The Sun.
London, England, 1868-11-02 00:00:00

GERMANY.

The Elberfeld Gazelle is kind enough to admit that the
North German Confederation possesses two elements
which make a State in the common acceptation of the
term—an army and a budget. But, unfortunately, it has
not a tax. The Gazette therefore delicately hints that the
deficit shewn by the Prussian Budget will be balanced by
an income tax to be levied on the whole of the Confedera-
tion. It is hardly likely that the smaller States will be
content to employ their money in clearing off Prussia's
deficits. If this proposition be made, we may expect
stormy doings when the North German deputies meet.

DEFEAT OF WE DEMOCRATIC TICKET

(From the Anglo American 2 imes.)

The Democratic defeat in the elections on the
13th inst. was at once felt in all the Government
offices, where the swinging round process was car-
ried on to a lively tune in the Post-offices, in the Cus-
tom-houses, in the Treasuries, and in all the great
departments at Washington. The gushing delight
of those who were ereoneously supposed to hold
Copperhead opinions was quite affecting ; indeed
the poor clerks were demonstrative in inverse ratio
to the strength of their former declarations, and
GRANT Stock is rising on a market of remarkable
buoyancy. Men may he called " time-servers" who
are simple trying to earn their bread, but it is the
fault of the employers, not of the employed, that
they are obliged to feign party feelings. The
Johnson Departmental Club of Washington met on
the night of the 15th and broke up in disorder, as
the clear tendency of the JOHNSON men was to fling
themselves into the Republican rauks. Among
them were some sturdy ones, committed, perhaps,
beyond return, but even they, desired to get rid of
their present candidates and substitute CHASE,
M'CLELLAN, 11.aricocx, or any other pilot who
offered them a chance of carrying their foundering
bark into port. The first idea seized on, and
led off by the World, was to throw over and re-
place SEYMOUR with a more likely candidate, and
all open-mouthed came down upon FRANK BLAIR as
the JONAH. Immediately this idea was grasped by
the party, as men in olden days when in a position
of desperation grasped a victim to immolate for the
good of the rest, and everywhere the proposal was
deliberated on throughout the country. That de-
liberation was, however, decisive of the subject,
for although both BL AIR and SEYMOUR at once
came for ward, like honourable gentlemen as they
are, with their resigwions, it was quickly per-
ceived that things could not then be mended, for
though generally acknowledged that the party had
blundered from the beginning—to change at so in-
auspicious a moment would but make matters
worse. Now all see what the most far-sighted
men saw long ago, that Chief Justice CHASE for
President, and JOHN QUINCY ADAMS for Vice-
President, would have made a much stronger ticket.
But, unfortunately for them, as so often happens
without a powerful and clear-headed leader, the
opinions of extremists prevailed, and Tammany
forgot, in the enthusiasm of the Convention where
the same views were held, if, in varying degrees of
strength, that the decision lay with the outside
public, and not with them. A man who could with
the one hand have grasped the position, and with
the other have controlled the Convention, might
have safely carried the Democrats into rower—
whereas their own stupidity and pigheadedness
have launched them into disastrous defeat. But
what must the public naturally conclude from
the Democratic failure in appreciating the posi-
tion? Surely, that they were unfit to rule, for
men that cannot wisely govern a Convention are
certainly not those into whose hands should be en-
trusted the Government of the nation. Many Demo-
cratic papers unreservedly declare "stupidity" to be
the cause of the party failure—overlooking the fact
that they could not give a more satisfactory reason
why the citizens of the Republic ought not to have
elected them to power. We may, however, be
thankful that if a section can act so unwisely, the
nation is quick to detect it, and openly to announce
that they want men as leaders, whose average abi-
lity is superior, instead of inferior to their own.
The Rolnd Table discusses what it calls the " Da -
moc.,ratic Snicide ;" and accepting what this Con-
servative journal says, that GRANT is not a popular
man, and has no hold on the hearts of the people—
that the Republican platform evoked no enthu-
siasm, that
.C3agran was thily beco ning unpo-
pular—the conclusion must be arrived at that
the Democratic Chiefs were stupid and pigheaded
in no ordinary degre to have reached such a
position, which, indesel, tint journal virtually
acknowledges. It his hopes, however, for the
future. To-day Democratic violence and stupi-
dity have ruined the party and saved the Re-
publicans from the shipwreck which otherwiae
would certainly have ensue. 1 on Radical violence
and stupidity. Like two ill-steered and reckless
balks racing along in unknown waters, the Repub-
lican craft leading steers straight for a shoal, the
Democratic, cracking on every stitch of canvas, re-
gardless of squalls, pushes ahead of its rival, and
rushes on the rocks, where everything goes by the
board. With this example before it the Republi7
can bark hauls on a wind, reduces sail, and navi-

