The Sun.
London, England, 1866-10-22 00:00:00

THE SON, LONI ON, MONOAY E v ENING, OCTOBER 22, 1866.

dwelt upon, but is so little understood. Many years ago
Mississippi, one of the poorest and most insignificant of
the Thirty-six States, contracted a debt in Europe which
has never been paid; but none of the older States have
ever repudiated, much less the Central Government, com-
posed of all the States. Many people, probably, still be-
lieve that Pennsylvania, ono of the wealthiest of American
States, once repudiated. It is an error ; to prove which
we hereby give notice that we are prepared to purchase at
a geed price any Bonds ever issued by the Commonwealth
of Pennsylvania.*
America repudiate her debt ? Why, what necessity
could she have for doing it, when her valuable Govern-
ment lands if sold for eight shillings per acre would pay
off her debt twice over; and one coal mine near Pittsburgh,
Pennsylvania, if exhausted and sold at two shillings a
ton, would pay off the National Debt twenty-seven times.
Yet this is but one-of a thousand coal fields in that coun-

try. Coal is admitted to be the foundation of England's I
greatness and power as a commercial nation ; yet the coal
deposits iu America arc more than forty times the size of
those in England.
Is America prosperous ? Lot facts speak for themselves.
At least one-half of the gold and silver annually produced
in the world is now taken from American mines. During
the late panic, when millions of gold were leaving England
for the Continent at the very time it was most needed at
home, there is no estimating the awful consequences that
would have followed had not the United States promptly
checked the run on the London Banks by sending them,
within three weeks' time, specie to the unprecedented
amount of eight million pounds. The States and Terri-
tories immediately west and north of California, which
seven years ago did not produce an ounce of gold or silver,
yielded in 1865 above £6,000,000 of the precious metals.
Tho Western States, of which Illinois is the centre, last
year produced one thousand million bushels of corn, and
have capacity to grow enough for the wants of all Europe.
The magnificent cluster of Southern Districts which flank
the Middle and Western States on the South, and which
under a new system of labour will soon be more produc-
tive than ever, are too well-known for their cotton to need
any comment. While the flocks and herds, the petroleum,
and iron, the commerce and manufacturing industry of the
Middle and New England States, are great facts pregnant
with untold wealth. The United States, as a whole,
larger than all Europe, with every variety of climate and
soil ; her teeming cities and towns knit together by a net-
work of railways 35,000 miles in ; her groat prairies
and rich valleys, and feitile hill-sides opened up to good
markets by navigable rivers, which penetrated thousands
of miles into the interior; her commerce now quickened
and immensely benefited by that greatest achievement of
modern science, the Atlantic Telegraph ; and her Govern-
ment the most economical of the first-class powers—present
a picture of unexampled prosperity.
. _ _ _

From her geographical position, as well as from her
traditional policy, America can never be involved in any
European war; and, consequently, her securities will de-
preciate less than any on this side of the Atlantic, in the

event of such a war occurring. This is an important fact
for investors to consider, especially as the future peace of
Europe seems far from being an established fact. Aad as

America has no neighbour who would ever think of en-

gaging in a war with her, it is difficult to see how her
future is anything else but one unbroken and profound
peace with all the world. There may be occasional insur-
rections in a free country where politics are so exciting,
but the Federal Government is now so strong—as was
shown by the late war—that no insurrection, however
formidable, can possibly succeed against it.
For these reasons, and from an abundance of sound,
solid, snd substantial data, officially furnished us, we do
not hesitate to declare that, next to Consols, American Go-
vernment Securities are the safest investment now offered
to the public. Moreover, we believe that every American
Bond purchased in England will prove a bond of friend-
ship between the two countries, which, according to Lord
Stanley, "are a little more than kin." And is not the
friendship of America of more importance to us now than
all the European alliances we could possibly make ?
American Securities are now the most popular of any
in Germany, where largo fortunes have been made in them
since the collapse of the late Southern Confederacy. And
now the French, who are proverbially cautious in their
investments, have commenced buying them, not only on
account of the high rate of interest that they pay, but
because there is likely to be a large advance in the price of
the Bonds during the next year, as American paper money
gravitates towards a specie basis.
in conclusion, we submit, have not Englishmen lost
quite enough by insolvent finance companies,• with their
train of ruinous calls, and by the depreciation in Securities,
such as those of Spain, Greece, Turkey, Venezuela, and
Mexico,f for them now to seek new and more promising

investments ? and what more inviting or better paying
security can bo offered than the guaranteed Bonds of Eng-
land's great offspring—the Republic of the West ?

