The Sun.
London, England, 1868-12-26 00:00:00

- POLITICAL SHIFTS AND DODGES.

" The Americans are so fickle," said an English-
man to us, referring to events directly contradicting
the predictions of American correspondents of the
London papers. " You take it for granted," we
replied, "that the correspondents give the facts, and
then blame the nation when the prediction is falsi-
fied. But may they not be wrong; either misunder-
standing the national feeling or misrepresenting it?"
Some suppose when what the Times says does not
come true that the nation of whom the Times
wrote has blundered, never dreaming that their in-
fallible organ is wrong. If we glance back at the
contending interests, at the stakes played for, and
at the time each move was made, we may compre-
hend the late political shifts and dodges in the United
States. No sooner does one grand Presidential
election close than preparations dim and remote,
it is true, are commenced for the next. Even in
the election itself, in the platform, and in the com-
promises of a party, provision is made for the
effect on that to follow. ANDREW JOHNSON has
played his cards to b. 3 re-elected to his post. From
the date of the Philadelphia Convention this was
his grand idea, and the moving spring of all he did.
He held that the Radicals were used up, and that
if he could combine in his favour the Southern ele-
ment with the Copperheads of the North, he would
lead the strongest party in the United States and
secure his re-election. Congress, of course, saw
through his little game, and, being Republican,
opposed schemes so fatal to itself. Hence the bitter-
ness of the quarrel intensified by the fact that the
party he desired to destroy had elevated him to power,
and therefore regarded him as a traitor, while he, no
man of half measures nor easily daunted, fought in
Washington as he did in Nashville to the bitter end.
There is little doubt that such was the key of Mr.
JOHNSON'S policy, and it was so well conceived that
had he been more moderate and less obstinate he
might have been successful. His stump tour shocked
the respectability of the nation, and gave a terrible
blow to his cherished project. But at times he handled
his weapons so well, more especially his reverence
for the Constitution, that there was danger of his
carrying his point. Congress often weakened itself
in the protracted struggle by exceeding the bounds
of moderation in its opposition, when it stretched
its law-making power beyond law, to fight a Ten-
nessee stump orator, and when it infringed the
Constitution merely to forward its party purposes.
The history of ANDREwJousrsox's term will be the his.-
tory of this struggle which is its key. On this side
the Atlantic people have little notion of the interests
involved, for they suppose that Congress personally
hated a President who lost no opportunity of in-
sulting them and counteracting their measures ;
while, in truth, the PRESIDENT represented a policy
which would have annihilated the party supreme in
Congress, and changed the whole aspect of affairs
in the United States. Though this was the main
battle there were all sorts of minor affairs progress-
ing throughout the field. Each leading politician
endeavoured to increase his own following and to
place himself prominently before the country; and
as the period drew nigh for the Presidential election
activity increased. Some took headers—boldly
bidding for public support by the measure they
thought the crowd would most eagerly accept.
PENDLETON first thus jumped into the ring with
his flag of greenback expansion and redemption.
BUTLER and STEVENS were not slow in trying to
take the wind out of the Democratio leader's sails ;
and although many other issues besides the broad
one of reconstruction were broached, the financial
question was that most played on, and attracted
greatest attention here, as it affected Europeans ma-
terially. It was these shifts aud dodges working on the
National Debt that led to the Englishman's remark
with which we opened this article ; and, we are
bound to say, that it presented on our side, as
handled by these politicians, a curious tangle, and
one not easy to unravel. First, we bad the Demo-
cratic leader PENDLETON, whose party favoured
greenback redemption, rejected in favour of SEY-
MOUR, who had openly announced that policy and
honesty necessitated the redemption of the Five-
Twenties in Gold. Thus the Democrats laid
down a platform of repudiation, and gave the
first place on their ticket to a gold-redemption man,
while little less contradictory was the action of the
Republicans. At Chicago they meant alai said in
their platform that their policy was to pay in gold,
yet throughout the campaign they avoided the issue,
and never permitted it to become a square fight.
The Party presented the most extraordinary jum-
ble, and Congress added to the confusion by pass-
ing contradictory resolutions, now showing a dis-
position to evade the national obligations, then
honestly to meet them, till Englishmen gave it up
in despair, ceasing to attach importance to what
was said. So at least with one section, for another
lost no opportunity of holding up the great Re-
public as a warning of folly and dishonesty to
those who favoured Democracy. Now the ex-
planation, Qt thig is that the • leaden of both

