The Sun.
London, England, 1868-08-13 00:00:00

FRANK P. BLAIR'S ACCEPTANCE.

people continued to import or to use foreign goods
as freely as ever. Failing payment in American
produce or bonds, the balance must be settled in
gold. 'to the vast sum required to meet the differ-
ence between their imports of goods and their
exports of goods has been added the interest
on the securities held in Europe. From the
close of the war to the present time the volume of
these has increased in European hands, and the
readiness with which the bonds were taken on this
side tended materially to check the export of gold
from New York, equalizing the exchange, and
making less apparent the burden that Americans
were in truth piling on their heads from living be-
yond their means. Perhaps the only good effect of
the recent agitation for the payment of bonds in
greenbacks has been in arousing Americans to the
fact that they have been living too fast. Having
discredited their securities in Europe people de-
cline:to buy, Five-Twenties cease to be a medium for
equalizing the exchange, and the whole burden of
working up the balance falls upon gold.
Among the most palpable reasons is the fact that
gold, as a commodity of barter, has not maintained
its relative value in the United States. If the c )st
of living has increased 80 per cent., if all domestic
' manufactures, labour, house rent, are even in excess
of this, gold ought to respond and keep that rela-
tive proportion. If not, the high protective tariff
is neutralized and Protection floored. Supposing
that gold was at par while the currency of the
United States remained irredeemable paper, and
prices retained their present level, the finest market
in the world for British manufactures, in spite of the
existing tariff, would be the United States, and the
domestic manufactures would be so weighted that
they could not maintain the competition as long
as any gold remained. When Japan was first
opened to European traders the value of silver was
out of all proportion to that of gold. The dealers
who got the first inkling of this did a very smart
and profitable business at the expense of the
Japanese, who early awoke to the fact that their
values were not in accordance with those of the
world, and that if they did not speedily make a
change, in a few months there would not be an
ounce of gold in Japan. What happened in Japan
would take place in the United States if the
law Of supply and demand did not speedily rectify
the discrepancy of values. Exports to the United
States have lately been unduly favoured by the
low price of gold, which has been kept down by the
ready sale in Europe of United States Securities.
But in proportion to the success of the greenback
redemption agitation, discrediting and rendering
unsaleable these Bonds, has the pressure fallen
upon gold.
Perhaps the most obvious cause of the rise after
the difference between the values of the exports and
imports is the inflation of the currency. The
Senate has passed a bill providing for the issue
of Three per Cent. Loan Certificates to the
amount of $25,000,000, and it has been
agreed to by the House of Representatives.
This is virtually an increase of the paper currency,
and although, as yet to no great extent, it fore-
shadows the necessities of the Treasury, and the
manner in which the difficulty will be met. Every
increase is seen in the rise of gold, and is felt in a
corresponding rise of every other thing, which
simply means a fall in the value of the currency
But putting aside these special reasons, and glanc-
ing at the financial position of the United States as
a whole, enough may be perceived on the surface to
account for the phenomenon. The mass of the
statesmen appear to be the merest financial tinkers,
not only deficient in all knowledge of political
economy, but utterly unable to appreciate that
knowledge in others. The consequence is that a
quack like THAD. STEVENS is able to produce, by a
silly and most inconsistent speech, an effect in
Wall-street and on the elections. A. large portion
of the people, deplorably ignorant of their true in-
terests, cry aloud for a measure little short of re-
pudiation, and thus damage beyond calculation the
credit of their country. They support politicians
whoSe idea of paying a debt is to tax it and to
finance it out of existence, who are mere children
in the science of making the most of the national
resources, and yet whose conceit is so great that
they scorn to learn by the experience of older
nations. To a bad system they have added a bad
I machinery, and repelled every effort to improve it.
Thus they have a cumbrous and ill-adjusted burden
—offices regarded as mere political prizes, to be
used, as the reward of the most successful, which
often means the most unscrupulous, political sup-
' port—and a tariff which, added to the irredeemable
currency, tends to make the United States the most
expensive country on earth. These, together with
the unsatisfactory state of commercial affairs which
leads many to anticipate a crisis, fully account for
the rise of gold, and a large number of mercantile
men will be agreeably disappointed if the price does
not continue to ascend till it reaches a much higher
figure. All this will work its own remedy ; for
importers are checked, families retrench, the nation
feeling the pinch is aroused to find a cure, quacks
being discredited go to the wall, sound men acquire
force, corruption is stamped out, and economy and
work, backed by the prodigious national resources,
quickly obliterate all traces of the check.

