The Sun.
London, England, 1866-01-29 00:00:00

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NENVSPAPER
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Wight do at tb6 Ecio &cloud Nioßgaits
viz., accept fresh sheets of Coupons for
" It is expected that the net revenue of t. pit
Milwaukee Railroad Company for the ye.. ind_
December 31st, 1865, after payment of working expenses
and of extraordinary renewals, will amount to about,
$740,000. The interest upon the whole of its Bonded
Debt for the same period, exclusive of interest on the
Great Western of Canada loan, amounts to $385,000. But
this large surplus, after some necessary outlay for capital
purposes, such as purchase of new freight cars and loco-
motives, is sufficient to redeem tho Funded Coupon Bonds,
which fell due January Ist last.
"It is understood that an official intimation will be
made by the authorities as to the course proposed to be
adopted with regard to these Bonds. Meantime interest
will accrue as before."

rnicF; 4d.
STAMPED sd.

business. Yesterday the banks and locl,l institutions were
offering freely to lend at 5 per cent, But there were few
borrowers, and the general disposition among conservative
men seems at present to be to avoid all time engagements,
and to contract as far as possible outstanding obligations
within narrow limits. We have thus an extremely easy
loan market co-existing with declining values at the Stock
Exchange and elsewhere.

We are prepared to cash the following coupons, sulijoct
to recourse:—United States Government Bonds—J.)liet
and Northern Indiana, 1874, payable 10th January ; N., w
York Central Sinking Fund, 1876, payable Ist Faitmry ;
New York-Central Sinking Convertible, 1876, payable Ist
February.

The case in money is in part duo to the closing up of
the usual avenues for employing it, and in part. due to the
accumulation in the vaults of our city banks of National
Bank notes. The news of tho advance in the Bank of
England rate of interest, on the 28th of December, has
had no influence whatever on our money market, which
arpears to be governed at present by influences originating
in our own financial situation. .

The Great Western of Canada traffic is, for week ending
—Jan. 8, 1866, £10,661 14s. Bd. sterling, on 345 miles, or
£3O 18s 2d. per mile per week ; Jan. 9, 1865, £12,408.
12s. 9d. sterling on 315 miles, or £35 195.-4 d. per mile
per week.

There is little doubt that the depression in public confi-
dence, of which a proof will be found in our account of the
week's fluctuations in the same market, is closely connec:ed
with the anticipated effects of the contraction movement of
the Secretary of the Treasury. If so, this general feeling of
vague distrust will probably pass away when the practical
character of that measure is better understood. The well-
known mischiefs of violent contraction of the currency are
what seemed to be dreaded by our business men ; but in the
present and prospective condition of the national Treasury
such violent sudden contraction would defeat its own pur-
pose, and is equally unnecessary and improbable.
On Monday Mr. Morrill, from the committee of ways and
means, reported to the House of Representatives a bill for
consolidating the public debt. This bill, with some modifi-
cations, will no doubt become law; and it is beyond doubt
the most important financial measure of the session. In the
examination of its details our readers must keep in mind
the state of things with which the bill has to deal, and the
difficulties it is designed to meet.

The Grand Trunk of Canada traffic is, for week ending
—Dec. 30, 1865, £22,162 sterling, on 1,377 miles, or £l6
ls. ld. per mile per week; Dec. 31, 1864, £25,390 sterling,
on 1,335 miles, or £l9 Os. 4d. per mile per week.
The Detroit and Milwaukee traffic is, for week ending
—Jan. 4, 1866, £5,070 9s. 3d. sterling on 189 miles, or
£26 16s. 6d. per mile per week ; Jan. 5, 1865, £5,110
Bs. 11d. sterling on 189 miles, or £27 Os. 9d. per mile per
week.

Since our last the chief features in the London-market
for American Securities have been some few large trans-
actions in United States 5.20 Bonds, and a demand for
Erie Shares for shipment to Now Yotk ; the general
public, however, appear to be doing little or no business
in these securities.

