The Sun.
London, England, 1868-03-24 00:00:00

THE SUN, LONDON, TUESDAY EVENING, MARCH 24, 1868.

this as an injustice and as a penal enactment ?
The whole population in Ireland would rejoice in
the resolution of the national system into bond
fide denominational schools. The Protestants
would be as thankful as the Catholics.
But Ireland wants something more. She
claims, at least, to be treated on an equal foot-
ing with the colonies. Now the Government
has chartered and endowed colleges at Sydney
and Melbourne in Australia. " But in Ire-
land the Catholic University has neither
charter nor endowment. Three mixed colleges,
which I must call by the Christian name Sir
Robert Inglis gave them—Godless—are offered
to four millions of Catholics in Ireland; whilst
the million of Protestants possess Trinity
College, Dublin, endowed with 190 acres of
land and a revenue of upwards of £30,000 a
year. These things the British Government
has done for the Catholics of Canada, who are
1,200,000, and for the Catholics of Australia,
who are some hundred thousands ; but for the
Catholic population of 4,500,000 in Ireland,
neither charter nor endowment has been given.
Is it strange that Ireland is not sufficiently
sensible of the benefit of being called a part of
the mother country ? Above all, as it is not
thus that the mother country treats itself."
Such are the two grievances which can and
ought to be remedied at once. The other two
demand more time for their settlement, but
they are both within the control of Parlia-
ment, and both lie deep in the discontent of i
Ireland. The first is the Established Church
—for which but few men dare to argue—that
disgrace and danger to the Empire. It must
be demolished and disendowed ; but how is it
to be effected, and what is to be done with I

the money ? The Catholic Bishops and clergy
of Ireland will have nothing to do with the
money for their own personal use and benefit.
When an old chalice has been stolen, a new
one is consecrated. If the old one were re-
stored, as it has been desecrated, melt it down,
and give the silver to the poor
So with the old endowments. They belonged
once to God. They have been taken away, and
He has provided in another form for the service
of His altar. They ought, indeed, to be restored ;
and let the restitution be fully made. But lct it
be made to Him in the hands of His poor. They
are His representatives. Therefore it is that the
bishops declare that, " by appropriating the eccle-
siastical property of Ireland for the benefit of the
poor, the Legislature would realize one for the
purposes for which it was originally destined, and
to which it was applied in Catholic times." By
this, the bishops do not mean that it should be
applied to relieve the landlords of the poor-rates,
or the Government of the cost of education, but
in other ways for which there is no provision.
There are many works of piety and charity
much needed in Ireland which would absorb much.
The rest would go direct to the poor if it were
applied to such a settlement of the land as would
lift the families of the poor by giving them an in-
terest in the soil.

And now for the fourth and last subject
—the land question —in comparison with which
the Archbishop declares all others to be light.
It is the question of the people and of the
poor ; of social peace cr agrarian war ; of life
or of death to millions. Englishmen think
it a maze of perplexities, but foreigners see no
exceptional difficulty or complexity about it.
The Archbishop begins his solution by affirm-
ing that there is a natural and divine law,
anterior and superior to all " human and civil
law," by which every people has a right to live
of the fruits of the soil on which they are born,
and in which they are buried. On this prin-
ciple the land in England is charged for the
support of the poor. This law was made in
the time of Elizabeth, when monasteries had
been closed against the poor. For three hun-
dred years the landlords in England had
clearly recognized it as a just law; Irish land-
lords resisted it as a violation of the rights of
property. It is to be doubted if the land laws
of England would have lasted till this date if
the Act of Elizabeth had not made their
exclusiveness tolerable to the mass of the
people.

Raving established the right of the people
to be supported by the land, the question is
" How is that to be effected in Ireland 9" In
England the tenants have land customs which
may be enforced in the courts of law, and
which have, therefore, the power of law. Their
lands are their homes, and their interests arc
even generously watched and guarded by pub-
lic opinion.

