The Sun.
London, England, 1867-05-20 00:00:00

MURDER, IN NORFOLK.

On Friday morning last a deliberate murder was
committed on the estate of Sir Hansom Berneys, in
a small village called Barton Bendish, about eight
miles eastward of Downham Market. The deceased,
Beujamin Black, was about o 5 or 56 years of age,
and had been on the estate all his life, and his
father before him. Ile had lately acted in the
capacity of woodman, and was remarkable for his
quiet and unobtrusive habits. On Friday morning
last, about 4 o'clock, when is bed„he heard the
report of a gun, and got up and went to a planta-
tion called " Barton Lays," from which direction

the report was heard. The unfortunate man was
never afterwards seen alive. The body was dis-
covered by five labourers going to their work in
hoeing -wheat near the wood in question. No tune
was lost in giving information to the authorities,
and Superintendent Watson, of Dowuham Market,
was put in possession of the facts so far a 3 they

are known.
The inquest was held on Saturday before Mr.
T. L. Reed, deputy coroner for the. Hundred of
Clackclose, and a respectable jury, of which the
Rev. S. G. Read was foreman. After viewing
the body the following witnesses were examined :
Anna Black, sworn, said—l am the widow of
Benjamin Black, the deceased. Yesterday morning
at I o'clock we were in bed. The deceased asked me
if I had heard a gun, which I had not done. He
then dressed himself and left the house. I did not
see which way he went, but some time after I heard
the report of a gun. It was a loud report, and ap-
peared to me to be outside the wood. The report did
not appear to echo. It might take 20 minutes to
walk to the w ood. The report took place in as
short time as he could get to the wood, but I did
not take particular notice. I did not see him again
alive. The deceased was brought to my house in
the course of the morning. I never heard him say
he was at variance with any one. Ile had money
in his pockets. He took his purse out the night
before. He had two half-crowns, a shilling, and a
sixpence, which he said he would send the child to
Fincham with to pay the poor rates, and said he
had money enough in his pocket to pay the men,
meaning the men working in the wood. I took
half-a-crown out of my pocket to make up Bs. 6d.
lie handed me back 6d. lle had a bag purse made
of " cartoon." He put the purse in his pocket
before he went to bed. I have not seen the purse
since. He was always in the habit of going to a
wood called " the Lays" the first thing in the morn-
ing. lie was a woodman, and had the care of that
wood.
Charles Kidd, of Barton Bendish, saw deceased
on Friday morning at a quarter past four. About
half an hour after he saw him he heard the report
of a gun while he was in his master's stable.
Robert Wing, of the same place—l work for Mr.
George Read. I was employed hoeing wheat near
the Lays. Yesterday morning I was going to my
work about a quarter or 20 minutes past six. I had
to go through the wood. As soon as I got through
the gate of the first field, into which thalrood gate
opens, I saw something lying, and when within 100
yards I saw it was a man. I had four other men
with me, who also worked for Mr. Read. We saw
at once that he was dead. I thought his nose was

bleeding until we moved him, when I saw he was
shot. Ilis fingers were cold, but his wrist was warm.
He was bleeding. I saw blood drop from his face ;
I saw it running from his eye to his whisker, and

thence dropping on the ground. We found a pool
of blood under the head as large as my hat, some
fluid and some clotted. He was lying on his left
side, with his knees drawn up, his hat on, his head
upon the ground, and his face rather turned back
and upwards, his arms lying limp and useless. We

sent for Robert Clarke, Mr. Read's shepherd, who
brought a cart. I went into to the wood to search
for footmarks, and found in a gladeway a broken
bottle, having some hop leaves inside, also a piece of
paper like what is used to wrap sug.tr in, contain-
ing about two common charges, some of which was
spilt. I gave it to the police-officer Balls, who
came up to nie afterwards. Near to the place where
I picked up the paper I found a fresh footmark ; it
might be five or six yards from it. It was the foot-
mark of a man, the impression not perfect, but the
heel and ball of the boot and shoe seemed to be
left. The impression of square-headed nails was
visible in the mark left by the ball ; they were
middle-sized and square. We afterwards found
several trac!s of footmarks, but none plain till we
got on the top of the hill in the wood, possibly a
furlong from where we found the paper and first
footmark. This footmark showed the heel, the
balls, and the toe, and resembled the footmark near
where the paper was found. Both were made by a
person going in a contrary direction from the body.
We saw no more footmarks in the wood, but we
saw a trail, as if some person in walking had
brushed off the dew from the grass. We followed
the trail to the opposite side of the wood, and thence
by the side of the edge bounding the wood. At
the corner of the field there is a gap over which he
appeared to have passed, and through a piece of
vetches cornerwise to a stile. This trail was con-
tinued by turning down under the fence, to the end
of which we went, and left it on that side of the
wood in the direction for Fincham. Clarke and I
then went back to the body the nearest way we
could.

