The Sun.
London, England, 1867-10-29 00:00:00

THE SUN. LONDON. TUESDAY EVENING, OCTOBER 29, 1867.

any number of persons, even for literary purposes,
without the special cognizance of the Govern-
ment? Oh, no, not in France. And in Italy
everything is lawful for Garibaldi. What, then,
shall we say—that Italy is powerless ! or that she
is an accomplice ? She has not lost her :power,
for then she would confess her incurable weak-
ness, and, as for yourself, you would have lost the
remembrance of Aspromonte.
Must we inquire if Italy is Garibaldi's accom-
plice ? I would fain not believe it ; but the longer
I live the more my confidence is shaken. Do not
tell me that the man of whom we are speaking is a
mere puppet, who only excites ridicule, and that I
unnecessarily exaggerate his strength.
Once more, I repeat we are not now alluding to
that part of his position in which he has made him-
self so ridiculous. I attack his conduct, and I
qualify it by its real name when I call it criminal.
The 9th of April, 1856, M. de Cavour wrote to
an Italian politician from Paris, during the sitting
of the Congress, in these words :—" If diplomacy
is powerless, we ought to have recourse to extra-
legal measures, and in our day audacity is, in my
mind, the best policy."
What is audacity but falsehood ? The corres-
pondent answers M. Cavour by expressing as fol-
lows :—" You are right, extreme measures are
sometimes necessary."
This statesman was yourself, Monsieur le Corn-
mandeur, and just what M. de Cavour wrote to
you, that he did. His policy of audacity, without
principle and without law, was carried out, as we
all know, by means of this very Garibaldi. His-
tory will remember it. Garibaldi did in those
days just what he is now doing, raising a revol-
utionary expedition against Rome, and then, too, as
now, he was allowed to go on. And when he set
out M. de Cavour gave him money, which he
afterwards denied in the face of Europe, and he
even sent vessels after him to stop him ; but the
admiral had orders to let him escape.
These things are not forgotten, and it is just be-
cause I remember them that I appeal openly to
your loyalty, and ask you the following ques-

tions :
What serious measures have you taken to pre-
vent Garibaldi from proceeding to Rome? Are
you sure you will not yourself be tempted to fol-
low in his traces ?
What means are you employing to counteract

the language with which he stirs up the people to

rebellion ?
• Is this not the moment when it is imperative on
you to answer these deeds by acts on your part,
and such public words by vigorous words from
your mouth, which all Europe expects and waits
for.

I do not imagine but that you have given good
advice to Garibaldi ; but he intends to follow it as
Italy did that which France gave her, and the re-
membrance of Naples has shown him that Italy
knows how to make use of what she disclaims.

