The Sun.
London, England, 1868-06-15 00:00:00

THE IRISH CHURCH.

If a man has a good cause, and it is founded
on right and truth, the more boldly he speaks
out, so much the more impregnable his position
becomes. In this case the real. boldness would
be in concealing the force of argument and
the full figure of the case in hand, mani-
festing it but partially, covering it up here and
there, and toning the light about it so much as
at last to do away with its distinct outline alto-
gether. Many a man has spoiled a strong
cause by a nervous and weak method of treat-
ment. When a man acts as if he is afraid, one
generally imagines—and as a rule pretty truly
—that he has got something to be afraid of.
It appears to us that the question of the
disestablishment—and the doing away with
altogether, if possible, of the Irish-Anglican
Church—is just one of those questions in point.
Look the law boldly in the face as it stands,
and the enormous proportions which it assumes,
the fearful difficulties it presents—like other
Spectres when dealt with with determination
—all melt away as mist. One of the greatest
-and most hideous of these moral spectres—
made up of intellectual mist—is, that if we
give a hand to the downfall of the Irish-Angli-
can Church, we are declaring ourselves against
our own principles. And while we are crying
out to the Italian Government "Sacrilege," for
having confiscated the property of the Church
in Italy, we, with the very same breath, cheer
to the echo any one and every one who will
lend a hand or a tool to shovel away the
enormous wealth of the Church of Ireland
out of the hands of its ecclesiastics. We are
told that to blow hot and blow cold won't do
—that we are ready enough to show up the
contradictions committed by Government in
putting down the Fenians, whilst at the same
time applauding the followers of Garibaldi ;
and a host of other arguments—or rather
sentences—are levelled at us as the most dan-
gerous, offensive instruments of intellectual war.
We may—some of us—partly have deserved
this. But we do not think for an instant, that
a Catholic who speaks out the :whole truth of
his position would. thus be attacked, and we
are absolutely certain that if he were attacked
he would never be defeated. And, first of all,
let us understand the meaning of the term we
use. If you ask, Can you disestablish or help
in the disestablishment of the Church—or of a
Church—we answer, No. On which our
opponents with astonishment turn round on us
and say—" See Ireland! Are you not doing all
you can to disestablish the Church there
We answer again, No. Our. explanation is
simple as the Catechism, and as full of truth
and fundamental principles. There is but one
Church. If we admit there are more, then
we destroy all Churches. The reason is patent.
The Church, like all other things, has her essen-
tial or characteristic notes. Blot out one of
those notes, and the others sympathetically
vanish—that is, the Church ceases to be. Now,
the Catechism, taught to every little child,
teaches us that there are four marks or notes
of the Church. She is uniVersal is one of them.
But if there is more than one Church, she at
once loses her prerogative of universality. If
wherever there is a Church, she is that Church,
how can there be place for another ? If the
religions of England, Wales and Scotland, are
so Many " Churches," they again must each
possess the essential mark of a Church. So
that there would. be as many Catholic or uni-
versal Churches, as there are different forms
of religious error in Great Britain—which is
simply to enunciate an absurdity. Once more,
another essential note of a Church is, that she
is one. But the Catholic Roman Church is
one. The Churches also, if the argument be
true of England, Scotland and Wales, are
each also one—so that in reality, unity and
multitude are synonymous terms—which not
even the most violent supporter of the Irish-
Anglican Church would be ready to admit.
In fact—as is plain—we cannot without pre-
varication, pretend for one moment that there
is any other Church in the world than that
Church which is spread through all the world
—that the one, Holy, Catholic and Apostolic
Church, .is the only Church, and will be the
only Church to the end of the world. She is
the only true coin. All the rest are counter-
feit, false coin—no more the real current
money of the realm of God, than those battered
I and broken half-crown pieces, tin shillings, and
leaden attempts, which we are glad to see
nailed as warnings to evil doers in public places,
on counters, against desks, and elsewhere, are
the genuine money of England. We are
all most anxious to discover and punish to
the extreme limit of the law, the utterers of
false coin. We are ready to a man to seize
on, and nail to the nearest barn door, all and
every false coin that we can, in our own pockets
lor in the possession of others. We would
thoroughly disestablish, do away altogether
with them in every shape and form, and with
those who have brought them into the cur-
rency ; and we would moreover think our-
selves prevaricators against our love of country
and our sense of honesty, were we to connive,
help, wink at, support—were we not to dis-
suade, prevent, hinder and the rest--all and
every one who should dare to call upon us,
or expect us to be ready to give them the
slightest encouragement in their nefarious
practices. But, surely no man in his ordinary
senses, however dull, would turn round on us
and say—" Why you are cutting your own
throat. You are doing all you can to de-
stroy the currency, to stop the bank, to anni-
hilate pounds, shillings and pence." Are you,
he might ask, or are you not, for the discon-
tinuance of circulating money? The answer
suggests itself to every mind—"We are for
circulating coin—but we are not for circulating
counterfeit. And in proportion as we in-
courage the former, we are bound to dis-
courage the latter. If counterfeit were not
destructive of coin, then we might let it pass.
But we know better. The world knows better.
They are not identical, they are antagonistic."
So is it with the Church of Rome and the
other Churches. They are counterfeits. To
deny this would be to assert that ours was false.
They are counterfeits, and their originators the
utterers of base, false, doctrine. Ours is true,
and its Originator was not man, but God.
Apply the case to the point in hand. The
Irish-Anglican Church is a counterfeit, but
with this difference, it is a counterfeit which
is a crying shame, a galling yoke, a cruel per-
secution, and a public and scandalous robbery.
Well may' Mr. Lowe have said, " Cut it down
—why cumbereth it the ground ?"
But it will be said, You are intolerant, you
are illiberal, you are persecuting. We answer
simply this, which will approve itself to every
honest man: —We are intolerant of error, when
that error can be blotted out without commit-
ting or causing error like itself. We are
deadly foes to error—were we not, we should
not be men. But it is often better to let error
bide than try to move it—worse evils may
result. Bat for that we are intolerant. We
are illiberal. No, we open our arms so wide out
to truth, justice, right, that error has no place
to stand. We do not admit the rights of wrong.
To do so would be insanity, not to do so is
simply the action of a sound brain. Perse-
cuting! No, not in the sense you speak. We
believe in punishment, in humiliations, in sins
of word and deed and their retribution. If we
punish, it is because we are tender, and un-
derstand the deadliness and poisonous qualities
of error. If we see that greater evils come,
we do not even punish—we merely are for
punishment that men may have reward.
Such are the simple thoughts of straight-
forward Catholic men. We can state our case
very plainly, in very few words :—There is
one Church, the rest are mockeries, and the
sooner they are removed, if no greater evil
be the upshot, the quicker will—not our per-
secutinc, illiberal spirit make its way amongst
men, but—our possession of truth, saving
truth, truth more precious than home or
friends, than political parties or success, than
life to the prosperous, or death to the aban-
doned. Our wish is founded on tenderness and
love, which are founded, in turn, on that
strong thing---Truth.--Westminster Gazette.