During my search I found some small pieces

of shattered paper by the of the clap-post of
the gate and a ditch. I examined the paper, which
seemed like the paper containing the gunpowder.
The gate where the deceased was shot was off the
hinges, upon the spur of the gatepost, and not
fastened. When we first found the deceased his
watch appeared to have been half drawn out of his
pocket, which was drawn up with it, and the ring
by which the chain was attached was broken off,
and the chain laid loose on the waistcoat.
When we first found the deceased one of my
companions went into the wood to call Hubbard
Lingley, who is a nephew of the deceased, who was
working in the wood. My companion said, " Hub-
bard, come here." I saw him join my companion
in the wood, and after talking a minute they came
to the body. I think Hubbard Lingley said, " Oh,
my uncle ! my uncle !" I saw the tears run down
his face, and he wrang his hands. I heard him
mention the deceased's watch, but I cannot say what
he said about it. Ile also said something about
deceased's purse, but I cannot say what. He put
his hand into deceased's pocket, but did not take
anything out. He afterwards said, " There is
nothing ther. ; but my uncle always carried his
money with him."
Robert Clarke, of Barton Benilish, shepherd to
Mr. George Read, gave evidence corroborating that
of Robert Wing in every particular, he being his
c)mpanion in the researches through the wood.
William Cater, of Fincham, surgeon, was called,
and said—from information received I went yester-
day morning, the 17th, to view the body of Benja-
min Black. I found him lying upon a sofa in his
cottage, about 11 a.m. He was dead, and death
had resulted from a gun-shot wound in the left eve,
and from several shot wounds in the upper part of
the left chest. I cannot say for certain what vital
organ was injured, but deceased evidently died
from gun-shot wounds. Those wounds could not
possibly have been inflicted by himself. He appeared
to have died the instant he was wounded, without
even a stru'gle. lam of opinion that the gun must
have been held 12 or 14 yards from his head ; if
it had been htld from a short distance the shot
woull have '' balled " and would have entered
the head in a lump, instead of dropping the shot,
which caused the wouvis in the left breast. I can-
not say, without making a post-mortem examina-
tion, wh,_!ther the shot entered the body in an
oblique, direction, as if fired from the ground, or
whether theot struck the body point blank, as they
woald do, if fired front the shoulder. The inquest
was then adjourned.

I AtircnnammENT. I— Holloway's Pills.—Counsel and
Comfort. - A disordered stomach throws the whole system
out of gear, and renders us unfitted both for work and
amusement. A few doses of these strengthening and puri -
tying pills, taken according to their accompanying direc-
tions, will, however, speedily restore order, and re-enable
tlm stomach to digest its food without dif&ulty. These
,x,ellent pills are suitable alike for the !peer and the pea-
sun', the soldier and the sailor, and particularly for home
and foreign colonists. Holloway's pills are very useful
in checking feverish attacks, bilious complaints and inflam-
„,,,tiowl. They have also made the most signal cures in
cases of dropsy and diseases of the kidneys, heart, and
lungs, when the sufferer seemed past the reach of medi-
cine,

Miscellaneous American News.

It was rumoured in America that the war-ship
Dnnderburg bad been purchased by Prussia, but it
turns out that France has become the owner. She
is said to be a very powerful ironclad, but the fa.te
of the Re Italia, by the same builder, is not encou-
raging. She appears to have hung heavily on her
owner's hands till the Luxembourg crisis arose. It
is an ill wind that blows no one good, as, we doubt
not, the New York builder will acknowledge.
The people of the Red River country in British
North America, about 10,000 in number, are agita-
ting for annexation to the United States.
Mr. Davis has at last been released from prison
by the Court of Richmond, the Government having
ordered the writ of Habeas Corpus to be obeyed.
Ile is, however, under bail to appear next Novem-
ber. Ile left Richmond for New York, where he
arrived on Thursday, on his way to Canada.
The Supreme Court has dismissed the appeals of
Georgia and Mississippi on the ground of want of

jurisdiction. A riot has taken place at Mobile, and
Mr. Kelly, a member of Congress, was. mobbed.
Several persons were killed, and order was restored
by the military. The cable also informs us that the
negroes at Richmond and New Orleans are mani-
festing a disorderly spirit. It does not tell us the
provocation, for which we must wait till the arrival
of a mail.

Gold is again flowing from New York to Europe.
In addition to the £300,000 at sea, the Persia,
which left New York on Wednesday, carries
£400,000. These large remittances of specie are
imparting strength to the English Stock and Share
Markets. The reason of the influx is simply the May
payment of the 5-20 dividends, two-thirds of which
are held iu Europe. The coupons are presented
for payment at the Treasury, and the gold, when
received, is remitted in exchange. We are only be-
ginning to feel the effects of these half-yearly pay-
ments, which will periodically send to Europe a
vast amount of American gold, unless the balance
of trade turns heavily against England. There is
no change in the price of gold by the telegram re-
ceived last night, the quotation being 137.

Official letters received at the Indian Office de-
scribe Hancock's interview with the Cheyennes as
unsatisfactory. The letters express apprehension
of a general Indian war.
WASHINGTON, April 24.—The Southern Famine
Relief Commission has received $lO,OOO dollars in
gold, additional, from California. General Sher-
man has been authorised to draw for five thousand
dollars to relieve distress from the overflow of the
Mississippi, in Louisiana.
The bankrupt law, lately passed by Congress,
stringently guards against all fraudulent assign-
ments and conveyances by which a preference is
given to one or more creditors over others. The
act comes into practical operation on the 11th of
June next, but for four months previous to that
date the operation of the law above referred to
holds good.

