The Sun.
London, England, 1868-03-31 00:00:00

GIIENBACK REDEMPTION.

Mr. Barr, of Illinois, on the 9th inst., proposed
to the HonSe to withdraw the United .States Bonds
and substitute greenbacks or currency. That means,
to print off the amount of United States' debt and
pay those paper rags, in exchange for the Bonds. A
motion to lay the bill on the table was lost by 65
to 56, both sides voting without reference-to party.
The debates on Finance show that the preponderat-
ing power is on the side of greenback redemp-
tion. Every member has some crude scheme.
Many who ought to be studying the common
rudiments of political economy have come
forward to enlighten the nation. These speeches,
with pamphlets, letters, articles, mystify; but one let-
ter. from Mr. Jay Cooke has attracted general atten-
tion; who writes. on the part of the banking-house
who hal negociated some of these loans. The firm
asserts that die first 5-20's were sold by Mr. Jay
Cooke aftet the Government had utterly failed to
find a market, and th 3 prices obtained, to meet the
preslipg awl immediate necessities of the Treasury
could not have been secured; but-for the distinct
understanding that the bonds were payable, prin-
cipal and interest, in coin. After noticing the ap-
propriations of the duties on imports in coin to a
sinking fund for the payment of a principal, the
letter goes on to state :—All of the funded debt of
the United States that has heretofore matured has
been paid in coin, notwithstanding the fact that the
authorizing Acts did not so specify in words, and
three such loans have matured and been paid in coin
since the issue of the 5-20's of 1862. They add that
these bonds were advertised and sold in good faith
as gold bonds, and to show that they were so pay-
able refer to the letter of all the Secretaries of the
Treasury since 1861—Chase, Fessenden, and
M'Culloch, all of whom have repeatedly affirmed it.
The 5-20's of 1862 will not mature until 1882,
when they will be due and payable in coin. The
Government has now the option, but not the power,
to pay. They ask what is a greenback but a pro-
mise to pay a dollar, and the greenbacks issued
to pay the bonds, must afterwards be paid,
and if so, in what but gold ? The issue of
five-hundred millions of greenbacks to pay Five-
Twenties would totally unsettle values, and re-
move indefinitely the resumption of specie pay-
ments, while without any increase, specie payments
will in a reasonable time be resumed—gold and
greenbacks equalized, when the greenback redemp-
tion question would lose its force. The question—
Who are the Bondholders ?—lately much discussed
in our columns, is touched on, and the manner of
issue is clear proof that the notes were taken up by
families of moderate means for the investment of
their savings. The process of converting the Seven-
Thirty Bonds into Five-Twenties has for some time
been carried on by the Treasury, which has never
been able to supply enough small bonds adequately
to meet the demand, and of the $830,000,000
in 7-30's issued, there were 962,580 $5O notes,
1,474,940 $lOO, and 436,792 $5OO, whilst there
were only 370,376 $l,OOO, and 8,821 $5,000. One
half of the 7-30 loan in amount, was taken in
$5O, $lOO, and $5OO, and out of the whole number
of 3,256,509 notes that were issued, 2,877,813
were in these smaller denomifiations. The capi-
talists do not as a rule hold these loans, and the
ruin consequent on repudiation would fall on
widows, orphans, and persons of small means, who
had relied on the direct and indirect representations
of the Treasury at the time of issue.—Anglo-
Ameriean Times.

THE FINEST AMATEUR SINGER IN EUROPE.—
Those who assisted at last night's reception (March 22) of
the Princess Mathilde had a great treat. There were, of
course, the usual pleasant people who frequent her salon ;
the usual pretty rooms and bouquets, pictures, and statues ;
and the conservatory, perhaps the prettiest in Paris; but,
last night, there was also music. A great violinist was
there and played. Two others came, and played a charm-
ing trio. Gardoni sang—first a duet with a professional
gentleman, and then a duet with an amateur lady—and
here I come to the bonne bouche of the evening. "You aro
not going away !" said, in a tone of suppressed horror, an
Imperial Chamberlain to a Minister. "Must, mon cher ;so
much to do," was the reply. "But Madame Connesu is
going to sing!" "Ali, that is different; then I stay, and
the secretary must work all night." So he took a syrup and
stayed. Madame Conneau is the wife of that doctor who has
faithfully followed the fortunes of the Empire, and who is
now a Senator. His son is the constant companion of the
Prince Imperial, and Madame Conneau is perhaps the
finest amateur singer iu Europe. She frequently sings in
the chapel of the Tuileries, and indeed says she loves :to
sing in churches. Last night she first sang an air of
Handel's ; then the duet with Gardoni ; and
" Qui la vow," from the " Puritani." In the opinion of a
person who says he has heard everybody that ever sang
" Puriteni" he Italy, Paris, or London, since Grisi first
sang " Son vergine vezzosa" in the Haymarket—allow-
ance, of course, being made for the scope and power of
voice required—never was that beautiful aria more de-
ghtfully rendered. Madame Couneau's voice is of great
compass and varied sweetness. Among the audience were
most of the literary and artistic celebrities in Paris, the
Duke and Duchess do Mouchy, II E. Baroa von Goltz, the
Danish and BAgian Ministers, Dr. hicord, Baron Walsh,
and others. - Paris Correspondent of Daily 'Telegraph.
The newspapers are teeming with. references to econo-
my in tea by co-operation. Ilorni malt and Co. have for 30
years co operated through Agents to supply tea on mars
advantageous terms than by the ordinary channel; their tea
reaches the consumer in the same pure state as it leaves the
grower, as it is secured in packets. •