The Sun.
London, England, 1868-08-05 00:00:00

Da. 4} per Cent., 1852 7O
Do. do. 1858..... —
Do. do., 1860 —
Do. do 1863 —

Do. 5 per Cent., 1865
Do Account 77

BtienosAyres 6 per Cent
Do 2 per Cent. (Defornd 3 per Cent.)
Cuba, 6per Cent.
Cuilian 6 per Cent 73f
Do. 4} per Omit —
Uo. 6 per Cent., ll —
Do., 18'37
130., 7 per Cent., 1866- loo}
Do., Scrip £32 paid
• . tubian, 6 per Cent.
D ,nisn 3 p r Cent., 1825....
D .nut,ian Principalities, i_zr Cent
Do 8 por Cent., 1867 --

quadoi• New (:onsolidated, 1 per Cent.
4.lgypf iar, 7 per Cent •••
1),,. so, oad Issue
D s. .C5:)0 Bonds
)o. 4100 Bonds —
Do. 1864
Do. Account
Do. /5 io Bowls —
Do. £lOO Bonds
• • •••
Government Railway Debentures .... 94
Graett. 5 per Cent., 1824 5, ox Coups —
Do. Account
Do. t;oupon..7
Do. Atc.Junt
Glateinala 5 per Cent . —
llouduras Gov. Rail. Loan., lop. Ct., £25 p 821
It iiian S lei Ccr t., 1865 —
;10. Account .. —
Do Marommana Railway —
Alexicas 3 per Cent —
Ditto for Account
Do. 1864 —
Do 6 per Cont. Anglo-French —
iontevidean 6 per Cont. .. —
Sloorish Imperial 5 per Cent
New Granada l4i
Do 3 per Cen —
Do. Deferred
Do Land Warrants (Hectares)
Perivian 5 per Cent. 1865
Do Account .. 791 I i }
Do 4i per Cent. (Uribarren)
Do 41 per Cent., 1862 -

Do Account
Po-tuguese 3 per Ct., 1853, '6, '7, '9,'60,'2,'3
Do. do. 1'67 —
Do. do. Sc, ip, £2O paid —
1 issian 5 per Cent., 1822, £ St B9;
Do 41 per Cont. 1850
Dn 41 per Cent., 1860
,
Do 3 per Cont., 1859
Do 5 per Cent~ 1862
Do. Anglo-Dutch, 1861, £lOO Bonds.,;, 931
Do. do. £B4 15s. d 0....
Do., 1866, £lOO Bonds 93 1
Do. dl £B4 15s do
Do Nicolas Railway 661 1
Stir Tinian 5 per Cent —
Spanish 3 per Con . —
Do. Accf,unt
Do. 1867
Do. Account
Do• New Deferred
Do. Account
Do. Passive —
Do. Account
Do. Corn. Cert. of Coup. not funded
Do. Account
Turaish 6 per Cent.
Oo Account
Do 6 per Cent. 1858 —
Do Account
Do £lOO Bonds 67
Do 6 per Cent., 1862 —
Do Account
Do .£10(' Bonds 66 1
Do. 1863 —
Do 5 per Cent., 1865
Do Account
Do 6 per Cent., 1865
D,) 4 per Cent., Guaranteed
Venezuela, 3 per Cent.
Do 6 per Cont., 1862
Do 6 per Cent. 1864
Do. 4 per Cent. Certificates .. .
Dividends on the above payable in London.
Austrian D par Cent. Ex 10 Florins
Belgian, 41 per cent., Ex. 25f.
Dutch ii per Cent. Ex. 12 Guil„ —

Da Account
French pontes, 3 per Cent.. Ex. 25f.
lhlian 5 per Cent. 1831, E. Zsf.
Do. Account 521
CLOSING PRICES.
Consols, Money 941 1.
Do. Account, Aug. 6

IMPOLICY OF FOUR-YEAR PRESIDEN-
TIAL ELECTIONS.