But in Ireland none of these things are so. In
one-fourth of Ireland there are land laws, or, rather,
land customs, which protect the tenant. In three-
fourths of Ireland there are neither laws nor cus-
toms. The tenants are tenants at will. Over a vast
proportion of Ireland the landlords are absentees.
The mitigating and restraining influences of the
lords of the soil which, in England, and in every
civilized country, do more to correct the excesses
of agents, speculators, and traffickers, and to temper
legal rights with equity and moderation, are hardly
improvements upon
ftharbme fos,aunnddiherrbhueilsduinbgstsanneticaelssary for agriculture,
are made, not by the landlord, as in England, but
by the tenant in Ireland. Is this to be found in
any other country of Europe? The tenant has no
security that his outlay is his own, or that he shall
ever reap the benefit of it. Whatever goes into the
soil, whatever is built upon it, "fructificat domino."
The landlord may raise his rent at will, and give
him notice to quit at will. The tenant at will may
land, or for non-payment
bad farming, or
ob
fe put
rent, outo or
for
wastean y causeof
his;
lnaont
breach of covenant, if such can be supposed to
exist, all of which would bear a colour of justice ;
but for the personal advantage of the landlord
arising from the tenant's improvements ; for politi-
cal influence ; for caprice ; for any passing reason
or no reason, assigned or not assignable, which
Thsisa evil state. Absolute
consciousn
irre-
sponsiblecanarise ipnomweinr.dsof absolute and
and irresponsible power is too great for man. Even
supreme ciril rulers do not possess it.

After giving some heart-rending descriptions
of the awful and horrible results of this glaring
iniquity, the Archbishop says that if we are to
seek for a remedy—
Weu ms
Tuscany,
y
learn
even
of Canada
o f Prussia,
d
aFurance, Switzerland,
Prince Edward's
Island, all of which are in advance of England in
anddT
the solution of what is called the land question"
in Ireland.

How is it to be expected that a people will be
industrious who have no security that they will not
be swept off the land they till? How will they im-
prove it if they have no security that they shall
retain the benefit of that improvement ? How shall
justice be done to the land unless it be improved
by advancing cultivation ? How shall cultivation
advance if improvements be visited by a rise in
the rent, and the increased rent be enforced by
notice to quit ? How shall the land so treated fail
to breed famine and fever, and a people so harassed
restrain themselves from a wild discontent and
bitter retaliation? The same would be the state
of England if custom, which is the " mother of
quietness," and therefore of plenty, did not pro-
tect the tenant from arbitrary rents and arbitrary
evictions.

Apply to Ireland that great principle of
equity laid down by Lord Derby in introducing
his Land Bill of 1852—" That the property
created by the industry of the tenant belongs
of right and in justice to himself, and that it is
the duty of the Legislature to protect it by
law."

Make this really the law of the land, add to
this obligation of granting leases, and then
we shall begin to see our way to the realiza-
tion of an Hibernia Pacata—then, but not till
then.—Westminster Gazette.

The Pall Mall Gazette says the Republican Se-
nators whose course on the trial of the President is con-
sidered doubtful are Messrs Trumbull, Fessenden, Morgan
Ross, Van Winkle, and Prelinghuysen. The New York,
Anti-Slavery Standard believes that there is no reason for
regarding these Senators as likely to decide in favour of the
Presicknt; but Mr. Wendell Phillips, in a communication
to the same paper, deplores the non-suspension of the
President during his trial, and says he will not be sur-
prised "if Johnson is able to briba or bully the President
into an acquittal."

The Nova Scotia Legislature is adjourned to
August 6th.
[ADVERTlSEMENT.]—Holloway'sPills.—With the weather
so cold and ;he winds so keen, what is to be done to keep
the human body healthy, to protect the weak, to renovate
the diseased ? The reply is, supplant the suppressed ac-
tion of the skin through an alterative like these pills by a
freer action on the liver, bowels, and kidneys; this 'A ill
preserve the delicate internal structures from congestion,
irritation, and inflammation, and carry off those noxious
matters ordinarily transmitted through the integument.
A course so natural must commend itself, and must elicit
the unqualified approbation of all who think and under-
stand how nature invariably aids a defective organ by ac-
complishing its unperformed functions by means of in-
creased activity elsewhere.

