The Sun.
London, England, 1866-08-25 00:00:00

THE SUN, LONDON, SA TL RDAY EVOTING, A UGUTST 25, 1866.

sovs 41b, 200 71b, 300 or more 101 b extra ;
,one mile ;
20 subs.
The MOIRA HANDICAP of 10 sovs each, h ft, with 50 added ;
winners of any race after Aug. 22 (at six p.m.) value
100 sovs 41b, 200 71b, 300 10Ib extra ; thase weights not
to bo accumulative ; one mile ; 13 subs.
The NURSERY PLATE of 50 sovs, added to a Handicap of 5
sovs each ; winners of any race after Aug. 22 (at six p.m.)
41b extra; half a mile.

TIIURSDAY.—The MEMBERS' PLATE of 40 sovs, added to a
Sweepstakes of 5 sovs each ; two year olds ist 71b, three
9st 51b, four lOst 51b, five and upwards lOst 91b, snares
and geldings allowed 31b ; the winner to be sold for 100
sovs ; if entered for 75 sovs allowed 51b, if for 50 10Ib, if
for 40 14lb; half a mile. To close at eight o'clock on
Wednesday evening.
The GRAND STAND SELLING STAKES of 5 sovs each, with
75 added, for all ages; two year olds 7st 101 b, three 9st
81b, four lOst 71b, five 10st 101 b, six and aged lOst 121 b;
mans and geldings allowed 31b ; the winner to be sold
for 100 sovs; if entered for 80 allowed 31b, if for CO 71b,
if for 40 141 b, if for 30 211 b; three year olds and upwards
never haNing won 50 sovs allowed 51b ; three-quarters of

a mile. To close by eight o'clock on Wednesday evening.
The TRADESMEN'S PLATE of 100 sovs, added to a Handicap
of 15 sovs each, 10 ft, and 5 only declared ; winners of
any race of the value of 100 sovs after Aug. 15 (at nine
a.m.) 41b, 200 71b, and of 300 or more 101 b extra; the
geeond to save his stake ; one mile and a half ; 37 subs,
15 of whom pay 5 sovs each.
Age st lb
Moulsey 5 8 12
Godmersham 4 8 0
Ackworth 5 7 10

Age st lb
Brimstone ... 3 6 8
Nukuhova... ... 4 6 8
Cranford ... ... 3 6 5
Merry Hart ... 6 6 4
Pronsor ... 4 6 1
Helen 5 6. 0
Black Prince, by
Kt. of Kars ... 3 6 0
Ninco Nanco ... 3 5 12
Miss Williams ... 3 512
Caprice ... 3 5 8

Rama ..•
East Lynne
Conundrum
The Special

... 3 7 7
... 4 7 7
... 3 7 2
... 3 7 2

Arkan'sas ...
Clown ...

...4 7 1
-5 6 12

Selim 3 6 10
Cadean ... 6 6 10
Retrousse ... 3 6 10
The BRETBY STAKES of 25 sovs each, 10 ft, for two year
olds, colts Bst 101 b, fillies and geldings Bst 71b ; winners
of a sweepstakes of 200 sovs 41b, of two such stakes 71b,
all other winners of 100 sovs in plates or stakes 31b ex-
tra ; the second to save his stake ; half a mile, straight ;
5 subs.
Rinderpest, Anatomist, f Musa, King Charles, Red
Riband.

The BEAUFORT Cup of 100 sovs, added to a handicap of
10 sovs each, h ft; winners of any handicap after Aug.
22 (at six p.m.) value 100 sovs 41b, 200 71b, 300 101 b, 400
or above 121 b extra ; six furlongs ; 23 subs.
The HARRINGTON PLATE of 40 sovs, added to a Sweep-
stakes of 5 sovs each, .for two year olds ; colts Bst 101 b,
fillies and geldings Bst 71b; winners of a stake of the
value of 50 sovs 31b, of two fifties or a stake of 100 sovs
51b, 200 71b extra ; starters twice without winning al-
lowed 31b, thrice 51b ; half a mile, straight ; 9 subs.
Satyr, Jeannie Deans, The Duchess, Prodigitl, Red
Riband, Stewardess, Moonbeam, Man of Ross, The Rock.
The DONNIXGTON PLATE of 50 sovs (Handicap) ; winners
after Aug. 22 (at six p.m.) 71b extra; three quarters of
a mile.