parties were groping in the dark to find a
clue to the wish of the majority. What they
had to do was to avoid being caught in an eddy and
whirled out of the stream. They were at the head

of the flood, and sailing pleasantly down to the
ocean, but a mistake might draw them into a whirl-
pool; round and round, narrower and deeper, till they

reached the bottom. Congress had to strengthen
its party in the great fight, and they were ignorant
whether the majority would take up repudiation

and make it a main issue or not. They knew it to
be a very ticklish question, having a dangerous
fascination for the dishonest,lfor debtors, whose

grand object is to throw off their liabilities, and for

men who could not understand that credit is a pre-
cious inheritance, to be sleeplessly guarded by a na•
tion. On one side then was a BUTLER explaining
away his financial heresies ; on another was a SEY-
MOUR, advocating greenback redemption. Again we
have MORTON asserting that his plain statements in

the Senate were misunderstood, an I that he did
not hold the greenback theories attributed to
him. The same man stumped Illinois with one
set of speeches and Massachusetts with another ;
and the Republican party, after laying down their
gold redemption plank in the Chicago platform,

refused the challenge, and managed successfully to
evade the strategy of the Democrats, which was to

bring the party to a square fight on that issue

Hence the endless contradictions, and hence the

little value attached in the United States to the
mere electioneering tactics. Although this explains

the apparent contradiction, or what the Englishman
called the fickleness of the people, the interesting

question is the real intention of the nation.

We believe that on this point the bondholders
may make their minds easy. From the beginning
to the end our impression is that neither party really
intended to injure the creditors. Universal suf-
frage, (at least for all practical purposes manhood
suffrage does exist in the United States), with many
good points, has some bad, and never can work
except with an educated and honest people. An
American politician would sacrifice anything to for-
ward his political interest, and if all his fortune
were invested in Five-Twenties it would not check