AMERICAN MARKET S.

(From Beldiny, Keith, and Co.'s Circular.)

NEW YORK, March 6, 1868.
Our correspondents give by their circular markets
as follow :—The money market for call loans has now
fairly settled at six per cent., while upon indiscriminate
collaterals and for commercial discounts seven may be
quoted as the ruling rate. The dealers in Government
securities are, as usual, still favoured in some instances
with round sums at,one per4cent. under the current rate,
but even these loans at five are becoming exceptional and
rare. The advance in the rates of money has been largely
instrumental in depressing United States Stocks, not as
applied to the dealers, but from the fact that the banks
and large money lenders have been free sellers of fonds,
which they purchased for investment of balances at a time

when they could not profitably employ them in any other
way, but which they now wish to release for the require-
ments of their business. The exportable bonds are quiet
in the absence of any demand from the foreign bankers,
and, pending the impeachment proceedings in Washing-
ton, we can scarcely look for any great activity in local
investments. The Treasury is confining its transactions
strictly to converting the 7 3-10 currency notes that ma-
ture next June and July into the 5-20 year gold bonds, ad-
justing the interest. The Assistant-Treasurer has deemed
it advisable to cease purchasing the 7-30 notes direct. As
far as we can learn the Treasury is selling no gold at
present.

.At the Stock Exchange Erie Railway is still the most
active and most irregular, and between suits and counter
suits the public mind has become very much perplexed as
to the exact status of the company's relations to the
Courts. A raid was made upon the Express Stocks this
morning, resulting in a decline of two and three per cent.,
for which we can ascertain no reason beyond a mere freak
of speculation. The advance in some of the Western
Railways, to which we referred yesterday, is well main-
tained, and various rumours are afloat as to the probable
cause of the recent outburst of speculation in them—with
most of which reports the name of Mr. Vanderbilt is in
some way connected. At this meeting the entire stock
market is strengthening, and the dealings growing more
active.

The activity in the Border State bonds still continues,
with a still further advance in some of the issues.

On the subject of finances the following, from the
Journal of Commerce, is very plain and to the point:—
"We have before us another instalment of pamphlets on
the financial question. One is signed by Wm. Ernst, a
highly respectable gentleman, President of a National
Bank in Kentucky. There is an assumption of fairness
and candour at the outset of his remarks which is
not justified by the statements that follow. A writer
is at liberty to assert that no wrong would be done
the bondholder by paying him off in greenbacks; or, if
he admits the seeming wrong, to justify it by the neces-
sities of the case, or the condition of the country. But he
has no right, after all that has laden published in eluci-
dation of the theme, to misstate the facts, or set his
belief against verified history. Mr. Ernst declares
that a proper examination of the Act of February 25,
1862, must have shown that it provided for the pay-
ment of Bonds in the greenbacks then authorized, and
that, as a matter of fact, the purchasers took them
with that understanding, or were indifferent to the
method of payment. He also declares that Congress
intended to make a difference in this respect between Ten-
forties and Five-twenties. None of these assertions are
true. When the question came up for the first time two
years after, on a sneer from Thaddeus Stevens, who was
vexed because an amendment proposed by him was
voted down, the members of Congress declared
emphatically, one after another, in their places,
that the act intended the payment of the prin-
cipal in gold. But few Five-twenties were then issued,
and as applied to them the question was not im-
portant. To the bill authorizing a further issue, Mr.
Brooks of this city then proposed to add the words
making the principal "payable in coin," as had been
done with the Ten-forties. Mr. Hooper said it was
not necessary, as they were always negotiated with
that express understanding, and read a public decla-
ration to that effect signed by the head of the finan-
cial department of the Government. On this public
assertion and explanation, to which all present assent-
ed, that this was and should be the meaning of
the bill as it stood, Mr. Brooks consented to withdraw
his amendment as " unnecessary," and the bill passed
in the same way as the first had done. The only addi-
tional reason then given for not adding the words, even
though considered unnecessary, was that some caviller
might then claim that their omission in the first bill made
that small portion of the debt before issued subject to
liquidation in greenbacks. This public discussion and de-
claration certainly fixed the responsibility of the Go-
vernment from that time, if it had not been so fixed
before, and the bulk of the five-twenties have all been
issued since that date. The fact that no such distinction
was thought of or designed, as this writer now makes be-
tween the ten-forties and five-twenties, is further shown
by the relative prices they brought upon the market through-
out the whole of this negotiation. We cannot accept the
candour and fairness of those who advocate the payment
of these five-twenties in greenbacks on the ground that
this was the original ccntract. We were parties ourselves
in that negotiat on, and we know better. All editors'were
authorized and urged by the Secretary of the Treasury,
and other financial agents of. the Government, to proclaim
the fact that these bonds were to be redeemed in coin, and
we will not allow any writer to contradict this plain
matter of fact, which is within our own knowledge and
that of every intelligent financier in this city.
Gold has been neglected by speculators who have been
attracted to the stock market by the activity there, and
the fluctuations to-day would not exceed f per cent.,
whilst the amounts changing hands were exceedingly
limited. Loans of coin were generally made at 5 per
cent.