ROMAN AFFAIRS.

(From the Roman Correspondent of the Westminster Uazette)
ROME, June 6.

I see again, in the telegrams of some French
papers, and doubtless those of England have
had the same, reports of the Pope's ill health.
They are again untrue ; he has been remark-
ably well, notwithstanding the great heat, and
the exertion of the Whitsun functions. On
Friday last he visited the Deaf and Dumb
School, and inspected the various productions
of its industry. One little fellow was ad-
mitted to deliver a sort of address to him, all
conveyed in gestures, which he followed with
much interest, and replied to in a few words,
which were translated in signs to the children
by their teachers. He paid another visit one
day this week to the excavations of the Mark
morata, and spent more than an hour walking
about and examining the unearthed blocks
of marble, listening to the explanations of Corn.
Visconti, and not for getting to inquire whether
the heat, which did not seem to inconvenience
him, was not too great for the labourers. "Any
one can see what an interest he takes in all
this !" one of them was overheard to whisper
to another. It is expected he will shortly
hold a Consistory, at which the Convocation
of the General Council for the Bth Dec., 1869,
will be announced.

Mgr. Haynald, the estimable Archbishop of
Kalocska in Hungary, who lately stayed here
a few days, is said to have been charged, in a
more intimate way, with the same mission as
ssenburg—namely, to claim the Baron Mey
indulgent ;regard of the Holy Father for the
situation of the Emperor of Austria, and the
difficulties in which the development of revo-
lutionary tendencies place him.
The Infanta of Spain has made a very
favourable impression here. She seems very
affable and intelligent, and, among her other
accomplishments, speaks English fluently. She
has been very diligent in visiting the monu-
ments of Rome, and has devoted much of her
time to the study of its Christian archaeology.
The Catacombs and the new excavations have
been her special delight, and she has availed
herself of the able assistance of Cay. de Rossi
in exploring them. Last Sunday she went
with him into the newly-opened catacombs five
miles outside Porta Portese, where the body
of S. Beatrice (now in S ta. Maria Maggiore)
, was found.

