The Sun.
London, England, 1867-11-01 00:00:00

THE SUN, LONDON. FRIDAY EVENING, NOVEMBER 1, 1867.

RAILWAY INTELLIGENCE.

TEIGIsT VALLEY.

The adjourned meeting of this company was held
at Newton Abbot on Monday—Sir L. Palk, M.P.,
in the chair.

The CHAIRMAN stated that the directors had per-
fected the scheme of arrangement in detail between
the company and their creditors. In accomplishing
this they were greatly indebted to Mr. H. Edwards,
of King's Lynn. _ .

The Secretary (Mr. J. Alsop) then read the par-
ticulars of the arrangement.

Mr. 11. EDWARDS explained that the creditors
would have an opportunity of objecting to the
arrangement when the scheme was before the Court
of Chancery, although the arrangement had been
prepared in coccert with the principal creditors,
and the meeting might conclude, therefore, that the
scheme would be passed as it left their hands. The
scheme of arrangement was to the effect that shares
to the extent of £20,740 had been paid upon, and
power was taken to issue £5,000 in satisfaction of
certain claims, and a further margin of £5,180,
making up the share capital to the reduced amount
of £31,000. Different classes of creditors would be
paid in B and C debenture stock. It was not pro-
posed to raise money upon those stocks for the pay-
ment of the creditors, but the latter were to accept
payment in those stocks. There would then be
the A Stock, which would be the first charge upon
the undertaking, and upon which as much money
would be raised as would complete the works. Thus
all classes would rank according to their rights. The
total amount of the several stocks and shares would
not exceed the amount authorised by the company's
acts. He thought they might look forward to a
speedy release from their present embarrassment,
and to the early completion of their long delayed
line.

The scheme of arrangement was then unani-
mously agreed to, and a vote of thanks to the chair-
man terminated the proceedings.

GRAND TRUNK OF CANADA.

The half-yearly meeting of this company was
appointed to be held,! pro forma, yesterday, at the
City Terminus Hotel, Cannon-street ; Mr. A. W.
Young in the chair.
Mr. J. M. Grant, the secretary, having read the
notice convening the meeting,
The CHAIRMAN said the notice just read would
explain the object of the meeting. He was exceed-
ingly sorry that the President, Mr. Watkin, was
then absent in consequence of a domestic affliction
in his family. The report of Capt. Tyler and Mr.
Eborall on the state of their line and other matters
had not yet been received, but he thought the re-
port would soon be completed. The directors would
require some time to thoroughly consider the joint
report of those gentlemen, and it was, therefore,
proposed to adjourn the present meeting to the 19th
of December next. lie then moved a formal reso-
lution for the adjournment of the meeting to
Thursday, the 19th of December, at one o'clock, at
that place.

➢lr. HOYES called attention to paragraph 8 in the
report, which stated that a bill bad been prepared
for submission to the Canadian Parliament during
the coming session to consolidate the preference
bonds and stocks by conversion into an uniform pre-
ference debenture stock. He objected to the Board
of directors taking steps without consent to affect
the rights of the bondholders' property. He denied
the right of any body of men, however respectable,
to deal with his interests as a bondholder. He had
called at the office and seen the copy of the bill,
which gave power to three-fourths of any number
of share and bond holders who chanced to attend a
meeting convened for the purpose to decide the
question as to disposing of the rights and priorities
of the bondholders in the company. The time had
come, he thought, when there should be a change in
the management of the company's affairs both at
borne and in Canada. lie would not oppose the ad-
journment of the meeting, but he felt that some ex-
planation should be given them before they ad-
journed.
Mr. RATTER said he held about £5,000 in bonds
of the company, and he had taken them on the faith
of the Arrangement Act ; but now it w;:a proposed
by the new bill to alter their zi4ts of priority. Ile
could not understand bow the directors could have
had the boldness to make such a proposition. He,
for one, would place the matter in the bands of his
solicitor.

