The Sun.
London, England, 1868-07-20 00:00:00

ROMAN AFFAIRS.

From the Roman Correspondent of the Westminster Gazette.)

ROME, July 11.
Notwithstanding the contrary statements
in various papers, I am assured the visit to
the camp occasioned no signs of weariness in
the Holy Father. It was, of course, a tiring
day, and it would not be surprising if the
exertion and rough weather had fatigued a
younger man ; still, as he did not appear at all
wearied by it, it is but right to note the fact.
He held his usual audiences the next day. The
following inscriptions, which the municipality
of the little town of Rocca di Papa set up over
their gates on the occasion, may interest some
of your readers. The first, in Latin, was over
the principal entrance ; the others, in Italian,
found place on the inside :
Parens Optime princeps amantissime qui
bellum punico tristius contra iniquissim-
orum wires et astus cunctator novas sus-
tines milites qui ad tutenda D. Petri
sedem volentes lubenlesque Tibi nomen
dederunt Tibi advenienti gratulantur ex
animo —ac pro Christo pugnare parati
triumphum auspicantur.
0 Eroi della Roma cristiana Sui campi
di gloriosa memoria attendati Un inno
di gioia d'amore, di fedelta sul vostro
labro risuoni L'adorato Padre e sovrano
Pio IX Vi bea di sua presenza Vi
saluta, vi benedice.
APio Angiolo di Pace gloria,
delizia, e decoro del genere umano —di
sua augusta presenza benignando la terra
di Rocca di Papa it magistrato ed it popolo
esultanti testimonianza leale, luminosa
di affetto, di fedelta, di riconoscenza offrono,
umiliano, consacrano.
Al successor di Pietro —al maggiore dei
monarchi a Pio IX Pontefice Ottimo Mas-
simo the chiama inutile, perduto it giorno
in cui non benefichi un misero o almeno
un nuovo benefizio non mediti.

The soldiers who happened to be named
to make the first experience of camp life, have
had a rather rough time, and have learnt more
of mountain storms than of military manoeuvres.
The forced inaction has been very trying, but
the soldier has to learn to adapt himself to
all circumstances,- and the trial has had the
effect of displaying once more the admirable
discipline, as well as the spirit of determination
and sacrifice which reigns among the men.
The next to be sent to the Campidi Annibale

would be the troops at present forming the
garrison of Rome. It is probable, however,
they will remain on here till the weather be-
comes settled.
It is not only the camp which has suffered ;
the agriculturists have come off much worse.
The rain, for which you are crying out in Eng-
land, has all but ruined the crops of the Cam-
pagna ! I know of one corn-grower who esti-
mates his loss at twenty-five thousand scudi,
and another at eighteen thousand. The hail,
too, which has been seen lying on the ground,
in some parts to the depth of a foot, has made
great havoc with the vines.
M. de Sartiges is still unrecalled. He will
certainly be replaced before the assembly of
the General Council, but will remain to com-
plete the negotiations respecting the Italian
debt. The Florence Government has promised
to pay ten million francs on account, but only
three have arrived as yet, and there will doubt-
less be much pressing and haggling before it
will part with the remainder.
The Garibaldian enlistments continue with-
out interference, and what is very significant,
numbers of notorious and desperate prisoners
continue all the time to make their escape from
various penal establishments,
The French army of observation is not
blind to what is going on and has taken due
measures of precaution. i'he town and port
of Civita Vecchia have been thoroughly for-
tified, and Colonel Fare, of the Engineers, has
been instructed to draw up a report of what
is required to protect Rome from a coup de
main. The general purport of the report is
to point out the extreme importance of Rome
as a strategical basis, in case of hostilities be-
tween France and Italy. With Rome properly
defended, a few advanced posts to command
the high road and the defiles would suffice
to cut off all communication between northern
and southern Italy, while a few ships of war
would intercept that between Bologna and
Naples.
With regard to the defences of Rome, the
Colonel is of opinion that the Papal army
alone is not of sufficient strength to defend
its approaches, but that it may hold out within
the city itself for a considerable period—quite
long enough to allow time for the arrival of a
French army of co-operation. He points out
several matters requiring attention for complet-
ing the defences of the City, such as the erec-
tion of a battery in the Vatican gardens to
command Monte Mario, and another near
Monte Testaccio, to command the raliway
line ; continuing the communication between
the various forts by a good road following the
walls of the city throughout their course, and
throwing two more bridges across the Tiber,
one at the Ripa grande, and one at the Ripetta.
Aelnf with
hian paper has, I see, been amusing
printing an address purporting to
" the Romans" (sic) to the King of
Prussia, on the occasion of the anniversary of
the battle of Sadowa (3d
I
its
be sent by
July). "We for-
get our misery, for
"in .a moment," the Romans
are made to say, order to lay our glad
congratulations at the feet of
your Majesty,
and we trust that great Germany will not
forget us." This servile and apochryphal docu-
ment has only excited a smile here. It is of a
piece with that other address, which the Sena-
tor of Rome was said to have presented to the
Pope last October, begging. him to give up the
city to a Piedmontese garrison !
Don Alfonso de Borbon, whose entrance into
the Zouaves I mentioned last week, gives an
edifying example of devotion and simplicity of
mind. He chose SS. Peter and Paul's day
for entering the service, and communicated
that morning, at an altar near the shrine of the
apostles, having spent the vigil like a knight
of old in the crypt of the Basilica. He labours
as much as possible to ignore etiquette in his
dealings with his comrades and superiors, and
accepts no exemption from watch or corvee, or
even from the more irksome routine duties of
the depot. There is another new recruit, the
antecedents of whose family are worthy to be
noted—M. Anatole du Sartre. His grandfather
was one of the body guards who fell, a noble
sacrifice to their loyalty, for Louis XVI., while
on his mother's side he is descended from the
family of Peter the Hermit, the celebrated
preacher of the Crusades. And it is to such
men as these that the Garibaldian leaders are
preparing to oppose—starved-out brigands
and runaway galley-slaves.

