The Sun.
London, England, 1866-05-21 00:00:00

THE SUN, LONDON, MONDAY EVENING, MAY 21, 1866.

the sill has not yet been reached. I have been able
to get down into the continuation of the passage
from this gateway, a portion of which forms the
present Mosque of El Burak. I have no plan with
me to lay my sketch down on, but after running
east for a short distance it turns sharp to the south
and ascends by a gentle incline. The masonry is
very fine, apparently Herodian ; the faces of the
arches have the same moulding as that in the Mosque
El Burak. A curious cistern near the Bab el Kat-
tanin has also been visited. Anderson returned yes-
terday, 2d, from Nablus, with a valuable addition
to our photographs. He was opposed, from the
moment of his arrival, in every possible way by the
Samaritans, who came down from the mountain
while the old roll was being photographed and tried
to make a disturbance, Fortunately, the negatives
and camera were preserved. Anderson's negotia-
tions were Conducted with great skill and judgment ;
the Ammm (priest) was his friend throughout, and
great P-,aistance was kindly given by Mr. Falscher,
the I:;:irotestant missionary at Nablus. A descent of
Jacob's Well was made, and a few additional exca-
vations on Mount Gerizim, showing the castle and
church to have been built on a rough masonry plat-
form.

" Photographs.—The following have been added
to the list :—View of large tree (Balutti) at Tibneh ;
two views of tombs at Tibneh ; ruins near Mazarah ;
three views of the ruins at Caesarea ; view of ruins
at Dor ; two views of ruins at Athlit ; six views in
!'and around Hebron (three of Haram masonry) ; two
views of Beit Jibrin ; Samaritan camp on Mount
Gerizim ; view showing conical hill north
of Gerizim ; view of masonry platform (so called 12
stones) ; place of sacrifice on Gerizim, with wood
and kettles prepared ; Samaritan inscription in
tower (S.W. end of town) ; view in gardens at
Nablus (for specimens of trees) ; two views (pano-
rama) of Ebal and Gerizim from Jacob's Well ; two
views of old silver case, containing Pentateuch ; one
photograph of interior of old roll ; two photographs
of an old Pentateuch (the book wrapped in shawls,
and mentioned in your note), one photograph is of
the portion with the name of the scribe, the other
of the Ten Commandments.

" Geology.—The only peculiarity noticed has
been the formation of the plain north of Jaffa, which
is traversed in a north and south direction by low
hills of tertiary sandstone ; these retain the water
draining down from the mountain country between
them, making large marshes unfit for cultivation,
and causing in great measure the unhealthiness of
the district. We found, however, that formerly
there had been a perfect system of drainage, the
water being carried to the sea through open cuttings
and tunnels in the sandstone hills ; these are now
chocked up with rubbish and rank vegetation.
" Corporal Phillips, R.E., will leave for England,
with the instruments, photograph negatives, &c., on
the 14th of this month, taking the first Peninsular
and Oriental steamer for Southampton after his
arrival at Alexandria.

" Anderson and I intended returning via Naples
and Rome, arriving in London on the morning of
June 10. I need hardly mention to you the assist-
ance which Mr. Moore, our Consul, has given us ;
his kindness to travellers is too well known to re-
quire any remarks of mine. his Excellency Izzet
Pasha, the Governor of Jerusalem, has been most
obliging in granting every facility for excavations,
&c., in his district.—Very sincerely yours,
" C. W. WILSON, Captain Royal Engineers."

THE DERBY NIGHT.

