The Sun.
London, England, 1867-10-26 00:00:00

THE SUN, LONDON, SATURDAY EVENING, OCTOBER 26, 1867.

time in 1866. The exports for the first nine months of the
year, exclusive of specie, have been $137,955,226 against
$149,247,456 to the same date in 1866. Foreign exchange
is dull. American silver is at 51 to 6 cents below gold;
Mexican dollars at 1021 to 103 in gold. Railway stocks
are firm and active. There have been many fluctuations
during the week. Erio have advanced, on the result of
the election, Daniel Drew being defeated, and the road
transferred into the hands of the Boston, Hartford, and
Erio Railroad, and the Vanderbilt interests. John S. Eld-
ridge, president of that road, is now also President of the
Erie. The New York Central, Michigan, Southern,
and North Western have also advanced. The Chicago
Rock Island and Pacific Railroad pays its half. yearly
dividend of 5 per cent. The Cleveland and To-
ledo road has added 25 per cent. to its capital,
previous to consolidation with the Cleveland, Painesville,
and Ashtabula Railroad. There has been some excite-
ment on the discovery at the Treasury of counterfeit 7-30
Bonds. They are either counterfeits or duplicates, and if
counterfeits they have been so cleverly executed that the
most skilful, both in Wall-street and in the Treasury, fail
to detect thorn. The discovery was only made by the
duplication of the numbers in the Treasury. It is
thought they came from Europe. The plate is a fee
simile of the original, but there is a barely perceptible
difference in the coloured inks. Express stocks closed
yesterday as follows:

Adams, 641 to 624; American, 62; United States, 621
to 64 ; Wells, Fargo, and Co., 56 to 561 ; Merchants' Union
($35 paid), 23 to 24 ; and railroad and miscellaneous :
New York Central 1134, Erie 694, Hudson 127, Reading
1014, Michigan Southern and Northern Indiana 834, Illinois
Central 122, Cleveland and Pittsburg 821, North-Western
434, North-Western Preferred 674, Canton 444, Rock Island
974, Cleveland and Toledo 131 k, Fort Wayne 1004, Pacific
Mail 142, Quicksilver 25, Western Union Telegraph 364,
Mariposa Preferred 17, Ohio and Mississippi Certificates
261, Boston Water Power 19, Cumberland 34.

(From E. F Satterthwaite and Co.'s Weekly Circular, Oct. 23.)
Our latest reports from New York by the Java are to the
12th inst. Government Bonds had fluctuated considerably
since our previous advice; having advanced at one time
quite one-and-a-half per cent.; but on the discovery of
some forgeries of Treasury 7.30 notes prices gave way, but
again rallied. Railroad Stocks generally had improved,
and for Mortgage Bonds there was a fair inquiry. For
money there was a good demand, but without any pressure.
The unsettled state of European politics ha; during
the past week, had an unfavourable influence on American
Securities in common with other Stocks. United States
5-20's at one time declined to 671, and the 1865 issue to
661, but from these quotations there has been a reaction,
and they close 69} to 1, and 671 to respectively.
Illinois Central Shares are steady at 78 to 1, but Eries,
on fluctuations reported from New York by Telegram,
have shown considerable alterations, haying been down as
low as 44}, and closing 451- b 461.

In Atlantic and Great Western Divisional Bonds there
have been but very limited transactions, while for tho
Certificates of Debenture and Consolidated Bonds there
has, since the meeting, hold yesterday, been a little more
inquiry.

(From Messrs. Bowles, Drevet, and Co.'s Circular.)
Paris, Oct. 25, 1867.

The excitement upon our Bourse has continued, with
steady decline in prices, until the announcement in the
Moniteur of the cessation in the preparations for an armed
intervention on the part of Irene() in the affair of Rome.
A much more cheerful feeling has since prevailed, with a
decided reaction in prices.
Americans have shared inthe fluctuations of the general
market, and have also been to some extent adversely
affected by a rumour that tie United States Government
proposed paying their indebtedness in paper money, in re-
futation of which we are pleased to be able to annex copy
of a letter* from Mr. M'Culloeh, Secretary of the Treasury,
dated Washington, October 7, positively denying there
being any foundation for suc:i report.
We also annex the statement of the public debt of the
United States on the Ist October, 1867, which wo just re-
ceive from Mr. M'Culloch.
Our dates from Now York are to the 21st inst.
Gold
United States Bonds, 1862 ll2 currency.
We quote American firm.
1862
1865
The Route closes at.. 6B 52}
The Italian closes at
Exchange on London 25 131
* The letter is giver in another column.

