The Sun.
London, England, 1868-11-10 00:00:00

THE SUN, LONDON, I UESDAY EVENINdt NOVEMBER 10, 1868.

MISCELLANEOUS NEWS.

ccrtisidMau7 11) eea oTio e-n4iGw the ;WOOLS, EMU 50 DIP
led on to abandon denominational for secular
education ?

DEAN ALFORD ON MS DEFENCE.

Dean Alford reviews, in his magazine, the Coidem-
Lorary Review, the new volume of joint essays by
ow Churchmen—" Principles at Stake." In doing
SO he takes occasion to defend his conduct in taking
part in the anniversary services of the Dissenting
College at Cheshunt. He says that no act
or word of his ever implied that he wished
to surrender a single article of the English
Church's stricter creed, to modify one tittle of
reverence for the holy sacraments, or of belief in
their efficacy. He has joined others in publicly
deprecating any revision or emasculation of our
liturgies and offices, having ever accepted, and
hoping to accept to the end, the whole Church
system, which he finds in closest accord with Holy
Scripture. The desire to recognise as fellow
Christians our Nonconformist brethren, does not
imply, even were, it carried as far as the wish for
exchange of pThpits, any desire to depart from a
single doctrine or disobey a single formula of the
Reformed Church. He adds : " What I have done,
and what I shall continue to do, cannot, I believe, be
shewn to be otherwise than consistent with the spirit
of the Prayer-book, nor other than a legitimate carry-
ing out of the mind of the Reformed Church of
England."

711 E EXISTING FEELING BE7 WEEN

ENGLAND AND AMERICA.

(From the Anglo American 2 imes.)

A letter which appeared in the Times last Mon-
day, from au American in Dresden, has induced us
to continue our remarks on this subject. He
furnishes strong evidence in support of our asser-
tion that the English feeling towards Americans is
a social prejudice, from which the latter are wholly
free. The Dresden writer thus puts the case
A church was established by the English in that
' city, which the Americans joined in such numbers,
though many of them were Dissenters, that they
became the majority, and gave to it a liberal sup-
' port, when it was styled the English and American
Church. After the Rev. Mr. Wright had found that
most of his flock were Americans, he introduced the
prayer for the President of the United States follow-
ing that of the Royal Family of England and of the
King of Saxony. A gentleman who witnessed the
innovation appears to have been unable to control
himself : he struck his cane on the floor, exclaim-
ing, "I thought this was an English church,"
and, on other days, persons abruptly rose and left
the sanctuary. • It is true that the time (about
four years ago) was one of great bitterness of
feeling. Animosities grew and spread, until an-
other, named the English Church, was formed
by the authority of the Bishop of London, for
which a new structure is now in process of
erection. The influx of Americans caused the
invasion also of this exclusive English pro-
perty, in support of which their money was freely
taken and then Mr. 'Cerro was requested to in-
clude the President of the UNITED STATES in his
prayers ; but on trial such umbrage was taken that
the pastor withdrew it—an ill-advised act, which
could not fail to give offence. The reason advanced
against the introduction of the prayer for the PRE-
SIDENT was that he was nominated every four years,
and they did not desire to pray for such a number
of " nobodies." The writer then says, " The Ameri-
' cans sit, and have sat, for years quietly in their
pews, and have responded cheerfully to the repeated
passages intr,ducing the QUEEN, Prince of WALES,
&c., besides hearing uncomplainingly the prayer
that her AIAJESTY m Ly become " victorious over all
her enemies," while the English will not permit the
name of the Chief Magistrate of the UNITED STATES
to be included in the service." In commenting on
this letter the Times denies the conclusion at which
the " American Resident in Dresden" arrives—viz.,
" that the circumstances are straws which show
how the wind blows," asserting ".they have nothing
whatever to do with the general feeling between the
English and the Americans." Now, we maintain
that the American is right, and that his temperate
and just statement of the facts, preceded a correct
conclusion. If any newspaper is, in a position to
know what the feeling is it is this ; and, we repeat,
that the English feeling is one of a social prejudice,
generated and fostered by class distinctions, and
differs totally from the feeling of Americans towards
Englishmen. When the two are compared the
Englishman, in this respect, appears at very. great
disadvantage—a poor feeble thing in presence
of a man. As we before oOserved, with the obli-
teration of class distinctions these prejudices. will
disappear, and, that these barriers are rapidly going,
before the invasion of the American tide of opinion
is au uu leniable fact. But no instance could better
illustrate the truth of our remarks on this subject
than the offence given to the English churchgoers
in Dres lea by the minister introducing the prayer
for the PRESIDENT, and their reason against it. The
President of the UNITED STATES is " a nobody,"
and they object to pray for nobodies except.en masse.
If these unfortunates are in the colonies driven to
praying for an elected offie,er, such as a Superin-
dent of a paltry province of New Zealand, they
salve their wounded pride by persuading themselves
" His Honour" is her MAJESTY'S representative,
though he be bat an officer elected by the people
for a term. 'Of course Americans do not suppose
that Englishmen as a nation ca,n be so supremely
absurd as to hold the Dresden opinions about elected
officers, although we are satisfied they truly express
a considerable breadth of Tory prejudice which runs
through the national min 1, and formerly found vent
in the divine right of kings. Time infallibility of
the POPE is rational co npared with the folly of
such a doctrine, an 1 yet there are thousand;
of Englishmen who would be offended if asked
to pray for a LINCOLS, but would readily re-spend for
a GEORGE IV. Were they to pray for the raler that
most needs it, there would be a fo..ce in this we could
fully appreziate ; but no, the objection lies in the one
being a mere elected officer, while the other was the
descen lent of a line of kings. The m )3t, cursory
examination of the distinction leaves nothing bat
bare prejudice to the holder of such a sentiment.