gates with greater circumspection. But how long
will this last with men like WENDELL PHILLIPS on
board ? The prediction is that he will cause a
split, that he has many followers desirous of
rivalling his eccentricity, and that his persistent
abuse of GRANT, his habits, manners, and policy
will lead to a bitter opposition to his administration
as President. Here, however, we think the Round
Table is wrong. If there is one occurrence in the
elections which has given pleasure to the nation in
general it is the check received by the War-horse fac-
tions., BUTLER'S chances daily grow worse; ASHLEY
was defeated, and GEORGE W. JULIAN was almost
thrown out ; if so decided a Conservative asVooltimEs
has been elected, the failure of VALLANDIGHAM in a
Democratic District shows that neither party de-
sired to encourage extremists. Some leading Re-
publican papers express satisfaction not only at the
defeat of such men as ASHLEY,but also at the Demo-
cratic Congressional gain ,tak ingthe vie w we expressed
last week.• The Springfield Republican says--" The,.
Republican cause has suffere 1 for two years past
from too great a preponderance in the House of
Representatives. It became wanton ant arrogant,
until sharply checked by the fair prospect of losing
the country at this election ; and had it not bet-
tered its course the country would have been lost.
A three-fourths majority is too much for the dig-
nity or integrity of any party. We have no tears
to shed, therefore, for the loss of any Republican
candidate, irrespective of his personal worthiness as
a representative." The Republicans openly state
that the Democrats are in alliance with the War-
horses of their party to return such a man as BUTLER
to aid in the split predicted by Conservatives who
feel convinced that he will do more harm to the
Republican cause than any Democrat they could
return, and this in a modified degree was held to be
true of ASIILEY. On the same principle the Re-
publicans ought to have returned VALLANDIGHAM,
and perhaps they would if the extremists had had
the sway. But the men who weigh down War-
horses, Colorists, Repeaters, and fraudulently natu-
ralization, are those who cast their votes influenced
by patriotic motives, and the attempt has failed
now, as formerly, to swamp the genuine opinio❑ of
the country by unfair means.

MONEY AND BUSINESS.

(Front the Springfield Republican, Oct. 17.)

Money is easier than at last weekly statement, but has
not returned to the state of a fortnight ago, and is not likely
to do so for some time. It is quite late enough to have
that advance in rates which regularly belongs to the greater
activity of trade and the movements of the crops. It was
to be expected that money would stand in Now York at
legal rates (7 per cent.) by this time, and it may be said.
now to be at that point—all exceptions, hoWever, being
below—and 6 to 7 would be a more accurate quotation. Al-
though the outflow of currency has been rather greater
than anticipated during the past week, it will take the drain
of another week to bring money fairly and firmly up to 7
percent. The exceptions now are so numerous that this
can hardly yet be said to be the rule. Primo discounts aro
generally done at 7 per cent. A comparison of the con-
dition of the banks with that of five weeks ago shows
that the total effect of the quickened demand for that
time has been to produce a decrease in loans and discounts
of $6,200,000, in specie $7,509,009, in net deposits of
$18,800,000, and in legal tenders of $5,900,000. Westward
remittances of currency have almost entirely ceased—la-
deed, exchange at Cincinnati and Chicago rules in favour
of New York, and a slight movement is taking place this
way. There is, however, a steady remittance to the
South, and cotton, coming forward as it is with great
alacrity, will require a considerable outlay of currency in
that direction for some weeks to come. The demand from
the pork-packing Zregions will also begin soon. The
Western cities report money scarce, owing chiefly to a
disposition to "carry" the grain rather than submit to a
decline. At Cincinnati good customers are still supplied
at 8 to 9 per cent , while in open market prime mercantile
paper is freely offered at 12 per cont. Eastern exchange
is in better supply, with liberal receipts. At Chicago the
money market is working closer, and the demand is in-
creasing rapidly, from the great accumulation of produce.

