The Sun.
London, England, 1868-03-12 00:00:00

Difference in favour of the exchange of 81,000

£ll 10 3

1862 Bond
So again :
$l,OOO 5.20 1865 Bond realizes £157 15 7
$l,OOO Union or Central Pacific R. R. Bonds
costs nett l4B 16 0

Difference in favour of the exchange of $l,OOO

1865 Bond

£8 19 7

P.S. The calculation of the Union or Central P. R. R.
Bonds is made with accrued interest from the Ist of Janu-
ary or Ist July, as the case may be, at 6 per cent. per an-
num in gold. For merchandise we refer to following quo-
tations. In a week or two we hope to renew our tables,
giving in sterling C. F. and I. of principal articles in the
United States.

NEW YORK, Feb. 21.—The movement in Erie and New
York Central Shares continues to form the chief object of
attraction at the Stock Exchange, and though the general
market has not participated to any extent in their fall, yet
prices have naturally suffered somewhat in sympathy with
so great a decline; since the commencement of the legal
proceedings against Mr. Drew, the treasurer of the Erie
road (only a few days ago), the stock, at the lowest figure
of to-day, 60i, shows a depreciation of 11 per cent., and
New York Central at one period, to-day, was depressed as
low as 1271 a decline of some six per cent. Government
securities continue to show but little activity; prices re-
main without decline in any issues, and an advance in one
or two, particularly in those that have a sale in foreign
markets, which are the 5.20's of 1862, and the 5 per Cent.
10.40 Bonds ; for the latter the demand has been very
active, and they are vexy firmly held. For home in-
vestment the last issue of 5.20'5, bearing date 1867,
are in the best demand. Gold has been excited, and
has advanced upon some rumours from the capital
relative to the removal of the Secr3tary of War ;
the supply of cash gold was not so abundant, and loans
were generally effected at 3 per cent., showing that upon
the decline a short interest of some amount was created.
Money is easily obtained by the dealers in Government
Securities at 4 per cent., whilst upon other collaterals the
rate is generally 5 per cent. Monday's Bank statement
will show changes about as follows :

Loans, decrease $2,249,327 Deposits, deer. $7,664,477
I
Specie, do. 1,678,973 Lagal-T., do. 2,602,832
The demand for exchange has not been very great, and
any large orders would probably send the rate to 1101
stiff. The supply of commercial bills has been good at
quotations.

At 4.15 p.m. the following prices are current:—
_ _ _ .

United States 6's of 1881
do. 5-20's of 1862
do. do. 1861
do. do. 1865
do. do. 1866 .„
do. do. 1867
do. s's 10-40's
do. 7-30's, 2d series...
do. do. 3d do.
American gold
London, 3 days
do. 60 days
Commercial bills

• 111 k 112
▪ 114 •
• 10q- 109
109- T
... 107 w 108
108-1
... 105
▪ 107} -
▪ 1071
• 141 k
110
... 1091
• 1091 •

New York Central ... 129;
New York and Erie 68f
••• ••• •••
Philadelphia and Reading... ... 92f 93
Hudson River 145 146+
Illinois Central • 138 139
••• ••• ••
Mich., So., and No. Ind. 91 92
Chicago and N. Western Corn. ... 59 60
do. do. 72 73
do. Rock island and Pacific ... 9?
Cleveland and Toledo 106
Francs, 3 days ... 5.12+ 5.11 k
do. 60 days 5.12+ f 5.131 5.164
From the Iron Age we learn that there has been a better
feeling in the metal market. We quote :
Ingot Copper—ls now 23 to 231 e, with large sales.

Pig Iron—A fair business has been done in American,
and prices are : For No. 1 extra, $3l to $36 ; No 2 extra,
$33 to $35; No. 2, $3O to $33. Ia Scotch there is but
little doing, and prices are, from yard, Coltness, $42 ; Gart-
sherrie, $4l; Ulengarnock, $39 to $4O; Eglinton, $3B.
Charcoal Pig Iron—Nos. 1 and 2, $l5 to $5O ; Nos. 3
and 4, $BO to $65.
Bar Iron—Quiet.
Rails—Are firm, with a fair demand.
Scrap Iron—Quiet at $4O to 42k.
Old Rails —Quiet at $l3.
Lead —ln fair demand, at 6 45 to 7kc, gold, for invoice
lots.