Sir John Simeon, the Liberal member for the
Isle of Wight, has issued an address seeking re-
election. He heartily concurs in the proposal for
the disestablishment of the Irish Church as an act
of necessary though tardy justice, and as offering
the best hope of healing past differences and
cementing a cordial and lasting union. The
claims of the Church of England to special con-
sideration at the hands of the Legislature rest
upon a very different foundation from those used
on behalf of the Irish Church, and so long as she
maintains her present attitude as the representa-
tive of the religous feelings of the majority of the
population, and ass living institution deeply in-
terwoven with our social system, he shall feel
bound to support her as an integral part of the
constitution of the country. He would open the
universities to members of all religious denomi-
nations, support a measure of primary education
not injuriously interfering with voluntary bene-
volence, and hopes for the establishment of county
financial boards.
The Pall-Mall Gazette thus concludes an article
on preachers and preaching It is, indeed,
wonderful that with all the prevailing pas-
sion for begging, borrowing, and stealing
from the dogmas and practices of the Roman
Catholic Church, the Anglican authorities have
never bethought themselves of establishing an order
of intelligent preachers. The system of employing
men to preach in different churches, and to do no-
thing else, is indeed far less in vogue in the Roman
communion than in former days, and possibly it may
be for this reason that no practical scheme for its
adoption in the English Church has been put for-
ward. It is, nevertheless, the only possible system
which can effect a reconciliation between Anglican
preaching and the cultivated generation of English-
men. Qum established, moreover, it
_would lead
naturally to the adoption of that practice of
leaving the church before the ordinary sermon
begins which everybody advocates, but which no-
body dares put in practice. Until then, as we have
said, there is nothing for it but to face the uplifted
eyebrows of a congregation, and depart after the
prayers, or to sit and suffer in silence, or to stay
away from church altogether."

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General George Morgan, chairman of the com-
mittee of the National Democratic Convention :
rneaptiloyninfgortovyinoeu-rplreetatiedre,nntootfif)t-hine
" General--I take the earliest opportunity of
States tne
ao,mbiy-
gna
United e of
the National Democratic Convention, recently held
iu the city of New York. I accept without hesita-
tion the nomination tendered in a manner so gratify-
ing, and give you and the committee my thanks tor
the very kind and complimentary language in which
you have conveyed to me the decision of the Conven-
tion. I have carefully read the resolutions adopted by
the Convention, and most cordially concur in every
principle and sentiment they announce. My opi-
nions upon all the great questions, which discrimi-
nate the great contending parties, have been freely
expressed on all suitable occasions, and I do not
deem it necessary at this time to reiterate them.
rhe issues upon which the contest turns are clear,
and cannot be obscured or distorted by the sophis-
tries of our adversaries. They all resolve themselves
into the old and ever-recurring struggle of a few men
to absorb the political power of the nation. This
effort, under every conceivable disguise, has always
characterised the opponents of the Democratic
party ; but at no time has the attempt assumed
a shape so open and daring as in this contest.
The adversaries of free and constitutional Govern-
ment, in defiance of the express language of the
Constitution, have erected a military despotism in
ten of the States of the Union, have taken from the
President the power vested in him by the supreme
law, and have deprived the Supreme Court of its
jurisdiction. The right of trial by jury and the
great writ of right, the habeas corpus, shields of
safety for every citizen, and which have descended
to us from the earliest tradition of our ancestors,
and which our revolutionary fathers struggled to
secure to their posterity for ever in the fundamental
charter of our liberties, have been ruthlessly
trampled under foot by the fragment of a Congress.
Whole States and communities of the people of
our race have been attainted, convicted, condemned,
and deprived of their rights as citizens, without
presentment or trial, or witnesses, but by the Con-
gressional enactment of ex post facto laws, and in
defiance of the constitutional prohibition, denying
even to a full and loyal Congress the authority to
pass any bill of attainder or ex post facto laws. The
same usurping authority has substituted as electors
—in place of the men of our own race, thus illegally
attainted and disfranchised—a host of ignorant ne-
groes, who are supported in idleness with the pub-
lic money, and combined together to strip the white
race of their birthright through the management of
the freedmen's bureaus, and the emissaries of
conspirators in other States ; and to com-
plete the oppression, the military power of
the nation has been placed at their dispo-
sal, in order to make this barbarism supreme.
The military leader under whose prestige this
usurping Congress has taken refuge since the con-
demnation of their schemes by the free people of
the North, in the elections of the last year, and
whom they have selected as their candidate to shield
themselves from the result of their own wickedness
and crime, has announced his acceptance of the
nomination, and his willingness to maintain their
usurpations over eight millions of white people at
the South, fixed to the earth with his bayonets.
fie exclaims, Let us have peace.' Peace reigns
in Warsaw' was the announcement which heralded
the doom of the liberties of a nation. ' The empire is
peace,' exclaimed Bonaparte, when freedom and its
defenders expired under the sharp edge of his sword.
['he peace to which Grant invites us is the peace of
despotism and death. Those who seek to restore
the Constitution by executing the will of the people,
condemning the Reconstruction Acts, already pro-
nounced in the elections of last year, and which
will, I am convinced, be still more emphatically ex-
pressed by the election of the Democratic candidate
as President of the United States, are denounced as
revolutionists by the partizans of this vindictive
Congress. Negro suffrage, which the popular vote
of New York, New Jersey, Pennsylvania, Ohio,
\lichigan, Connecticut and other States has con-
demned as expressly against the letter of the Con-
stitution, must stand, because their Senators and
Representatives have willed it. If the people
shall again condemn these atrocious measures by
the election of the Democratic candidate for Pre-
sident, they must not be disturbed, although they
have been decided to be unconstitutional by the
supreme Court, and although the President has
sworn to maintain and support the Constitution-
The will of a fraction of a Congress, reinforced with
its partisan emissaries, sent to the South and sup-
ported there by the soldiery, must stand against the
will of the people and the decision of the Supreme
Court, and the solemn oath of the President
to maintain and support the Constitution.
is revolutionary to execute the will of the
people. It is revolutionary to execute the judg7
meat of the Supreme Court. It is revolutionary
in the President to keep inviolate his oath to sus-
tain the Constitution. This false construction (3',
the vital principle of our Government is the last
resort of those who would have their arbitrary re"
construction sway and supersede our time-honoured
institutions. The nation will say the Constitution
must be restored, and the will of the people again
prevail. The appeal to the peaceful ballot to
attain this end is not war, is not revolution. Their
make war and revolution who attempt to arres",
this quiet mode of putting aside military despotisra
and the usurpations of a fragment of a Congress'
asserting absolute power over that benign system
of regulated liberty left us by our fathers. This
must be allowed to take its course. This is the 04
road to peace. It will come with the election of
the Democratic candidates, and not with the elec_,.
tion of that mailed warrior, whose bayonets 91'
now at the throats of eight millions of people 113
the South, to compel them to support him as a
candidate for the presidency, and to submit to the
domination of an alien race of semi-barbarous ine
No perversion of truth or audacity or misrepreseni
tation can exceed that which hails this candidate in
arms as an angel of peace.—l am, very respec.,
your most obedient servant,
FRANK P. BLAIR.