On the week .5.20's have advanced about a half per
cent., closing 661 to 1, notwithstanding reported large
shipments from New York to the Continent. Illinois
Shares continue neglected, and close 75 to 1. In Erios
there have been considerable fluctuation; as they were at
one time taken as high as 59, but the lower quotation by
the "City of London" seriously depressed the matket,
and they leave of nearly $2 lower than wo last reported ;
viz., 55i to 561. There has been some demand for
Virginia Sixes, resulting in an improvement of $l.
Atlantic and Great Western securities remain steady.
OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
5 per Cent. Bond; 1874: Thursday 57f ; United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 661 ; Friday,
661 6 ; Saturday, 66 51; Monday, 661 f ; Tuesday,
66 * 1 ; Wednesday, 661 ; Virginian 6 per Cent.
Dollar Bonds : Tuesday, 40; Wednesday, 401 1;
Atlan. and Gt. Westn. (N. Y. Sect.) Ist Mrt.
Bds. 1880: Monday, 77 ; Atlan. and Gt. Westn. (Penns.
Sect.) 2nd Mrt. Bds. 1882: Thursday, 73 ; Eric Shares,
$lOO, all paid : Thursday, 571 ; Friday, 571 ; Saturday,
571 ; Monday, 58 9 7f ; Tuesday, 56 51 61 ; Wednesday
56 ; Erie Share; 6 per Cent. Convertible Bonds:
Saturday, 751 a ; Monday, 76 51 ; Wednesday, 751;
Illinois Central Shares, all paid : Thursday, 761 ; Friday,
7641; Saturday, 761 1; Monday, 751 64 51; Wednesday,
75 4 ; Marietta and Cincin. Rail 7 per Cent. Bonds, 1891;
Monday, G 6.

The chief of these difficulties is the large amount of our
short-date floating obligations. Of our national debt, which
amounts altogether to about 2,800 millions, some 1,100
millions are represented by long bonds, none of which ma-
ture before the year 1880. The remainder of the debt, or
almost 1,700 million; is of shorter date, the larger part of
it falling due in 1867 and 1868. The problem to be solved
by the bill before us, then, is to raise 1,700 millions of
dollars during the next two years, or as soon thereafter as
the money may be wanted to extinguish the greenbacks
and other outstanding obligations of the Treasury. Mr.
M'Culloch, when he was here a fortnight ago, expressed
the opinion that the income of the Government from taxa-
tion will be enough to pay all new claims and current ex-
penditure. If so, the above-mentioned 1,700 millions are
all that will be necessary to provide for by a loan.
Now, there are some among us who say that this amount
is too largo for us to raise without appealing to foreign
capitalists for aid. But the Treasury report recently pre-
sented to Congress shows that during the last year of the
war wo raised by loans and taxes no less than 1,897,674,224
dollars. We shall surely be able to raise 1,700 millions in
several years if during a single year of war we raised 1,900
millions, without impoverishment, without prostrating our
national industry, and without producing more than a transi-
tory retardation of the swift, deep, widening current of our
national wealth. And, in estimating that wealth—in
measuring the extent of our recuperative powers, and of
our strength to bear the burdens of the war—the anticipa-
tions of the most sanguine among us have always fallen
short, while the vaticinations of the prophets of evil have
been uniformly refuted. Nothwithstanding these gratify-
ing facts, however, there are, as we have said, a few per-
sons both in and out of &Ingress who take the gloomy view
of our financial position.—New York Financial Chronicle.

RECENT WILLS AND BEQUESTS.

