The Sun.
London, England, 1861-12-25 00:00:00

THE SUN, LoNDorz, WEDNESDAY EVENING, DMEMBER 25, 1861.

CUBIT Mayor.—ln a Meeting or Assembly of
the Mayor, Aldermen, and Liverymen of the several
Companies of the City of London, in Common Hall assembled
at the Guildhall of the said City, on Tuesday, the 20th day of
December, 1861,
Resolved unanimously—That a loyal and dutiful Address
be presented to her Majesty the Queen, in terms of earnest
and respectful condolence, on the lamented demise of her
Royal Consort, Prince Albert, of honoured memory.
Resolved unanimously -That the following-be tile Address
t r her Most Gracious M ajesty the Queen, viz. :
" To Tin: QUEEN'S nose EXCELLENT NIAJESTY.
"May it please your Majesty,—We, your Majesty's faith-
ful and loyal subjects, the Right Hon. the Lord Mayor,
Aldermen, and Livery of the City of London, in Common
flail assembled, beg h ave to approach your royal presence
with feelings of deep and respectful sympathy to express our
sincere condolence with your Majesty in the great affliction
with which it has pleased Almighty God to visit your Majesty
in the death of yourbeloved and illustrious Consort, his Royal
Highness Prince Albert; and also to express our heartfelt
grief at the loss which the nation has sustained by the removal
of one who, placed in a position subordinate, but yet not less
difficult, than that of a reigning Sovereign, succeeded in
winning the affections of all, and who at the same time
honoured with his aevocacy all the useful institutions of the
country in such a manner that wherever there was progress
to be hastened, serious work to be founded or developed, his
sympathetic, active, and energetic concurrence was ever to be
reckoned upon, and who, by his domestic conduct as a hus-
band and father, first gained the esteem and then the affec-
tion of the nation.
"Whilst we bow with humility and resignation to the will
of the Supreme Disposer of Events, yet at this tima of grief
we beg to assure your Majesty of the loving and loyal sym-
pathy of your Majesty's devoted subjects, and of their earnest
prayer that your Majesty may be graciously supported by the
Almighty, and that it may please Him long to spare your
Majesty to guard your royal family, so precious to the nation,
and also to guide the destinies of this great empire to His
honour and glory."
Resolved unanimously—That the said Address be pre-
sented to her Majesty the Queen by the Right Honourable
the Lord Mayor, William Cubitt, Esquire, the Sheriffs, two
Aldermen, and twelve Liverymen, in the mode and at the
time her Majesty may be pleased to direct.
Resolved unanimously—That James Abbiss and James
Clarke Lawrence, Esquires, be the two Aldermen ; and that
Robert Wigram Crawford, Western Wood, Frederick Mil-
dred, James Spicer, Thomas Thorne, George William Masters,
John Finlay, Robert Davidson, Robert White, John Beck-
with Towse, John Banister, and John Stewart be the twelve
Liverymen.
Resolved unanimously—That the Sheriffs, attended by the
Remembrancer and Mr. John Fin:ay, citizen and blacksmith,
do forthwith wait upon the Secretary of State for the Home
Department to ascertain through him her Majesty's royal
will and pleasure as to the mode and time of presenting the
said Address.

Resolved unanimously—That the thanks of this Common
Hall be presented to the Right Honourable the Lord Mayor,
illiam Cubitt, Esquire, for his promptitude in calling this
Meeting, and for his kindness and attention in presiding over
the same.

Ordered, that the said Resolutions be signed by the Town
Clerk, and published in the usual Morning and Evening
Newspapers. IVOODTHORPE.

ARGYLL ROOMS.-GREAT SUCCESS!!-
The Band and Musical arrangements under the direc-

tion of M. BOULCORT, Conductor and principal Cornet. In
addition to the Laurent \raise, Strauss 2uadrille, and novel-
ties of List week, A NEW POLKA, by M. Boulcourt, the.
Solos performed by him and M. Greebe. Admission is.—
Manager, M. P. Grenet.

A MOST DESIRABLE BREAKFAST BEVERAGE.

EPPS'S .0 0 C 0 A.
(Commonly called Epps's Homoeopathic Cocoa).

The delicious aroma, grateful smoothness, and invigo-
ratinp: power of this preparation have procured its general
adoption as a most desirable breakfast beverage.
*lb., ilb., and llb packets, at is. 6d. per lb., by Grocers.'

