The Sun.
London, England, 1868-12-05 00:00:00

THE SUN, LONDON, SATURDAY EVENiNG, DECEMBER 5,186 S.

TELEGRAPH EXTENSION.

_

Many of our readers will, doubtless, recollect that the
expedition organised this year for the purpose of laying
the Cuba cable failed in accomplishing its project on
account of the difficulties encountered at sea and the
consequent inadequacy of the length of the cable to com-
plete the intended line. It has been resolved to make an
attempt to recover the lost cable, and with a view to effect
that result fifteen miles of line have been sent to
New York, and will be shipped on board a steamer
fitted out with all the apparatus necessary for picking
up and paying out. The end of the Cuba cable is
about four miles from the shore, although about twelve
from the particular spot appointed for its ianding-place.
Those most competent to judge are of opinion that it has
not suffered any deterioration since its submergence, inas-
much as it is covered with servings of hemp and bituminous
compound. It is expected that the line will be in working
order in the beginning of next year. We understand that
about 400 miles of the cable intended for the French Atlantic
line have been manufactured. The present attitude of
affairs in Spain has not been disregarded by the promoters
of telegraphic enterprise. It is proposed that the telegraph
wires on the Spanish railways be utilised for the public
advantage, and that offices for the receipt and trans-
mission of messages be opened at the various stations. By
this improvement it is calculated that 500 stations will be
added to the existing telegraphic system. A plan of elec-
tric communication has been adopted on board the French
Transatlantic steamship EurDpe, by means of which
orders can be sent to the man at the wheel, to the officers
in their quarters, and to the sailors in case of emergency
or alarm.

AMERICAN DIPLOMACY.

(I'roni Me Anglo-American Times.)