At 4 p.m. the following are current prices :
United States 6's of 1881 ... ... ... ... 111 to I
e 5-20's of 1862._ ... ... ... 1101 to
e ~ 1864._ ... ... ... 1071 to
... ... ... 108/ to 4
77 II 1866... ... ... ... 106-t to i
f
” , 1867... ... ... ... 106* to 107
e s's 10-40 .. ... ... ... 101/ to 4
7-30's, second series ... ... 105/ to 106
e
e 7/ third series ... ... 105/ to 106
American gold ... ... ... ... ... ... 1411 to f
London 3 days ... ... ... ... ... ... 110 to I
60 days ... ... ... ... ... ... 109/ to
"
IParis 3 days ... ... ... ... ... ... ... 5.121 to 5.13 f
60 days.- ... ... ... ... ... ... 5.15 to
Pacific Mail ... ... ... ... ... ... ... 111 to .i•
Western Union Telegraph ... ... ... ... 341 to New York Central... ... ... ... ... ... 130 f to 1-
New York and Erie . ... ... ... ... 75 to
Philadelphia and Reading ... ... ... ... 94/ to 4
Hudson River ... ... ... ... ... ... ... 140 to 145
Illinois Central ... ... .. ... . ... 138/ to 1391
Michigan, South and North Indiana..... ... 91i to 4
Chicago and North-Western Company ... 674 to 68
Preference ... 754 to f
Rock Island and Pacific ... ... ... ... 98/ to f
Missouri 6's ... ... ... ... ... ... ... 88/ to 89
Tennessee 6's new ... ... ...
... ... ... 63f to 4
6's ex-coupon ... ..... ... ... 66 to 67
Virginia'' 6's new ... ... ... ... ... ... 46 to 47
~ 6's ex-coupon ... ... ... "'52 to f
North Carolina 6's new,,, , .„ m ... 624 to 63
6's ex-coupon ... ... ~ 634 to 64