(From L. P. .Mortar and Co.'s Circular.)
New York, Oct. 12, 1867.

The money market retains the features of stringency
noted in our last advices, with but little alleviation.
The preparations of the Tanks for their Quarterly State-
ment, made up on Monday last produced at the close of
last week a stringency scarcely equalled since 1857 ;
but during the present week money has been more easily
obtained, although in no case below 7 per cent. on the
strongest collaterals. At present the pressure for accom-
modation from the West shows a partial abatement, as the
currency distributed among the farmers is beginning to
return to the grain centres and is again available for the
banks; but the hog crop and the cotton crop have yet to
be moved, and it is not apparent how the demand for thess
purposes can fail to produce a prolonged stringency in
the Now York loan market This demand comes imme-
diately after a contraction of $55,750,000 of legal
tender circulation, effected within four months. Since
the demand for moving the grain crops sot in the
banks of the City have lost $21,000,000 in deposits and
$19,000,000 in legal tenders, while their loans have been
reduced only $5,500,000. The prospect of the Southern
and Western demand for currency, under the circum-
stances of such a heavy curtailment in the national circu-
lation and such a diminution of the means of the banks, is
naturally viewed with some anxiety.

The condition of the money market has not been with-
out its effect upon business generally, Since tho middle
of September trade has boon dull, and merchants have
shown a disposition to realise upon their stocks, with a con-
sequent decline in prices; and, as a rule, anticipations as
to the course of business during the remainder of the year
are the reverse of sanguine. .

United States Securities have fluctuated widely, in
sympathy with speculative operations, but the predomi-
nant tendency has favoured lower prices. The protracted
montary pressure compels a considerable amount of realis-
ing., while the demand for the temporary employment of
balances has almost entirely disappeared. Last month
the market was sustained by Government purchases of
seven-Thirty Notes to the extent of $5,600,000 in excess
of its sales of new Bonds, but the currency balance of
the Treasury having boon reduced to an unusually low
point, these operations are now suspended, and the market
is loft to sustain its own weight. The statement of the
Public Debt for October Ist presents the unusual feature
of an increase in the net debt, amounting to $2,491,081.
This change is due to the fact of the disbursements of
the War and Interior Departments having been specially
heavy, while the receipts from Internal Revenue have
proved exceptionally light. It is intimated in official
quarters, however, that this course of the finances is not
likely to be continued.
The agitation of the proposal to pay the Five-Twenty
Bonds in currency is confined to a few demagogues, who
are by no means to be regarded as representing even a
respectable minority of the public upon that question.
The largely predominant sentiment is, that the bonds
were issued upon a fair understanding that the principal
should be paid in coin; and it may be safely affirmed
that the people are prepared to stand to this implied
contract. The Secretary of the Treasury presents a
fair reflection of public opinion upon this question in a
communication given below, and which reiterates the
view expressed in a letter addressed by the Secretary to
ourselves and given in our circular of November 17, 1866.
Measures are in course of preparation for the introduction
into Congress of a declaratory resolution, affirming the
purpose of the Government to pay all its bonds in coin of
the United States; so that this questicn, which creates
much more distrust abroad than at home, will not much
longer bo allowed to remain in doubt.

At present, the predominant tendency on the gold
premium is toward lower quotations. The result of the
State elections, showing a decided change in the current
of political opinion, is construed as against the proba-
bilities of impeachment; which, together with the antici-
pation of the payment of the November coupons and the
more pacific aspect of affairs in Italy, produce an indispo-
sition to buy on speculation.
Foreign Exchange is dull and rates weak, at 109 k to I,
for 60 days Bankers' Sterling, 1091 to k for 3 days' sight ;
and for Francs 5.18/, 60 days' and 5.16/ sight.
(From Messrs. Belding, Keith, and Co.'s Circular.)

FRIDAY EVENING, Oct. 25.

American Securities have shown on the whole a steady
advance upon the closing prices of last week, which is to
be attributed to reports from the Continent being more
peaceable and gold in New York not having diminished to
a corresponding extent.
United States 5-20 Bonds of both 1862 and 1865 issues
have risen 1 per cent., closing respectively at 691 to 691
and 671 to 671.
Illinois Central shares close 79 to 791, and Brits .151 c
to 46, both showing an advance of from 1 to 2 per cent.
Atlantic and Great Western Consolidated Mortgage
Bards have improved and close at 21-1 to 22.

