The Sun.
London, England, 1861-11-05 00:00:00

TIE' NOR7HERN STATES OF AMERICA

(From the
-Correspondent of the Times.)
NEW YORK, OCT. 23.
Government Sixes (which may be called the
Consols of the United States) are selling to-day at
961. As this gives a profit to the taker of the new
loan, and as it is about where the securities stood
before Mr. Seward's circular, it is fair to assume
that Wall-street, at least, does not see a serious in-

ternational difficulty in the correspondence between
Lord Lyons and Mr. Seward, which has since been
p üblished, and which is assumed to explain the
energetic circular of the Minister. It is unfortunate

for the effect upon the public mind that such a cor-
respondence has taken place and been printed; for
it tends to still further increase the ill-feeling that
has been growing up in this country since May last.
In the latter part of that month (if I may quote a
short extract from one of my letters), I wrote that
" the public mind is, however unjustly, becoming
possessed of the idea that England sympathises
with Southern slavery in its attack upon the insti-
tutions of this country. Under this apprehension,
or misapprehension, the good and kindly feelings
which three generations of peaceful and friendly
relations created, are fast vanishing away." lam
sorry to say there has been no day since then that I
could retract or modify that statement. The current
of feeling which was then setting so strongly has
since but accelerated in its course, partly by the
effect of a series of circumstances over which
neither Government has control, and partly by the
bitter articles appearing from time to time in the
public press of this country, and reflected in tone
'and character on the other side of the Atlantic. An
alienation produced by such causes is not likely to
be decreased by a correspondence in which the
Minister of a foreign Power lectures the Govern-
ment to which he is accredited. on a want of fidelity
to its own laws. The public of New York, so far as
I can judge, appears to approve the reply of Mr.
Seward, but to attach no further importance to the
question. It is believed here, and Wall-street
practises upon the belief, that no foreign Govern-
ment will claim for its subjects who may be denizens
of the United States exemption from the restrictions
to which the citizens of the United States are sub-
jected; and this is, perhaps, the most sensible way
of disposing of the particular question that raises
the issue.

The wide-spread feeling of dissatisfaction to which
I have alluded finds expression in different ways,
according to the tempers and tastes of the various ex-
ponents. In the " sensation" journals of New York
it blazes forth in language of questionable English,
but strong denunciation. In the more dignified
pages of the magazine it clothes itself in the more
guarded and regretful language which appears in
the November number of the Atlantic monthly. I

cannot better illustrate the views of the educated
classes on this subject than by quoting a few words
from the article entitled "Why has the North felt
aggrieved at England ?"
The 'writer says:—
" Foremost among the grievances which we at
the North may allege against our brethren across
the water—foremost both in time and in the harm-
ful influence of its working—we may specify this
fact—that the English press, with scarce an excep-
tion, made haste, in the very earliest stages of the
Southern rebellion, to judge and announce the hope-
less partition of our Union as an event accomplished
and irrevocable. The way in which this judgment
was reached and pronounced, the time and circum-
stances of its utterance, and the foregone conclu-
sions which were drawn from it, gave to it a
threatening and mischievous agency, only less pre-
judicial to our canoe, we verily believe, than would
have been an open alliance between England and
the enemies of the Republic." "If English opinion
decided that our nationality must henceforth be
divided, it seems also to imply that we ought also
to divide according to terms dictated by the sece-
ders." "There was something alike humiliating
and exasperating in this implied advice from her
that we should tamely and unresistingly submit to
a division of continent, bays, and rivers according
to terms defiantly and insultingly proposed by those
who had a joint ownership with ourselves. How
would England receive such advice from us under
like circumstances ?" "We protest against the
verdict which finds expression in all sorts of ways,
and with various aggravations, that, in attempting
to rupture our Union, and to withdraw from it on
their own terms at their own pleasure, the seceding
States are but repeating the course of the old 13
colonies in declaring themselves independent, and
surrendering their ties to the mother country."
" It might seem evasive in us to suggest to our Eng-
lish critics that they should refresh their memories
about the causes and the justification of our Revo-
lution by reading the pages of their own Burke.
We are content to rest our case on his argument,
simply affirming that on no one point will it cover
the alleged parallelism of the Southern rebellion."

