The Sun.
London, England, 1866-12-11 00:00:00

THE SUN, LO_NIJON, TUESDAY EVEMSG, DECEMBER 11., 1866.

b.eentehxtremely agitated, and has undergone more Iluctua-
-" o the German cause. Let the., Roman Emperor' but it was well supported, and:again rallied. Erie has
on
,y7soithdeerelsintoecdkt.c.
,Loast Thursday, for instance
be again recognised as the honorary head of the
German nation. Let the Roman imperial dignity t
it openend at
fell to 71i, then recovered to 70, rallied to 73, subsequentlyili
be renewed, and, as it was indissolubly connected
nois Central has also been depre4sseivinlsotro,ntg
with the kingdom of the Germans up to 1806, let it
be indissolubly bound up with the hereditary empire made to bear down "Reading," but, on 'eltrt was
whole, it was
of Austria—pro honoris causa, if people like. But well supported. There are many who prognosticate a panic.
•
let it also have certain distinctive honours. lam
I feel assured that the fall in prices is owing to a caution
quite in favour of the election of the speciarsupreme
which is the reverse of the reckless proceedings which
nnoa g to af Tonetary crisis. The crops, too, have in head of the German empire. Call him, if, as I hope
to God he may be, elected for life, and then in true and sln c
provisionseailhedas.
hOeenntlhe contTrava,cco theayideld
cotton
grain
German fashion is also recognised as the chief au- coming forward in considaergraeb.le quantities.. It is now
e
thority in the realm, instituted by God (and not to estimated that the yield of cotton will be in excess of the
be regarded, ala polonaise, as the plaything of am- quantity hitherto given at New Orleans as the probable
bitious magnates)—call him King of the Germans,' result. Two millions of bales is the estimate, based on
as in time of old. I wish that the Kings of the Con- the reports
tchomingmiin sfrom Florida, the Carolinas, Ten-
, The
federation (who ought again to add to their titles that
following stateis.tics ofs otuhrei, tAraid.keanlnds, arneVienTueexaso.f New
of Elector) should alone effect the election, but after- Orleans may be interesting to you:—
wards ask the assent of the other sovereign princes. Amount of revenue collected at the port of New Orleans
Both might be done in a few hours, the kings and grand for the fiscal year ending June 30, 1866 :--
dukes, say, in the so-called conclave of St. liartho- July,A 186518 5122,400.60 January, 1866 .4638,571-40
August,
lomew's Cathedral at Frankfort, the princes in the S eupgt u.
,
choir. Then let them apply to the Roman Em- Oct.,Ts
o; 1:665 528,133-34 May, 1866
5 244,452.34 April, 1866 616,000.07
peror and respectfully beg him to confirm the choice. Dec., 1865 379,703.98 June, 1866 307,454.35
That can be done next minute by an archduke em- Total ... ... $4,598,488.6]
powered for the purpose. Then let the cathedral The number and tonnage of vessels entered at the port
be opened to the people as of old, and let their of New Orleans during the fiscal year ending June 30,
acclamations complete the choice. Soon after let 1866:
the German King' be anointed and crowned
(just as the Roman Emperor at his hereditary ac-
cession to the throne), if a Roman Catholic, by the
Archbishop of Cologne, who would become high
chancellor ; if Evangelical, by an Archbishop of
Magdeburg, to be appointed Primate of Germany.
"By this allotment of the Roman imperial dig-
nity to the Austrian hereditary Emperor, Austria
for the first time becomes certain to the German
realm. Austria is won to Germany for ever, and
with her the finest and first countries are secured
to the new (old) realm—the Tyrol, Vorarlberg,
Upper and Lower Austria, Styria, Carinthia, Car-
niola, and Istria. If Austria does not wear the
chief crown, any notion of her bending before the
German electoral supreme head is impossible to ex-
pect, if she ever in any degree again comes to her-
self. And who would doubt it ?
" The conference of princes seems to me an un-
commonly happy idea ; only I picture it to myself
classified, like the old Diet, into an assembly of the
kings and grand dukes, the dukes, and the princes.
Reinforced by the mediatised princes and counts,
the conference would every three years form the
German Upper House of the Diet, the Lower being
the House or voting body (Curie) of the deputies
(Reichsboten). Only I recommend most urgently
that, in the relation of the Upper to the Lower
House, it be never forgotten that sovereign princes
form its nucleus, and among them (more's the pity)
two great Powers.
" I am very well pleased with the definition of the
responsible Ministries. I leave unexamined whether
somewhat freer hand must not be left to the supreme
head, particularly if he be the King of the Germans.
But under certain circumstances, in case, namely,
of war and rebellion, I demand a dictatorship for
the German King.
" I have forgotten my formal protest against the
common deliberation of the House of Princes
and the House of Delegates (Reichsboten). That
will never work well, and would possibly expose the
highest lords to annoyances which must be avoided.
Limitation to 50 princes mid 150 delegatesis unjust,
and will at all times lead to a delegate victory. I
wish to see the knighthood represented among the
delegates, with assessors for the remaining German
nobility; then, also delegates from the towns and
rural communes, which must, however, not be
forced to choose representatives from among their
own people, but whose choice should be entirely
free.