him in advocating their repudiation if he thougl,
it would bring him into the Cabinet, and give him
the place and power his heart yearns for. Many
Englishmen suppose that Americans have a sordid
lore of money; but there never was a greater mis-
take. Of all nations perhaps they care least for it
for its o wn sake— and spend it most lavishly, and risk
it most recklessly when they get it. 'They strive for
it and fight for it, because it is the first thing for
which to struggle. But can any one explain why an
American will abandon a good business and rush to
Washington, and hang about lobbies and demean
himself to politicians to get a' precarious appoint-
ment which cannot be made to yield him enough
to live on? First, there is the excitement of the
lottery, and then, however Democratic and impressed
with the opinion that all men should be equal, each
desires to make an exception in favour of himself.
In this strife for power a great portion of the ap-
peal is to the dregs of the population, and the party
that desires to maintain its ascendancy cannot ig-
nore that section. It may among the wire-pullers
be a settled fact that the policy of the party, when
in power, will not be what the stump orators assert;
but the assertion is nevertheless made, and it cannot
be helped if foreigners are deceived into the
impression that the speakers mean what they say.
'They throw a tub to a whale at the risk of mislead-
ing another ship into an idea that it is a buoy, and
when remonstrated with for the deception, they
call it the fault of the other ship for not being ac-
quainted with the nature of whales. The necessity
is paramount of thus attracting the attention of the
1 masses, and that was the object the leaders of
party had in view when they thus dealt with the
financial question. It is much to be deplored that
so delicate a subject as the national credit should
thus rudely have been handled ; for a nation's
credit is a foreign as much as a home matter ;
indeed with most countries a great deal more. .
Yet the discussion has not been without its good;
and it is that good we desire more prominently to
bring to the notice of foreign bondholders. When
first mooted PENDLETON'S proposal was eagerly
argued, as well as those which followed. Every
reason for, and against, was dwelt on at length ;
false theories were exposed ; erroneous impressions
rectified, the weakness of what appeared strong was
shown, and the strength of what appeared weak
was tested. Thus the American people came to
understand a subject they had not before under-
stood, and the more light thrown on it, the more
satisfied were far seeing men that honesty was the
best policy. It was first demonstrated that in the end
it was cheapest ; that credit was strength alike in
war and peace ; that repudiation was dishonour, a
taint on the national lams, and preparing for chil-
dren yet unborn the scornful taunt and the blush
of shame; finally, that it would be a great wrong
done to a large class to whom the nation owed most
—we do not mean this as a pun, but morally as
well as materially, for after those who crossed
bayonets for the cause on the field, the men who
supplied the means for carrying on the war were
those who best supported the nation. All this came
out very distinctly in the discussion, and impressed
the people with these truths. Thus then the P.gita-
tion raised by politicians to forward their own ends,
' while damaging, the national . credit abroad,
strengthened it at home, and really averted future
danger. Emphatically this question has been dis-
cussed in the United States, and Americans are
satisfied that the bonds should be paid on the most
generous interpretation of the contract. But here
we are met by a President recommending open and
undisguised repudiation—an awful thing for a man
in such a position to have done, though the explana-
tion is easy. There is a bitterness of hate in the
nature of ANDREW JOHNSON which leads him to
any extreme, while his training allows him to
play for popular support at any hazard, and he
believes this to be a trump card in the fnture.
He has been beaten by Congress—he has been
whipped by the nation. Till the nomination of
SEYMOUR opened his eyes to the light in which he
was regarded by the party to whom he had sold
himself; andthe triumphant election of GRANT opened
his eyes to the opinion of the people, they were
closed to the fact that he was simply detested, and
had sacrificed all in his vain strife for another
term. They can know little of ANDREW JOHNSON
who think that the shaft did not sink deep, and he
has used his last weapon in retaliation, kicking
against a Congress he would, had he CROMWELL'S
power, annihilate in CROMWELL'S way, and in deal-
ing a blow at those who had so bitterly disap-
pointed his ambition, taking his chance of the
future, knowing that his appeal might tell in
certain quarters, and rather rejoicing at the in-
jury it did in others. Even Europeans are not
so deluded as to suppose that the PRESIDENT repre-
sents more than a Tennessee politician named AN-
DREW JOHNSON, or that his advocacy of repudiation
will do more than strengthen the side of honesty
Indeed it has been' even said that this audacious
scheme of repudiation was a bid for a Senatorship
of his State, Tennessee, which will soon became
vacant. We now know why the Representatives
passed the resolution declaring all forms of repudia-
tion to be abhorrent to the American people, which
last week, without the text of the PRESIDENT'S Mes-
sage, so surprised Enrope.—Anglo-American limes.

COURSE OF EXCHANGE—Last Evening.

Amsterdam Short ... 11 191 ... 11 19
Do
Rotterdam — ... 12 1 ... 12 11
Antwerp — ... 25 371- ... 25 421
Brussels
Haniburgn .........
Paris
Ditto -
Mraseilles
Frankfort-on-the-Main ... 1201 ... 1.201
Vienna — ... 12 20 -... 12 30
Trieste — ... 12 20 ... 12 321
Petersburg
00p3tibtigen.- .......
221
Berlin
Madrid..
Cadiz — ... 48 ... 481
Leghorn
Milan 27 10 ... 27 20
•••
Genoa — ... 27 10 ... 27 20
Naples
Palermo — ... 27 10 ... 27 20
Messina
Lisbon — ... 521 ... 521
Oporto- — ••• 52 ... 521-
Rio Janeiro — •••
Nut, Xyric

M
s ....

MONEY AND BUSINESS.

(From the Springfield Republican of Dec. 12.)
The money market is without noteworthy change. The
order to revenue collectors, to cease depositing in the

national banks, has begun to produce a perceptible effect,
in increasing the currency balances in the sub-treasuries.
At New York, money is in good demand at 6 to 7 per cent.
on governments. The banks appear to be moving steadily,
but with few exceptions are not disposed to lend, even on
call, below legal rates. At Boston, the market continues
to work close, even for customers ; and outside paper

moves -very sluggishly. At Cincinnati and Chicago money
is very stringent. The demand for pork packing is largely
in excess of the supply, and is producing something of a
drain upon the East. Currency is also going South in
considerable amounts. The approach of general settle-
ment, at the close of the year, is having its effect on the
market; and merchants are disposed to increase the
amount at their command. Sterlin; exchange is firmer,
with active inquiry, owing to the scarcity of cotton bills.