* The interest on sonic Pennsylvania Bonds was once
deferred on aceouut of an irregularity, but both principal
and interest have since been honoured.

t Lord Pahnerstou two years ago said that this country
bad invested, within fifty years, 150 million pounds in the
Bonds of old worn-out States, and little struggling repub-
lics, all of which, both principal and interest, had been
lost.

since ; and I should like to ask any unprejudiced reader
what conclusion he can draw as to whom the credit is due

for the conception and organisation of the scheme. But as
it is as well to settle definitely and finally the presumptive

claims to merit for the imperishable glory which surro-unds
all who were concerned in this triumph of science, I trust

I shall not be trespassing on too much of your space if

continue the history of the various companies which ul-
timately resulted in the formation of one which was to

carry it to a successful issue.
The Memorandum of Association of the Atlantic Tele-
graph Company (Limited) was
,drawn up and signed on
the 20th day of October, 1856, and the nominal capital of
the company was to be £300,000, divided into 3. 0 shares
of £l,OOO each. The two largest subscribers are John
Watkins Brett, of London, and Cyrus W. Field, of New
York. On the formation of the company in London the

directors issued a prospectus, in which they use the fol-
lowing language :—" The favourable nature of the sound-
ings of the Atlantic, which have been so liberally made
for this object by the United States Government, at the
instance of Mr. Cyrus W. Field." '-
Surely here is proof enough of Mr. Field's zeal and
usefulness in promoting the enterprise, and of his influence
also. The reader will next perceive the confidence which
he and his co-labourers manifested, for the directors say—
"ln order that the capital subscribed may be wholy
applied to the immediate object of the undertaking, the
projectors, Messrs. Brett and Field, in conjunction with
Messrs. Whitehouse and Bright, propose that their compen-
. _

sation for the privileges which they assign, and for past and
future services, shall entirely depend on the successful result of

