The Sun.
London, England, 1866-10-06 00:00:00

`I HE SUN, LONI ON, SATURDAY EV ENING, OCTOBER 6, 1866.

cock, who commands in that department, has
ordered an inquiry into the business, and the resto-
ration of the slaves to their freedom. Were there
to be no protection afforded to the freedmen from
Washington the whole of their number could soon
be "reconstructed" into slaves ; and that is the
sort of reconstruction which the ex-slaveholders
long for, and for keeping off which they charge the
North with tyranny.
The weather in the Western States has been
cloudy and cold; the grain crops arc late, not having
ripened during the month of September. Much
apprehension was entertained as the weather threat-
ened rain. Two or three weeks of bright warm
sunshine free from frost will be required to ripen
the crops. There are reports from many parts that
the wheat is growing in the ear. Present prospects
arc _decidedly gloomy, but hopes were entertained
that the weather would improve, and the anticipa-
tions hitherto indulged in be realised. Both flour
and wheat have advanced in price.

COMMERCIAL INTELLIGENCE.
NEW You; Sept. 22.
Gold closes at 1431, having fallen under the receipt from
Europe. The ring are, however, are too strong to let the
drop be sudden or heavy. Indeed they may succeed in
again, for a time, forcing up the price, the more so as ship-
ments from Europe appear to be falling off. The receipts
are large and increasing, and the shipments at San Fran-
cisco heavy. It is calculated that a big sum will before
long be accumulated, and at the disposal of the Treasury.
Many advocate the return to specie payments, the paper
currency being gradually extinguished. A pressure is,
however, brought to bear on the Secretary to sell gold so
as to neutralise the proceedings of the ring. The extinc-
tion of the national debt proceeds very rapidly. The
autumn receipts at the Custom-house, it is believed, will be
large beyond all precedent. if so, Secretary M'Culloch's
position will bo much strengthened.
Government stocks are more active at full prices. The
7.30's are in demand at 106 to 1061, and 5-20's at 108} to
1111 for new and old issues. State bonds are firm, and
North Carolina 6's 1 higher. New Tennessee are firm at
721. Railway Mortgages steady; the miscellaneous list
was not so firm ; Canton and Ashburton Coal were lower ;
Rutland Marble sold at 301, and Mariposa Preferred at
331; Spruce Hill 41. The Railway Share Market was
lower under a fall of 21 per cent. in Erie from the ex-
treme quotation of 77a ; New York Central fell 1 ; Hud-
son River, 1; Reading, 1 ; Michigan Southern, 1 ; Illinois
Central, 1; Cleveland and Pittsburgh, a; North-Western,
1, and Fort Warne, 1. After the call the market was
steady, with large sales of Erie, which was readily placed
751 to 751. The speculation has lost none of its interest,
and its buyers talk of 85 with confidence. At the Second
Board Erie sold at 751, but broke to 75/. Again after the
call, at which price it remained until the close of business.
Mariposa Preferred was strong at 3317 and Boston Water
Power sold at 331; the balance of the Market closed steady
at quotations :—New-York Central, 1061 to 106 1; Erie,
751 751 ; Hudson River, 1201 to 1211; Reading, 115 to
1151; Michigan Central, 1121 to 113 ; Michigan southern,
85} to 851; Illinois Central, 1211 ; Cleveland and Pitts-
burgh, 86k to 87 ; Rock Island, 111 to 1111 ; North-
Western, 351 to 351; North-Western Preferred 671 to
671 ; Fort Wayne, 106 to 1061; Canton, 54 to 541; Cum-
berland Coal, 48 to 481; Quicksilver, 521 to 521 ; Mari-
posa Mining Company, 15 ; do. Preferred, 331 to 331.
In money no change. Call loans are abundant at 5 per
cent., and a good deal is at 3to 6 per cent. Commercial
paper sells at 5 for best, and 51 to 6 per cent. for good.
Exchange isquoted as follows:—London. prime bankers',
60 days, 1071 to 1(71; London, prime bankers', sight, 1081
to 1081; London, prime commercial, 1061 to 1061; Paris,
bankers', long, 5.25 to 5.231 ; Paris, bankers', short, 5.211;
Antwerp, 5.281 to 5.261; Swiss, 5.281 to 5.251 ; Hamburg,
bankers', 351 ; Amsterdam, bankers', 41; Frankfort,
bankers', 41; Bremen, bankers', 77i to 78 ; Berlin,
bankers', 71.
Freights are decidedly lower. The engagements to
Liverpool are 50,000 bushels corn, part by steamer, at 3d.
to 4d. ; 2,000 boxes cheese per steamer at 2s. ; a bark was
chartered to a direct port in England at ss.

