The Sun.
London, England, 1866-08-04 00:00:00

THE SUN, LONDON, SATURDAY EVENING, AUGUST 4, 1866.

olds Bst 51b, four 9st 71b, five and upwards 9st 121 b ; two

miles.

A SWEEPSTAKES of 5 sovs each, with 50 added, for 2 and
3-year olds ; two-year olds 7st, three Bst 91b ; mares and
geldings allowed 31b ; the winner to be sold for 100 sovs ;
if entered for 50 soya allowed 51b ; half a mile.

The BOROUGH MeMBERS' PLATE of 50 soya; 2-year olds
7st, three Bst 91b, four 9st 41b, five and upwards 9st 71b ;
mares and geldings allowed alb ; the winner to be sold
for 200 sovs ; if entered for 100 sovs allowed 71b ; one
mile.

A PLATE of 50 sovs ; 2-year olds 6st 71b, three Bst 71b, four
9st 71b, five and upwards 9st 121 b ; mares and geldings
allowed 31b ; the winner to be sold for 200 sovs ; if en-
tered for 100 soya allowed 71b ; one mile. _ _

The above four laces close and name by. eight o'clock on
Thursday evening. •

The WELTER CUP of 50 sovs, added to a Handicap of 50
sovs each, 2 ft (to the fund); gentlemen riders, profes-
sionals 71b extra ; winners after the publication of the
weights 51b extra ; one mile and a half.

Frolic 3 yrs, Sealskin 3 yrs, Ostreger 4 yrs, Aches 4 yrs,
Harkaway 4 yrs, Jack's Alive 6 yrs, Musketeer 4 yrs, Vic-
toria 3 yrs, Lydia 4 yrs, Disappointment aged, Wildair 3
yrs, Maid of Erin aged, Zeloo 6 yrs, C by Frogmore, dam's
pedigree unknown, 4 yrs, The Tartar 5 yrs, Trapeze 4 yrs,
Iconoclast 5 yrs, Soapstone 6 yrs, Effervescence 3 yrs,
Bertie 3 yrs, Cranford 3 yrs, Oulton Lowe 5 yrs, The
Plover 6 yrs, Black Prince 3 .yrs, Surney 4 yrs, The
Proctor 3 yrs, Melinda 3 yrs, British Tar 3 yrs, Goldy-
locks 5 yrs.
The DE WARRENNE HANDICAP of 10 soya each, h ft, and
1 only (to the fund) if declared by noon on Tuesday,
Aug. 7, with 100 added ; winners after August 2 (at 10
a.m.) 71b extra ; T.Y.C. ; about five furlongs.

Age st lb
Lady Dundas c01t... 3 6 9
Chapel Royal 3 6 9
Woldga 3 6 9
Greyfoot 3 6 7
Proserpine 3 6 7
Birkdale 3 6 7
Valeria 3 6 7
Gamecock ... a 6 7
Fat Jack 6 6 7
Viceroy 4 6 6
Tina ... 3 6 4
The Bugler 3 6 4
Mineral ... 3 6 4
Brimstone ... 3 6 4
British Tar 3 6 4
Duplicity ... ... 3 6 4
Professor Anderson 3 6 4
Musician 3 6 2
The Nailor 3 6 2
Alberta by (Trum-
peter) ... 3 6 2
Pinchbeck.. ... 3 6 2
Panacea ...3 6 2
Bayleaf ...3 6 0
Killarney (by Gem-
ma di Vergy) 3 6 0
Sylph ... ... 3 6 0
Desiree ... ...4 6 0
Zingyni ...3 5 12
Pirate Chief ... 2 5 11
Moonbeam ... 2 5 9
Python ...2 5 7
F by Parmesan—
Lady Blanche 2 5 7
Young Lord 2 (paid)
Vandervelde 5 (paid)
King Charming ... 4 (paid)

twice blb extra

etarters twice and never won allowed

31b; the second to save his stake; T.Y.O. 12 subs.
Grafton, John Osborne, Mendicant, The Corporal, Tim-
bre], Paxton, Little Treasure, Orlando, c out of Raillery,
The Nun, The Admiral, Demi Monde, and Slap Bang.
The SPECULATION PLATE of 25 sovs, added to a Sweep-
stakes of 3 sovs each ; two-yr-olds 7st, three Bst 101 b,
four 9st 71b, flue and upwards 9st 121 b ; mares and geld-
ings allowed 31b; the winner to be sold for 100 sovs ; if
entered for 80 sovs allowed 31b. 50 71b, 40 101 b, 30 141 b,
20 181 b ; three-quarters of a mile. To close and name
on Saturday evening, Aug. 4, between the hours of six
and ten o'clock.
The REVIVAL STAKES closed. See lists.
The FOUNTAINS PLATE closed. See lists.