Gold has declined still further during the week, and
shows no strength at any price. It is able to offer no
vigorous resistance to the sharp assaults that are being
made upon it ; and there is a great deal of loose talk about
bringing it down to 125 to 130. The elections have
little influence upon the premium. It is believed that the
Government will be compelled to continue its sales in
order to keep up the currency balance in the Treasury, and
that the disbursements for November interest will
mostly be retained in the country. The plan" of adver-
tised sales has been inaugurated daring the week by the
Secretary, in deference to the general demand of the
business community, and works well thus far. Govern-
ments have improved, respondieg promptly to the news
of the Republican victories. From Monday to Wed-
nesday the advance was from 0113 t) two per cent., with
a 1 trgely increased demand both in investment and ex-
pert. The market abroad is even ste•onger than at home,
and is gradually leading prices upward. Fully $700,000,000
of our debt is now held in England and on the continent,
yet the demand continues active. The prospects of war
and the derangement of industry are giving additional
merit to United States securities iu the eyes of Europe.
Six weeks ago it appeared that the exportation of Five-
twenties had been overdone, and large amounts were re-
ported as remaining on the hands of the bankers. It will
be remarked that there was actually a slight return of
bonds, and prices declined iu consequence. But the
demand has now absorbed the entire supply and the ex-
port is going on smartly, with a prospect of continuing so
long as the credit of the country receives no shock. Even
the recent panic on the Frankfort Bourse was not able to
affect the price of Five-twenties. The Five-twenties of
1867 aro still improving relatively to the others at home
and abroad.
The stock market has shown a great deal of strength
from first to last ; and the forces which are pushing up
railways and miscellaneous shares have encountered no
resistance which threatens to check them. It is a great
movement, and the end is not yet. Nothing is quite so
likely as that it will be carried to sueh an extent as to make
a tumble necessary; but for the present the bulls have it
all their own way, and for the present it can be said that
the advance effected in many of the stocks is fully justified
by an improvement in their c mdition. Hartford and Erie
has made the most noticeable advance, and closes at 27k.
Having failed to got the money of Massachusetts by
fraudulent combinations, the directors have really set
about doing so ething for their road in an honest way
and by hard work ; and have pushed the work forward
with such vigour as to justify the application of the
State aid. Cleveland and Pittsburg has gone up to
91. This stock has thus far been kept down by false
reports that the bonds recently offered were to be sold
to raise money for a dividend. Parties acquainted with
the condition of the road have taken occasion of the
depression to buy it in freely. The suspicious bonds
have now been withdrawn from the market. Milwaue
kee and St. Paul, both common and preferred, have con-
tinued their astonishing ascent, and now stand respec-
tively at 101 and 106. Chicago and North Western is
following rapidly on after Milwaukee and St. Paul, selling
at the close at 96f, for the common, and 97 for the preferred.
The leading capitalists of these two roads have just en-
tered into a combination which promises great results to
the transportation of that section. They have bought up
the entire property of the Chicago and St. Paul Company,
and propose to resume the construction of the road this
fall and push it to completion within two years. One
hundred miles, between Winona and St. Paul, is all that
is necessary to give direct communication between St.
Paul and Chicago. New York Central and Erie are active
and higher; Rock Island is firm at 108 k; Fort Wayne
at 1121; Reading at 97; and Ohio and Mississippi cer-
tificates at 311. Altogether the railway market is in a
condition quite remarkable, and nothing has as yet ap-
peared to check the upward tendency. Miscellaneous
shares are generally active and higher. Western Union
Telegraph sells freely at 37i. Pacific Mail has gone
up to 126, in the hope of a speedy resumption of divi-
dends now that the opposition is finally withdrawn.
Mariposa Preferred has reached 23i ; V,000,000 of
the New Certificates of the company have been issued,
and as much more is to come. The trustees promise
to put up the necessary machinery, aed commence
working on the mines at once. All this may be ge-
nuine or it may not. It will, at the best, be an ex-
periment to work the property at a profit. Quick-
silver Mining Company steady at 26. Express Shares
are steady. The Merchants' Union and the American aro
still quoted separately, though the companies are consoli-
dated. The stockholders of the Boston and Albany Com-
pany, at their special meeting in B istoa on Wednesday,
voted adversely to the proposition to take stock in the
seenene it• Fria (Werke This decision was ns good
p
as a dividend to the shareholders, and the stock promptly
advanced in consequence. Now let the ceindany apply the
raeney they have saved by not going into this ,hopeless
enterprise to developing their own proper field, and fur-
nishing increased facilities for freight and travel. In the
election of Erie directors, on Tuesdny, the Fisko and
Gould party triamplie 1, and have long since divided the

spoils.
The general trade of the country is g3tting into a more
encouraging condition, although hindored and hampered
still by the irregularity and uncertainty attending bread-
stuffs and cotton. The movammt of grain eastward has
boon checked by the decline, and dealers are making a
gigantic effort to hold up pricos. As a consequence the
money market feels distress, and all classes of business
suffer. The attempt to avert a further decline in grain is
hopeless, but may result in broakiing the fall and dis-
tributing the loss. Meanwhile it is disturbing exchanges
and postponing the natural demand of the season for