The nuptial contract between the Duke of
Caserta and Contessa Antonietta of Trapani
was signed on Monday, as announced in my
last. The King of Naples and all the notabili-
ties of the Roman and Neapolitan nobility were
present, as well as many foreigners and twelve
Cardinals. It was remarked that the French
Ambassador's appearance on the occasion was
quite a ceremonial matter, while the Prussian
Minister stayed the greatbr part of the evening
and conversed with the King in the most
friendly manner. The marriage will take place
on the 13th, the Princess's name-day, in the
private chapel of the Pope, who will himself
give the nuptial benediction. The Count and
Countess Girgenti will only stay for the cere-
mony; but it does not appear to be yet decided
whether they will return straight to Spain or
first visit France and England. The Osserva-
tore estimates the revenue of the Duke of
Caserta at 40,000 Austrian forms, and the
dowry of the young Princess at 500,000 f.,
chiefly arising from a legacy of the Countess
de Montemolin and her trou:sseau and jewels
at 100,000. The Duke has also, of course,
his claims to the property, of which he was
despoiled in the usurpation of Victor Emma-
nuel.

M. de Sartiges is shortly to visit France,
and it is not expected that he will return in his
present capacity. M. de Malaret is spoken of
as his most probable successor.
On the night of the 1-2 of June, the Papal
gendarmi, after an exciting chase, succeeded in
capturing six brigands, who, they had received
notice, had just crossed the Piedmontese fron-
tier at Viterbo, with the design of pillaging
the demesne of a rich proprietor in the neigh-
bourhood of that town. They have also been
kept on the alert by a similar raid threatened
on the other, (southern) frontier. This has
given rise to an amusing sensational report
that Prince Borghesi, in fear of being captured,
and a ransom proportioned to his great wealth
set on his head, had escaped in all haste and
regained the capital by sea. The facts being
simply that the Prince has a very pretty little
yacht—the Marco Polo—which frequently
affords him a delightful trajet between his villa
on the sea at Porto d'Anzio and his palace in
Rome, to which the fort of the Ripetta forms,
as it were, a flight of steps down to the river.
The first stone was laid on Wednesday of
the monument the Pope is about to erect to the
herpes of the Mentana campaign, at S. Lorenzo
fuer le mura, by Mgr. Marinelli, Papal Sacris-
tan. It is to consist of a statue of St. Peter,
holding the keys in one hand, and in the other
bestowing a sword on a kneeling warrior who
bears a banner, on which are inscribed the
words Orbis Catholieus. It has a commanding
site assigned it on the little eminence over the
entrance to the catacomb of S. Cyriacns. The
heads of the various corps and a great number
of officers, soldiers, and civilians, Roman and
foreign, were present. The band of the Caccia-
, tori played the Dead March in Saul admirably.
On Sunday there was a little ceremony at
the English College ; a banner, worked by
Mrs. Kavanagh, was presented to the English
and Dish Zouaves. It bears an effigy of our
Lady of Victory—a kneeling Zouave before
her. Above are the Papal arms and the arms
of England. Mgr. Stonor, in addressing the
little assemblage, observed that it was in one
sense no new sight to see English volunteers
gathered within the walls of the English college;
" . . . When persecution against the Catholic
religion broke out in our country 300 years ago,
numbers of English volunteers left their homes
and all that is dear to the human heart that they
might preserve their faith alone bright and
pure. They cane to Rome, and having learnt
all that was necessary for the spiritual warfare
in which they were to engage, returned to their
own country to fight to the uttermost the good
fight of faith. The annals of the English, Irish,
and Scotch colleges are full of the deeds of
those who died the death of soldiers and
martyrs—who suffered every loss and humilia-
tion, and torture itself, in their devotion to
their religion. Although the lapse of time is
great and the uniform new, the cause and our
spirit are the same. I have before me to-day
other volunteers animated by the same ardour,
not defending alone the faith of their country,
but fighting against a persecution which has
been raised up all over the world against its
Supreme Head. These recollections invest
with a special fitness the English College for
the place of this gathering. • • Without
boasting, I esteem it a fortunate thing that the
Anglo-Saxon and Celtic races are represented
in the Papal army ; for among their distinctive
qualities is a calm and courageous perseverance
which suffers no defeat, and carries them on
to success in all their undertakings. The
French felt this some fifty years ago ; later
on, India ; then, the mighty forces of Russia;
and now the well-nigh inaccessible fastnesses
of Abyssinia. Nor is this exhibited alone in
the arts of warfare ; in the peaceful pursuits
of manufactures and commerce the same spirit
gives to our remote little island a paramount
importance amid the nations of the earth. Nor
is its exhibition confined to their corporate
or collective capacity; it distinguishes each
individual as much as the whole body. To
take an instance germane to the locality. Pro-
fessors of the Roman College have, on more
than one occasion, observed to me that when
our students here choose to exert themselves,
they carry everything before them at the exami-
nations. This quality will never be wanting
to the English Zouave , and from the present
position of affairs in Italy, it is more than pro-
bable that before long it will be severely tested,
and triumph in another and more glorious
Montana. . . " Dr. O'Callaghan also
addressed the meeting in a very neat speech,
and concluded by proposing three cheers for
the Papal volunteers, and for Mgr. Stonor who

has devoted himself so untiringly to their
interests.