----
It is proposed to substitute the word photogrant
in lieu of "photograph" now used, to denote a photo-
graphic picture. ~ Teleg ram" is a word thoroughly esta-
blished in our language •and the man who would now
,
talk of having received a " telegraph"—meaning a "tele-
gram"—would be laughed at, and thought a boor. But
"photograph"
used in similar manner is equally inaccu-
rate. Why then retain it? Sterogram is another word
which might be advantageouslyand correctly substituted
for " steroscopic slide."
a
LADvEarissmENT.]—Avoid Medicines: they always aggravate
lungs, healthy sleep, t
hf functional
oi o
rn ae
al
chronic complaints: but Du Barry's delicious health-restoring
Re valenta Arabic" Food, which yields three times the nourish-
mentextract a few
of the best meat, saves 50 times its cost in other remedies,
oultivoefr6 BP,OoOure eburioeosd';
and invariably restores perfect digestion, strong nerves, sound
regularity, am, energy to the most disordered or enfeebled. We
July 21, 1866.
by Du Barry's Food.
—The health of the Holy Father is excellent, especially since,
abandoning all other remedies, he has confined himself entirely
_ refreshing,,,rhepope
.shea
to Du Barry's Revalenta Arabia" Food, of which he consumes
a plateful at every meal. It has produced a surprisingly Cure No. 68,413. "Rome,
bene-
ficial effect on his health, and his Holiness cannot praise this excel
lent food too highly?' From the "Gazette du Midi, July 25 Cure
No. 58,216, of the Marchioness de Brehan, of seven years' liver
complaint, wasting away, debility, nervousness, with a nervous
palpitation all over, bad digestion, constant sleeplessness, and
the most intolerable nervous agitation.." Cure No. 1,771; Lord
Stuart de Decies, Lord Lieutenant of Waterford, of many years'
dyspepsia. No. 49,832: " Fifty years' indescribable agory from
dyspepsia, nervousness, asthma, cough, constipation, flatulency,spasms, sickness, and vomiting.—Maria J oly."—Cure No.
46,270: Mr. James Roberts, of Frimley, Surrey, of 30 years'
diseased lungs, spitting of blood, liver derangement, and
partial deafness. Important Caution.—Beware of the many
unsavoury and more than sloppy imitations to which, without
~uthority, Baron Liebig's name is most audaciously attached.
In tins, at Is. 11d.; Ilb , 2s. 9d ; 2 lbs., 45. 6d. ; 5 lbs , 1 Is. ;
12 lbs., 22s ; 241bs ,40s.—Also Du BA.ltitv'S REVALENTA Au&BICA.
CHOCOLATE PoWDEE is packed in tin canisters; For 12 cups at
25., for 24 cups at Is. 6.1.
for 48 cups at 65., for 288 cups at 305.,
for 576 cups at .555. Being about one penny per cup. Übe 308
and 555. tins are sent free of carriage in England on receipt
of Post Office Order.—B.utia DU 8.A.8.UN and CO. No. 77,
itege"reetl 'MAO i awl all ocitraccr: and Qamipte.

7HE BONDHOLDERS' GREAT DANGER.