We notice in the Boston Advertiser an announce
ment that the Universities of Harvard and Yale
will not enter the lists in competition at the Paris
Regatta. Our views on the subject have been
already expressed, so that we need not here repeat
our regret if such should prove the final decision.
Several reasons are advanced by the Boston Adver-
tiser. First, that by the rules, each boat must carry
a coxswain, and that the course would be only
miles, instead of 4 miles, as at Putney. Yale ob-
jected to the length of the course, and also feared
that some of their contestants would be out of con-
dition. Harvard considered that difficulty would exist
in securing their complement of eight, and another
difficulty arose in obtaining the necessary leave for
the undergraduates. This it was thought could be
easily arranged, but at a faculty meeting it was
declared inexpedient to grant the prayer of the peti-
tioners. Enough money had been promised to
meet the expenses, so that no financial reason stood
in the way of the American boat taking a fair and
honourable place in the race.
The earnest protest of the Union League Club
to the New York State senate against the extrava-
gance and corruption prevailing at Albany had been
ordered to be returned whence it came by a majo-
rity of 27 to 3. The debate on the resolution was
in character. There were loud protests against the
truth of the accusations, and the usual amount of
virtuous indignation. " Mr. Sessions," says Frank
Leslie," resorted to the to quoque dodge, and
accused members of the club of having been active
members of the lobby during the winter, which,
even if true, would not have disproved the truth of
the charges, the chief matter to be attended to.
Low and Folger were deeply impressed with the
fact of there being no signatures to the resolutions,
and although it was shown to be authenticated by
the signature of the Secretary of the Club, and
therefore the act of the body in its corporate capa-
city, these wise men shook their heads gravely
at an omission making a dangerous precedent.
Mr. O'Donnell drew a very fine line in regarding
the resolutions in the light of a petition, and there-
fore voting for their reception ; but as if to atone
for such an indiscretion, he praised the Senate, of
which he is a member, as being superior to any that
preceded it for many years, in ability, integrity,
and economy—which is, perhaps, not saying much
for it—and in face of the notorious fact that the
taxes levied this year are over ten mills to the dollar,
more than double any preceding year, strikes us as
being a very cool and itnpudent assertion. There
is, in fact, but one course for the members of the
Legislature to pursue, if they would purify them-
selves from the foul stain their character has sus-
tained. Let them order an investigation, summon
their accusers—they arc well known—before them,
and take such evidence as may be offered in support
of the charges. If these are found frivolous and
false, let us know the fact by some authoritative
decision. Even if true, their force may be broken
by some well-contrived plausibilities of language ;
but to disperse without any attempt to meet
charges of corruption so specific and direct as these
have been will cover every suspected member with
lasting disgrace."
Messrs. Rutty, Wightman, and Co. have just
chartered the screw steamer Narva, to lay a tele-
graph cable between Florida and Cuba. The com-
pletion of this line will open direct telegraphic com-
munication between London and Havaunah.
The Neu, York limes, in announcing that Charles
Dickens had accepted an engagement in America,
writes of the great author in a tone that will be read
with pleasure by the general public of England :
" It is now positively stated that Charles Dickens
has accepted an engagement to give a course of his
celebrated readings in this country. If this pro-
mise be realised, we believe that Mr. Dickens will
find himself mistaken in the view which he holds of
the temper of the American people towards him.
He has been deterred from coming here because he
imagines that he has provoked our bitter resent-
ment by his free handling of certain strongly
marked features which he supposes to be peculiar to
the Americans, in Martin Chuzzlewit' and The
American Notes.' He is under the impression that he
would be very unfavourably received, and find none
welcome him. litre can assure him by anticipation
that he is mistaken. His caricatures in Chuzzle-
wit' have been laughed at as cordially and good-
humouredly here, ason the other side of the Atlantic,
and the world of readers is under too many obliga-
tions to him to remember to his disadvantage any
injustice we may conceive him to have committed."
Wilkes' Spirit makes the following observation,
which should be brought to the notice of the Com-
mittee of the Paris Regatta :—" If not too late, we
should be glad to see American yachtsmen join in a
memorial to the French Regatta Committee for a
modification of their rules, such as will allow the
• entry of centre-board yachts." We believe that it
is in consequence of the exclusion of centre-board
yachts that the Vesta is now returning to America.
The relative merits of a keel or a centre-board boat
are much disputed. Admittance to a fair trial, not
exclusion from it, would do most to settle the
question.
On the Ist May Governor English's inaugural
message was submitted to the Connecticut Legisla-
ture. The document is written with decision and
ability, and though its principles are largely dis-
sented from, its literary merits are fully acknow-
ledged. The Governor suppox is the policy of the
President, and denounces the actione of the

XXXIX. Congress, opposed by Mr. Johnson, as
unsound and unconstitutional. The authority of
Congress to pass and to bring into operation the
Military Reconstruction Bill is denied in this mes-
sage. State Rights are supported, which, ac-
cording to Mr. English, were neither annulled
nor abrogated by the rebellion. Passing from the
Supreme Government to State affairs, favourable
reports from the various departments are pre-
sented, and the progress made spoken of encourag-
ingly. The Governor recommends legislation to
limit the work of children in factories, and he ad-
vises the passage of a law to stop employers in in-
fluencing the- votes of the employed. He
recommends the abolition of the Poll Tax, approves
the conduct of the State educational and charitable
institutions during last year, including the reform
school at Meriden, and the new insane asylum at
Middletown. The funded debt of the State is now
$9,828,400, having been reduced $571,600 during
the year, and the sinking fund having been in-
creased $74,000, is now $1,284,307. After deduct-
ing all the assets, the total present liabilities of the
State are $7,661,477. The taxable property has
largely increased during the year, the grand list of
1866 exceeding that of the previous year by
$13,926,664. The capital of the State school fund
in September, 1866, was $2,043,835, and during
the last year $124,021 was called in and reloaned in

