The Sun.
London, England, 1866-10-06 00:00:00

IHE SUN, LONI ON, SATURDAY EVENING, OCTOBER 6, 1866.

cock, who commands in that department, has
ordered an inquiry into the business, and the resto-
ration of the slaves to their freedom. Were there
to be no protection afforded to the freedmen from
Washington the whole of their number could soon
be " reconstructed" into slaves ; and that is the
sort of reconstruction which the ex-slaveholders
long for, and for keeping off which they charge the
North with tyranny.
The weather in the Western States has been
cloudy and cold; the grain crops are late, not having
ripened during the month of September. Much
apprehension was entertained as the weather threat-
ened rain. Two or three weeks of bright warm
sunshine free from frost will be required to ripen
the crops. There are reports from many parts that
the wheat is growing in the ear. Present prospects
are decidedly gloomy, but hopes were entertained
that the weather would improve, and the anticipa-
tions hitherto indulged in be realised. Both flour
and wheat have advanced in price.

inquiries, especially with reference to the Atlantic and
Great Western, why the receipts are not more than last
year. To this we simply answer that, taking the first
eight months of 1866, and comparing them with a similar
period in 1865, the earnings of this road do exhibit an ex-
cess of $325,000, and that considering the abundance of
the cereal crops, and the deficiency of our home products,
we look for an autumn and winter traffic surpassing that
of last year.
It is a fact surprising that a railway at such an early
period of its existence should prove to be in receipt of so
consiierable an income. We have frequently called atten-
tion to the fact of the large earnings on American rail-
roads in proportion to their cost, enabling most of the pro-
minent lines to pay either largo dividends, or to add very
materially out of revenue to the value of the concern, by
substantial additions to plant, track, and stations, and also
in many of the older established lines to the reduction of
the debt, in some cases even to total extinction.

During the latter part of last week the London Market
for American Securities was very inactive, owing to the
break in telegraphic communication with America. For
the last three days, however, there has been a very large
business transacted, United States 5-20 Bonds, on higher
exchange, have declined during the week nearly $2, but
even at present quotations, 691 to 70, the price hero is
about 1 per cent. above New York.
Illinois Shares have been neglected, but show no al-
teration in price. in Eries the transactions have been
very numerous; the rapid rise reported by telegraph from
New York, owing to the desire to get possession of tho
stock to secure votes at the forthcoming election for Di-
rectors having led to considerable buying on this side for
shipment. The latest quotation is 51 to 4, about four
per cent, higher than this day week. The business in At-
lantic and Great Western Securities has been on a more
limited scale, and the recent rise having brought in sellers
to realise profits, we have to note a decline in Deben-
tures to 65 to 66, and in Consolidated Bonds to 46 to 47.
The demand for permanent investment, however, is steady
at these quotations. •
OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 711 4 1 ;
Friday, 7141; Saturday, 7114; Monday, 701 1 1 701 4;
Tuesday, 694 70 691 701 ; Wednesday, 70 1. Virginia
5. per Cent. Sterling Bonds-: Thursday, —.
Virginia 6 per Cent. Dollar Bonds: Thursday, ;
Friday, ; Tuesday, —; Wednesday, —. Atlan.
and Gt. Westn. (N. Y. Sect.) Ist Mrt. Bonds, 188(
Friday, —; Tuesday, —; Wednesday, —. Atlan. and
Gt. Westu. 2nd Mrt. Bonds, 1881: Friday, —;
Monday, —. Atlan. and Gt. Westn. (Penns. Sect.)
2nd Mrt. Bonds, 1882: Thursday, ; Tuesday, 6617.
Atlan. and Great Western Consolidated Bonds, 1895:
Thursday, 464 6 8 ; Friday, ; Saturday, 464 4;
Monday, ; Tuesday, 461 6 1 4 7 ; Wednesday,
461. Erie Shares, $lOO, all paid : Thursday, 474;
Friday, 471; Saturday, 471 ; Monday, 49 81 94 ;
Tuesday, 494 511 1 ; Wednesday,. 511 1s 4. Erie
Shares, 6 per cent. Convertible Bonds : Friday, x.c. ;
Tuesday, ; Wednesday, 69. Illinois Central 6
per Cent. Bonds of 1875: Thursday, —; Monday, —.
Illinois Central 7 per Cent. Bonds of 1875: Monday,
Illinois Central Shares, all paid : Thursday, 771 41 4 ;
Friday, 774 ; Saturday, 774 ; Monday, 771 ; Tues-
day, ; Wednesday, 784 8. Philadelphia and
Erie First Mortgage, 1881: Thursday, —; Saturday, —;
Tuesday, 75 x.d. Philadelphia and Erie First Mortgage,
1881, with option to be paid in Philadelphia : Saturday,
—. Pennsylvania Second Mort. Sterling Bonds, 1875:
Tuesday,