Mr. C. LEGG thought there would be no difficulty
in supplying the bondholders with a copy of the
new Arrangement Bill.
Mr. PRANCE said, with regard to the permissive
bill, there was no time to be lost ; it would come
before the Legislature of Canada in a month, and
would, if unopposed, pass through and become law.
He hoped the directors would withdraw the bill. It
proposed to convert the first, second, third, and
fourth preference bonds into a new 6 per cent. de-
benture stock, not to exceed in amount the aggregate
of the four classes of debenture bonds. lle believed
the dividends on the latter now averaged 4 per cent.
on the whole amount, while the new bill was to
raise the interest on the one large uniform stock to 6
per cent.; so that, instead of the preference charges
being £375,000, as at present, they would be raised
by the new bill to £582,000, being an increase of
£207,000. Ile believed the real object of the bill
was to enable the directors to spend more money on
the line in Canada, and would have the effect of
raising their capital to £20,000,000. The policy of
the proprietors should be to stop the further expen-
diture of capital, and spend no more money than
was absolutely necessary to place the permanent way
in an efficient state and to provide the requisite roll-
ing stock. They had already expended £17,000,000
in Canada, and there was not now one penny in
actual money available as interest on that outlay.
Ile thought the preference bondholders must be
idiots if they allowed their rights to be taken away
as proposed by the new bill. Let them make the
line safe to travel upon, and deal with it as a com-
mercial undertaking. At present they expended
90 per cent. of the receipts in working expenses,
and the rest was swallowed up. They must look
into the details of that expenditure, put a stop to
unnecessary outlay, and make it a paying concern.
Mr. CONEYBEARE suggested that the loss on the

greenbacks should be first deducted from the gross
receipts, and not from the gross profits. He wished
to see in the accounts the profits on greenbacks as
well as the losses. He held some of the Atlantic
and St. Lawrence stock, upon which he was paid
his dividends in greenbacks, instead of in sterling.
He wished also to have an account of the losses sus-
tained by the company on the leased lines.
Mr. E. J. HERA.PATII said he held £ll,OOO of

preference bonds in the company, and he considered
that their expenditure was exceedingly heavy. He
did not know exactly what the objects of the bill
were, but from what he had heard it should be exa-

mined carefully, as he did not like any alteration of
existing rights. It was quite a new thing to con-
vert existing priorities into one uniform debenture
stock. lie hoped the bill would not be proceeded
with, as the time was too short to form au opinion
upon it. Ile wished to know what had been ex-

puttied on steel rails during the past half-year, as
there was in the accounts a charge of £625 for
royalty on steel rails.
Mr..NEWMAI:CII, the auditor, said he held a posi-
tion between the share and bond holders and the

hoard. Ile thought the last, r would rather be glad
that the present opportunity had elicited an expres-
sion of opinion as to the bill, and that the directors
would carefully weigh the observations that had
been wade. Ile woiild, so far as he could, report to
the directors the strong feeling of the meeting on
the question they had discussed. He might men-
tion that there was no intention to mix up any por-
tion of the expenditure with the International Rail-
way. The report of Captain Tyler and Mr. Ebo-
rall was being carefully prepared, and he was in-
formed that they had gone very fully into matters,
which had taken more time than was anticipated.
The net loss on the greenbacks was the balance of
the profit and loss upon them. He could tell them
that the loss from greenbacks and the American
war had greatly retarded the results anticipated
from the operation of the Arrangements Act.
If it had not been for the American war he be-
lieved that five years would have been sufficient

to accomplish what ten years' time was granted for
by that act. The gross receipts of the line since
1862 had exceeded expectations, but they had failed
in realising the net result. As to the policy of plac-
ing the permanent way and the rolling stock in a
condition to carry all the traffic to be had, there
could be no doubt if that were the case they could
now earn £50,000 a week ; and gentlemen could
easily see what a difference that would make for the
next eight or nine weeks to come on the aggregate
receipts of the current half-year. Speaking for him-
self, he did not lose faith in what the ultimate re-
sult of the line would be if proviled with ample
means to cArry the traffic. The disastrous harvest
of last year, which extended over the whole of the
North American continent, had seriously affected
their receipts. Now they had a good harvest, and
would experience the alvantage of it. The loss of
the greenbacks could, of course, only come out of
their profits. lie thought there was no difference
whatever between the interests of the directors and
those of the shareholders and bondholders.