the State. The number of children entitled to the
benefits of the fund was 120,824, to each of whom
a dividend of $l.lO was declared. The war claims
of the State a year since were $75,805, of which
$6,750 have been paid, and $20,000 more have been
allowed, and are ready for payment. There are 82
national banks in the State, with a capital of
$24,496,600, and eight banks still operating under
the State law, with $1,970,500 in capital, and
$111,747 in circulation. The deposits in the 52
savings banks during the year were $3,861,376.
We believe that Mr. Seward is in the unpleasant
predicament of being called on to pay a bill which
appears to us outrageously large, and for which no
money has been appropriated by Congress. By his
orders counsel was retained to defend the Fenian
prisoners taken in the raids on Canada. These gen-
tlemen demand in payment $50,000 I If Uncle
Sam pays at that rate he must be a mine of wealth
to the legal profession.
The Springfield Republican, in its items from
Washington, which are both interesting and reli-'
able, states that Secretary M'Culloch gives notice
that the Government cannot protect those who
have lost coupon bonds payable to bearer and
Treasury notes in blank. All such notes and cou-
pons will hereafter be paid to parties presenting
them, and no attention will be paid to caveats filed
to prevent such payments.
TRADE WITH JAPAN.—The trade of Yokohama,
Japan, last year, was $26,778,451, the exports
$16,186,110, and the imports $10,592,341. The
exports consisted principally of silks, cotton and teas,
and the imports of woollen and cotton, goods, velvets,
iron, arms, ammunition, ship stores, and liquors.
The English monopolised about two-thirds of the
commerce of the port, while the United States got
only one-ninth. But this condition of things is
likely to be reversed now. By means of the new
line of steamers, California and Oregon can supply
the staple imports to better advantage than any
other country, and the exports and imports will
soon assume a much wider range. Already orders
have been received in San Francisco for many ar-
ticles never before sent to Japan, and the steamer
Colorado on her last trip could not grant all the
applications for freight. The United States will
probably control the trade of Japan and China in a
few years. If other nations continue to trade there
they must do their business through the United
States.

A late number of the Japan Times, published at
Yokohama, says the new port of Osaka will cer-
tainly be opened at the time appointed, January
1, 1868, but warns American merchants not to
makr any rash ventures into trade there till a
business has grown up. The same paper gives the
following interesting account of the courtesies ex-
tended to a British admiral, who penetrated to the
inland sea called Funeka, in the territory of Prince
Chikusen. As a specimen of Japanese hospitality it
is not bad, and it adds a new proof that the bar-
riers that have so long separated Japan from the
rest of the world are fast breaking down :—Thirty
officers of the fleet were invited to a banquet on
shore, where all " squatted down" on strips of
scarlet cloth, and each guest had as many as 50
dishes placed before him in turn. Then followed an
exhibition of singers and actors, and another feast,
if possible, more sumptuous than the first. Extreme
neatness and patient politeness were the most no-
ticeable features. Having left the palace finally to
return on shipboard, the wholecompany was escorted
en route to a brilliantly lighted house, where an-
other elegant dinner was waiting, this time in the
European style. Next day an invitation was ac-
cepted to join in the pursuit of 50 deer and two
wild boars, the park being of " enormous extent
and full of game." A bountiful supply of fowl and
handsome presents for all the officers were sent to
the ships before their departure.
Judge Comstock, of New York State, has called
forth the following remarks from the Nation, in
reply to a letter to the World. We agree with the
Nation that society must be controlled and held
together by force, though the force be subordinate
to and regulated by opinion. "Judge Comstock,
of this State, has written a very melancholy letter
to the World about the approaching end of
the American Union. lie says that if Georgia
and Mississippi have no remedy against the Recon-
struction Bill in an appeal to the Supreme Court,
" the law of force must hereafter govern the rela-
tions
yn el
y,
but "
governs SLo fc . n
eT n
thehe
to
of
raec
tl t
ah
ei s
silt
sth
aao t tf e `
tonofo
ft 1.01: rreco
ei,
Union,en toi ct
of the Union to the States," and " it requires
theat
nliSde t lawtmess
always governed them. There is a pleasant legal
fiction that all these things are regulated by " com-
pact," but it is only a fiction. Every time a police-
wan takes a man to gaol, he offers evidence that
society does rest on " the law of force," and the
day on which the Union armies first marched to put
down the rebellion the fact that the Union rests on
the law of force was as completely recognised as it
would be by the refusal of the Supreme Court to
interfere for the protection of Georgia and Missis-
sippi from military government. If I stay in a
house quietly because I know I shall not be allowed
to leave it, I am as much detained by force as if I
were all the time making frantic efforts to break the
door open. The attempts of Democratic lawyers to
make " horrible revelations" about the consequences
of the Congressional measures of reconstruction are
almost painful specimens of perverted ingenuity,
and generally end in the discovery of mares' nests.
The whole war was in fact waged to settle theques-
tion whether there was or could be such a thing as
a Union of mere inclination.
At the annual fire parade at Charleston, on
Saturday, April 27, the procession did not propose
to carry the American flag, but was compelled to do
so by General Sickles. It
pp ears that the procession
was about to start flaunting all sorts of banners,
but not a flutter of the stars and stripes. The
General at once interfered, ordering the column not
to move until the national flag was procured. He
wrote to Brigadier General 11. B. Clitz, commanding
at Charleston, recalling last year's fireineli's parade,
which was remarkable for a similar omission then
said to have been inadvertent. lie then proceeds
as follows :--" I desire that you will at once send for
the Chief of the Fire Department, and inform him
that the national standard must be borne in front of
the column ; that an escort of honour, to consist of
two members of each ooinptny pr?..sent, will be de-
tailed by himself to march with the colours ; that
the colours be placed opposite the reviewing per-
sonages on the ground designated for the review,
and that every person in the column shall salute the
colours by lifting his hat or c tp on arriving at
a point three paces distant from the colours, and,
carrying the cap uplifted, march past the colours
to a point three paces distant from the same.
The Mayor of the City, the Chief of the Fire De-
partment, and the foremen of the companies, will
be held responsible for the observance of this order,
and they are hereby authorised and required to ar-
rest any person who disobeys it. You will take
such measures as you may find to be necessary to
inure the execution of this order." The Chief of

the Fire Department when thus pulled up expressed
cheerful obedience, but the procession was delayed
for some time as the flag was not at handP.