No. Tonnage,

United States vessels entered from
foreign ports ... ... 159 74,116
United States vessels entered. coastwise 1,561 892,459
Foreign vessels entered ... ... 482 156,565

Total number of vessels and amount
of tonnage

... 2,202 1,123,140

(From L. P. Morton and Co.'s Circular.)

NEW YORK, Nov. 24.
Per " City of Boston" reports since our last advices the
money market has assumed an extreme stringency, the
consequence of large drafts by the Treasury upon the Na-
tional Bank Depositories. The active calling in of loans,
to provide for the drafts, produced considerable uneasiness
in financial circles, and caused a sudden process of realis-
ing on securities, and a heavy fall in prices. Yesterday
the Treasury announced its willingness to accept payments

from the banks in compound interest notes—aform of legal
tender held by the banks as a reserve, but not adapted for
circulation, owing to an accumulation of interest upon them.
This policy had the effect of partially allaying the prevailing
alarm ; the banks relaxed their extreme caution ; and the
prices of securities partially recovered. Money has ruled
at 7 per cent. on demand loans, and closes at 6 to 7 per cent.
Discounting operations have been interrupted by the un-
settled condition of affairs, rates ranging at 7 to 8 per
cent.

The decline in Government Securities, consequent upon
the fall in the price of gold, has had the effect of inducing
liberal purchases for investment, and the transactions in
gold-interest bonds have been large. Five-Twenties of
1882 were temporarily depressed by speculative operations
to 1071; but the firmness of quotations at London had the
effect of rallying prices, and the bonds close active at 1081
to 1081. The new Consolidated Bonds of 1865 are in
steady demand for investment, and close firm at 1071.
The crisis in the money market has produced an average
decline of 6 to 8 per cent, upon railroad stocks ; the mar-
ket, however, closes with an improved tone, but with
much irregularity in quotations. Erie has fallen from 78,
our last quotation, to 69} ; but closes active at 71 to 711.
Illinois Central Shares have touched 116, but close at 118
to 118 i.

State Stocks have sympathised with the general depres-
sion, but, being little subject to speculative movements,
have not declined so heavily as other kinds of securities.
Tennessee G's, 1890, close at 90 to 92 ; North Carolina G's,
70 ; Virginia We, GO to 62 ; Missouri G's, 861 to 87.
The downward tendency in the premium on gold, arising
from the increased supply since the Ist inst., has been
strengthened by moderate sales made by the Treasury.
The price has touched 1371; but owing to the suspension
of Government sales, and advance in the rates of foreign
exchange, the price subsequently advanced, and closes
at 1381.

Foreign Exchange id moio in demand, and the rates aro

I per cent. above the quotations for last mail. Bankers'
GO days' sterling closes at 109 to 1091; three days' do. 1091
to 1101 ; bills on Paris, long date, 5.161 to 5.15 ; do. short
date, 5.131 to 5.121.
The recent decline in cotton has induced a freer de-
mand, under which prices have slightly improved, not-
withstanding the fall in gold. Mid. Uplands are hold at
341 to 35 cents, which is about one cent above the views
of buyers, transactions consequently being limited.

" I will here close my remarks for the present,
and recommend them most warmly to the reader.
(Signed) " FREDERICK WILLIAM."

