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

Miscellaneous American News.

The Tariff Bill has been postponed till next
winter by a vote of 17 to 23, the Senate dividing
as follows :

' FOR POSTPONEMENT.
Brown Harris Morgan Sumner
Davis .Henderson Nesmith Trumbull
Doolittle Hendricks Norton Willey
Foster Johnson Pomeroy Williams
Grimes Kirkwood Riddle Wilson
G uthrio Lane Saulsbury

AGAINST POSTPONEMENT.
Anthony Sherman Howard Sprague
Chandler Cragin Howe Stewart
Clark Edmunds Poland Van Winkle
Conneso Fessenden Rqmsey Wade
Cowan

ABSENT.
Bnckalew Dixon
__ Nye

Yates

Creswell M'Dougall Wright
Messrs. Sumner, Wilson,'"Foster, Harris, and
Morgan voted for thepostponem en t. Thus the bill has
been beaten not so much by the votes of the purely
Agricultural States as by those of Massachusetts,
Connecticut, and New York. The TVeekly Tribune
says :- —" We can appreciate the considerations
which govern the votes of Messrs. Wilson, Sumner,
and Foster. They are tired of listening to dema-
gogue denunciations of New England, as. selfishly
demanding protection. for her own special benefit,
when, in fact, New England could better endure
Free Trade than could any other section, and her
manufacturers have far more reason to apprehend
from rivals in the South and West than in Europe.
When the representatives of a State teeming in coal
iron, lead, &c., like Missouri, yet which has few fur-
naces in operation, and scarcely a wheel running on
her abundant water power, vote against Protection,
they may well be tempted to say, let the blind have
their head, they will sooner come right thus than
otherwise ; but this is the cleverness of smart poli-
ticians, not the dictate of true statesmanship."
On the 16th July the Piesident returned the
Freedmen's Bureau Bill unsigned. The President
showed in his Message that such legislation was
justified by war, but was unsuited to peace. He
could see no reason for the establishment of the
military jurisdiction conferred by the Act on the
officials of the Bureau. By the laws of the United
States and of the different States competent courts,
Federal and State, have been established, and are
now in full practical operation. The courts are
open to all, without regard to colour or race, pre-
sided_over by competent and impartial judges, bound
by fixed rules of law and evidence, while the trial
by jury is guaranteed and secured. He prefers this
to the caprice or judgment of an officer of the
bureau, who may be ignorant of the principles that
underlie the just administration of the law. Con-
flicts too will arise between the civil and military
tribunals which there are no means of settling. He
points out the dangers of military power, and shows
that it is for the civil tribunals that private wrongs
must appeal for redress. In conclusion, he adds,
"I again urge upon Congress the danger of class
legislation so well calculated to keep the public
mind in a state of uncertain expectation, disquiet,
and restlessness, and to encourage interested hopes
and fears that the national Government will continue
to furnish to classes of citizens in the several States
means for support and maintenance, regardless of
whether they pursue a life of indolence or labour,
land regardless also of the constitutional limitations
of the national authority in times of peace andl
tranquillity." Mr. Eliott moved that this message
be laid on the table, printed, and called up for
action next day The motion was agreed to. Mr.
Niblack moved that 2,000 extra copies be printed.
Mr. Leblond moved that 20,000 be printed, and
that action upon it be taken immediately. The
Speaker announced the- question to be " Shall this
bill pass, notwithstanding the objections of the Pre-
sident ?" The vote was taken, and resulted in
yeas 104, nays 33, the Speaker directing his name
to be called, and voting yea. The Speaker an-
nounced that two-thirds having voted in the affir-
mative, notwithstanding the objections of the Pre-
sident, the bill had again passed. In the Senate
other business was set aside, and the President's
Veto Message considered. The Chair having put
the question, " Shall the bill pass, the Presi-
dent's objection notwithstanding ?" the yeas were
found to be 33, the nays 12, when the Chair an-
nounced that the bill having received the two-thirds
vote in both houses, he proclaimed it a law not-
withstanding the objection of the President. Thus
in about three hours the matter was disposed of, and
the President's objection set aside without discus-
sion. We regret to see such action on the part of
Congress. Even if the President be wrong it would
be more dignified in this great Parliament to dis-
cuss all that had been urged by the chief magistrate,
though the discussion had been a mere formality.
Such a passage of the bill through both Chambers
savours of a contemptuous rejection of the opinion
of the Executive Power.
A negro woman was recently permitted to knea
l
el
between twn whites at the Altar of Grace t
hE
3 a
Church in Memphis, Tennessee, and Parlair°n rec
1)
ss
e sac Pr
ea
meat of the Lord's Supper. The occurrence is u p
dented in the history of the Southern States.
On the 4th, at Mobile, many.freedmen refused to
take passage on a steamer sailing ow
a regatta, lest they might bo carrieddton the bay to witness
Cuba and sold into
slavery.