Mr. MERCER said he had supported the policy of
the Arrangement Act in 1862, and could not see
what right any one had to disturb his priority as an
equipment bondholder. He had every confidence
in the directors, and trusted they would do what
was right. _ _

The Ch said he was not going to answer
all the observations that had been made. He bad
taken a note of the proceedings and would report
the matter to the board. The existing equipment
bonds would remain as they were. They paid a
royalty to entitle them to use steel rails, but nothing
had been expended in the purchase of steel rails.
He would call an early board meeting and submit
the grounds upon which the meeting were opposed
to the new bill, and of course they would decide as
they thought best for the interests of the company.
After another long discussion it was agreed that a
deputation, consisting of Mr. Noyes, Mr. Prance,
Mr. Smith, Mr. Ritter, and Mr. Mercer, should re-
present to the board the views of the proprietors
present with regard to the proposed bill. 'I he meet-
ing was then adjourned to the 19th inst., and the
proceedings concluded with a vote of thanks to the
chairman.

THE ATMOSPHERE OF THE METROPO-
LITAN RAILWAY.

On Wednesday Dr. Lankester resumed his inquest
upon the body of Elizabeth Stainsby, whose death
was alleged to have been caused or accelerated by
foulness of the air in the tunnels of the underground
railway. The deceased was suffering from disease
of the heart at the time of her death.

Professor Rodgers, lecturer on medical jurispru-
dence and chemistry, was the first witness, and at
his request the evidence of Dr. Popham as to the
appearance of the body was read to him.
Dr. Popham added that he had found the de-
ceased was tightly laced, the effect of which would
be to compress the chest and to impede the free
action of the lungs.
Professor Rodgers read a report which he had
made upon samples of air taken on four different
occasions from the tunnels of the Metropolitan
Railway, and also from various other tunnels. The
air in its pure condition oontained 2,080 volumes
of oxygen per 10,000, and from 3.7 to 6.2 of car-
bonicacid. On Sept. 4he found that in the worst
tunel (i.e., Gower-street) there were 1,870 measures
of oxygen, and there was but a slight trace of car-
bonic acid. The highest amount of carbonic acid
he had found on any one occasion was 18.7 per
10,000 ; but the atmosphere of a theatre four feet
above the stage was 231. The slight deficiency of
oxygen which he found would not act injuriously
even upon delicate persons passing as they did
rapidly through the tunnel in trains. He thought

that under the circumstances under which the
deceased entered the train that was to say,
considering that she had eaten heartily,
was tightly laced, had diseased heart, and was
already faint before she entered the tunnel—her
death had resulted from natural causes. Perceived
the odour of sulphurous acid in the Gower-street
Station ; but the highest quantity that witness found
was 1 part in 23,000, which was not more than
would be given by a match lighted in that room.
Thought there might be more sulphurous acid at
one time than another ; but there was sufficient yen•
tilation to prevent the accumulation to any injuri-
ous extent of gases which would be prejudicial to the
public health. Thought that the railway might be
employed with perfect safety ; and witness would
not mind going up and down the line any number
of times a day. None of the servants of the com-
pany had made any complaint to witness.
The Coroner—Then you would not mind staying
in the tunnel all day—that is if you were hand-
somely paid for it ? (Laughter).
Witness—lt is not an atmosphere one would
choose constantly to reside in ; but it may be ad-
vantageously compared with that of other tunnels
and crowded places.
The Coroner said he was exceedingly glad that
the inquiry had been held, for it had conclusively
shown that however oppressive the atmosphere of
the tunnels might at times seem it did not contain
anything that was really dangerous or prejudicial to
health.

The jury, without hesitation, found a verdict of
~ Died from natural causes."