MISCELLANEOUS AMERICAN NEWS.

The Pall-Mall Gazette gives the following par-
ticulars as the correct version of the Suratt affair,
which has excited so much interest during the pre-
sent week :—" A son of Mrs. Suratt, implicated in
the assassination of President Lincoln, having
effected his escape from America, enrolled himself
under a feigned name in the Pontifical Zouaves,
where he was looked upon as a model soldier. The
New York authorities despatched a constable in
pursuit of him, and this functionary made the
tour of Europe without coming on his track,
and had returned to America, when he learnt

'roil). a Belgian journal that an American
had enlisted in the Pope's corps of Zonaves. In-
stantly he turned his steps back to Europe, and
came to Rome, where a photograph enabled him to
recognise young Suratt; but to leave no doubt of his
identity he also enlisted in the corps, gained the
confidence of the fugitive, and one day, over a
friendly glass, drew him into critni nating admissions.
He. now made a report of the affair to Mr. Rufus
King, the Minister of the United States, who im-
mediately applied for the extradition of Suratt.
Cardinal Antonelli promised to comply, and ordezed
the young man to be brought to Rome under escort.
Accordingly he was given in charge of a party of
Zouaves, who brought him as far on the way as the
mountains of Arsoli, where they halted for the
night in a cabin, situated on a peak between two
precipices. There Suratt contrived to escape,
though how no one can say, unless with the aid of
his escort, for he must have leaped down two preci-
pitous cliffs, one 17 feet, and the other 30 feet
deep. The American detective was expelled
frontthe corps at the demand of the Zouaves.
It
ofiotth s
usenspected in Rome the Legitimist sympathies
hZios point
w
lede
gathertlte the subsequentmtotakeSuratt' d
s part."
of hist adventures from the Times. On the
discovery of
cohmistn escape, General King put
himself in
un
meat of Florence, icalion with the Govern-
obtained an order af
onrd tahfeL3.a rrseosnat,e thdoculgYagain
it is said, on condition that the life of the
prisoner should be spared. On Sund my, however,
the ISth of last month, the American
American Consul at
Naples received definite instructions by telegraph
to apprehend the fugitive, but it was too late.
just left Naples by the Tripoli,
Malta
a
Liverpool
steamer, bound for and Alex-
andria. Hereupon the telegraph was again
set at work, and the Consul-General of the United
Accordingly,
for
States at Malta was directed to apprehend Suratt
while the Tripoli was in harbour.
Government
this officer applied to the illt
the necessary powers, but was informed that there
was no sufficient authority for the suggested action.
Immediately afterwards the Tripoli left for Alex-
andria, and there, as we are now apprised, Suratt
has been actually seized and detained.
Mrs. Elizabeth Cady Stanton, who was defeated
as a candidate for the American Congress, is to
devote her winter to lecturing on " Citizen Suffrage"
and " Bread and the Ballot." She will give both
of these lectures at Washington.
The Cleveland Leader thus speaks of the Wash-
burne family :—" No less than four Washburnes
are already elected to the next House of Represen-
tatives; Elihu B. Washburne, of Illinois, well-
known as Chairman of the Committee on Commerce
in the present House, and the tireless champion and
friend of General Grant; William B. Washburne, of
Massachusetts, a member of the present Congress.
General C. C. Washburne, of Wisconsin, a former
member of Congress, andaMajor-General of Volun-
teers during the rebellion ; and Henry 1). Wash-
burne, of Indiana, a member of the last house.
The first three are, we belive, brothers, the
fourth being their cousin. The head of the
house is Israel Washburn°, of Maine, an older
brother of the three Congressmen, himself an ex-
Congressman and ex-Governor, and now in training
for the United States Senatorship from Maine. A
younger scion of the house is au aspirant for Legis-
lative honours in New Hampshire. All of them are
staunch Radicals.