-

(Front the Illustrated London News.)
The will of Charles Douglas Halford, Esq., of
29, Grosvenor-square, and West Lodge, East
Bergholt, Suffolk, was proved in London, on the
28th ult., under £BO,OOO personalty, probate being
granted to his son, Charles Augustus Drake Halford,
Esq., the sole executor. The will bears date Nov.
27, 1860, and a codicil April 17, 1862. The testator
died on Dec. 9 last, at West Lodge. He bequeaths
to his second son his residencee.,%Grosvenor-square
and West Lodge, with the furniture, plate, books,
pictures, carriages, &c., for his own use absolutely ;
also a sum of £33,000 under marriage settlement,
dated 1825 ; and appoints him residuary legatee.
To his five daughters he leaves various sums. In
trust to one £2,000 ; to the others, £5,000 ; and to
each a legacy of £l,OOO for her own separate use.
There are complimentary legacies to his son-in-law,
free of legacy duties.
The will of Joseph Cookson., Esq., of the Royal
York Crescent, Clifton, Bristol, was proved in Lon-
don by the executors and trustees, John Cookson,
Esq., the nephew, and George Baker Keeling, Esq.,
of Lidney, Gloucestershire. The personalty was
sworn under £120,000. The will was executed at
Ryde, Isle of Wight, on Aug. 27, 1860 ; and there
are two codicils, dated respectively 1861 and Oct.
25, 1865, which were executed at Pau, Basses Py-
renees, in France, where he died, at the age of 82,
on the same day he signed the last codicil. To his
wife there is an immediate legacy of £5OO and a
provision under settlement ; the reversionary inte-
rest will devolve to his great-nephew, Joseph
Cookson, of Neachann, who is appointed residuary
legatee of both real and personal estate. There
are numerous legacies to relatives and friends and
to his executors, as well as to charitable institutions.
His shares in various companies he has distributed
principally among his nephews and nieces and their
children. The following are the charitable bequests,
which are mostly confined to Bristol : —To the
' Canynge Society, Bristol ; Clergy Society, Bristol
Infirmary, Clifton Dispensary; Blind Asylum,
School for Poor of St. Philip and St. Jacob, 100
guineas each ; the Humane Society, Bristol, £5O ;
and £25 towards the hanging of bells in the belfry
of Lidney parish church. All legacies to be free of
duty.

The New York advises continue to confirm the view
taken by the most prudent American merchants as to the
peculiar features of the existing course of business, and to
Show that as far as sanguine intolerance and dread of
diccussion are concerned our speculative operators at
Liverpool, Glasgow, and elsewhere aro much more Ameri-
can than the Americans themselves. Thus, while one
American writer speaks with misgivings of the enormous
foreign debt rolling up against the country, others venture
to point out the future drain that must be met for mere in-
terest from the constant sales of United States bonds in
Europe, and the impolicy of allowing the process to go on.
At the same time, the Controller of the Currency, in his
formal report, speaks of "the waves of the uncertain sea
on which the business of the country now rides," and adds
that, looking at the financial troubles before them, it will
require no little wisdoin, courage, and earnest effort to
avert shipwreck. The present letters mention no events
of commercial imikortance. The severity of the weather
had checked transactions, and had likewise caused much
interruption to telegraphic communication. The mer-
cantile community had just sustained a severe loss in tho
death of one of its most honorable and influential
members, Mr. R. B. Minturn, of the firm of Grinnell,
Minturn, and Co. With regard to the plan of financial
operations justpresented to Congress by the Secretary of
the Treasury the New York Journal of Commerce contains
the following:—
"There is a disposition to pause and digest the pro-
position now before Congress, to place almost unlimited
power in the hands of the Secretary in relation to future
loans and the funding of the floating debt of the Govern-
ment. This plan allows the secretary to sell any class of
bonds, not over 40 years to run, at any price, in any part
of the world, for money, Government securities, or foreign
exchange, the interest being limited at 6 per cent. if
payable in this country, or at 5 por cent. if payable abroad.
We have no idea that this will result, if adopted, in the
negotiation of a large foieiin loan; but it would enable
the Secretary to place a certain amount of Government
securities abroad, and to draw against them, thus
' regulating' the exchange and keeping the home market
easy while he was funding his floating debt. It may seem
like placing a large discretion in the hands of a single man,
but we believe that Mr. M'Culloch would not betray the
trust. The only important official act he has performed
which has been disapproved was the secret sale of gold so
long continued to the scandal of the Sub-Treasury and
the chagrin of right-minded men of all parties. That
course even hismost zealous partisans here have not dared
to defend. But we care not how large the powers con-
ferred upon him may be if he will act openly is the view
of all the world. Secret manipulations of gold by family
friends we shall always condemn r even if designed in
good faith the method of execution will be open to suspi-
cion. But a large individual discretion, with strict ac-
countability, is not necessarily a cause for apprehension."

