The Sun.
London, England, 1866-12-15 00:00:00

General of the Republic of Liberia are all Presby-
terian ministers. The reason given is, that the great
want of educated men compels ministers to take
part in the Government. For the same reason a
considerable portion of the same class are obliged to
lend their services to the mercantile enterprises of
the country. The Bishop represented this state of
things as a very undesirable one, and urged the
adoption of-a plan which might free the clergy of
his own Church from the entanglements of civil
and secular vocations.

Seven- men were captured on Saturday night,
November 7, near Michellsville, Tennessee, by a
band of detectives of the Louisville and Nashville
Railroad, acting with the United States Cavalry
stationed there, and lodged in the military prison of
this city. They are supposed to be connected with
the recent robbery of the pay train.

The Governors of the Southern States seem to be
unanimous in opposing the Constitutional Amend-
ment. Those of Georgia, Alabama, North Carolina,
and Florida, have recently followed the example of
the Governors of Mississippi and Texas, and advised
the Legislatures of their States to reject it. In
Georgia the amendment was, accordingly, rejected
by a unanimous vote in the Senate, and by all save
two votes in the Assembly.
The Legislature of Georgia proposes to secure
native teachers, by providing that every Georgia
soldier, under thirty years of age, maimed in the
service, may be educated at the State University at
the public expense for such length of time, as he
will give his obligation to teach, after leaving the
University.
The Berthold Pass, by which the Pacific Railroad
is to cross the Rocky Mountains, is, according to
two different surveys, from 10,903 to 11,375 feet
above the level of the sea.

THE CIIICAGO TUNNEL.—The people of Chicago
are very justly elated at the thought that their
great tunnel beneath the waters of Lake Michigan
is completed. The work was a peculiar one, and
abounding with difficulties. To carry an excava-
tion successfully beneath the bed of a lake, with the
water rolling above, would seem to many an im-
possibility. The weight of the water being im-
mense it would have been thought that the
pressure would break through the excavation
and drown all that were engaged in the work.
Fortunately the skill, science, and daring of the
engineers has been equal to the task, and they have
now the satisfaction of having their job completed
triumphantly without disaster. It is to be hoped
that the enterprise will be crowned with the success
which has been sought for. It has been calculated
that at the point where the tunnel commences, two
mileS from the shore, the water is now pure and
will always remain so. We presume that in reach-
ing this conclusion the natural currents of the
lake have been studied, and that every pre-
caution has been taken which can add to the
benefit of the undertaking. Yet there is the risk
that future settlements on the shore will have the
effect of throwing impurities into the water, which
will eventually reach the mouth of the tunnel. At
all events, the Chicagoites believe that they are safe
from the dread of drinking impure water for a cen-
tury at least, and if posterity finds the tunnel no
longer useful, posterity can take care of itself, and
build another tunnel 20 miles out in the lake.

The report of the Provost Marshal-General shows

that 280,709 officers and men lost their lives in the
war ; 5,221 were commissioned officers, and 90,886
enlisted men were killed or died of wound§, and
2,321 commissioned officers and 182,329 enlisted
men died of disease.

COMMERCIAL.

NEW Youx, Saturday Evening, Dec. 1.