Spelter—Large sales have been made, and the price is
now 6-Ic, gold, for whole lots, with good demand.
Bismuth—s 6 to $6 75.

Breadstuffs —The market for State and Western flour is
quiet, and the medium and good grades have declined 10c
to 15c. The sales are 6,200 bbls at $8 50 to $9 25 for su-
perfine State; $9 80 to $lO 25 for common extra State;
$lO 35 to $lO 75 for good to choice do ; $8 50 to $9 25 for
superfine Michigan, Indiana, Ohio, lowa, &c., and to $9 60
to $lO 25 for extra do.

Provisions Pork—The market is more active, and
prices are steadily held. We notice sales of 2,800 bbls
at $24 tos24 12 for now western mess, cash regular way,
closing at $24 cash ; $22 93 to $23 10 for '66 to 67 mess ;
$lB to $l9 50 for prime and extra prime, and $2O to $2125
for prime mess. The afternoon market is very quiet at
'Change prices. New moss is quoted at $24 to $24 12.
Freights—To Liverpool, 500 bbls flour at 3s, 1,000 bales
cotton at 5-16 d, part compressed, and per steamer, 19,200
bush corn at 10d per 601bs ; 1,100 bales cotton at id to
7-16 d. To London, 1,000 bbls flour at 3s, and 1,000 bbls
do. on private terms. To Hamburg, per steamer, 20,000
bush, rye, on private terms. A brig to Cork for orders,
with 1,600 quarters grain at 6s 9d to 7s 3d.
Tin—ln moderate demand, at 24fc to 24ic for Straits;
231 c to 23/c for English, gold, for whole lots.
Quicksilver-80c to 90c.

We put in our remarks as to matters last week, and
the article from Thomson's Bank-note Reporter then
omitted, as follows :—" In want of anything of interest
here we quote the following as to the ' situation' finan-
cially from Thomson's Bank-note Reporter, which shows
that not only many are tiukering at a solution, but that
it has come to that pass that it is made ludicrous ; after
which we hope soon to see a wise, progressive policy,
in which the whole country can unite, believing they
will ere long see it is for the country's good : in fact, its
only salvation for years is that men and party issues
give way to principles of justice in the matter of finances."

"SO WE GO!"

We have " assayed" some of the " deposits of finan-
cial wisdom of some of the financial doctors of these
extraordinary financial times. We start with that of
Secretary MiCulloch, as given in his last report. In
our.opinion the Secretary is nearer right than any of his
Co-labourers on this question. Our view is that the
shortest road to a gold standard is the shortest road to
good times. The following measures are, in the opinion
of the Secretary, important, if not indispensable :-1.
The funding or payment of the balance of interest-bearing
notes, and a continued contraction of the paper currency.
2. The maintenance of the public faith in regard to the
funded debt. 3. The restoration of the Southern States
to their proper relations to the Federal Governmeut. The
Comptroller of the Currency, Mr. Llulburd, as in duty