A facetious correspondent of the Racing Times
gives the following novel sketch of the after appear-
ance of the great national race-course on Derby
Day, or, as the title has it more correctly, The
Derby Night :
How many sporting writers of every grade of
fancy have exhausted the faculty of invention by
recording annually doings on a Derby-day, the
vast streams of humanity encountering the real and
imaginary pleasantries, toils, difficulties, and
dangers of the road--the speed orslowness of the rail
—the enormous increase annually (on paper) of holi-
day devotees to this the greatest carnival of Cockney-
dom ? But these are of the Derby-day. Has any
one ever ventured to describe the mysteries of a
Derby-night ? Not a night erst at Vauxhall, the
departed, or at Cremorne's fairy land, or the ancient
Bain of Highbury's fast gentility, or the City-road
temple of ancient Greece, but a nocturnal sojourn
on the cool downs of Epsom, on Wednesday, the
16th of May, in the year of grace 1866. Without
any well-founded suspicion of lunacy, either by the
idol of my heart's young affections, or by ordinary
friends or acquaintances, I being, as will-makers
describe, of sound mind, memory, and understand-
ing, took, by way of novelty, the resolution of
actually observing the Downs by moonlight, or
rather what the Downs might have presented had
our useful satellite ventured to show ; yet, although
she failed to put in an appearance, the mighty mul-
titude of stars shone with unusual brilliance, and
shed a dim, subdued halo over the scene. The fleet
Mongrel had pulled off the last race, and the cheers
which greeted G-rimshaw after his temporary recess
had scarce died out, when the several divisions of
thirsty constables, from A to X, had formed, answered
to their numbers, stood at ease, and dispersed when the
dusty sight-seers radiated from the centre of at-
traction in every direction; in short, when most
well-regulated members of the British public were
wending their way homewards I remained with a
couple of trusty friends behind, but not alone. The
impromptu snacks indulged in during the afternoon
from various patrons of Fortnum and Mason, who
generally regale their casual friends arriving
by rail, only seemed to whet our appetites,
and thecold spread at dusk, or diner ala
ruse," the French call it, proved but a
careless make-up for the more studied, warm
repast served within the limits of civilisation. Not-
withstanding the calls of friends, we contrived to
reserve a few of Pontet's choice weeds to console us
as the shades of evening advanced, when the locality
promised some adventure in variety.
The booth-keepers were totting up the result of
the day's harvest. Waiters packed the remains of
eatables, and then lolled about smoking very dirty
pipes, and drinking the thickest of opaque beer.
Bashi-Basouks of the modern Babylon gathered in
numerous groups—some by their carts and barrows,
others near flimsy erections which had been em-
ployed by day in various services. Male and female
gipsies, and other types of the semi-savage, wearied
by incessant exertion, lay in heaps under cover of
tents, temporary stables, and othCr contrivances.
Later on scores of lanthorns, borne by industrious
travellers, bobbed around the Course to Tattenham
Corner to the valleys on either side, and to the dis-
tant;hills, seeking stray treasure, stowing away in
light carts such garments, smelling-bottles, reticules,
parasols, and similar odds and ends found during
the excitement of the races, and before the owners
had lost them. Empty bottles, of which many hun-
dreds were thrown away form the surface of large
baskets, and the traveller, by aid of a fast trotter,
finds his way to town when the crowds are slack-
ened, sells his plunder, and returns for more. The
pretty little town of Epsom, famed alike for its
races and salts, lay stretched in the distance, bril-
liantly lighted, and the busy clatter of voices proved
how large the numbers were which still lingered
behind within its precincts. The scene before us
seemed something like an extensive battle-field when
the fray had ended, save that for cries of the
wounded, rude snatches of nigger songs, shouts and
laughter of both sexes, rung in our ears from every
side. Several young gentlemen, with veils on their
hats, surmounted by small wooden dolls, were en-
deavouring in vain to knock down worthless cocoa
nuts. Others, whimsically inclined, were wishing
themselves with Nancy ; a few invoked pretty little
Sarah with the fashionable hair, declaring that the
young lady ought to be "a-hangel miles up in the
air." One plaintive youth called upon " sweet
speerits" (probably gin) to hear his prayer, and so
on. The national songs were murdered in every
variety of husky key. The tribe of Krect card
dealers, Aunt Sallys, vendors of metropolitan mis-
cellaneous pies, Belle Isle sausages, sharpers and
duffers of all sorts, who remained behind, gradually
sought such shelter as presented itself, and so saved
the trouble of walking home, many taking the celes-
tial canopy for a covering ; and, as they afterwards

