The Sun.
London, England, 1861-12-07 00:00:00

THE MONEY MARKET.

The funds yesterday have experienced a further
considerable fall, but the market has closed at a
slight recovery from its lowest point. Consols for
money, which after regular hours on Thursday were
quoted 90; to t ex dividend, opened yesterday at
that price, and soon experienced a farther decline,
until they reached 89a. There was then a little less
weakness, and the final bargains were at 891 to 90
for money, and 90 to 3 for the 9th of January.
Numerous sales were effected for the public as well
as by speculators, although the amount of unem-
ployed money on the market is shown by each
weekly Bank return to be steadily increasing from
the influx of gold. As Consols are now about the
average price at which they stood during the two
years of the Crimean war, it would seem that by
many persons the hostilities which are imminent are
thought likely to be much more protracted and
costly than those of that period. In diplomatic and
general circles, however, the impression appears to
be less unfavourable, and it is impossible to take
the present course of the market as an index of
public opinion, since, as buyers held back in doubt,
every sale on the part of alarmed or weak operators
must be made upon such terms as the dealers whose
means are limited can conveniently offer. The pos-
sibility must therefore be kept in mind of a sudden
further movement, such as in 1854 carried Consols
to 85k, to experience in the course of a short period
a rebound to nearly 92. All that is necessary is
that quiet investers should be warned against need-
less anxiety, and also that there should be no mis-
apprehension in America to the effect that the
depreciation in the nominal value of our securities
will in the slightest degree lessen the unanimous de-
termination of the country to support the
Government in the moderate and well-weighed
demands despatched on Monday last. The tele-
grams yesterday, bringing news a week later
from New York, furnish nothing of especial
moment, beyond the fact of a rise in the rate of
exchange that will cause an early commencement
of the long expected efflux of gold. The remarks
regarding the prospect of war show that while there

is an attempt to assert the recent outrage to have
been legal, the inconsistency is observable of an
" universally uneasy feeling" as to its probable con-
sequences. It is also noticed that there is further
evidence of divisions in the Washington Cabinet,
the Secretary of the Interior having publicly dis-
avowed the policy of the Secretary of War. This
fact, together with the universal complaints of
"treason" in all quarters, would be favourable for
the prospects of peace, were it not for the considera-
tion that they denote a condition of anarchy for
which a foreign war may have been resolved upon
as the only panacea. The paragraph from the
Paris Pahl' e, purporting to give the general bearing
of the despatch sent by the British Government to
Lord Lyons, and from which it would appear that
thb Cabinet have, in a spirit of conciliation ab-
stained from requiring an apology, contenting
themselves with simply insisting that the wrongful
act should be remedied by the surrender of the per-
sons improperly captured, was read with great
interest.-2 inies City Hide.

Private letters from Rio de Janeiro state that
General 'Webb, the Federal American Minister to Brazil,
had sent in a demand to the Brazilian Government that the
Governor or Maranham should be superseded for having
allowed coal to be supplied to the privateer Sumter.