Glenmoy, eh f, by Parmesan—Lismore ...Mr. R. Bell 25
Kebbuck, bf, by Pannesan —M ischiof ...Mr. Mackenzie GO
Horses in Training.

Roderick Random, 4 yrs, by Gemma de Verg,y—
, Hurry Scurry, by Pantaloon
Cranmore, 3 yrs, by Fandango—Cousin Bet

Mr. Heatbeoto
Mochrie 2 yrs (sister to Cranmore) by Fandango

Mr. Mackenzie
Bridekirk, 2 yrs, by Fandango—Aline Mr. Bell
Domestic Bliss, 2 yrs, by Pelion—lloneymoon

Mr. Mackenzie
Monymusk, 2 yrs, by Dundee—Double Shuffle
Mr. G. Thompson
Esmeralda, 2 yrs, by Leamington— Satanella, by
Newminster Mr. T. D twson, jun.
The Cure, stallion Mr. Vaughan
Ti tulip Card, b g, by Fazzoletto —Creeping Jane, 3 yrs
Mr. Blenkiron

RACING FIXTI
AUG

Lichfield
Tunbridge 2B
Yarmouth

SEPT.

Warwick September 4
Leicester 6
Doncaster
Brecon l7
Canterbury lB
Richmond

OCT

HIES FOR 1866.
UST.

Derby Summer
Weymouth

Northampton 2
Lothians' Racing Club 3
Ryl. Cal. Hunt and Kelso 3
Bedford 4

NOV]
Lincoln
Liverpool

:MBER.
Monmouth
Manchester Autumn
Newmarket Ist October
Walsall
Lanark

~ 29
~ 29

,BER.
Newmarket 2d October...
Hereford
Newmarket Houghton ...

IMBE Ry
IShrewsbury
Leamington Hunt

American Government securities.

The Public Debt of the United States amounted
on the Ist August, 1866, in round numbers, to
£554,000,000. Of this, £218,000,000 bear interest
in coin ; £216,000,000 bear interest in currency ;
and £89,000,000 bear no interest at all. The aim
of American financiers is to fund this debt, turning
it all into what is known as 5-20 Bonds. These
bonds at present amount to the prodigious sum of
£242,500,000, bearing interest in coin at the rate
of 6 per cent. per annum. During the war every
expedient was resorted to of raising money to meet
the enormous expenditure daily incurred—an ex-
penditure greater beyond all comparison than that
of any other nation for a like period. Certificates
of indebtedness, quartermaster's-vouchers, notes
circulating from hand to hand bearing interest,
temporary loans, were among these means, which
it is now the object of the Government to get rid
of, and reduce the debt to the issue of one uniform
interest-bearing bonds. All these forms of indebted-
ness have been extinguished, with the exception of
the temporary loan, which will almost immediately
be paid off. It will be seen from these figures that
the 5-20 bonds hold the chief place of importance
in the debt of the United States, although
the Seven-thirties, outstanding, amount to
£159,790,000 sterling. This debt, being payable
in paper, commands no sale in Europe, though the
Secretary of the Treasury, believing that green-
backs will shortly equal gold in value, intends to
extinguish this debt, converting it into the 5-20
Bonds. These latter bonds take the form of a certi-
ficate of indebtedness in these words :—" It is hereby
" certified that the United States of America are
indebted unto A. B. or bearer in the sum of $l,OOO,
redeemable at the pleasure of the United States
after the 30th day of April, 1867, and payable on
the Ist day of May, 1882, with interest from the
Ist day of May, 1862, inclusive, at 6 per cent. per
annum, payable on the Ist day of May and
November in each year, on the presentation of
the proper coupon hereunto annexed. This debt
is authorised by Act of Congress approved
February 25th, 1862."