R OVAL NATIONAL LIFE-BOAT
INSTITUTION
FOR THE PRESERVATION OF LIFE FROM
SHIPWRECK,
(Inoorperated by Royal Charter).
Founded in 1824.—Supported by Voluntary Contributions.
VATRONE RS-11 er Most Gracious Majesty the Queen.
PRE iIDENT —Vice-Admiral his Grace the Duke of Northum-
berland, K.G., F.R.S.
CHAIRMAN—Thos. Baring, Esq.' M.P., F.R.S., V.P., Chair-
man of Lloyd's.
DEPUTT-CHAIRMAN —Thomas Chapman, Esq., F.R.S., V.P.,
Chairman of Lloyd's Registry of British and
Foreign Shipping Society.
APPEAL.
The Committee of Management have to state that, during
the past year, the Institution has incurred expenses amount-
ing to £6,?58 ls. in establishing Life-boat stations on dif-
ferent parts of the Coasts of Eng'and, Ireland, and Scotland.
The Institution has also expended on the repairs, stores,
alterations, and inspection of its numerous Life-bo As, Boat-
houses, and Transporting-carriages, £3,632 19s. ; and £1,550
for exercising the Crews of its Life-boats—making altogether
a total of £11.141.
During the past year the Life-boats of the Institution have
been instrumental in rescuing the Crews of the following
wrecked Vessels:—
Schooner Ann Mitchell, of Montrose 1
Schooner Jane Roper, of Ulverstone
Brig Pallas, of Shields .. .. 3
Ship Ann Mitchell, of Glasgow .. 9
Smack John Bull, of Yarmouth .. .. 5
Schooner Cathetine, of Newry
Barque Niagara, of Shields .. .. 11
A Barge of Teinmouth
Brig George and .Tames, of London
Brig Zephyr, of Whitby
Coble Honour, of Cullercoats
Schooner Elizs, of North Shields .. 7
Barque)beron, of Liverpool
Brigantine Nancy, of Teignmouth .. • • 0
Smack Wonder, of Teignmouth .. 2
Brig Scotia, of Sunderland .. 6
Sloop Three Brothers, of Goole .. .. 5
Sloop Charlotte, of Woodbridge .. .. 5
Brig, Ann, of Blyth .• 8
Sloop Dope, of Dublin 3
Schooner Drutkof Aberystwyth • . 5
Barque Vermont; of Halifax, U.S. .. .. 16
Schooner William Keith, of Carnarvon .. 2
Brig Flying Fish, of Whitby 5
Smack Elizabeth Ann, of Lyme Regis .. 3
Steam Dredge; at Newhaven .. .. 9
Schooner Admiral Hood, of Rochester .. 6
Schooner Susan and Isabella, of Dundee .. .. 5
Schooner Rose, of Lynn 3
Brig Prodroma, of Stockton 11
Brig Eliza, of Middlesborough
Brigantine Freia, of Konigsberg 6
Brigantine Diana, of Fredrikshamn
Brig Gloucester, of South Shields .. .. 7

Total ..

-210

For these and other Life-boat services the Institution has
voted £9OB Bs. 4d. as re cards. It has also granted rewards
amounting to £203 4s. for saving 245 shipwrecked persons, by
shore-boats and other means, making a total of 455 persons
saved from a watery grave on the Coasts of the United
Kingdom.

During the present year (1851.), the Life-boats of the Insti-
ution have also been instrumental in rescuing the Crews of
.he following Vessels :
Brig Lovely Nelly, of Seaham
Brigantine Nugget, of Bideford .. 5
Schooner Prospect, of Berwick
Sloop Thomas and Jane, of St. Ives
A Fishing-boat of Whitburn
Brig Arethusa, of Blyth .. •• .. .. 8
Schooner fowl Wyn, of Portmadoc

