The Sun.
London, England, 1866-04-19 00:00:00

RAILWAY BILLS.

yesterday before the referees of the House of
Commons various railway bills were considered.
In room B, the North British (Glasgow Branches)
was to be reported, as was also the Mold and Den-
bigh Junction (Branches, &c.) The Brecon and
Merthyr Tydfil Junction (Northern Lines) were
postponed ; the Brecon and Merthyr Tydfil Junc-
tion (Southern Lines) was unopposed ; the West
Drayton and Staines was unopposed, as was
also the Drayton Junction Extension. In group
1 of the Committee on Private Bills, the Metro-
politan (additional powers) was again proceeded
with and adjourned. In group la, the London,
Chatham, and Dover, and South-Eastern (Ken-
nington, Clapham, and Brixton) was again
proceeded with and adjourned. The Croy-
don, Mitcham, and Kingston was postponed
until Tuesday; the London and South-Western
(additional powers) was adjourned until the 26th
inst.; and the City, Kingston, and Richmond was
to be considered on Tuesday. In group 5 the Bris-
tol and Portishead was referred to the general com-
mittee. In the Bristol Harbour Junction and Wharf
Depot the clauses were gone through, and the Bris-
tol and North Somerset (Deviation) was proceeded
with and adjourned. In group 7 appearances were
taken in the Northampton and Banbury Junction ;
the London, Worcester, and South Wales was ad-
journed until this day ; the Ross and Tewkesbury
was withdrawn; appearances were taken in the Teme
Valley, and the case was adjourned; and the Thames
and Severn Canal Navigation was proceeded with
and adjourned. In group 13 the. Lancashire and
Yorkshire (West Riding Branches, &c.), the clauses
were gone through; and the West Riding and Grimsby
(Transfer) were proceeded with and adjourned.

the great river called the Wabbe Shabeli, which
flows near Magdesho and Brava. Colonel Rigby
suggests that the Resident at Aden might induce
some of the Oghaden tribe of Somalis to rescue the
captives, or at least to bring information as to
where they are residing. Inquiries should also be
made at Brava and Magdesho, and that trustworthy
natives be sent into the country, who, in the cha-
racter of traders, might be enabled to obtain the
much-desired information.
The exertions of Colonel Rigby and Col. Play-
fair have resulted in the almost indubitable cer-
tainty that some at least of those who were on
board the ill-fated vessel when she drifted from the
reef reached the Somali country alive, and were de-
tained as prisoners by the natives. It becomes in-
teresting to know what has been done and what can
be done to ascertain the fate of these unfortunate
Englishmen, and to restore them, if still alive, to
the relatives and friends who have for so many
years been sorrowing for their loss. The local au-
thorities at Zanzibar and the Mauritius have made
efforts which have procured some information, but
not enough, and, above all, have not procured the
liberation of the survivors. The slow but gradual
accumulation of evidence has encouraged the rela-
tives of the St. Abbs' victims to urge upon the Go-
vernment to make some decided' efforts. Sir R.
Murchison has thrown his philanthropic zeal and
scientific ardour into the cause. Several members of
Parliament have urged upon the Foreign-office the
necessity and the duty of exerting all the means at
its disposal to terminate the sufferings and the sus-
pense which during so many years have been under-
gone by the captives in Africa and by their relatives
at home. The result has hitherto not been encou-
raging, as no means have been taken to ascertain the

fate or to procure the release of the unhappy pri-
soners. It is true that the Foreign-office did make
some inquiries through its agents and through the
East India-office, but Brigadier Coglan, the agent at
Aden, wrote in May, 1862, that in his opinion it was
highly probable that any of the persons on board the
St. Abbs had lived to reach the shore. Against that
opinion, however, there is the evidence of natives
who had themselves seen and who had heard of white
prisoners among the Somalis, and the statements
madeby different persons at different places, all tend-
ing to the same point. There is the evidence of
articles having been seen in the possession of and
received from natives, which articles are proved to
havebeen on board the St. Abbs, and the hides marked
with English characters which have recently come to
light. From all these circumstances there appears no
room to doubt but that some white men were, and
probably are, held in captivity by the savage tribes
of the eastern coast of Africa ; and whether those
unhappy persons be or be not the survivors of the St.
Abbs, it is equally a national duty to employ every
effort to obtain their release, or to put an end to the
prolonged suspense of their relatives in England.

AMERICAN CURRENCY.