atut day's • canards of the death of the Emperor and
outbreaks in France, had the effect to send gold up a

point or two ; and it has not yet fully made up its mind to
come down, though closing for the week at 136. The
metropolitan press is busily engaged in discuss'ng two

questions, suggested by this episode : 1. What means can
be devised to discover and punish the authors of such false
reports? '2. Why, when it only takes au hour to send

gold up 2 per cent., d es it take three or four days to get
it back? We are not concerned to find an answer to the
first in luiry, for if persons will buy and sell stocks on the
rumours of the street the public does not much care how
badly they get bitten. The answer to the second ought to
be easy, and oven familiar. It requires some force to start
a body in any direction. There may have been reasons
accumulating for some time why an advance in price
should take place, and yet that advance be delayed for
want of a definite impulse. Any accident, a false, even an
absurd, report may supply that impulse, particularly in the
stock market ; and when it comes, the movement of the
_ _

stock will neither ba determined as to its extent by the

strength of the particular impulsion, nor will the simple

withdrawal of that force return it to its former figures.
The debt statement for the month show the coin in treasury

to be $88,000,000, including the $23,000,000 of certificates.

Public bOnds have not been affected by the shameful sug-

gestions of the President's Message ; and the fact that tho
bonds of all classes were quoted a little higher the day

after the chief magistrate of the nation had, in his annual
Message, recommended the confiscation of their entire in-
terest for the term of sixteen years and eight months shows

what the country thinks of him, and is perhaps the best
indication of the exact degree 3f influence which ho exerts.

If it were worth while to punish, or even to notice, such a
man, his recommendation would constitute ample ground
for his impeachment and removal. There is no higher
_ _

misdemeanour or grave crimp than' for an officer of the
Government to strike at its credit in such a way ; and if
Andrew Johnson was not what he is, and had not been

what he has, the effect of such a recommendation would

have been most disastrous. Such an intimation from the
Throne in England would ruin every bank in the king-
dom within 24 hours. Hero it rather improves stocks
than otherwise. There is a strong demand for tho thirty.