The Recent Elections in the United States

The last mail left the United States in a ferment.
Bonfires blazed and crackers fizzed, bells pealed, and
cannon roared, innumerable drinks were mixed, and
a great business done at the bars, for the " Key-
stone" State had proclaimed in the Pennsylvania
majority for Democracy that the tide bad turned
strongly against the hitherto triumphant Republican
party. Ohio had followed suit, and in lowa the
effect was seen by a largely decreased Republican
majority. The ruling party has been amazed and
staggered by the result, and their opponents may
well be jubilant, for the strength of the reaction has
been far in excess of anything they anticipated. Let
no one henceforth proclaim his knowledge of the
national mind. We have seen bow Mr. JOHNSON
blundered when he undertook to gauge the opinion
of his countrymen. We now see how fatally the
great Radical leaders have been in error in the
extremes to which they pushed their party, and we
may learn the strength of the moderate Conserva-
tism of the country, which will neither permit negro
ascendancy—the substitution of a military for a civil
rule•—the impeachment of a President without the
gravest reason—nor the unchecked supremacy of
Congress. However disagreeable this bitter lesson
may be to the great party whose principles are
still, and will continue to be held by a large ma-
jority in the United States, yet we believe that the
electoral body has acted wisely in pulling up with a
round turn the extreme Radicals who have drifted
their party towards ruin. By all lovers of order,
by all upholders of Constitutional Government,
this strong expression of the people's opinion will
be hailed with pleasure. Within little more than a
year both parties have been taught the value of
moderation. President JOIINSON knows what came
of Mn threats against Congress. The Radical
leaders now know what is likely to come of their
threats against the PRESIDENT. Both, if they be
wise, will moderate their language as well as their
measures, and curb with a strong rein the more
violent of their leaders. There is something amus-
ing in the sudden wrench received by a few candi-
dates. But the other day the Hon. BEN. WADE
was planning what he would do when seated in the
Presidential chair pending the trial of the late in-
cumbent. Ile had hinted in his celebrated Kansas
speech at a redistribution of property, and visions
of the grandest scramble ever seen, of which he was
to be author, and all things in the United States,
the prizes, may have flitted before his imaginative
mind. But alas for the instability of politicians,
the Democrats have secured a majority in the Legis-
lature of Ohio, and he will soon be ousted even from
his place in the Senate. General HAYES, a gallant
officer, with a record of which any man may be
proud, beloved and respected in his State of Ohio,
resigned his place in Congress to stand for Gover-
nor. He felt certain of success, but the latest Re-
publican papers, spoke of his defeat as probable.
We believe he has been elected, but by a majo-
rity so small that he must owe his success
to his personal qualities and antecedents,
rather than to his Republican principles.
The Democratic candidate, Judge SHARSWOOD,
was elected by Pennsylvania over the Republican
candidate, Judge HENRY WILLIAMS as Judge of
the Supreme Court by a majority of from 1 to 5,000.
So say some, but later intelligence is said to have re-
versed this, as Western Pennsylvania had turned the
Democratic victory, and thrown her vote so strongly
into the opposite scale that WILLIAMS had been
elected by 1,286 majority. Judge SHARSWOOD is
an eminent lawyer, who has long held the post for
which he is a candidate for re-election. To have
ousted him in favour of WILLIAMS would have been
a mere party move, to which many strong Repub-
licans might well have objected, and in seeking
to do so the party has probably met with a
well-merited defeat. It was also said that the
returns from Harrisburgh gave 20 Republicans
and 13 Democrats in the State Senate, and in the
House 55 Republicans to 45 Democrats, which
would leave a working majority to the Republicans
in Pennsylvania. But matters were still uncertain,
though the latest reports were balancing the Demo-
cratic gains. But if the feeling of the country be
not cheery for the violent Radicals it is now
believed the Republican party have a stronger and
more decided friend in General GRANT than they
had hitherto imagined. Not only does General
SnEetpaN say he is more Radical than he is, but de-
elarei that his a ]ministration in Louisiana was
nrida- rather than in excess of the instructions and
wishes of the Commander-in-Chief. But the
strongest testimony of his sentiments is given by the
lion. E. B. WASHBURNE in his recent speech in
Illinois. We have elsewhere alluded to his infor-
mation that the country may rely upon the fact
that no better nor firmer friend of the Congres-
sional policy lives than General GRANT. These are
the two most likely to know, as they are GRANT'S
closest and most intimate friends. If so, and GRANT
can be persuaded to stand for the Presidency
on the Republican ticket, the Presidential
election can scarcely be other than in favour of the
Republican party. So elated are the Democrats by
their recent victories that they talk of nominating
General M'CLELLAN. In defeat, each party turns
' to GRANT, in Victory each seems inclined to aban-

don him in favour of a man who goes more strongly
for their party. The greater the Republican de-
feats the more tenaciously will they cling to the
General, and we believe whatever may be the drift
of opinion, that GRANT will be next President, if he
lives, and does not decisively reject the offer. In a
recent conversation on this subject the General said
if it should seem to be the will of PROVIDENCE and
the desire of the American people that he should be
PRESIDENT, he would not feel at liberty to resist
the one, nor to disappoint the other.
The Nova Scotia brings news of a mass meeting
of Republicans, held at Philadelphia on Monday,

11th inst., when General GRANT was nominated for
the Presidency, which tends to confirm what we
have advanced, as it was at Philadelphia that the
Democrats cast so strong a majority in the late
elections.—A» American I inies.