It is a lucky thing for the Eastern States that
the yield of wheat in California was last year so
large. San Francisco is reaping a golden harvest
from her exports. The Governor of . Minnesota
advises the people to retain all the wheat they have.
Milwaukie, Oswego, Toledo, and the Lake ports,
instead of exporting wheat as they used to do in
large quantities, are actually drawing supplies from
New York. An American paper observes that a
barrel of flour can be purchased in Paris, forwarded
by the usual rail and sea transport to Liverpool and
on to Boston, and yet be sold there so as to leave a

profit.
The New York correspondent of the Standard
adheres tenaciously to the declaration that there is
not one word of truth in the telegrams through New
Orleans, from Mexico, reporting Miramou dead,
Imperial forces disbanded, Queretaro taken, Maxi-
milian
hidden. According to this writer, " the New
York Herald (never behindhand in spreading a lie)
eked out this despatch with a special telegram more
comprehensive, though not more excellent, than the
other. The principal objection is, that it was writ-
ten in the office of the Herald. And now, where did
Ramon S. Diaz get his intelligence? From 'the
deputed agent of the Juarez Government.' fhat
person exists only in the columns of the New York
Herald. From any other agent? No ; but from
the columns of the New Orleans Times, which on
Wednesday afternoon printed the following re-
port received from a private source Another
battle has been fought at Queretaro, resulting in
the defeat of the demoralised Imperialists and the
death of Miramon. After the fight Queretaro was
occupied by the Liberals. Maximilian cannot be found
anywhere. It is suspected that he has secretly fled.'
And 'private source'—
manifestly thisifest y 'untrustworthyreport:froraas ita is—is the foundation
for the absurd official statement above copied,
which has doubtless been sent across the cable to
alarm the friends of Maximilian, already sufficiently
agitated by the sensational stories that have been
manufactured in this couurry. 1 have no hesita-
tion in pronouncing utterly untrustworthy the re-
port of the Imperialist defeat at Queretaro and of
Maximilian's flight from that city. If true, it
would have reached us from Vera Cruz, or direct
from Matamoras, where the New York and Western
journals have correspondents. It appears in a sen-
sational New Orleans journal, is put forth ' offi-
cially' by Juarist agents here, and that is all." That
the American papers put faith in the intelligence is
clear from the tone of all. If the correspondent of
the Standard be correct, and everybody else wrong,
it will be a triumph for him, and he will be entitled
hereafter' to speak with weight. If, however,
in spite of his furious writing, he should prove to be
wrong, and everybody else right, we will watch
with curiosity to see how be will drop out of the
position. It is said that the Empress Charlotte
looks incessantly from the rock where the writer of
" Echoes from the Continent " says she will pro-
bably breath her last for the sail that brings back
1 her husband.

COMMERCIAL.

NEW YORK, May 4.