The President of the UNITED STATES is the
chosen of thirty-five millions of citizens. He is sup-
p)sed to owe nothing to adventitious circumstances,
but to have worked up by the force of superior per-
soaal qualifications. Granting everything th at can
be said against this, enough still remains to show
that a President of the UNITED STATES must in a
high degree be a man of distinction. Step by step
he has risen from the ranks of the people into a
place of power, second to none, and far superior to
that of any one in England. The British SOVE-
REIGN is little better than a nonentity, and when
that Sovereign is a GEORGE IV. he is something
worse. Without ability, without real power, disre-
putable in character, and full of low vices, the ad-
ventitious circumstance of birth is to weigh down
all other considerations, and to erect this man into
a sort of saint, on whose behalf the ALMIGHTY is to
be specially appealed to. Yet those who have dis-
played the ridiculous prejudice in Dresden, would
assert that it was the office, and not the man, while
it is notorious that th at office carries little power
when compared with the Presidency. Both the
occupant and the °Mee are of more importance
than those of the British throne, for the former,
being elected out of a vast population of the most
intelligent of nations, is, independent of the office,
a conspicuous man, while the office itself is one of
greater power. Now, if St. PAUL meant the prayers
for kings and every one in authority, when he ex-
horted them to be m ide, to be a supplication to the
ALMIGHTY, that the minds of those should be guided
aright whose influence on their fellow mortals was
greatest (as he undoubtedly did), then it is more
proper to pray for a President of the United States
than for a British Sovereign, and for a Governor-
General of India than for either. We doubt even
if Englishmen, ever furnished the world with a
grosser instance of snobbishness than that recorded
by the " American Resi lent in Dresden." Per-
sonally, there was probably not an individual in
Mao congregation who was not, according to their
own definition of the word, a " nobody," so they
objected to pray for those who, like themselves, were
nobodies. Why should SMITH pray for JOHNSON
or BROWN ? True, JOHNSON was President of the
United States, but no " divine right" fell to his
share ; for that only comes by birth. He was
elected to the office of Vice-President by the voice of
the people, which some—very erroneously—assert to
be the voice of GOD, for that voice can only be shown
in birth. It is true, there is a saying that it is "a
wise child that knows his own father," but JOHN
BULL has always been a wise child, within whom the
roots of feudalism cannot he era licatel except by
slow and painful degrees. His reverence for birth,
his disbelief in nobodies like himself, and his con-
tempt for honest labour, all contribute to make up
his dislike to Americans, who offend his prejudices
by holding them in contempt ; nor is this lessened
by the knowledge in his inmost heart that the Ame-
rican is not only right, but that hisi leas are pre-
vailing. We extract from tilt-, Nation of 0ct.22 what
follows, as she wing almost laughably the ignorance
which, in our opinion, is, with the old prejudices
nursed by feudalis n, at the root of international an-
tipathies." That quality in Englishmen of the upper
classes which does so nrich to enthar them to Ame-
ricans an i to their c )lonial dependents —their super-
cilious, contented ignorance of' all m itters and
things American or provincial, has recently been
excellently exhibited by Lord ROBERT MONTAGU,
who is the Vice-President of the Committee of
Council on E lucation, which is as much as to say
that he is the. British Minister of Public Instruc-
tion. He was making a speech at a political meet-
ing the other day, and in the course of his remarks

