The Sun.
London, England, 1866-11-24 00:00:00

THE SUN, LONDON, SATURDAY EVEMNG, NOVEMBER 24, 1866.

dential elections. This would secure uniformity
and equality in national elections, while it would
leave the States free to establish their own law of
suffrage in local elections. Of course the national
system would very soon rule in State elections,
but it would do so without doubtful inter-
ference of the General Government with the
rights of the States. If the whole matter
is to revert to Congress for revision, as now seems
likely, let us have the controversy settled upon first
principles, and so settled forever. Such a settlement
will: commend itself to the general judgment, and
at the same time be less offensive to sectional pride
and prejudice than any half-way measures.—
Springfield Republican.

York the sooner it is wiped out the better. Orga-
nised bands of thieves, with their arms deep in the
public plunder, were before him. While one may
pardon the poor hirelings who do their master's
bidding, we will hold the leader guilty. He charged
the scene upon Mayor Hoffman, who would follow
Governor Seymour out of office. The men who are
now howling were in 1863 burning and hanging
negroes. You poor fools, he continued, I have faced
your superiors in Baltimore and New Orleans. I
have hung your betters. If you do not behave your-
selves I'll have the pleasure to see you hung. Do
you think lam going to flinch ? Do you think you
are the equal of the negro ? You are not to over-
power free speech and free thought. Men of the
Five Points ! thieves and frequenters of the tombs !
I declare you are not worthy of the elective fran-
chise. lie said the crowd was composed of the paid
hirelings of the Democratic party, who are paid so
much a week to suppress free speech. No higher
spectacle could be presented why Governor Fenton
should be elected than this. If there was anything
that could be urged in favour of a despotism, and
against the rule of the minority by the majority, it
was such a scene as that before him. It would take
but a few demonstrations of a like character to make
the great Republican party become disgusted with
the free elective franchise. General Butler was then
asked to go on and give the ruffians what they de-
served. He replied : "No, no, fellow-citizens, I
will not play the blackguard ; I am not a president
or a vice-president, and cannot go into any dis-
cussion with an angry crowd." The crowd con-
fronting General Butler was composed of the most
villanous-looking roughs of the Five Points. As
the General was about to take his seat, an apple was
thrown, which hit him, and he coolly took it up
and ate it. The roughs succeeded in preventing him
from making his intended speech, but the courage
with which he faced them and the vigour with which
he denounced them were quite as effective as any
speech.

COMMERCIAL INTELLIGENCE.
(From our New York Correspondent.)
NEW YORK, Nov. 10.

I forward you Secretary 3/Mulloch's statement of the
Public Debt, ending 31st October, which is generally con-
sidered excellent in almost every respect. The debt is re-
duced by $22,026,935, and it shows that we are gradually
returning to specie payments. Nine millions of green-
backs have been withdrawn, and it is expected that four
millions will be taken out of circulation every. month.
Nearly all the short-time obligations have been extin-
guished, and the compound interest notes are being drawn
in, and this is being done without the extra issue of fifty
millions in greenbacks authorised by Congress for the
purpose. Some twenty millions also of 7-30's have been
converted during the month into 5-20's.
Secretary M'Culloch makes this statement of the Public
Debt on the Ist of November:—

Debt bearing Coin Interest.
Five percent. Bonds $198,091,350.00
Six per cent bonds of
1867-68
Six per cent. bonds of
1881 283,739,750.00
Six per cent 5-20 Bonds 823,944,000.00
Navy Pension Fund
Total
Debt bearing Currency Interest
Six per cent. Bonds 59,882,000.00
Three-year compound
interest notes
Three-year 7-30 notes 724,014,300.00
Total
Matured debt not presented for payment 36,988,909.00
Debt bearing No Interest.
United States notes 5390,195,785.00
Fractional Currency
Gold certificates of de-
posit
Total

Total Debt 52,681,636,966.00
Amount in Treasury
Coin
Currency
Total- 130,326,960.00