bound, pleads in accord with the Secretary, and at the
close of his Report shows that there are 300 millions of
gold in the country, and exclaims:—" Give these millions
their place. Make room for them by calling in the Legal-
Tender notes, the great disturbing element of our cur-
rency, and the most expensive debt the Government has
incurred—gradually, if you please, but surely. Enforce
rigidly the redemption of National Bank notes. Retain
for the Federal Government supervision and control of the
currency of tho country through the National Banks, aed
we may yet realize the great desideratum, a safe, uniform
currency, convertible into coin at the will of the holder."
Mr. Geo. S. Coe, President of the American Exchange
National Bank (per pamphlet) recommends —" To so far
modify the Act, that henceforth all transactions by agree-
ment made in coin may be legally enforced in coin or its
equivalent; and allow full libcrty to fund the Legal-
Tender notes into bonds, as any holder may desire. Thou,
"Every citizen who chooses to resume specie payments
for himself would bo allowed to do so, the legal tender act
remaining in force for those who do not." " Mercator"
(Cowing, of Wall-street), proposes to solve the groat
financial problem now before the Government and
people of the United States thus : 1. To restore coin
to its legitimate position as standard money. 2. To
provide and sustain at par an abundant paper cur-
rency convertible into coin at the will of the holder. 3.
To retire all of our present issues of depreciated paper cur-
rency. 4. To consolidate the public debt into bonds bear-
ing a low rate of interest, with the principal payable at the
convenience of the Government. 5. To restore the entire
trade and commerce of the country, and the fiscal affairs
of the Government, to the specie standard, and maintain
them there. Mercator," shows, to his own satisfaction,
how all this can be done. "0. D. A. (Col. Ashley, of
Exchange Place,) recommends as follows :—" On and after
July Ist, 1868, the Secretary shall exchange at the rate of
one dollar in gold for one dollar and 30 cents in Legal-Ten-
der notes.

On and after Jan. Ist, 1869, at
71 11 July Ist, „ „
July Ist, 1870 „
1/ 77 July Ist, 1871 „
/7 77 July Ist, 1871 „
/7 17 July Ist, 1873 „
„ July Ist, 1874 „

We like the Colonel for this one fact—he fixes a policy
for six years to come, provided something don't break.
The Hon. James Gallatin, in a pamphlet-letter to Presi-
dent Johnson, simmers a deal of wisdom into his "tenth"
truth of his "Financial Economy :"—" 10. The demorali-
zation of society progresses steadily under the blighting
influence of an irredeemable Legal-Tender paper money.
Religion, virtue, and honour decline. Vice becomes fa-
shionable. Gambling prevails in the marts of trade and
the financial centres, from the very necessities of the case,
because the slow processes of honesty, prudence, fore-
thought, and plodding industry are impracticable in occupa-
tions subject to the licentious reign of such paper money."
We close our " assay" of financial quartz by giving a
part of a Circular for Europe by one of the oldest Exchange
houses in Wall-street. We are sorry to admit that its
compound is too largely of the truth :
" Per City of Antwerp, New York, Friday, p.m., Jan. 31,
1868.—The tendency of gold is still upward, and the
principle of repudiation referred to in our last circular as
being plainly avowed in recent financial measures in Con-
greis is daily receiving fresh accessions of strength in
political circles, so that it is no longer safe to predict that
Congress will not order the redeemable 5-20 bonds to be
paid off in currency, nor even that they will not be made
subject to taxation in their present shape. The Western
votes will control the coming elections, and will be given
to that party which will bid highest for such expansion
of the currency as will send gold up to 150 and keep it
there, and the present enormous depreciation of the Go-
vernment currency sufficiently indicates the public appre-
hensions as to the course of business during the current
year.—WOTHERSPOON & CO."
Cisco, Clews, and some 50 other luminaries have
"Twinkled, twinkled in the sky." Also from same —"Fivan-
ciering."—The amended bill, reported by Senator Sher-
man from the Committee on Finance, for funding the Na-
tional Debt, is in brief as follows :—Sec. 1. Authorizes a
5 per cent. 10 40-year bond, interest and principal in gold.
Sec. 2. The bonds are named Consolidated Loan, and are
exempted from taxation, except for incomes, at such rates
as may be assessed on other incomes. Sec. 3. Ap-
propriates 135 millions per annum, with which to
pay interest on the whole debt, pay principal as it
falls due, and, if anything is left, reduce the debt.
Sec. 4. This is very important, and .very muddy, so we
give it verbatim : "Five-Twenty Bonds shall, after the
expiration of five years from their date, at the option of
the holders thereof, be exchanged for the bonds authorized
by this Act; And such as are now redeemable (old 5-20's)
shalt be presented for exchange on or before the first of
November next, and not thereafter; and the residue to be
presented within six months after the expiration of five
years from their date, and not thereafter." Sec. 5. The
holder of greenbacks may fund them into these new
10-40
bonds, at any time ; and the holders of any of
these .bonds may present the same to the U. S. Treasurer,
and demand greenbacks, at par and accrued interest,
so long as the greenbacks outstanding shall not exceed
400 millions, and so long as the United States notes are not
payable in coin. Sec. 6. Legalizes contracts payable in
specie, anything in the several acts relating to Legal-Tender
notes, to the contrary notwithstanding. Comments.—Tho
4th section is a very singular piece of legislation. We
could not believe that any Cemmittee on Finance had
become so demented as to say to the holders of the
5-20 Bonds you SHALL exchange them for a five per
cent. 10-40 Bond. This word shall is repeated in that sec-
tion, and becomes a mandate, a law, if the bill is passed ;
and then every holder of a 5-20 Bond must obey the law,
and make the change within the given time, or he violates
the law and is indictable. La the sth section, the
holder of a greenback is told that he may do a cer-
tain thing with it, and, after having done it, he may
go and undo it again ; and this doing and undoing
may continue fog forty years, provided specie pay-
ments are not resumed. And here we make a point :
How can greenbacks ever be brought to gold
val.ie in the face of such a bargain ? Whenever Govern-
ment shall make an attempt to resume, these 10-40 Bonds
will surely be presented for greenbacks, so long as any.
portion of the 400 millions of greenbacks is outstanding.
If Uncle Sam can resume with 400 millions of greenbacks
outstanding, then this bargain between- the holders of
" Consolidated Bonds" and him may be all right. If not—
not. The 6th section is well in itself, but very much out
of place as a "bob" to such a kite.
SECOND SOBER THOUGHTS.
Does the Senate Finance Committee seriously intend
to take, " on call," at 5 per cent. gold interest, all the loose
money of the country, when nobody wants money, not
even the Government, and hold the Treasury ready to
repay, on demand, the whole amount, whatever may be
the condition of the Treasury ? Does the Finance Com-
mittee intend to repudiate the bonds (that are not pre,
sented for exchange, when the holders thereof shall have
violated the 4th section of their bill by declining to obey
the mandate of SHALL.