Capital continues to increase, and the Money Market
shows symptoms of a positive superfluity. Call loans are
readily effected on good security, at from 4 to 6 per cent.,
and business paper is as readily done at from 6to 7. The
bankers have more in till than they can employ. There
is little prospect of a change,
and it will give the Govern-
ment an opportunity of reducing a large volume of
currency, and funding all their debts. While the
rumours came strong and fast through the cable
of a European war there were symptoms of a
panic, but the peace news has dispelled these symptoms,
and things have settled down into a steady condition.
The foreign demand for 5-20's, and the amount of these
bonds absorbed in Europe, is shown by the fact that nearly
interest on this security, is payable in Europe. The
two-thirds of the $25,000,000 now due, as gold bearing
Treasury commenced these payments last Wednes-
day, and on the following day $1,000,000 Were paid
at the New York Sub-Treasury. This helps the
downward course of gold, which has steadily fallen,
closing on Thursday at 1351. Still the amount is too
little to have other than the most trifling effect. Last
Saturday's steamers took out $627,000, and on Wednes-
day the Scotia carried off $lOO,OOO, making a total for the
year of 68,770,513. The May. statement of the public debt
has not yet been published, but it will show a favourable
progress in reduction, which was -said to be about
$6,000,000, with gold in the Treasury of $113,000,000.
During the last month the Secretary has not exerted
his power of retiring the $1,000,000 in legal
tenders. The total circulation of the State Na-
tional Banks of the country was reported last
Saturday at $297,835,219. The 7-30's continue largely to
be exchanged for 5-20's, amounting, in April, to about
$37,000,0000. Secretary M`Culloch will, it is believed,
reduce the debt during this month to $2,500,000,000, at
which figure it will be allowed to stand so long as the
present scale of Government expenditure lasts. That it
will last, even if it does not increase, is fully anticipated in
view of the Indian war, which, conducted in the prairies of
the Far West, will: prove, I fear, a most expensive
business. Government Securities have participated
in the general improvement. Many of the National
Banks are purchasing 5-20's with the proceeds of their
interest now being paid. These securities were not inju-
riously affected by the heavy fall in Europe, and this is a
satisfactory proof of their inherent strength. It shows
that we are willing to take them back when the necessities
of
a rk European
s. rl'h capitalistse force them at a depreciation on the
demand horn is steady
and growing for
permanent investment, and it is not improbable that as the
surplus capital of the country increases that American
et
m
purchasers will compete for the securities of their coun-
try in your markets. The demand for all well-
established stocks and securities has been strong and
has led to a general advance. As yet this has been con-
fined to substantial concerns, and has not embraced specu-
lative and fancy matters. The rise in Pacific Mail-ship
stock is steady if slow. Business, though checked by the
war news from Europe, is becoming active. Cotton has
recovered, though manufactured cottons of all descriptions
have a downward tendency, the market not being strong.
uforeign
at exchange 9 t
o influence
lhO Ta. s
de
ch ol
e followingif declined,
elpeaceful news. It is now
q
ldeas might have been ex-
pected is a list of latest
prices • - American gold 1351, United States Five-
underlo
the
Five-
twenties (1862) 1071, (1860 1051-, (1865) 1051, (1865
now issue) 107:0 United States Ten-forties 99, United
States 7 3- 10 loan 1061. Missouri sixes 951,
Tennessee Sixes 621, Virginia sixes 67, New York
Central Railroad 981, Erie 631, Erie Preferred 73, Hudson
Rver 96, R•eiding 1031, Michigan Central 109, Michigan
Southern and Northern Indiana 681, Illinois Central 113'1,-,
Cleveland and Pittsburg 72, Cleveland and Toledo 113„
Chicago and N'ifth-Western 35, Chigago and North-
Western Preferred 614, Pittsburg, Fort Wayne, and Chi-
cago 961, Chicago and Rock Island 88i, Ohio and Missis-
sippi Certificates 231, Adams Express Company 63, Ame-
rican 631, United States 66, Wells, Fargo, and Company's
67, Western Union Telegraph Company 411 Pacific Mail
Steamship Company 1284, Atlentic Mail Steamship Com-
pany 911, Cumberland Coal Company Preferred 31, Can-
ton Company 44, Quicksilver Mining Company 291, Mari-
posa Mining Company 8.1.,
th Mariposa Mining Company Pre-
ferred 201, Boston Water Power Company 31 to 32.

(From Messrs. Bowles and Dreret's Circular.)
The doubts still existing in the minds of many
date of writing our last circular as to the peaceful solution
of the Luxembourg question, have been fully dissipated
ffi by the official announcement in the Moniteur of Sunday
last, I:2th inst. at the

The reaction in values has naturally been most marked,
the German markets leading in the advance as previously
in the decline.

On Friday,
MaY 10, the day previous to the signing of
the Treaty of Loudon, Americans have advanced on
large orders from Germany to 811 i, and the market has
since ruled very firm. We quote:
May 13 ....... 821 l'
14
" 15
- 4 8
" 16 ..........
quotations in New York seem
82i
The
variations in gold
to exercise no influence.
The Rente closes at 69.30 ; the Italian at 51.65.
Exchange on Loudon, 25.161.
(P- -

1."1 E. F. Sattertlacaite and Co.'s Weekly Circular.)
The Scotia brought us New York advices to the 30th
ultimo. The more pacific aspect of European politics, re-
ported by Atlantic Telegraph, had operated favourably on
the public funds, and they were last quoted at an advance
of about ono pet cent. In the Railroad Share Market
there had been more activity than for some time past, and
after daily fluctuations the Stocks of nearly all the
Western roads were largely taken at improved quotations,
of from $3 to $5. Erie Stock was again the medium for
some large speculations, and exhibited a rise on the week
of V. Iu State Stocks we note an improvement of three
per cent. in Virginia and Missouri, but in Tennessee there
was a decline of that amount. The Banks' return again
show a very large addition to the deposits, amounting to
over three million dollars. Gold had fallen three per
cent., the last quotation being 1351.
It is now nearly three years since, in a number of our
circular, wu warned our friends of the probable near ap-
proach of a financial crisis, and the inevitable collapse of
many of the newly-formed companies, the shares of which
were then eagerly bought by investors at what we con-

sidered "almost fabulous premiums," and suggested that
several American securities, both railroad shares and Go-
vernment bonds, offered a far preferable, because safer and
more profitable, investment. Those of our friends who, at
that time took United States 5-20 Bonds (at or under 40
per cent.), which we strongly advocated their doing, have
certainly reason to congratulate themselVes on the confi-
dence they displayed in the fixed determination, as well
as the ability of the American people to meet all their
liabilities, although they were still rapidly increasing, and
had already piled up the National Debt to an amount which
might almost seem alarming; but with the knowledge of
the vast resources of the country, and the energy and per-
severance, coupled with the fertility cf invention of the
population, we did not share in the fears entertained by
many. Looking at the then quotations for shares of some
of our newly-formed companies, it really seems, now that
we can look calmly and dispassionately on the matter, as
if the public generally were willing to take anything
which offered, and at almost any price. For instance, we
find at that time the following official quotations:—
Credit Mobilier £s paid G premium
Discount Curporation l2l do.
Egyptian Trading - do.
General Credit 4 do.

Imperial Mercantile Credit 5 do.
Imperial Finance 5 do.
5 do.

Joilit Stock Discount 5 do. 5 do.
London Financial 15 do. lO do.