the enterprise."
To testify still further their confidence in the undertak-
ing, the promoters and their friends have subscribed up-
wards of £lOO,OOO of the capital required.
Mr. Field, before ho embarked for Europe, had been
elected Vice-President of the Atlantic Company. In con-
sequence of the glowing picture which he presented to
those in power, the British and United States Governments
contributed, by a grant of 4 per cent. each on the capital of
£350,000, making £28,000 per annum. They also nobly
aided it by a giant of their finest vessels.
In 1857 we find William Brown, M.P., chairman, and
Samuel Gurney, M.P., vice-chairman of the Atlantic Tele-
graph Company, while Cyrus W. Field was general
manager.
We all know the result of the trials of 1858 ; the terrific
storms which met the ships which were engaged in laying
the cable, and which were so graphically described by
Mr.N.F. Wood, the special correspondent of the Times. We
all know the continued failures that met them in mid
ocean, and how finally they conquered, and a message
was despatched on the sth of August in 1858 ; and we
know that at the end of that month it had ceased to act.
For eight long years no message ever passed between the
shores of Europe and America, and disheartened were
those who had entered into the project as a speculation,
that it was long ore the public would listen to any renewed
attempts being made to join the two countries by an electric
cord. I can personally testify that Cyrus W. Field from
the first hour that he became a projector and promoter
never faltered or wavered in his determination to conquer.
Despite of the ridicule which was too often aimed at him,
even in the columns of the press of his own country, de-
spite the monetary losses which he and his friends sustained,
despite of the lukewarmness of those whose aid ho believed
necessary, he continued active and buoyant in spirits.
Winter and summer he crossed and recrossed the ocean ;
his special business was neglected, his home desertekand
all his efforts were given to the ultimate accomplishment
of that which had become the aim of his life. With his
subscription, book in hand, and his earnest pleading, he
sought the co-operation' and support of every eminent
banker and merchant in both countries. Do we not all re-
member how last year, when the cable broke, Mr. Russell,
in describing the catastrophe, said that Mr. Cyrus W.
Field seemed to have as much faith and confidence in suc-
cess as ever. In the letter from Lord Derby, and which
was read by Lord Stanley at the Liverpool Banquet, there
is no evidence of a desire to derogate from the honour due
to Mr. Field, although there is none conferred direct. But
I believe that, as honours have been lavished upon the
promoters, manufacturers, and engineers on this side of the
Atlantic, America will confer through Congress some dis-
tinguishing mark on her countryman.
It is true that most of the capital for the last undertaking
was subscribed by English capitalists, and it may not be
unreasonable to state the money was subscribed in the
belief of the stock being good-paying security.
It is true the cable was miinufactured here, and it
evinced the confidence the manufacturers had in the suc-
cessful insulation of their cable, and the quality of the
work which they could turn out.
It is true that the ship which conveyed the cable on its
route was built here, and nobly did the Great Eastern per-
form her part.
But it is equally true that some creditis due to Professor
Samuel F. Morse, the inventor of American telegraphy.
To the United States Government for their deep-sea
soundings which they so liberally made.
To Professors Morse and Wheatstone for the conclusive
experiment they made on a length of over 2,000 miles of
subterranean wire, establishing beyond doubt the practi-
cability of laying the cable and of working efficiently
through it when submerged.
To Professor Wheatstone, the electrician, who has so
ably and devotedly aided the enterprise from first to last.
To Captain Moriarty, R.N., and all those who accom-
panied him on the numerous arduous voyages they so
cheerfully undertook.
I do not for one moment desire to detract from the
credit given to those whom it has been thought fit
to single out for special honours. But I do say
that there are others equally entitled to praise and to
distinguishing marks of a nation's gratitude and admira-
tion, and I cannot see why Mr. Cyrus W. Field, in con-
sideration of his manifold labours, might not have been
permitted to accept or decline any mark of honour which
the Queen might desire to bestow upon him; and I am sure
that it redounds little to the credit of any man who may at-
tempt to undervalue his efforts or refuse to credit the United
States with her share of the glory of this splendid triumph
of a civilised age. The American Telegraph is a triumph
of peace, and all associations connected with it should be
in harmony with that sentiment. I believe, when the
reader takes a calm survey of the history of this under-
taking, he will agree with me that it was carried out by a
company of noble anon, and that amid that company
there was not one more worthy of a people's grati-
tude than Cyrus W. Field, the American citizen. If credit
is duo to those who were the first projectors, then Cyrus
W. Field stands first. If it is due to the promoters his
name stands equally prominent. If it is due to those who
provided that all-important element, the money, we find
Cyrus W. Field the first largest subscriber; and by his
individual efforts it may be safely said that one-half of the
capital was obtained. If the assistance of Government has
been of any service, then I say that Cyrus W. Field again is
foremost. The indisputable activity, the tireless enthu-
siasm which carried him forward, have been the wonder of
his friends. Speaking in Liverpool, in London, in Now
York, in Washington, and back again to address a meeting
at Manchester; writing communications to the press,
answering letters from thousands of correspondents, and
without a moment'sw dateclahy. ;
as a sentinel,Braving
thepearnilds onfuthtterddneeept
a hundred times, in
lover, through weary night and day, he has wit-
nessed in company with a brave few what seemed
endless failures, and at last is it to be wondered at
that when his pet project proved a complete success, round
as a priceless pearl, he should have telegraphed to the Pre-
sident a little of the Ego. lam sure, for my part, I can
sympathise with the almost boyish enthusiasm which ho
is said to have indulged in. The hope, the labour of his
life is accomplished, and so long as the electric spark
flashes intelligence and language he may rest
satisfied his name will not be forgotten. There
have been no - honours given or bestowed on
Professor Morse or on Wheatstone. Surely if science
is to be rewarded, they, and in this instance, especially
Professor Wheatstone, deserves some mark of his coun-
try'l approbation. Then how unjust is the treatment of
Captain Moriarty and the navy, whose services have been
so generously recognised by captain Anderson in a letter
to the Times. There has evidently been somo haste in
the awarding of the prizes, and I trust it is not too late to
confer " honour where honour is due," and to meet out im-
partially praise to the citizens of both countries.
The inhabitants of these British isles have so increased
and multiplied that their home has long been too narrow
for them. They have gone forth to replenish the earth and
subdue it. They have spread over the greater part
of the New World. Over the northern breadth of that
continent the British tongue and the British race are
predominant. The bond of instantaneous communication
annihilating time and space between brethren of the same
blood, speech, and religion, ought surely to be the means
of perpetuating peace and goodwill, and banishing all sel-
fishness and jealousy.
Gresham House, Oct. 19.

T. RAWLINGS.

On Wednesday next the Lord Mayor of Dublin
will give a banquet in the Mansion-house to the Cardinal
Archbishop of Dublin, and will have at the civic board to
meet him seven Roman Catholic judges, and a host of Ca-
tholic nobility and gentry. A reunion of a different kind
will take place on the 21st of next menth..On that day the
Lord Mayor will give a banquet to the Lord Lieutenant of
Ireland, to which will be invited the heroes of the Atlantic
Telegraph who have received honours from the Queen,
and other gentlemen who have distinguished themselves
in the cause of scientific and social progress.