When France agreed to sign along with you the
Convention, she had no idea of being either dupe
or accomplice. That is why lam determined to
recall to you the right as well as the solemn en-
gagements which place Rome under the protection
of Italy ; and I do this more especially on this
date, because it is the anniversary of the 15th
September. You will remember what lam going
to recall to you, but I hold very much to repeat it
again, in accordance with the maxim of Mon-
taigne :—" It is not too much to say a thing ten
times, which ought to be repeated a thousand."
You can hardly be surprised to hear again that
this solemn Convention made with France, is
binding on you. The first article runs thus :
—" Art. I.—ltaly engages not to attack the actual
territory belonging to the Holy Father, and to
prevent by force, if necessary, any attack coming
from without, against the said territory."
The history of this Convention is well known,
still I will repeat it :—M. de Cavour had proclaimed
from his place in the House at Turin—" Rome is
the capital of Italy," and the Parliament respond-
ing to M. de Cavour, issued the celebrated declare"
tion of—" Rome, capital of Italy !"
But the French were at Rome at that time, and
to get there was not so easy. You then had re-
course to negotiations. For four years, to your
knowledge, these negotiations were without any
result, and why ? Because you insisted on your
determination of going to Rome, and of course the
French Government insisted on your consenting to
its argument—" That the Sovereign Pontiff must
always be master of his own dominions." These
are the words of the Emperor Napoleon 111., in a
letter to M. Thouvenel, of 20th June, 1862.
In consequence of this letter our Minister, M.
Thouvenel, wrote to our Ambassador, the Marquis
de Lavalette, at Rome, the 31st May following—
" I positively affirm that the Government of the
Emperor has never breathed a word that could
be construed by the Cabinet of Turin, that the
capital of Catholicity might become at the same
time, with the consent of France, the capital of the
kingdom of Italy." On the contrary, all our acts
and declarations prove undeniably our strong and
constant " determination of maintaining the Pope
in possession of that part of his dominions which
our flag has enabled him to retain.
Why, then, was the Convention signed at last
in 1864 ? Oh ! it was because Piedmont began to
think better of it, and said to France—You will
not sign till we give up Rome for our capital.
Well, then, we will take Florence ; it will form
an excellent capital both as regards politics,
ora
admi-
nistration, and strategy. We gave credence to your
word, and France signed the treaty. Now, sir, let
me tell you that all that was nothing but a coun-
terfeit,France's signature. The
I moment gave up
her idea of making Rome her capital. Florence was
ta Italian inGovernment oi:d t insure
never f
never more in your mind than the first step to
Rome, and France learnt this the very next day
after she had signed the Convention. Ido not
believe that such conduct was ever heard of in the
annals of diplomacy or in the Parliamentary regis-
ters of any country.

No sooner had Pepoli and Nigra, the two Italian
negotiators, got possession of France's signature,
than they hastened to declare that the Conven-
tion " did not attack the national plan of the Ita-
lian Government, and that nothing in it was able
to prevent the triumph of justice and the rights
of the nation." Italian newspapers were full
of such sentiments, and these constructions were
everywhere put on the meaning of the Convention.

The Moniteur showed frequently that all these
commentaries were falsifying the actual sense of
the Convention.

Still, all were expecting the opening of the Ita-
lian Chambers, and perhaps, said we, we shall hear
from the lips of the Government itself something
to dissipate these commentaries so derogatory to
our principles, to our promises, to our interests,
and to our honour. M. Drouyn de Lhuys, on the
eve of the opening of the Chambers, said to M.
Nigra, the Turin representative at Paris, that the
translation of the capital was a solemn engage-
ment made with France, and no provisionary
measure, no halfway house to Rome, and he added
—" Infringe the pledge, and you break the con-
tract."

Now, see what happened ! Parliament met at
Turin, and M. Lanza, Minister for the Interior,
proclaimed the unshaken resolution of the Pied-
moutese Government to complete the unity of
Italy by going to Rome, and you, sir, yourself—
you declared in the Chamber that, as soon as the
evacuation of Rome by the French had taken
place, the greatest obstacle to your entering Rome
would be removed. And filially, the declaration
of the Chamber sanctioned all these words, and
agreed that the transfer of the capital to Florence
was in no way a guarantee given to France in
order that the Pope might retain Rome. And all
this has just now been re-acted in the Chamber at
Florence, at its sitting on the 30th July. "No
one," said M. Sella, the former minister, " has suf-
fered so much as I, in sighing the Convention ;
but I signed it fully persuaded that it would lead
us to Rome." M. Ferrari declared that the Con-
vention was " quite to the advantage of Italy, and
it was France only whose hands were tied, and
that by herself."

Mazzini spoke, perhaps, the most sincerely of all
of you when he said, after the Convention "The

Italian Government has now no alternative but
dishonour by treachery, or Aspromonte for ever !"

It is true you have to choose between fear or
disloyalty, and how ? I will explain. You have
made an engagement, and you must keep it. Do
you hold to it at this hour ? I answer, boldly, No,
you do not. Every motion Garibaldi has made,
every harangue he has pronounced, every step he
has advanced, are so many open violations of your
given word. The French were engaged to eva-
cuate Rome ; they have done so. They have kept
their engagement. Keep yours.