In confirmation of the opinion expressed as
above by Mgr. Stonor, that the secret intrigues
of Piedmont are still at work here, I may men-
tion that five men were taken in a boat in the
Tiber last night, provided with all sorts of im-
plements for mining, which they had hoped to
have brought in thus quietly, and in the dark.
Admission has been gained for other conspira-
tors, by detaining at the frontier the passports
of visitors to Naples, and using them in their
absence.

Cardinal Capalti will take possession of his
title church, Sta. Maria in Aquiro, on the 14th.
Cardinals Ferrieri and Barili will receive their
hats at the next Consistory, they could not
receive them in that in which they were
conferred on the Cardinals created at the same
time, because they were then detained abroad
by their diplomatic functions.
We have this week •been called to lament
the loss of a very amiable and distinguished
prelate, Mgr. Giraud, Auditor of the Apostolic
Camera, Master of the Fabric of St. Peter's,
Visitor of the Manicomio of the Fabbrica of
Mosaics. His death was caused by indigestion,
brought on by having to dine off eels facto de
mieux at Fiumicino. His brother died of apo-
plexy. only three days later. Oddly enough,
two of their brothers died in a similar way
only a year or two ago. He was buried on
Tuesday night. The procession left his palace
in the Piazza del' Ara Cceli at 9.30: passed
round the Minerva Piazza, then back through
the Corso to S. Marco, his parish church. Two
or three Confraternities, with which .he was
associated, vested in their various habits, and
a body of Capuchins and Franciscans bearing
torches followed the , bier, on which lay the
purple mantelletta of a Monsignore. The next
day had been appointed for an audience on
his appointment as, uditore della, camera.
A fresh detachment of twenty-five Canadian
volunteers, as hearty as those who have pre-
ceded them, arrived on Tuesday. The Cana-
dians have now a very commodious and well-
situated library, reading and billiard room of
their own.

A manual of devotion, proposing to keep
June as the month of St. Peter as March is
the month of St. Joseph, has become very
popular. The devotions of the month of May
have been well attended, and by none more
regularly than by the soldiers. Most of the
companies arranged a little chapel in their
quarters, where they daily recited Litanies
together. The most • conspicuous was that of
the 7th company of the Ist Battalion, now
stationed at Tivoli, the soul of it being the
Peruvian Sergeant Sevilla, whose gallantry in-
the late campaign extorted a mention in my
letters more than once. He is now happily
recovered from all his wounds, and his un-
bounded devotion to our Lady, which made
him accept his sufferings with so much en-
thusiasm, prOmpted him to lead his fellow-
soldiers in this devotion. The Bishop Of
Tivoli, hearing of their daily gatherings, was
pleased to attend on the last evening and give
Benediction, which was received with military
honours, nearly the whole company having
received Communion athis hands in the morn-
ing.
I think I forgot to mention at the time that
Rome was also visited in May by a large band
of Tirolean peasants, who were often to be met
at the various shrines, habited in their pic-
turesque national costume ; dark green coat
with scarlet facings, white stockings and green
velvet knee-breeches, confined round the waist
with embroidered belts and high pointed hits,
ornamented with plumes and feathers and little
silver images. They brought 300,000 francs as
an offering from their parishes to the support
of the Papal army.

THE PRESIDENT'S ACQUIT TAIL.

(Front the Anglo-American Times.)