lay placidly, I could hardly help envying the appa-
rent repose of our less-favoured fellow-mortals,
freed from any anxiety as to City panics, and caring
nothing for limited liability.
On the verge of a slope near the modern
structure called the Downs' Hotel, an old
acquaintance of mine, one Napoleon Flummux,
was trying hard to keep on his legs. The London
home of orange-peel is in Paternoster-row and the
narrow streets about the Post-office, but every part
of the Downs seemed to be the one chief suburban
receptacle for the rind of an unusually large winter
stack of real St. Michael's consumed on the Derby-
day. No wonder Flummux had a difficulty in keep-
ing his perpendicular, but he had now evidently got
into a new sphere of operation. During a long
course of years he had been engaged in numerous
hazardous mercantile pursuits, among which may
be told shofel pitching, or dealing in spurious coin,
vending pork-liver ketchup, real lead pencils, an-
tique poultry, wild ducks, teal, partridges, and other
high and ancient game ; assisting at the thimble,
three cards trick, general imitation, countryman
amongst sharpers, and snapper up of trifles light
and heavy, he now looked like a descendant of
Stiggins of Dorking ; and as he cannoned against
two of us, we endeavoured to maintain his perpen-
dicular, in return for which, after fumbling in more
than one pocket, he produced. a small roll, and
handed each of us what he termed a " track,"
headed in large letters by way of inquiry, " Is this
the right path ?" I told him it was the broad way
which led to Epsom, and a word or two brought
out the fact that after having been secretary to a
reformed prize fighter, he was now a " Town
Mish'n'ry," engaged on special duty to caution way-
farers about the path in question. He said, with
some apparent difficulty, " We know the right, but
s-shtill the wrong purshue," .complained that the
blacking with which his shoes had been polished
must have contained strong beer, or the little Downs'
liquid taken had some most unusual effect.
Another gentleman now appeared, made up
like a country magsman, and expressed his sur-
prise, that any gents should be left on the Downs.
True, he had lingered behind, because of a real nob
who had just come over with an unheard-of amount
of cash for the Fenians, birt like a good fellow had
resolved to spend it among the right sort, instead
of furthering rebellion in old Herrin, and he was to
be seen in a booth hard by, where he had made
everything right with Lord Lyon, and could lend
any decent sort a hundred or two on being satisfied
of his responsibility. " Kyus Jemmy, " observed
the missionary, " all 'as glitters isn't gold. I
know this gent. He used to tell me about errors
of ways and all that before I got into the respect-
able line—he don't intend to part, he don't my
lambkin, and now the blues are most on 'em taking
themselves off, you may get into the town with your
Fenian, and see nobody bests the young creature
Jemmy."
Some signs were then exchanged between the
two worthies, known only to themselves, and the
countryman vanished, perhaps to see whether any
other stray-member of the Verdant family remained
on the scene. Flummux apprised me that the
party was Jemmy Jonhson, formerly inventor of
harrowing tales of distress for the benevolent—had
performed several small journeys for concocting
begging letters, and was now shy on account of a
great haul recently obtained from the charitable
world, through his having lost all his cattle by the
plague. "This rinderpest has told wonderfully
well, sir," he said:; "the broker's_ in for rent, and
dreadful accidents in mines was getting stale,--
however, sir, it's a free country, very free country."
In that small castellated building—relic of best
part of a century, called Prince's Stand, from the
windows of which the former Prince of Wales
viewed the first Derby, a cheap show was announced,
and from a waggon hard by we induced -Flummux
to try an oration, so as to give us a specimen of the
mode in which he or his employers supposed pro-
selytes were to be gained, and how many persons
he had succeeded in inducing to retrace their steps
homeward instead of staying to see the races. By
the aid of a couple of nondescripts he was placed
astride a barrel, looking like a seedy dilapidated
Bacchus, with two naphtha lamps borro wed from an
insane costermonger, who was endeavouring in vain
to get rid of his remaining stock of stale nuts which
he called " filbeards," by inducing stray lookers-on
to take up a handful, and laying a wager that he
would guess within one how many nuts any hand
large or small, contained.

" Now, my young whiteybrown, go ahead," was
:he coster's polite request when the lamps wore ad-
justed.

4, My friends," he began, 't are you in the right
p, -
path Think of-" The conclusion of this
sentence was unluckily marred by a straggler land-
ing a pellet of flour in front of the orator's hat,
which bursting gave his upper habiliments a snowy
character. A little laughter was of course the ine-
vitable result, which caused a rush of roughs so
quickly that it was difficult to imagine where they
came from ; and a sleek-looking personage between
an undertaker from Short's-gardens and a cadger
of the " clean and respectable" mould, got his hand
entangled in a couple of large fish-hooks, which I
generally carry in my pockets on such occasions ;
and it took a great deal of trouble and no small

apparent pain to disengage them, when he apolo-
gised very humbly in having mistaken my pocket
for his own entirely by accident !
A friendly member of the police, who observed
the transaction, took off his belt and rewarded