Do you think you deceived us by having 40,000
men on the frontier ? You know Garibaldi passed
by Persano's squadron unharmed and unnoticed,
and why may he not do so again here ? This is
no guarantee. No. You must set a guard against
the meetings, the enlistments, the collections, that
would have at least a greater appearance of reality.
A policeman who would stand by and quietly shut
his eyes upon robbers laying a train of powder
under a dwelling, and setting fire to the house,
might well say, if the incendiarism took place, " Is
it my fault? I mounted guard all night."
Suppose Garibaldi set himself to realize his plan
of Geneva against Victor Emmanuel, what would
you say of the military governor of Florence, who
would see him quietly overturning the country,
making a rise in the faubourgs, and setting up
barricades ? IWould you wait till you saw an
armed rebel force attacking the Pitti Palace before
you would arrest this rebel as a felon, and treat
him as a traitor? Well, you are this very go-
vernor.

We cannot bear this double dealing. We have
a right to ask an explanation of all this. We must
have yes or no. There are tremendous responsibi-
lities, and, believe me, you will have to answer
for them.

It is now nearly ten years, Mons. le Comman-
dant, that France has been allied to Piedmont by a
treaty which we may call a " connubio," like your
alliance with M. de Cavour. Now, out of this con-
nubio, or marriage, vi hat beautiful things were to
grow !

Austria, driven back, trampled upon, and made
exclusively a German Power. Italy, an indepen-
dent and confederate State ; Italy, peaceful, united,
and contented ; Italy, a permanent ally of France ;
Italy, no longer a revolutionary Power; Italy,
assured of her religion ; Italy, developed into a
financial, industrial, and maritime Power.
Ten years have elapsed, and what do we behold
of all this ? Austria is not so much a German
Power as France would have wished it; but Aus-
tria's humiliation and Prussia's aggrandizement
throw France out of her reckoning. All this is
owing to the connivance of Italy, engaged against
the interest of France, where France is disliked and
her friendship despised. Our officers told us all
this on their return to this country, and we neither
could nor would believe them. But to-day no one
doubts it.

Italy is not grateful ! Is she happy? No. Is
she united? No. Is she wealthy? No. Is she at
peace ? No. Does she respect religion ? No.
Has she subdued the agitation of revolution?
No. Has she respected her public funds? No.
We find already in the " political correspondence"
of Massimo d'Azeglio, that a troop of hungry
wolves have rushed upon the budget. The
press, besides, at this hour reveals all the depre-
dations of which you are the victim, and that
merely at the custom house of Naples the Italian
functionaries there purloin more than 5,000,000 fr.
every year. Surely here are predictions enough
belied, but we are not at the end yet.
These agitators of Italy and Europe, which you
feel a burden and an encumbrance, boasted that
they would free Venice, and affirmed that the
Romans would revolt as soon as ever the French
troops quitted Rome. I confess I never for an
instant thought they would deliver Venice, which
you got by a most unexpected good chance as a
reward for your defeat. But I must say I did
almost expect that Rome might have a commo-
tion, just as one expects to see a rock which, left to
itself, would brave thousands of years, but might
very naturally explode, when we are told that bar-
rels of powder and combustibles have been laid
under it for months. Yet the Romans did not rise.
They are people full of heart and deep faith, as
well as good sense. Far the greater part are faith-
ful and devoted to the most noble of sovereigns,
and the oldest and most venerable of sovereignties.
The Italians say they are lying on a bed of thorns.
The Romans do not, however, feel these thorns,
and when they speak of the Italian conscripts they
say, " They have no bed of roses either."
Your revolutionists, for the last six years, have
been undermining them in every possible way, but
these bold swaggerers are not by any means all of
them courageous, and they try their métier of
agitator from behind a screen, and many fear de-
tection especially, too, the Sovereign Pontiff is
surrounded by excellent and devoted soldiers
always ready to fire, and that is awkward ! What-
ever may be the motive, it is certain there was no
rise nor the least emotion. Garibaldi knows this
well, and that is why he now says, "Since Rome
will not come to us, let us, then, go to Rome."
Enough of this.