(From the Anglo-American Times.)
Our English readers who associate America in
imagination with New York will ba surprised to
learn that the only country in the world in which
farmers really rule is the United States. There the

agriculturist is the landowner ; hence the country
is governed by the proprietors and tillers of the

soil. This to an Englishman's mind conveys strong
Conservatism. He cannot couple farming with
Radical notions, and the essence of Radicalism to

him is a Republic—a contradiction beyond his com-
prehension. The influence of such cities as New York,
Boston, Philadelphia, Baltimore, Chicago, and San
Francisco he can appreciate; the weight of such a
manufacturing town as Pittsburg he can estimate,
and he can without surprise learn the progress and
the future of America's central city, St. Louis. Ile
can understand a structure with one front on the

Atlantic and the other on the Pacific, with one door
at New York and the other at San Francisco, and

she hall between them in the Union Pacific RAH-

road. But all these are points; cities which have
their counterpart in his Manchester, Liverpool,

Glasgow, and Birmingham, and they leave no con-
ception iu bis mind as to the territories he supposes
they represent. The Englishman sees France cpi-

tomized in Paris, which is not only the heart but
the very essence of the Empire. lie sees London

exercising little less influence in the dominions of
his Sovereign. Rome ruled the world ; and Rome
was but a city. Wherever he turns in the older
civilizations he finds the country but the adjunct of
the town, the agriculturist but the toiling slave of

the hand and brain there at work. The soil itself,

as a rule, in Europe belongs to great landholders,
whose residences are generally in the capitals, whence
emanate the thought, literature, and news, which
permeate the outlying districts. They are the
centres of manufacture and of the more refined
handicrafts ; they are the stages on which the aspir-
ing seek for fame and fortune ; in their council-

rooms Governments are formed, laws framed, and
treaties made, and when the city is spoken of it
takes with it a wide tract as its belongings, just
as Rome means the Papal States of the present
day, and the civilized world of 1,800 years
ago. Bringing this range of knowledge to bear
upon America, the Englishman arrives at conclu-
sions wholly wrong. It is supposed that the•Arneri-
cans act only in masses, the majority governing.
But there are none who more strongly assert their
individuality, and this is the reason that the farmers

,here rule. Vast as is the influence of New York

in America, it is wholly wanting in that control
possessed by Llnion in the United Kingdotn, or
by Paris in France. No man in an editor's room
can shape beyond New York the opinions of the
masses. Erch circle has its own little light, which
is more or less able to repel the greater luminaries
which attempt to penetrate the circumscribed limit;

and were it not for the party caucases and those
who prescribe and form opinions for the editors,
coupled with a few broad principles, America would
quickly drift into a chaos of conflicting thought.
Nothing can more clearly show the individuality of
the people that however great and powerful is the
city it but represents itself. A village five miles off
asserts its corporate character ; and GEORGE WASH-
INGTON JENCKS, seated on his manure heap, guesses
that the State is him. This is the initial idea, and
although he acknowledges the right of his neigh-
bour to make the same assertion, he does not ac-
knowledge. the right of any rule he has not been
concerned in creating. Men bred and born in this
conviction are not easily controlled or influenced as are
bumpkins in Europe. The rustic on the pavement

is patronized, guided, and protected by the Cockney
or by the Parisian. The words of Louis XIV.
would sound something more than ridiculous corn.:
ing from such a mouth ; indeed the mouth would
be open, as if it were thus only that the glories of
the Parliament House could be taken in. An Ame-
rican enters the Capitol, and says in his heart—in-
deed very often aloud--this is my building, and the
representatives here assembled are my servants ;
a notion that would increase the spread of BUGGINS'
jaws if conveyed to his bucolic mind. Government
being almost regarded as a necessary evil, as it con-
trols the sovereignty of the individual, the citizen
recognizes that the majority of these individuals
ought to form it, and as the rural population think
themselves as good as the city popul tti )n, an I some-
thing better, in asserting their right, being the more
numerous they in reality rule. Now this gives to
the United States Governme.nt a constituency un-
known in other lands. Generally they arc conser-
vative in principle, old-fashioned in notion, and
behind their city compeers, honest in intention, and
kind-hearted. As the prolac3rs of exports, which
in all lands have a ready sale, it is their clear inte-
rest to be Free-traders, yet Protection sways in the
councils of their representatives. Thus even the
instinct of self-interest is at fault, and their know-
ledge of political economy is such as to enable other
classes to tax them even more injuriously than by a
direct levy. How will this class act on the financial
questions which must eventually be decided by
them? This is a subject of overwhelming im-
portance in Europe, involving probably one-half
the value of the Bonds, held here. As investors
following the instinct of their calling they put
their savings into the soil. They do not therefore
hold the Bonds which as a rule are owned by
the people of the cities, and are largely held
by the Savings' Banks of the working classes. They
therefore have no direct interest, and in legislating