- - - - . -
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pills are the best preventives of hoarseness, sore throats,
diptheria, pleurisy, and asthma, and are remedies for con-
gestion, bronchitis, and inflammation. A moderate atten-
tion to the directions folded round each box, will enable
every invalid to take the pills in 'the most advantageous
manner ; they will there be taught the proper doses, and
the circumstances under which they must be increased or
diminished. Holloway's Pills act as alteratives, aperients,
and tonics. Whenever these pills have been taken as the
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symptoms, and diminish danger.

Railways in Australia‘

By the last mail from Australia we learn that the
means of railway communication in Queensland, the
youngest province of the colony, are being rapidly
extended. The object being to open up the interior
of the country by providing easy access to the sea-
board, and that at a cost which, while making the roads
as efficient and durable as possible, and will not saddle
the colony with a heavy or unprofitable expenditure,
the Government, acting on the advice of Sir Charles
Fox and Sons, and availing itself of the services of
Mr. A. Fitzgibbon, C.E., a resident engineer, de-
termined some time ago on constructing a 3ft. Gin.
gauge single line of railway with the necessary
passing places, so as to make it capable of accom-
modating the traffic which might be expected in
future years. Only a couple of years have elapsed
since the plan was decided upon, and already a rail-
way has been opened from Ipswich to llelidon,
distance of 50 miles, while another extension of 130
miles in a western direction towards Toorroomba
is now under construction. From this the line runs
off to Dably in one direction and to Warwick in the
other, and the greater portiod of these several lines,
forming a total length of about 180 miles, it is pro-
posed to open about the autumn of next year. While
this has been going on in the south the northern dis-
trict has also been moving in the same direction, Mr.
Plews, the engineer-in-chief, having under construc-
tion a line having its terminus at Rockhampton,
running also towards the west as far as Westwood.
It is anticipated that this will be open to the public
in May, 1867. By the 'August mail we heard that
Mr. Flews had just completed the survey for a fur-
ther extension of some 200 miles. As the gauge of
the railway at first glance appears so dispropor-
tionately narrow to those who travel on our lines,
a few remarks as to the general character of the
rolling stock will not be out of place. The carriages,
which are of the very description, the framework
being of iron and the bodies of wood, were built in
this country, and are of the ordinary design. They
are 30ft. long and Eft. 3in. wide inside to enable
them to pass round curves, of which there are many
of small radii. They are fitted with Adams's radial
axle-boxes, which permit of their passage round
these curves with perfect ease and safety. The
engines are also built by the best English firms, and
weigh only 15 tons each ; but, notwithstanding their
lightness, they are fully equal to the work required,
taking, as they do, a load of 60 tons up gradients
of one in 40 at the rate of 15 miles an hour, and on
a level at double that speed. The stock being
light admits of the permanent way being propor-

tionately so, the railsused weighing but 401 b. to the
lineal yard. The way consists of a flat-bottomed
section laid on timber sleepers of a transverse sec-
tion secured by dog spikes, and at the joints by fish and
'fang bolts. The country traversed by the railway
from Ipswich to Toorroomba presents many serious
obstacles to cheap railway construction, as there are
two ranges of hills to be surmounted of 700 ft. and
1,400 ft. respectively above the level of the country
at their bases. The sides of these ranges are cut
up by numerous deep ravines, and their slopes are
likewise very steep. This has involved the con-
struction of a very large number of viaducts,
bridges, and culverts. The spurs between them,
in some instances, have been tunnelled through,
there being as many as 11 tunnels, one of which is
over three-quarters of a mile in length. Nor was
this the end of the difficulties which had to be over-
come by the Government engineer, as the low
lying country at the bases of these two mountain
ranges is intersected by innumerable streams
and watercourses, which in the wet seasons become
heavy torrents, overflowing their banks, and thus
necessitating an amount of bridging and waterways

greater, perhaps, than what appears on any 75
miles of railway yet made in any country. Not-
withstanding these exceedingly heavy and costly
works, this part of the line has been constructed at
an average cost of about £15,000 per mile, while a
mile of that section of the line, presenting but ordi-
nary difficulties, is being made at a cost of about
£6,000. The bridges, and also the stations and
workshops' buildings, are chiefly of iron, and have
been constructed under the superintendence of Sir
Charles Fox and Son, the agents of the Govern-
ment. It is gratifying to hear that the spirited
policy of the Queensland Government has been so
far successful that that part of. the line now opened
is paying, after the payment of all the working ex-
penses, at the rate of 8 per cent. per annum.