Flat Cimraes, of Beaumaris .. 2
Schooner 'William, of Morecambe .. 5
Smack Gipsy, of Newry •• •• •• •• 4
Schooner Margaret Anne, of Preston .. .. 4
Brig New Draper, of Whitehaven 8
Schooner William, of Liverpool .. .. 5
Lugger Nimrod, of Castletown •. •• •• 3
Brig Providence, of Shields .. 8
Brig Mayflower, of Newcastle
Schooner Village Maid, of Fleetwood .. .. 4
Barque Guyana, of Glasgow . 19
Brig Roman Empress, of Shields 10
Brig San Spirid•one, of Galaxide .. 2
Schooner Voa dor du Vouga, of Vianna 8
French Brig La Jenne Marie Therese .. 6
Barque Perseverance, of Scarborough .. .. 5
Schooner Elizabeth, of Bridgewater
Ship Danube, of Belfast .. 17
Schooner Hortensia, of Hanover .. 4
Schooner Oregon, of Stonehaven .. 4
Brig St. Michel, of Marans 8
Spanish Barque Primera de Torreviega (saved ves-
sel and one of the crew) .. 1
Schooner Hurrell, of Penzance (saved vessel and
crew) •• •• •• •• •• •• •• 4
Brig Anne, of Plymouth (saved vessel and crew) 8
Schooner Betsy, of Sunderland (saved vessel and
crew)
Barque Frederick, of Dublin .. .. • • • • 1
Barque Peace, of London .. •• • • • • 2
Lugger Saucy Lass, of Lowestoft .. 11
Schooner Fly, of Whitby (saved vessel and Crew
of four hands) .. .. 4
Sma:tk Adventure, of Harwich.. 10
Pilot cutter Whim, of Lowestoft .. .. 7
Barque Undaunted, of Aberdeen . 11
Wrecked boat on Blackwater Bank, on the Irish
coast, saved one man .. 1
Schooner Skylark, of Folkestone 6
Brig Lively, of Clay, Norfolk .. 5
Barque Robert Watson, of Sunderland .. . 5
.
Schooner Auchincruive, of Grangemouth .. 6
Schooner Friends, of Lynn .. .. 4
Schooner Eliza Anne, of Dublin .. . 5
Brig Content, of Sunderland
Smack }.lien Owen, of Cardigan .. S
Schooner Epimachus, of Amsterdam .. 5

Total ..288
noTwhbeepinubalmicacdaennb;ttbhuis sympathise wotint
ahv tehtehve
liorreonu
ofa estfho
wrecked Crews. Their help was never more needed than at
Institution
the present time, when, through the extraordinary exertions
the Society has made within the past few years, it has now
One Hundred and Twenty-one Life-boats under its man-
agement, for the maintenance of which, in a state of thorough
efficiency, a large permanent annual income is absolutely
needed, it its humane mission is to be perpetuated.
Donations and Annual Sn'Tcriptionit will be thankfully re-
ceived by Messrs. Willis, Percival, and Co., 76, Lombard-
street; Messrs. Coutts and Co., 59, Strand; Messrs. Herries,
Farquhar, and Co., 16, St. James's-street, London; by a 1
the Bankers in the United Kingdom; and 'by the Secretary,
Richard Lewis, Esq., at the Office of the Institution, 14,
meanysbrne. mwatenb,vr.Ceroheiveinule,sanordbeyoP.,ooart-tooffithceeosroodreers_
John-street, Adelph, London, W.C.
(crPoassernnd)e,ttos Messrs.tarp.

DR. LA'MERT' ON SELF-PRESERVATION.
Price ls. ; post-free, 13, or sealed ends, 20 stamps, with En-
gravings and Cases. May be had of Mann and Co., 39,
Cornhill, London, or direct from the Author.
`ELF-PRESERVATION.--A popular Essay on
1..) Nervous and Physical Debility, resulting from injurious
habits contracted in youth, or excesses in maturity, which,
by prematurely exhaustimr, the functions of Manhood, de-
stroy the happiness of 3farried Life or prevent the fulfil-
ment of engagements which constitute the most cherished
objects of existence.
By Dr. LA'MERT, 37, Bedford-square, London.
Licentiate of the Royal College of Physicians of Edinburgh;
Member of the Royal College of Surgeons of England, Sm.
The above work contains most useful and interesting
information on the physiological changes which occur
in the Reproductive System during the periods of youth,
puberty, and manhood ; and on the due attainment of that
degree of functional vigour upon which the hopes of posterity
depend. It also points out how all the attributes of Man-
hood can be preserved to an advanced period of life, how they
are lost, and how they can be recovered. It is free from the
gross exaggerations, alarming descriptions, and dangerous
remedies so generally resorted to by persons, who, prac-
tising with false medical qualifications, inflict most serious
injuries, and render judicious treatment frequently abortive.
The Author is the only legally qualified practitioner
whose name stands on the Medical Register (the only
true test of medical qualification), who has been exclu-
sively engaged for a series of years in the treatment of the
variou; functional disorders of the nervous and reproductive
yowing to the great discoveries of modern
science,system,
sein which,
re rendered subservient to a rational, simple,
and easy mode of treatment.
At home for consultation daily from 10 till 2, and from 0
8, either permAllY pr 1y letter.-37, Becltord-square.

IRO3I THE GAZETTE OF LAST EVENING.

INDIA OFFICE, DEC. 24.

The Queen has been pleased to appoint the Right Hon.
Sir John Romilly, Knt., Master of the Rolls; the Right
Hon. Sir Wm. Ede, Knt., Chief Justice of the Court of
Common Pleas; the Right Hen. Sir Edward Ryan, Knt.;
the Right Hon, Robert Lowe, Vice-President of the Com-
mittee of Council on Education; S:r James Shaw Wilkes,
Knt., one of the Justices of the Court of Common
Pleas; and John Macpherson Macleod, Esq., to be her
Majesty's Commissioners for preparing a body of Substan-
tive Law fer India, and for considering and reporting on
such other matters in relation to the reform of the laws of
India, as may be referred to the said Commissioners, by her
Majesty's Secretary of State for India.

