the 'War Department, by reason of Indian hos-
tilities and the establishment of military governments in
the Southern States, have greatly exceeded the estimates.
The Government has been defrauded of a largo part of the
revenue upon distilled liquors, and the condition of the
South has been disturbed and unsatisfactory.
These facts, and the apprehension created in Europe,
and to some extent at home, by the utterances of some of
our public men upon the'subjects of finance and taxation,
that the public faith might not be maintained, may post-
pone tho time when specie payments shall be resumed.
But, notwithstanding these unexpected embarrassments

much preliminary work has been done, and there is not, in
the opinion of the Secretary, any insuperuble difficulty in
the way of an early and a permanent restoration of the
specie standard. It may not be safe to fix the exact time,
but, with favourable crops next year, and with no
legislation unfavourable to contraction at this session, it
ought not to be delayed beyond the Ist of January, or at
the farthest the Ist of July, 1869. Nothing will be gained,
however, by a forced resumption. When the country is
in a condition to maintain specie payments, they will be
restored as a necessary consequence. To such a condition
of-national prosperity as will insure a permanent restora-
tion of the specie standard, the following measures are, in
the opinion of the Secretary, important, if not indispens-
able :

First—The funding or payment of the balance of in-
terest bearing note, and a continued contraction of the
paper currency.

Second—The maintenance of the public faith in regard
to the funded debt.
Third—The restoration of the Southern States to their
per relations to the Federal Government.
If this opinion be correct, the question of permanent
specie payments, involving as it does the prosperity of the
country, underlies the great questions of currency, taxa-
tion, and reconstruction, which aro now engaging the
attention of the people, and cannot fail to receive the
earnest and deliberate attention of Congress. In view of
the paramonnt importance of this great question the Secre-
tary deems it to be his duty briefly to discuss the mea-

sures regarded by him to be necessary for an early and
wise disposition of it, oven at the risk of a repetition of
what he has said in previous communications to Congress.
The measures regarded by him as important, if not in-
dispensable for national prosperity, and, as cons,quence
for permanent resumption, are—
First—The funding or payment of the balance of into-
terest-bearing notes, and a continued contraction of the
paper currency.
By the Act of March 2, 1867, the Secretary was autho-
rised and directed to issue 3 per cent. loan certificates to
the amount of fifty millions of dollars, for the purpose of
redeeming and retiring compound interest notes; and such
certificates on the Ist instant had been issued to the
amount of $11,560,000, in redemption of the notes becom-
ing due in October and December. The notes still out-
standing will be either taken up with certificates or paid
at maturity. The seven and three-tenth notes, being pay-

able in lawful money or convertible at the option of the
holders into Five-Twenty Bonds, will be paid or converted
according to the ternis of the contract. Fortunately all the
interest-bearing notes are to be paid or converted within
eleven months, and they need not therefore be regarded as
a serious impediment to a return to the true standard of
value. As to the redemption of those notes, and the man-
ner in which they should be redeemed, there cannot of
course be much difference of opinion. It is in regard to
a contraction of the currency, and upon which of the two
kinds of currency—United States notes or the notes of the
National banks—contraction should be brought to bear,
that a difference of sentiment seems to exist.

lawful money because it was thought that this character
was necessary to secure their currency. By reference to
the first debates of Congress upon the subject., it will be
noticed that those who advocated their issue justi-
fied themselves on the ground of necessity. No one
who spoke in favour of the measure favoured it upon
principle, or hesitated to express his apprehensions that
evil consequences might result from it. But the Govern-
ment was in peril, the emergency was pressing ; necessity
seemed to sanction a departure from sound principles of
finance, if not horn the letter of the constitution,
and an inconvertible currency became the lawful
money of the country. While the action of Con-
gress, in authorising the issue of those notes, seemed
necessary at the time, and was undoubtedly approved by a
large majority of the people, there can now, in the light of
experience, bo no question that tho apprehensions of those
who advocated the measure as a necessity were well
founded. Upon the demoralising influence of an incon-
vertible Government currency it is not necessary to (n-
-large. They are forced upon our attention by every day's
observation, and we cannot be blind to them if we would.
The Government is virtually repudiating its own obliga-
tions by failing to ndeem its notes according to their
tenor. These notes are payable to bearer on demand
in dollars, and not ono of them is being so paid
It is not to be expected that a people will be more honest
than the Government under which they live, and while
the Government of the United States refuses to pay its'notes
according to their tenor, or at least as long as it fails to
make proper efforts to do so, it practically teaches to the
people the doctrine of repudiation.
The general financial legislation and the administration
of the finances during the war reflect the highest credit
upon Congress and the distinguished gentlemen thou at
the head of the Treasury Department. They have com-
manded the admiration of intelligent and impartial mon
at home and abroad. In speaking thus plainly of the
legal tender notes, the Secretary must not therefore bo
understood as indulging in the language of criticism. His
object is neither to criticise nor to condemn what has been
done, but to express his decided conviction of the danger
of a repetition or a perpetuation of what experience has
shown to have been, in a single but important matter, un-
fortunate legislation.