The excitement in Wall-street last week reached a high
point; and, I can assure you, uncommonly long faces were
met in the neighbourhood. There must have been some
epidemic about., for the fl►ght seemed to seize alike on
" bulls" and " boars," and the " bulls," by a rapid trans-
formation, became sheep, and went off with the panic-
stricken flock. They have now brought up and turned
back, and those who were " bulls" are again becoming
" bulls." The panic is attributed to various causes, pro-
minent among which was the demands said to have been
made by the Secretary of the Treasury upon the National
Banks for the Government funds deposited with them.
Mr. M'Culloch denies that ho drew to a suffieient extent
to cause even a momentary pink, and attributes it to other
and more obvious reasons. Money has again become easy,
the prevailing rate being 6 par cent., and in Government
Securities any amount can be got at 5. A con-
siderable fall has taken place at Boston. Last
week 7 per cent. was the rate, while this week 5
only can be obtained on first-class securities. There has
been much fluctuation during the week in stocks and
shares. So many have been frightened that they sell on
every rise, and thus check any tendency to buoyancy.
Lower prices aro not looked for, but neither, on the other
hand, is there much hope that the prices of a month ago
can be recovered. New York Central Railroad is excep-
tionally firm, owing to the rumour of an extra dividend to
be declared before the annual election. The American
express interest will endeavour to secure enough of the
stock to influence the election and turn out the present
board of directors. Numerous reforms are promised in
case they succeed. Gold has also fluctuated more than
usual ; the extremes of the week were from 147 to 144. I
cannot help thinking that the price must sett:e down as
gold continues to accumulate in the hands of the Govern-
ment, and the volume of currency is constantly decreas-
ing. The exports to Europe by the Saturday steamers
were $697,000, and on Wednesday $250,000. Eighty-eight
million dollars are in the Treasury, besides twenty-two
millions gold certificates. The commissioner of the re-
venue estimated the receipts from imports for the present
fiscal year at $175,000,000, but they will fall short of that
sum. The decrease since the recent stagnation in trade
has been very mai'ked. The receipts at the five principal
ports, for the last week reported, were $2,740,821, a dimi-
nution, as compared with the previous week, of nearly
half a million of dollars at New York, and of over
$lOO,OOO at Boston. The entire revenue for the present
fiscal year will be about $470,000,000, which could with
safety bo reduced to $350,000,000, but not without stopping
the large reduction in the public debt which we are
now making. It is expected that twenty millions
more of that " national blessing" will be sliced off
this month. The disbursements of the treasury
last week, on account of the war, navy, and
interior departments, were respectively $2,781,983,
$2,717,988, and slo7,42l.—National bank notes were
issued last week to the amount of $1,134,010, and for
security for the entire circulation, now closely approach-
ing the limited $300,000,000, the Government holds United
States bonds amounting to $310,338,650. The amount of
fractional currency received from the printing bureau, last
week, was $191,500, shipped to assistant treasurer and
national banks $121,615, redeemed $185,200.—All con-
versions of seven-thirties after December 1 will be made
into five-twenties bearing interest from January 1, 1867,
and persons transmitting seven-thirtiei for that purpose
should adjust the interest to that date.

(From E. F'. Satterthwaite and Co.'s Weekly Circular,

December 12.)

It is a matter of surprise to us that investors seeking a
good rate of interest, with at same time ample security for
their capital, should not turn their attention more to such
descriptions of American Government and railroad securi-
ties as combine both of these advantages. The integrity
with which obligations in the Northern States were met
during the war should, we think, be accepted as an earnest
for the future by all reflecting persons. There can be no
doubt that the security offered by the mortgage bonds of
some of the leading railroads in the United States is quite
equal iu point of safety to similar securities on our best
English lines, and it is difficult to understand why the
price, especially of those payable in sterling, should re-
main so low. Take, for instance, the Pennsylvania Rail-
road Second Mortgage Six per Cent. Bends. They are, in
every respect—Sterling Bonds, and, therefore, exempt
from depreciation, and from the fluctuations to which cur-
rency Bonds are liable. The interest is payable half-
yearly, and the bonds are redeemable at par, in London,
in 1875. The last official quotation was 83 to 85, at which
price the interest on investment would be a little over
seven per cent., in addition to the bonus of fifteen per
cent. (the difference between present price and £100)
accruing on redemption.
An investment, say in .£l,ooo_of these Bonds, would
stand thus :
Cost price ... £B5O

Nino years' interest-at six per cent. ... £5.10
Difference beiweou the sum invested and
amount received at maturity (1875) ... 150

£690
or more than nine per cent. per annum. On looking back
to the 3d December, 1856, just ten years ago, when the
minimum rate of discount at the Bank of England was
seven per cent., we find these Bonds standing at 92 to 94,
and it certainly appears to us an anomaly that now, when
the rate of discount is only four per cent., and they are
ton years nearer maturity, the price should be ten per cent.
loWer. As to tho security on which these Bonds rest, we
look upon it as fully equal to any first-class railway pre-
ference stock and mortgages in this country, which are
bought to pay 41 to 5 per cent.
To show the growth of this railway, it is only necessary
to mention that in 1855 the gross receipts from all sources
wore $4,720,193, while iu 1865 they ttad reached