- - --
the operator with a couple of strokes of the buckle
end. The officer having suggested that Flummux
should remove from his perch, that gentleman did
so, after having been rewarded with a little more
flour, but he subsequently fraternised with the
parties, and adjourned to the neighbouring bar to
" liquor up," after which operation he retired, in-
tending to get a shake down, as he said, "on the
quiet," and rise like a giant refreshed to see the
deacon in the morning, and obtain instructions for
his mission on Friday, the off-day being hardly con-
sidered of sufficient importance to justify the cost
of auxiliaries in his new occupation,
" The squarest game on the ground ! The
squarest game !" screamed somebody. On looking
round, the performance seemed to be a couple of
round pieces of wood placed at such a distance that
a ball could not go through them, but no person
could bring them to the ground at once. A younger
member of the industrious family now got his left
hand in difficulties among my fish-hooks, and I had
great trouble in releasing him, but his gratitude was
immense.

A welcher, who had been sadly maltreated during
the races, then appeared on the scene, in the hope of
some off-chance turning up to enable his returning
towards the central districts unobserved, but his
mate, who had " collared," to use a phrase appa-
rently well-known to the hearers, had omitted to
go back as promised, and it seemed impossible to
show as he was, with scarce a thread of anything
an inch in width; so complete a case for a friendly
seldom happened. Luckily, at this junc-
ture, an ex-tipster, who had also practised exten-
sively the welching profession, came up, and a
scheme was suggested for the benefit of the gentle-
man in difficulties.

[ADVERTISEMENT.] Dyspepsia (indigestion), constipa-
tion, debility, consumption, and all nervous, bilious, stomach
and liver complaints in every stage, are only aggravated and
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Food, as proved by thousands of cases which had been con-
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Ineinorrhoids, liver complaints, flatulency, nervousness,
biliousness, fevers, sore throats, diphtheria, catarrhs, colds,
influenza, noises in the head and ears, rheumatism, gout, im-
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lieut. of Waterford, of many years' dyspepsia. —No. 49,832.
Fifty years' indescribable agony from dyspepsia, nervousness,
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vomiting—Maria Joly --Cure No. 51,816. The Rev, James
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ity of the liver, which had resisted all medical treatment.—
In tins, Ilb, 2a 9d ; 21b, 4s 63 ; 51b, Ils ; 121 b, 22s ; 211 b,
400.—Barry Du Barry and Co., No. 77, Regent-street, London;
also Phillips, tea dealers, 8, King William-street ; likewise
at Cl, 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, High-street ; and Stubbs, Queen's-terrace, St.
John's-wood, London ; and all respectable grocers and che-
mists.—Beware of spurious imitations.

SPIRIT OF THE PUBLIC JOURNALS.