(From L. P. Morton and Co's. Circular.)
NEW YORK, Sept. 22.

Financial affairs have varied but little since our last
advices. The money market continues to exhibit ex-
treme ease, the prevailing rate on demand loans being
4 per cent., and for discounts sto 6 per cent. The anti-
cipation of the redemption of $45,000,000 of the Tempo-
rary Loan, in equal instalments on the 25th September
and the 25th October, had increased the ease of the mar-
ket, and encouraged speculative operations in securities.
United States Bonds have ruled steady during the week,
the transactions being limited. Within the last few days
there has been a decline in the flow of securities from the
interior, induced by the recent advance of price, and the
market has assumed a somewhat firmer tone. Five-
Twenties of 1882 have ranged at 1111 to 1111, and close
at 111 g-.
The course of railroad stocks has been steadily upward
under the operations of active combinations for an ad-
vance. Erie Shares have been in largo demand, for pur-
poses connected with the election of directors, and the
price has advanced from 721 to 771. Yesterday, the price
was weaker, and fell off to 741, closing at 751.. The specu-
lative movement in Illinois Central has subsided, and
transactions are lighter, but without any change in quo-
tations, the price having ranged at 1211 to 122 i; the
closing quotation is 1211.

State Stocks have been quiet but steady, the chief
feature having been the continued firmness of Tennessee
6s of 1890. The following are the closing quotations—
Tennessee 6s, 1890, 93 to 96; North Carolina Os, 83 to 84 ;
Virginia Os, 70; Missouri Os, 781. Gold showed a steady
downward tendency, apparently the result of the influx
of specie from Europe and California. The highest point
touched since our last has been 145 k, and the lowest 1431;
the closing quotations being 143/. The chief support of
the market is in its being constantly largely oversold.

Foreign exchange has been firmer during the week, but
the advance in quotations has checked transactions.
Bankers' GO days' Sterling closes at 107 f to 170 i; 3 days
Sterling 108 to 1081; Francs, long date, 5.261 to 5.231;
Francs, short sight, 5.221 to 5.211.

inquiries, especially with reference to the Atlantic and
Great Western, why the receipts aro not more than last
year. To this we simply answer that, taking the first
eight months of 1866, and comparing them with a similar
period in 1865, the earnings of this road do exhibit an ex-
cess of 5325,000, and that considering the abundance of
the cereal crops, and the deficiency of our home products,
wo look for an autumn and winter traffic surpassing that
of last year.

It is a fact surprising that a railway at such an early
period of its existence should prove to be in receipt of so
consi lerahle an income. We have frequently called atten-
tion to the fact of the large earnings on American rail-
roads in proportion to their cost, enabling most of the pro-
minent lines to pay either large dividends, or to add very
materially out of revenue to the value of the concern, by
substantial additions to plant, track, and stations, and also
in many of the elder established lines to the reduction of
the debt, in some cases even to total extinction.

During the latter part of last week the London Market
for American Securities was very inactive, owing to the
break in telegraphic communication with America. For
the last three days, however, there has been a very large
business transacted, United States 5-20 Bonds, on higher
exchange, have declined during the week nearly $2, but
even at present quotations, 691 to 70, the price here is
about 1 per cent. above New York.
Illinois Shares have been neglected, but show no al-
teration in price. In Eries the transactions have been
very numerous; the rapid rise reported by telegraph from
New York, owing to the desire to get possession of the
stock to secure votes at the forthcoming election for Di-
rectors having led to considerable buying on this side for
shipment. The latest quotation is 51 to 1, about four
per cent. higher than this day week. The business in At-
lantic and Great Western Securities has been on a more
limited scale, and the recent rise having brought in sellers
to realise profits,• we have to note a decline in Deben-
tures to 65 to 66, and in Consolidated Bonds to 46 to 47.
The demand for permanent investment, however, is steady
at these quotations.
OFFICIAL TRANSACTIONS FOR THE WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 711 1 1 1 ;
Friday, 711 I ; Saturday, 71 11; Monday, 701 1 701 1 ;
Tuesday, 691 70 691 701 ; Wednesday, 70 Virginia
5 per Cent. Sterling Bonds : Thursday, —.
Virginia 6 per Cent. Dollar Bonds: Thursday, ;
Friday, ; Tuesday, —; Wednesday, —. Atlan.
and Gt. Westn. (N. Y. Sect.) Ist Mrt. Bonds, 188(
Friday, —; Tuesday, —; Wednesday, —. Atlan. and
Gt. Westn. 2nd Mrt. Bonds, 1881: ' Friday,
Monday, —. Atlan. and Gt. Westn. (Penns. Sect.)
2nd Mrt. Bonds, 1882: Thursday, ; Tuesday, 661 7.
Atlan. 'land Great Western Consolidated Bonds, 1895:
Thursday, 461 6 8 ; Friday, ; Saturday, 461 4 ;
Monday, ; Tuesday, 461 6 1 7 ; Wednesday,
461. Erie Shares, $lOO, all paid : Thursday, 471 ;
Friday, 471; Saturday, 471 ; Monday, 49 81 ;
Tuesday, 491 511 1 ; Wednesday, 511 11 1. Erie
Shares, 6 per cent. Convertible Bonds : Friday, x.c. ;
Tuesday, ; Wednesday, 69. Illinois Central 6
per Cent. Bonds of 1875: Thursday, —; Monday, —.
Illinois Central 7 per Cent. Bonds of 1875 : Monday,
Illinois Central Shares, all paid Thursday, 77 141 1;
Friday, 771; Saturday, 771 ; Monday, 771 ; Tues-
day, ; Wednesday, 781 8. Philadelphia and
Erie First Mortgage, 1881: Thursday, —; Saturday, —;
Tuesday, 75 x.d. Philadelphia and Erie First Mortgage,
1881, with option to be paid in Philadelphia : Saturday,
—. Pennsylvania Second Mort. Sterling Bonds, 1875 :
Tuesday,

