The Sun.
London, England, 1866-06-25 00:00:00

Money in America.

The Money Market Review on American money
matters states that the gold speculations in New
York can have little effect on the commerce of the
United States, as American buyers for the winter
and spring trades generally returned home without
making any purchases, not liking the aspect of the
question between the President and the Congress.
This statement is made On the best authority—on
the authority of those who came from New York to
buy but left for New York without buying, though
prepared with credits on London bankers. Why a
political occurrence, such as the vetoing of a popu-
lar bill which had passed Congress, should thus
arrest American purchases in this country may iu
a great measure be incomprehensible to us ; but
nevertheless it is the occasion of the pause in Ameri-
can purchases in our market. Experience had
taught them in consequence of the ang:v debates to
look for a repetition of those fluctuations in gold
which had before rendered perilous all extensive
undertakings. Whatever, therefore, may happen
here will be in operation on the other side of the
Atlantic ; for the shipments which have been made
to New York have not been on American account.
America owes us little or nothing, and if consign-
ments in New York are peremptorily realised,
America will enjoy the- benefit and we suffer the
disadvantage. It is the fact that at the moment the
United States are in an unusual state of commercial
strength and soundness. That gold speculations in
New York cannot ruin America, admits of easy'
explanation. We would remind our readers that
in 1864 gold touched 287 per cent. on the Ist July,
and 187 per cent. on the 26th September of the same
year. Within three months the fluctuation was as
extreme as 100 per cent., and yet the United States
passed the ordeal. Again, in 1865, gold began at
299 per cent. on the Ist January and left off on
30th December of the same year at 144 per cent.,
and American credit was still maintained. Once
more, in 1866, gold began at 141 per cent. on the
Ist January, and as yet it certainly has not at-
tained to the 229 per cent. of 1865, much less to the

287 per cent. of 1864. But, it may be urged, the

shipments of specie from New York are large be

youd precedent, and therefore it may be further
urged that new and exceptional danger now pre-
vails. To this inference we must demur. Specie
has ceased to be the money of the United States, and
has become a mere article of State produce ; green-
backs arc the money of the United States—the sole

currency of the Country—and those greenbacks
have the same hold on the public and are as highly
esteemed by them as Bank of England notes in
England. Where an advance in specie is operative
in the United States is iu the adjustment of the
exchanges, and produce subject to export is affected
by every moment. So remotely, no doubt, are all
exchangeable commodities ; but it is the fact that
the internal commerce of the United States, as d's-
tinguished from the foreign commerce, slowly, un-
willingly, and imperfectly responds to specie
fluctuations. And it is in some measure because of
this want of sympathetic action as between green-
backs and specie that American merchants buy
abroad with so much caution. Abroad they buy at
specie values, and at home they have to sell at
" greenback" values. Their operations, therefore,
are from hand to mouth ; and so are the transac-
tions of the retailers. For the present, and for a
long time past, American trade has been conducted
on a ready-money greenback basis, and therefore
such a basis is practically independent of specula-
tion in specie in AVall-street or elsewhere.

SPORTING NOTES.

The races last week call for no particular remark.
The fields at Aintree were ridiculously small com-
pared with the extent of the entries, particularly
for the principal two-year-old races, the Lancashire
Produce Stakes and the Badminton Stakes, which,
though of considerable value, being contended for
by nothing better than Arundel, Frost, Romping
Girl, Tynedale, and Eastby ; and the defeat of
Arundel by Frost, a very clever shaped colt by
Weatherbit, caused the utmost astonishment, as
Lord Stamford was so confident in the success of
his horse that he betted 9 to 2 on him, an example
that was followed by many of the " talent" to
their cost. The Spigot Lodge stable was in great
form during the meeting, as 'Windham won the
Molyncux Cup, and Capt. Gray had also the grati,
fication of seeing Terror defeat Pintail, Vespasiko,
and four others for the Liverpool Cup. Vespar4ian,
idwas giving the grandson of
Fcoanus,he_railg that
aiia ghe was
ran a good horse, but could
not quite stay the mile and a
half. The sport at
Chelmsford and Ipswich was quite as indifferent
as at Aintree, and beyond the easy overthrow of
Tormentor for the Chelmsford Stakes, effected by
both Ostregor and Saccharometer, who gave her
quite weight enough, considering the distance was
but seven furlongs, I have nothing to notice, for
the two-year-olds that ran on Galley-wood Com-
mon were very moderate, with the exception of
the French horse Montagnard, Canard, and the
colt by Yellow Jack out of Verona, all of whom
will win in their turn. There are four meetings
appointed for the ensuing week, viz., Newcastle-
on-Tyne, Worcester, Hungerford, and New Forest,
all of which are likely to attain fair success, par.
ticularly the first named, now that the principal
noblemen and gentlemen resident in Northumber-
land have given the Tyneside reunion their support.
The principal race is the Northumberland Plate,
for which Mr. Merry has put down the money on
The Primate to the extent of £l,OOO. No man is
a better judge in large handicaps, and without
going through the performances of the other horses
engaged, I shall give a plumper for
THE PRIMATE,
And leave Lady Durham, Miss Haworth, and
Honesty, to fight it out for places. Lady Durham,
I think, is certain to get honourable mention from.
the judge.

A FRESH MAN.

SPORTING IN TELL IGENCE. —This Day.

VICTORIA CLUB.—THIS DAY.
NORTHUMBERLAND FLATE.
6 to 4 agst Primate (taken)
2to 1 agst Miss Haworth (taken)
7to 1 agst Lady Durham (taken)
10 to 1 agst Windham (taken)
10 to 1 agst Missile (taken)
16 to 1 agst Honesty (taken)
16 to 1 agst Red Earl (taken)
20 to 1 agst Zenobia (taken)

TRES FOR 1866.
.szE.

New Forest Hunt 2B
Worcester

Radcliffe 23
Winchester 24
Spilsby
Chesterfield
Southampton 25
Huntingdon
Caen 29
Goodwood Bl

Hastings 2l
York August 2l
Dover 2
Plymouth 2
Lichfield
Tunbridge
Yarmouth
Derby Summer 29
Weymouth 29
Baden Baden Bl
;MBER.

Monmouth
Manchester Autumn 2l
Newmarket Ist October 25
Walsall
Lanark 27