" THE SATURDAY REVIEW" ON MR. DISRAELI
AND REFORM.—In its peculiar way, Mr. Disraeli's
speech on the Redistribution of Seats was a valuable
contribution to the study of the great question of
Reform. It is a question on which he has reflected
long and anxiously, and which he has pursued into
detail further, perhaps, than any other man in the
House of Commons. In all that he said on group-
ing, on boundaries, on local interests, on the claims
of rising centres of population, on the functions
which the house has to discharge, there was evi-
dently present a well-informed, subtle, ingenious
mind. He had also the opportunity so dear to every
competent leader of an Opposition—the opportunity
of being magnanimous. He was himself master of
the subject; he had even got private but reliable
statistics which showed him that, so far from the
working-man being a fly in the ointment-pot
of county voters, the ointment-pot was full of
flies, and that great county proprietors were in
a large measure dependent on the support
of hedgers and ditchers. Of the whole
subject of reform the. Government was totally ig-
norant; and not only that, the Government was so
ignorant that it did not know it was ignorant. But
having beaten down his foes, Mr. Disraeli scorned
to kick them when down. On the contrary, he
seemed willing to raise them gently up, and to tell
them what to do. They have brought in a bill
equally vexatious and useless, but they may retrieve
their position if only they will accept the advice of
one who is not ignorant. Let them withdraw their
wretched and abortive attempt at a bill, and bring
in a proper bill next session. And Mr. Disraeli had
the courage to define what he meant by a proper
bill, and to state how its details were to be settled.
Supposing the present bill withdrawn, he suggested
that more statistics should be obtained, statistics
that the Government would recognise as trust-
worthy, and that should show how the county con-
stituencies would be affected by any reform bill, as
well as the constituencies of the boroughs. He pro-
posed that special commissioners should determine
the proper limits of boroughs before any change
was made ; and this being done, he declared him-
self in favour of a scheme of reform that should be
based on these principles—no total disfranchise-
ment of any borough, no addition to the repre-
sentatives of counties, but a transfer of a
Certain number of the second seats of small
boroughs to new constituencies formed by grouping
large contiguous Northern towns. It is a great
thing that the leader of the Opposition, instead of
contenting himself with mere destructive criticism,
should have had the boldness to put forward a
scheme of his own ; and it must be acknowledged
that much that he had to say against the scheme of
the Government deserves anxious consideration, and
that there is a captivating simplicity and air of fair-
ness in his own proposal. Any possible manner of
dealing with the smaller boroughs is open to some
objection, and it is not therefore wonderful that Mr.
Disraeli should have been ably to urge many excel-
lent objections against the Ministerial plan of group-
ing together boroughs now represented. But on
other points Mr. Disraeli's remarks were at once
novel and triumphant. We do not, for example, see
any obvious answer to his criticism on Mr. Glad-
stone's proposal to allow the dwellers in the suburbs
of great towns to become voters for the boroughs if
they wished this, and were also willing to place
themselves within the boundaries of the municipa-
lity of the towns. As Mr. Disraeli truly re-
marked, one great object of these dwellers in su-
burbs is to evade the payment of the rates to which
they would be subject if they were under the
control of the municipality ; and the permission
given them to join the Parliamentary borough
would thus be nugatory, for they would never take
advantage of it. There were also in his speech
traces of a great audacity and of a comprehension
of the whole subject in throwing away the usual
Conservative claim for an increase of county mem-
bers, and in saying that all that is wanted is a re-
cognition of the growth since 1832 of many large
towns in the North which ought to be represented,
and which might easily receive representatives if a
few of the smaller boroughs ceased to send a second
member. Mr. Disraeli knows far too well the
situation of his party to think of opposing a Re-
form Bill altogether. He acknowledges that a
change is necessary because 'new towns have come
into existence during the last 30 years. Let these
towns be represented, and then the only remaining
question would be the question of the amount of
the franchise ; and this point ought to be settled by
referring to the guide which new statistics, carefully
drawn up, would provide. If there were really no
difference at bottom between the proposal of Mr.
Disraeli and that of the Government, except that he
suggested what he had decided on after long and
mature deliberation while the Government was only
floundering and delaying through its inherent weak-
ness and ignorance, the wisest thing would be per-
haps to follow Mr. Disraeli's advice, and to wait till
another session. But there is a fundamental differ-
ence between the two proposals, although it is
veiled in some obscurity. The basis of the Govern-
ment measure is something wider than the mere
enfranchisement of a few northern towns or groups
of towns. The Liberal party has a further motive
in desiring a considerable redistribution of seats. It
wishes that the franchise should be given to as large
a number as can be supposed to be fit to recbive
it. This is an aim which Mr. Disraeli altogether
overlooks. It is no part of his programme to inte-
rest as large a number as may be in the return of
the representative, body. He only looks at the
representative body itself, and wishes it to be a
faithful reflex of the interests and opinions of the
country. His opponents, if they know their own
case, will deny that this is enough. They will say
that it is a great aim to have a good representative
body, and that it is also a great aim to have this
representative body returned by all Englishmen
intelligent
share are capable of taking an honest and
share in politics. This is why so large a dealing
with with the less important boroughs is to be justified.
THE " ANGLO - AMERICAN TIMES." —" The
Secretary of the Treasury is considering the
subject of issuing a loan, at five per cent.,
atauce,
which he has ample power to do." Suschhin isg then.
to
,pruhripsomrteaosfurerewceilnitbeinnfof information from
nfsrtoimmploVr
and

there is no doubt that, under proper manage:
ment, such a loan can be popularised, and by that
means sufficient sums be procured to pay off the
loans which are rapidly becoming due, and
thereby effect a great saving in the interest account
of the nation. There will be $1,021,335,732.80 due
in 1867-8, as follows :
Bonds 6 per cent. due in 1868 58,908,341.80
Bonds 6 per cent. due in 1867 9,415,250.00
Compound interest notes, due in 1867 and