spoke of some statement made by the British con-
sul 'at Buffalo, in Canada.' What the British
Government have for a Consul to do in Canada his
lordship did not say. In view of Lord MONTAGU'S
office there' would seem good enough reason for
saying what we have heard said, that ignorance of
the United States is really part of an Englishman's
education. Nearly as many ludicrous stories might
be told of very recent displays of this ignorance as
were ever told of former generations of English.
Their attention will, however, it is likely, be turned
this way more hereafter than it has been hitherto."

MONEY AND BUSINESS.

(From the Springfield Republican, Oct. 24.)

The week closes in the midst of another monetary con-
vulsion at New York, produced by the looking-up of
greenbacks, severer even than that of three weeks ago.
The money market at other commercial centres, however,
does not seem to be greatly affected in sympathy, though
a good degree of tension is everywhere reported, as was
to be expected at this season. At Boston the bank returns
show a decrease in every item but loans, which have been
increased a million and three-quarters under a strong de-
mand from customs, and with the temptation of high rates.
To depositors loans are made at 7 per cent., while out-
siders have to pay 8. Prime paper with three and four
months to run passes at 8 per cent., while second-class is in
excess and has to pay 9to 4. At Cincinnati the market
shows increasing stringency. The bankers do the least
business they can, confining their loans to depositors at
Bto 10 per cent. The open market is crowded with paper
of every kind, and 1i to 1} per cent. per month is paid
readily. The receipts on eastern exchange continue large,
and the supply is already in excess. At Chicago the
demand for money is more pressing, and the loan market
shows greater stringency. Neither here nor at Cincinnati
is the tightness duo to the natural process of trade, but to
a general and determined effort to hold up the price of
grain by holding it back from shipment.
At New York the present stringency is the unmistake-
able result of a combination between banks and brokers to
break bown the stock market. Early in the week money
was plentiful, and six per cent. was generally accepted on
miscellaneous collaterals—Governments invariably at that
figure, with but little call. It was properly a matter of
surprise, and spoken of as such, that the movements of
trade at this stage had not made dearer rates and a more
pressing demand for money. And the same would have
been true to-day but for the treachery of the banks, which
enabled the brokers to withdraw from use a sum stated at
not less than $10,000,000. The effect of this was to run
rates up from 6 to 7 in the morning to plump 7 at noon, 7
in gold at 1 o'clock, and later in the day at 7 in gold, with
per cant. commission added. The time chosen was auspi-
cious; the banks generally were at their weakest, while
prices in the stock market had been forced up unnatu-
rally high, and parties had bean tempted in for large
amounts who had no strength at all to carry them in a
pressure. Joined to this, prominent members of the
North-Western and Erie cliques wore parties to the
movement, having sold " short " heavily. The market
thus being in its worst state and left without friends
.e., any strong "bull" interest —gave way very quickly.
A great many large loads, that were xather heavy any
way for their owners to carry, were dropped incontinently.
It is needless to say they were picked up—by parties in
condition to do it. The stringency has continued through
the week, though not so severe at the elo3e as on Tues-
day. Those who have the business community in their
grasp, do not seem inclined to let it off as easily as last.
time; and the missing greenbacks may not appear for
some time. The morality or legality of these " look-ups"
we have sufficiently commented on before. A great deal
of indignation is being excited at this abuse of banking
privileges; and if the friends of the present system cannot
find a way out its enemies will. Reckoning ourselves
among the former, we hope some check may be applied to
unscrupulous banks, which shall protect the business com-
munity from occasional convulsions and the system itself
from blame.