TUESDAY.—The MOWBRAY PLATE of 50 sovs (Handicap);
winners of any race after July 80 (at ten a.m.) 51b extra;
three-quarters of a mile.
Knight of St...A. 3 7 4
Michael
Age at lb
810 IPfreayt.tfyairQue.e"n 37 0
Yarrow 4 8 6 Louisa 2 7 0
g3e st lb ,
Claros 3 8 2 Elvire 2 6 1
Warwick 3 7 11 Lexovienne ... 2 6 1
Lady Lucan ... 3 7 8 Bridecako 2 6 8
Bab at the Bowster Bezique 2 6 3
gelding 3 7 8 Fby Thermal:ll)y
Dusty Miller 3 7 4 Breeze 2 510
The Two YEAR OLD SELLING PLATE Of 50 sovs (Handi-
cap); winners after July 30 (at ten a.m.) 51b extra; the
winner to be sold for 30 sovs ; T.Y.C.

st lb st lb
B fby Drogheda (h b) 8 10 The Nun 7 13
Tycoon ... 8 5 Fair Wind 7 11
Ladylike ... 8 3 Tidy 7 9
Miss Lawson ... 8 1 The Mite 7 9
Gipsy Queen ... 8 1
Br f by Musjid—Kil-
- dam 8 1
The ABBEY PLATE of. 30 sovs (Handicap); winners after
July 30 (at ten a.m.) 51b extra; the winner to be sold for
30 sovs; T.Y.C.

age agt llbo Dusty Miller
tic:lshii' .., ...a
Lurcher •.• ... 3 8 5 Carnizette...
Malta ... ... a 8 8 Tycoon ..
B g by Fandango— Miss Lawson
Bab at the Bow- Fair Wind...

ago st lb
~3 7 8
.8 7 6
~2 6 9
~2 6 4
~ 2 6 0
~2 513

3 8 0
Miss Dora ... 5 7 10
The GRAND STAND STAKES of 5 sots each, with 25 added;
two year olds 7st, three Bst 101 b; fillies and geldings al-
lowed 31b ; a winner once 31b, twice 51b extra ; starters
twice and never won allowed 31b ; the second to save his
stake ; T.Y.C.; I 0 subs.
John Osborne, 2 yrs Little Treasure, 2 yrs
The Corporal, 2 yrs Ladylike, 2 yrs
Mendicant, 2 yrs Hanover, 3 yrs
Maggie, 2 yrs Demi Monde, 2 yrs
Paxton, 2 yrs Slap Bang, 2 yrs
The MEMBERS' PLATE of 50 sovs, added to a Handicap of
10 sovs each, h ft ; the second to save his stake ; winners
of any handicap value 50 sovs after July 24 (at 9 a.m.)
51b., of two or of a handicap value 200 sovs 81b extra, or
of the Great St. Wilfrid Handicap on the preceding day
101 b extra (extreme penalty). One mile. 23 subs, 11 of
whom pay 2 sovs each.
Age st lb Age at lb
Empress of India... 5 8 12 Malta ... a 6 10
Sundeelah... ... 5 8 8 Clams ... 3 510
Gayous ... 5 7 3 Hobo ... 3 6 1
Begun
... 3 7 1 Lady of the Tees... 3 6 1
Lady of Coverdale 46 13 Amazon ... ... 3 6 0
Missile
... 4 6 12 Cora ... ... 3 5 12
The INNKEEPERS' PLATE of 25 sovs, added to a Sweep-
stakes of 3 sovs each ; two-yr-olds, 7st ; three, Bst 101 b ;
four, 9st 71b ; five and aged, 9st 121 b ; mares and geld-
ings allowed 31b; the winner to be sold for 100 sovs ; if
for 80 sovs allowed Mb, 50 71b, 40 101 b, 30 141 b, 20 101 b.
Three-quarters of a mile. To close and name by 9
o'clock on Monday evening.
The CONSOLATION SCRAMBLE, a Handicap of 3 sovs each, 1
ft (the latter to the fund), with 25 added, for all ages;
the second to save his stake. Three-quarters of a mile.
To close and name by 9 o'clock on Monday evening, and
the weights to be declared by 9 o'clock on Tuesday
evening.