Amount of debt, less cash in Treasury $2,551,310,005.00

Government Bonds continue steady and at a slight ad-
vance. The New Five-Twenties not long since put on
the market at 108 are now at 110. It should be remem-
bered by those who wish to convert Seven-Thirties of the
first series into Five-Twenties that the interest on the
former is credited from August 15th, 1866, to date of con-
version at 7 3-10ths per cent., and that the interest on the
Fire-Twenties is charged from July Ist, 1866, to the date
of conversion at 6 per cent., tho difference in interest
being received in currency. The excitement created by
the elections early in the week had an influence in finan-
cial affairs. There is now, however, a reaction. Already
the money market in New York is stiffening under an
active demand. Six per cent. is the usual rate for loans,
though they can be obtained on Government Securities at
5 per cent. At Boston money continues very plentiful ; the
supply being greatly in excess of the demand, and rates are
no higher than in New York. At Chicago also the market is
easier, while at Cincinnati the demand is active, though
the rates are comparatively not high. In view of the in-
creasing demand for money in Now York speculators are
acting with caution. The long-predicted rise has not
yet taken place, and purchasers now begin to doubt the
prophecies of the " bulls." There can bo no doubt, how-
ever, that the market is becoming sounder as we gradually
withdraw the inflated currency. it is not to be expected
that this can be accomplished without some suffering, and
those who continue to operate in the face of the natural
return which is surely coming to specie payments must
lose considerably. Gold is quiet, and may be quoted at
about 147. The exports of specie are increasing, and
amounted to $317,445 last week.

The imports have fallen off, only $lOO,OOO having ar-
rived in the same period. The gold disbursements of the
Treasury department to cash the November coupons have
had little perceptible effect upon the market. Business is
generally dull, in contrast with the activity with which
the full trade opened. The imports at New York for the
week and year are $3,947,056 and $259,360,266, against
$5,023,370 and $166,247,957 ; and the exports, exclusive
of specie, $3,093,780 and $172,462,016, against $6,127,156
and $145,527,332.- -Foreign exchange is quiet at 109 i
to 109 j. The produce markets have fluctuated consi-
derably, and the strong upward movement in corn and
Wheat has ceased, for the moment, at least. Cotton re-
mains quiet at 38c. to 40c., and no prospect of immediate
advance. The railroads earned less in October than was
expected of them, but several make good exhibits, as fol-
lows :—Toledo, Wabash, and Western, $436,065, an in-
crease of $60,531 from last year; Michigan Central,
$493,640, increase $2,946; Milwaukee and St. Paul,
$416,138, increase $20,559. Other roads show a falling
off; Milwaukee and Prairie du Chien, $257,471, decrease
$53,124 ; Marietta and Cincinnati, $39,568, decrease $464.
The paper money inflation in Canada is going on with
rapidity. There are already nearly $1,750,0(0 of pro-
vincial notes in circulation.

(Glenn and Co.'s 117eWy Circular.)

LONDON, NOT. 23.
The London Market for American Securities has been
fairly active during the past week. Some investors are
holding back further orders till Congress meets, and the
differences between the President and that body are ad-
justed, but on the whole prices have been well sustained,
5.20's close to-night at 701 to 70k. Erie Shares 50 to 50i,
and Illinois Central 78i to 78k, a rise of near 2 per cent.
en the week. Atlantic and Great Western Consolidated
Bonds are also higher, viz., 43 to 41, but the Certificates
of Debenture are 2 per cent. lower, and close at 58 and GO.
Out advises from Now York are by mail to November
10th. Gold was steadily declining under the heavy load
recently thrown upon the market by investors in 5.20
Bonds, who drew from the Sub-Treasury over $88,000,000
gold interest during the first three days of the present
month. Though specie payments have not been resumed
in America, it is a noteworthy fact that never before was
there as much gold and silver in the country, nor so much
being produced from American mines. More the war
the New York banks and United States Sub-Treasury's
average specie balances were from $25,000,000 to
$35,000,000, they are now over $100,000,000; and the
receipts of gold at Now York from California since January
Ist, 1866, have been just three times as large as they
were same time last year, which augurs well for the rich-
ness of the mines on the Pacific Slope, and for the early
resumption of specie payments throughout the United
States. Money was easy, and could be had at 4 per cent.
on Government Securities. Railway shares rather lower,
and Mining Stocks buoyant.
A Rome, Ga., paper makes the following announcement
of railroad consolidation :—" On the sth ultimo, in this
city, the final steps in the consolidaton of the Alabama
and Tennessee River Railroad, Georgia and Alabama Rail-
road, and the Dalton and Jacksonville Railroad Companies
were perfected, and the consolidated companies placed
under the control and direction of the Alabama and Ten-
nessee River Railroad Company, with General Joseph E.
Johnston president.