The gold mtrket has been active throughout the week,
and gold has continued to tend downwards, closing at 1331.
The scarcity of cash gold is a hindrance to the bears and
considerably disconcerts them in their efforts —with the
best intentions—to reduce the premium. At one time
during the week as high as one per cent. was paid for its
use, a rate that has only once been exceeded in the history
of the gold market, and that was two years ago. in nine
days more the November interest will be paid, and then
it will be a free fight between bulls and bears. The
continued and increasing export of bonds (cot to speak
of large amounts in Erie) has for three months past
greatly diminished the shipments of specie, and con-
tributed to the recent fall. The secretary's sales have
gone on steadily at the advertised rates, $303,003 daily;
and have in some -small degree relieved the scarcity
of cash gold, although not sufficiently to account in
any degree for the decline in the premium. The im-
porters of New York city are greatly disgusted at the
method of conducting the sales, and have memorial-
ized the department for a return to the secret sales.
Whether the Secretary will renew his operations on the
present system, after the ten days aro expired, or will re-
sort to the old method, or stop short and do nothing, does
not yet appear ; and thtt is just the fault with th a SJcre-
tary's last arrangement. A ten-days' programme does not
constitute a system, such as the business of a nation ought
to be conducted on.

Governments shared the fate of the market in the great
catastrophe, but their native strength kept them from any-
thing like so considerable a fall as railroa 1 and Border-
State Bonds. The decline, such as it was, was due, how-
ever, solely to the pressure to sell, and was not aceompa-
nied by any falling off in the demand. On the contrary,
the call for them continues to increase, both for invest-
ment and for export. The Five-twenties of 1867 suffered
rather the most severely in the pinch, having been consi-
derably oversold ; but recovered early, and are now in
brisk demand, as these Bonds still retain the preference
for export to Germany. The confidence in the future
of the Government credit is not perhaps stronger in any
quarter than it was six weeks or two months ago ; but it
certainly is much wider, and the circle of investors ex-
tends every day.

The upward movement in stocks, which was in such
happy progress at the last weekly report, was rudely in-
terrupted by the explosion of Tuesday. Such a whole
sale slaughtering is rarely seen, though the decline was
not excessive on any one. It would be dreadfully mono-
tonous to attempt to trace the fortunes of the different
stocks. The Western railways, which had been inflated
to such a &wee as to excite apprehensions of a collapse
even without foreign pressure, gave way early, but showed
more strength than could have been supposed, and were
prompt to recover a part of their 1033. We commented a
week ago on the extraordinary character of the bull move-
ment, which has been going on now for two or three
weeks. The end is certainly not yet, whatever may be
the final result. It would not have been safe to prophesy
that it would stand such a shock as has been given it this
week, or that when shares once began to tumble they
would stop so soon. But now that it has taken place, it is
safe to say that it has at least elements of strength enough
to protect it from sneers as a mere bubble of the market.
Fort Wayne has stood the best during the panic, and has
fully vindicated the confidence of the friends, who predict
its steady rise to 25. North-Western, which was so near
to par, at last weekly report, has receded to the neighbour-
hood of 90. The week closes with the market strong
and active, and apparently unaffected by the stringency of
money.

The import entries for last menth, exclusive of foreign
specie, at the port of New York, amounted to $22,378,838,
against $30,681,540 for the same month of 1857. Of these
the free goods ware in 1863 $1,121,652, and in 1867
$854,987. Carrying the comparison out to the first nine
months of each year, we have the total imports in 1868
$192,956,158 against $202,474,783 in 1867, the average
tariff in 1863 being 48 per cant. against 47f in 1867. The
export clearances from the same port for the month of
Sept3mber wore $14,155,063, against $14,155,033 for the
same month in 1867—and, for the nine months ending
September 30 they ware $183,318,437, against $176,607,411
for the same period of 1837, or exclusive of gold and
silver, $120,014,537 in 1868, against $134,575,203 the
previous year.

