The Sun.
London, England, 1866-06-23 00:00:00

The United States Treasury.

Tho following report of the United States Secretary of
the Treasury will be found of interest under present cir-
cumstances :—" The sales of gold belonging to the United
States during the month of May, made by tbo Assistant
Treasurer of Now York under general authority given him
by the Treasury Department, amounted to the sum of
$35,410,000. The rates at which gold was sold was as
fellows : —526,635,000 at 130 i ; $6,350,000 at 1301;
$50,000 at 1301 ; $2,000,000 at 131 ; $315,000 at 1311.
Those constitute all the sales made by the Treasury De-
partment since the month of February last. The Secre-
tary says that the coin received into the Treasury has been
permitted for some time past to accumulate, to be held for
the purpose of facilitating a return to specie payment, or
to be disposed of in any emergency which might render
the disposition of it necessary for the protection of the
national credit, or for the prevention of a depreciation of
the national currency to such an extent as would affect in-
juriously the interests of the country, and especially the
interests of the labouring classes. Ho says that it has been
his purpose, either by holding or selling, to keep the mar-
ket steady until the industry of the country, diverted by
the war from its legitimate character, should be brought
again into full productive activity, and thus prepare tho
way for a permanent resumption. In the exercise of the
discretion conferred upon him, Mr. Van Dyck has found
it necessary for many months past to make few sales, and
had it not been for the demand which arose in the latter
part of February, based upon apprehended political com-
plications, and not upon commercial necessities, and the
existing and unexpected financial crisis in Europe, the
gold in the Treasury would have been permitted to ac-
cumulate up to the present time. The demand in February
was met by the sale of £15,000,000 at a premium between
37 and 38 per cent., at which the rate gradually declined
to 241 percent., but again advanced to near 30 per cent.,
beyond which point it was not deemed advisable that it

should go ; and as there was little commercial demand, no
sales by the Government were necessary until un-
favourable financial intelligence was received from Europe.
The receipt of tho latter catiiied an active dwnand, but it
was not without a heavy depletion of the Treasury. The
disastrous news by the Cuba caused the demand to assume
a more serious character. This news reached New York
late in the afternoon, but before the Stock Board had
closed. It was then too late to obtain instructions from
this Department, and sales were resolutely continued, amid
unparalleled excitement. Had there been time for Mr.
Van Dyck to advise me in regard to the news brought
over by the Cuba, and to receive my instructions, the
probability is that sales would have been suspended before
so largo an amount of coin had boon disposed of ; but in
the light of facts since developed I concur in the opinion
expressed by Mr. Van Dyck, that a suspension of sales
before the demand had been fully supplied would have
added to the excitement, and resulted in a panic which
would have produced a serious and extensive disaster."
The Secretary says that he received the intelligence of the
unexpected heavy sales with regret, but he had since be-
come satisfied that the action of the Assistant-Treasurer
and his agent was not only, under the circumstances,
courageous, but judicious. This opiniou, as be is advised,
is entertained by most of the soundest merchants and
bankers of New York. The correctness or incorrectness
of it can be better determined when the effect of the sales
and the heavy shipments of coin upon the English market
and the reactive influence thereof upon our own shall be
fully ascertained."

A bust of the late Mr. Cobden, executed by Mr.
Thomas Woolmer, and said to be a very perfect
likeness, is about to be placed in Westminster Ab-
bey. The petition for the Dean's permission was
signed by Disraeli and Gladstone, Dickens and
Tennyson, besides many of the leading men of the
country.
THE FORESHORE QUESTION.—The judges of the
S.3cond Division at Edinburgh on Thursday laid down an
important principle as to the lateral boundaries of proper-
ties on the seashore. It has been the rule for 50 years, as
first suggested by Lord Meadowbank, that, when it becomes
necessary to divide the foreshore between two adjoining
properties on a tidal river or estuary, that must bo done
neither by extending their land boundary in a straight line
nor by taking the nearest line to the lowwater mark, but by
dropping a perpendicular from the termination of the land
boundary upon a lino representing the average direction of
the firth or narrow sea at low water. It has now been
fixed not only that this principle does not apply to the
open sea—which indeed was self-evident—but that it is
not applicable to a march on the shore of a bay where one
bank is not substantially parallel with the other. This
case, which will be a leading 'authority on similar
questions, fixes that in the open sea the march onthe fore-
shore is to be formed by drawing a perpendicular from the
termination of the land march to a line representing the
average direction of the coast. It will, however, depend
on the circumstances of each case, and will often be a
quesiou merely of degree, whether the one principle or the
other is to bo applied.—Scotsman.

PARLIAMENTARY REFORM—On Thursday
even-
ing a meeting wits held at the Free Library,Nor-
wich, to take into consideration the present critical condi-
On the motion of Mr. Alderman tiou of Parliamentary affai
the following resolution —Air. C. J. Ranting presided.
Morgan, ntioTnillwatt, seadcondtedd by
unani-
mously Mr.
:—" That the Norwich Political Unionpbeeg to ex-
press to the Right Hon. W. E. Gladstone their heartfelt
gratitude far the measure of reform introduced by him,
and earnestly hope that the Government will persevere in
their efforts to carry the franchise clauses in their integrity,
and, if necessary, appeal to the country, being sure that
the great mass of the people are fully prepared to support
them."
REFORM MEETING IN LAMBETIL—Last evening a
meeting of the electors and non-electors of Lam-
beth was held at the Horns Tavot n, Kennington—Mr. T.
Hughes, M.P., in the chair—in relation to the present state
of the reform question. The chid_ wan said the meeting
had been called in support of the present Government,
which he conscientiously believed to be one of the best this
country had possessed for some time. Their Reform Bill
was a veil moderato measure, but it was an honest mea-
sure, and the blame of its defeat rested not with the Oppo-
sition so much as with men belonging to the Liberal party,
who had betrayed all the premises they had made at the
hustings. (Cheers.) Mr. E. Rogers moved a resolution
to the effect that the Government having been frustrated
in its endeavours to pass a Preform Bill by the treachery of

professed Liberals, the meeting, called upon the Govern-
ment to advise her Majesty to dissolve Parliament. The
Rev. Mr. Doxart seconded the resolution, which was car-
ried amidst great cheering. Mr. John Richardson, com-
mon councilman, then moved a resolution, thanking Mr.
Hughes for the honest and consistent support he had given
to the Reform Bill in Parliament. Mr. Solway seconded
the resolution, which was also carried.

On Saturday last tho Argyleshire mountains
were covered with snow.