The Sun.
London, England, 1866-11-13 00:00:00

American Debt.

FRANKFORT-ON-THE-MAINE, Nov. 5.
The following letter is a private one of the
Honourable Secretary of the Treasury at Washing-
ton to Mr. William Walter Murphy, the U.S.
Consul-General at this city. As its publication
had been desired by several bankers, Mr. Murphy
has concluded to publish it. We suppose there can
hardly be a doubt entertained but that the Govern-
ment of the United States will pay its national debt
in coin, and the Circular in question mentioned by
Mr. M'Culloch was only issued from New York for
stock-jobbing purposes. The Secretary of the
Treasury, who is perhaps one of the ablest finan-
ciers in the world, is now paying some 20 million
dollars a month on the principal, so that at this
rate, when the 5-20's mature, there will be but
little to pay. It is a suprising fact that in one,
month Mr. M'Culloch paid as much on the Ameri-
can national debt as the whole late war contribution
of the German States to Prussia, which war loans
were thought to have destructed so much the money
market in Germany.

The said letter runs as follows :
" Treasury Department,
" Washington, October 18, 1866.
" Dear Sir,—Accept my thanks for your interest-
ing favour of the 19th ult.
" The Circular was calculated to do us harm, but
I trust the holders of our securities in Germany
have too much confidence in the good faith of the
Government to be affected by circulars of any kind.
" The policy of the Government in regard to its
bonds is well understood in this country ; and there
ought not to be any mistake about it on the other
side. The principal of all our bonds, the interest
of which is payable in coin, will be paid in coin.
Our interest-bearing notes are payable in currency.
—I am, very truly yours,
" H. M'C LILL 0 ell, Secretary.
" Hon. Wm. W. Murphy, Consul-General,
" Frankfort-on-the-Maine."

I am happy to state upon this occasion that Con-
sul-Gencral Murphy, who a few weeks ago met with
the sad accident of breaking his arm, while alight-
ing from his carriage, is fast recovering, and already
able again to attend to his official business.

We extract the following news from Bombay
Oct. 13 :—" The cotton crop in Khandeish is re-
ported to be in a flourishing condition generally,
and an average yield is expected. Reports from
all parts of the lower provinces of Bengal state
that the growing rice crop is one of the finest that
has been known for many years. Sir William
Mansfield's conduct with reference to the recent
court-martial 'on Captain Jervis at Simla has been
severely criticised by the whole press of India. Cap-
tain Buller, of her Majesty's 90th Regiment, has
been appointed aide-de-camp to his Excellency Sir
William Mansfield, in the place of Captain Jervis.
A deputation waited on Tuesday upon Sir
Stafford Northcote, President of the Board of
Trade, in reference to the currency question. The
deputation represented the Currency Reform Asso-
ciation, and its views were. explained by Mr. A.
Alison, chairman of that association, who traced all
the panics and commercial evils of these times to
the fact that the Bank of England is a trading
concern, with a share capital. and honni to make
profits. He proposed that there should he created
a Bank of Issue, which should take away from the
Bank of England the right of issue, and pi ve out
bank-notes to whomsoever chose to take them n
exchange for gold or Government securities. S.l
Stafford Northcote promised to confer with the
Chancellor of the Exchequer on the subject.
A correspondent of the Pall Mall Gazette, who
has just returned from Podolia, informs us that a
strong impression prevails there, both among the
Russian and Polish inhabitants, that Eastern Galicia
will very shortly be annexed to Russia. The Rus-
sian officers are so convinced of this that they talk
of spending the Carnival at Lemberg, and are
already making inquiries as to the fashions there,
the number of places of amusement, and so on. The
Ruthenian clergy on the Galician frontier, who are
in constant communication with the Russian
priests, also assert that the Russian Government
will, before many months are over, take the place
of the Austrian in Galicia—an exchange
to which they looked forward with great satisfac-
tion. Whatever foundation there may be for these
rumours, that they exist is at least significant of
how the wind blows. The same correspondence
brings us the news that the United-Greek Bishop
of Chehn, whose banishment to Wiatka on account
of his opposition to the propaganda of the Russian
clergy in his diocese was telegraphed some weeks
ago, died a few days after he had arrived at his
destination.

On Monday last the Liverpool Liberal Associa-
tion held a meeting, at which, after much discussion,
it was determined to hold a Reform meeting, and
to send invitations to Mr. Bright, Mr. J. S. Mill,
and others. Mr. Gladstone, it is understood, has
declined to take part in any Reform meetings for
the present.

An Irish paper mentions that Mr. IV. H. Gre-
gory, M.P. for Galway county, has been asked by
the Government to become one of the Commis-
sioners to confer with persons to be named on be-
half of the United States regarding the maritime
codes of the two countries, and the laws in both as
to foreign enlistment.
It is stated in the Manchester Guardian that Mr.
W. G. Harcourt, to whom the letters under the
signature of " Historicus " upon disputed questions
of international law are ascribed, has been invited
by Lord Stanley to act as one of the commissioners
on the part of our Government to confer with those
who may be named on behalf of the United States
to consider the discrepancies in the maritime code of
the two countries, as well as the expediency of
bringing the laws of foreign enlistment in both into
unison. "It is felt by all who have considered the
matter carefully," writes a correspondent of our
contemporary, " that the accord of France is most
desirable, if not indispensable, and I have reason to
know proposals have been made for the attainment
of this most praiseworthy object."

From Trieste we are informed that the Empress
Charlotte continues to get better, but it is thought
necessary that she should continue for some time
longer in seclusion.
The Temps is informed by a letter from Prague
that the reported attempt on the life of the Emperor
of Austria was all a mistake of the English officer
who arrested the supposed regicide. It has been
ascertained that he is nothing but an unoffending
tailor, and he has been set at liberty.