the statements thus put before them. While the
whole efforts of the Tory party were directed to this
end, the Liberals, who did not see so clearly that
their greatest stronghold was in danger, looked
placidly on, not moving, as they ought to have done,
in support of their own cause then being fought out
by the North. They applied no antidote to the
poison disseminated among the people, and coldly
regarded the terrible struggle which threatened the
very existence of Liberal institutions throughout the
world. There were men in England who saw far
beyond the range of the dull and indifferent herd.
Such men as Mr. Bright and Mr. Cossham appre-
ciated more clearly the true nature of the crisis,
but they were powerless to move an apathetic na-
tion. The Tories succeeded in blinding England to
the real merits of the war, and this nation owes to
them a series of the most disastrous blunders it has
ever made. - From the fiery trial the Liberal insti-
tutions of the North emerged brighter and stronger
than ever. If a proof were wanting of the energy
with which a Government resting solely on the
shoulders of the people can act, it was furnished by
this gigantic conflict. The world was startled at
the amazing strength and vigour shown by the
young Republic, and the deep sincerity of the be-
lief which the people felt. in themselves and in their
institutions. Mr. Cossham proceeds to remark,
" That some of our public men, and many of our
" public writers, are again blundering about Ame-
" can affairs. Because the chance President of
" that country has so far forgotten himself as to try
" to bully the representatives of his country into the
"re-admission of the slave power without guarantees
" as to the future, and because he has been unwise
" enough to make a few intemperate speeches and to do
" a great many foolish things, they fancy that
" America is again going to pieces."
This is the old story repeating itself, but not
with the confident assertion that marked the former
prophecies. They only require, howefer, to talk
and write themselves into a stronger belief, to come
out as rampant as ever. They who calculate most
securely on the blunders of mankind are generally
most correct. But the Liberal party are now more
awake to the occasion, and are not likely to be
again hoodwinked as to the real nature of the
struggle. The Liberal party in America are
thoroughly alive to the questions in dispute, and
more clearly than ever perceive the objects aimed
at by their opponents, and their own power of
guiding the ship of State as they will that it should
steer. There can be little doubt what the result
will be, and we hold, with Mr. Cossham, " that
" the President, if he has the will, has not the
" power to give life to a dead system, and that the
" Republican, or really Liberal party in America
" will be triumphant there—and we, the Liberal
,‘ party, will certainly be so here." We rejoice to
hear such statements made. The Liberals on both
sides of the Atlantic have the same objects in com-
mon, and should countenance and support each
other, as is done most effectually by their oppo-
nents. It is generally believed in America that the
Rebellion in the South was strengthened and pro-
longed by the aid and encouragement extended to
it from England. Had the Liberal party chosen
they could have counteracted the efforts of the
enemies of their cause; but, by their ill-judged
silence, they gave deep offence to their kindred over
the water, and left the Republican party in the
belief that there was no support to be obtained from
England in their glorious struggle. Mr. Cossham
is consistent in his Liberalism. He keenly appre-
ciates and warmly recognises the friends of the cause
to which he is pledged, wherever they are to be
found. No prejudices of caste or country blinds his
judgment. We most sincerely hope, with the
Liberal electord of Nottingham, when the oppor-
tunity next offers, they will succeed iri placing their
generous and able champion in the arena he is so
well qualified to adorn, and where he can best pro-
mote the great cause of human progress.—Anglo-
America n Times.