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

THE SUN, LONDON, MONDAY EVENING, JULY 20, 1868.

AUS7RIAN LIBERALISM.

The Allocution of the Pope against the
" Confessional" laws decreed by the Reichsrath
and ratified by the Emperor of Austria, is
exciting the fury of the Austrian Liberals.
Their rage knows no bounds. The most offen-
sive epithets which the Jewish journals of
Vienna can invent are applied to the Pope.
They call the Father of Christendom the
" mummy, the dead man of the Vatican."
From abuse, according to the fashion of
Liberalism, they proceed to threats. They call
upon the Government to withdraw from the
clergy the registers of births, deaths, and mar-
riages, so that the priests may be deprived of
some of their emoluments. The Nem-Wiener-
Tagblatt urges the Government, in answer to
the Papal Allocution and to the Pastoral Let-
ters of the Bishops " to re-establish the Placet,
to interdict every communication of the bishops
with the Holy See, to take away from the
bishops their title of Privy Councillors, their
decorations, their offices of dignity and honour,
to withdraw from them the fiefs they hold,
to deprive them of the money allotted by the
State to Catholic worship, to sequestrate their
estates, and to put under administration the
dioceses of the most obstinate of the bishops,
and to forbid the collection of Peter's Pence."
The municipal councils, following the lead of
the anti-Catholic press, and in obedience to
the dictates of the Liberal clubs, pass resolu-
tions against the Allocution, proclaiming "the
necessity of resisting this act of usurpation on
the part of an alien Power on the legislation
of a free, constitutional, and independent
State." The municipal council of Vienna,
speaking in the name not only of the city itself
but of the entire empire, passes the following
resolution, proposed by a publican and twenty-
six of his friends, against the Papal Allocu-
tion ;—" So hostile an act by a foreign Power
against the free and constitutional government
of a great State, a government which possesses
the entire confidence of the people, cannot
and ought not to be tolerated. It is the
sacred duty of the representatives of the people
publicly to protest against so unworthy a
proceeding, provocative of civil war, and to
assure the Government that in carrying out
the confessional laws, it may count upon the
entire support of the people." This resolution
was opposed by only two members of the coun-
cil, who were priests. The democratic societies
of Vienna counting, however, not more than
50 or 100 members, each " proclaimed in the
name of the people, their indignation against
the encroachment by Rome on the common
rights of the people, and of man." The Yolks-
Verein of Fiinfhaus, demanded " that rela-
tions with Rome should be broken off, until
it showed itself more inclined to conciliation."
" Give his passports to the Papal Nuncio," is
the cry raised by the anti-Catholic press,
and echoed by the Democratic Unioni and the
municipal councils of Vienna, and of a few
other cities. The question at once suggests
itself, what is the value of these declarations,
and in what manner do they correspond to the
feelings and ideas 'of the Catholic people of
Austria ? In other words, does this anti-
Catholic Liberalism of the Viennese press, and
of the municipal councils, represent the nation,
or a class ?j,Last week we argued that Liberal-
ism, that the modern State, that the power
which dictates laws to Europe, was the out-
growth of one class to the exclusion of every
other ; and that the Crown, the Church, the
landed interest, and the peoples, were alike
sacrificed to the opinions and interests of the
moneyed section of the middle and professional
classes, and we pointed in illustration of this
corrupt and degrading tyranny to Austria and
to Italy Towards the corroboration of that
general statement, and in answer to the
question as to the value of these demonstra-
tions.-
on the part of Austrian Liberalism, as
represented in the Municipal Council of
Vienna, we are now able to adduce the testi-.
mony of a competent witness. The Vienna
correspondent of the Univers\ commenting on
the demonstrations of Austrian Liberalism
against the Papal Allocution, and on the arro-
gant manner in which it assumes to speak in
the name of the entire nation, writes thus :
The noise commenced by the papers is pro-
longed in the Municipal bodies and in the
different societies, ycleped Democratic, Ger-
man, Liberal, of the people, of progress, of
Liberal progress, of Democratic progress, of
the workmen's societies, all of which, since the
commencement of the new era, grow apace
like evil weeds. Each of these corporations and
of these societies professes to speak in the name
of the entire population, whereas, when it is
known out of what these societies are formed,
how these Municipal Councils are elected,
such a pretension is ridiculous in the extreme.
To speak only of the Municipal Council of
Vienna, all the world here knows that it re-
presents but a minimum fraction of the popu-
lation. The members of the Council are chosen
for the most part by a very small number of
electors. It is a district in which the electors
amount to many thousands, but of whom
scarcely a hundred vote. Such are the Muni-
cipal Councils, which profess to speak in the ,
name of the entire population, and as if there
were not a single true Catholic to be found."