COMMERCIAL.
Speculation has been partially checked, and the market
for railway shares has been quiet. Every indication shows
an upward Market. Of course there will be reactions "Ind
intervals of dullues, but monetary facilities being ample,

PRICE 4d.
STAMPED sd.

and the speculative spirit strong, the Prospect of a general
rise seems sure.

New York Central sold to-day at 104 to 1; Erie, 651;
Reading, 1101; Michigan Southern, 831 ; Cleveland and
Pittsburg, 851 to ; Rock Island, 971; North-Western,
3GI ; preferred, 654; Fort Wayne, 991; Canton, 53.
Government Securities were dull. 5-20's are slightly
lower, but 7-30's are strong and steady.
As money is abundant the loan market continues easy
at 5 per cent., with exceptions at 4. There are but few
first-class commercial bills in the market, and these pass
readily at about 6 per cent., the extremes being 51 to 7.
Although gold is firm there is not much doing, and it
may be quoted as dull. The supply of coin for delivery is
becoming scarcer in proportion to the demand. The lead-
ing rates vary from 3 per cent. interest for carrying to
1-32 d. per diem for borrowing. To-day the opening quo-
tation was 1501, followed by an advance to 1504, and a
relapse to 1501, closing at 1501.
Foreign exchange also is inactive, though steady news
is awaited from Europe both by buyers and sellers. The
leading drawers ask 1091 for bills, at 60 days on England.
They:do not sell readily at this rate, and second-hand are
quoted at 1091 to 1.

- When we know the probable result of the war in Europe,
we will be better able to judge of the future. Opinions
aro divided about the probable demand for our bonds in
Germany. If the demand increases, we will be able to
liquidate- the balance of trade against us ; but there is
every reason to expect a firm market for gold and exchange
for some time to come.
Mining and petroleum stocks are fiat.

aenraoert,
sbaose
atohruget
iroyrf
epielnafloc
fa
11
ee,
ghoeldrdeberyne gdt
hatrihsd
eisnt ratesptlhee.
l
all the States are rather ocTof
hAtf few words
pt
se:ofedfrhsotahmmni
asay:
nearly
discou-
raging. No doubt such reports are not implicitly to be
relied on, but a letter from Georgia speaks in a desponding
tone of the crop, the weather, the seed planted, and, above
all, of the labour. The inundation from the neglect of the
levies, both on, the Mississippi and other rivers, have been
most destructive, and will be widely felt. The people of
the States inundated are unable to repair the damages, and
the work has been undertaken by the Government, under
the War department.

(From Messrs. Smith, Edwards, and Co.'s Circular.)
LIVERPOOL, August 1.

The movements in the cotton market during the past
month have run parallel with the political changes on
the continent, and the general course of prices has been
upward, resulting in an advance of Id. per lb. in American
cotton, lid. per lb. in East India, and 3d. to 4d. per lb. in
Egyptian and Brazil.
At the date of our last issue the quotation of middling
Upland was 131 d. per lb., of fair Dhollera 9d., and of fair
Egyptian cotton, 18}d. ; the stock was 958,000 bales, and
a general feeling of heaviness prevailed. The Continental
war had just commenced, and no one anticipated a settle-
ment before three months at least ; while the restrictive
effect of a 10 per cent. rate or discount was telling most
unfavourably upon trade.
• * .* *

The news, which was considered almost equivalent to
the conclusion of peace, restored a very buoyant tone to
the market, and for several days the sales reached 20,000
bales daily, and American cotton regained the previous
high point-141d. for middling Uplands. In East India
cotton a heavy business was done ; exporters, relieved
from the incubus that had so long pressed upon them,
bought boldly, their aggregate purchases last week
amounting to 33,000 bales, of which 23,000 were East
India, and it became noticeable also that our own spinners
were substituting Surat for American cotton. to a consi-
derable extent. The advance in some descriptions of East
India cotton was rapid ; sawginned Dharwar came into
great favour, and superior quality rose to 12d. per lb.,
which at the beginning of the month had be©n Did., and
during the greatest depression in May had been sold as
low as 81d. per lb. New Oomrawuttee, of good quality,
was also in great demand, and advanced rapidly to llid.
per lb. for quality that was worth sp. shortly before ;
good Comptah became scarce, and at 10d. to 10}d. showed
lid. advance for the month ; the old crop second rate
qualities, represented by middling fair Dhollera. and
Oomrawuttee, advanced roundly for the month from 7d.
to 9d. per lb., and Bengal and Scinde wore in eager export
demand, and, contrary to expectation, advanced lid. per
lb. from the opening prices of the month, say from Gd. to
71d. for fair Bengals.
Long-stapled cottons that is to say, Egyptian and
Brazil—were also powerfully affected, though not so much
from any enlargement of demand as fro.n their great and
increasing scarcity. With hardly any import from Egypt,
and a stock of 20,000 bales, spinners of fine numbers got
alarmed, and a few days of active demand forced up the
prices several pence per lb. Brazil cotton being the only
tolerable substitute for Egyptian rapidly followed, and the
result is that quotations for the month are raised 3d. to 4d.
per lb. for both descriptions, as already mentioned, and
fair Egyptians now stand at 23d. per lb. against 181 d. a
month ago, and fair Pernams 171 d. against 141 d. It will
be observed from this brief summary that American cot-
ton gained less relatively than any other description, and
now, in comparison with other kinds, it may be pronounced
relatively cheap.