The Democrats predicted that the acquittal of
the PRESIDENT would be fatal to the Republicans,
or that his conviction and deposition would be fatal
to the Constitution. It is not, as will soon be
proved, such proceedings, but the motives from
which they spring, that destroy parties or Constitu-
tions. Had the design been, as some allege, to
establish an oligarchy in the supremacy of Congress,
then the motives of the leaders being corrupt and
selfish, the party, if the peore remain virtuous,
must eventually collapse. But if the Impeachers
regarded ANDREW JOHNSON as a wilful and obsti-
nate obstruction in the way of necessary and bene-
ficial legislation, if they believed his motives to be
improper and his action as unrestrained as illegal,
then they were justified in treating the question of
removal as the Constitution directs. Precisely as
in the trial Mr. JOHNSON'S guilt or innocence
hinged on his motives, so does that of the party
in the prosecution. If they intended well, they are,
or will be, justified in the eye of Ole nation ; if not,
then the course might be fatal. Supposing, as is in
truth the case, that with a full mixture of greedy,
selfish intentions in individuals, the party in the
main meant well, there are reasons for believing
that the effect, instead of being injurious, will be
advantageous. It is notorious that the party de-
sired to remove ANDREW JOHNSON —that four-fifths
of the representatives were Republicans, that out
of nine Senators seven were Republican—that Mr.
JOHNSON, in giving them deadly offence, had failed
to draw the opposition to his side, and that he was
not only without aback, but unpopular throughout
the country. The power of the purse, of the sword,
and of the law, were all with Congress, for the
PRESIDENT had clearly infringed a statute, and ex-
posed himself to the penalty his enemies so desired
to inflict, and the Senate could, had it been guided
only by political objects, have deposed him by a
breath. The circumstances warranted the world in be-
lieving that those who had such power would use it
to acemnplish this end ; yet, to the honour of Repub-
lican institutions, to the honour of the party holding
the obnoxious PRVIDENT'S fate in their hands, to
the honour of the august assembly before whom he
was tried, they refrained from taking advantage of
legal quibbles, and honestly decided on the motives
which appeared to them to actuate the accused.
This was done in the full belief that it involved a
great injury to their party, and political ruin to a
certain section of their best men. Yet the action
was endorsed by many of the most esteemed
and influential of the Republican party. As usual
in such cases, those best able to judge, and
actuated by pure motives, will be seen to have been
only in advance of the national sentiment. When
the people have time to form a correct opinion, it is
more than probable that they will endorse the ap-
proval of the Senate's Verdict given by numerous
good Republicans. If so they will sanction the
course of the party, and award to it both credit for
checking a President in what was considered an
illegal course, and in acquitting that President
when on trial his acts were not shown to be dictated
by guilty motives. The leaders of the Republican
party may appear to the country to have been the
zealous guardians of the people's liberty, yet the
scrupulous dispenser of law and equity and the up-
holder of the national honour. Sinking all the
paltry intrigue that so debases and sullies political
action in America, the verdict of the world and of
history may be what we have stated, for the broad
facts will stand forth, while the minor details upon
which all eyes are now fixed at Washington, and
generally throughout the Uuioa, will sink into obli-
vion. If the trial relmnds to the honour of the
Union, as a movement of the Republican party, it
may reasoaably be expected in benefiting the na-
tion to benefit themselves.
It is a matter of doubt and discussion in the
United States whether a conviction would have
been for the national goo I, and on the whole it
is believed that the ver lict best proinitee the public
weal. The present and all future Presidents have
been taught a useful lesson. Previous to his trial Im-
peachment was a vague threat, a dead letter in the
Constitution. It was a power of removal the dread of
which never influenced the Chief M i,,,istrate'S actions.
It has now been shown to be an effectual means of
testing his conduct, and of cutting short, if illegal,
his career. Henceforth it cannot be ignored, and
will act as an incentive to goql behaviour. Had
Mr. JOHNSON'S
,motives really been impure, he

would have been hurled from the chair amid the '
execrations of his fellow-citizens. But he believed,
as is now clear, that he pursued a constitutional
path in pursuit of the public welfare, and although
obstinate, unhappy., and ill-a lvise lin his action, it
was in accordance with his judgment. To punish
and to stigmatize a man deliberately elected to the
post for exercising the qualities that had procural
his advancement appeared unjust to a large por-
tion of the people, and if he were the wrong man,
they felt that it was their fault that he was in the
post. But, though it is well to show Presidents
their danger, it is also well to show Congress how
certain they must be of their grounds before they
resort to the expedient of Impeachment. There is
always sympathy for a ruler in difficulties. How-
ever he may be abused, when in the full exercise
of great power, the moment he is stripped of
authority and brought before a tribunal a revulsion
takes place in the public mind. TREODORE, murder-
ing his prisoners with, his o .vn haul, and c tiling in
his musketeers to hasten a slaugliter of wliich he
was wearying, appears a fiend incarnate that one
would like to hang on the nearest tree ; bat THEO-
DORE, deserted by his troops, holding his fortress
in defiance of an overwhelming power, and giving
up his authority only with his life, inspires respect
and sorrow. This revulsion in national feeling must
always be calculated on by Congress in an attempt
to Impeach a President, and will curb rash designs
to use the power for party purposes. We hold,
then, that the trial and verdict will have the double
effect of .checking illegal action on the part of the
Presidents, and of checking a hasty resort to Im-
peachment on the part of Congress ; teaching the .
one that in guilt there is an effectual mode of
stopping his career, and the other that unless the
charges be well grounded the Impeachers are not
unlikely to be " hoist by their own petard." The
immediate effect of the verdict will be to strengthen
the PRESIDENT and to weaken Congress. Before
the trial his enemies were never weary of circu-
lating the most infamous libels against his cha-
racter. These, with every opportunity, the pro-
secution have failed in the slightest degree to
establish ; therefore ANDREW JOIINSON comes out
of the trial whitewashed. Before the event not
only were . rumours prejudicial to ANDREW
JOHNSON'S character current, but Congress, at
least to some minds, occupied the position of
holding the power to crush, while refraining
from using it. Now to those minds the posi-
tion is reversed, Congress having tried to crush
and failed. ANDREW JOHNSON has the further
advantage of beginning from the 26th ult., with a
clean sheet ; he had then turned a fresh page,
and his record, whatever might have been its
bright spots and its blots, was so far finished.
He bad fairly stood bis trial for his alleged offences,
and all parties are bound frankly to accept the re-
sult. If be recommences a career of " cussedness"
the Republicans will rejoice, for he will greatly
strengthen the party in the approaching elections.
If his proceedings are marked with sense and mode-
ration, the nation will rejoice, for it only wants an
honest administration, and in either ease the Re-
publican party will claim the credit ; in the former,
because such a course will show them to have been
right in endeavouring to get rid of an unteachable
obstruction to good Government, and in the latter
they will affirm that their action had caused the re-
formation of this high official. The United States
have escaped an unknown danger in BEN. WADE.
That he was not acceptable to the people at large is
shown by the Chicago Convention. If the Repub-
lican party did not desire him as Vice-President,
the nation surely did not desire him as President.
BEN. WADE in his short term might have done
great harm but little good, while ANDREW JOHNSON
can do some good, but little harm. On the whole,
then, we believe the decision of the Senate Court to
have been fortunate from a political stand point;
putting law and justice aside.