It may, with the greatest 'certainty, be said
that the vast majority of the peoples of Austria
does not participate in the views of the Vien-
nese press, nor in the votes of the Municipal
Councils, nor in the acts of the Reichsrath.
They may be dull and lethargic, preoccupied
and worldy-minded, or they may be weak,
like their Emperor, and overruled by the pre-
ssure, and deafened by the uproar of the
Liberals, but, m heart, they are true to their
Church and loyal to the Pope. Persecution
may quicken them into life, and open their
eyes to the dangers which surround them.
The imprisonment of a Bishop, an event not
unlikely to happen if the Liberals have their
way, would to a certainty revive, as was the
case thirty years ago in Prussia, when Clemens
August, the noble Archbishop of Cologne, was
thrown into prison, the religious feeling of
the somewhat unspiritual people of Austria.
In the day, however brought about, when this
Catholic people arises from its long decadence,
and throws off its spiritual lethargy, the small
section of the people composed of Liberals and.
Jews, which now governs the press and the
country, will at once have to return to more
congenial pursuits at the Bourses of Europe,
or in the dens of the secret societies in more
corrupt and revolutionary countries.—West-
minster Gazette.

A correspondent from Florence says Captain
Stanley of the United States Navy and his wife are about
the only travellers in town. Thera are 14 resident
American families, and some of those talk of migrating for
a month or two, although it is so cool that I have only worn
summer clothes one or two days, and it has been necessary
to shut the windows in the evening. The great Italian
question is finance. Just enough has been raised by the
tobacco loan to tide over a mouth or two, but there is no
spirit of economy iu the country, and the employds are
more numerous than ever. There is no knowing how
many servants of the old dynasty are pensioned
by the present Government, though all talk and
work against it. Italians cannot understand that
they would be stronger with an army of 50.000 men
than 250,000 men, and not see that 200,000 men at pro-
ductive labour would benefit the country more than in eat-
ing it up in idleness. Compare Italy's small space inter-
sected by railroads and at peace with the world, with the
Continent occupied by the United States, with Indians and
Mexicans, an army of cnly 50,000 Inn). It is strange
to find gold lore at 81 premium, but if something
M'Cawber-like does not happen, we expect it to go to 12,
15, or even 20, before the eud of the year. The taxes
even cannot at present be collected, and every day
some one has a tax bill sent in for the last six
months of 1866 or the first half year of 1867. A
man who lets his house in the Piazza Pitti informed me
he bad to pay 20 per cent. on the rants; even the servants
are taxed, but they cannot collect it, and yet to see the
way Government throws away money right and left you
would think it the richest country in the world.
The manufacture of shad at Double Ditch, under
the authority of the Fish Commissioners, was begun
Monday, June 29, greatly to the delight of e old fisher-
men and those who love shad. The river is fairly alive
with shad, and 118 were captured at three hauls. Messrs.
Green and Smith were both present, and gave instructions
as to the management of the factory.
The prices of Horniman's Teas are greatly reduced; their
well-known superiority has attracted a host of spurious
imitations; therefore notice all Genuine Packets are signed,
' Harniman (5- C 0.," London. 300 Confectioners are Agents
n London and 2,200 Chemists in the Country.

ROMAN AFFAIRS.

(From the Romart Correspondent of the Westminster Uazette)