Cornelius O'Do wd, one of the most genial writers
of his day, has an amusing paper in this month's
Blackwood on American diplomacy. He begins by
telling the story of his acquaintance with an Ame-
rican in Florence, who wished to be rid of a con-
tract with his landlord, as the illness of an uncle
necessitated his immediate return to the United
States. The Italian flourished his contract in the
face of Cornelius O'Dowd, who acted as interpreter
for his American friend ; he praised the affection of
the nephew, so unusual among young men of the
day, but could not depart from the plainly worded
agreement ; indeed, it might be necessary to de-
mand ;something for taking charge of the premises
for the unexpired fifteen months. Having failed,
he was compelled to acknowledge his defeat to the
American. " Have you called him a skunk, Sir ?"
said he, looking fiercely at the Italian. " No,'' re-
plied O'Dowd, I do not know how to turn the
word into Italian." " Go," said the American,
"leave me to settle with him ; I have to do this
business," and O'Dowd gladly availed himself of
the opportunity to get away. Shortly after he met
the American with a cigar in his mouth, jauntily
walking the street, and asked him how he got on,
considering the Italian's determination, and neither
knowing the language of the other. " Oh, I settled
it straight off," said the American. " How," asked
O'Dowd, amazed. " I made him sit by my side on
the sofa, and I put the keys in his lap. You have
got to take them keys," said I. When he raised
an objection, " You have got to take them keys,"
said I again, which I repeated five or six times,
when he did what he saw he would have to do, and
gave up the contract. Now this O'Dowd maintains
to be the American style of diplomacy, asserting it
to be generally effective—carrying the point on
which the national mind is bent, the concession being
demanded in a way not to be avoided. However dis-
agreeable it saves au infinity of trouble, and probably
prevents people from drifting into war. "I remem-
ber," says " CORNELIUS," when in the troublesome
case of Mr. MATHEIt, the Englishman, who was cut
down by an Austrian officer on the streets of Flo-
rence, happening to converse with an American Com-
modore, thenin command of a squadron in the Medi-
terranean, I will not say successfully endeavouring to
show him that the circuitous course of a diplomatic
correspondence was in reality the shortest road to
au equitable settlement of the question. " No,
sir", said he somewhat bluntly, " you'll not per-
suade me to that. I'd settle the matter any fore-
noon." Being rather curious to know by what
dexterity of treatment a knotty point could be so
easily resolved—l asked him the question. " I'll
tell you, sir," said he, " I'd roll up my sleeves," a
! strong empLaiis on the my, " and go in there"
his fleet was anchored off Leghorn at the time—
" and I'd take the largest and comeliest craft I
could find there under Tuscan colour, sell her at
Gibraltar, and give Mr. MATHER the money. If
they did not like it, and would wish t) fight
they've only to say so, and we'll erne over any
day they name and see it out." After quoting
some instances, CORNELIUS says that Americans
never adopt this style with England, and he points
in proof to the high character and standing of the
men appointed to represent them at St.. James's,
taking this opportunity of paying a very handsome
tribute to Mr. REVERDY JOIINSON. " I am not,"
he writes, "speaking without book, when I say that
the feeling of America towards England at this
moment is markedly generous and kindly." He thinks
he best shows this by the change in the reception
given to Englishmen on board American men-of-war.
CORNELIUS is evidently fond of sailors, and he
appears to be always getting on board ship. He
has lately been in the Alediterranean, and we ima-
' gine he looked up FARRAGUT'S squadron, for he
speaks of his entertainer as one of the most re-
nowned of seamen. Before he had often contrasted
the corn parativelycoolwelcome to anEnglishman with
that to a Frenchman, a German, or an Italian, but he
had never experienced a more kindly greeting than
then received by his countrymen from all ranks of the
American squadron. We would be sorry to throw
' any cold water upon the instance quoted, but we are
bound to state that it had this peculiarity, that the
• squadron had lately been in English ports, and had
met a reception such as we believe had never before
been accorded to a foreign fleet. Still CORNELIUS
is right in both his statements; that the feeling be-
tween the two countries is becoming more and more
cordial, and that Americans do not adopt with
England the diplomatic tone of, "You've go;; to
take them keys," because they know they are deal-
ing with a people similar to themselves, who will
do right according to their light, without shuffling
when the truth comes home to them. Even Mr.
REVERDY JOHNSON acted in the American style,
and showed it in his speech. He spoke of his de-
parture from America on his mission of peace ; he
had to remove prejudices, to settle matters in dis-
pute, so that they could not again arise, and to
bind the nations in the bonds of brotherhood. This
is what he had to do—and this is what he has done.
They are bound to be bound ; and Mr. JOHNSON is
bound to do it, and he, like the American Commo-
dore, has rolled up his sleeves to the work, unde-
terred by any outcry. The _Nation, in a late article,
career more awkwardly than those
says that American diplomatists notoriously start
country, while it acknowledges that
oofffainnythoetihrernew
get as good treaties as other Go-
vernments. States
.the United
Alluding to the late naturalization
treaty at Berlin, the Nation asserts that most work
was done in private, informal interviews, without
legal argument and diplomatic forms, hints being
"entirely in jest to moni-
tors,eaot.TTS whickappeared more plainly than
they could possibly have been allowed to do in a
given
andF_ neither faint nor
formal discussion. The assertion that the men
about whom the United States felt so sensitive were
nearlyaulargument
a set' d----d rascals,' was found to
be entofnot
at all alarming —perhaps partly
because not new—to a Western politician ; and the
assurance, I tell you frankly, Count, as a friend,
and as the representative of my Government, that
you must not expect us to stand this thing any
longer,' called out BISMARCK'S proposition to com-
promise on half-way ground."
Like most generalities there is only a ground-
work of truth in what Cornelius O'Dowd asserts.
Wheaton was employed by the American Govern-
ment for twenty years, and has left a reputation
for affability and good manners almost equalling
that for ability as a diplomatist and a scholar, as
well as for hisknowledge of international law. We
need not allude to the Adamses as types of Ameri-
can diplomats, nor to Franklin, nor many other
shrewd politicians and acute lawyers, whose cour-
tesy and polish gave to their work the force of social
influence. Lately many men of literary celebrity
have been accredited to European Courts, such as
Motley, Bancroft, and others, but we believe that
sound Constitutional lawyers, with Congressional
training, will be found best qualified for the highest
diplomatic posts.
One of the earliest questions likely to be dis-
cussed when Congress again sets to work is Senator
Patterson's Diplomatic and Consular Bill, which
aims at making the service more permanent, intro-
ducing a system of promotion which will have the
effect of employing officers in the same posts for a
longer period, adding promotion to the inducement
when there to do their work well. By the present
system of rapid change officials have barely time
thoroughly to learn their duties when they are re-
moved ; and, as a supplement to thi Civil Service
Bill of 'Jr. Jenckes,
Senator Patterson's measure
will work a much-needed reform which we hope
may soon be brought into operation.

The artificial propagation of fish by the Chinese,
of which much has been said recently, is confined to four
species, among thern`the gold fish, all of tho cyprinord
family, without external teeth, and living on vegetable
substances, which are supplied to them, cut or ground,
three times a day. By this process the fish are mado to
increase in size very radly.
[ADVERTISEMENT.]—HoIIoway's Ointment and Pills.—
Many aggravating sores stand ready to pounce upon the
aged when an accident weakens any part, or over-fatigue
and exposure to wet or cold have irritated the nerves, ren-
dered exquisitely sensitive by the distended condition of
the veins, and the partial obliteration of their valves. This
ointment is most potent in curing all cases,of ulceration,
abscess, and " bad legs," after every other means have
failed, and the sufferings from them are utterly unendur-
able. Soon after the application of the ointment coolness
and comfort aro obtained in the affected part, the patient
finds himse'f -more at ease, and daily becomes more hope-
ful as, with departing pains, a visible growth of granula-
tions comes forth.