REPUDIATION AGAIN.

(From the Nation.)

The act of Congress known as the Legal-Tender Act,
because it authorised the issue of $150,000,000 of paper
money, ;declared to be a legal tender in payment of all
debts, also authorised the issue of $500,000,000 of six per
cent. bonds, redeemable after five years at the pleasure of
the United States, and absolutely payable after twenty
years from their date. These are the bonds which are now
well known all over the civilised world as United States
Five-Twenty Bonds, which are sold at all the principal
European exchanges, and are almost exclusively owned
by European capitalists. The interest on them has here
tofore been paid in gold, and everybody believes that it is
due in gold. Concerning the interest no serious question
has ever been raised. But the five years after which the
United States may at their pleasure pay off the capital of
these bonds have expired, and Mr. Butler and his friends,
in their deep anxiety to diminish the taxation of the people
and increase their own political reputation, propose that
the United States shall avail themselves of this option
and pay off these bonds. Now, the safest and simplest
way of diminishing the interest charge upon a debt
undoubtedly is to pay the debt itself, and we belong to
that class of taxpayers who would be very glad to see this
or any other portion of the debt paid off as soon as possible
and taxation correspondingly reduced. The question is
not as to the propriety of paying it, but as to the money in
which it shall be paid. Mr. Butler says that it should be
paid off in legal-tender notes, claiming that the law allows
this mode of payment and that the public welfare
requires it.
Does the law allow it ? The very fact that the question
can be asked and seriously discussed proves that the law
is not clear. In fact, the letter of the law leaves an open-
ing for doubt. The spirit of the law removes all doubt
The letter of the law makes it possible for reckless dema-
gogues, and for a thoughtless people oppressed by :a bur-
den wilfully and knowingly assumed, to claim the right to
redeem the bonds in currency. The spirit
_of the law
imposes a far different obligation.

In July, 1861, a law was passed authorising the issue
of $50,000,000 of paper money and $50,000,000 of bonds
bearing 6 per cent. interest, redeemable at the pleasure of
the United States after 20 years from their date. At the
time the law was passed there was no question as to the
currency of the United States. It was a gold coin cur-
rency, and both the 50 million dollars of paper money and
the 50 millions of bonds wore and aro payable in coin with-
out any stipulation to that effect, for the simple reason that
at that time no other mode of payment had yet been dis-
cussed or thought of. The paper money issued under this
act became known as demand notes, and has been gradually
redeemed in coiu or its equivalent. The bonds became
known as the Sixes of 1881. The interest on them has so
far been paid in coin, and it seems difficult to imagine the
slightest ground upon which either interest or capital eau
be paid in anything else. Nor, as far as we are a•e are', has
any one asserted that it can be paid in anything but coin
In February, 1862, the law was passed authorising the
issue of the Five-Twenty bonds. Nothing was said in the
act of the currency in which the principal should be paid,
nothing was said of the currency in which the in-
terest should bo paid. But it was provided that the
receipts from customs should be specially pledged to the
payment of the interest, and it. was specifically enacted
that all customs should be paid in coin. The bonds were
6 per cent. bonds, precisely like those issued six months
before. There was no distinction in the acts providing
that capital or interest of either should be paid in coin.
Only in the act authorising the issue of the Five-
Twenties, to make the interest payment all the more sure,
specific revenues wore in another part of the act pledged
to the payment of that interest. And now, because ad-
ditional security was given for the payment of the interest
iu Win) it ig .urged that it could not have boon intended to