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 visual 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 vires 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.
A Pio IX Angiolo di Pace gloria,
delizia, e decoro -- del genere umano —di
sua augusta presenza bemgnando la terra
di Rocca di Papa it magi.strato ed it popolo
esultanti testimonianza leale, luminosa
di affetto, di fedelta, di riconoscenza offrono,
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 ben.efichi 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 manceuvres.
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 Campi di 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 Cata-
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,
iu 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. The 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
w ships of war
to cut off all communication between northern
wouldand
southern
interceptltaly,
th a vhi le
a between f
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 railway
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 grand; and one at the Ripetta.
An Italian paper has, I see, been amusing
itself with printing an address purporting to
"the Romans"
b 3 sent by(sic) to the Kin°. of
Prussia, on the occasion of the anniversary of
the battle of Sadowa (3d July). "We for-
get our misery, for a moment," the _Romans
are made to say, in order to lay our glad
congratulations atfeet
cong the 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 ono of the body guards who fell, a noble
sacrifice to their loyalty, for Louis XVI., while
on his mother's side lie 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 photogram
talk of having received a "•teleg
in lieu of " photograph " now used, to denote a photo-
graphic pieture. " Telegram" is a word thoroughly esta-
blished in our language ; and the man who would now
"tole-
gram"—would be laughed at, and thought a. boor. But
"photograph" raph"—meaning a
used in a similar manner is equally inaccu-
rate. Why then retain it ? Sterograrn is another word
which might be advantageously and correctly substituted
for " steroscopic slide."
I.3DrEarlshlomr.]--Avoid Medicines: they always aggravate
chronic complaints: but Du Barry's delicious health-restoring
Reva,ento, Arabica Food, which yields throe times the nourish-
ment of the best meat, saves 30 times its cost in other remedies,
and invariably restores perfect digestion, strong nerves, sound
lungs, healthy liver, pure blood, refreshing sleep, functional
regularity, and energy to the most disordered or enfeebled. We
extract a few out of 63,000 cures;—" The Pope's health restored
by Du Barry's Food. Cure No. 63,413. "Roma, July 21, 1866.
—The health of the Holy Father is excellent, especially since,
abandoning all other remedies, he has confined himself entirely
to Du Barry's Revalenta Arabica Fool. of which he consumes
a plateful at every meal. It has produced a surprisingly 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 do Brohan, of seven years' liver
complaint, wasting away, debility, nervousness, with a nervous
palpitation all over, bad digestion, constant sleeplessness, and
the mast intolerable nervous agitation.." Cure No. 1,771; Lord
Stuart do Decies, Lord Lieutenant of Waterford, of many years'
dyspepsia. No. 49,832: " Fifty years indescribable agog' from
dyspepsia, nervousness asthma, cough, constipation, flatulency,
spasms, sickness, and voirddng.—Maria Joly."—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
authority, Baron Liebig's name is most audaciously attached.
In tins, at Is. lid.; 1 lb , 2s. 9d ; 2 lbs.. 4s. 6d. ; 5 lbs., lls. ;
12 lbs., 22s ; 241bs ,40s.—Also Du BARRY'S REVALENTA ARABICA
CHOCOLATE POWDER is packed in tin canisters; For 12 cups at
25., for 24 cups at 3s. 61, for 48 cups at 65., for 288 cups at 305.,
for 576 cups at 555. Being about one penny per cup. The 30s
and 555. tins are sent free of carriage in England on receipt
of Post Office Order.—BAßßY nu BARRY and Co. NO, 77,
Regent-street, London; and all Grocers and Chemists.

71ig BONDHOLDERS' GREA7 DANGER►.

(From Ike Anglo-American Times)

Our English readers who associate America in
imagination with New York will be 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. lie 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
the hall between them in the Union Pacific Rail-
road. But all these are points ; citie3 which have
their counterpart in his Manchester, Liverpool,
Glasgow, and Birmingham, and they leave no con-
ception in his mind as to the territories he supposes
they represent. The Englishman sees France epi-
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 band 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 Ameri-
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
there rule. Vast as is the influence of New York
in America, it is wholly wanting in that control
possessed by London in the United Kingdom, or
by Paris in France. No man in an editor's room
can shape beyond New York the opinions of the
masses. Etch 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 en enure 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 Louts XIV.
would sound something more than ridiculous com-
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 iu 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 c m-
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 goo 1 as the city popul titian, an 1 some-
thing better, in asserting their right, being the more
numerous they in reality rule. Now this gives to
the United States Government a constituency un-
known in other lands. Generally they are conser-
vative in principle, old-fashioned in notion, and
behind their city compeers, honest in intention, and
kind-hearted. M the producers of exports, which
in all lends 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. She soil. They do not therefore
hold the Bonds which as a rule are o wiled 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 seems to rise in the same
proportion that the standard falls, the increasing
worthlessness of the paper dollar 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 piper dollar. If JENCKS
had borrowed on his farm in the days of gold
and paid his cre More 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 eve 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. His
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 cle-
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. Tiler° is one
counteracting idea if it can obtain currency, which
would at once settle the question, that Repudiation
would he 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
11013 V -Repaiiation would go oat 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 be great satisfaction in
Europe over Repudiation, for those who feared the
Republic must rejoice greatly to see the eagle deli-
berately and effectually extracting its own talons.