During the last few days our market has varied very
little in tone or price, the business has been healthy and
legitimate, and holders have met the demand more freely,
thus checking any tendency to a further advance.
The prospects of the market do not at present invite a
lengthened discussion, no important alteration in the facts
of the case has occurred since our last issue, saving that
peace has been re-established on the Continent. This cir-
cumstance, however, will exert an important influence
upon the future of East India cotton, and prevent that de-
pression and glut of supply which once seemed imminent.
At the same time there is room for believing that the
major part of the effect has already been produced—a very
considerable advance has taken place in Indian cotton,
say lid. to 3d. per lb. on the average, from the lowest point
of the market in May, or about 30 per cont. ; and with the
very large supplies still afloat it is difficult to see how a
larger advance could be supported. The arrivals of Indian
cotton in Great Britain for the next three months must be
at the rate of 50,000 bales per week, and the largest pos-
sible demand can scarcely be expected to absorb all this
Doubtless the amount of cotton now afloat from the East
represents the bulk of what we will got from that quarter
for six months to come, for we know by telegraph that
scarcely any cotton is now shipping for England, nor is it
likely that exports will be resumed freely for several
months ; still these considerations cannot be expected to
weigh much till later in the year, and only then if the
prospects of the American crop are poor. It is evident
that we will have au ample supply of Indian cotton to
last till next January or February, and by that period we
will be receiving freely whatever America has to spare
from the next crop.
More moderate views are also entertained now of the
future of American cotton. The opinion was long clung
to that great scarcity would be felt this autumn, at least
before next crop arrived, but it is seen now that the old
stock will last longer than was expected. The demand
has turned largely upon Surats, and there is no reason to
believe that any excessive scarcity of American cotton will
be felt this year. The long staples occupy the strongest
position. Very little Brazil and Egyptian cotton can
reach us before November, and meanwhile the trades will
be greatly pinched for supply ; the present price of Egyp-
tian cotton is sd. per lb. higher than it was at this time
last year, while American cotton is sd. per lb. cheaper,
showing a difference in their relative position of 10d. per
lb.—an anomaly perhaps never witnessed before. This
state of things must last till the new crop arrives, and no
doubt one. effect will be to strengthen strong stapled
American cotton ; but whether it will be sufficient to draw
up the whole mass of American cotton materially in price
is doubtful.

The keystone to the future position of the market is un-
questionably the next American crop ; all the influences
already reported are unimportant compared to that. It ap-
pears probable that by the time it roaches Europe in quan-
tity the stocks in the entrepots will be but moderate, and
the quantity afloat from other quantities small. Therefore,
if the prospects of supply from America turn out to be
poor, the markets of Europe will
or be ripe for ante ly good,
advance;
but should the prospects be good, modera
there will remain sufficient ballast of old stock in Europe
to keep down any tendency to advance.
The accounts we are now receiving from America are
more favourable than they were a month ago ; the
weather has been good for the growing crop for some
weeks past in the South, and the injury sustained at the
start has in some measure been repaired ; still we under-
stand that the appearance of the plant is poor, the season
backward, and the prospects of a good yield not promis-
ing. Estimates of crop are at present mere guess work,
but as far as we can collect, the favourite opinion among
reliable authorities is two million of bale; this is
though
usually accompanied by the condition that the picking
season must be fine. Really reliable crop estimates can
asesledaosmonbelikfoertmbeedpbreesfoenret
atnheimmomnetnhseof
deal depends
and in
the advent of "killing frost "—in other words, the steirlpmoin-
nation of picking.

The JUDGE IN CHAMBERS.—Mr. Baron Bram-
well, who has sat as Chamber Judge for three Courts dur-
ing the. present circuits, will conclude the sittings in a few
days, and will be succeeded by one of the learned Judges
from circuit. During the long vacation the sittings at
chambers will be twice in each week.

SAN FRANCISCO, July 7.—Figures received from
Chinese sources giv.e the total Chinese population in Cali-
fornia as-numbering 58;300 persons, one-fourth-of whom
are employed upon the Pacific Railroad improvements.

The members of this board met yesterday at their
offices in Spring-gardens, Sir J.Thwaites in the chair.
.2i; FINANCE.
The caSbfiaags up to July 30 amounted ta
£315,951 10s. 3d., and cheques not presented
£40,591 11s. 6d.