The Sun.
London, England, 1868-06-02 00:00:00

1 according to the tonour of the contract." If some such
plan as this be adopted, and specie payments restored, the
question whether to pay the debt in gold or greenbacks
will be set at rest. The trouble is, however, that opinions
on finance in the United States differ too much for any one
to hope for the adoption of a fixed policy, and the present
uncertainty about the currency and debt will continue for
an indefinite period.
A letter to the Times states that practical expe-
riments made by Professor T. Allen, of Providence, Rhode
Island, at the request of the Rhode Island Mutual Fire
Insurance Company, have proved that petroleum in
lamps with glass reservoirs, as almost universally used
at present, will not attain a higher temperature than six
degrees above that of the apartment, and if used in me-
tallic lamps the difference will not be more than 12 degrees.
These remarks were written in answer to a letter in the
Times of the preceding day, which stated that petroleum
within the reservoir of a lamp is exposed to a temperature
of 1091 degrees.
The United States' war steamer Swatar•a, 10
guns, Commander Jeffers, one of the vessels attached to
Admiral Farragut's squadron, arrived in Southampton
river on Monday evening, about 9 o'clock, from Lisbon, i
and will, it is expected, remain there a fortnight.
The following is an abstract of three Articles of
Impeachment on which the Senate Court has recorded a
vote of Nut Guilty. The second article charges that the
President did "on the 18th day of Aug., 1866, at the city of
Washington and District of Columbia, by public speech, de-
clare and affirm in substance that the Thirty-ninth Con-
gress of the United States was not a Congress of the
United States authorised by the Constitution to exercise
Legislative power under the same ; but, on the contrary,
was a Congress of only part of the States, thereby deny-
ing, and intending to deny, that the legislation of said
Congress was valid or obligatory upon him, the said
Andrew Johnson, except in so far as he saw fit to
approve the same, and also thereby denying, and intending
to deny the power of the said 39th Congress to propose
amendments to the constitution of the United States;" and
in pursuance of the declaration the President at-
tempted to disobey the laws constitutionlly passed by
Congress by the removal of Edwin M. Stanton,
from the position of Secretary of War, and that he is
hereby guilty of a high misdemeanour in office. The
third Article charges the President with a high misdemea-
nour in the appointment of "one Lorenzo Thomas to be
Secretary of War ad interim." The eleventh Article
charges that the President, on the 22d day of February,
"in disregard of the Constitution and of the laws of
Congress duly enacted, as Commander-in-Chief of the
Army of the United States, did bring before him-
self, then and there, William 11. Emory, a Ma-
jor General by brevet in the Army of the United
States, actually in command of the Department of Wash-
ington, and the military forces thereof, and did then
and there, as such Commander in-Chief, declare to
and instruct said Emory that part of a law of the
United States, passed on March 2d, 1867, entitled
'An Act making appropriations for the support of
the army for the year ending June 30, 1868, and for
other purposes, especially the second section thereof,
which provides, among other things, that 'all order and
instructions relating to military operations issued by
the President or the Secrretary of War shall be issued
through the General of the Army, and, in case of his
inability, through the next in rank, was unconstitutional,
and in contravention of commission of said Emory, and,
therefore, not binding on him as an officer of the Army of
the United States," with intent " thereby to induce said
Emory, in his official capacity as Commander of the De-
partment of Washington, to violate the provisions of said
act, and to take and receive, act upon and obey such orders
as he, the said Andrew Johnson, might make and give,
and which should not be issued through the general of the
army of the United states, according to the provisions of
said act."

MONEY AND BUSINESS.

(From the Springgeld Republican.)

NEW YORK, Friday Evening; May 15.