CINCINNATI, OHIO.
I This has now become quite a point for cotton, shipments
of which are made on through rates to Liverpool, via
Grand Trunk Railway and Portland, cheaper than to
United States—viz., 2 cents per lb. in currency ; and as it
will be seen by following quotations, on same day there
were some 3 cents difference between price in Cincinnati
and Baltimore or Philadelphia, it will at once be seen there
is a profit in purchasing in Cincinnati via Portland.
CINCINNATI, March G.—Flour firm and in fair demand at
$ll to $ll 25 for family. Wheat firm at $2 45 to $2 50
for No. 2 and No. 1 winter red. Corn firm and in demand
at 84 to 85c for ear. Oats 67c. Rye $1 70 to $1 75, with
a light demand. Barley firm at $2 30 to $2 35 for fall.
Cotton dull and unsettled ; middling offered at 22c. Pro-
visions quiet and unchanged: nothing of importahce was
done. Gold 1401 buying. Money easy.
BALTIMORE, March 6.—Cotton firm at 25c for middlings.
Flour firm ; good superfine is in demand. Wheat firm :
sales, Ohio and Pennsylvania, $2 50 to $2 60 for prime
to choice. Corn firmer : white $1 12 to $1 13 ; yellow
$1 14 to 81 16. Oats dull at 78c to 80c. Rye in good de-
mand and scarce at $1 75 to $1 78. Provisions quiet.
PHILADELPHIA, March 6.—Cotton steady ; middling
uplands 65c; middling Orleans 251- to 26c. Petroleum
firmer; crude 16 to lfiic ; refined in bond 23} to 24c. Flour
dull; Northwestern extra family $ll to $ll 50; Penasyl
vania and Ohio ditto $ll 75 to $l2 25. Wheat comes in
slowly and is quiet ; red $2 45 to $2 55 ; white $2 80 to
$3 25. Rye steady at $1 75. Corn firmer and more in-
quiry; sales 2,000 bush new yellow at $1 18. Oats steady,
at 85c. Coffee, sugar, and molasses quiet. Provisions
drooping.

COMMERCIAL EPITOME.
NEW YORK, Friday Night, March 6.

•
The feeling of incertitude induced by the political situa-
tion, and the obstructions to business which arise from the
accumulated snow and ice in our streets and harbour,
have had the effect to restrict somewhat the commercial
operations of the past week, but without materially influ-
encing prices.

The following is a statement of the stocks of leading,
articles of merchandise at dates givon

r--1863----, 1867.

Mar. 1. Feb 1. Mar.l.
•
Beef, tierces and barrels 38,448 51,002 15,039
Pork, barrels 70,263 71,754 95,089
Tobacco, foreign, bales
Tobacco, domestic, hogshia'ls 18,390 20,659 16,803
Coffee, Rio, bags
Coffee, other, bags
Coffee, Java, mats
Sugar, hogsheads
Sugar, boxes 5,858 4,811 30,290
Sugar, bags

. ,
8 . Melado, h 1 de
Molasses, hogsheads
Molasses, barrels
Hides, No. 173,600 165,000 126,000
Petroleum, crude, barrels
Petroleum, refined, barrels 20,600 33,740 23,300
Cotton, balm
„, 64,22/ 180,000

Rot .in, barrels
Crude turpentine, barrels
Spirits turpentine, barrels 1,244 1,578 4,700
Tar, barrels .. 2,040 2,236 6,250
Ric, ~ E. 1., bags
13,i0e, Carolina, tierces 764 924 28
C tunny Cloth, bales 37,150 36,500 19,800
C tunny Bags, bales 25,800 26,000 10,600
Linseed, bags 71,000 93,515 14,450
Saltpetre, bags 19,950 20,242 88,970
J'ute, bales 14,850 4,105 11,709
Ma nila Hemp, bales 26,305 20,040 18,290
Tut, slabs
Sp. titer, tons 450 550 900
La ld, tons 4,300 3,800 2,500
Irt nt, tons
In provisions there was a fair amount of business doing,
ht tt the market presented rather an irregular tone. Box
meats were, as a general thing, in very good demand, and
re: 'lized about previous rates, but pork and lard could only
be sold by making some concessions. The beef product at
the moment was attracting considerable attention, and is
rather buoyant, particularly ou choice lots, of which the
I asking has been small owing to the scarcity and high
prit:e of prime cattle during the past season.
Petroleum has advanced on the very reduced stocks-
c rude closing at 13 to In,. in bulk, and refined in bond '
'gc. for standard white. Oils have been dull.

Naval stores have been firm, and spirits turpentine
4:10,ed at 74c. free, and common rosin, $3 30.
Wool has been quiet after the large business noted
last week, but the advance then quoted has been well
supported.

Freights to British ports have been quite dull, and rates
:have materially declined, closing by the Liverpool and
Glasgow steamers at 8 to Bid. for grain, id. for cotton,
2s. 6d. for flour, and 35s to 40s. for weight. Vessels to load
grain for Cork got 6s. 9d. to 7s. direct, and is. sd. to 7s.
6d. for orders.