woman and two children. One of the little children, I
however, after great exertion, was rescued and
is now in my charge. On searching the villages,
although they had been very careful to remove, as
far as possible, everything that could give a clue to
the detection of particular piracies, enough was
found in the way of tools, seamen's chests, cabin
fittings, and ship stores to show that a large number
of vessels had been, from time to time, plundered by
them, and as no wrecks were visible, it is almost
certain these things were obtained from vessels cap-
tured and afterwards sunk in deep water, a pro-
ceeding which they admitted they always adopted
in these c tses. Enough was, however, dis-
covered to justify the expedition inflicting on the
natives a severe retribution for their crimes, and the
officers and men accordingly proceeded to destroy
their houses and canoes, many of which were war
canoes, 70 feet long. The cocoanut trees, with the
produce of which they carried on their trade, were,
in compliance with the Governor-General's sugges-
tion, spared. After completing their work at the
central group as far as was considered necessary,
the man Johnson (the native who had accompanied
the expedition) was put ashore, a promise being
held out that if he disclosed all ho knew his pro-
perty would be spared. Ho was entrusted by Capt.
Bedingfield with a book, in which was written in
English and Malay a notification that the natives
of the islands had been guilty of acts of piracy,
plundering vessels, murdering their crews, and
carrying off white women and children, who, after
the vilest treatment, were put to death. This book
was left with Johnson, to be shown to captains of
men-of-war and merchant vessels visiting the island,
who are requested to write in it the particulars of
each ship's visit. The utmost efforts of the expe-
dition to obtain any trace of the names of the four
ships which, by the admission of the savages, have
been captured and plundered, proved ineffectual.
Although unsuccessful in rescuing the people who
were in captivity, it is satisfactory to know they
have been released from their terrible sufferings by
death, and although there are possibly still some
more persons in captivity, they are probably of a
class not much above that of the natives themselves,
and therefore their condition is not one of extreme
hardship. I deem it of great importance to the
future security of passing and trading ships that the
islands should be frequently visited by men-of-war.
If her Majesty's Government should be pleased to
instruct me to hoist the British flag on these islands,
I believe such an act would be attended with the
best results, and would probably lead to the early
settlement of a people desirous of turning to account
their prolific soil."

REPUDIATION--THE APPEAL 70 LAW.