MONEY AND BUSINESS.

(From the Springfield Republican.)
NEW YORK, Friday Evening, klay 29.

The leading feature of the financial situation, this week,
has been the steady increase in the previously high prices
for the Government Securities, and the immense business
which tho transactions have covered. The stimulus un-
doubtedly comes primarily from the ease in the money
market., but other causes—the popularity of the Govern-
ment Loans, the favourable influence of the Chicago Con-
Tention, and the investments of the proceeds of last year's
crops— also operate in the same direction. The transac-
tions of last week were larger than of any since the close
of the war, and the dealings of a leading house at New
York, from Monday, May 18, to Saturday, 433, amounted
to nearly 821,000,000. Five-Twenties of 1867 were sell-
ing at New York, Thursday, at 1111 and the demand was
greater than the supply. Predictions are abundant that
the securities of this class will readily command larbefore
the middle of July. Tho latter issues of Five-Twenties
are preferred, from the fact that they have a longer time
to run absolutely, as no Five-Twenties can be paid within
five years after the date of their issue, and will command
gold interest until they are redeemed. Another fact which
causes the Government Loans to appreciate in price
and public favour, is that they aro nearly exhausted.
The Ten-Forty Loan, it is said, is all closed out, and with
the conversion of the remaining Seven-Thirties the
issue of Five-twenties will cease. This process of exchange
is now going on with great rapidity, the transfers amount-
ing to several millions daily, snit the amount now out-
standing being not much over $100,000,000. The reduc-
tion in May will be over $600,000,000, and it is expected
that the whole loan will be exchanged by the first of July.
When this is done the Government debt, bearing coin in-
terest, will have reached its maximum under the present
legislation, and insteal of selling bonds the Government
will become a purchaser. The demand will thus be in-
creased, and the price also. The Act of February 26 re-
quires an amount equal to 1 per cont. of the debt, made in
or since the year 1862, to be annually set aside in coin, and
tho interest of this reserve to be applied to the payment or
purchase of the debt. The fund thus provided will accrue
at the start at the rate of twenty-one millions. With all
these influences working in the same direction to restore
and stimulate confidence in the security of the Govern-
ment loans, it is not strange that the price advances. Be-
sides the legitimate demand, there are also many specula-
tors in the market, and the prospect of a steady advance
and firmness in the market is almost certain to be realised.
The holders of Government bonds are not anxious to part
with thorn while the price is rising, and speculators for the
same reason are anxious to procure them.