THE CENTRAL PACIFIC.-Thii company was organized
for the purpose of constructing a railroad from tide water
on the Pacific, east, through the States of California and
Nevada to such point as their work might meet that of the
Union Pacific Company building a road west on the same
central route. The point of junction will p obably be in the
vicinity of Salt Lake. Having completed their road in 1866
as far east as Cisco, 93 miles from Sacramento, this
company have since extended it over the summit of the
Sierra Nevada mountains, and for 20 miles down their
eastern slope, making the entire part of their work now
finished and in running order 138 miles. The herculean
task of carrying a railroad track over this range of moun-
tains, 7,242 feet above the level of the sea—cutting 15
tunnels, an aggregate distance of nearly one and a half
miles through solid rock—being now accomplished, it
is comparatively an easy task to reach the valley of
the Humboldt river during the year 1868, and Salt
Lake in 1870. The business of the road has steadily in-
creased during the past year, reaching a monthly gross
earning of $212,000. In addition to the Washoo and
Nevada business now passing over this road, the trade and
travel to and from the Owyhee mining district, Idaho,
Montana, and Utah Territories, wilargely increase
its future earnings. With their snow ploughs and
machinery for clearing snow from the track, there is
no serious difficulty experienced in operating the road
with regularity at all seasons of the year. This com-
pany have displayed immense energy and tact, and, not-
withstanding the fault-finding of ignorant, prejudiced, or
interested parties, the public have reason to feel not
only satisfied, but profoundly grateful to them for the
work they have accomplished. The company now
employ a force of about ten thousand hands, their ex-
penditures thus far having exceeded $15,000,000. The
route of the road has now been explored as far east
as the Wasatch mountains, beyond Great Salt Lake,
and found to be generally favourable. The following are
the officers of this company : Leland Stanford, president ;
C. P. Huntington, vice-president; Mark Hopkins, trea-
surer; E. H. Miller, jun., secretary; S. S. Montague, chief
engineer; Charles Crocker, superintendent ; E. 13. Crocker,
attorney. Directors: Leland Stanford, C. P: Huntington,
A. P. Stanford, Mark Hopkins, E. H. Miller, jun., and
Charles Marsh.

