The Sun.
London, England, 1867-01-22 00:00:00

Miscellaneous American News

THE EXCISE LAW—DECISION OF THE SUPREME
C OURT. —Albany, Dec. 31.—The Suprenie Court
has given its decision upon the constitutionality of
the Excise law, in the case of the Board of Excise
v. S. Jackson S. Schultz. Several other cases were on
the docket, involving the same points. The Court
unanimously affirms the judgment of the Court of
General Term. The Court held that the provisions
of that act were within the scope of legislative
authority, which extended to all subjects not pro-
hibited by the Constitution ; that there is no con-
stitutional restriction prohibiting the right of the
Legislature to regulate the traffic in intoxicating
liquors ; that such regulation does not interfere with
or restrain one of his liberty or property; that licenses
to sell liquors are mere temporary permits to do that
which, without such permit, would be an offence ;
that such license is not a contract between the State
and the licensee, giving to the latter any vested
right ; that such licenses are a part of the internal
police system of the State, such as are useful in the
exercise of police powers, and are always subject to
the control of the Legislature, which may make,
modify, or continue them at pleasure.

DEAD BODIES SHIPPED FROM PHILADE LPHIA.—
Bo STON, Dec. 31.—While the steamship Saxon,
from Philadelphia, was discharging her cargo to-
day, a box accidentally broke open which revealed
two dead bodies. Upon examination another similar
box was discovered. Both boxes were directed to
Brunswick, Maine, and it is supposed were designed
for dissection. They were sent to the dead-house.
The cost of maintaining the police of New York
this year has been $2,338,406-38.
Desertions from the British navy in American
waters average five per cent. daily.
The cost of the printing, lithographing, and bind-
ing ordered by the United States Congress for the
year ending September 30, 1866, was $1,018,000,
and for the Executive and Judiciary Departments,
$623,000.

HEAD CENTRE STEPHENS.—The New York Tri-
bune of Jan. 1 says :—" At a late hour last evening
information was received at the Tribune office that
James Stephens, the Fenian Head Centre, had
been boarding at No. 308, East Thirteenth-street,
ever since his mysterious appearance some weeks
ago, until within four days, under the name of Wil-
liam Scott. Two or three of Stephens's principal
adherents were conversing with the Head Centre on
Sunday, the 22d December, and, becoming alarmed
about the report in the Tribune, which stated that
Stephens was still in New York, he suddenly
decamped for parts unknown. This is most start-
ling information for the supporters and friends of
Mr. Stephens, and his presence in New York will,
no doubt, account for the fact that no insurrection
has broken out in Ireland under the auspices of the
Head Centre. It has been ascertained that
Stephens has been paying the modest sum of $45 a
week for his board and lodging. This news will,
no doubt, create a terrible revulsion against
Stephens. During the time of Stephens's conceal-
ment in Thirteenth-street he had pickets thrown
out, continually watching, to prevent intruders ; but
even this precaution did not save the Head Centre
from detection. It will evidently be impossible for
Stephens to keep his engagement with the British
Government in Ireland this year."
THE " NEW YORK HERALD" ON THE ATLANTIC
YACHT RACE.—The New York Herald, of Decem-
ber 31, has the following reflections upon the recent
yacht race :—" The great change in British public
opinion of this country and its people which this
and other conflicts of oar great war have brought
about, we see in the honours showered upon these
yachtmen. We have conquered even the doubts
and delusions of England, and John Bull wel-
comes Brother Jonathan as a chip of the old
block. The good Queen, always our friend,
has at last won her Cabinet to our side ; and
so those Alabama claims, Mr. Seward tells us, need
not occasion the least alarm. And this is well for
England, for just now comes in the most important
hint suggested by this yacht race, to wit—What
will become of the commerce of England in the
event of a rupture with this country, unless we have
in advance a settlement of this Alabama question on
the American doctrine of maritime belligerent rights ?
We believe that, as we can build and man sailing
vessels so as to make the time of steamships, a war
of twelve months with the United States would be
more disastrous to England from such craft than
the work of the Alabama a hundred times over.
Such are among the practical teachings of this yacht
race. But as England has turned from the offences
of our late war to the courtesies and hospitalities of
peace and friendship, let us hope that the influence
of this yacht race will largely operate in behalf of
the general interests of peace, and in widening the
moral power of the great Republic, its people, and
its institutions."