on the subject are dealing with other men's pro-
perty ; yet, as we have seen, they are the eventual
arbiters, and this is unfortunate for the national
creditor, though but a small part of the question.
Being the holders of real estate, the inflation
assumes to them the aspect of prosperity, for their
prosperity in their eyes seams to rise in the same
proportion that the standard falls, the increasing
worthlessness of the paper dellar being the real
cause of the delusion. If the farm of GEORGE
WASHINGTON JENCKS, worth $5,000 before the
war, is now worth $lO,OOO, JENCKS' wealth is
doubled, and he regards with an eye of ap-
proval the irredeemable paper dollar. If JENCKS
had borrowed on his farm in the days of gold
and paid his creditors in the days of paper he
has done a fine stroke of business, one by which he
profited greatly, and he can see no reason why the
State should not derive the same benefit. What he
has done himself and his neighbours have done, and
rejoiced in doing—he would recommend his repre-
sentative, the Government, to do. "No pledge was
given," argues JENCKS, " to redeem in gold, and if
the money in which I am paid for my produce is
good enough in the eye of the law for my creditor
who lent me gold, it is good enough for the national
creditor who availed himself of the nation's neces-
sities to lend green-backs at enormous discount."
The great questions of finance and of credit are
unknown to JENCKS. He feels only the influence
around, and does not see beyond his country. llis
material interests are in his opinion all in the one
scale, together with arguments which appear strong,
and even conclusive to his mind in favour of his
policy. If the National Debt can be obliterated by
the inflation of the currency, two birds are killed
with one stone, and the country put squarely on
the road to prosperity, and it will take considerable
writing and talking before that idea is removed
from many minds. In calculating the chances for
and against the adoption of such a course, this ele-
ment of the national will ought not to be over-
looked; and the inducements to the dishonest course
appear to them so strong, and the argument in its
favour so sound, that there is great danger of their
selecting the Repudiation platform. There is one
counteracting idea if it can obtain currency, which
would at once settle the question, that Repudiation
would be a death-blow to the power of the United
States. The American gets to the head of
creation by this simple argument ;—he is the
State—the State is the lord of the Universe
—therefore, he is the greatest of creation.
Threaten that perch, and you touch the vital
point. Repudiation would go out of America
like a balloon if the mass of Americans understood
the real value of national credit, and how that
value would be affected by the act. Do Americans
know that whatever may be the moaning of the
European bondholders over the lessened value of
their property, there would bo great satisfaction in
Europe over Repudiation, for those who feared the
t Republic must rejoice greatly to see the eagle deli-
' • berately and effectually extracting its own talons.

MONEY AND BUSINESS.

(From the Springfield Republican.)
FRIDAY ETENING, July 3.
Money still rules low, with every prospect of the con-

[nuance of au easy market. At Boston only is anything
Ike a firm demand reported. From some cause, not to be

'ally explained simply by a desire to stand well in the

quarterly statement (next Monday), call loans cannot be
made there at less than 51 to 6 per cent. At New York

money has been easy at 3 to 4 per cent during the week.
At Cincinnati and Chicago there is an actual surplus at

present, though a demand is beginning to spring up in
connection with the wool crops and the lumber trade. By
tho middle of the present month the early harvests at the
West will call for the use of currency ; and by the Ist of

next month money will be wautel to move the cotton crop
at the South. These causes must prevent the long con-
tinuance of the present exceedingly low rates ; but there is
no reason why they should produce more than an ordinary

tension, taken in connection with the fact that the Trea-

miry will, for thrac months now, disburse greatly i i ex-
cess of its receipts. The abundance of m )ney invites
investment and affords an admirable opportunity to test
the popularity of the now long loan at five per cent. If
it was necessary to put the whole country under
water to "float" the hems of 1862-64, Government ought

not to neglect the cApital advantages of th 3 present mo-
ment for a better negotiation of its b )nded debt.

Gold has Loen k.lpt down to its lowest figures of a week
ago by the anticipations of disbursements from the Trea-
sury, and subsequently by the disbursements themselves.
Cash gold continued to boar a premium for a d ay or two
at the beginning of the week : but it is now abundant.
The Treasury paid out eight millions in the three days
from Monday to Wednesday, and a larger amount yester-
day. No great part of this has yet boon exported, but
still further shipments will take place to-day and to-mor-
row. The indications are that the extraordinary total of
specie exports for the year already reached, will be largely
increased, and that a very considerable portion of the July
disbursements will go abroad. It is doubtful if more than
enough is retained to meet the deman Is of the fall impor-
tations, and without some new legislation, or some action
by the secretary beyond the customary sales (and he
will have very little which it will be safe for him to sell
in the next two months), gold need not be expected to be
lower.

