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

THE SUN, LONDON, SATURDAY EVENING, AUGUST 25, 1866.

sovs 41b, 200 71b, 300 or more 101 b extra ; one mile ;
20 subs.

The MOIRA HANDICAP of 10 soya each, h ft, with 50 added ;
winners of any race after Aug. 22 (at six p.m.) value
100 sovs 41b, 200 71b, 300 101 b extra ; thaso weights not
to be accumulative ; one mile ; 13 subs.
The NURSERY PLATE of 50 soya, added to a Handicap of 5
sovs each ; winners of any race after Aug. 22 (at six p.m.)
41b extra; half a mile.
THURSDAY.—The MEMBERS' PLATE of 40 soya, added to a
Sweepstakes of 5 sovs each ; two year olds 7st 71b, three
9st 51b, four lOst 51b, five and upwards lOst 91b, mares
and geldings allowed 31b ; the winner to be sold for 100
sovs ; if entered for 75 sovs allowed 51b, if for 50 101 b, if
for 40 141 b; 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 ist 101 b, three 9st
81b, four lOst 71b, five lOst 101 b, six and aged lOst 1216 ;
mares and geldings allowed 31b ; the winner to bo sold
for 100 sovs; if entered for 80 allowed 31b, if for 60 71b,
if for 40 141 b, if for 30 211 b; three year olds and upwards
never hn ing 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 soya, added I 9 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
F.econd to save his stake ; one mile and a half ; 37 subs,
15 of whom pay 5 soya each.
Ago st lb
Moulsey ~. 5 8 12
Godmersham 4 8 0
Ackworth 5 7 10

Age st lb
Brimstone ... ... 3 6 8
Nukuheva... ...4 6 8
Cranford ... ... 3 6 5
Merry Hart ... 6 6 4
Provisor ... ... 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

R.llllO.
•..
East Lynno
Conundrum

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

The Special 3 7 2
Arkansas ... 4 7 1
Clown. ... ...5 6 12
Selim ... 3 6 10

Cadeau ...
Retrousse ...

... 6 6 10
... 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 BEAUFOILT Orr 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 sous 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 slb ; half a mile, straight ; 9 subs.
Satyr, Jeannie Deans, The Duchess, Prodigal, Red
Riband, Stewardess, Moonbeam, Man of Ross, The Rock.
Tho DONNINGTON PLATE of 50 sovs (llandicap); winners
after Aug. 22 (at six p.m.) 71b extra ; three quarters of
a mile.

Glenmoy, ch f, by Parmesan—Lismore ...Mr. R. Bell 25
Kebbuck, bf, by Parmesan—Mischief...Mr. Mackenzie 60
Horses in Training.

Roderick Random, 4 yrs, by Gemma de Vergy—
Hurry Scurry,%y Pantaloon Mr. Watson 125
Cranmore, 3 yrs, by Fandango—Cousin Bet

Mr. Ileathcoto 400
Mochrio 2 yrs (sister to Cranmore) by Fandango

Mr. Ma ckTen zio 310
Bridekirk, 2 yrs, by Fandango—Alino Mr. Bell 22
Domestic Bliss, 2 yrs, by Pelion—Honey moon

Mr. Mackonzie 330
Monymusk, 2 yrs, by Dundoo—Double Shufflo
Mr. G. Thompson 26
Esmeralda, 2 yrs, by Leamingtou—Satanella, by
Nowminstor Mr. T. D'IWSOII, jun. 200

The Cure, stallion Mr. Vaughan 20

Trump Card, b g, by razz°letto —CreepingJaue,'3' yrs

RACING FIXTL
AUG

Mr. Blenkiron 45

_TRES FOR 1866.
UsP.

Lichtlel4l
T u n b r i (1 g o
Yarmouth
SEPT:

Derby Summer 29
Weymouth 2J

Warwick Septembei 4
Leicester 6
Doncaster
Brecon l7
Canterbury lB
Richmond

OCT,

Northampton 2
Lothians' Racing Club 3
Ryl. Cal. Hunt and Kolso 3
Bedford 4
NOV]

Newmarket 2d October... 8
Hereford lB
Newmarket Houghton ... 22

,3IBER.