The will of the late John Vipond, of Carnavon,
Llanover, Monmouthshire, was proved in London
under £40,000. He has left £250 to each of the
following institutions :—The British and Foreign
Bible Society, the Wesleyan Missionary Society,
the fund for the relief of worn-out preachers, and
the circuit stewards of Pontypool.

The wills of the following gentlemen were lately
proved : William Stennett, Esq., of Reigate,
Surrey, under £BO,OOO personalty; Stephen Flockten,
of Hampden House, Romford, Essex, Russia broker,
£60,000 ; John Fell, of Southwark and of Ux-
bridge-common, flour factor, £35,000 ; and Henry
Gilbertson, of Bloomsbury-square and Ludgate-
hill, cut-glass manufacturer, £3o,ooo.—lllustrated
London .Arews.

From Messrs. E. F. Satterthwaite and Co.'s Weekly Circular,
January 24.)

By our advices from blew York to the 9th inst., by the
"Australasian," wo find that the market for Government
Securities had been depressed by the proposal of the
Government to convert a large amount of its currency
indebtedness into 40 years Bonds. The fall was limited
to about one per cent. In prospect of an early largo contrac-
tion of currency, Railroad Securities of all descriptions
bad given way, and the entire list shows a decline of from
$2 to 66. Money continued abundant, as evidenced by
the large increase, under the head of deposits, in the Bank
return—more than fifteen millions in a fortnight. Gold
was quoted 138}, with a declining tendency,
Via "Roches Point," wo have received the following
quotations, being to the 12th inst.
891
United States 5.20's 1031 Erie Common
Illinois Central
The following is the return of the New York Banks :
Discounts. Specie. Circulation. Deposits.
Gold ........................ 138 i
7 9 125 183 021,870
17:96920:68. 9 189,224,861
Dec. 23, 228,572,034 16,0595,037
Dec. 30, 229,455,730 16,331,769
Jan. 6, 233,185,459 15,778,471 18,588,428 195,482,254
TRAFFIC RETURNS FOR DECEMBER.
Miles Open. 1865. 1864. Increase. Decrease.
Chicago and North $
Western ........ 676 546,609 563,400_ ......... 16,791
Chicago and ...... 281 224,022 252,010 ......... 27,993
Chicago and Rock
Island lB2 190,272 321,037 ......... 130,765
Marietta and
..Cin-
cinnati
Michigan Central 329 328,869 376,470 47,601
Michigan
Southern
From the above it will be seen that nearly all the Rail-
roads show a largo diminution in the earnings of the last
month of 1865, as compared with the corresponding period
of the previous year. We have for the past two or three
years been so accustomed to see a very large increase in
the traffic that we think it desirable to give some of the
causes in operation tending to produce such apparently
unfavorable results. In the first place, some of the Rail-
road Companies benefited greatly during the war by the
amount paid by the Government for transit of troops, and
freight of stores and provisions for the different armies in
the field. This source of income is of course at an end.
It is also well known that farmers and shippers of all
kinds of produce from the West to the East have in former
years suffered so severely from the detention of their
goods by the want of accommodation at the points of
transhipments (frequently causing a delay of from two to
four months), that many are holding back till the spring,
when they can avail themselves of water carriage. Not-
withstanding all these drawbacks, however, it is satisfac-
tory to find that the returns for 1865 are, in most cases, in
excess of those for 1863, and very much so over the earn-
ings prior to the war, and it must also be borne in mind
that the percentage of working expenses is much lower
in consequence of labor and materials being new nearly
thirty per cent. cheaper than last year.
, We have received the following communication, which
we are satisfied will prove substantially correct ; and we
give it, as it may be of interest to holders of Detroit and
Milwaukee Bonds.

The internal revenue collections in Pittsburg,
Pennsylvania, last year amounted to $4,386,000—an in-
crease of $1,800,000 over 1864.