Financial legislation lags in Congress, and an early
adjournment now seems likely to defeat. entirely what
impeachment delayed. Mr. Sherman's bill for the funding
of the entire debt into a long five per cent. loan, which he
introduced almost at the beginning of the session, was re-
vived, Thursday, but there is great doubt if it passes the
Senate, and greater if it survives the House. The debt
can bs liquidated within a reasonable time, and daring the
present generation, if it is undertaken in the right way,
and there are serious doubts as to the wisdom or expedi-
ency of the proposition of the Senator from Ohio. The
House has now before it Mr. Schenck's Tax Bill, which
will occupy it all summer, if it gives it anything like the
consideration and discussion'it cenama,nds. The bill will
come up in committee of the whole as soon as the Indian
Appropriation Bill is disposed of, and Mr Schenck means
to keep the members at work on it until it is finished.
Even if this is done, there are still the tariff and other im-
portant measures affecting the revenue which will hardly
receive any at'ention at the present session of Congress.
The changes in the present tax la ~r aro not very im-
portant, and Mr. Schenck has left the whole matter of the
whisky tax, the most important of All, for the decision of
the House itself. If the House, Mr. Schenck, or any body
else, could contrive any way in which the whisky tax,
as it is now levied, can be collected, the whole tax bill
could be deferred and the public interests suffer no loss.
The revenue of which the Government is cheated on
whisky would pay many of the taxes now wrested from
other articles to make up the deficiency. Of course, all
the distillers and " whisky ringers" at Washington are
anxious for lin early a•ljouruuiant of Congress that they
may carry on their frauds and swindles for another year
without molestation.

There is no change in the money market contrary to
is general-easy tendency for the last few weeks. At New
York few loAns are made above 5 per cent., and some are
effected as low as 3. The market is burdened with more
money than can be disposed of, and all loans are made on
short time. Where a good, permanent investment for
several mouths can be obtained, the rates rule higher, if
the security is satisfactory.
,The prospect is generally ad-
mitted to tend to lower rates as the summer advances, un-
less a revival of business should create a commercial de-
mand, of which there is now no indication. should the
summer business which the late and cold spring has
checked and restrained revive and improve during the
few weeks to come the demand for money may also be
greater and the rates higher. The western markets are
dull and stagnant, and all the money that is required for
produce transactions can be obtained on favourable terms.
Tho gold market has been steady- and firmer during the
week, with a slight upward tendency, closing ou Thurs-
day at 1391. £ho export demand has been quite large,

and will reach nearly $3,000,000. The arrivals from Cali-
fornia have been over $1,200,000, and the payments at the
Now York Custom-house have exceeded the disburse-
ments for coin interest. It is doubtful, however, if in the
ordinary course of events the premium can be maintained
at its present high rate during the summer months. The
Government and the Pacific Railroad will disburse, on the
ISt of July, $35,04,000 in gold, equal at the present
difference to $39,000,000 in currency, and the banks, in-
surance companies, and other corporations will also declare
their usual semi-annual dividends, throwing in all pro-
bably not less than $70,000,000 in currency ou the market,
and all to bo reinvested in some form or Other. Bat little
of this last amount will go out of the country, and the dis-
posal of so large an amount will inevitably reduce the rates
of money and the premium on gold. Tho Customs at New
York for the first two days of this week were $926,601,
and those at Boston on We lues lay over $lOO,OOO, all
showing a steady activity in the foreign trade.

The event of the week in the miscellaneous stock m tr-
icot has been the sharp and decided rise in the Pacific: Mail
Steamship Company's stock, and that almost immediately
following the announcement that their dividend would be
passed, and all the energies of the coecern devoted to ex-
tinguishing the opposition line. The rise in the price was
started on the report that the dividend would be paid, but
the contrary truth rather helped than hindered the ad-
vance. There is no doubt that the company is pursuing
the correct course, and that it will ultimately triumph if
it adheres to it. The company has almost unlimited means
at its command, and with its lino of China and Japan
steamers, already in successful operation, is in a position
to reap the full advantage of the current of Asiatic trade
which is expected to pour across this continent as soon as
the Pacific Railroad is completed. The advance in its
stock produces an activity through the market, and the
railway and express shares have had an upward tendency.
The investments are not large, however, and the specula-
tion which ran mad at the time the Erie war was at
i;s height has entirely subsided. The business in rail-
road shares will be lighter this season than usual, in
consequence of the absorption of funds in the Govern-
ment securities. The Illinois Central Railroad has just
watered its stock by a scrip dividend of eight per cent.,
and at the high premium at which stock now sells
the action may bo justified, though it is questionable
as a general rule of practice. Three companies,
which cannot pay a cash dividend, have, this spring,
added to their stock after this fashion of a stock dividend,
when the better policy would have been to put their earn-
ings into improvement of their roads, and increased tho
value of the stock already existing.
The dry goods market has been dun and inactive the
past week, as all through the spring, in consequence of the
cold, backward season, which has delayed the demand for
goods for summer wear, and coming at this late day will
greatly restrict the sale. The abundance of money stimu-
lates collections, and cash payments are for the same rea-
son more frequent, so that there is greater convenience
and ease among the merchants and jobbers. The action at
Chicago had a favourable influence upon the business men
of the country, and they will follow the lead of the great
New York house of A. T. Stewart and Co., who hung out
on the day of the nomination a great banner, which used
to do duty in the days of the war, and inscribed it with
the names of. Grant and Colfax. Prices are generally well
maintained in spite of the dullness, and there is a feeling
of confidence which will produce a strong and active mar-
ket wherever business really begins in earnest.; Cotton,
' raw and manufactured, is not essentially changed, although
the tendency of the market is upward at New York and
downward at Liverpool. Foreign goods are firmly held at
New York ; and importers are awaiting for better times•
The flour and provision markets at New York and Albany
have had a decline and a falling off in prices, and the cattle
markets at Cambridge and Brighton, being only scantily
supplied, have gone the other way.
(From the Wall-street Journal)
NEW YORK, Friday Evening, May 29.
_