CRO'WN.OFFICE, DEC. 21.
MEMBER RETURNED TO SERVE IN THE PRESENT
PARLIAMENT.

County of Worcester, Eastern Division—Harry Foley
Vernon, of Hanbury Hall, in the county of Worcester,
Esq., in the room of John Hodgetts Hodgetts Foley, Esq.,
deceased.

BANKRUPTS.
Thomas Warrington, seed merchant, Mark-lane
John Martin, bookseller, Hoxton
John Alan M'Donald, Cliftonville, Brighton
William Sampson, Fairleigh, Surrey
Henry Doll, baker, Red Lion-street, Holborn.
Thomas Backhouse, Richmond, Surrey
Desire Guillemin, St. Swithin's-lane, City
Charles Pegler, watch dial maker, Clerkenwell
John Springett, hop merchant, Wadhurst, Sussex
John Rowland Conroy, lodging house keeper, St
George's in .the-East
Francis George John Lascelles, Twickenham
Lieut.-Col. Christopher F. Homes, Spondon, Derbyshire
Edwin Mason, attorney's clerk, Crich, Derbyshire
John Thos. Canning, miller, Hounslow
Isaac Towers, boot maker, Farnworth, Lancashire
Jeremiah Bird, farm labourer, Eddlesborough
Wm. Lashford, grocer, Brighton
John Millard, Eversholt, Bedford
William Spooner, marine store dealer, Tredegar
Jennett Hughes, Eymonddu, Pemhrokeshire
Thomas Rowlands, Shipping, Pembrokeshire
Thomas John Patterson, sailmaker, Bristol
Richard Thomas Jones, grocer, Branksea Island
Lieut. Francis William Bennett, R.N.
Charles and John Pitts, razor makers, Sheffield
Robert Breckon, attorney, Whitby
John Crawford, stationer, Liverpool
Henry Suthers and J. Morley, yarn agents, Manchester
John Drinkwater, stuff manufacturer, Manchester
Chas. Gingell, shop keeper, Walcot, Bath
Alexander Campbell, mariner, Newcastle-upon-Tyne
Helen Ross, Pentonville-road, Middlesex
John Forster, fustian cutter, Broom Edge, Chester
Joseph Makepeace, baker, Blavdon, Durham
Alfred James, watchmaker, Dorking
Wm. Rogers, agent, Cardiff
John Dando, contractor, Routh, near Cardiff
Wm. Perrott, tailor, Cardiff
Nathaniel Nettleton, grocer, Manchester
Thomas Bingham, grocer, Holbeach, Lincolnshire
Wm. M. Avant, tailor, North Petherton, Somersetshire
Samuel Cory, tailor, Northampton
Thomas Kelly, stonemason, Kirkby Lansdale
Richard Fitchett, Stretton, Staffordshire
Richard Carfoot, bricklayer, Burton-upon-Trent
Samuel Sterland, butcher, Alfreton Derbyshire
John Grew, shoemaker, Rickinghall inferior, Suffolk
Charles George, fruiterer, Worcester
Wm. Bradley, builder, Wakefield
Gorge Castle, coal agent, Lockwood, Yorkshire
George Loseby Worth, reporter, Hornsey
Henry Bent, Birmingham
Emma Noon, clothier, Burslem, Staffordshire
Frederic Dee, licensed victualler, Birmingham
William Swift, innkeeper, Leominster
Wilhelm Kloss, professor of music, Birmingham
John Riles Bindley, tanner, Ashby -de .la-Zouch
William Henry Spong, cab proprietor, Camberwell
George Levy, auctioneer, Holborn
John Knapp, shoemaker, Northampton
Richard Bennett Elen, butcher, Pimlico
William James Tayler, contractor, Newington
Edwin Hewlett, beer-house keeper, Bristol
Abraham Henderson, baker, Bristol
James Flynn, tobacconist, Liverpool
Charles Wilkin, late of Liverpool
Robert Sandiford, late of Everton
Robert Pilkington, packing.case maker, Manchester
Holt Edmondson, traveller, Manchester
Henry Gibb, sen., quarry master, Manchester
John Roberts, stay maker, Manchester
Edmund Phelan, provision dealer, Manchester
Wm. Shaw, joiner, Wath-upon-Dearne, Yorkshire
Thomas Herbert, flour merchant, Manchester
Louis Bartholomew Delaunay, dyer, Blackley, Lanca-
shire
Joseph Bolton, Blackburn
Andrew George Hunter and Henry Sugden, manufac-
turers of caustic alkali, Newcastle-upon-Ty no
Peter Cooley, rag merchant, Newcastle-upon-Tyne
Thomas Smith, farmer, Durham
George Henry Johnson, grocer; Soiith Shields
Peter Simpson. victualler, Newcastle-upon-Tyne
Edward Best, ironfounder, Durham
Samuel Stokes, jeweller, Birmingham
George Mason, jeweller, Birmingham
Wm. Carrington, sen., painter, Birmingham
Evan Brown, butcher, Tenby, Pembrokeshire
John Worsley, boat haulier, Northwich, Cheshire
Thomas Dewell, mason, Redcar, Yorkshire
Charles H. W. Cooper, tailor, Oxford
Jesse Hill, innkeeper, Westhall, Suffolk
Rambling, farmer, Melton, Suffolk
Joseph Rose, publican, Harwich
John Browning, carpenter, Great Coggeshall, Essax
Richard Pearks, farmer, Romsley, Worcestershire
Elijah Grove, sen., butcher, Kidderminster
John Boyce, cordwainer, Colston Bassett, .Nottingham-
shire
John Richd 'West, timber dealer, Rushton•street, Hoxton
Wm. Chas. Smith, baker, Great Dover-street, Borough
Wm. Franklin, printer, Acton-street, Graf s-inn-road
William Hilden, King's Lynn
Thomas Neck, draper, Mill Pond-row, Bermondsey
Frederick Webster, teacher of elocution, Manchester-
street, Manchester. square
Harry Bellingham, builder, Jehnson's-place, Pimlico
William John Ell, clerk, Basinghall-street
Henry Nicholson, currier, Princes-street, Chelsea
William Wymark, ship broker, Willoughby-terrace-
park, Tottenham
Paul J. C. Bedford, Admiralty clerk, Knightsbridge
SCOTCH BANKRUPTS.
Robert Fotheringham, cabinetmaker, Edinburgh
Thomas Wishart, shipbuilder, Port Glasgow
Adam Brown Todd, farmer, New Curanock, Ayrshire
Charles Geddes, spirit merchant, Glasgow
Henry Mohring, fruit merchant, Edinburgh
M'Coton and Thomas, auctioneers, Glasgow
John Brown, millwright, Balmungo,
St, Andrews