General Gideon J. Pillow writes to Gen.
Howard that he is succeeding beyond all his expectations
in procuring laborers for his plantations in Arkansas and
Tennessee, and has full confidence in his plans. He gives
the negroes a part of the crop of cotton, and allows them
land for the cultivation of vegetables and corn for their
own use without charging them for it. He says he could
have engaged a thousand laborers on these terms if he
had wanted them. He is working ono plantation with
white laborers engaged on the same terms. It will be
interesting to compare the results of the two experiments.

LADVERTISEMENT.j—HoIIoway's Pills.—Winterly Draw-
backs.—Whence fogs spring, or whither they retire, it is
not our present purpose to explain ; we desire to point out
how these ill effects on the human frame can be neutra-
lised. The blood must be freed from superfluous carbon
and mephitic taints by some purifying medicine like Hol-
loway's pills, which not only thoroughly cleanse the cir-
culation but adjust in every organ the defects imposed
upon it by that fluid when it has become foul or sluggish.
These pills prevent stagnation, congestion, and aro the
best regulators and preservatives against internal inflam-
mations, irritations, and ulcerations ; while expelling mor-
bid matters from the system, they cool it by their gently
aperient action and strengthen it by their tonic virtues.
[ADVENTMEMENT.]—Consumption, and all nervous, bilious,
stomach, and liver complaints, in every stage, are only ag-
gravated and accelerated by drugs of every description, but
pert way curable by Du Barry's health restoring Revalenta
Arabica Food, as proved by thousands of cases which had
been considered hopeless ; such as indigestion (dyspepsia),
cough, asthma, consumption, habitual constipation, diarr-
hoea, all gastric derangements, hcemorrhoids, liver com-
plaints, flatulency, nervousness, biliousness' fevers, sore
throats, diphtheria, catarrhs, colds, influenza, noises in the
head and ears, rheumatism, gout, impurities, eruptions,
hysteria, neuralgia, irritability, sleeplessness, acidity, pal-
pitation, heartburn, headache, debility, dropsy,
spasms, nausea snd sickness even in pregnancy or at sea,
sinking fits, bromhills, scrofula., tightness of the chest,
pains in the pit of the stomach and between the sit oubld. rts,
&c. We quote a few.—Cure, —Cure, No. 46,270. Mr. Jame:, di
ioseaersesci
timber merchant, of Irina ley Surrey, of thirty
yearrtial deaf-
and
lungs, spittinfr el blood, livt r derangement.
pat' extreme
cramps,
ness.—Cure, No. 47,121. Miss Elizabeth Jacobs, of
nervous
nervousness, indigestion, gatherings. low spirits,
Lnord-.l.vioeuus
fauctes.—Cure, Nc... 1,771. Lord Stuart de Decies,
Fifty years' indescribable agony from dyspepsia,
tenant of Waterford, of many years'
ickinervousness,
dyspePsia.—No.C.,B32.
asthma, cough, const patiea, flatulency, spasms. s • less, and
Ibe Rev. James I'.
MinBdli6gestion and torpidity
vCampbell,omiting aakriean Jolly.-
hamN oCruf
or el
kN,
oo
f.
21b 4s 6d; 51b., lls. ; 121 b., 225. ; 241 b.
In tins, 1 lb., 2e. ; • 77, Bement- t t L
s.—Barry Du Barry and Co., No. s ree ondon;
of the liver, which had restated all medical treatment—
:lw Phillips, tea dealers, 8, King William-street; likewise
at 61, Gracechurch-street ; 4, Cheapside ; 49, Bishopsgate-
street Within ; 63, 150, and 298, Oxford-street ;
330, Strand ;
54, Upper Baker-street; 103, Tottenham-court-road; 96,
Upper-street, Islington, N.; Harvey, Notting-hill; Close
Brothers, 65, Eligh-strei- t ; and Stubbs, Queen's-terrace, St.
John's-wood. London; and all respectable
grocers and che-
mists.—Beware Of spurious imitations,

The earnings of the road have been very large, and
appear such as to render the payment of -interest quite a
certainty; under there circumstances, we should be dis-
posed to think that the Funded Coupon Bondholders