Governments have felt the influence of the knavish
conduct of the House of Representatives in calling, with
however little intention of passing it, for a bill to tax
coupons. The cowardly villainy which can thus at once
break the oath of a sworn Representative, impugn the
credit of the Government, and play into the hands of stock
speculators, deserves the most indignant and decisive re-
buke. Of course, no single holder of the bonds really
believes that such a bill can pass; otherwise, instead of
falling a fraction of one per cent., the whole body of the
public stock would have fallen plump to 100 or below
But even the possibility of it, the mere mention of it in
such a way, becomes an element in the value of the bonds,
and cannot but have the effect to retard that most gratify-
ing advance of the Federal Securities which has taken
place within the last two months.

The import entries for the week at New York amount
to $5,363,829 against $4,370,547 same week last year; ex-
port clearances of domestic produce, $2,679,177, against
$3,928,644 ; export of specie, $2,530,141, against $1,110,098.
The gold values of import entries since July 1, 1867,
amount to $237,312,667, against $268,392,667 for 1866-67,
a decrease of $30,927,769. The currency value of exports
of domestic produce and miscellaneous goods for the same
period amount to $173,518,752, against $178,406,091. The
export of gold and silver for the same period has been
$75,409,749, against $41,371,932, an increase of more than
80 per cent. The deliveries of California gold and silver
have been $35,923,720, against $38,338,752. The cus-
toms receipts in gold at the sub-treasury have been
$112,789,791, against $122,667,016, and the gold interest
paid $73,428,637, against $54,218,392. The Erie war,
which had become a faint tradition, has broken out again,
though this time there has been no midnight hegira, no
paddling across the North river, no ro►nantic disguises
and hair-breadth escapes. Judgo Barnard, of the Su-

promo Court in Nevv York, on Tuesday closed the
ancient contempt cases by mulcting six of the directors
in the sum of 10.0 each, which, considering how they
have filled their pockets by their rascalities, is dog cheap ;
but which again, considering that the contempt was con-
tempt of Judge Barnard, mnst be pronounced extrava-
gantly dear, and fairly to be classed with the excessive bail
and the cruel and unusual punishments forbidden in the
Constitution. Mr. Eldredge has been removed from the
presidency of the Erie, it having become odiously plain
that he was running it chiefly in the interest of the Boston,
Hartford, and Erie, of which he is also president, and
which precious swindle has been fairly baulked, so far as
the Massachusetts appropriation is concerned, by the vigi-
lance and fidelity of the State commissioners. Messrs.
Fiske and Gould have been removed from the direction of
the Erie Road; but an injunction has been issued, restrain-

ing the directors from filling the vacancies as it was pro-
posed to do by voting in Messrs. Banker and Stewart. It
is no secret that Drew and Vanderbilt are now operating
to the same end, whether in concert or not, and a tumble
in Erie is quite probable. The activity of the market,
which has been for several weeks increasing, to the entire
neglect of Erie, and in vary different directions, is not un-
likely to bo turned pretty sharply and shortly to this stock.
There are thirty-four millions out somewhere; and the
inquiry where may be pretty lou fly heard before long.
Railways have taken up a goad deal of money within

