The Sun.
London, England, 1866-05-07 00:00:00

COMMERCIAL INTELLIGENCE.

The Loan Bill, which has passed both houses, and will
doubtless receive the signature of the President, gives
power to the Secretary of the Treasury to retire all 7-308,
compounds, one-year certificates, and the Treasury loan
certificates, with gold interest bonds or with the proceeds
of the sale of such bonds. The bonds to bear gold interest
at a rate not more than six per cent., and they can run any
time, not more than forty nor less than five years. 5-20 s,
10-40 s, in fact almost any kind of bond, can be issued
under this latitude. The Secretary of the Treasury can
press towards specie payment, with a heavy hand, but there
is no danger that he will accomplish this object so quickly
as to.create a panic.

The panic in Western New York and Western Pennsyl-
vania, caused by the failure of a few local and compara-
tively small banks, has entirely subsided, and there have
been no further suspensions.
The First National Bank of Nashville, Tenn., have
offered to convert all Tennessee State Coupons past due
into the new Six per Cent. State Bonds, according to the
Act of last Legislature, at a commission of 1-10th, or one
dollar per thousand. The new bonds are in denominations
of $l,OOO each, coupons attached, bearing interest at the
rate of 6 per cent., from Ist January, 1866.
Yesterday's gold market opened at 1261 and closed at
1261. The Panama steamer brought $809,498 in treasure,
of which 8500,000 was for the Government.

All descriptions of Government stocks are firmer, with
an upward tendency. The purchases are principally for
permanent investment.
The confidence in Federal securities will continue to
increase among this class, notwithstanding the political
agitation at Washington, and whether President or Con-
gress proves triumphant. Erie shares continue to advance
and fall spasmodically, according to the most powerful or
latest speculative interest brought to act upon them. After
the second board yesterday the market was very strong and
73f and Biwere paid. Other railroad stocks were with-
out important change.

Money continues abundant at 4 to 5- per cent. on call.
There is an extra business in commercial circles in work-
ing off heavy stocks at low profits. This disposition to
"take in sail" is with a view to a secure position during
the expected depression in business in the summer
months.

Exchange is lower and quoted at 1071 to 1071- for 60-
day bills on London, and 106 k to 107 for commercial.
Francs, 5.25 to 5.234 for long, and 5.221 to 5.211 for short.
The business of the New York Sub-Treasury yesterday
was: Receipts, $12,715,036 69—for Customs, $330,000;
Payments, $8,693,936 71—on account of Loan, $615,000;
Balance, $96,436,388 39. Gold Notes, $896,000.
Tho Bank of California has bought up the entire stock
of quicksilver of the Quicksilver Mining Company, viz.,
50,000 flasks at $3O per flask. The bank will thus have
the control of the market.
The receipts from Internal Revenue at Washington,
yesterday, were $417,621.
The receipts from Customs for the week ending on the
14th inst., at the ports of Baltimore and Boston, were as
follows--Baltimore, $69,222 ; Boston, $447,881.
A company has been organised under the general laws
of New York, with a capital of $2,500,000 in shares of $25
each, with a view to lending money for the working of
cotton plantations, secured by first mortgages, and by
pledges of one-half of the crop in addition.
A correspondent of the New Orleans Picayune makes the
following observations with regard to cotton prospects in
the Carolinas, Georgia, Mississippi, and Alabama :

-- -- -
stolasboelluraits phtitgtthingraitnesa;ll
thatici
Every,planter that.n bcaepne
get
corn, preferring to depend
The freedmen
cotton
the North-west
• old masters, as a general
upon
many
ofptozniblea, Ire
neglecting .
have contracted
s in Alabama and
for their supplies. T
some of them to discard their
Mississippi are inducing
thing. Tha
higherfreely
rates with theeirfwage
contracts in Georgia and mi,rato westward. I find
mtoatteanrtsiciploaotekinwg
disappointed in finding
and I have been most agreeably
hemnorel cheerful than thNaonrthl
in
nad
rJanuary,cltn
Charleston is the only city that appears
done there.
such good order prevailing in all secntos
boef
slowthe iSouth.nre
pairing damages ; yet considerable is being
Several planters I have met have put in as much cotton as
formerly, but there will be land idle. lam sanguinein
expressing the opinion that the entire cotton crop of the
South can be worked without the hand hoe by introduc-
ing improved implements.
year
THE
end REITExrE.—The Treasury receipts for the fiscal
ing June 18, 1865, were : From customs,
$84,928 000, : internal revenue, $209,464,000 ; miscella-
neous, $35,175,126 ; total receipts, exclusive of 10an5329,567,126. As contrasted with the above, the follow-
ing is a statement of the actual receipts of the Government
from all sources, for the first three-quarters of the present