The debt of the United States zeached its max

mum a year ago. Twenty-five millions sterling
have since been paid towards its reduction. During
the months of June and July this reduction has
been going on at the rate of £lOO,OOO a day. Yet
in the month of August the amount of money in the

Treasury was over $61,000,000 in gold, and little
less than $76,000,000 in paper. These arc facts
which tend to give great strength to the current of
public opinion setting in towards the security of the
investment in United States Bonds. Tho extraordi-
nary facility possegsed by the Secretary of the Trea-
sury of wiping out all the most objectionable debts,
and those which tend most to complicate the
accounts and embarrass the Treasury, have been
shown by the last official statement we are now dis-
cusing. The expenditure during the ensuing year
will be on a greatly reduced scale, and it is fair to
suppose that the revenue will not be less. One
formidable item only, passed in the last day of the
Session, will tend largely to reduce the probable
surplus. If the Soldiers' Bounty Bill be fully car-
ried out, an eventual expenditure will be incurred of
£40,000,000 sterling. The Internal Revenue col-
lected in the States last year amounted to £62,000,000
sterling, and the Customs duties gave the formid-
able sum of thirty-six millions. The returns of the
incomes on which the tax was levied in the city of
Philadelphia alone proved enormous wealth. Similar
lists of incomes have been published in other parts of '
the country, and the fortunes shown to be possessed by
some individuals may surprise our European readers.
Chief among the wealthy is Alexander T. Stewart,
whose income for 1865 was returned at £814,000,
on which he paid £81,400 to the tax-collector.
James Gordon Bennett, of the New York
Herald, and Robert Bonner, of the New York
Ledger, each figure for upwards of £31,000
a year. Augustus liamenway pays on a
revenue of £44,000 per annum realised iu a
few ventures, whose prodigious returns seem to
turned his head, for he is reported as a lunatic.
Five per cent. is levied on all incomes over £2,000
per annum, and 3 per cent. on those between £l2O
and £2,000, for the income-tax alone.

Many persons regard with suspicion the paper
currency of the United States. This suspicion is
confined wholly to a class who have not shown
much resource in managing their own financial
matters. The strongest supporters of the English
currency system have been the loudest in condemn-

ing that of the United States, and in exciting doubt
as to the ultimate ability or willingness of the people

to redeem the vast debts incurred. In the United
States, gold, in the fullest sense of the word, has
become a mere article of barter—that is, it has
taken its proper place with copper, iron, or any
other mineral extracted from the soil. The esti-
mated production of California alone is calculated

to reach £14,000,006 sterling per annum. With
such a prodigious export of the precious metal raised
in one State there can be little question of the
ability of the Government to redeem all its pledges
of payments in coin. The derangement of the Cot-
ton Trade tended mainly to derange the gold
currency, diverting our supplies to Eastern coun-
tries —where the coin was absorbed, and vanished
from circulation. With the end of the American
War has ended in a great measure this cause
of absorption, and the tendency of the precious
metals will be to accumulate at the great centres of
commerce. The sure effect of such accumulation
will be to bring to the same level the value of the
paper currency and gold—when the incontrovert-
ible greenback will represent the exact amount
specified—in the same way as our convertible Bank
of England note represents the sum for which it

can be changed at the Bank of England. The Go-
vernment can then, without loss, withdraw from
circulation any portion of these greenbacks, substi-
tuting the metallic currency. The confidence of the
public is quite as strong in their currency paper as
English confidence in Bank of England notes. The
Government have a difficulty in inducing the
holders to surrender the compound interest notes in
their hands, which they wish to redeem, and they
are only obtained by the payment of a high pre-
mium. In view of all the facts respecting United
States Government Bonds there can be little doubt
that they present the best investment now extant
for those who prefer lending their money on a na-
tional "promise to pay," than on other securities.
The strongest, wealthiest, and most secure nation ;

the freest, most contented, and rapidly increasing
people; the most religious, civilised, and commer-
cial community, pledge_ themselves to this Debt,
the bonds of which are now offered on the exchanges
of Europe at a moiety of their true value ; and we
again repeat that they are worth the most earnest
attention of those who have savings to invest.—
Anglo-America 7l Times.

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