' pay the principal in coin, or else the additional security
would have been given for the principal likewise. The
fact is that the same security actually was given. The
same paragraph of the act which pledges the
customs receipts for the payment in coi❑ of the
interest on these bonds provides that a part of the coin so
received shall be setaside as a sinking fund for the payment
of the principal of the debt. Yet in face of this the letter
of the law is appealed to, showing that in the paragraph
authorising the bonds nothing was said of the currency in
which principal or interest should b payable.
It is true that the same act under which these bonds
were issued also authorised the making of $150,000,000 of
greenback paper money thenceforth the legal-tender cur-
rency of the United States, and heroin lies the strong point
of the repudiator's argument. It is first proved that the
law does not declare in what currency the bond shell be
paid ; it is then shown that the bond was sold for legal-
tender currency ; and it is next alleged that, as the law
does not specify in what currency the bond shall be paid,
equity demands that it shall be paid in the same currency
that the United States received for it. The argument is
plausible, but it is, after all, but special pleading.
Granted that the law does not specify the currency in
which the bond is payable ; granted that the strong infe-
rence drawn above in favour of the bond being payable in
coin is unwarranted; granted tbat the bond is payable in
the same currency that the United States received for it—
granted all this, and we must still deny that the bond is
payable in legal tender currency.
In the first place, the legal-tender currency issued
under the act of 1862 is no longer the legal tenderof to-day.
The old legal tender which was paid back into the United
States Treasury for these Five-Twenty bonds had at-
tached to it the privilege that it could be exchanged at
par, at the option of the holder, for the very bonds in ques-
tion. The present legal tender notes have no such privi-
lege, and the old notes have been withdrawn. In the pre-
sent legal tender the bonds are worth 12 per cent. premium,
whereas against the old legal tender they were, by the
strict letter of the law, obtainable at par. Surely on this
ground alone it would scarcely be equitable to pay the
bonds in the present legal tender.
In the second place, the old legal tender issue under the
act of Feb. 25, 186-2, was limited to $150,000,000, and stood
for a long time at par with gold, or at a merely nominal
premium. At that time no ono yet dreamt of "the price
of gold." At that time two or three Israelites and a few
Christians of kindred spirit met furtively at the corner of
William-street and Exchange-place, or in the dim base-
ments of a few professional money-changers, and, to the
scandal of a loyal community, tried to persuade one an-
other that gold would be at a premium one of these days.
But for months and months gold did not go there, and the
legal tender notes, for which tho 5-20 Bonds were sold, wore,
to all intents and purposes, as good as gold. Is this the
legal tender currency in which Mr. Butler would redeem
the bonds? On the 25th of May, three months after the
passage of the Legal Tender Act, gold was at a premium
of only three per cent. On July 11 Congress authorised
tae issue of 9150,000,000 of additional legal tender notes,
and in less than three months gold was at a premium of
30 per cent. On Jan. 17, 1863, Congress authorised the
issue of further $100,000,000 of legal tender notes, and in
30 days gold was at a premium of 72 per cent. In which
of these legal tender currencies would Mr. Butler redeem
the bonds ?

It is useless to go further in this direction. Tho facts
are simply these : The United States has borrowed from
its own citizens and from foreigners money on a bond. The
letter of the bond does not specify how the money or what
money shall be paid. The strict letter of the law cannot
be appealed tu. Equity alone can decide by establishing
the intention of the parties to the bond and their interpre-
tation of it at the time of making the agreement. At the
time the contract was made not one person out of a hundred
in the United States believed that we should have
any other currency but a specie currency long be-
fore the five years' option matured, and all who thought
so must have thought that these bonds were payable in
coin.