Lincoln
Liverpool

Shrewsbury
Leamington Hunt l9

IRISH RACING FIXTURES.
SEPTEMBER.

Curragh 4, 5, 6
OCTOBER.

Curragh l6, 17 18
FRENCH RACING FIXTURES.
AUGUST.
Blois 26, 28 I Baden-Baden 3l
SEPTEMBER.:

Baden-Baden 3, 5, 7 1 Paris (Autumn) 23, 30
Chantilly

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, £248,000,000 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 :—"lt 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 reached its maxi-
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 are 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. The extraordi-
nary facility possessed 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-
cussing. 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 Ilamenway pays on a
revenue of £44,000 per annum realised in 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 £14,000,000 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-Anierican Times.

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SPIRIT OF THE PUBLIC JOURNALS.

TIMES.—In Germany, the other day, a spacious
building, which had been constructed for an Ex-
hibition of the Works of Industry, was converted
into an hospital for wounded soldiers, and this as-
cendancy of the spirit of war over the genius of peace
is again illustrated in our country by the debates of
the British Association. In the section of Me-
chanical Science the President fairly confessed that
engineering power in the present day was princi-
pally shown in instruments of destruction, and that
the favourite products of modern skill were ships of
war and gigantic cannon. Unfortunately, Mr.
Hawksley coulcl not say much for the success of
British mechanisms in this all-important branch of
science. Our ships, he thought, were portentous
and costly mistakes, and of our guns he could say
nothing better. At this moment, indeed, we can
scarcely be said to have any guns at all, for the new
300-pounders, whatever be their merits, have not
yet been distributed for service. It is lamentable
to confess, but it cannot be denied, that the gene-
ral opinion of professional authorities on this sub-
ject coincides with the views expressed by Mr.
Hawksley. Guns of the new pattern are not yet
forthcoming, and both time and money will be re-
quired in no stinted measure before the supply can
be adjusted to the demand. As to the navy, how-
ever, while there is undoubtedly only too much
to be admitted, there is also something to be ex-
plained. We have now been engaged for about seven
years in the construction of a new navy. It was in
1859 that we first recognised the comparative
inutility of wooden ships and the paramount
value of ironclads. At that time, however, one
nation only was in advance of us. France had
launched the Gloire, and set an example which
we could not neglect, but even the Americans, the
most inventive of all people and least given to
routine, had rejected the new system. We had,
therefore, only the Gloire to beat, and we beat her
with the Warrior : but though, by common consent,
we were thus far successful, our effort had been so
costly and tedious that it was only once repeated.
To the Warrior we added the Black Prince, at an
expense of about £700,000 for the pair. It should
be remembered that in these days monster guns had
not been produced, nor was there much desired in
an ironclad except armour and speed. The new
frigate represented an old frigate in general design,
with the difference of iron plates on her sides. In
course of time, but still with hesitation and delay,
we closed with a design for an improved vessel of
the Warrior class, and thus obtained at length the
Minotaur, the Agincourt, and the Northumberland,
to which, from a Government yard, was presently
added the Achilles. Now, it would be unfair to
deny that these six vessels were, and indeed are, the
finest ironclads afloat, according to the lights by
which they were constructed. For a combination
of great swiftness with defensive strength they are
still unrivalled. Our next step was taken at the
instance of Lord Palmerston, who, justly appre-
ciating the value of ironclads, and struck with the
difficulty of obtaining them, advised the imme-
diate conversion of some of our old timber ships,
so as to stop the gap in our national defences.
This suggestion gave us half-a-dozen ironcased