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

NEW YORK, Nov. 10.

The money market has worked with less ease during
the past week, owing to the increased demand for cur-
rency from the West and South. Demand loans range at
5 to 6 per cent., with a strong tendency toward the latter
as the prevailing rate. Discounts are rather more active
at 6 to 7 per cent. for prime bills.
Government securities have shown less activity, but
prices have ruled steady at about our latest quotations.
Five-Twenties of 1882 have ranged at 11011 to 1101, and
close steady at 1101. The Consolidated Five-Twenty Loan
has been in active demand from investors, the price
ranging at 110 to 1101, which, considering that the bonds
bear over four months' interest, is about per cent. below

the quotations for other Five-Twenties than the issue of
1862.

The official statement of the Public Debt, dated No-
vember Ist, shows a reduction in the indebtedness of the
Government, during October, of $22,026,936, following a
decrease in the preceding month, of $22,346,227. Within
the five months ending October 31, 1866, the aggregate of
the Debt has been diminished $118,978,362 ; while, for
the last seven months, the reduction amounts to
$154,336,511, or nearly six per cont. of the whole debt of
the country. During the month the Government has
bought up $2,289,850 of the sixes of 1867 and 1868, at 92
in gold, for the former issue, and 90 for the latter. Within
the same period $25,782,750 of the Consolidated Five-
Twenties have been issued in exchange for short obliga-
tions ; and $8,969,517 of United States' Notes (" green-
backs ") have been destroyed.
Railroad Stocks have been irregular, owing to the in-
terruption of speculation by the change in the money
market. Erie has fluctuated, under active speculative ope-
rations, between 811 and 861, and closes at 811 to 85.
Illinois Central has ranged at 1211 to 1251 with diminished
transactions, and closes at 1241.

State Stocks have been quiet, excepting Missouri 6's,
which, under an active speculative movement, have ad-
vanced from 864, our latest quotation, to 934, closing at
894. Tennessee 6's close at 95 ; North Carolina G's, 801 ;
and Virginia 6's, 61.

The speculation in gold has very much subsided, and
the premium has ruled steady at near the closing figure o
our last advices. Yesterday the price closed at 1461 to
146 i.

Foreign Exchange has been heavy throughout the week,
owing to the supply of bills having proved unexpectedly
largo, but with a moderate demand. Southern Cotton
bills are coming into the market more freely. Bankers'
60 days' Sterling close at 109 to 109} ; 3 days do., 110 to
110 f. Bankers' bills on Paris, 60 days, 5.16} to 5.15 ; 3
days, 5.13/ to 5.121.
A marked dullness has been developed in tho Cotton
market. Manufacturers are accumulating stocks of goods;
and, in order to obviate a severe decline in prices, are cur-
tailing their production. The effect has been to produce
a decline of 2 to 21 cents in quotations, notwithstanding
the steadiness of the Liverpool market. Middling Uplands
closes at 361 to 37 cents.
FOREIGN QUOTATIONS.
Nov. 9. Nov. 2.
London commercial 107/ 108} 108 1081
Do. bankers' long
Do. bankers' short sight llO 110} 110 110/
Paris sixty days 516} 515 516 f 515
Do. short sight 513/ 5121 512 i
Antwerp 520 516/ 520 5171
Hamburg
Amsterdam
Frankfort
Bremen
Berlin 721 72 7311 731
COTTON QUOTATIONS.

Uplands. Mobile. N. O. dr Ts.
Good Ordinary
Low Middling 35 to 36 to 37 to
Middling
Good Middling
MOVEMENTS OF SPECIE AT NEW YORK.
IMPORTS.