On the Ist of March, 1862, seven days after the passage
of the Legal Tender Act, an act was passed authorising
the issue of certificates of indebtedness drawing 6 per
cent. annual interest, without stating whether the interest
was payable in coin or currency. By an act of March 3,
1863, the interest on these certificates was declared to be
payable in coin on all those issued to that date, and on all
subsequently issued to be payable in currency ; a striking
argument against the assumption that in the absence of an
express stipulation payment is to be made in currency.
On March 3, 1864, the act was passed authorising the
issue of $200,000,000 of so-called Ten-Forty Bonds, bear-
ing 5 per cent. interest, principal and interest in coin.
These Ton-Forty Bonds are the strongest card of the
repudiators, and their argument is this: the fact that the
Ten-Forty Bonds are made specifically payable, principal
and interest, in coin, proves that it could not have been the
intention of the Government to make the Five-Twenties
payable, principal and interest, in coin, or it would have
stated with equal precision. The very reverse is the case.
The Five-Twenty Bonds early became popular in Europe
and here, and it was thought that money could be raised
almost equally well on a 5 per cent. bond, and thus 1 per cent.
of annual interest be saved. Just at that time the question
first began to be raised, especially abroad, whether the Five-
Twenties might not perhaps be paid off in currency, and in
order to avoid lost any such doubt might attach to the new
loan, it was specifically stated that it should be payable
principal and interest in coin. But, strange to tell, of all
the loans issued during the war, the only unpopular and
unsuccessful one was this very Ten-Forty loan. If any
serious doubt had prevailed anywhere about the Five-
Twenties, who would have hesitated to exchange a doubt-
ful bond for one which admitted of no question, although
the interest were slightly lower? But far from this, these
undoubted bonds wore not taken, and in less than three
months the Secretary was compelled to seek authority for a
further issue of the very Five-T wenty Bonds which it is now
claimed were purchased with a knowl edge of the doubt adher-
ing to them. And from that time to this the Ten-forty Bonds
have stood in the market at almost precisely the same
figure as the Five-Twenty Bonds, taking into account the
difference in the rate of interest. Is it possible to adduce
a stronger proof of the conviction of bona
_fide buyers that
the Five-Twenties were payable, like the Ten-Forties,
principal and interest, in gold ?
We pass by, as not of binding force, the various letters
from different Secretaries of the Treasury giving their in-
terpretation of the law, all of them in favour of our view.
We waive all claim to our version of the law, but we lay
the facts fairly before the people, and ask them what was
the interpretation put upon the bond by borrower and
lender alike when the loan was made ? We take it there can
be but one answer to our query, and that answer the people
of the United States will have to honestly abide by. It
may require an effort to shake off the temptation, but the
people of the United States have scarcely sunk so low as
to yield up their consciences to the guidance of such
spiritual directors as Messrs. Butler, Pendleton, and Val-
landigham.

We have no space left to show how petty would be the
advantages gained by so gross a breach of faith, and how
enormous the loss, how incalculable the evil. Nor can wo
now enter into the absurdity and impossibility of the diffe-
rent means suggested for the actual execution of this nefa-
rious scheme. The fuss and flurry which it has excited
here and abroad are only another warning illustration of
the extreme ease with which the influence acquired for
one purpose may by some ram be applied to another.
The best plan, indeed, of meeting Mr. Butler's
sophistries is to remember that three-fourths of
the difficult science of finance is made up of honesty,
which all men can understand. Whatever cannot be
understood by honest men is apt to. be "financiering," and
something usually called by a worse name. The specific
allegations as to the representations made by the Govern-
ment and its agents in this matter, by which Mr. Butler
has sought to bolster up his plan, in his last letter to the
Tribune, have been admirably met by a correspondent of
the Boston Advertiser, signing himself " W. E.," and we
do not see anything better for Mr. Butler to do than to
let the subject drop. His share in this discussion
furnishes strong support to the prediction we have more
than once ventured to utter, that a good many gentlemen,
whose " opinions on public affairs" are now supposed to be
of considerable importance, will, whenever the reconstruc-
tion problem is settled, have either to provide themselves
with a new and complete mental outfit or let the unfortu-
nate country go to the dogs for want of their advice.

The Springfield Republican says :—" The Adven-
tists find confirmation and comfort in an article by Pro-
fessor R. D. Hitchcock in the Bibliotheca Sacra, in which
he argues that the earth contains in itself all the elements
necessary to its desolation by fire, and cites instances of
burning stars, which have apparently passed through the
same experience that Peter predicted for this earth. No
longer ago than ➢lay of last year a star of the eighth mag-
nitude in the constellation of the Northern Crown sud-
denly blazed out into a star of the second magnitude,
burned brilliantly for awhile, and in twelve days returned
to its original appearance ; and astronomers aro agreed that
the planet was wrapped in the flames of burning hydrogen
during the period of its extraordinary brilliancy."