frigates, each of which was as good as the
Gloire. Omitting mention of the smaller vessels,
this is a brief history of our ironclad navy
up to the time of Mr. Reed's appointment as
Chief Constructor. The results in themselves were
not discreditable to us ; but, whereas we had thus
turned out only a dozen fighting ships in half a
dozen years, while all our. old wooden reserves had
been suddenly superseded, it followed that other'
nations had made themselves not only relatively but
absolutely as strong as we were. Foreign Govern-
ments had no difficulty in either building or buying'
ironclads at the rate of two a year, and this was
enough to give them a navy as good as ours—at any
rate, in numbers. We do not believe that any
foreign ironclads on the broadside model are really
as strong or as powerful as our own, but reckoning
merely ship for ship it was easy enough for others
to keep abreast of us. The only question, therefore,
is whether we should not have employed greater
energy in building these new vessels, and shown less
fastidiousness in the selection of patterns. One
nation, and one only, has adopted this policy. The
Americans made up their minds upon the question
with singular decision. After rejecting the principle
of an ironclad force for some years, they were
at length so influenced by the action in Hampton
Roads that they rushed headlong into the new sys-
tem. They took the Monitor as their model, and
built Monitors as fast as they could. It must also
be added that they are perfectly satisfied with the
result. They alone, of all the people in the world,
possess a navy which in numerical strength is
amply sufficient, and which in excellence of pat-
tern they believe to be unapproachable. Whether
we, under similar circumstances, should be equally
contented must admit of some doubt. The Ameri-
cans, however, entertain no doubts on the ques-
tion. "Mr. Hawksley says of our " floating castles"
that every one of them appears " heavier, uglier,
more unmanageable, and more useless (except for
special applications) than the former one." But
these vessels are heavy because the condition of speed
involves large tonnage, and because the increasing
powerof guns suggests increased thickness of armour
plates. They are ugly, no doubt ; but as they are
constructed less for ornament than use, wemayleave
their beauty out of the question. But it happens
that our latest specimens are certainly not more "un-
manageable" than their predecessors, but the con-
trary ; and this brings us to the last batch of our
ironclad fleet. Mr. Reed has supplied us with the
Lord Clyde, the Lord Warden, and the Bellerophon,
and it is the especial merit of these ships that they
are handier and more manageable than those of the
Warrior and Minotaur class, without perhaps being
materially inferior in speed. Altogether, unless
broadside ships are certainly worse than turret ves-
sels, our ironclads are probably better than those of
any other country. The misfortune is that we have
so few of them, and that-the r avy of Great Britain no
longer exhibits its old superiority of force and power.
A reflection, however, is suggested by a recent ex-
ample which may contribute a little to our re-assur-
ance. At the battle of Lissa an old wooden two-
decker undoubtedly engaged modern ironclads with-
out disadvantage, and the Austrian officers appear
to have formed a conclusion that a wooden ship
striking au ironclad fairly with her prow would
probably disable her. This axiom would leave
scope for the employment of wooden vessels in
naval actions, but it must not be too hastily.
admitted. Had the Italian ships been skil-
fully as well as bravely fought, their heavy
guns ought to have easily destroyed my un-
armoured antogonists, but their firing was so
wild that the example can hardly be thought to
carry much weight with it. At any rate, the con-
sideration will not furnish us with much excuse for
our present position. If we are deficient in new
ships, it is not because we believed in our old
ships still. We were convinced of the need of iron-
clads, but we built them so slowly, so distrustfully,
at such heavy cost, and after such protracted expe-
riments, that other governments, with less money
but more confidence, succeeded in doing more than
we did.