The market for dry goods has shown a better feeling
during the week ; and more business has been done. There
is a clearer outlook, and a greater degree of confidence is
manifested. The holding back of Western produce; how-
ever, continues to postpone the Western demand, in a
measure. The South is becoming more largely a buyer,
as her cotton comes forward, though at still low prices.
Some classes of cotton goods have had to submit to a de-
cline ; and if the material continues to fall, must go lower
yet. There is a general feeling that cotton will not rest
where it is, and this sense serves to distract the market.
Wool is firmer and higher; and vac, better qualities are
coming more into request. Woollen goods are generally
strong, particularly shawls and overcoatings. Flannel
goods and blankets aro rather backward for the season.
The market for foreign goods has been greatly disturbed
by the fluctuations in gold; and until the premium steadies
somewhat the impartation-3 must be exp ctt3l t 3 show a
falling off. Seasonable goods in some classes, however,
find a ready sale. Breadstuffs still tend downwards. In
11J1117 010 decline for the week has averaged 23 cents far
all grades; wheat and corn are also lower, and there is
more to come when the Western speculators break dawn.
In provisions we have a decline of 25 cents a barrel oa
pork, while of country produce, butter, cheese, and eggs
are all higher and in good demand.

(From the Philadelphia Public Ledger, Oct. 22d and 23d.)
Consolidation of railroads by lease is becoming quite
fashionable among railway managers, and in some recent
operations in this line no little sharp practice has been
manifested. After it had been annouuced recently that
the Erie Railroad Company had leased the Northern R 61-
road of New Jersey it was discovered that the stock of
the latter had been doubled. It is now reported that the
Erie Company has leased the Patterson and Newark-rJad
for ninety-nine years, at 7 per cent., the stock having been
first quadrupled. It is intimated that the managers and
negotiators of these leases made handsomely by the opora-

tions, whoever may lose. As a rule in these matters, the
poor stockholders are kept in the dark until the bar-
gain is consummated, when the curtain is raised to the
fact that they had been duped an 1 victimized. The
" watering process" of increasing the capital stock of
railroads had quite a run in the large cities, but this has
now given way to the "leasing process," with the "doub-
ling and quadrupling" of share capital.
The bids at the office of. the United States Assistant
Treasure! at New York have declined not only in amount,
but in the number of bidders. On Tuesday but $600,000
was bid for, and the $300,000 advertised were awarded to
two bidders. This, it is said, indicates a lessened demand
for gold, and yet the gross clearings at the Gold Ex-
change that day amounted to $111,186,000. The Customs
demand for the day was $410,000, and ranges daily from
four hundred thousand to four hundred and fifty
thousand dollars. if the Government would increase
its daily sales of gold to the full average amount
of the demand required for the Customs, it is be-
lieved that a favourable and more satisfactory result
would attend the present mode of exchanging the Trea-
sury coin for currency. In all the complaints made against
the present public sales of gold we do not see a single
reason for a change back to the old practice of secret sales,
all the reasons rendered for discontinuing the present
mode applying with equal, and, indeed, as we think, with
greater, force against the old practice,;besides leaving the
officers of the Treasury liable to the charge of collusion
with the gold speculators. The gold market, it is said,
is in the control of the gold speculators, and so it has been
ever since gold has been an article of merchandise and
made necessary in the payment of duties. We have
seen speculators, under the practice of secret sales,
fluctuate the price two and three per cent. in as many
hours. They have not under a system of public sales
done nearly so badly as yet, and can scarcely do worse.
There should be no change for any such reason that great
capitalists have combined to speculate in gold to their
own profit. They will do that anyhow, as they do in
everything of a marketable character. While gold is, by
law, made a necessity in the business of those engaged in
foreign trade, and is not a currency, speculators will try to
make money from its purchase and sale. The only sure
way to put an end to this speculation is to make gold a
currency and the measure of other values, and not a com-
modity that the law compels the use of, the value of which
is measured by a fluctuating paper currency.
There was urgent demand for money yesterday here, as
well as at New York. It is still persisted that this strin-
gency is caused by artificial means, in which the banks
and speculative operators in gold and stocks act jointly.
The purpose is to hold currency out of circulation. The
modus operandi is this—Thoy borrow largely at their re-
spective banks, check against the whole amount to their
credit, and secure the certification of their cheques so as
to prevent the banks using the funds, and in this way
tie up large amounts. It is impassible that the banks
thus treated should not b 3 fully aware of the pur-
poses of the transaction and of the probable embar-
rassment that must necessarily follow. The banks
that countenance and encourage the movement are
even more censurable than individual operators, for in
the banks is reposed a public trust—a great privilege,
which it is supposed will bo preserved from all abuse that
may operate to the prejudice of the public interest. If
they should not be so guarded; the next session of Con-
gress should be called on for such amendment "of the bank-
ing law as will enforce them to a better observance of what
is right and proper. Money on call, as the consequence of
this stringency, is 6 to 7 per cent., and on the street the
rate is 8 to 10 per cent., and very scarce at that. The
banks discount comparatively little of the paper offered
thorn. The only source of consolation in this matter is
that as the stringency is artificial, it cannot in the nature
of things be of long continuance.