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TILL PUBLIC DEBT OF THE UNITED STATES.

(From the Wall-street Journal.)
SECRETARY M CULLOM'S MONTHLY STATEMENTS.
Tko following is the Official Statement of the Public
Debt of the United States on the Ist of October, 1867:

DEBT BEARING COIN INTEREST.
Five per Cent. Bonds
Six per Cent. Bonds of 1867 and 1868
Six per Cent. Bonds of 1881
,00
Six per Cent. Five-Twenty Bonds
Navy Pension Fund ' 13,000,000 00

Total
•• 51,715,196,141 80
DEBT BEARING CURRENCY INTEREST.
Six per Cent. Bonds
Three Year Compound Interest Notes
Three Year Seven-Thirty Notes 365,489,100 00
Total 5461,074,680 00
Matured del-t not presented forpayment
three-year seven-thirty notes, duo Aug
15, 1867 54,250,000 00
Compound interest notes matured June
10th, July 15th, and August 15th, 1867 $7.183,100 00
Bonds of Texas Indemnity
Treasury Notes Acts July 17th, 1861, and
prior thereto 164,511 64
Bonds April 15th, 1812
Treasury Notes, March 3d, 1863
Temporary Loan 5,012,203 55
Certificates of Indebtedness
Total

DEBT BEARING NO INTEREST.
United States Notes .• $361,164,841 00
Fractional Currency
Gold Certificates of Deposit 14,867,820 00

Total 5405,897,377 37
Total debt 52,630,389,456 00
AMOUNT IN TREASURY
Coin 5103,298,659 69
Currency

Total 5135,112,009 24
Amount of debt, less cash in}
Treasury -
$2,490-,271,446 /6
The foregoing is a correct statement of the Public Debt,
as appears from the books and Treasurer's returns in the
Department on the Ist of October, 1867.
HUGH 141‘CuLLocu, Secretary of the Treasury.
A comparison of the statement of the Public Debt for
the month of October, just issued, with that of tho last
month, shows the increase of the Public Debt to the ex-
tent of 2,000,471 c. This increase is in consequence of
the heavy payments on account of the War and Interior
departments (the latter on account of pensions), and the
small receipts from internal revenue during the past month.
It is anticipated, however, that the receipts for the pre-
sent month will be considerably in excess of the pay-
ments, and that the statement on the Ist of November
will show a reduction of several millions. A further com-
parison between the present statement and that mado on
the Ist of September exhibits, under the head of
"Debt
bearing coin interest," an increase in the Six per Cent.
5-20 Bonds of $29,670,230. Of the debt bearing currency
interest there has been a decrease on the Three-Year
7-30 Notes of $35,296,925.

The national debt not presented for payment has de-
creased $1,219,119, while under this head there is au ex-
hibit of a decrease of the compound interest notes ma'
tured Juno 10th, July 15th, and August 15th, 1867, of
$5,189,630.

Tho debt bearing no interest has decreased $4,122,339 GO.
There is shown an increase of coin in the Treasury of
of $2,034,639 69, while the amount of the currency has
decreased $15,259,725.
Wo annex the Statements for the respective months of
Auglist Ist and September Ist.

DEBT BEARING COIN INTEREST.
Aug. Ist, 1867. Sopt. Ist, 1867.
Five per Cent. Bonds ... $198,431,350 00...5198,431,350 00
Six por Ceut. Bds '67-68 14,932,141 80... 14,869,791 80
Six per Cent.:Bds. '81... 283,746,400 00... 283,676,100 00
Six per C. 5-20 Bds. ... 1,468,796,800 00...1,205,710,500 00
Navy Pension Fund ... • 13,000,000 00... 13,000,000 00