MONEY AND BUSINESS

(From the Springfield Republican, Noe. 21.)

The ruling power of Wall-street this week has been the
Erie Railway. The war of speculators, which raged so
fiercely last spring, has broken out afresh, and the struggle
is more bitter and desperate, and the amounts involved
more stupendous than ever. The excitement resulting
from the Erie controversy has affected the whole stock
and money market, making them full of uncertainty and
fluctuations. The supply of money has been abundant
enough and at low rates for all demands, but business is
not brisk, and little money is wanted for investment in stock
purchases until the storm clears away, and there is some
prospect of legitimate business. The lock-up in greenbacks
has not been repeated, but the suspicion that it may be at
any moment, and the market again at the mercy of the
speculators, keeps the street in suspense and ever on the
alert, to catch the earliest warning of the approaching
difficulty.
Hostilities in the Erie war began ou Tuesday, when
Judge Sutherland, on the application of August Belmont
and Ernest B. Luck, granted an injunction against James
Fisk, Jay Gould, Lane, Diver, and the others of the ring
of which Gould and Fisk aro chiefs, restraining them
from further operations in Erie, either of increasing
the stock, common or preferred, sales or conversions
of bonds, or any transactions, except such as were
made necessary by the demands of the daily business
of the company. The occasion of this suit is fully set
out in an affidavit of Daniel Drew, which was published
on the next day, in which ho detailed the operations of
the officers of the Erie, of whom ho was one, and
Fisk, Gould, Eldridge, and others, in issuing and convert-
ing new bonds, to an indefinite extent and utterly un-
known amount, as they wanted for purposes of specula-
tion. Drew co-operated with his juniors in all their
schemes, and, according to his own confession, entered
into an agreement with them to lock up greenbacks and
break the general stock market. He was to lock up
$4,000,000 as his share ; but when he had $1,000,000 se-
cured his courage failed him, and he let out the money
again, and Fisk, Gould, and Co. promptly expelled him
from their cabal, and decided to operate still farther, and
do it at their own risk. Drew thirsted for revenge
on his younger and sharper rivals, and, stimulated
by the fact that the advance in Erie had already left
him short one million dollars or so, invoked the alliance
of August Belmont, and through him procured Judge
Sutherland's injunction. Fisk and Gould, however,
had their countermine ready, and on Wednesday
they sprung it, in the form of an injunction from
Judge Barnard stopping all proceedings against them on
the Belmont suit, and for the present securing to them full
control of the situation. They had done even more than
this—and several days before, probably three weeks, bad
secured also from Judge Barnard the appointment of Jay
Gould president of the company as its, receiver ; and
when the Belmont suit was instituted they procured an
amendment to the order allowing Mr. Gould to purchase
the 200,000 shares recently issued by the company, and
which aro supposed to be all there are in the market.
The future developments of the Erie struggle will pro-
bably be as interesting and oven more exciting than those
which have occurred, unless the lesson already given
shall chock transactions and stop business in this treach-
erous and ruinous stock. The matter is in the courts,
and if it were in any but New York Courts, there would
be chance that during the interference of the law the
speculators might be held in check, but the Tribune speaks
truth when it says : " The war having afforded some of
our judges another opportunity to disgrace themselves,
they, of course, grasp at the infamy as if it were distinc-
tion."