(From the New York Tribune.)

FRIDAY EVENING, Oct. 23.
State bonds were higher. Tennessee 6 per Cents. sold
at 701 ; New bonds, 70f. North Carolina 6 per Cents.,
68 ; new bonds, 674. Missouri 6 per Cents. were, how-
ever, selling at 91. Railway bonds and miscellaneous
shares were neglected. Express stocks were lower. Pa-
cide Mail was steady at 128. Railway shares opened
strong, but declined at the Board. New York Central,
Erie, and Hudson were strong. Reading was freely of-
fered, selling at 984. The North-Western shares fell off
1 per cent., and the balance of the Western list was from
4to 4 per cent. lower. Fort Wayne was in request at
1154 at the 1 o'clock Board. At the last Board there was
an improvement of 4 to 1 per cent, on the leading shares,
New York Central, Reading, Rock Island, Cleveland and
Pittsburgh being in demand. New York Central sold at
1284, Reading 99, R )cic island 1074, Michigan Southern
874, Cleveland and Pittsburgh 89, Fort Wayne 116. At
the close Erie became weal; declining to 411 ; the break
affected the rest of the market, prices declining from 4 to
1 per cent., and the market closing weak and unsettled.
Government bonds closed strong and active. The features
of the market have been the demand for 62s for shipment
and the heavy purchases for country banks.

CLO3ING PRICES.
PUBLIC FUNDS OF THE UNITED STATI'S.
Sixes, 1868, registered — to
Sixes, 1868, coupon
Sixes, 1881, coupon ll5l to 1151
U.S. 6s. Pacific Rail. oad — to
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new
Five-twenties, 1867, coupon
Ten-forties, coupon lO5l to 1054
Seven-thirties, 2d series
Seven-thirties, 3d series — to
Oregon War Loan, Sixes; 1881 — to
U.S. 5-20 Coupons, 1868 ..
CLOSING QUOTATIONS F
N. Y. Central 6s, 1883... 944
N. Y. Central 6s, 1881... 934
N. Y. Central 6s, It Est.. 90
N. Y. Central 6s, Sub'n.. 90
N. Y. Central 7s, 1876...102
N. Y. Cen. 7s, con. 76 ...124
N. Y. Cen. 7s, '65-'76 ...121
Erie Ist Mort, Ex 104
Erie 7s, 2d Mort, 1879 100
Erie 7s, 3d Mort, 1883 93
Erie 7s, 4th Mort, 1880 87
Erie 7s, sth Mort, 1888 86
Long Dock Bonds
Buff.
N.Y. &E. Ist M, '77 914-
Hud. R. 7s, Ist M, '69_100/
Had. R. 75, 3d M, '75 101
Harlem Ist M, '6B '72 103
Mich. C. Ist M, 'B2 1144
Mich. new Ist M Bs, 'B2 1144
Mich. So., 7 p. c. 2d M —
N. Ind. Goshen Line '6B 981 E
111. Cen. 7 p. e, '7O 116
Alton & T. H. Ist M
Alton &T.H. 2d pfd
Alton SE T. H. 2d M. Inc B3
Han.& St.J. Land Warts 105
Han. & St. J. Con 100
Chi. B. & Q., Ist M 111
Chi. & N. West, S. F 9
Chi. & N. W. Con Cony 97
Chi. & N. W. Ex'n B B3

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