Total
DEBT BEARING CURRENCY INTEREST.
Six per Cent. Bonds ... $15,402,000 00... $16,346,000 00
3-Year Compound In-
terest Notes
3-Year Seven-Thirties 451,235,425 00... 400,786,025 00

Total
$574,961,855 00 $493,971,625 00
MATURED DEBT NOT PRESENTED FOR PAYMENT.
Matured debt not pre-
sented for payment $15,636,815 87 ... $19,440,375 81

DEBT BEARING NO INTEREST.
U. S. Notes $369,164,844 00 ... $365,164,844 00
Fractional Currency 28,554,729 72 29,202,172 97
Gold Certificates 19,457,960 00 ... 15,462,700 00

Total 5417,1; 7,533 72 $410,019,716 91

Total debt 52,686,685,896 39 $2,653,792,189 64
AMOUNT IN TREASURY.
Coin in band 5102,906,174 00 ... $101,263,620 00
Currency on hand 72,474,296 33 47,073,074 59

Total cash in Trea-
sury 8175,379,470 38 ... $148,386,091 05
Net debt $2,511,306,426 01 ... $2,492,783,365 05
HUGH N. *C ULLOCH,
Secretary of the Treasury.

00UNTB.Y MARKETS.

COLCLIESTER—OcT. 26.

This market was fairly supplied with wheat to-daft
and the business done was more brisk, and generally at IS
per qr advance on last week's prices. Barley was in good
supply, and prices •1s dearer for malting sorts. Bog"
and peas were unall ered.
Wheat. white 74s 81; Beans, 81azagan......403 425
red 63s 72s Middle and 5ma11...44s 486
Barley ... .... 42a 49s Peas, white. 383 926
Oats ..... ... —s a grey ...36s 62S

CHELMSFORD—Ocr. 25.
There was a good show of wheat on sale to-day, and
a fair amouct of business took place in all kinds at the
quotations of last week. Barley, except the best samples,
at a reduction of is on late rates. Oats and peas firm in
demand. Beans the turn cheaper.
Wheat, old white....66a 77s Yeas, Partridge 438 45i
new .6Bs 798 White "..368 4?,8.
old red 6,8 6eB B..iling.. ...... 340 'l'',
new. Os 728 Dun ..... .......408 44:
Barley.. 268 338 dit,o, new.— --9 --A.,;
Chevalier 418 538 Beans, Tick, 01d......428 7„--
Grind.ng 268 32s new....39s Os
Malt 668 74s Harrow rickB.92B 465

Chevalier 68s 7O
Oats ••• 20,1 26s

new.... 410 450
Mazagan. 393 448

ABERDEEN—OcT. 25.

There was a dull business done to-day, with a thin
attendance. Flour in good demand at is decline.
White wheat 58s Od to 63s Odl
r 621 b V bushol•
Red wheat 50s Od to 58s Odi
Potato oats
Common oats 22865 s 06dd
ttoo 30s 30s
00dd}
Bore 35s 6d to 36s Gd t 531b13 bushel.
Barley 35s 6d to 36s 6d)
Oatmeal 4olb 111 bushel.
20s Gd to 21s 6d 11 boll of 280113.
Flour, fine 48s Od to 50s Od 11 sack of 28O'b

KIRKCALDY—OcT. 26.
Good supplies of barley, but small of wheat and oats,
at the prices of last week.
Wheat. Barley. Oats.
s's Od 1 36s 6d 3os 6d
beoend.... 62s Od I &is 01 :11s Od
Third.-- 746 Od lls 6d 32s Od

COAL 31
Price per Ton

'AR ET
at the Close.

s d
Walls End Gosforth 20 3
Caradoc 2l 9
Haswell
Brancepeth Cannel lB 6
Cowndon l9 0
Hartlepool
Kolloe
Wylam 2l 9
Ship at marks

s
Teos 22 3,
Walls End Rotten 22
Eden Main
S. AlooriPelton Gas l3
iletton 20
Bradyell'slletton
Wharneliffo 2O 3

1, C4—sold, P.

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