General BUTLER'S argument for Repudiation is
of so dangerous a nature that it cannot be too care-
fully investigated and exposed. When men cover
fraud by law they do a twofold injury—they cheat
their fellows and cheat law also. It is possible for
a man who has committed a murder to make his
crime, though regarded by law as the worst, three
times more criminal. Suppose, for instance, he
succeeded in fastening the guilt on an innocent
person, and permitted that person to be executed.
The first murder could scarcely be so wicked as the
last, nor anything like so injurious in its moral
effect. Justice should not only be pure, but
unerring, and even when not so, still should have
the semblance. Shake general confidence in the
administration of the law, put a fool on the judge
meat-seat, and idiots in the jurors' box, and the court
becomes the arena for knavish lawyers, with thieves
and blackguards for clients,—how long then would
society hold together? Generally, before a man
carries his case to a judge, he persuades himself that
law and justice are on his side. Yet he accepts the
judge's decision though ag►inst him, unmurmur -
ingly, when he believes in his impartiality and in
the wisdom of the law, though the points on which
the judge grounded his decision may not be under-
stood. Undermine this confidence, an I the man
goes forth to the world with a grievance to swell
the crowd of unsuccessful litigants. Henceforth a
wrong festers i❑ his heart, for the law, which
ought to right all, becomes the means of wrong. A
cheat perpetrated through its agency i 3 doubly
prejudicial, for it not only injures those
robbed, but injures the whole community. When,
therefore, General BUTLER attempts to cover by
the laws of the United States the robbery of the
nation's creditor, he strikes two blows the
heaviest at the source of justice. If the United
States repudiated openly and without advancing
reasons, the injury would not be so great as under
shelter of the law. 'I he act of an unreasoning mob
might account for the former, while the latter would
bear an interpretation more lastingly prejudicial
to the nation's honour, and therefore to its
interests. If the law can be construed to justify
repudiation, the borrower who made that law will
be accused of having deliberately introduced the
flaw with the intent to take advantage. Now what
does this mean ? It implies that the Government,
aided and abetted by the representatives of the
people, deliberately and with malice aforethought,
concocted a scheme to defraud ; that they gave cur-
rency and effect to that fraud by written de-
clarations, untruthfully advanced by their re-
sponsible ministers, and on the strength of
these promises, and a belief in the nation's
honour, obtained both at home and abroad
the supplies they needed. General BUTLER argues
that it was not without intention that the framers
of the Act introduced the words " Shall be paid in
lawful money." If he be correct, he accuses the
legislators of the United States of a crime from
which every honest man shrinks with abhorrence
for he insinuates that those elected by their country-
men to represent the nation and transact its business,
deliberately planned and perpetrated a fraud. It is
apparent to all that the lenders gave on the clearly
understood condition that they were to receive back,
when convenient for the nation to repay, within a
certain fixed period in the metals which pass current
among nations as money. These loans were offered
to all, and lawful money implies the same thing in
every civilised land. It is of coarse practicable for
Congress to enact that anything be lawful money.
They might stamp on the soles of old shoes a nomi-
nal sum, and hand them to their creditors as lawful
money ; but in doing so they would be violating in
a hateful way their contract and cheating their
creditors. No arguments, no precedent, no
national legal right could change, even to the
mind of the most unsophisticated, the simple '
nature of such a transaction. It would still remain
an impudent and barefaced theft. It is vain for
General BUTLER to urge that the holders of the
Five-Twenty Bonds would still be gainers if paid in
greenbacks. He can no more tell what the effect
would be of the measure he proposes than any one
else. Greenbacks might sink to the level of the old
shoes, or United States' promises to pay might still
retain some value. This is a question on which he
has no right whatever to enter. The lenders cons
tracted to receive within a certain period a fixed
quantity of an article, and they have a right
to receive that, and nothing else. It is just possible
' that:the discovery of a mountain of gold might reduce
materially within the specified period the value of
the thing they were to receive. This would be no
fault of the contractor on the other side—it would
be his good fortune, as he would thus be enabled to
fulfil his engagement on easier ternts than he
expected. On the other hand, the scarcity of the
article might make it difficult for him to redeein his
pledge. But this is no argument for substituting
• anotherarticle, although General BUTLER endeavours
to make it one. The gain or loss of the nation's
creditors in this bargain is not the subject to discuss,
though we might observe that the steady fall
in the value of gold may in twenty years
reduce the debt to little more than half its
present value. Of this the creditors take their
chance, and they would have as little right to insist
on the United States paying them in something else
to make good such loss as the United States
L have now to pay them in old shoes. When men
of honour enter into a contract, and the terms
are clearly understood however imperfectly
expressed in writing, they endeavour to fulfil
the engagement according to the spirit. If both
parties gain largely, so much the better; but if
one accepting the advantage tries to deprive the other
of his share, he acts dishonourably ; and if, being

strong in law, he avails himself of the written terms
to make the law a party to his fraud, he perpetrates a
hateful crime, which involves every one in the
consequences. But is he strong in law ? This
question has been ably discussed by a corres-
pondent of the Boston Advertiser, signing himself
"W. E."—a letter which has appeared in the
London papers—and by the Nation in an article
which we transfer to our columns. These docu-
ments are conclusive on the subject, and General
BUTLER has made no attempt to answer " W. E."
The spirit and intention of the law being clear, and
even the strict letter favourable to the bondholders,
no appeal to it will be made ; and while we continue
our discussion on this subject, we do so with the firni
conviction that no argument for repudiation or par-
ing down the National Debt will ever be seriously
listened to in the United States. What, then, is
the use of the discussion ? We believe it to have
been a most ill-advised and injurious clue tion to raise,
but being raised for a political object the injury has
been effected, and the best means of counteraction
is by full ventilation. There are few in Europe
who either have invested in 5-20 Bonds or con-
sidered the advisability of such purchase, who have
not carefully weighed Mr.• BUTLER'S arguments.
The open repudiator advises the measure, view-
ing it from a financial stand-point—the legal
repudiator stands on the strict letter of the law, and
it is well worth a careful inquiry what the value is
of the argument in both cases. The question in
the United States involves two points—first, the
matter of gain or loss ; second, that of right
and honour. On both we believe the answer
to be conclusive. As a financial question it would
be madness in the United States to introduce any
measure of repudiation. The question of right and
honour is so clear that no sophistry can cloud it.
But of all means to accomplish the end the re-
pudiators have in view an appeal to law would be
so palpably and clearly foolish that we dismiss it
as wholly improbable.—Anglo-American times.