These few extracts sufficiently show how this is
regarded by the educated classes, and goes far
to justify all I have ever said either of the depth
or the prevalence of the feeling. It is out of
such national antipathies as are germinating under
our eyes, without an effort to stop them, that
national discord grows. If unchecked they grow
with each passing day, until they aro infused
through the body politic, and at length break out
in violent action. What can there be more fatal to
the cause of liberty and good government in the
a al i
ne
dn a
ttlhoen I hn
tueldd
ss spt
ar
ti ne
sg,
world than that suchtaanin
up between Great Bri
and that it should be permitted to expand through
mutual misapprehension, until it has reached a
stature to control the action of the Government ?
The public confidence in the Government, as
ampepaesaurrsedtobbyetuhen
asubscriptions the
Soon after
Nationalthe
ba n k Ls os
sig-
nified nified to the Secretary of the Treasury their inten-
tion to avail themselves of the option to take the
Uecuud 50,000
,000 cols. they offered at once to com-
plete their subscription by taking the third
50,000,000 dols, the option for which matures in
December ; but the Secretary declined to allow
them to take it before the maturity of the option.
When the December subscription is made the Go-
vernment will have received from this source
150,000,000 dols. Congress authorised a loan of
250,000,000 dols. Of the remaining 100,000,000
dols, 50,000,000 dols. will be absorbed by the issue
of demand Treasury-notes, which go into circulation
as currency, and are likely to stay there, while the
credit of the Government is as good as now. In
form, size, execution, and general appearance they
resemble the ordinary bank-note of the country; and,
being redeemable at any time in gold gt the officeo:
the AssistAnt-Treasurer, they supply a groat want

TdhOleS. willso ei
a Eat. It may be assume
a sbt
ieo
nkeptbiann
bank
isr cpurloapt
oi osne
d.
:
with the aid of the banks, the
negotiate but 50,000,000 dole. of the *Liedoll.
S
well, but the Secretary declined t
to take— thee:l4lls
o give the banks
the monopoly of this
also, under the impression
that he can place it so
as to cost the Government but
61 per cent., instead of 7. The general public aro
-”ifesting a confidence in the security and sta-
the Government
corresponding with that
of the bank managers. Of the 100
,000,000 dols.
already taken by the associated bank 70,000,000 s
dols. was taken on account of the banks
of New
York. The payments upon this up to Saturday
last were 51,631,000 dols., of which 22,931,000
dols. had already been distributed in the Com.
munity on individual subscriptions, and similar
subscriptions were coming in at the rate of about
5,000,000 dols. a week. These figures, Which are
worthy of careful attention, are the best evidences,
not only of the wealth of this community but of its
resolution, and of the estimate in which it holds its
Government. It is worthy of remark also, that
Mr. Chase has in every case made a successful
negotiation under circumstances peculiarly fitted
to insure disappointment.. His first call was just
after the defeat at Bull's Run had demoralised the
army, disgraced the country, and thrown a deep
gloom upon the Federal cause. Yet it was successful.
His second call followed the reverses in Missouri
and apparent Confederate success in Kentucky.
Notwithstanding this, the banks and the commu-
nity responded cheerfully, and would have been
glad to do more if they could.

An idea appears to prevail in some parts of
Europe that the South is a unit, and the North
divided in this controversy. I cannot say that
the South is not a unit, though I have yet to see
any evidence that it is. Certainly we have from
that quarter no such substantial proof of unity as
is shown in this united action of the banks of the
North.

While dealing in figures, let me give a few more,
which show that this war, gigantic as it is, is not by
any means ruinous to the country. And first, it is
causing a great decrease in the imports of the

country.
The imports at this port since January, Dols.
1861, are
For the like period last year they were 190,825,268

Showing a decrease of 87,988,596

While the imports are decreasing, a chain of cir-
cumstances, which happened just at this time, have
raised the exports from this port. It will be under-
stood that since the war broke out nearly all the
commerce of the country is done through the port
of New York.

The exports from this port since Jan. 1, Dols.
1861, have been
For the like period last year they were 74,564,975

Showing an increase of ........ 27,007,722
Since the Ist of January last the imports of gold
have amounted to 42,000,000 dole., and during the
same period there has been a decrease in the export
of gold, as compared with the corresponding period
last year, of 39,799,000 dols. The result of these
movements may be summed up as follows :

Dols.
Decrease in imports 88,000,000
Increase in exports
Import of gold
Decrease in export of gold ..