Philadelphia: Friday, —; Wednesday, —. Pennsylvania
Second Mortgage Sterling Bonds, 1875: Monday, —.

alone obtain, and the men of that regiment are to
this day persuaded that their comrades were the
victims of a foul conspiracy of the enemy to poison
the wells. On the 26th June M'CLELLAN'S lines
extended in a semi-circle around Richmond. On
the 2d July what remained of his army was massed
at Westover on the James River. His retreat was
masterly, and the enemy accord to him the highest
credit for the way in which he managed to hold his
own, and check the advance of LEE'S victorious
columns. His line was probably weakened by an
undue extension when it lay before Richmond, and
he gave his enemy the opportunity of massing
against detached points an overwhelming force
without the power of reinforcing the position
attacked. As the Federal troops abandoned position
after position they converged, and as they converged
they became stronger. At Malvern Hill the con-
centration of Federal Artillery checked most effec-
tually the Confederate advance ; and the Federals
began to learn practically a well-known rule of
war, that the chief element of success _ies in con-
centrating on a vital point a force stronger than
that of your enemy.—Anglo-American Times.

(Glenn and Co.'s TVeeW Circular.)

LONDON, Dec. G.
The London market for American securities has been
active during the past week, large purchases of United
States 5-20 Bonds have been made notwithstanding the
uncertainty as yet of an agreement between the President
and Congress, which latter body met on Monday last. In-
vestors in England are beginning to believe that, come what
may, the credit ofAmerica will be rigidly maintained, and her
Government Bonds paid at maturity. The annual state-
ment of Secretary 3PCulloch, that 8158,000,000 of the
debt of the United States has been paid off in the last fiscal
year, is very encouraging, and has tended to strengthening
the market. 5.20's at 71 are 4 per cent. higher; Eries at
IGI are the same; and Illinois Central at 771- are -1 per
cent. higher than they were this day week. The railway
earnings of American roads for the month of October are
on the whole good ; a majority of 27 roads show a hand-
some increase over same month last year.

