The Sun.
London, England, 1866-12-01 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

TIMES.—As forty-eight hours still remain before
the assembling of the London artisans for the De-
monstration of Monday, we would suggest that the
leaders of the movement should employ the time in
considering the details of the day's intended proceed-
ings, in order that the whole may pass off with as
little public inconvenience as possible. In such
matters it is difficult for even experienced persons
to foresee what course events may take. We know
not how many may be drawn together to witness
the proceedings, at what hour they will come, in
what positions they will post themselves, nor can
we clearly figure to ourselves the aspect of any par-
ticular point in the route at the time the great
army of working men is passing. We can only
judge of the operations which their Marshals and
Superintendents undertake to direct by what we
know of the evolutions of armies under strict discip-
line, and commanded by officers whose study for
years has been the movement of large masses of
men. But, with the remembrance of several re-
views, both British and foreign, on our minds, we
would ask Mr. Potter and his colleagues to consider
what length cf time will be occupied by 200,000
men in passing through Marlborough-gate; and,
supposing the head of the Procession to quit the
Mall at a certain hour, how long afterwards the end
of it is likely to be gathered round the platforms in
Beaufort-grounds. Of course, we take the com-
mittee's own estimate of the number expected.
They have declared that 200,000 and upwards will
be present in Procession, and there is every proba-
bility that the estimate is not too large. If the num-
bers fall greatly short of this, and the gathering is
numerically small, our observations will not apply ;
, but, assuming that this great multitude will be
concentrated in the Park at 11 o'clock on Mon-
day morning, we would submit that the leaders
should take every precaution against confusion,
and guide themselves by the advice of those who
have been accustomed to deal with large masses.
As to the time which a body of men on the march
takes to defile past a particular spot, even when the
way is kept open for them, the experience of our
readers who have witnessed military displays will
suffice. To,take the familiar instance of the Brighton'
review. The 20,000 men who are brought together
on that occasion always take more than an hour to
march past any point in the town. The Continental
armies, with their quicker step, are somewhat more
prompt in their movements, yet we doubt whether
100,000 Frenchmen would take less than four hours
to march past a certain spot in Paris, even though
they had the broad Boulevard to themselves. Now,
the leaders of this Demonstration propose to bring
together 200,000 men through the various entrances
of St. James's Park on a narrow slip of open
ground, and then to cause them to defile through a
single gate which lies opposite to the centre of the
Mall, and which must be approached by the vast
assemblage in two converging streams. When they
have made their way through this narrow passage,
they are to turn to the right „and march needlessly.
along Pall-mall, then upWaterloo-place, then west-
ward again, along Piccadilly, and so along Knights-
bridge and the Brompton-road to their place of des-
tination. When we spoke of this distance as nearly
four miles we underrated it. It is exactly three miles
from Hyde Park Corner to St. John's Church, Ful-
ham, and Beaufort-house is somewhat Jurther on ;
the distance from Marlborough-gate to Hyde Park
Corner by the circuit of Waterloo place is over a
mile and a half—so that this enormous mass of
people is to be marched nearly five miles in a proces-
sion so narrow that it can pass through a Park Gate
and thread the crowded streets of London. How
long is it expected that this march will endure ? Is
it not likely that the greater part of the assemblage
will fail to reach Walham-green till dusk, if they
reach it at all ? When large bodies of troops are con-
centrated, the commanders always take care that
they shall advance by different routes, and not form
an interminable line. Nothing shows lack of capa-
city in a General more than bringing up his forces
by a:single road, so that the van is sent into action
hours before the main body, and it may be, a whole
day before the rear. The Marshals of the Proces-
sion might learn something from the practice of a
campaign. If they are resolved on a preliminary
gathering in St. James's Park, instead of ordering
the processions to march to Beaufort-house at once
by various routes from their various quarters of the
metropolis, at any rate let them not persist in
marching their whole army of working men through

the narrow defile of Marlborough-gate and then
losing their time by parading Pall-mall and Picca-
dilly. There are two roads which lead with com-
parative directness to Brompton. One is by Con.
stitution-hill and Knightsbridge, the other by
Buckingham-gate, Pimlico, Chelsea. Why should
not both these be utilised ? By such an expedient
not only would the crowding and confusion be
diminished by the separation of the artisans into
two processions, but the distance wouid be materi-
ally diminished, and the conclusion of the proceed-
ings at a reasonable hour rendered less impossible.
The Reformers should remember that they will have
crowding enough in a later part of their march.
Why they should have refused Primrose-hill, which
is an open space, accessible by many broad paths,
and chosen Beaufort-house, which must ap-
proached by the narrow defiles of the Fulham-road
and of Walham- ()t'Teen, we cannot conceive. The
road by which Beaufort-grounds must be ap-
proached is as narrow and tortuous as a country
lane, which, indeed, it was before London stretched
its ranges of brick and mortar in that direction and
made the place a populous suburb. A good deal
of management will be required to keep the way
clear for the last half mile, and it is there, as well as
in the early part of the journey, that delay and con-
fusion may be anticipated. The earlier the proces-
sion arrives at this spot, the greater leisure will it have
for defiling along the narrow way, and there is thus an
additional reason for wasting no time in empty pa-
rade at the West-end. We would also submit that
it would be as well to make proper entrances to the
ground. We know not if it is intended that all the
200,000 shall march through the front gate. If so,
the mass of the people will be entering at about the
time that, according to the stipulations, the grounds
are to be cleared. We have thought it our duty to
suggest these matters to the consideration of the
committee, who have not only assumed the respon-
sibility of conducting their own people safely, but
have been willing to take in hand the guardianship
of the metropolis. It is because we cannot avoid
seeing in their published programme evidence that
they hardly understand the difficulty of the task they
have undertaken that we venture with due deference
to offer them counsel.