the statements thus put before them. While the
whole efforts of the Tory party were directed to this
end, the Liberals, who did not see so clearly that
their greatest stronghold was in danger, looked
placidly on, not moving, as they ought to have done,
in support of their own cause then being fought out
by the North. They applied no antidote to the
poison disseminated among the people, and coldly
regarded the terrible struggle which threatened the
very existence of Liberal institutions throughout the
world. There were men in England who saw far
beyond the range of the dull and indifferent herd.
Such men as Mr. Bright and Mr. Cossham appre-
ciated more clearly the true nature of the crisis,
but they were powerless to move an apathetic na-
tion. The Tories succeeded in blinding England to
the real merits of the war, and this nation owes to
them a series of the most disastrous blunders it has
ever made. From the fiery trial the Liberal insti-
tutions of the North emerged brighter and stronger
than ever. If a proof were wanting of the energy
With which a Government resting solely on the
shoulders of the people can act, it was furnished by
this gigantic conflict. The world was startled at
the amazing strength and vigour shown by the
young Republic, and the deep sincerity of the be-
lief which the people felt in themselves and in their
institutions. Mr. Cossham proceeds to remark,
" That some of our public men, and many of our
" public writers, are again blundering about Ame-
" can affairs. Because the chance President of
" that country has so far forgotten himself as to try
" to bully the representatives of his country into the
"re-admission of the slave power without guarantees
" as to the future, and because he has been unwise
"enough to make a few intemperate speeches and to do
" a great many foolish things, they fancy that
" America is again going to pieces."
This is the old story repeating itself, but not
with the confident assertion that marked the former
prophecies. They only require, however, to talk
and write themselves into a stronger belief, to come
out as rampant as ever. They who calculate most
securely on the blunders of mankind are generally
most correct. But the Liberal party are now more
awake to the occasion, and are not likely to be
again hoodwinked as to the real nature of the
struggle. The Liberal party in America are
thoroughly alive to the questions in dispute, and
more clearly than ever perceive the objects aimed
at by their opponents, and their own power of
guiding the ship of State as they will that it should
steer. There can be little doubt what the result
will be, and we hold, with Mr. Cossham, " that
" the President, if he has the will, has not the
" power to give life to a dead system, and that the
" Republican, or really Liberal party in America
" will be triumphant there—and we, the Liberal
party, will certainly be so here." We rejoice to
hear such statements made. The Liberals on both
sides of the Atlantic have the same objects in com-
mon, and should countenance and support each
other, as is done most effectually by their oppo-
nents. It is generally believed in America that the
Rebellion in the South was strengthened and pro-
longed by the aid and encouragement extended to
it from England. Had the Liberal party chosen
they could have counteracted the efforts of the
enemies of their cause ; but, by their ill-judged
silence, they gave deep offence to their kindred over
the water, and left the Republican party in the
belief that there was no support to be obtained from
England in their glorious struggle. Mr. Cossham
is consistent in his Liberalism. He keenly appre-
ciates and warmly recognises the friends of the cause
to which he is pledged, wherever they are to be
found. No prejudices of caste or country blinds his
judgment. We most sincerely hope, with the
Liberal electors of Nottingham, when the oppor-
tunity next offers, they will succeed in placing their
generous and able champion in the arena he is so
well qualified to adorn, and where he can best pro-
mote the great , cause of human progress.—Anglo-
American Times.