COURSE OF EXCHANGE.—YESTERDAY.
Amsterdam
Ditto
Rotterdam ll 10t 11 19
Antwerp .. _ 25 55 25 60
Brussels — 25 55 25 60
Hamburgh — 13 8 13 81
Pads .. Short. 25 30 25 371
Ditto
Marseilles 71
Frankfort on Maine _.
Vienna
14 55
Trieste
'---• 14 46 14 55

Petersburgh — 321 32/
Berlin .
Madrid
Cadiz
,_ 481
Leghorn
Genoa — 222555 777 202 /1 222 555 8800
Milan 77s
Naples . — 391 391
Palermo — 1181 1181
Messina — 1181 118!
Lisbon —51 f
Oporto —51 f
Foreign Gold in Bars (standard) ...• If £3 17 9
Mexican Dollars
Silver in Bars (Standard) ..... ... ff
.'0 0 0
„
South American Doubloons .. - 0 0 0
, 31
"------

COUNTRY MARKET S.

,i,,,..,,-.

LEEDS—DEc. 24.

Arrivals of wheat moderate. There was a thin attend-
ance at market. Wheat unaltered in value from last Tues-
day. Beans and oats rather lower. Barley in better de-
mand, at full prices.

M—DEc. 20.

l'eas, Partridge 378 45s
White 39s 41s
Boiling .. 41s 478
Dun., 36s 40s
Ditto new .--s —s
Beans, Tick, old 37s 43s
new —s —s
Harrold Ticks 39s 45s
new —s —s
35 37s

Mazagan

THE NORTHERN S7A7'ES OF AMERICA.

(From the Special Correspondent of the Times.)
NEW YORK, DEC. 10.