NEW YORK MARKETS.

(From the Correspondent of the Anglo-American Tinzes.)
1 regret to report that failures rapidly follow each other

—adding to the insecurity, and the general depression.
The wholesale grocery house of Bentley, Burton, and Co.,
14 and 16, Beaver-street, has stopped ; also the China
House, Westray, Gibbs, and Hardcastle, the liabilities of
the former being more than a quarter of a million dollars.
Among the eleven that suspended on Wednesday were
several of minor importance; David Talmage and Co.,
rice dealers, being of the number. Philadelphia still con-
tinues to suffer, John H. Williams and Co., dry-goods,
being added to its list. At Boston the failed houses are
not of importance, and consist chiefly of dry-goods. The
feeling of hope which till lately prevailed is dying out,
and people fear that they will have to pass through a panic
before they can realise the favourable change anticipated.
On call, money is sufficiently plentiful, at 7 per cent., but
discounts cannot be so readily obtained, and rule at 71 to
10 for the best names ; and it is only that class that finds
any market. There are heavy demands at the West for
the pork trade, and the result I anticipated on the canals
has come to pass, and an immense amount of produce of
all sorts is frozen up at various points. The President's
Message and Mr. M'Culloch's report were anticipated, and
have, therefore, produced little effect in Wall-street. The
point most discussed in the Secretary's Report is his pro-
position for the consolidation of the National Debt by the
issue of 6 per cent. Bonds open to the Government to
repay at 20 years, 1 per cent. being retained for the pay-
ment of taxes, which virtually reduces it to a 5 per cent.
Loan. It is believed that the temptation is not sufficient
to induce holders of the Bonds now issued to make
such a change. Tho more favourable anticipations
Mr. M'Culloch once entertained do not figure so
prominently in his present report. Up to July 30,
1869, his estimated surplus to be applied to the pay-
ment of the debt is but $32,800,000. Even this is re-
garded as doubtful in the presence of reduced taxes, some
articles being relieved entirely. The 7-30's are still being
converted, and the exchanges now amount to $66,500,000
since Oct. 15. The January coupon is cut off the bonds
now being delivered. It is felt here that finance is the
groat question of the day, and one of so serious a nature
that Congressmen will be compelled to give to it undivided
attention, and cease their reconstruction wrangles and ex-
periments. Gold has been declining, and closed yesterday
at 137 j, being a rise from what it was in the early part of
the week, when it touched 1361. The speculators who
purchased so largely in anticipation of the Congress im-
peaching Mr. Johnson have been on the wrong tack, as the
tendency is clearly downwards. The market is further
depressed iu anticipation of large payments due January 1.
1 The her vy shipments of treasure from San Francisco to
China and Japan affect our receipts and exports, and the
steamers to Europe carry little bullion from New York.
The railroads and miscellaneous markets remain
sluggish, although some of the lines, more especially
those of the west, have been maid' g good profits.
Consolidation is now the work most actively carried
out. The four rival Express Companies it is de-
finitely announced will amalgamate, though this is
dmnied. Yet it is admitted by all that a plan has been
agreed on for a tariff of rates which will pay the pro-
prietors at the public expense. Next week the election
will take place of a President and Board of Directors of the
New York Central, which will be controlled by Commo-
dore Vanderbilt, and his nominees will bo elected. The
Erie has declared a dividend to be paid on the Ist January
of 7 per cent. on its Preferred Stock, and it is expected that
all its shares will realise that amount under a more honest
management. The squabble between the Pacific Steam-
ship board and the shareholders has been made up. An
opposition has come into the field in the North American
Steamship Company. Their first vessel, the Nevada, has
arrived at Panama, and the Nebraska left New York on
the 25th ult., which will land passengers to proceed by
the Nevada to San Francisco. Tho company announce
that their line will soon be complete on the Pacific as well
as on the Atlantic side, when they will run every 20 days,
and their rates will always be lower than those of any
other line. The stock has been rising, reaching 121, not
much more than the lowest point lately touched by
the old established and powerful company. The Express
Companies may find an opposition in the railways. The
line from Boston to Nashua, New Hampshire, announce that
it will carry and deliver parcels from Jan. 1, and the example
will be followed if successful. The latest quotations are
as follows :—Adams 82} to 82i, American 804 to 81, United
States 824 to 83, Wells, Fargo, and Co. 541. to 55, Mer-
chants Union ($35 paid) 401 to 41. American silver is 5
to 6 cents below gold, and Mexican dollars 1021 to 103 in
gold. Petroleum stocks are active, but mining continue
dull. Foreign exchange is stronger, and more business
doing. Government Securities are weaker on the fall of
5.20's in the London market. They closed at about k
lower, at 1071 to 107 i. As you inform me you can get
fuller quotations from the Wall-Street Journal, I will
henceforth omit them.