the past week, and if the, favourite stocks are being
"jockeyed" up for sale, as is alleged, it is se shrewdly done
as to deceive even the very elect. Eight roads have ad-
vanced within a few weeks an average of 20 per cent., and
seve►^al of the companies are selling as high, ex-dividend,
as they do with the dividend on. If the rise had been a
little more gradual and moderate, it would have been open
to less suspicion. The intrinsic value of the stocks cannot
have greatly changed ; and if the change is only in the
public estimate of them, it is fair to say that an opinion
et hich alters so suddenly and to such extremes, does not
afford the highest assurance of its -ontia reliability. It must
be remembered, however, that all this is with an easy
money market, which not only allows the full expres-
sion of public confidence, but strongly invites invest-
ment, and that the comparison is made with a mar-
ket violently agitated by a momoatary convulsion. The
New York. World, which changes its stock politics rather
frequently indicates the following peculiarity of the rail-
way market Sound interest-bearing bonds, on which •
no default has ever been made, aro constantly offered for
sale at 5 and 10 per cent. less than is now bid for stocks
which pay no dividend at all, or, in the case of the Cleve-
land and Pittsburg Company, pay 2 per cent. dividends
once in two or three years, which by a special vote of the
board of directors are declared to be quarterly. The pre-
ferred stock of the Toledo and Wabash Company, which
never fails to pay 7 per cent. annually, has been steady at
68 for weeks, while 79 has been bid for Milwaukie and St.
Paul preferred, which pays dividends once in a way.'
Pittsburg sells at 90, although it p vs dividends called
quarterly' only once in three years, and 93 is bid for
Michigan Southern, which pays on the average 3 per cent
every ton years."
The Miscellaneous Share List is dull. Pacific Mail
shows a good deal of actieity, though lower than last week.
Express stocks are weak, and holders are anxious to sell,
and they probably know best. Mining shares are dull,
and likely to continue so, unless soma remarkable dis-
coveries are made on the companies' property. The Border
State Stocks received quite a shock by the threatened
failure of the Ju'y interest on the Tennessee Sixes. This
warning, coming on the top of the scare in regard to Vir-
ginias, has unsettled public confidence a little, while yet
the manifest advantages of the investment, even with a
temporary failure of interest, have been sufficient to pre-
vent any considerable decline. The Tennessee difficulty
is as follows :—Ths holders of the "past due" State Bonds
of 1838, amounting to a million of dollars, obtained an in-
junction on the Fourth National Bank of New York, re-
straining it from paying out the funds which it had received
for the payment of the July interest on the now bonds.
The success of the application for an injunction had the
effect to send the old bonds up to 80, while propor-•
tionately discouraging the holders of the new. The
North Carolinas were the first to rally from the mo-
mentary depression, and bravely pushed up five
per cent.; Virginias soon strengthened, and Tennessees,
on Wednesday, were encouraged to make a forward move-
ment, which succeeded in re-establishing the entire line.
The whole difficulty in regard to the Tennessee bonds will,
beyond a doubt, be solved on the meeting of the Legisla-
ture, and it is believed that Governor Brownlow will not
wait for the regular session, but convene it promptly for
the purpose of vindicating the credit of the State, which
has within a few months advanced very rapidly, and which
was fairly expected soon to equal that of any of its neigh-
bours on the border line. General Stoneman, command-
ing in Virginia, has announced his intention of borrowing
whatsver money is necessary for the July interest on the
Virgiania Sixes, beyond what the railroads can raise. It
will be remembered that two-thirdaof the debt of Virginia
is on account of its railways and canals. This step of
Gen. Stoneman's is a bit arbitrary, but will probably meet
the approbation of the whole country, and secure the
sanction of the authorities, whoever the authorities in re-
gard to Virginia may be. The general, perhaps, feels a
little under obligation to help the Virginian railroads out
of their difficulties, having done more than any other man
to injure them in times past.
The decline in breadstuffs has continued through the
week, and ovary day has witnessed a further reduction.
The harvesting has already begun, and the prospects of a
bountiful yield have called out all the reserved stocks.
The demand fer consumption is not of course enough to
carry off the supply, and speculators are duing absolutely.
nothing in the certainty that prices must come still lower.
It is pretty plain that the downward movement will con-
tinue through the summer months, though probably not
with the rapidity of the past two weeks. The rise in
cotton has stiffened the demand for the manufactured
goods, and rather more is being done than usual at this
season. The staple domestics have been in good request,
and in some cases an advance of a fraction has taken
place. Sheetings and shirtings are working-off very well,
particularly the unbleached goods. Grey printing cloths
are active, but at a slight decline. Ginghams and muslin
de WAN are not iu much request. Woollens are rather

more called for, but without any perceptible change in
price. Heavy cassimeres and satinets are in domand—
flannels in more request and at better prices. The arrivals
of foreign dry goods have been very moderate thus far,
but considerable orders have been sent out in anticipation
of the opening of trade.

(Front the Wall-street Journal.)
NEW YORK, Friday Evening, July 3.

The default of the State of Tennessee upon the interest
due on July 1 has caused a great deal of conversation in
Wall-street, not at all to the honour of that State, which
has been shamefully sacrificed. Of the interest $200,000
wore on deposit at the Fourth National Bank of this city.
An equal sum was in the bands of the agents of the rail-
roads ready to be transferred to the bank, and this insti-
tution had agreed to lend the State at par tho amount
necessary to meet the July coupons in full.
Mining Stocks are much neglected, and prices have
taken the backward track. Consolidated Gregory has
fallen to $5, and the Colorado Stocks aro, spite of the con-
tinued good news, mostly heavy. IVe note a few transac-
tions in Smith and Parmelee at $3 70, Quartz Hill at $1
15c. Grass Valley at 25 cools and Consolidated Colorado
at 10 cents. Nevada Silver Stocks are very difficult to
sell, C,anbination being largely offered at $3O with no bid
above $lO.
Petroleum Stocks are steady and a fair business is doing.
United States is especially firm, no stock being offered
under $2 40

NEW YORK RATES OF EXCHANGE,
July '2, 1868.
Sixty Days. Three Days.
London Bankers
London, Prime Commercial lO9l-110
Paris, Bankers
Bremen, Bankers
Hamburgh, Bankers 36 361
Frankfort, O.M. 4ok-41k
Berlin and Cologne -
, 4
Antwerp 5.15 —0.1.21
Amsterdam, Bankers
Swiss