The Mite

original a remark as the observation that " Steam's
a wonderful thing, sir ! " But it is curious to
observe the apathy with which the British public—
intent on much greater things, such as the boarding
in of Hyde Park, the close of the opera, and the
approach, of Goodwood—have received the intelli-
gence. It is also curious to think that the staff on
board the Great Eastern have been daily in receipt
of a summary of the morning's news, carefully col-
lected and despatched by Mr. Parkinson, of the
Daily News, in pursuance of a promise made by him
to his friends on quitting the vessel. Thus the fact
of disturbances having occurred on Monday night
in Hyde Park was known in mid Atlantic by noon
on Tuesday. Communications by telegraph is, as
yet, between London and Newfoundland only ; to
complete the communication with New York there
is yet a submarine cable to be laid across the
Northern Iceland Straits, a distance of about
seventy miles. The cable for the bridging of this
gap was taken out in the Great Eastern, and will
be laid in the course of a few days. At present
the messages across it will have to be conveyed by
steamer. Great surprise has been expressed that
the Atlantic Telegraph £8 per Cent. Preference
shares should be quoted as low as 4 to 41, notwith-
standing its success. This is a mistake. The real
preference shares are the £lO Anglo-American
Telegraph shares, which have a twenty per cent.
preference dividend guaranteed. These are now
quoted at 121, having risen £3 within the last
week.

On the financial aspect of the undertaking a con-
temporary observes :—" It may, perhaps, save
some confusion of ideas if we again state that the
original Atlantic Telegraph Company has a com-
paratively remote interest in the new cable, and the
words 'guaranteed eight per cent.' must not betaken
too literally. The real Atlantic Telegraph prefe.
rence shares are the £lO ones of the Anglo-Ame-
rican Company, and the holders of these are
guaranteed more than 20 per cent. before the At-
lantic Telegraph shareholders receive a penny. If
it should happen that the first year's earnings of
the cable do not exceed £l2s,ooo—an improbable
contingency—the whole of that sum will be divided
among the holders of Anglo-American stock. The
paid-up capital of the Anglo-American Company
is £500,000. A further sum of £lOO,OOO is to be
handed over to the Construction Company when
the line is opened ; and for this £600,000 the first
£125,000 earned each year by electrical communi-
cation between Europe and the United States is
secured by charter to the shareholders of the Anglo-
American Company. In other words, the latter's
shares are Atlantic Telegraph preference ones with
a guarantee of 20 per cent."

American Money Matters.

(From the Money Market Review.)

If in this country it is, among other things, the
mission of the Bank of England to regulate the ex-
changes, it may be useful to show bow, in the United
States, the exchanges control themselves, without
pressure and prostration, or a minimum Bank rate
of 10 per cent.

We quote from a New York banker's circular
of July 6 :—" The heavy specie shipments to Europe,
which were going on on at the date of our last cir-
cular, June 6, suddenly ceased at the close of the
succeeding week, and have since been not only mode-
rate in amount but less than the current receipts
of gold and silver bullion from California." In
other words, the drain of specie from the
United States to Europe has been checked
by the changes in the price of gold, which
on the sth June was 146, and on the sth July 153,
per cent. A fluctuation of 7 per cent. apparently
separates the two periods— the one of efflux,
and the other of stagnation. How happens this,
with no contraction of notes, no action on prices,
and no parliamentary or other generalship to
balk the enemy? The answer is, that the drain of
specie stopped because there is no Act of 1844 in the
United States, and no legislative or other interfer-
ence with the movement of the precious metals.
The recent specie movement from the United
States dates from the Ist May. On that day, it
may fairly be assumed, the tenour of the advices
from this side of the Atlantic altered, and the first
notes of alarm were sounded in private letters.
But the United States Treasury was then well
stocked with specie ; so well that $35,000,000
were freely given—in fact, thrown on the market,
in response to the demand. Parting with that sum,
the United States Treasury withdrew from the
" Gold-room," and left the continuing wants of
commerce to be provided on the usual terms of de-
mand and supply. From 1251, at the opening of the
" Gold-room" on the Ist May, the price was carried
to 1681 on the 18th June ; to recede, however, as
before stated, to 153 on the 6th July. Accumula-
tion of coin will doubtless again proceed in the
United States Treasury, until, it may be, some new
demand arises, or until the intention of resuming
specie payments has few seeming obstacles in its
way. Thus the precious metals were acted on in
the United States as mere articles of commerce—
as wheat, flour, or freights would have been in
other circumstances. They were required and parted
with on terms fixed between the buyers and the
sellers.