The Seven Days' Fighting before Richmond,

The seven days' fighting which shook off
INI‘CLELLares hold on Richmond, and forced him
back on the James River, is only described by
Colonel VON BORCKE so far as he himself was en-
gaged. STONEWALL JACKSON'S troops reached the
spot on the 26th of June from the Valley of the
Shenandoah, and au army close on 30,000 of the
best Confederate soldiers, led by their greatest
general of division, was placed on the flank of the
Federal line. STUART'S cavalry and a division of
infantry were sent to strengthen him. JACKSON did
not get into action till five in the afternoon, and he
was urged in his movement by the distant roar of
artillery which announced LONGSTREET'S attack.
It was not till ten o'clock at night that the Federals
were dislodged, and the combatants slept on the
battle-field to renew with the rising sun the great
struggle that for the time was to decide the fate of
the Confederate capital. The incidents of the next
day's fight, described by Colonel Von BORCKE, are
amusing and instructive. Among the cavalry en-
counters there was an affair with a newly-organised
regiment of Federal Lancers. " They stood," says
the Colonel, "300 yards from us in line-of-battle,
" and presented with their glittering lances, from
" the point of each of which fluttered a red
" and white pennon, and their fresh, well-fitting.
" blue uniforms turned up with yellow, a fine mar-
" tial appearance. One of our regiments was imme-
" diately ordered to attack them. But before our
" Virginia horsemen got within fifty yards of
" their line, this magnificent regiment, which
" had doubtless excited the liveliest admiration
"in the Northern cities on its way to
" the seat of war, turned tail and fled in
" disorder, strewing the whole line of their retreat
"with their picturesque but inconvenient arms. Of
" the7oo horsemen," adds the Prussian, "not more,
"he believes, than 20 retained their lances." The
Federal Lancers, when caught in this position, had
one of only two courses to pursue. If they had
time they should have got into motion to meet their
enemy ; if not, their only plan was to act as they
acted. A raw regiment would not be likely to sit
in cold blood in their saddles and await the charge
directed against them. Those who know what it is
to stand in the way,of a charge of cavalry can alone
realise the position. Although steady infantry in
square are safe, it is often the case that the terror
excited by the thundering roar, rush, and whirl of
the charging squadrons, dissolves squares composed
of troops whose nerves are not strong. A charge of
cavalry directed on a stationary line of cavalry is
sure to be fatal to the stationary body. They haon
not the effective means of protection afforded by
the fire of an infantry square, nor are they solid and
immovable. Each atom which composes the ca-
valry has two wills—that of the horse has to be
considered as well as that of his rider, and even if
the heart of the one remains calm in the face of this
imposing danger, it does not follow that the heart
of the other is equally impassive. The lance versus
the sword has furnished a lengthened dispute to mili-
tary men. Whatever may be the comparative
value of the weapons, this fact is certain—you
cannot extemporise a regiment of lancers. The
lance is a splendid weapon in the hands of a good
horseman who knows how to use it, but one both
dangerous to the rider and dangerous to his com-
rades when placed in unskilful hands. After a few
months' active service no such incidents as this, de-
scribed by Colonel Von BORCKE, occurred. The
Confederate cavalry then became opposed to troops
as good as themselves, and they had often to re-
cord a very different result. Our author relates
how a captain on the staff amused the troops, even
when the men were falling thickly around, by the
nimble and successful manner in which he dodged
the shells of the enemy. Annoyed at the raillery,
he declared he would never again baw at the ap-
proach of a shot, and was sitting with the utmost
gravity, bolt upright in the saddle, when a 12-
pounder screamed through the air only a few feet
over his head. Down went the head, not merely
to the saddle but with the body, to which it was
securely attached, to the earth, amidst the convul-
sive shouts of his comrades. One requires to get
used to 12-pounders screaming over your head be-
fore you cease to recognise their presence by an
inclination. The absurd part of it is that when
the bow is made the shot has passed. If the head
had been in the way of the ball, the head would
have been off before the spirit had moved its posses-
sor to make the bow. Though the bravest men may
be betrayed into this action, the case is very dif-
ferent with " the dodge" the Colonel narrates,
which appears to have created unusual merriment
among the Confederate soldiers. " Amid the fury
" of the battle a wounded man was borne along by
two of his comrades, his limbs hanging motion-
"less, and his head dangling as if life was nearly
" extinct. The fire of the enemy was still mur-
" derous, and one of the carriers, struck by a mus-
ket-ball, fell to the ground, dropping his charge,
" who, seeing himself in great
tdtioinhgiear,hseeuldsd,evnitlyh
" revived, and, jumping up, took
"surprising agility. The explosive laughter which
" followed him in his rapid flight all along our lines
" absolutely drowned fora few moments the tumult
" and burly-burly of the engagement." General
STUART sent the Colonel to order two squadrons of
a Georgia regiment to attack a Federal battery
which had pushed boldly forward without proper
support. When galloping back on his return, he
felt a stunning blow across the spine, and at the
same moment his horse rolled over with him. A
solid shot had passed close to his charger's back,
and the current of air set in motion by its pas-
sage had knocked over both horse and rider. He
adds, that afterwards he witnessed many similarc ases
of prostration of men and animals by windage. At
dawn on the 28th the armies were again in motion, and
STUART'S cavalry was employed in collecting and
guarding the prisoners and books capta red. The Colo-
nel had an opportunity of testing the truth of some
stories recited in camp of a tremendous bayonet fight
between a regiment of Texans and the New York
Zouaves. It was said that these determined antago-
nists, had pierced each other through and
through with their formidable and fatal weapons,
and that their dead bodies had been found
standing erect, in the very attitude in which
each had received his death wound. Although an
obstinate struggle had taken place, and the bodies
of the Zouaves, dressed in their flashy red uniforms,
were scattered over the ground like scarlet poppies
in a corn field, it was the bullet of the Texan marks-
men, not the bayonet, that bad brought them
down. He examined many of the corpses and found
only three or four with bayonet wounds, and even
these bad first fallen beneath the bullet. Colonel
VON BoricKE states, and the experience of every sol-
dier bears him out, that bayonet fights rarely if ever
occur, and exist only in the imagination. On this
day an incident took place, the rumour of which
reached Europe, and turned out to be grossly un-
true. It was Midsummer, the heat was excessive,
the work exhausting. Orchards of fruit trees lay
on the road, and the men devoured whatever tended
to quench their thirst. Where they came to wells
they drank profusely. In consequence many were
seized with a kind of cholera, and they immediately
concluded the wells had been poisoned by the hated
Yankees. This charge is often made in war, and
arises from the same cause. In the action of the
Ifindun, preceding the last Siege of Delhi, some
soldiers of the 60th Rifles died after drinking ex-
cessive quantities of the muddy water they could