Superheated steam, for the purpose of navigation
and motive power, was first patented by Treve-
thick, in 1833.

Navigation on Lake Erie was closed on the 30th
December.

COMMERCIAL INTELLIGENCE.
NEW YORK, Jan. 1, 1867.

The Bank Statement for the week is not favourable
showing a decrease in deposits and legal tenders. The
value of money has risen, and seven per cent. on call is
readily paid. Many hope, now that the new year has
opened, that the existing stagnation in trade will be suc-
ceeded by a rival, but others have grave doubts on
this subject. We are, in truth, realising now the
effects of the war on the commerce and monetary
affairs of • the country. The causes cannot easily
be removed, and will in all probability not only continue
to exist, but to increase. The effects of inflation was to
maintain a false prosperity, the opposite effect of contrac-
tion will be the reverse, while the Government were issu-
ing two millions of dollars a day, and spending more still,
everything had an upward tendency. Now that Govern-
ment are calling in these issues, and obtaining the power
of doing so by heavy taxes on the people, the whole system
is reversed. For this reason I agree in thinking the times
before us will not be so pleasant as some suppose.
Gold opened at 134, and closed at 1331. The Henry
Chauncey brings from Aspinwall 5630,117.
Government stocks are all higher, with an increase
of business. Tho whole share market is higher, but
at the close there was an indisposition to pay the
extreme rates. Erie is an exception to the advance
and has been steadily pressed to sell all day. Adams
Express advanced 4 per cent., and Hudson River 10
per cent. Pacific Mail was in fresh demand, and sold
at 170. Mariposa Preferred sold at 321, and was in de-
mand. At the close the following prices were paid :—New
York Central, 1111 to 114 ; Erio, 671 to 671; Hudson
River, 135 to 140; Reading, 1051 to 1051; Michi-
gan Central, 108; Michigan Southern, 831- to
84; Illinois Central, 1201 to 121; Cleveland and Pitts-
burg, 901 to 901 ; Cleveland and Toledo, 123 ; Rock
Island, 101 to 1041; North-Western, 46 to 461; North-
Western Preferred, 811 to 811; Fort Wayne, 105 to 1031 ;
Mariposa, 321.
The following shows the condition of the New York
City Banks
Dec. 29.

Loans 5959,361,761 Increaso $1,099,247
Specie 13,185,222 Decrease 46,695
Circulation 32,661,526 Increase 231,097
Deposits 200,811,290 Decrease 1,218,587
Legal Tenders

(Glenn and Co.'s Weetly Circular, January 17.)
The London Market for American Securities during the
past week has been very inactive. Tho proposed impeach-
ment of the President by Congress has unsettled the
markets, and new investors do not come f Tward ; and, in
our opinion, will not until the unfortunate difficulty at
Washington is settled. 5-20 bonds at 721 —are per cent.
lower than last week ; Eries at 44 are 1 per cent. lower, and
Illinois Central at 81 are the same. Atlantic and Great
Western Consolidated Bonds were at one time as low as 38
with the dividend, on a rumour of financial difficulties;
but it is now rumoured that there are no such difficulties
as those which so seriously depressed the bonds of the
Atlantic and Great Western Company at one time this
week. Among the miscellaneous securities that have
participated in the late rise in prices aro the Confederate
Cotton Loan Bonds. It is understood that there is a
quantity of cotton hold in abeyance, pending a suit
with the United States Government. Should the deci-
sion bo adverse to the Government of the United States,
of course these cotton bonds would participate largely
in the proceeds arising out of the sale of the cotton
in question. This fact, added to the troubles in
Washington, has sent up the Cotton Bonds from 21s. to
£3 is. per $l,OOO ; and they may advance very much
more.

Gold in New York since our last has advanced 4
per cent., the last quotations being 1361, with nearly
$1G0,000,000 in hand, and the balance of trade, as shown
by the foreign exchanges, in favour of America. Secre-
tary ll'Culloch allows gold to advance without doing any-
thing to check it, to the demoralisation of business, and to
the injury of American credit abroad. It is much to be
regretted that so much power is conferred on any one man,
as now wielded by the American Finance 3&inieter, for he