MONEY AND BUSINESS.

(From the Springfield Republican.)
FRIDAY EVENING, July 3.
_ _ _

Money still rules low, with every prospect of the con-
tinuance of an easyjnarket. At Boston only is anything
like a firm demand reported. From some cause, not to be
fully explained simply by a desire to stand well in the
quarterly statenabnt (next Monday), call loans cannot be
made there at less than 5i 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
the middle of the present mouth the early harvests at the
West will call for the use of currency ; and by the Ist of
next month money will be wanted to move the cotton crop
at the South. These causes must prevent the lon3 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 tho Trea-
sury will, for three months now, disburse greatly i i ex-
cess of its receipts. The abundance of money invites
investment and affords an admirable opportunity to test
the popularity of the new long loan at five per cent. If
it was necessary to put the whole country under
water to " float" the loans of 18d2-64, Government ought
not to neglect the capital advantages of the present mo-
ment for a better negotiation of its bonded debt.

Gold has baen kept 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 bear 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 been 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
increase, 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 tho 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, tho 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, $2,670,477, against
$3,928,614 ; exportof specie, $2,530,144, 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 traclition, has broken out again,
though this time there has been no midnight hegira, no
paddling across the North river, no romantic disguises
and hair-breadth escapes. Judge Barnard, of the Su-
preme Court in New York, on Tuesday closed the
ancient contempt cases by mulcting six of the directors
in the sum of $lO 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 turabl:
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 very different directions, is not un-
likely to be turned pretty sharply and shortly to this stock.
There are thirty-four millions out somewhere; and the
inquiry where may be pretty lenity heard before long.
Rail ways 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 so shrewdly done
as to deceive even the vary elect. Eight roads have ad-
vanced within a few weeks an average of 2d per cent., and
several 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 loss 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
hich alters so suddenly and to such extremes, does not
afford the highest assurance of its own 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 confidenc\e, but strongly invites invest-
ment, and that the comparison is made with a mar-
ket violently agitated by a momentary 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, ou which
no default has ever been made, are 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 pays dividends called
quarterly' only once in three years, and 93 is bid for
Michigan Southern, which pays on the average 3 per cent
every ten years."

The Miscellaneous Share List is dull. Pacific Mail
shows a good deal of acti 7ity, 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 some remarkable dis-
coveries are made on the companies' property. The Border
State Stocks received quite a shock by the threatened
failure of the July interest on the Tennessee Sixes. This
warning, coining 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 :—The holders of the "past duo" 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 flings which it had received
for the payment of the July interest on the new 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-thirds of 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 every day has witnessed a further reduction.
The harvesting has already begun, and the prospects of a
bountiful yield have called out a'l the reserved stocks.
The demand fer consumption is not of course enough to
carry off the supply, and speculators are doing 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. Shootings 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 lanes are not in much request. Woollens are rather

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

(From the Wall-street Journal.)
NE W 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
bas been shamefully sacrificed. Of the interest $200,000
were on deposit at the Fourth National Bank of this city.
Au equal sum was in the hands of the agents of the rail-
roads ready to be transferred to the lAnk, and this insti-
tution had agreed to lend the State at par the 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 are, spite of the con-
tinued goo l news, mostly heavy. We note a few transac-
tions in Smith and Parmelee at $3 70, Qiartz Hill at $l.
15c. Grass Valley at 2i coals and Consolidated Colorado
at 10 cents. Nevada Silver Stocks are very difficult to
sell, Combination being largely offered at $5O 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 —36 f
Frankfort, 0 M 4Ol-411
Berlin and Cologne
Antwerp 5.15 —5.121
Amsterdam, Bankers
Swiss
Express Stocks are quoted as follows :
Adams ... ... ... ... ... • ... 531 to 54
American ... ... ... ... ... ... 48 to 484
United States .. ... ... ... ... 494 to 50
Wells, Fargo, and Co. ... ... ... ... 25 to 254
Merchants' Union, 35 per cent.... ... ... 251 to 25
The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks :
N. Y. Central 1344 Fort Wayne
Erie 691 Pacific Mail lOl
Hudson
Reading
Mich. South. &N. 1.... 911 W. U. Telegraph
Illinois Central
Cleveland & Pittsbrg 874 Ohio and Mississippi... 30
North-West
North-West Preferred 794 Cumberland
Cariton..
Rock Island
Cleveland and Toledo 103 I St. Paul Preferred
The. following for the New York City Bank Stocks :--
Merchants'
I America