On and after June 1, the Treasury Department will be
prepared to receive Seven-thirty Treasury Notes falling
due June 15 and July 15, 1868, for conversion into bonds
dated either duly 1, 1867, or July 1, 1868, as parties nail
desire. The terms of conversion will bo as follows, viz.:
the interest on both series of notes will be allowed up to
July 1, and the bonds issued in exchange will bear inte-
rest from that date.

American Silver is in moderate demand at 6 to 7 centS
balow the price of gold. Mexican dollars are quoted at
1031 to 1034 in gold.

Mining gtocCs show some improvement, particularly
Consolidated Gregory, -which has to-day been sold at
$5 45, against $3 yesterday, closing, however, at $5;
Little Kanawha Coal has been sold at par ($lOO per share),
the company doing well, and expecting to declare a
dend of five per cent. in July next.

Petroleum Stocks are in good demand, particularly
United States, of which there are many buyers, and Union,
for which $5 are freely bid. Many stocks which have for
months not boen spoken of are again inquired for, among'
which we note Highgate, which has been sold at .6 cents,
and Commonwealth, for which 20 cents aro offered.

NEW YORK R ITES OF EXOILINGE,
May 29th, 18G8.

Sixty Days. Three Days.
London Bankers
London, Prime Commercial lo9k-1094.
Paris, lin kei s - 5.121 5.111-110
Bremen, Bankers
ILimburgh, Bankers 36 —361
Frankfort O.M. 404.-41-}

Berlin and Cologne
Antwerp 5.161-5.121
.Amsterdam, Bankers
Swiss

The following were the closing quotations this evening
for the Railroad and Miscellaneous Stocks :
Cleveland and Toledo 1091
Fort Wayne
Pacific Mail 94
Atlantic Mail 32
Quicksilver
W. U. Telegraph
Mariposa Preferred
Ohio and Mississippi al
Boston Watur Power 2l
Cumberland

N. Y. Central l33k
Erie

Eltylson
R.lading
Mich. South. &N. I BB
Illinois Central
Cleveland & Pittsbrg BBl
North-West
North-West Preferred 801
Canton... sl+
Rock Island

The following for the Nei
Merchants'
America
Butchers and Drovers 135
City
New York
Manhattan ... ' 148
Mechanics' l29k
Union

York City Bank Stocks:
Manufac. and Merchts' 103'
Mechanics' Association 118
Broadway
Hanover
Irving 107;
Metropolitan
People's
Market.. ll4
Nassau lO4
Shoe and Leather ll7'
Corn Exchange l2B
Continental lO3
St. Nicholas
Commonwealth
Importers and Traders' 128
Central National
Fourth National .. 103
Ninth National
Park l5l
Leather Manufacturers' 170
Oriental Bank 1351
Tenth National
East River
Pacific '''
Chatham 149
North River

Phenix 1074
Tradesmen's
Gallatin National
Merchants' Exchange 115
Seventh Ward
State of New York
Commerce

Ocean
American Exchange ll9l
Bank of the Republic ll9
Bank of North America 110
Eleventh Ward 105
Mercantile
Fulton 153
First National 205
New York County l4O
Marine 144
Grocers'
Express Stocks are quoted as follows 61 :
Adams 56} to 56
American ... 524 to 53g
United States 55} to u"
Wells, Yatgo, and Co. 26 to 26
Merchants' Union, 35 per cent.... 28} to 2
By telegram from San Francisco, dated May 20, 1868'
we have the following quotations:---
Gould and Curry
Savage •••
Chollar-Potosi
Ophir •••
Rale and Narcross
Crown Point
Yellow Jacket
Botcher
Alpha ...
Kentucky
Bullion

$440 per foot
3,145 it

214 ~

... 165
... 2,103 rp
... 2,110 ,t
... 1,105
„ „ 300 II

... 410 , f

Overman
Empire Mill ...
Imperial ...
Confidence
Amader ~.
Exchequer
Quartz Hill ...
Lady Byron ...

ere ... ~

..e.
... 2U5 pr 013'

.1,1 ... 7/

•ee I?