With but one or two exceptions these undertakings
have proved utter failures, and not only the whole of the
money invested has been lost, but further large liabilities
are hanging over the heads of the unfortunate shareholders.
On the other hand, United States Bonds have gradually
grown in favour, both hero and on the Continent, owing
to which, and the decline i❑ the premium on gold, conse-
quent on the conclusion of the war, they are now nearly
double the value which they were at that time, while even
at this advanced price we think there are few securities
on the market, which, with equal safety, will yield as good
a per centage on the money invested.
With regard to American Railroads, we freely confess
that there is, in too many instances, great mismanagement,
and we fear not a little jobbery, especially in the arrange-
ments with some of the "Express Companies," as exposed
during the recent examination into the matter by the Ohio
State Commission; still, notwithstanding this, many of the
leading lines will compare most favourably with our own
railways. The Commercial and Financial chronicle of Now
York, in a recent article on American Railroads, says,
" Out of the list of thirty-eight roads, with $350,000,000
capital stock on the call of the New York Stock Ex-
change, thirty-one have paid dividends, ranging from
seven to twelve per cent. per annum within the last
six months ; whereas,; five years ago, not one in four of
the roads was making any division of profits among the
stockholders," and our own firm conviction is that, with
able, honest, and economical management, much larger
dividends might be earned. In the still further growth of
prosperity of American Railroads we have strong faith,
and if the proprietors of stock would but combine to sup-
press the baneful system of Express Companies, we believe
that in very many instances dividends might in the course
of two or three years be doubled. To illustrate the rapid
and continued increase of traffic we give below the gross
annual receipts of ten of the leading roads for the years
1863 and 1866.

1863. 1866.
Chicago and Alton
Chicago and Rock Island. 1,952,269
Erie
Illinois Central
Michigan Central
New York Central
Philadelphia and Reading 4,08,E4,837
Pittsburgh, Fort Wayne, and
Chicago
St. Louis, Alton, and Terre
Haute
Toledo and Wabash 1,439,798

Total of ten roads ... $45,120,88.1 $72,329,950
And these results it must be borne in mind have been
achieved, in most cases, with but little addition to capital
account, and scarcely any additional mileage. In many
cases where the annual report shows an augmentation of
capital, the increased amount has boon provided gradually
out of earnings, and at the end of two or three years a
stock bonus has been presented to shareholders, to repre-
sent the outlay on permanent way or rolling stock. With
these facts before us, we think we are justified in arriving
at the conclusion that, almost any of the lines named, offer
a medium for investment which cannot but prove satis-
factory.
Wo are quite alive to the fact that several of these roads
have passed through crisis of severe depression and pecu-
niary embarrassments, and at least in one instance a re-
ceiver has had to bo appointed; but they have all emerged
from their difficulties, and most of them are now paying
respectable dividends.

Spirit of the American Press.

WAR IN EUROPE AND OURSELVES.

When it became apparent, a week or two age,
that there was a chance of war in Europe the
premium on gold rose. Now the chance of war has
grown into strong probability, and again gold flut-
ters upward. A rise in gold is simply a fall in the
current value of our Treasury's promises to pay.
It is hard to see why these should be worth any less
because of war on the other side of the Atlantic. We
do not expect to take part in the fight. The war there
will entail no loss nor expense upon our Treasury.
We have a thousand times more to fear from our
own Congress than from all the armed hosts of the
Eastern world. Thirty years ago the governor of
the Bask of England could not look grave without
putting all Wall-street into a temper of gloom. If
the Bank of England put up the rate of interest,
money-lenders here buttoned up their pockets in
affright. We have grown very rapidly since
then, but we have not yet grown out of the
boyish notion that Europe holds our purse-strings.
In the first year of our civil war we quietly
made up our minds that we could not afford
to buy much from abroad, and at once a stream
of thirty or forty millions of coin flowed in
upon us. This should have satisfied us that the old
days, when we were always at the mercy of foreign
countries because always heavily indebted to them,
were past. • Such of our securities as capitalists
abroad hold have been bought by them because they
are better investments than they can find at home ;
these never constitute a cash claim of any amount
against us. if ever there was a period when men in
Europe would have been likely to hurry American
securities back into our own markets for conversion
into money, it was at the first alarm from the
Southern rebellion; our Government Stocks were
sent back at that time very freely, and so were
many other securities ; but with all that were sent
the cash balance remained strongly on our side, as
was proved by the gold flowing this way. And this,
notwithstanding that we were at that time com-
pelled to resort to Europe for blankets and muskets,
and many other things which our own factories were
not ready to supply for the army. But for our un-
fortunate resort to paper-money we should probably
have held Europe in this same financial relation
to us during the whole war. Last year there
was a great panic in London, and the English
papers foolishly ascribed it to the heavy unpaid in-
debtedness of American merchants to their English
correspondents ; a statement of our relations which
WaS true thirty years ago, to wit, in 1837 ; but it
has hardly been true at any time since. The official
returns of the British Government of the trade be-
tween England and this country for several recent
years show, if such figures show anything, that the
boot is on the other leg. Excited by the London
panic, our Secretary of the Treasury foolishly sold
nearly all the gold in his coffers at 130 when it was
worth 150, and thirty millions of coin, thus thrown
at a low price upon our market, when there was no
use for it, found its way rapidly to London and
quieted the panic. So far was this thirty millions
beyond what was needed to cancel all possible cash
claims upon this country, that before all of it had
arrived in England some of it was on its way back
again. Yet the English papers hail insisted, and
some of our people had believed, that we owed
England four or five times as much. The English-
men welcomed the gold to help them out of their
scrape, but some among them laughed in their
sleeves at the alacrity of our Treasury to help their
finances at the expense of our own. Many believe
that if there is war in Europe gold will be wanted
there, and, therefore, will be carried thither in
large quantities ; that Louis Napoleon, who knows
the value of a solid basis to his finances, will con-
trive to carry off most of our coin. Of course any
one can buy coin in our market who has where-
withal to pay for it. But French kickshaws are
not of very abundant sale in this country just now,
if the gloomy accounts we hear from importers he
correct. On the other hand, so far as can be seen
at this time of year, the prospects of the grain crops
both in France and England are not promising, so
that if Napoleon turns out a large number of his
workmen into the unproductive fields of war, he
may be glad to convert any balance he can com-
mand in this country into corn instead of coin. One
thing is certain, that the gold which is in our
Treasury and which is the basis of our financial
system neither Louis Napoleon nor any one else
can get hold of except by the free consent of the