A. large class in the United States aro becoming
seriously alarmed at the effect on the country of
the oft-recurring Presidential election-3. The sys-
tem in vogue is not that intended by the framers
of the Constitution. What they meant was, that
the Electoral College should at the appointed inter-
vals choose from among the most eminent citizens
the man they considered qualified for the high office.
They did not W,ericl rival candidates to be pitted
tgaiust each oiler, and the country subjected to
the furious excitement of an election campaign.
the Electoral College simply assembles to count
votes, and in an article in the Ratoul Table on
Ruler-making, from which we quote largely, the
proportion to population returned by States is
drown to be unfair; for instlnce, Oregon, Dela-
ware, Kansas, Rhode Island, Minnesota, Vermont,
Kew Hampshire, California, Connecticut, lowa,
contain in the aggregate 3,661,579 people,
who are represented in Congress by 31 members,
but whose electoral votes amount to 53. Against
this New York and Ohio contain a population of
3,220,286, sending 50 representatives to Con-
4re,s, while the electoral votes are but one more
than those of the population, only half as large,
being 54. Thus, if the eleven States were
.to
choose a Democrat each by a narrow majo-
rity, while New York and, Ohio voted en masse
for a Republican, the population of six millions
would be all but balanced by a narrow majority of
a population of only half that number. The im-
mense increase in the Government machinery since
the war has opened many eyes to the necessity of a
change. No sooner does a President get into office
than he commences to distribute patronage and ce-
ment alliances to secure the leadership of his own
or a new party looking to his re-election. If he
quarrels with his party, the case is even worse, for
he is impelled to wild bids to gain the favour of
the other, and in this he sets an example
in the highest degree demoralizing. The Round
Table considers that, first, a President should be
divested of his patronage even more thoroughly than
proposed in Mr. Jenckes's Civil Service Bill, retain-
ing office so long as he commands the support of
Congress or of the Lower House, with possibly
an extreme limit to his term. So often is the House
elected that its vote might be taken to indicate the
popular feeling, and the Senate, as a check, might
have a veto power involving a special appeal to the
people. The English system of making the Ministry
dependent on a majority of the Representatives
is one worth imitation, for it is found in
practice to work well, stopping effectually what is
otherwise sure sooner or later to occur, the hostility
of the Legislative and Executive branches. The
Round Table is severe on the class of men sent as
delegates to New York for the late Convention.
Dressed in conventional suits of black, with their
blue Delegates' ribbons conspicuously displayed,
they were seen in groups in broad daylight seated
on the door-steps of strange houses in Broadway,
embracing each other with tipsy affection. Some
of the correspondents to the London dailies have
described the extraordinary scene presented by the
commercial metropolis during the sitting of the
Convention ; but they were even more struck by
the womankind of these quaint specimens. One
correspondent is ungallant enough to speak most
disparagingly of their personal appearance ; but
making due allowances for the curious cut, mate-
rial, and colour of the men's garments, we believe
them to have been fine specimens of humanity.
They did not, however, favourably impress the more
intellectual East with their qualifications for ruler-
making. The Chicago delegates were not thrust
so prominently into the glare of the civilized world ;
tucl although the Round Table does not know how
far drunkenness there prevailed, the probabilities,
it thinks, are, from their coarse and uproarious
songs and howling at each other like so many
Red Indians, that they had a fair allowance of
artificial stimulus. The Republican party asserts
the moral superiority of its members, and instances
this by comparing the delegates sent to the Con-
ventions. But Chicago is not New
,Fork, and
due allowance ought to be made for the fact that
they endeavoured to combine pleasure with busi-
ness, going up to the great city filly prepared for
a spree. The long and short of it is, that the Re-
public has grown out of the clothes cut for it by its
foundtrs, and if something new. be not quickly
provided there will soon be greater rents than any
yet seen.—Anglo- American 7 rotes.

It is announced that the Emperor of the French,
" as a mark of his high personal esteem and admira-
tion of the character and public principles of the
late Mr. Cobden," has sent a subscription of £4O to
the committee who have erected the memorial at
Camden-town.