ANGLO-AMERICAN TIMES. The Continent
of Europe having accepted the consequences of
the battle of Sadowa appears to be settling
down to peace. We trust that the Paris Ex-
hibition will be the herald of a more propitious
time than the Great Exhibitions of London. We
can well remember how these events were prognos-
tigated to be the forerunners of universal peace and
philanthropy—that nations were to abandon the
bloody and unprofitable work of war, and the only
rivalry thenceforth was to be in arts, science, and
the material progress of the nations. Never were
predictions more falsified. Four great wars have
since occurred in Europe, besides one successful
and one unsuccessful revolution. From Cape Horn
to the great lakes of North America and the St.
Lawrence, the countries have been the scenes of
successive conflicts ; among which, conspicuous in
huge proportions, in disastrous results, and in vital
interest, have been the great actions fought between
the Northern and Southern States of the Union.
India from the Khyber Pass to Cape Comorin has
been desolated by warfare ; China has seen her
Emperor a fugitive from his capital, and his palaces
occupied by a foreign foe; while acts too horrible
even for the worst rebellions of civilisation have
laid waste his provinces and annihilated the cities
of his Empire. Regions whose geography is obscure,
away in Northern Asia, have furnished battle-fields
to Russian troops and Asiatic hordes ; while
Southern Africa, New Zealand, and unknown
countries have been contending in arms for objects
almost inexplicable to the people of Europe. Turn
which way we will and we find the science of war-
fare that most cultivated, and necessarily so, for the
very existence of nations seems to hang on their
power of holding their own by force. Never were
prophecies more belied by results. But we still
look forward to the time when artificial boundaries
will have disappeared, and peoples being more
united in nationalities under strong Governments,
will find less cause for appeals to arms, and settle
down to a career of more peaceful pursuits. When
Prussia will have amalgamated Northern Germany
into a great empire, she can have no cause to dis-
turb the peace of Europe, and it would be a daring
nation that gave her a just reason for directing her
enormous military force against itself. Italy will
be free—France and Russia content—England, the
universal meddler, has ceased to interfere—Austria
and Spain are powerless—and Turkey sick again,
the only source of disquiet. After the conspicuous
failures of the Peace Prophets, he would be a bold
man who ventures to predict, Still it is patent

--
that the progress of the world, although along
sanguinary track, has been towards a more hopeful
goal. The establishment of Northern GermanY
into a Power of the very first class, and of a great
and united Italy, are clearly steps in the right direc-
tion, and will tend to establish more evenly the
balance of power in Europe. The battles between
the Northern and Southern States of America had
to be fought. The curse of Slavery had to be
.ex-
tirpated—the domestic institution was doomed, and
thousands of lives and millions of property were
required to pay the penalty. After a revolution
working results of such extraordinary magnitude,
it would be chimerical to imagine that affairs could
at once assume a peaceful and prosperous issue*
That the North could walk out of the struggle,
wash away its traces, put on the garb of peace
civilisation, and come forth to the world app
arelk.'"
as it is, is marvellous in our eyes. Nor can
wonder the bitter seeds sown in the South are bear-
ing such bitter fruits. We cannot believe that 3
struggle fought to the very end can again be re-
newed on any battle-field, however desperately
the
contest may be maintained in the political
Moderate men will enforce concessions, and l'ev
will have peace solutions of the great questions not
splitting the States. Then we feel convinced that
the dawn will have commenced of a long period of
peace and prosperity to the Union. We agree wlto
our French contemporary, Le Pantheon, in these
remarks which we translate, and hold that men tlia
can so act are not likely to recommence the sense:
less and destructive work, which in the first instance
was
.necessary, for results which can never gal's'
require so awful a sacrifice. " The United Stater
did. not waste their time in simply glorying °vef
their military successes. The conquerors e_
aren!.
Richmond, generals, officers, and men, at once,
returned to those works which are the sourer° cle
the power and wealth of the Great Republic.
Universal Exhibition of 1867 promised them An
opportunity of displaying what they could Pr%
duce in the Arts of Peace, and with the saw
ardour which they had thrown into battles for c
righteous cause, they applied themselves to the!.
work. To judge from appearances, the Anier,ll
can department will be a splendid one, and vo"
comprise magnificent specimens of all that !all
be produced by this fruitful, free, and glorioils.
country." Finding from the facts which the
exponent of the Paris Exhibition puts before
we conclude that America will take a place Willed
will startle and amaze the nations of Europe, And
give her a position in arts and manufactures secel!,,
to no other country on earth. England had best is
give more attention to her Department in tuhA
great International Show, or she may find tt'd-0
she will put in but a lame appearance by the silve
of her vigorous cousin from over the water. st
end as we began, by expressing an earue
hope that the Great Exhibition at Paris Nvlo b
e
the commencement of a new chapter in the Historyof Nations, and that the prophets of old were vire:
only in time—but not wrong in the ultimate a.'
sults they contemplate.