The annual report of the Secretary of the Trea-
sury, which was sent into Congress yesterday, will
probably be read with more interest in Europe than
was the President's Message. It is able and clear;
it shows plainly what has already been done by the
Govertment, how far what has been done has fallen
short of what has had to be done, and why it has so
fallen short; it tells the nation, without blinking;
what will be the cost of the war in the future, should
it continue to the let of July, 1863, and it proposes
a radical reform in the currency of the country as
one of the modes by which the necessities of the
Government are to be met. The cost of the war up
to the Ist of July, 1862, according to Mr. Chase's
estimates, will be 543,406,422 dole., or about
£112,000,000 ; and the public debt on the
Ist of July, 1862, by the same estimates, will be
517,372,802 dole., or about £107,000,000, showing
an increase in that debt during the first year of the
war of 426,504,974 dols., or about £88,000,000. Of
this increased public debt, present and prospec-
tive, the Government have already negotiated
197,262,588 dole., leaving apparently to be provided
for by loans between now and the Ist of July
229,262,386 dole. The Secretary thinks, however,
that " the whose amount of loans required, in addi-
tion to the amount already authorised, will not ex-
ceed 200,000,000 dols."
Two ways are open to the Government for raising
this sum without resorting to foreign markets—
each of them founded upon the idea of furnishing to'
the country a national currency redeemable in gold,
in place of the present miserable paper currency
which prevails throughout the interior. The cur-
rency of the_ United States is mainly supplied by
small local banks,
__with nominal capitals varying
from £20,000 to £40,000. The large banks of the
eastern commercial towns, which are really the
only solvent banks, with specie reserves at all pro-
portionate to their liabilities, furnish but a small
portion of this currency. They employ their capi-
tal more advantageously in the legitimate discount
business of a bank. The smaller banks in the
interior have found it more profitable to employ
their capital in circulating their notes, in the form
of bank-notes payable on demand or presentation
without interest, thus being always borrowers
from the community without interest, and len-
ders at interest of their own promises to pay
without interest. This sort of circulation, im-
perfect enough even if uniform throughout the
country, has been made still worse by the diversity
of the various State laws regulating it. Each State
has had its own banking system, and each has in-
corporated into its system the issuing of bank-notes
by such private corporations, on a pledge of certain
securities to the States. But, as the kind and class
of securities to be so pledged have been measured
in each State by the apparent necessities of the peo-
ple of that State, it follows that, while the basis of
issue has been sound in older States, it has proved
to be extremely rotten in many of the newer States
and only during the present year the circulation in
some of the Western States bas been retired at an
average rate of 60 per cent. Mr. Chase proposes to
take advantage of this state of affairs, and that the
Government should take the place of these banks as
a borrower from the community without interest,
and should supply a uniform national currency, re-
deemable in gold. The amount of such bank currency
in the loyal States, which he would supplant with
Government demand notes is about 150,000,000 dole.,
of which the largest amount is issued by institu-
tions of doubtful solvability. The first mode sug-
gested by the Secretary for doing this contemplates
the withdrawal of all notes of private corporations,
and the issn6 in their stead of United States notes
payable in coin on demand. The objections to this
plan seem to the Secretary to be sufficient to autho-
rise its rejection. They are stated by him in the
following terse language :
" The temptation, especially great in times of pressure
and danger, to issue notes with out adequate provision for re-
demption; the ever-present liability to be called on for re-
demption beyond means, however carefully provided and
managed; the hazard of panics precipitating demands for
coin, concentrated on a few points and a single fund ; the
risks of a depreciated, depreciating, and finally worthless
paper money; the immeasurable evils of a dishonoured
public faith and national bankruptcy,—all these are possible
consequences of the adoption of a system of Government
circulation,"

Rejecting this plan, the Secretary recommends
the second plan, which contemplates the preparation
and delivery to institutions and associations of notes
prepared for circulation under national direction,
and to be secured as to prompt convertibility into
coin by the pledge of the United States bonds, and
other needful regulations. The advantages of this
plan are thus stated by the Secretary :

" In this plan the people, in their ordinary business,
would find the advantages of uniformity in currency, of uni-
formity in security ; of effectual safeguard, if effectual safe-
guard is possible, against depreciation ; and of protection
from losses in discounts and exchanges; while in the ope-
rations of the Government the people would find the further
advantage of a large demand for Government securities, of
increased facilities for obtaining the loans required by the
war, and of some alleviation of the burdens on industry
through a diminution in the rate of interest, or a participa-
tion in the profit of circulation, without risking the perils of
a great money monopoly. A further and important advan-
tags to the people may be reasonably expected in the in-
creased security of the Union, springing from the common
interest in its preservation, created by the distribution of its
stocks to associations throughout the country, as the basis
of their circulation."