012,141.00
1868 .................................... 173,
Seven-thirty Treasury notes due in 1867
and 1868
There are also still outstanding Texas indem-
nity bonds and Treasury notes, &c., past due to
the amount of $1,373,920.00. There is also due
temporary loans, certificates of indebtedness in 1866
and five per cent. Treasury notes, due December 1,
1865, amounting to $187,549,646.46. This latter
sum has been partially reduced or funded, and Mr.
M'Culloch will be competent to deal with it judi-
ciously from the ordinary revenues, and the adop-
tion of such measures as are within his power. But
in regard to the large sum of over one thousand and
twenty-one millions of dollars; which will be due in
three years, prudence requires that measures shall
be taken to redeem it, or to make such arrange-
ments as will put it in a shape that will be manage-
able. That business having been done clearly
and effectually by the issue of long bonds,
there would be no bonds to be met before 1871.1

If the Secretary is enabled to issue and disiose
of long five per cent. bonds, he has the advantage
of offering new investments to capitalists. A long
bond at five per cent. is preferable to a short one.at
six per cent., as the investment is not liable to be
disturbed, and persons who desire a permanent and
settled income have a means of making themselves

easy in reference to their acquisitions.— As money
flows in for subscriptions to the new five per cent.
loan, the old loan at six per cent. would be retired.
The holders would have no option but receive pay-
ment, and, in case of payment to them, the majority
of them would either have to pay premiums for the
purchase of other six per cent. loans, or decide that
it would be better to take the new loans at par. The
reductions in the amount of interest paid by the
United States would be very considerable. If Mr.
M'Culloch could not put out his. loan for
$1,021,335,732.80 before 1869, the saving to the
country would be as follows

Upon $830,000,000 of Seven-thirties, 2.30
per cent. per annum 519,150,000.00
Upon $18,323,591.80, 1 per cent 1,832,359.18

$20,982,359.18
The compound interest notes will be paid off, in
full of principal and interest, to wit :
$173,012,141.00. What the whole saving would
be we cannot compute, as we have no table of the
principal of these notes, but if a saving of one
per cent. on the interest for the whole sum is
made, it would be $1,730,121.41 per annum.
Now, why cannot this important measure be
effected ? It would be a happy auxiliary in reduc-
tion of taxation. Twenty-two millions of internal
taxes could be released, and the industry of the
country would be so much better off in consequence.
A long United States loan at five per cent. would
command attention here and in Germany, now that
the credit of the United States is established firmly
in European minds. It would be superior to British
Consols or French Rentes. It would offer an inte-
rest to Englishmen beyond anything to be realised
from European securities. It would naturally
attract foreign capital, and become a favourite in-

~,r.'

vestment. To render this loan successful in America
nothing would be so likely to insure a prompt,
negotiation as to make it free from taxation
upon the principal, as is the case with other
loans, and to keep the interest also free from the
income tax which is levied upon other interests re-
ceived from the Government. The Treasury could_
well afford to give up the income tax on the five
per cent. loan, as there would be still a large Margi
of reduction. For instance, the interest on
$830,000,000 of Seven-thirties is $6,059,000, which'
at five per cent. income tax, returns to the Govern'
meat $302,950 yearly ; but the annual saving on
the interest of Seven-thirties by replacing hem
with a five per cent. loan would be nineteen 113%
lions and a half ; so with the six per cent. loans I _
the same proportion. The Government would lose
a few hundred thousands by exempting the five per
cent. loans from income tax, but it would gall
millions. The offer of a United States loan free
fro
income tax would be au attractive novelty, and
per
would call the attention of capitalists to the five Pt,
cent. loan as a very beneficial and popular invest-
ment. ment. In America the five per cent. loan would calico
a solid and undoubted security at par. Thatrt
loan can be managed with success we have a '.1%
guaranty in the manner in which the Five-twenties
were negotiated in the midst of the war, and win'
the issue was uncertain. The same tact in nianag
ment, the same means used to make the loan P°P-n;
lar, will insure speedy and large subscriptions 72
that the Secretary of the Treasury would be able
to report to Congress in December, 1868, that the,s
whole of the loans and compound interest notes
becoming due in 1867 and 1868 had been retired,
and that the public burdens had been reduceot
by an immense saving on the national inter
account.