~ 531 to 54
48 to 481
~ 49} to 50
~ 25 to 25}
~ 251 to 25
sing quotations this evening
ieous Stocks : J
Fort Wayne . 1091
Pacific Mail lOl.
Atlantic Mail 3l
Quicksilver
W. U. Telegraph
Mariposa Preferred
Ohio and Mississippi 3O
Boston Water Power lB
Cumberland
Bankers and Brokers lO6-1
St. Paul
St. Paul Preferred
v York City Bank Stocks :
Manufae. and Merchts' 104
Mechanics' Association 120
Broadway
Hanover
Irving
Metropolitan
People's
Market.. llB
Nassau lO5
Shoe and Leather ll4l
Corn Exchange l3O
Continental lO5
St. Nicholas
Commonwealth llO/
Importers and Traders' 132
Central National
11
Fourth National .. 1065
Ninth National
Park 155
Leather Manufacturers' 170
Oriental Bank 136
Tenth National 9B
East River
Pacific l6O
Chatham 149
North River
closing quotations for the
United States in New York :--•

Express Stocks are quoted as follows :
Adams
American ...
United States •• •••
Wells, Fargo, and Co. ...
Merchants' Union, 35 per cent
The following were the do
for the Railroad and Miscellai
N. Y. Central 1341
Erie
Hudson
Reading
Mich. South. &N. I 9ll
Illinois Central
Cleveland & Pittsbrg B7
North-West
North-West Preferred 791
Canton 5O
Rock I•dand
Cleveland and Toledo 103

The following for the Ne
Merchants'
America
Butchers and Drovers 135
City
New York
Manhattan
Mechanics'
Union
Phenix lOBl
Tradesmen's
Gallatin National
Merchants' Exchange 115
Seventh Ward
State of New York 118
Commerce
Ocean
American Exchange l2l
Bank of the Republic ll9
Bank of North America 111
Eleventh Ward
Mercantile
Fulton l6O
First National 2llk
New York County l4O
Marine l5O
Grocers'
The following were the
variuus Public Funds of the'
Sixes, 1868, registered
Sixes, 1868, coupon
Sixes, 1881, coupon ll3 to 1131-
U.S. 6s. Pacific Railroad lO2l to 103
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1865, coupon, new
Five-twenties, 1867, coupon
Ten-forties, coupon .. lO6l to 107
Seven-thirties, 2d series
Seven-thirties, 3d series
Oregon War Loan, Sixes, 1881

(From. Messrs. Satterthwaite's Circular.)
LONDON, July 15.
The market for American securities in London shows
some fluctuations during the past week ; United States Go'
vernment Bonds are generally lower on the advance in
premium on gold, the 5-20 Bonds of the earlier issue being
72+ to I, the 1865's 71+ to L, and 10-40's 69 to + ; for these
latter there has been an increased inquiry, and they con-
sequently have not depreciated with the other bonds'
Illinois Central shares are to-day quoted 91+ to 92, ex easil
and stock dividend, which makes them about the same
value as this day week, but Erie shows a decline of more
than 2 par cent., the closing price being 43+ to 44.
For Illinois Central sterling redemption bonds end
Pennsylvania Railroad second mortgage there have been
numerous inquiries, and higher rates offered bring few or
none to market. Atlantic and Great Western Consoli-
dated Bonds are 1 per cent. lower, while the Debentures,
on the amended proposals issued by; the directors, have im-
proved nearly 1 per cent.