The authority of the Now York Legislature will un-
doubtedly be called on to settle the quarrel ; but unless it
can moot the issue more favourably and legislate more
equitably than it did last year on a .precisely similar ques-
tion, it is useless to hope for relief or justice, for the pre-
sent trouble appears to be all caused by a repetition of the
plan begun and practised by Mr. Drew, of issuing con-
vertible bonds without authority and for speculation. Last
spring, when the Erie panic raged, it was discovered that
Mr.Drowiissued $5,000,000 of stock with no authority what-
ever, and had cleared an enormous amount by his dis-
honesty. The matter was carried to the State Legislature for
decision, and after weeks of lobbying and bribery, the
issue was legalized and declared valid and valuable. This
fall the younger members of the ring wanted more stock
than they had, and they, remembering "Uncle Daniel's"
success in the spring, adopted his strategy, and issued,
according to 3lr. Fisk's statement, $23,000,000. Had the
Legislature last spring decidedly and firmly refused to
sanction the issue of Mr Drew's $5,000,000, compelled him
to refund all the proceeds of its sale, and legislated to pre-
vent any future attempts of the sort, the present criminal
and corrupt state of affairs in Erie would never have ex-
isted. This is the whole moral, if there is any, of the
controversy, and its chief importance to the public, and
dealers in stocks, is its exposition of the danger to which all
are exposed, so long as such men are to be allowed unlimited
field for their operations. The nominal amount of the
Erie capital, legitimately issued, is about $16,500,000, but
under the recent illegal expansion, it now stands at nearly
$61,000,000, and unless the ring of speculators who now
cot.trol it are in some way restrained there is nothing to
binder still further issue, or a combination of their efforts
against any other stock on the list. If the Erie war should,
however, result in a clearer definition of the rights of
stockholders, and of their protection against the specula
tors, it will not have been in vain.
The general stock market has been strong, but not
very active during the week. The tone of the market
is good, and with the prospect of the December
and January dividends brokers aro receiving large
orders to purchase. The traffic of the roads, particu-
larly at the West, is good, and their earnings will
probably show an increase over those of last year.
The decline in the market during the recent extreme
money panic was much less than might have been
expected, and the stocks are coming to bo considered as
safe and permanent investments. Should the Die fight be
righteously settled, this feeling in the market will be
greatly confirmed; if not, panic and confusion may seize
the whole list.. Governments have held steadily to their
previous quotations, and gold has been undisturbed save
by a slight advance, on the strength :of rumours of civil
and domestic troubles in France.

The dry goods market continues more quiet than had
been expected after the Presidential election, and the re-
cent stringency of the money market and the subsequent
speculation in stocks, producing general doubt and uncer-
tainty in business, are the chief causes of the dulness. The
holding back of the grain crop of the-West in consequence
of the condition of the Now York market has also impeded
the business in dry goods, and especially contracted it at
the West, where grain is the only equivalent for money.
Better times are hoped for as soon as the grain comes
more abtindantly to market, and with the approach of the
winter season the business in wool and woollens will un-
doubtedly be decidedly better. The price of woollens,
however, shows no indications of a decline. The grain
markets are still opprased by the scarcity of money, and
but little has been done during the week.
The money market, East and West, is easier. Tho indi-
cations on Thursday and Friday, that one of the banks en-
gaged in the late rascalities at Now York was about to
begin a now locking-up operation—standing creditor hea-
vily as it did at the clearing house for two successive days
were not sustained on Saturday, and but for one thing
money would bo decidedly easier than for the same
period last year. That thing is the fact now ascertained
beyond a doubt, that a stringency amounting to panic can
be produced at almost any time by the combination of a
few leading brokers and leading banks. The first lock-
up (October 1) did not prove this, and hardly suggested
it. The second, occurring as it did, showed that the first
had been the result of no accident ; that it was due to no
periodical movement of trade ; and that such an affair
required no groat time to mature, depends on no peculi-
arities of the market, but can be produced at pleasure by
any strong clique. There is not a sensible merchant or
broker in New York who does not know this and feel it
deeply, as concerning the safety of his business and the
value of his property. It forms :at present quite the
most common subject of thought and remark, and perhaps
more than any other of the financial experience of the
seven years of suspension is perplexing the public mind to
demand and insist upon a restoration of the currency,
which shall destroy the premium on gold, reduce specu-
lation to its natural limits, and give the country a
medium of exchange, above the manipulations of the sec-
retary, and independent of the control of the cliques.
The panic at Milwaukee, owing to the failure of two or
three large houses, has fully subsided; and the people
are wondering now, as they always do in such cases,
why they were so badly scared. The South perhaps ex-
hibit the best financial condition, " considering," of any
portion of the country. Its merchants are buying freely
at New York and Boston, and are unusually ready to pay
cash for what they buys The cotton crop of that sec-
tion has been realized to unexpected advantage—it was all
theirs, as they were not able to buy much last season on
credit—and, as a consequence, they feel easy and happy.
Large houses, engaged equally in the southern and wes-
tern trade, report that they regard it as much safer to sell
South than West, on credit, at the present time.
The wholesale trade continues depressed ; and there is
still much excitement in the market for breadstuffs and
provisions. The receipts from the West aro more liberal
—forced on by the approaching close of navigation and
by the inability of the western banks to keep up their
accommodations any longer for the purpose of holding
back the crop—and this, with a stringent money market
at the East, has brought
_down prices, as well as re-
stricted business. The "corner" in pork at Now York
continuos, and the pressure has about reached the squeal-
ing point.