-
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Births. Vat'
CAMDEN— On the 11th inst., at Bayham Abbey, the irth
chioness Camden, of a son, who only survived h '1-
a few hours.
EIALL— On the 11th inst., at Sheerness Dockyard, the ° l'f
fa
of Captain-Superintendent W. King 11;11,
con.

taia
SOADY—On the 9th inst. , at Southsea, the wife of Li'',
J. C. Soady, R.N., of a son. 1
Marriages. 10 111'5.
CHAPMAN—ASTLEY—On the 11th inst , at St'
Knightsbridge, Hillyar David, third son. of Willit`r-1 gio
Chapman, Esq., of Tunbridge-Wells, to Ethel Ge
"sooy,
Mary, youngest daughter of Sir Francis D.
Bart., of Everleigh, Wilts. 41,0301'
FAWCETT—WOOD—On the 12th inst. at the to
Ripon, Capt. Rowland Hill Fawcett, 33d Reginellin
Rose, only daughter of F. U. Wood, Esq., °`

Deaths.
CRAUIDeExIat-n—dOein.
otrluieden2,lsotf
LJounlyd,ona,tagßeuaclAn. , Aberdeansbirr'
LOWE —On tho 11th inst., at Iloddesdon, Wet
gagger 1419
aged 85.
11011ERTS—On the 12th inst., at Devonshire Villa, 60.711egPr:
herd's-bush, W., John Roberts, Esq., Retired List'
-
office, aged 78. ,
TICKNER—On the 11th inst., at Barton Lodge, Gobi-W-13
Mr. James Tickner, aged 82. kohl,
VERNON—On the 10th inst at Coombe Banks, Sarieurt
Vreecrinlioa LouisatT Emily, infant daughter of Capt.
R.N.

London : Printed and Published by WiLLIA.SI. AN
"°ND!". 02,
of No. 112, Strand, Printer, at Tns Sus 0:113 of
Strand, in the Precinct of she Bevoy, in thts O3noty
Ilicldlessx.7lhurticluy, August 13, 1863.