Secretary of the Treasury. The hundred millions •
or so of coin now in the Treasury can be kept there,
happen what may, unless the Secretary should
again be so softened as to regard the distresses of
European finance more than the needs of his own. '
No one has a rightful claim upon this fund except
the public creditors to whom gold interest is due, and
for their claims the current revenue will suffice. As
to coin which may be in the hands of the people, if
the secretary wishes to keep that from going abroad
he must stop making gold artificially abundant and
cheap through sales from his stocks. The more
abundant he makes gold in the open market the
cheaper it will be relatively to other goods, and the
cheaper it is relatively to other goods the surer is it
to be exported instead of other goods ; the cheaper
it is relatively to other goods the more likely, too,
are foreign goods to be sent hither to be exchanged for
it. When this war panic first occurre,l in Europe, our
G overn went bonds fell heavily in Frankfort; the mar-
kets of Paris and London, in some degree, responded
to the fall ; our own market showed no more signs of
yielding to the decline in prices than if there had been
❑o such place as Europe in existence. Our market, and
not the European market, regulates the price of our
Government bonds ; they will buy them, of course, in
Europe as cheap as we are willing to sell them, but if
we could manage to put up their price here ten or
twenty per cent., the Europeans would continue to
buy them, and all the more eagerly that we mani-
fested strong confidence in them ourselves. Herein,
too, is proof of the folly of our going to Europe to
negotiate a special loan on terms intended to coax
people there into buying ; here at home is the place
to inspire confidence, here where the people can
watch every step made towards putting the Treasury
into a sounder condition. When our own moneye d
men have confidence enough to buy our six per
cent. bonds at par, the people of Europe will take
them more eagerly at par than they now do at
eighty. We have much more coin in our Treasury
to-day than the Bank of England is in the habit- of
holding ; and of this much gold we cannot lose pos-
session except by the Secretary voluntarily scatter-
ing it abroad. Unfortunately our Treasury owes
more in demand claims against it than the Bank of
England does, and, therefore, has need of a still fur-
ther sum in coin to make it as strong as the Bank.
In a few months our Treasury could lay by
gold enough out of its revenue to put all
its promises in high credit. We regret that
it is not likely to pursue this straightforward
course. But the country, i❑ spite of all its
losses of capital by the war, and all its embarrass-
ments from a fluctuating currency, is strong and
growing. If troubles come to us, they will come
from our own want of wisdom in managing
our home finances, not by reflection from
troubles in Europe. Troubles in Europe must have
the natural effect of making our securities preferred
by the timid and the prudent there. It was observed
that little effect of the kind was perceptible as a
consequence of the last Franco-Austrian war; but the
duration of that war was too brief to furnish any
conclusive test, and a war between France and
Prussia to-day will be very different from a war
between France and Austria ten years ago. Such
a conflict will tend to draw our bonds rather than
our gold abroad, especially if we set to work ear-
nestly to make our bonds as good as gold. But
were France and Prussia both wiped out of exis-
tence, this country would not feel it to its disad-
vantage as much as it would three months' dry-
weather in the state of New York when the hay
crop is growing.-7he Round Table.

The New York Times shows in the following ex-
tract the present feeling generally entertained in the
United States on the Confederation of Canada. It
is manifestly absurd to imagine that any Confedera-
tion of the British provinces could be dangerous to
the United States. Most Americans hold to the
idea that these provinces will drift eventually into
States of the Union. They have only to be left
alone, and the attractive power of the larger body
will work out the desired end. Before Canada,
however, becomes a part of the United States the
National Debt must be materially decreased. " There
is no special jealousy of the projected Confederation
on our northern border. So far as it may strengthen
the power of the British provinces for purposes of
aggression, it becomes a proper subject for the
watchful consideration of our own Government.
To say the least, we think it quite as legitimate a
subject of apprehension, in itself considered, as the
projected Franco-Austrian monarchy in Mexico
ever was. Ten or twelve years ago Mr. Seward,
in a series of letters from Canada, predicted pre-
cisely what is now occurring in the British posses-
sions on our northern border. In direct opposition
to what was then the current of opinion, he said
that the Canadas would not be annexed to the
United States, but would eventually bring about a
confederation of all the British provinces, which
would grow into g populous, rich, and powerful inde-
pendent nation ; and that it would have no motive of
hostility to the United States, but would become
one of their most reliable and useful allies. We
think that current events tend to confirm this pre-
diction. There is no doubt that this new confede-
ration will become independent of Great Britain
whenever it chooses to do so ; and so long as we
continue to bear the burden of our national debt,
we cannot foresee the time when annexation to the
United States will be more desirable for the new
power thus created than independence."