Foreign, week ending Nov. 3 569,489

Import for last week 569,849
Previously from California 35,701,436
Previously from Foreign Ports 8,392,249
Total since January Ist 544,163,531
EXPORTS.

For week ending November 3 5947,445
Previously

' Since January 1 $55,931,823
Same time 1865 25,311,501

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

November 21.)

The advices from New York, by the "China" reach
to the 7th inst. Much activity continued to prevail in the
Stock Market, and on considerable demand both on home
investing account and for shipment to Europe the price
of Government securities was well maintained. In Rail-
road Shares there was a large business at fluctuating quo-
tations, but on the week we have to note a decline on
most descriptions. Railroad Mortgages were firmly held,
and any offering found ready purchasers. For money
there was increased demand, and an advance in the rate of
interest of quite one per cent. was demanded. Gold, after
touching 148, had fallen to 1461-, with every appearance of
a further move downward.

Since our last we have .had a very steady market in
London for American Government Securities. There has
been a free exchange of United States 5-20 Bonds of the
1862 issue, for those of 1865, at a difference of from 1 to 1
per cent., so much so, that recent importations of the latter
issue appear to be pretty well absorbed. The Bonds of the
earlier date close at about last week's quotations, viz., 701
to 1, but the later issue at 691 to 1, show an improvement
of quite a half per cent.
Illinois Central Shares, at 78/ to 79, are nearly $1 higher,
but Erie exhibit a fall of $l, being last quoted 50 to 50/.

Atlantic and Great Western Debentures have declined
to 59 to 60, but the Consolidated Bonds havo advanced 3
per cent., leaving off 43 to 43k.

OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 70 691 ; Friday,
70 I 691 7O ; Saturday, 701 70 ; Monday, 701 ; Tuesday,
701 d ; Wednesday, 701 11 1. Virginia 5 per Cent. Sterling
Bonds : Thursday, —. Virginia 6 per Cent. Dollar
Bonds: Thursday, —; Friday, —; Saturday, 4211 ; Tuesday,
—; Wednesday, —. Atlan. and Gt. Westn. (N. Y. Sect.) Ist
Mrt. Bonds, 188( : Friday, —; Monday, --; Wednesday,
—. A tlan. and Gt. Westn. 2nd Mrt. Bonds, 1881 :
Friday, —; Monday, —. Atlan. and Gt. Westn. (Penns.
Sect.) Ist Mort Bonds, 1877: Thursday, —; Friday, —;
Wednesday, Atlantic and Great Western (Pennsyl-
vanian Section) 2nd Mrt. Bonds, 1882: Thursday, —;
Saturday, —; Wednesday, —. Atlan. and Great
Western Consolidated Bonds, 1895; Thursday, 391 9 ;
Friday, 39} 940 ; Saturday, 40 1; Monday, Vll ; Tues-
day, 421 13 ; Wednesday, 421 3 2131. Erie Shares,
SlOO, all paid: Thursday, 50 149 ; Friday, 491 50 ; Satur-
day, ; Monday, 491 ; Tuesday, 491 50 ; Wednesday,
54 50. Erie Shares, 6 per cent. Convertible Bonds: Saturday,
691; Monday, 681; Tuesday, —; Wednesday, GS:. Illinois
Central 6 per Cent. Bonds of 1875: Thursday, ;
Tuesday, —. Illinois Central 7 per Cent. Bonds
of 1875 : Thursday, ; Saturday, ; Wednes-
day, 66. Illinois Central Shares, all paid : Thursday,
771; Friday, ; Saturday, 78 7; ; Monday ;
Tuesday, 78 1; Wednesday, 781. Michigan Central 8
per cent. Convertible, 1869: Thursday, —. Panama Rail-
road, 2nd Mort. 7 percent, 1865: Friday, 1011. Philadelphia
and Erie First Mortgage, 1881: Thursday, ; Satur-
day, ; Monday, 751 5 ; Wednesday, —. Philadelphia
and Erie First Mortgage, 1881, with option to be paid in
Philadelphia: Thursday, —; Monday, •—. Pennsylvania
Second Mortgage Sterling Bonds, 1875: Monday, —.