The money market has been without essential change
during the past week, and well supplied with funds, which
were readily loaned at low rates. The flow of money to
New York from the country has been steadily and steadily
increasing, and the remittances are made in legal tenders
much more largely than in national currency notes, and of
the latter class of securities the New York banks now hold
a smaller supply than usual:` Loans are offered at New
York at 6 per cent., and on good security the banks and
capitalists are ready to lend at 5. Good business paper is
in demand at 61 to 7 per cent., but few loans are negoti-
ated above the latter figure. The stormy weather of the
last few days, added to the uncertainty of the result of the
Impeachment trial at Washington, has produced a partial
stagnation of business, and the money market has been in-
active under an accumulation of funds greater than could be
disposed of. At Boston the condition is similar, though on
the whole rather more favourable. The supply of funds is
not as large, and the market is more elastic, some of the
banks being unable to meet all the calls upon them. The
heavy defalcations at the Hide and Loather Bank, always
ancounted ono of the firmest and soundest institutions of
the " hub," has not produced a panic or any symptoms of
it, and State-street holds on the even tonour of its way un-
disturb2d by the slightest irregularity. Commercial paper
is abundant at Boston, and commands fro:n seven per cent.
all the way up, according to quality. At the West, for a
rare circumstance, the money market is alse easy :rid well
supplied with funds to let on reasonable term,. The Chi-
cago banks are sending off large amounts of currency to
the North-west for the movement of the remaining portions
of the last year's crop of grain, but it dies not coon to:-
ward rapidly. The private banks and insurance compa-
nies at Chicago make their loans at 10 to 12 per cent, and
find good demand for all they have to spare.
The gold market has almost ceased to be of interest, and
its fluctuations for the past week have been slight and of
little effect on the general financial situation. The news
of the certain acquittal of the President caused a depres-
sion on Monday, but the sales of Tuesday and Wednesday
were at high rates, and Thursday the market closed
steady at 1391. The disbursements of specie from the
United States sub-Treasury vaults, in payment of the May
interest on the national debt, continue quite large, and
about two-thirds ()Nile $24,000,000 due has now been paid.
The gold which is thus thrown upon the market is not
readily disposed of, particularly as the demand for ex
port is comparatively light. The export on Wednesday
was $450,000, and for the whole week it will not be
much over one million and a half. The amount of gold
required to pay the duties on foreign imports, during
the month of April, has, however, been quite lt.rge,
:tad the specie imported at New York has been fully
employed. The value of -the foreign imports at New
York for the month just closed was $22,268,889,
against $25,633,293 in 1867, and for the four months
ending April 30, $85,118,726, against $93,756,135 for
the corresponding months in 1867. Oa these imports,
gold duties have been paid of $38,019,071 for the first four
months in 1368, and of $11,288,787. The returns of the
exports, on the other hand, show a decided falling off in
value from those of the previous year, and as they are
estimated in paper currency make a still more unfavour-
able exhibit, in comparison with the gold value, in which
the imports are computed. The shipments for April were
three millions loss in produce and merchandise, and four
millions less in specie, than those for the corresponding
month of last year, and the total exports from New York
for the last four months, exclusive of specie, have been but
fifty-six millions, against sixty-seven millions for the same
period of last year, and eighty-four millions for the first
four months of 1866. The decline of our foreign exports
is as unpleasant as it is perceptible, and an added feature
of unpleasantness is the fact that nearly three-fourths
were carried under a foreign flag. The industry of the
country is depressed, and the relief of the manufacturing
and productive interests still await the attention of
Congress, but the day of their deliverance seems as dis-
tant as ever.

The traffic in Government Securities is not checked at
home or abroad by the prospects of Impeachment, and
purchases and sales are made in about the usual quantities
and at about the same rates. The older issues of Five-
twenties find especial favour among the foreign customers,
and several German bankers are now in New York
making largo purchases. The holders of all kinds of Go-
vernment promises to pay are, however, not disposed to
chaff with their customers, but prefer to await the action
of the Senate and its disposal of the President. The con-
version of Seven-thirties into Five-twenties continues
slowly, and the business of that kind now done at the
Sub-Treasurer's comes principally from the country. The
assistant treasurer at New York, besides selling gold quite
freely of late, has been buying up Seven-thirties, and on
Wednesday redeemed about $700,000, which, added to the
amount of conversions, make aearly $3,000,000 taken out
of the market by the Government on Wednesday and
Tuesday. All idea of financial legislation, at this Session of
Congress, seems to have been abandoned long ago, and the
question of expansion or contraction causes no more public
interest than one of the dead languages. The New Tax
Bill has been reported by Mr. Schenck, but it will not re-
ceive much debate, and will be disposed of in the easiest
possible manner. The Manufacturer's Tax Bill, which
was passed earlier in the session, afforded relief where it
was most needed, and the real problem left far the new bill
to solve is how to collect the tax ou whisky and a few
other luxuries. If we can collect the tax which the pre-
sent bill levies the n•itioaal revenue will be greatly in-
creased, and sufficient to meet all demands. No immediate
change is probable iu the financial policy of the Govern-
ment. Should Mr. Johnson st IT in the White House, it is
not likely that Mr. M'Culloch will leave the Treasury De-
partment, and should A. J. be compelled to retire Mr.
M'Culloch has strong friends in the Senate who will urge
his retention in the Wade Cabinet. And if merit is the
requisite for the appointment, Mr. M'Culloch's chances
are quite as good as those of any of the numerous gentle-
men who have been named as his successors.

The stock market is fla!-, stale, and extremely unprofi -
able to those who depend on it for their daily living. The
prices 'of all kinds of stocks are low, aul seem to have
settled into a sort of dull stagnation, with little prospect of
revival. Pending the decision of Impeachment, both bulls
and bears have declared a sort of truce, and speculation is
at rest for the next few days. The Erie quarrel is in its