The Pi oposed Nicaragua Railway Compan,

The Standard last Monday said :—The prospec-
,us of the Nicaragua Railway Company (Limited),
with a respectable provisional committee, has been
issued to-day, for the purpose of making a transit
route between the Atlantic and Pacific Oceans,
through Nicaragua, as projected by Captain Bedford
Pim, R.N. At present the Panama Railway is the
only means of communication between the two
oceans, and since its opening a continuous stream
of traffic has passed
.over it, yielding to the pro-
prietors steady and exceptional dividends. But the
Panama line, though laid at the narrowest part of
the isthmus, labours under several important disad-
vantages. Not only does it pass through a most
doubtful climate, but its Atlantic terminus is much
exposed to the " Northerns," which are the dread
of all shipping in those latitudes ; while its Pacific
terminus lies in a region of calms so continuous as
to render it very difficult for any merchant vessels,
except steamers, to approach or leave the port. The
Panama line is, therefore, viewed chiefly as a pas-
senger route, but it has from theoutset been obvious
that no single route would be adequate even to the
requirements of the passenger traffic between the
two oceans. Hence another route was established
from Greytown, on the Atlantic, to the Lake of
Nicaragua, by steam boats, on the River San Juan,
and thence, after crossing the lake, by land journey
from 'Virgin Bay to San Juan del Sur, on the
Pacific; and notwithstanding the discomfort attend-
ing the mode of conveyance by that route, yet as
many as 2,000 passengers per month have been car-
ried over it. The latter route is now practically
useless for generalmerchandise, owing to the silting
up of the River San Juan and Greytown Harbour.
The manifest advantages possessed by Nicaragua
for tracsit purposes led Captain Bedford Pim in
1859-60, then senior naval officier at Greytown,
carefully to examine the northern coast line, when
he found at Monkey Point there was an excellent
natural harbour, capable of affording all the shelter
that could be desired for the widely-extended
commerce which must of necessity find its way to
it when the projected line is opened. The excellence
of this harbour has since been confirmed by a
survey made by the United States Government. On
the Pacific side of Captain Pim's route, the port of
Realejo, which was thoroughly surveyed by order
of the British Government, is one of the finest har-
bours to be found on that coast. Captain Pim,
having cut a track through the wooded portion of
the country lying between the Atlantic and the Lake
of Nicaragua, and thus proved the feasibility of the
project obtained from the Congress and Govern-
ment of Nicaragua a concession for the construction
of the railway, together with valuable collateral
advantages and privileges, the whole of which will
be transferred by him to the company. The lake,
which lies in the line of the proposed route, permits
the gradual development of the undertaking ; as,
in the first instance, two terminal lines of railway
may be laid, and the connection between them car-
ried on temporarily by steam boats on the lake.
The railway is to he constructed with great regard
to economy as a light single line, capable of con-
veying passengers and goods at a moderate rate of
speed. It is estimated that the first issue of shares
now to be made will be sufficient to complete a
through communication between the oceans, by
the use of the lake, so that the undertaking will no
doubt prove remunerative at an early period. No
estimate of profits is given, but it is stated that the
Panama Company pays regular dividends of 24 per
cent., and last year gave besides a bonus of 40 per
cent. It is also said that when the construction
account of that company was closed in 1859 the
gross outlay had been $8,000,000, and that in the
first seven years (during only four of which the
entire line was open) the net earnings were nearly
$6,000,000, or nearly 75 per cent. on the gross outlay.
These results have been obtained from the Panama
Company with all its disadvantages, and therefore
the Nicaragua Company, with its harbours and
climate, bids fair to be an unusually good investment.
This route will also be a saving of 700 miles in dis-
tance, and three days in time, as compared with
that by Panama. The capital of the company is
£1,000,000, in shares of £lO each. Only half is
now to be issued, and the first shareholders will
receive, from the free grants of land conceded to
the company in perpetuity, ten acres for each share
allotted, which privilege, exclusive of the returns
expected from the railway, is of itself considered a
valuable consideration. The deposit on applica
tion is 10s. per share, and 30s. after allotment, bu
is not to be payable before 24th January next.