(By Telegraph to the Journal of Commerce.)

- - -
LOUISVILLE, Feb. 20.—Tobacco : sales 1091hhds ; lugs,
$5 to $7 50 ; common to medium leaf, $8 to $l6 25.
Flour: superfine, $8 to $8 75 ; fancy, $l2 50 to $l3.
Wheat, $2 50 to $2 55. Corn, 75 to 80c. Oats, 61 to 70c.
Cotton, 22 to 22fc. Lard, 141 to 14k. Mess pork, $24.
Bacon, shoulders, 11c ; clear sides, 14/c ; bulk shoulders,
101 c ; clear sides, Inc.
NEW ORLEANS, Feb. 20.—Cotton market irregular;
middlings, 231 to 23ic; sales, 3,500 bales; receipts, 1,424
bales. Exchange—Sterling, 151 to 154 ; New York sight
1c discount. Gold, 1391. Sugar and molasses unchanged.
Flour unchanged, sales slight. Corn easier at 97c to $l.
Oats unchanged. Pork nominally unchanged. Lard-15c
in tierce, and 16c in keg. Bacon scarce ; shoulders, rib
sides, 14c; clear 15c.
MOBILE, Feb. 20. Cotton market closed quiet but firm;
sales 2,800 bales. Middling 24c ; receipts 1,636 bales; ex-
ports 5,477 bales.
AUGUSTA, GA., Feb. 20. Cotton market firm ; sales
820 bales ; receipts 1,225 bales ; New York middlings,
22i to 23c; sales for the week 6,360 bales; receipts, 6,315
ba es. .

SAVANNAH, GA., Feb. 20.—Cotton market opened excited
and closed firm but quiet ; sales 2,271 bales ; middling 24,1;
receipts 3,897 bales; exports to-day 10,464 bales, of which
669 bales were Sea Island receipts for the week 23.137
bales. Exports, foreign-5,844 bales Uplands, 124 bales
Sea Island ; coastwise-8,433 bales Uplands, 93 bales Sea
Island. Stock 2,138 bales Sea Island, and 67,772 bales
Uplands. Sales-375 bales Sea Island, and 11,794 bales
Uplands.
CHARLESTON, S.C., Feb. 20.—Cotton market moderately
active and prices steady; sales 9,000 bales; middlings 23
to 231 c; exports for the week, to continent 189 bales ;