(From the Wall-Street Journal, Friday evening, Dec. 6.)
Sixes, 1867, 141 1411 ; Sixes, 1868, coupon, 138 1381 ;
Sixes, 1881, coupon, 1121 1121; Five-Twenties, 1862,
coupon, 1071 1071; Five-Twenties, 1864, coupon, 1041
1041; Five-Twenties, 1865, coupon, 1051 1051; Five-
Twenties, 1865, coupon, new, 1071 1071; Five-'Pwonties,
1862, coupon, 1071 108 ; Ten-Forties, coupon, 1014 1011 ;
Seven-Thirties, 2d series, 1041 1011; Seven-Thirties, 3d
series, 1041 1041.
The following aro the railway and miscellaneous stocks :
—New York Central 1141, Erie 711, Hudson 1251, Read-
ing 954, Michigan Southern and N.I. 801, Illinois Central
1341, Cleveland and Pittsburgh 821, North-West 641,
North-West Preferred 661, Canton 441, Rock Island 951,
Cleveland and Toledo 1021, Fort Wayne 97f, Pacific Mail
122, Atlantic Mail 113, Quicksilver 161, W. U. Telegraph
321, Mariposa Preferred 13, Ohio and Mississippi Certifi-
cates 231, Boston Water Power 17.

The folloWing for the New York City Bank Stocks :
Merchants, 186 ; America, 138 ; City, 200 ; New York,
132 ; Manhattan, 135 ; Mechanics, 120 ; Union, 114 ;
Phenix, 104; Tradesmen's, 133; National, 103; Merchants
Exchange, 110 ; Seventh Ward, 110 ; State of New York,
105 ; Commerce, 116 ; Ocean, 103 ; American Exchange,
112 i ; Bank of the Republic, 111; Bank of North America,
109 ; Mercantile, 118 ; Mechanics' Association, 110 ;
130 ; Peoples, 135 ; Market, 110 ; Nassau, 103 ; Shoe and
Broadway,Leathe
r,ll2;Hanover, 109; Irving, 106; Metropolitan,
235;Corn Exchange, 122 ; Continental, 102 ;
St. Nicholas, 102 ; Commonwealth, 101; Importers and
Traders, 116; Central National, 1031 ; Fourth National
116 f ; Ninth National, 104 ; Park, 148 ; and Oriental
Bank, 135.

Subjoined is the tetal amount of gold certificates issued
and redeemed by the Sub-Treasury, together with tho
outstanding balance on tho 20th May and at subsequent in-
tervals :

Issued. Rednemed. Outstanding.
20s 5333900 5206,600 5127,300
100 s 5,321,000 3,758,400 1,562,600
500 s 1,161,500 541,000 625,500
I,ooos 26,065,000 21,859,000 4,206,000
5,000 s 159,675,000 140,130,000 19,515,000
10,000 s 5,000,000 5,000,000

-- -
May 18 5197,559,400 $171,495,000 $26,064,400
May 27
June 1 200,092,100 174,475,000 25,617,100
June 22
June 29
July 6
July 20
July 27
Aug. 3 213,104,220 185,466,000 28,638,220
Aug. 10
Aug 17
Sept. 7.... 216,174,580 191,284,000 24,940,580
Sept. 14
Oct. 30 225,519,920 198,816,000 26,703,920
Nov. 9 229,999,280 200,123,000 29,176,280
Nov. 23
Nov. 30