Now that purely political matters in the United
States have come to a dead lock, owing to the di-
verse policies of different departments of the Go-
vernment, it is encouraging to find that Congress
at Washington is disposed to give some attention
to the finances of the country. There is no ques-
tion that the financial condition of the Republic is
much more favourable than the most hopeful could
have anticipated after the lapse of so brief s°. period
from the close of the civil war. The revenuesof the
Government are considerably in excess of, its cur-
rent expenditures, both gold and greenbacks are
accumulating in its various depositories, and the
real question now is, not how more money shall be
taken from the pockets of the people, but how taxa-
tion shall be abridged and its burdens made less
onerous to commerce and production.
There is not, probably, a parallel instance re-
corded in history of a nation whose credit has re-
covered so rapidly from so low a point of depression
as that of the United States. In less than eighteen
months the market value of its bonds has more than
doubled in Etirope, though it has gone on increas-
ing the supply during a large portion of the time.
Its circulating medium has also appreciated in about
the same proportion in the same time, notwith-
standing its acknowledged redundancy, and is still
approximating a gold basis.. With abundant
means and resources, not only to pay the interest
on, but to speedily liquidate the principal of, every
dollar of its floating and funded debt, this improve-
ment in the financial situation must continue to
progress till gold and American public securities
stand side by side in all the markets of the world.
So far as the bonds of the United States Govern-
ment are concerned, they will take care of them-
selves, and find their level upon a plane with the
most solid investments known to capitalists. But
the management of the currency is a separate ques-
tion, and as involving the interests of the commerce
and industry of the country, requires very careful
,reatment.

As a general principle, the less that is done in the
way of legislation upon this subject the better it is
for these great interests, which are always most
prosperous when values are stable and there is no
unnatural disturbance of the laws of trade. But in

the present case, with the currency and commercia
values fluctuating with every speculative movement
in gold, legislation is proposed as a means of cor-
recting these disturbances, and establishing values
upon a fixed base.
Though the volume of currency is large, it is pos-
sible that, with the domestic political relations of
the different States restored, and industry seeking
its accustomed channels, the business of the coun-
try may grow up to it, and a return to specie pay-
ments become practicable. At present, with the
heavy commercial and speculative demand for gold,
this is clearly impossible ; and how long this state
of things, involving continual suspense and hesita-
tion in all business enterprises, may continue,
without legislative interference, it is equally impos-
sible to decide.
There is, undoubtedly, a strong motive for keep-
ing the currency inflated and prices high among
those who desire to speculate in stocks and commo-
dities, and who would likewise be willing to keep
the business of the country unsettled till certain
political ends are gained. On the other hand, many
business men of large experience, including Secre-
tary Al'CuLLocll and a majority of the Committee
of Ways and Means, believe that the present
volume of currency (amounting to some
$900,000,000, is liable to still further expansion by
the organisation of new national banks) is fatal to
the best interests of American industry, by keeping
its products at home while sending gold abroad,
and enabling speculators to withhold these produc-
tions even from home consumers. They claim that
prices are too high, not only restricting produc-
tion and consumption, but giving the foreign pro-
ducer an unfair advantage in all the markets of the
world ; that they will not come down to the nomi-
nal standard till forced down by a vigorous con-
traction of the currency ; and that the sooner the
bottota of the market is reached the better it will be
for all concerned. .
This radical diversity of opinion has been deve-
loped in the discussion and action which have taken
place in Congress on what is known as the Loan
Bill. In this bill, the Secretary of the Treasury,
who moulded its principal features, sought to
obtain a large dizieretionaay power for the purpose
of funding the superfluous currency, and thereby
inaugurating low prices and specie payments at an
early date. Ilis opponents declared that no such
power should be granted ; that its exercise at the
present time would be ruinous to property holders
and manufacturers, who have already hard work to
prop tip the market in the decline in gold ; and in-
sist that there should be no contraction or retire-
ment of Treasury issues, excepting the debt certi-
ficates and interest bearing notes, leaving the
050,000,000 pure and simple legal tenders intact.
A member from Pennsylvania even went so far
in his opposition as to introduce a substitute pro-
vidina that gold should not be sold by the Govern-
ment at less than 130.
But Mr. M‘CuLLocir's Loan Bill has passed the
Lower House of Congress, and in spite of the
almost frantic speculators, gold continues to, de-
cline, or, to put the case more intelligibly, Govern-
ment promises to pay continue to appreciate in
value. Gold in New York has been down to 125,