I AnvEnnsEmENT.] Holloway's Pills are the medicine
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relief to, if they fail of proving au absolute remedy for, all
the disturbances of digestion, circulations, and nervous
tone which occasionally oppress a vast portion of this
population. Under the genial, purifying, and strengthen-
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becomes clean, the appetite improved, digestion is
quickened and assimilation is rendered perfect. These
Pills possess the highly estimable property of cleansing
the entire mass of blood which, in its renovated condition,
carries purity, strength, and vigour to every tissue of the
body.

ROME AND nALE

A letter from Rome, dated Oct. 18, says :
The Giornale di Roma, which is the official organ
of the Holy See, published on the 12th inst. two
documents of great:importance. The first is a
Bull sub plumbo—that is to say, of the most solemn
character—which suppresses and abolishes for ever
(in perpetuam) the Apostolic legation of Sicily and
its tribunal. The Bull calls this legation praetensa
legatio. In reality no one has ever produced the
text of the concession of Urban 11., by virtue of
which this legation was supposed to have been
instituted, or at least the text which was pro-
duced was always regarded as apocryphal. You
know that on the strength of this pretended con-
cession the Kings of Sicily, and afterwards the
Kings of Naples, considered themselves as dele-
gates of the Pope, with power to regulate a mul-
titude of questions referring to ecclesiastical disci-
pline ; such, for instance, as granting dispensations
for marriage, the secularization of religious houses,
&el Hence arose a number of abuses which, in the
eighteenth century, had become scandalous. Cle-
ment XI. suppressed the legation and its tribunal ;
but, at the instance, and listening to the promises
of Benoit XIII., King of Naples, he re-established
it on certain conditions and under certain reserva-

tions, which have been constantly violated by the
Kings. In Sicily the Kings were represented by
judex delegatus, nearly always a layman who com-
mitted enormous abuses of power. In the beginning
of the nineteenth century the Neapolitan and
Sicilian bishops supplicated the King, who was
then engaged in concluding a Concordat with
Rome, to yield to the wishes of the Holy See.
The King listened neither to their prayers nor to
the remonstrances of Rome. The legation was
re-established, such as it was, before the Bull of
Clement XI. Pius IX. has just abolished it; he
did it without consulting any one, even Francis 11.
The second document is a Brief to the Sicilian

bishops, clergy, and laity, declaring that Rome
would, indeed, permit that the Sicilians should
preserve a certain number, secured to them by
the Legation, only that these privileges should
henceforth be dispensed by the bishops. Up to the
present, tho Italian Government has made no pro-
test ; indeed, by its principle, a free Church in a
free State, it has no right to do so. It is not
known why Pius IX. has only published this year
a Bull and a Brief which bear the date of 1864.

The public health is excellent ; the cholera has
ceased. By order of the Cardinal Vicar, at this
moment a triduum of thanksgiving is celebrated in
all the parish churches, or in those dedicated to
the Blessed Virgin.

Tranquillity is perfect. This, perhaps, may
appear strange to you, but, nevertheless, it, is the
exact truth. The Roman people share the belief
of Pius IX. He believes that the more the cause
of the Church appears in danger the nearer its
triumph is at hand. I cannot sufficiently urge you
to put no faith in the news that comes by the way
of Florence ; there are no insurgents in the Papal
States—there are only invaders. Up to the present
they have gained no important success, and they
occupy no place, with the exception of Nerola, as I
will presently relate. There are more than 400
prisoners, and upwards of 50 killed and wounded.
With the exception of 16, who are natives of the
present States of the Church, all the prisoners
belong in part to the former Papal provinces, and
in part to other Italian provinces. There are
amongst them beardless boys, escaped from college,
shopboys, shoemakers, &c. They are to be con-
ducted to Civita Vecchia. They arc treated in
every possible respect as prisoners of war, even
the 16 Papal subjects ; their arms have been
confiscated ; they are mostly in a very bad condi-
tion.

I suppose that you translate every week for your
readers the news from the Giornale di Roma, as it
comes to hand. This news only is correct, for the
Papal Government tells the truth, and the whole
truth.