TIIF LATE FRACAS A 7 NEWMARKET.

The disgraceful proceedings on the part of certain
jockeys at Newmarket, on the Camtridgeshire-day, aro
about to form the subject of a series of inquiries in the
police courts, and will doubtless furnish considerable em-
ployment to the gentlemen of the long robe.
The first of these inquiries took place at the Newmarket
Petty Sessions, on Tuesday, when Henry Parry and Thomas
Cannon, two well-known jockeys, were charged (before
Mr. J. Dobede and Major Fryer) with having assaulted
Mr. James Lethbridge Templar, with intent to do him
grievous bodily harm.

Numerous statements as to the circumstances of the
affair have been published, but the statement of Mt. Tem-
plar himself, as deposed to before the magistrates on oath,
was to the following effect :—The complainant was for-
merly a student at Cambridge, and now resides at Harrow,
and as he was visiting at the house of a friend, Mr. Ben-
yon, in the neighbourhood of Newmarket, he and that
gentleman went on to the heath together on the Cam-
bridgeshire-day to witness the racing. When ono of the
races was being run, a servant of the Prince of Wales
very indiscreetly rode across the course, and two of the
competing horses, named Water Cure and Easby, came in
collision with the horse the servant was riding. A general
"spill." was the result. Mr. Templar and his friend hap-
pened to be near the spot at which the accident occurred,
and, after making an ineffectual attempt to secure Water
Cure, who had broken away and was galloping along the
course without a rider, Mr. Templar went to the other horse,
who waslying on the ground apparently injured, and with a
man sitting on his head to keep him down. Mr. Templar
understands something about horses, and he suggested that
it would be better for the animal to be got up, and the man
having moved from his head he took hold of the bridle and
got him up. After leading him a short distance along
the course a groom came up and claimed the horse as be-
longing to his stable, and Mr. Templar at once gave him
up. The horse, however, staggered a good deal, and ap-
peared much injured ; and Mr. Templar was accompany-
ing him along the course, walking within a yard of his hind
quarters, when Parry, who was on a hack, rode between
him and Easby, the horse striking the complainant's
shoulder and twisting him round. Parry at the same time
used the expression, " I suppose you are some vete-
rinary." He took no notice of this; but upon Parry re-
peating the act, he said, " You needn't ride over a fellow."
Upon Parry attempting to do it again, Mr. Templar laid his
hand on the bridle of the horse to prevent his being ridden
over, when he immediately received a severe blow on the
head from Parry's whip. Almost at the same moment he
was struck in another direction, he believed by Cannon.
The defendants wero then joined by other jockeys and a
mob of roughs, some mounted and some on foot., and he
was knocked about on all parts of his head and b.-idy with
riding whips and lists. On attempting to make his escape
he was pursued by the mob, who rode him down and
actually rode over him, beating him severely while upon
the ground. One of the horses also trod upon his body.
Ho was at length joined by his friend Mr. Benyon, who
was also assaulted ; and both made off towards the en-
closure, where they were again pursued by the mob, who
raised the cry of " welchers," and they had to run the
gauntlet through a shower of blows, ultimately succeeding
in gaining the enclosure, from which, however, they
narrowly escaped being turned out upon suspicion that
they were really " welchers." Mr. Templar was then
taken in Sir Robert Pigot's carriage to the Rutland Arms
Hotel, where he was attended by Mr. Fairclotb, surgeon,
who found him suffering from numerous severe bruises
and contusions on his head and various parts of his body,
and an injury to the groin which it is feared may produce
hernia.

After the magistrates had heard the evidence of the com-
plainant, Mr. Bevan, Mr. Faircloth, and a clerk in the tele-
graph-office, who spoke to the part taken by Cannon, a
consultation took place as to the proper course of proceed-
ing, the result of which was an agreement on both sides
that it would bo better that the case should bo sent to the
Cambridgeshire Quarter Sessions for trial ; and the further
examination of witnesses (of which there are a great
number) was adjourned until Monday, the 25th November
in order to suit the convenience of all parties concerned.
Mr. Salmon, of Bury, is the attorney for the prosecution,
and the defence is entrusted to Mr. W. 0. Kitchener, of
Newmarket.