year currency sixes (on Pacific Railroad account) at
99} and accrued interest. The banks are buying them
iti to serve as a basis of their circulation, and taking up
their gold interest bearing bonds deposited at Washing-
ton. The President's Message being of no account any
way, it is a fair inquiry what effect the accompany-
ing reports aro calculated to have and may be observed to
have on the public funds. The general feeling seems to
be that of increased confidence ; and a review of the re-
sults of the year, and of the present situation, fully justifies
the feeling. Notwithstanding all the drawbracks of the
last fiscal year, the Government comes out of it with a
credit of $35,000,000'; and the prospects for the coming
year are better than our fears three months ago. Perhaps
the report of Commissioner Wells, which has not been
published, has had a greater share in producing this con-
dition of public sentiment than any and all of the reports
which...have been published. It is generally known that
Mr. Wells takes strong views of the practicability of meet-
ing all tho expenses of the Government out of the pro-
ceeds of existing taxes, and leaving a liberal margin for
the reduction of the debt, or the relief of industry. Border
state bonds have been dull and inactive during the week,
especially North Carolinas, in consequence of some uncer-
tainty in regard to the legality of the new bonds. In Teunes-
sees dealings are restricted by the prospect of a further issue.
South Carolina Securities form an exception, under the ex-
cellent administration of Governor Scott; and the bonds
of that state are in strong demand. In the railway mar-
ket speculation is very unsettled, and more trouble in
stocks is evidently preparing. The miserable fiasco, in re-
gard to dividends by the management of the Milwaukee
and St. Paul Road has pretty thoroughly disgusted a too
confiding public ; and the stock is probably kept at its
present figure only by reason of the efforts of the cliques
and the attention of the market being chiefly engrossed
by the movement in New York Central. Cleveland and
Pittsburg has had the misfortune to attract the notice and
excite the evil passions of the big rogues ; and there is a
combination to control the choice of directors at the
January election forming, with a view of treating it with
the same indignities as Erie, Central, and St. Paul. The
interest of the market, however, centres in Central—
and that pretty piece of property has taken it with a
vengeance the past week. Saturday was the field day, the
stock selling all the way from 133 - down to 126 f. The
same pressure upon it has been continued through
the week, and it closes at 12ii. The promise of a
scrip dividend proves for the fiftieth time already falla-
cious. Injunctions and counter-injunctions has e been re-
sorted to, though not without suspicion of collisions, as
recently in the Erie case. There was no quorum at the
stockholders' meeting at Albany yesterday ; but the old
board of directors will undoubtedly be chosen. The great
anxiety of stockholders is to get at the large cash reserve,
which the road is carrying, and which the directors do not
seem inclined to divide. Judge Boardman of the Supreme
Court has dissolved the injunction of Judge Cardozo,
which restrained Judge Davis from taking possession of
the Erie Railroad as receiver. Meanwhile the stock con-
tinues the football of the market. T here is no doubt, however,
that the character of the road and the quality of its service
is bein g improved in a marked degree. Mr. J. Fisk's punning
despatch that all the stealing he had been accused of doing
consisted in laying down steel rails may not have been
a happy statement of the truth ; but there is some-
thing in it. Twenty-three millions is a large sum, and
ought to afford quite a little margin for improvements and
repairs even after supporting a dozen families in style and
feeing half the bar and all the bench of New York. An
irreparable and inexcusable wrong has been done the
stockholders of the road ; but the public generally reaps
some advantage in the better order and service of that
great and vital line of communication. Mr. Jay Gould
seems fairly to have taken up the work of renovat-
ing the road, and increasing and quickening its de-
liveries, and though his administration has been at
an awful cost to his "constituents," the country is
generally beginning to enjoy some of the fruits of
it. The exports for the week from New York have
been $4,020,901, against 84,628,013 for the same week
of 1867, and $3,101,416 in 1866. This makes the aggre-
gate since January 1 $156,892,265, against $179,678,834
for the same period in 1867, and $178,485,338 in 1866
The exports of cotton are on the increase. We have
already (since September 1) sent to Europe 100,000 bales.
more than last year, and there is a correspondingly large
amount in process of shipment. For future delivery mid-
dling cotton is sold at 231 for January, February, and
March. .In wool the market for fleeces is more active, and
prices are firm, but not quotably higher. The inquiry is
chiefly for the better grades, such as are used for light
goods. Offerings are fair, but are not pressed, as holders
are fully assured that the sale of their stocks at full prices
is merely a question of time. Navigation may now be re-
garded as closed ; and the prices of rail freights will soon
be materially advanced. The receipts of lumber at Chi-
cago up to the Ist inst. had been 982,580,100 feet, and by
this time must have fully reached the figures 1,000,000,000,
which were predicted at the opening of the season.
This would show an increase over the receipts of last
year of nearly 150,000,000 feet. Considerable specula-
tive feeling has been developed in breadstuffs ; and the
demand is good both for consumption and for export.
Prices consequently have taken an upward turn, and
the market is strong, with the feeling that so large a
portion of the crop has been kept back that Easters
holders will reap a handsome profit. In oats there is
almost a panic at New York, and prices have advanced, in
sympathy, at Chicago, though in a less marked degree, on
account of the anticipated rise in freights. Pork packing
at the West is not going forward quite as briskly as usual
at this season. The hog product proves as largo as anti-
cipated, but corn is so very cheap that owners are inclined
to feed it out and put off killing. This tendency has
checked the down ward movement in pork. The market
for lard is a shade firmer. Butter is only in moderate re-
quirement, and prices are not firm, with a good. demand,
however, for shipment to California- Cheese is in ae.tive
demand, and the sales largely exceed those of any previous
years, but without much demand for export.

(From the Albion.)
The chief feature of the new management of the Albion
is its exhaustive financial summary. We give the follow-
ing extract :

"NEW YORK, Friday Evening., Doc. 1

"Business prospects in the South are improving. in
New Orleans there aro signs of activity in nearly every
branch of trade, and Southern merchants and planters will
soon have at their control the proceeds of a very Laze
crop of both sugar and cotton. At Savannah and Charles-
ton similar improvement is reported by the local journals,
owing mainly doubtless to the restoration of confidence
consequent upon the subsidence of political agitation
throughout the country, and the renewed efforts to revive
industrial enterprise in the South. it is fortunate for this
action of the United States that the crops have been much
larger than at any time since 1861, and that the labour
system is becoming better organized than it was dining
the interval. The South is financially poor, but agricul-
turally rich; and it only requires capital to develope its
resources. Capital is proverbially timid, but with peace,
South as Will as North, it will pt Pe lOW w and !to way