American Financial.

NEW YORK, Saturday, Nov. 17.

Instead of the long-anticipated rise, so long predicted
by the " bulls," there has been a rather general and signifi-
cant decline in every department. Railway stocks made
most progress in this downward movement. The "bears"
have helped the decline and weak holders for the rise. The
New York Central has fallen 10 per cent., Erie 5, Michigan
Southern and Northern Indiana 8, Chicago and North-
Western 4, and Pittsburg, Fort Wayne, and Chicago 3.
The "bulls" are now loud in their assertions that the de-
cline has reached its limit, and are buying for a rise ; while
the " bears" are equally certain that the decline has only
begun. That it should have progressed thus far in the face
of a money market, still extremely easy and favourable to
speculation, is a fact of ample significance. It is a demon-
stration that "inflation prices" will quickly subside with
the inflation which has caused or permitted them ; and as
the volume of paper money in the country has reached its
largest, and must henceforth decrease, the tendency of
prices will be to find their normal level, and all the efforts
of speculators can at the most effect but a momentary retar-
dation of this inevitable course of things.
The disbursements from the Treasury in payment of the
5-20 Coupons has at last had their effect on gold. The sum
issued by the Treasury daily is sufficient to meet the de-
mand for customs. Gold has receded to 143 k. Mr. M'Cul-
loch has retired all the ten millions of dollars of greenbacks
authorised by Congress within six months from April 12;
and he takes up the four millions allowed to be withdrawn
mo:Ahly since, and will continue to do so. lt appears likely
that he will ask for enlarged powers, next session, in this
direction.

The daily receipts from internal revenue are now be-
tween $600,000 and $700,000. The disbursements of the
Treasury, on account of the war, navy, and interior de-
partments, last week, were respectively $514,942, $152,697,
and $295,370—t0ta1, $1,263,009. The redemption of frac-
tional currency, last week, amounted to $248,300, while
$560,500 was received from the printing bureau, and
$336,535 were shipped to national banks and depositories.

(From L. P. Morton and Co.'s Circular.)
NEW YORK, Nov. 17.

The money market retains the increased firmness of
rates noted in our last advices. The banks of the South
and the West are drawing upon their balances iu this City,
and the loanable resources of our banks consequently ex-
hibit a partial contraction. On demand loans the rate is
5 to 6 per cent. ; and on discounts of prime paper, 6 to 7
per cent.

In the stock market speculation has taken a sharp down-
ward turn, and largo operations by combinations have
produced an average decline of 5 per cent. on railroad
stocks. Erie shares have sold down from 86 to 77i, and
close at 77i to 78. Illinois Central has fluctuated between
124 and 122, and closes at 122.
United States Securities have shown less activity ; and,
in sympathy with the fall in railroad securities, prices have
slightly declined. Tho price of gold-bearing bonds has
also been affected by a partial decline in the premium on
gold. Five-Twenties of 1882 close at 109/; and Conso-
lidated do. (new issue of 1865) at 108; to 109. _ _

State Stocks have been less active. Missouri 6's have
reacted from the speculative advance of last week—the
price having fluctuated between 89 and 861, and closing
at 87 to 871. Tennesse 6's, 1890, closed at 92 bid ; Virginia
6's, 61 to 62 ; North Carolina 6's, 79 to 80.
The increased supply of Gold has facilitated speculation
for a decline in the premium, and the price has fallen about
4 points during the week, closing at 142+.
Foreign exchange has been dull and weak. Banker's
60 days Sterling closes at 108+ to 109 ; 3 days do., 1091 to
109+ ; Franc; 60 days, 5.17 k to 5.16+ ; do. short date,
5.13+.
Cotton has ruled weak and dull, under improved ad-
vices from the South as to the prospects of the supply, and
in sympathy with the fall in Gold. Mid. Uplands closes
33 to 33k cents.
FOREIGN QUOTATIONS.
Nov. 16. Nov. 9.
London commercial lo7+ 108 107+ 108}
Do. bankers' long loBf 109 109 10941
Do. bankers' short sight lO9l, 109- 110 110+
Paris sixty days 5171 516+ 5161 515
Do. short sight 5134 -- 5131 5121
Antwerp 521+ 520 520 516+
Hamburg
Amsterdam
Frankfort
79 791.

Bremen
• •
B rlin 72- 72 72i 72i

COTTON QUOTATIONS.
(Nov. 16th, p.m.)
Uplands. Mobile. N. O. &Ts
Good Ordinary
Low Middling 3l to 33 to 33 to
Middling
Good Middling

MOVEMENTS OF SPECIE AT NEW YORK.
IMPOItTS.
From California, Nov. 10 5559,568
Foreign, week ending Nov. 10
Import for last week $1,116,412
Previously from California
Previously from Foreign Ports

Total since January Ist .. $43,279,586

EXPORTS.
For woek ending November 10 51,037,850
Previously

Since January 1 $56,969,673
Same time 1865 25,552,301

(From E. F. Satterthwaite and
_Co.'s Weekly Circular

November 28.)

Per "Australasian," our latest advices from New York
are to the 14th inst. ; they report a fair demand for Go-
vernment Stocks, the 1865 issue of 5-20's being most in
demand for export. The market for Railroad Stocks was
irregular; New York Central on the week, showed a de-
cline of $7 ; Chicago and North Western 85 ; and Michigan
Central $3 ; other descriptions were comparatively steady.
Railroads were in request, at full rates. Money had shown
a tendency to increased stingency, but at latest dates was
again easier.