coastwise 11,400. Receipts for the week 10,920 bale&
Sales for the week 7,000. Stock 24,300 bales.
WILMINGTON, N.C., Feb. 20.-S pirits turpentine firm at
60c. Rosins advanced ; strained and No. 25350 ; No 1
$3 75; pale $4 37i. Cotton advanced and firm ; mid-
dlings 22c. Tar firm at $2 36.
BALTIMORE, Feb. 20.-Cotton excited ; middlings 24}
to 25c. Flour- Medium city mills shipping extra 46!..2,
to 12} ; high grades $12.25 to $12.50. Wheat quiet
and unchanged. Corn active and firmer; white $1.15
to $1.20 ; yellow $1.17 to $1.20 ; mixed Western
$1.17. Oats firm at 78c. to 80c. Rye firm and un-
changed. Seeds inactive; Eastern cloverseed $8.121 to
p.lBl ; good $8.25 to $8.50 ; Western firm at sa. Pro-
visions very active, and tending upward. Bacon-shoul-
ders 124 c. ; bulk shoulders 11}c. ; do. loose 10c.
PHILADELPHIA, Feb. 20.-Cotton unsettled and ad-
vancing; middlings 27c ; stock nearly exhausted. Clover-
seed active at £7 50 to $8 50. Flaxseed at $8 30 to $8 35.
Flour steady, demand limited ; superfine $7 50 to $8 50 ;
extra $8 50 to $lO ; north western extra family $lO 50 to
$ll 50. Wheat comes forward slowly, and is steady at
$2 50 to $2 55 for red, and $2 60 for amber. Rye active ;
sales 3,000 bush. Pennsylvania at $1 7,0. Corn in fair
demand ; sales 3,000 bush ; new yellow at $1 18. Oats
steady, at 80c. Coffee firm. Sugar firm. Molasses firm.
Provisions advancing. Mess pork, $24 to $24 23. Hams
in vickle, 15}c. Beef hams, $35. Lard, lbt to 151-c.
LOUISVILLE, Feb. 21.- Tobacco steady and higher;
lugs $5 25 ; common to medium leaf $8 to $l7 50. Flour
-superfine $8 25 to $8 75 ; fancy $l2 DO to $l3 50.
Wheat $2 50 to $2 55. Corn 75 to 80c. Oats 68 to 700.
Cotton 22 to 23c. Lard 141 c. Mess pork $24 50. Bacon
-shoulders llic ; clear sides 14} to 15c. Bulk shoulders
lOic ; clear sides 131 c. Whiskey nominal.
MEMPHIS Feb. 21.- Cotton dull at 23}c • receipts of the
week 11,961 '
bales ; export 12,660 do ; stock 25,440 do.
Bacon dull ; clear sides 14}c ; shoulders 11 to 11}c ; hams,
14} to 17c. Lard scarce at 14-k to 15}c.
NaW ORLEANS, Feb. 21. - Cotton unsettled ; middling
23} to 234 c ; sales 4,000 bales ; receipts, 4,329 ; exports,
2,052 bales; sales of the week 33,500 bales; receipts 25,676
bales. Exports-coastwise, 1,278 bales ; receipts, 7,427 ;
stock 107,981 bales. Sugar-common 12 to 121 c ; fair
14} to 14Ic ; prime to choice 154 151 a; receipts very
light. Molasses -receipts very light ; common 60 to 619.;
prime to choice 75c to 75c. Flour dull ; superfine $9 /5
to $10; treble extra $l2 95. Corn easier at 93 to 95c. Oats
dull at 84 to 85c. Pork unsettled at $25. Lard easier ;
tierce 14} to 141 c ; keg 15} to 151 c. Sterling exchange
152 to 154 c. New York sight exchange }. per cent. dis-
count.

MOBILE, Feb. 21.—Cotton dull ; sales 300 bales ; mid-
dlings 24c ; receipts 1,282 bales. Sales of the week 23,700
bales; receipts 12,775 bales; exports—foreign, 18,111 do;
coastwise 3,494 do ; stock 67,999 do.
AUGUSTA, GA., Feb. 21.—Cotton active but easier ; sales
1,265 bales arprices ranging from 22 to 22jc for middling;
receipts 760 bales.

SAVANNAH, GA., Feb. 21.—Cotton opened quiet, became
excited and closed flat ; sales 359 bales middling at 231 c ;
receipts 4,899 bales ; exports—Liverpool 5,047 bales ; coast-
wise 931 bales.

CHARLESTON, South Carolina, February 21—Cotton dull,
and declined to lc ; sales 400 bales middlings at 23c.
WILMINGTON, North Carolina, February 21—Spirits
turpentine buoyant at 65c. Rosin firm ; strained and No.
25265 : No. .1 at $3 37/ ' • pale $4 25. Cotton weak;
middlings 21c. Tar firm at $2 35.
BALTIMORE, February 21—Cotton firm; middling held
at 25 to 251 c. Flour dull, and nothing doing. Wheat
steady and unchanged. Corn dull and declined 2c; prime
white and yellow $1 17 $1 18. Oats stronger at 80 toB2c.
Rye unchanged. Cloverseed firmer; eastern $8 12i to
$8 75 ; western,' $9. Provisions very firm. Bacon: clear
ribs 14 to 14/c. Lard, 15 to 15!e.