Butchers and Drovers 135. I Broadway

-.--
City
New York
Manhattan
Mechanics' 126 People's
Union - 124 Market.,

Phenix • 1081 Nassau lO5
Tradesmen's - 143 Shoe and Leather ll4l
Gallatin National
Merchants' Exchange 115 Continental lO5
Seventh Ward
State of New York ... 118 Commonwealth
Commerce
Ocean
American Exchange... 121 Fourth National .. 105
Bank of the Republic... 119 Ninth National
Bank of North America 111 Park 155
Eleventh Ward ........105 Leather Manufacturers' .170
Mercantile
Fulton l6O Tenth National
First National 2lll East River
New York County l4O Pacific l6O
Marine . 150 Chatham 149
Grocers'
The following were the closing quotations for the
various Public Funds of the United States in New York
Sixes, 1868, registered — to
Sixes, 1868, coupon
Sixes, 1881, coupon ll3 to Il3i
U.S. 6s. Pacific Railroad 1024 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.)
ijThe market for American securitiesradjounly 15sh;w0
some fluctuations during the past week ; United States 0?-
vernment Bonds are generally lower on the advance. 111
premium on geld, the 5-20 Bonds of the earlier issce being
72i to 4, the 1865's Ili to ft, and 10-40's 69 to a; ; for these
latter there has been an increased inquiry, and they epu-.
sequently have not depreciated with the other bonds'
Illinois Central shares are to-day quoted 911 to 92, ex e'is'4
and stock dividend, which makes them about the saw",,„
value as this day week, but Erie shows a decline of nioro
than 2 par cent., the closing price being 431 to 44.
For Illinois Central sterling redemption bonds And
„
Pennsylvania Railroad second mortgage there have been
numerous inquiries, and higher rates offered bring fey, or
noue to market. Atlantic and Great Western Oomph-
dated Bonds are 1 per cent. lower, while the Debentures,
on the amended proposals issued by the directors, have Ire-
proved nearly 1 per cent.