A word now upon the objections to the feasibility
of this plan before passing to some of the other
features of this document. 1. If carried out, it
will diminish, if not destroy, the profit of the local
banks upon their circulation ; and although this
will be admitted by all sound financiers to be a great
blessing, it must inevitably combino those banks
and their shareholders in opposition to the scheme.
Few, if any, of these banks are parties to the asso•
ciation which has furnished the Government with
means, and, consequently, they have no counter in-
terest to induce them to favour the scheme. 2. The
present circulation is protected in each State by
pledge of the stocks in that State ; and, though the
pledge may be uncertain and inadequate, it may be
Ifound difficult to prevent opposition to a plan which
would substitute for such a pledge the securities of
the national Government. These objections are
easily answered by arguments that may be drawn
from the secretary's report; but whether the argu-
ments can be overcome by the prejudices of self-
interest is more than any one can forsee. One thing
is certain—Mr. Chase must have his money, and
there is no apparent way of getting it in time for
his necessities except by borrowing it from the na-
tion through its circulation. It will be idle to look
for much more from the associated banks, after their
present contracts are fulfilled, unless some measures
are adopted similar in principle to those recom-
mended by the Secretary.
The provisions for the payment of the interest
upon the national debt which are recommended by
the Secretary deserve attention. "Adequate pro-
vision by taxation for ordinary expenditures, for
prompt payment of interest on the public debt,
existing and authorised, and for the gradual extinc-
tion of the principal, is indispensable to a sound
system of finance." Ninety millions of dollars, he
thinks, must be raised annually for this purpose.
Nor can we expect that, during the continuance of
the war, the customs duties will yield the revenue
that they have hitherto yielded. He confesses that
the estimates in this respect have been wide of the
mark, but charges the deficit—the difference between
32,000,000 and 57,000,000 dols.—upon Congress,
who reduced the specific duties upon tea, sugar, and
coffee below his recommendations. The cost of the
army too has greatly exceeded the estimates, in
consequence of the increase of men authorised by
Congress. He thinks that great reduction may be
made in the expenses of the army by the abolition
of unnecessary offices, by a more rigid scrutiny into
contracts, and by a reduction of salaries. With all

these reductions, however, then

in taxation, and the Secretary

duties on tea, coffee, and sugar

lb. on brown sugar, 3c. on e'

per ]h. on green tea, and to 5
He recommends no other modifications of the tariff.
He favours free trade as a wise and noble polley ;
hut," ho adds, " to be wise or noble, it must be
the policy of concordant and fraternal nations;"
and he says that " the most sacred duty of the
American people at this moment requires the con-
secration of all their energies and of all their
resources to the re-establishment of the Union on
the permanent foundations of justice and freedom ;
and while other nations look with indifferent or
unfriendly eyes upon the work, sound policy would
seem to suggest, not the extension of foreign trade,
but a more absolute reliance, under God, upon
American labour, American skill, and American
soil." The Secretary recommends an increase of
the direct tax authorised by the last Congress,
so that it shall yield from the loyal States alone
20,000,000 dollars, and that the collection be in-
trusted to the several State authorities, and he sug-
gests for the consideration of Congress whether it
be advisable to undertake to collect the income tax
in the mode provided by Congress. The machinery
for the collection is, in his judgment, tco cumbrous
and expensive for the slight increase of revenue to
be derived from that source, and he would have the
State authorities collect this also. He might have
stated, as a formidable objection to this tax, that
there is a great doubt as to the power of Congress
to impose it. The power to lay taxes is given to
that body in the Bth section of the Ist article of the
Constitution, in the following language :—" The
Congress shall have power to lay and collect taxes,
duties, imposts, and excises, to pay the debts and
provide for the common defence and general wel-
fare of the United States; but all duties, imposts,
and excises shall be uniform throughout the United
States." This power of direct taxation is limited by
the 9th section thus :—" No capitation or other
direct tax shall be laid, unless in proportion to the
census, or enumeration, hereinbefore directed to be
taken." The proposed income tax is not distributed
among the States in proportion to the census. It is
levied in the form of a per tentage. directly upon
income wherever found, and without reference to
the aggregate amount that may be derived from
each State, and hence there are grave doubts of its
constitutionality, and it will be well if Congress
makes such a distribution of it as will avoid the
legal question. Mr. Chase proposes that Congress
shall resort to, its power to lay and collect excises.
He would put duties on stills and distilled liquors,
on tobacco, on bank notes, on carriages, on lega-
cies, on paper evidences of debt and instruments for
conveyance of property, and on other like sub-
jects of taxation, sufficient to produce 20,000,000
dols. ; and thus, if the income-tax should be re-
tained, and should produce, as he estimates it will,
10,000,000 dole., there will be an aggregate from
direct taxation of 50,000,000 dols., which, with
40,000,000 dols. derived from the Customs, will yield
him the requisite 90,000,000 dols. The history
of the negotiation of the loans hitherto is given by
Mr, Chase in language of modest but just `pride.
He shows an aggregate receipt from loans since he
took his portfolio of 197,242,588 dols.
The inevitable split in the Republican party upon
the slavery question is rapidly coming. The ultra-
violent men, who forced the battle of Bull's-run, are
again clamouring against the army, that it remains
stationary and does nothing, and are urging an
advance. Dissatisfied with the President's position
upon the slavery question, they are endeavouring
to cemmit the party, as a party, to much more ex-
treme views. Many go as far as Mr. Sumner,.advo-
eating entire emancipation, with compensation to
loyal masters. Others advocate the confiscation and
emancipation of the slaves of Confederates. Others,
still, favour only the taking into service of such
slaves as are abandoned by their masters in the
territories actually occupied by the national forces.
With this wide latitude for discussion, it is not diffi-
cult to predict quarrels and bad temper speedily, but
until the officers of the army become converts to the
doctrines of the Emancipationists, it is not probable
that any general policy favouring emancipation
will be adopted by Congress. Bitterly as the
Abolitionists may complain of the Conservative
views of the Government, the march towards the
policy of the confiscation, and emancipation of the
slaves of Confederates is rapid and decisive. A Bill
providing for such confiscation and for the settle-
ment of the slaves upon the national domain in
Florida, was introduced into the House yesterday.
I enclose so much of the correspondence of Mr.
Seward with the French Government as has been
published relative to the adhesion of the United
States to the declarations of the Treaty of Paris.
The Secretary contends that the United States in
giving its adhesion shall be regarded as a unit, and
that no exception shall be made for the territory
now temporarily in possession of the " rebels."