And this has been the practice of the United
States always, as distinguished from our own, un-
less during the operation of the short-lived acts
which inexperience and alarm framed in the darkest
hours of the late war. The first of these acts,
passed by the Legislature of the State of New York
(Feb 18, 1863), prohibited loans on gold coin or
bullion ; the second, passed by Congress (March 3,
1863), restricted the sale and price of gold ; and the
third, passed. by Congress (July 17,1864), abso-
lutely prohibited in certain cases the sale of gold.
What the effect of this exceptional and ill-judged
legislation was will be long remembered ; it so de-
feated its intended object that the third act was for-
mally repealed on the 2d July, 1864—fifteen days
after its enactment. Previous to the war, and as far
back as there is trustworthy information on the sub-
ject, the practice was precisely that which recently
and still obtains—coin and bullion were commo-
dities which might be exported without bank-note
contraction, or imported without bank-note expan-
sion. Indeed, at no period whatever have bank-
notes and coin in the United States stood in any-
thing like the relation which is maintained in this
country.

So, obviously, the exchanges control themselves
in the United States ; their favourable or adverse
position is accepted in the same matter-of-fact
manner as rain and sunshine, or the seasons. The
American practice is the very antithesis of ours.
With an adverse exchange, the reserve and trea-
sure of the Bank of England may be reduced
until the commercial credit of the nation
has been compromised, if not wholly ruined.
With us, the precious metals are the life-
blood of commerce, and those withdrawn there
is collapse. The Americans are more practical ;
and they have a right to boast that banking in the
New England States has been always as creditably
conducted as banking anywhere, and that banking
in New York has been deliberately accepted by
Congress and the American public as the model for
the national banking system.
That there have been panics and revulsions in
America as well as in England is well known, and
that there, as elsewhere, similar occurrences will
arise in future is highly probable, nay, certain.
Bat panics and revulsions in the United States
have seldom or never, as iu England, arisen from
the character of the bank-notes ; they have origi-
nated in the abuse of the deposits entrusted to
bankers, or in disappointments from the seasons.
o do übt,under the old American banking systems
the notes of some of the suspended banks became
worthless ; but it is equally true that the amount
of such notes in circulation formed only a fraction
of the aggregate liabilities of the suspended banks.
And it may with truth be said that the observation
of this fact—the fact that imprudent investments
on the part of bankers are a more serious evil than
even imperfectly secured bank-notes----has contri-
buted more to American disregard of fluctuation in
the bank-note price of coin than even, probably,
some Americans would allow. We shall not at
present direct attention to the checks which have
been long imposed on New England bankers in
the use of the deposits entrusted to them ; neither
shall we mention the free tendency which such
checks exercise in attracting capital to the pursuit of
banking. We have merely, in conclusion, to chal-
lenge the disproval of the fact, that the recent drain
of specie has been followed in the United States by

no kind of evil. It has left the industry and the
commerce of the United States undisturbed. The
exchanges in the United States control themselves,
and exercise no influence whatever on the amount of
notes in the hands of the public ; while in England
the precious metals are in the artificial condition in
which corn used to be under the sliding scale of
duties—in other words, they are obtainable only
under fluctuating rates of discount lest a drain
of coin should also deprive us of our bank-notes.
Is it to be wondered at that the absurdity of our
position should have turned against us, from the
other side of the Atlantic, the same sneers which,
not many months ago, were very generally directed
by Englishmen against America and their money
matters

RAILWAY INTELLIGENCE.