The principal State officers and the Representa-
lives in Congress of the seven States recently entered to
the Union are as follows :—Alabama—Governor, William
IL. Smith ; Lieutenant-Governor, A. J. Applegate; Ra°
presmtatives, Ist district, Francis W. Kellogg, of Mobile ;
2d, Charles W. Buckley, of Hayneville ; 3d, Benjamin
Norris, of Montgomery; 4th, Charles W. Pierce, of Dera°-
polls ; sth, J. W. Burke, of Huntsville; 6th, T. Haugh*
of Decatur. Florida—Governor, Harrison Reed;
Governor, Wflliam H. Gleason ; Senators, M. 11..7
Welch and T. W. Osborne; Representative, Charles AL'
Hamilton, formerly of Wisconsin. Georgia.—Governor,
R. B. Bullock; Representatives, Ist district, J. W. Clift
of Savannah; 2d, Nelson Tift ; 31, William P. Edwards
of Butler, Taylor county; 4th, Samuel S. Gove of aril
woldville, Twiggs county ; sth, Charles H. Prince °
Augusta ; 6th, 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 Mann
of New Orleans (election contested by Colonel
Simon Jones, Republican); 3d, Joseph P. Newshala
of West Feliciano (member of the Convention)i
4tt, Michael Vidal of St. Landry (native born,
French lineage), sth, W. Jasper Blackburn of Homer,
Claborne county. North Carolina—Governor, Willie ,'
W. Holden ; Lieutenant-Governor, Tod R. Caldwell
Representatives, Ist District, John R. French of Ohovira° ;
2d, David ['eaten of Craven; 3d, Oliver H. Dockery °f
Richmond • 4th, John T. Dewoes of Raleigh ; sth, Israel
,
G: Lash ofForsyth ; 6th Nathaniel Boyden, of Salisbury'
7th, Alexander H. Joues of Buncombe. South Carolinal
Governor Robert K. Scott ; Lieutenant-Governor Leinu,s'
Boozer; Representatives ; Ist District, Benjamin •"
Whittemore, of Darlington; 2d, C. C. Bowen, of Charles:
ton ; 3d, Simon Corley of Lexington ; 4th James u
Goss of Unionville. At large, two additional Re'
presentatives, elected by order of the Conventio f
• viz.—J. P. M. Epping ;of Charleston, Elas S. Dickson, °„/
Clarendon, Governors Smith and Holden are native,,,S:t
their States, and were Union men during the war. urvo
veruor Bullock is a native of New York, but for some
years resident in Georgia. Governor Reed was formerly
a Wisconsin editor. Governor Warmouth is a native
Illinois, and was en officer of Missouri troops. Gove
nor Scott is a native of Pennsylvania, and was „.0
,:
officer of Ohio troops. Of the lieutenant-governors, John-
son, Dunn, Caldwell. and Boozer are Southern-born, 9t,
Lieutenant-Governor Dunn is a coloured man. Applegate
went from Indiana, and Gleason from Wisconsin. T rvellti;;
eight of ;the Representatives are Republicans, and I°'
Democrats, the latter being indicated in the list by ROI
The Agawam Canal Company, whose mill is
bile
Mittineague, are enjoying a run of good fortune. In the
last six months they have made between $BO,OOO
$90,000, which is about 23 per cent. of their capital. Tboy
divided 8 per cent. in January, and will pay 10 per cent. to
July: Agawam a town of modest pretensions, is about so
set up as a " watering place." A sulphur spring,
virtues were well known half a century ago, but has fill ,
out of notice since, exists on land of Robert Ely, 110,,_ fat
from the Agawam River. Dr. E. M. Perry and D. °
Willis, of Springfield, leased the land, and are putting "
bath-houses, to give the water a practical test.
The United States squadron sailed on Thursasiti
evening for Cowes, at which port it will remain for 0, is
days.

Births.
f of
lIALSTED—On the 16th inst., at Blackheath, the vit.°
Rear-Admiral G. A. Halsted, of a daughter.
WALSII—On the 16th inst, at 7, Tilney-street, Park-lane,
Lady Emily Walsh, of a son.
MURRAY— On the 17th inst., at No. 10, The Terrociiet
Kensington-gardens-square, Mrs. Charles F. 311111/3'
of a daughter.

Marriages.
too,
LEE—READ—On the 16th inst., at St. Matthew's, Brix to
James Noah, eldest son of Mr. J. N. Lee, of Peogf,.,e'atl,
Elizabeth, eldest daughter of Mr. Edward' James 1"
of Brixton.
SHARPLEY—RusToN—At the parish church,
Fenton, Henry, youngest son of the late Croft Sh3rPliol
Esq., of Althorpe, near Louth, Lincolnshire, to „of
youngest daughter of the late Robert Ruston, En'
.Norden House, Chatteris.

Deaths. of
•
HARRIS —On tho 16th inst., Ann Daborrah. the wlO
Theodore 'Luis, of Leighton Buzzard, in her
year.

WILKINSON—On the 16th inst*
the at the Rectory r°,'-',11:13-
the 58th year of his age, Rev. Alfred 11, '"1
son, M.A.
ELLIS—On the 17th inst., at 42, Kensington-square, 01135*
W. Ellis, Esq., barrister-at-law, aged 73.
yea'
WILSON—On the 17th inst., at 37, Wigmore-street, 01
dish-square, London, Lestoek Peach Wilson, Bs"
his 81st year.
Rocx—On the 17th inst., at his residence, if.; gIIWO/
Grange, Mr. Henry Rock, in the 63d year of his agb'
CoYNE—On the 18th inst., at his residence, 61,
road, Westbourne-park, in his 65th year, Joseph
ling Co) ne, Esq.

Loudon : Printed and Published by WiLLIA.3I AYp~Ty
112
of No. 112, Strand, Printer, at Tan SUN (MC?, ZJo of
ti
Str.ind, in the Precinct of the Savoy, in the 043"
Middlesex.—Mon lay, July 20, 1808.