Feu• the year 1862, under existing laws
For the fiscal year of 1862, under laws to
be enacted .. •• • .
For the fiscal year 1863, also under laws
to be enacted ..

Making in the aggregate

Dols. c.
75,449,675 00

.. 200,000,000 00

.. 379,531,245 51

GA,930,910 51

If the war lasts until June 30, 1863, and these
estimates prove correct, the national debt on that
day will be 900,000,000 dols.
The statement in brief, is as follows :

Dols. c.
On July 1, 1860, the public debt was .. 64,769,703 OS
On July 1, 1861, 1, II .. 90,867,828 68
On July 1, 1862, the public debt will be.. 517,372,802 93
On July 1, 1863, 7) ~ 897,372,803 93
Mr. Chase, in his remarks on bank circula-

tion, gives an unqualified adherence to the
principle of specie payments as indispensable
to sound banking, and enflaming the further
use of United States demantrnotes by Government.
The plan which he recommends is prudent, set, for
the public interests, and, under the judicious con-
trol of practical business men, may be made the in-
strument for a thorough regeneration of our bank-
note currency. The following are its suggestions :
,6 Its principal features are (Ist), a circulation of notes
bearing a common impression, and authenticated by a com-
mon authority ; (2d), the redemption of these notes by the
associations and institutions to which they may be delivered
for issue ; and (3), the security of that redemption by the
pledge of the United States stocks, and an adequate provi-
sion of specie. In this plan the people, in their ordinary
business would find the advantages of uniformity in cur-
rency; of uniformity in security; of effectual safeguard, if
effectual safeguard is possible, against depreciation ; and of
protection from losses in discounts and exchanges; while,
in the operations of the Government the people would find
the further advantage of a large demand for Government
securities, of increased facilities for obtaining the loans re-
quired by the war, and of some alleviations of the burdens
on industry through a diminution in the rate of interest, or
a participation in the profit of circulation, without risking
the perils of a great money monopoly. A further and im-
portant advantage to the people may be reasonably expectt d
in the increased security of the Union, springing from the
common interest in its preservation, created by the distri-
bution of its stocks to associations throughout the country,
as the basis of their circulation."

I 1 - k 7 „ '•- - -
_ -
s • . , k •
4 I•Ctr, 1 of_ ..kl/4 of
'"1"4"."1"11.111111111.
men, WV ch CongTeoll a th''' ',L, V. ',44.' •._'Y , 4-4
500,000. - - . X: .441. ale/
The exiztiag aptirupriidioill, *4. ns, " , - - •
mated revenue for the. year etitakilr Jo
30, 62,
are estimated at 329,501,994 dots., and the expen-
diture - 48
at 513,406,422 dols. This will require
furthcr loans for 213,904,427 dols., but 200,000,000
PRICE .4d. duls, will probably be enough.
STAMPED ....sd. For the year ending Jnne 30, 1863, the ex-
penditure and interest on debt are estimated at
e must be an increase 475,331,245 dols., and the receipts from Customs
recommends that the and taxation at. 95,800,000 dols., leaving a balance
be increased to 2lc. to raise by loans of 379,431,L15 dols.
clayed sugar ;to 20c. The whole amount required from loans may,
ic, per lb. -on coffee. therefore, be thus stated :--