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

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

ARCHBISHOP MANNING ON IRELAND.

this as an injustice and as a penal enactment ?
The whole population in Ireland would rejoie,! in
the resolution of the national system into tiond
fide denominational schools. 'the Protest: tilts
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 Governmeiat
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
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
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 let 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.

AMERICAN MARKET S.

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

NEW YORX, 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 per cent. 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 toads,
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 hankers,
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 Win. 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 iu greenbacks; or, if
ho 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 been 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 pnrchasers took them
with that understanding, or were indifferent to the
method of payment. Ho 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 becausa 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.
I Brooks of this city then proposed to add the words
making the principal "payable in coin," as had been
done with the 'ren-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 thestili 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 iu 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 I 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 1
e 5-20's of 1862._ ... 4.. ... 1104 to
e „ 1864... ... ... ... 1071 to
e „ 1865... ... ... ... 1081 to
- -
e " 1866.. ... .., 106 to
e e 1867._ ... ... ... 106. to 107
e s'd 10-40 ... . ... ... 1011 to 1
e 7-30's, second series ... ... 1051 to 106
e e third series ... ... 1051 to 106
American gold ... ... ... ... ... ... 1411 to 1
London 3 days ... ... ... ... ... ... 110 to 1
„ 60 days ... ... ... ... ... ... 1091 to 1
Paris 3 days ... ... ... ... ... ... ... 5.124 to 5.131
, 60 days... ... ... ... ... ... ... 5.15 to
Pacific Mail ... ... ... ... ... ... ... 111 to
Western Union Telegraph ... ... ... .. 344 to
New York Central ... ... ... ... ... ... 1301 to
New York and Erie ... ... ... ... ... 75 to
Philadelphia and Reading ... ... ... ... 941 to 4
Hudson River ... ... ... ... ... ... ... 140 to 145
81
Illinois Central ... ... ... . ... ..to 1394
Michigan, South and North Indiana... ... 91 to 1
Chicago and North-Western Company ... 67 to 68
e Preference ... 751 to 1
Rock Island and Pacific ... ... ... ... 98k to
Missouri 6's ... ... ... ... ... ..„ ... 881 to 89
m
Tennessee 6's new ... ...
...
...
... 63 to 4
6's ex-coupon ... ... ... ... 66 to 67
Virginia 6's new ... ... .., ... ... ... 46 to 47
„ 6's ex-coupon ... ... ... ... 52 to
North Carolina 6's new._ „.. ... ... ... 624 to 631 e
6's ex-coupon ... ... ... 63i to 64

CDICINTATI, OHIO.

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 6.—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 importance was
done. Gold tot 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 $1 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 25). to 26c. Petroleum
firmer ; crude 16 to 161 c; refined in bond 23i to 21c. Flour
dull ; Northwestern extra family $ll to $ll 50 ; Pen,asyl
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 YORE, 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 given :-
_ ,--1868--i 1867.
Mar. 1. Feb. 1. Mar. 1.
Beef, tierces and barrels 38,448 51,002 15,039
Pork, barrels 70,263 74,754 95,039
Tobacco, foreign, bales
Tobacco, domestic, hogsin ads 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
Melado, hhds
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, bales ... 54,221 180,000

Rosin, barrels
Crude turpentine, barrels
Spirits turpentine, barrels 1,244 ' 1,578 4,700
Tar, barrels 2,040 2,236 6,230
'ice, E. 1., bags

_
Rice, Carolina, tierces '764 924 28
Gunny Cloth, bales 37,150 36,500 19,800
Gunny Bags, bales 25,800 26,000 10,600
Linseed, bags 71,000 93,515 14,450
Saltpetre, bags 19,950 20,242 88,970
Jute, bales 14,850 4,105 11,709
Manila Hemp, bales 26,305 20,040 18,290
Tin, slabs
Spelter, tons 450 550 900
Lead, tons 4,300 3,800 2,500

Iron, tons
In provisions there was a fair amount of business doing,
but the market presented rather an irregular tone. Box
meats were, as a general thing, in very good demand, and
realized 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 on choice lots, of which the
packing has been small owing to the scarciiy and high
price of prime cattle during the past season.
Petroleum has advanced on the very reduced stocks—
crude closing at 13 to 13ic. in bulk, and refined in bond
ge. for standard white. Oils have been dull.
Naval stores have been firm, and spirits turpentine
closed at 74c. free, and common rosin, $3 30.
Wool has been quiet after the large business noted

Ist 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 sid. for grain, Id. for cotton,
2... 6d. for flour, and 35s to 40s. for weight. Vessels to load
grain for Cork get 68. 9d. to 7s. direct, and 7s. 3d. to 7s.
6d. for orders.

BREADS TUFFS.

FRIDAY, March 6.

The market opened the week dull and declining, but
latterly, with a good export demand, some speculation,
and reduced receipts, there has been more activity, and
some advance in prices.
The receipts of flour have been exceedingly small from
all quarters—partly owing, no doubt, to the heavy fall of
snow. Local millers are doing very little, the largest
mill in this city is now idle, and wheat being relatively
higher than flour, there is no disposition to push produc-
tion, except on orders for particular brands and quality.
The trade have operated freely ; and about 5,000 bbls.
low grades have been taken for export to Great Britain—
mostly fair extra State at $lO 10 to $lO 25—in which
also we notice some speculative feeling--the rapid reduc-
tion of stocks now going on at Eastern markets causing a
considerable advance to be looked for. Lower freights to
British ports are also favourable, as tending to stimulate
the export demand.
Wheat declined 2 to 3c. early in the week; there was
some money pressure on expiring acceptances, and buyers
held off. But since Wednesday there has been some
export demand, favoured in a measure by lower freights,
and shippers have taken about 50,000 bushels, mainly at
$2 39 to $2 41 for No. 2 spring, delivered. Millers have
done something, and winter wheats have improved 2 to 3c.,
California selling at $3 25, and prime amber winter $2 85.
The market closes with a good demand,. which is met
pretty freely by the holders.
Corn declined early in the week as low as $1 18 to 1 20
for prime Western mixed, but large freight engagements
having been made, and supplies being detained by the
snow and ice, the demand to fill those engagements
turned the market greatly in favour of holders, and as
high as $1 27 to 1 28 were paid to-day. The prospect,
however, is in favour of an early renewal of liberal sup-
plies, and current quotations are hardly a fair criterion of
the market.

Oats declined to 80c. for Westerri in store—re-
covered to 83c. on a speculative demand, but again
relapsed and closed dull at 821 c. Barley and barley
malt, on continued scarcity, have further advanced,
and the arrivals meet with a quick sale. Rye is coming
forward moderately, and with the subsidence of the de-
mand from Germany, closes dull and heavy.