You know how the Zouaves delivered Subiaco
on the 11th from a band of Garibaldians, who
had invaded it during the absence of a part of
the garrison. They made 17 Garibaldians pri-
soners, and killed 3, one of whom was the leader,
and wounded several. They themselves had only
2 wounded, one of whom is Lieutenant D6sclee, a
Belgian. The governor of Subiaco and the bishop,
who were guarded by Garibaldian sentinels, were
delivered, and the population welcomed the soldiers
with " Viva Pio Nono !" " Viva the Papal Army !"
The next day, the 13th instant, 90 Zouaves endea-
voured to drive away the Garibaldians from Monte
Libretti, where they were at first to the number
of 200. The Zouaves, at half-past five in the even-
ing, attacked the position, and drove out 200 Gari-
baldians, making 10 prisoners. They entered into
the city, but they found that the Garibaldians
were reinforced. After a desperate encounter the
Zouaves were repulsed. They lost two officers--
Lieutenant Guillemain and Sub-Lieutenant De
Qu6len, many men, and six prisoners ; but the
Garibaldians had 25 men killed or wounded. In
the night the Garibaldians retired to Nerola,
where they are now to the number of 1,500.
Nerola is a little village close to the frontier, on a
height difficult of attack. Since yesterday 1,500
soldiers have been concentrated under the walls,
with four cannons, under the command of M. de
Charette.

This letter will reach you by way of Leghorn,
for the communications are interrupted between
Rome and Florence, the Garibaldians haying cut
the wires at the frontier.

On the 16th a detachment of gendarmes of the
Legion of Antibes and of Chasseurs routed a strong
band which had entered Vallecorsa from the Neapo-
litan frontier.

It is said that Garibaldi is at Terni, and that his
two sons, Menotti and Ricciotti, are at Nerola.
Menotti sent back, with a polite letter, to Colonel
Alex, of the Zouaves, at Rome, the clothes, watch,
and purse of Lieutenant Guillemain. But what has
become of the money, the pay of the company,
which M. Guillemain carried with him in his purse ?
There are at Nerola, among the Garibaldians, six
wounded Zouaves, who are, it appears, very well
treated. An English lady, whose name I could not
learn, went to visit them.
We are assured that tranquillity will not be
disturbed at Rome, notwithstanding the bravados
of the revolutionary party. In every case, if there
should be the least attempt at disturbance, the city
will be placed in a state of siege. The police
expel all suspected persons. They know all that
passes, and that there are twenty-four detachments
(squadriglie) of revolutionists ready to attempt a
disturbance.

me Pope invited to dinner yesterday, in the
Vatican, fifty-four persons, heads of families, one
for each parish, to make up to them for the loss
of the October excursions, which they had been
prevented from enjoying.
By a decree inserted in the Giornale di Roma,
the Pope intrusts to the Bishop of Lublin the
administration of the diocese of Podlachia, the
bishop of which has been exiled by the Russian
Government.
A letter from Florence, dated October 20, says :

It is impossible not to be disgusted at the farce
which is being enacted here. So flimsy is the veil
thrown over the Government direction of the so-
called Garibaldian movement that one wonders
whom it can be supposed to have deceived. In the
cafés, in the railways, in all places of general resort,
and in the public prints, the relation in which the
Government stands to the movement is perfectly
well understood by all.
I have just arrived from Venice. All the way
recruiting of so-called volunteers is openly going
on. To judge by appearances, new suits of clothes
and plenty of money to spend on drink by the
way are the inducements which draw the scum of
the populace into the movement. It seems not
very successful, however, as they only come in
driblets. We have had little gatherings of them
several times joining our trains, rough noisy lads
between sixteen and twenty, with a scarlet shirt
or some bit of red as a symbol of their destination,
and two or three soldiers to look after them and
see they do not run away again.
At Ferrara a poor old fellow came running to
the station, bought or begged back his son, and
dragged him off in triumph.
You will see by he AUrilalS sent herewith that

public subscriptions are allowed in the towns, and
many municipalities have voted subsidies without
hindrance from Government.
You cannot believe what trouble we have with
the money ; it quite mars the pleasure of travelling.
There is no coin to be had except at an enormous
loss ; indeed many of the money changers have
none at any price. Every one has nothing but
paper, and at the public offices, such as railways
and post-offices, they make more difficulty than
anywhere else. There is no Government paper of
lower value than two francs, and the small notes
of private banks can only be passed in the parti-
cular city of each. Every one is complaining of
the great impediment to trade thus occasioned.
The most exaggerated accounts of the success of
the invaders of the Roman States (insurgenti, they
absurdly term them), are published in the local
papers. I saw a private telegram received from
Home yesterday at Bologna, from a very high and
authentic source, declaring the city still perfectly
quiet, and much less importance is attached to the
movement, by those living in the midst of it than
one would expect from all the noise that is made
about it.

Orte, a border town near Foligno, has, however,
been taken, and a forced levy of 25,000 francs, has
to be paid within six hours by the religious communi
tics of the place. The time allowed for its delivery
had to be short, lest the Roman troops should rep-
take it for the Pontifical Government before the
sum had been received.