Gain is the commerce of this port .. 197,000,090
To affect this we have the positive loss of a part
of the floating capital employed in the trade of this
town, and an unexampled prostration of the fixed
capital invested in its houses and shops.
The weekly Bank statement again shows a large
decrease of loans, consequent upon the rapid ab-
sorption of the Government loan by the public. The
figures change from day to day from these causes
to such an extent that they cease to give informa-
tion of much value. The receiver of the Erie Rail-
way Company will advertise soon to pay the coupon
of the fourth mortgage, which matured this month,
on or about the Ist of next month, and there is little
doubt but he will pay the December coupon of the
fifth mortgage when, or soon after, it matures.
We have as yet no reliable report from New
Orleans. The reported Confederate successes both
there and at Fort Pickens dwindle away with every
day's mail, and it is not impossible that they may
yet turn out to have been Federal successes. Re-
cruiting is still going on actively throughout this
State. Nearly every day a regiment passes through
New York on its way to Washington. The State
authorities promise to have in the field before
Christmas New York's full quota of an army of
500,000 men.

The news from Kentucky is favourable. If the
Government could at once put 20,000 more men
there, from other States, to aid in holding the State,
while the Kentuckians are arming themselves, there
would be no doubt. I saw General Anderson to-
day, and was informed that he has no apprehensions
for the State. The Federal forces, at the last ac-
counts, were within one day's march of Cumberland
Gap, and the Confederates were occupying less than
a sixth of the State; with little prospect of increasing
their territory. He regards the campaign in Western
Virginia as closed for the season, by reason of the
severity of the weather that has set in there.
I had hoped, before closing this letter, to be able
to give some information as to the offensive move-
ment of the Federal forces on the Potomac. The
telegraph is in the control of the military authori-
ties, and they have not yet made public any details.
We know, however, that the Potomac has been
crossed by Gen. Stone's column after a sharp fight,
in which Senator Baker, of Oregon, was killed, end
that General Banks' column was in position to cross.
The next packet will probably carry out much more
important news.

SPORTING INTELLIGENCE.

TATTERSALLS'—YEsTERDAY.

The earlypart of the afternoon was devoted to the settling
of the Newmarket accounts. " Parting " was the order of
the afternoon, and speculation was scarcely thought of. No
great winners were reported, the bookmakers generally
having had a very " bad week." The Worcester Races
were scarcely mentioned, and the few books opened on the
Liverpool Cup seemed to be in a somewhat confused con-
dition. All sorts of prices were betted against all sorts of
horses, but the three below quoted were pretty firm. A
great deal of betting took place on the Derby, and Buck -
stone, The Marquis, and Old Calabar were in demand at
the prices mentioned below :

LIVERPOOL MP.
10 to 1 agat Lady Ripon (taken)
100 to 8 agst Gabrielle d'Estrees (taken)
100 to 7 agst Russley (taken)
THEn ckto DERBY,
(taken)
to 1 agst The Marquise (taken and offered)
13 to 1 agst
Old Calabar (taken)
s
25 to 1 agst Wingrave (taken)
25 to 1 apt Caterer (taken)
30 to 1 agst Ace of Clubs (taken)
33 to 1 agst Spite (taken)
40 to 1 agst Malek (taken)
ne(en
11 to 1 agst B 1862.
40 to 1 agst Nottingham (taken)
40 to 1 agst Typee colt (taken)
1000 to 15 agst Lord Burleigh (taken)
1000 to 15 agat Hubert (taken)
1000 to 10 agst Berkeley (taken)

BETTING AT MANCHESTER—YESTERDAY.
For the Worcester Handicap Doefoot was at one time in-
stalled favourite, and was freely supported at 5 to 1, which
price was afterwards taken about Joey Jones, the former
animal receding to 6to 1. Dorking was backed at Bto 1;
and towards the close, without being supported in this mar-
ket, 6to 1 was the highest offer against Mayfield. For the
Liverpool event several horses were supported, Lady Ripon
having the call of anything, but we saw no less than 12 to
1 booked against her.—Closing prices :
WORCESTER AUTUMN HANDICAP.
sto 1 agst Joey Jones (taken)
6 to 1 agst Doefoot (taken)
6 to 1 agat Mayfield (offered)
Bto 1 agst Dorking (taken)
THE NURSERY PLATE.
sto 2 agst Mayflower (offered)
THE LIVERPOOL CUP.
12 to 1 agst Lady Ripon (taken)
Sir William (offered)
14 to 1 agst M. Philippe (taken)
14 to 1 agst
•
Pence of Denmark (taken)
14 to 1 agst Gabrielle d'Estrees (offered)
16 to 1 agst Soothsayer (offered)
20 to 1 agst Petra (taken)
20 to 1 agat Stockade (taken)
12 to 1 agst

The committee of the Oxford University Athletic
Sports announces that these sports will take place in not less
than three weeks from this date, and will comprise similar
races to those of last year, exteuding over two days,