The principal State officers and the Representa-
tives in Congress of the seven States recently entered to
the Union are as follows :—Alabama—Governor, William
H. Smith; Lieutenant-Governor, A. J. Applegate; Re-
presentatives, Ist district, Francis W. Kellogg, of Mobile;
2d, Charles W. Buckley, of Hayneville ; 3d, Benjamin W•
Norris, of Montgomery; 4th, Charles W. Pierce, of Dera°-
polls ; sth, J. W. Burke, of Huntsville; 6th, T. Haughey',
of Decatur. Florida—Governor, Harrison Reed ; Lieet;
Governor, William H. Gleason ; Senators, M. 11. P.
Welch and T. W. Osborne ; Representative, Charles 3,1'
Hamilton, formerly of Wisconsin. Georgia.—Governor,
R. B. Bullock; Representative; Ist district, J. W. CUD
of Savannah; 2d, Nelson Tift ; 31, William P. Edwards
of Butler, Taylor county • 4th, Samuel S. Gave of Gds.;
woldville, Twiggs county ; sth, Charles H. Prince °I
Augusta ; 6tb, John H. Christy ; 7th, P. M. B. Young'
Louisiana.—Governor, Henry C. Warmouth ; Lieutenant"
Governor, Oscar J. Dunn ; Representatives, Ist district,
J. Hale Sypher of New Orleans ' • 2d, James Mau
of New Orleans (election contested by Colon°
Simon Jones, Republican); 3d, Joseph P. Newslialll
of West Feliciano (member of the Convention)i
4tb, Michael Vidal of St. Landry (native born, (7.7
French lineage), sth, W. Jasper Blackburn of Homer,
Claborne county. North Carolina—Governer,
W. Holden ; Lieutenant-Governor, Tod R. Caldwell ;
Representatives, Ist District, John R. French of Charve° ;f
2d, David Heaten of Craven ; 3d, Oliver H. Dockery 01
Richmond ; 4th, John T. Dewoes of Raleigh ; sth, ler",
G. Lash of Forsyth; 6th Nathaniel Boyden, of Salisburi
7th, Alexander H. Joues of Buncombe. South Carolina
Governor Robert K. Scott ; Lieutenant-Governor Lem
Boozer ; RepresentAtives ; Ist District, Benjamin "C •
Whittemore, of Darlington ; 2d C. C. Bowen of Charltle..:
ton.; 3d, Simon Corley of Lexington; 4th, James ".
Goss of Unionville. At large, two additional
°f
Re-
presentatives, elected by order of the Convention
viz.—J. P. M. Epping ;of Charleston, Elas S. Dickson, f
Clarendon, Governors Smith and Holden are natives
°
their States, and were Union men during the war. (1°;
vernor Bullock is a native of New York, but for eel
years resident in Georgia. Governor Reed was former if
a Wisconsin editor. Governor Warmouth is a native 0
Illinois, and was an officer of Missouri troops. GO°f...
nor Scott is a native of Pennsylvania, and was an
officer of Ohio troops. Of the lieutenant-governors, Je"`"d°
sou, Dunn, Caldwell. and Boozer are Southern-born, AIL
Lieutenant-Governor Dunn is a coloured man. Applegew
went from Indiana, and Gleason from Wisconsin. T wenti;
eight of .the Representatives are Republicans, and fct
Democrats, the latter being indicated in the list by italics;
The Agawam Canal Company, whose mill is h3O
Mittineague, are enjoying a run of good fortune. 10 t'"a
last six months they have made between $BO,OOO en
$90,000, which is about 23 per cent. of their capital. Tlic.7
divided 8 per cent. in January, and will pay 10 per cent. to
July. Agawam, a town of modest pretensions, is about se
sot up as a " watering place." A sulphur spring, who
virtues were well known half a century ago, but has faller
out of notice since, exists on land of Robert Ely, not
from the Agawam River. Dr. E. M. -Perry and 13.
~ "--„
•
Willis, of Springfield, leased the land, and are putting
bath-houses, to give the water a practical test.
The United States squadron sailed on Thursday
evening for Cowes, at which port it will remain for a f°
days.

Births.
of
HALSTED —On the 16th inst., at Blackheath, the Rife
Rear-Admiral G. A. Halsted, of a daughter.
WALSH—On the 16th inst, at 7, Tilney-street, Park-139`21'
Lady Emily Walsh, of a son.
MURRAY— On the 17th inst., at No. 10, Tho Teri ac(''
Kensington-gardens-square, Mrs. Charles F. 311100
of a daughter.

Marriages.
LEE—READ—On the 16th inst., at St. Matthew's, Brixtl,
James Noah, eldest son of Mr. J. N. Lee, of Peng', j,
Elizabeth, eldest daughter of Mr. Edward James .gea
of Brixton.

-----
SHARPLEY—RusToN—At the parish church, Pidley-e1,11.1;
Fenton, Henry, youngest son of the late Croft Sharp
Esq., of Althorpe, near Louth, Lincolnshire, to Allo'iof
youngest daughter of the late Robert Ruston, En,
Norden House, Chatteris.

Deaths. f
HARRIS —On the 16th inst, Ann Deborrah, the w"°,,fli
Theodore Harris, of Leighton Buzzard, in her 0—
year.
WILKINSON—On the 16th inst., at the Rectory Peol°'?
the 58th year of his age, tho Rev. Alfred WilltiV
son, M.A.
ELLts—On the 17th inst., at A Kensington-square, Clit'°.
W. Ellis, Esq., barrister-at-law, aged 73.
WILSON—On the 17th inst., at 37, Wigmore-street, 00°11;
dish-square, London, Lestock Peach Wilson, 854"
his 81st year.
urf
RocK—Ou the 17th inst., at his residence, rfiVb
Grange, Mr. Henry Rock, in the 63d year of his age' °t..
COYNE—On the 18th inst., at his rosidence, 61, Tagto-
road, Westbourne-park, in his 65th year, Joseph
ling Coyne, Esq.

11111.11•••••
London : Printed and Published by WiLLIA.M AN0145 2.
of No. 112, Strand, Printer, at Tan Surt Li° of
Strand, in the Precinct of the Savoy, in the 00,13'
micidiefaex,..-Kenlay, July 20, 1808.

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