The Sun.
London, England, 1868-09-26 00:00:00

TIIE SUN, LONDON, SATURDAY EVENING, SEPTEMBER 26, 1868,

in the decline, which was not counteracted by the

THE SPANISH INSURRECTION.

news from Georgia and Alabama.
The news of the riot in Georgia, where the loss
of life has been so heavy as to arouse grave suspi-

The telegraph, manipulated by the sup-
porters of the Revolution, is at its lying work
again about the outbreak in Spain. The tele-
grams of to-day, contradicting those cf yes-
terday, are compressed falsehoods ; the lie
circumstantial of " our own correspondent "

cions of what occurred, directs attention to the ex-

pulsion of the negroes from the State House of
Representatives. The original draft of the Consti-
tution lately adopted contained an article making
all qualified electors eligible for office, which was
struck out on a motion of the present Radical can-
didate for Congress by a vote of 126 to 12, the 12
being all white men. The article afterwards adopted
declared the Georgia Code and all laws enacted
Aince Jan., 1861, in force, except as to slaves. The
Code excludes negroes from office, of which they (the

is condensed by the necessity of the electric
wire into the lie direct. But the lie does not

live longer than a day—to-morrow's telegrams
recalls it and substitutes in its stead a perhaps
still more startling and still more absurd piece
of news. The calculated effect of these ma-

nceuvres is to perplex the public mind, and to
leave the impression that something frightful
is really taking place, the true particulars of
which, however, are not to be ascertained. A
veteran like the Times has been taken in by
this stale and silly trick. For, relying on
telegrams from Spain, it announced to English
readers in a grandiloquent leader, that "Spain
has risen against her Government." It turns
out, of course, that nothing of the kind has

negroes) had no notion. In voting, then, for this they
were voting for their own exclusion, and their treat-
ment is the matter can be regarded in no other light
than as a deception. They are said to have spoken with
great force, often ungrammatically and sometimes
rudely during the debate. One old negro silenced
the laugh at.his ignorance by asking, " Would you
have been any more learned than I am if for 57
years you were not permitted to own a spelling-
book without running the risk of the lash ?" The

•
taken place. That Spain has not risen, but
that a plot, concocted by the six generals
who, ins Lead of being shot, were sent to the
Canary Islands, and General Prim, relying on
the treachery of regiments and garrisons of
towns, and the democratic party in a few of
the cities, has come to a head. The particu-

protest of the expelled members was drawn up by
a coloured man, named Porter, from Cheatham

County ; and although it contains one of the longest
sentences we recollect to have seen, it is exceedingly

well written, stating the case pointedly and with

lars of this latest pronunciamiento, which does
not differ in character, though it may in ex-
tent, from that of Prim's first abortive attempt
and that of the " six generals," we have put
together in another column, and what we wish
to do here is to point out the real motives of
this military and democratic revolt, and the
glaring inconsistency of the support and sym-
pathy given to this movement by writers in the
English press, who would consider it a defile-
ment in private to touch the hand of a perjured
soldier, or to fraternize at home with wild and
socialistic democracy. Every such writer who
now so complacently lisps sympathy with " a
rising in Spain," would shrink, we feel sure,
in disgust from democrats of this sort, who
abound in the purlieus of Paris, in revolu-
tionary Italy, and who swarm out in some
of the larger cities of Spain at the approach of
any public turmoil.
It was conceded on all hands, up to the time
of Prim's first abortive attempt, that Spain,
under its present system of Government, had
made great advances in commercial prosperity,
in the management of its finances, in the de-
velopment of its educational institutions, and
in the maintenance of public order. It had put
down the Revolution, and it was hoped that
it had at last succeeded in closing the epoch
of military revolts. The English journals even
declared that a new career seemed to be open-
ing out again to Spain. One thing, however,
the European Revolution could never forgive,
and that was the chivalrous devotion of Spain
to the civil sovereignty of the Pope. From
the moment that Marshall O'Donnell's weak
and temporizing policy was disavowed by the
Crown and country, the Revolutionary party,
kept in check in Italy, turned its attention to
Spain. The Revolutionary press recommenced
its scandalous attacks against the Queen. No
opportunity was lost to declare, in the hope
by constant repetition to cause it to be believed,
that there was no hope for Spain as long as
Queen Isabella reigned, and the Church was
publicly honoured and its authority respected.
Nothing short of the complete overthrow of
the dynasty would satisfy the Revolution.
Spain was declared to suffer under a dynastic
question. The Times took up the cuckoo cry,
and a certain noted Italian Revolutionist—not
for the first time a correspondent of the Times
—wrote revolutionary and lying letters from
Madrid, and now nearer home, if we are not
much mistaken, inspires its leading columns
with bombastic revolutionary platitudes about
Spain having risen again against her Govern-
ment. By starting a dynastic question in Spain
the leaders of the Revolution knew what an
opening was afforded to the intrigues and am-
bition of military adventurers and disappointed
Generals who, having a following in certain
regiments and a hold on certain garrisons, or,
like Prim himself, a reputation in the Spanish
army for dash and brilliancy, only waited for
an opportunity and a cry of some kind or other
to renew the military 1),.0n ancia)ll i 0 cvl
since the period of the Spanish revolution,
have been the curse of the country. For forty
years the Spanish army has been the cause of
turmoil and revolt. The plan regularly fol-
lowed is this—disloyal and ambitious Generals
putting themselves at the head of favourite
regiments, and if unopposed by faithful regi-
ments and loyal Generals of the same army,
march upon the capital, upset a Ministry,
and proclaim a favourite or more self-willed
member of their own body as Prime Minister.
Place and power, wealth and titles, are lavishly
distributed among the successful soldiers, their
rivals are banished, and things again follow the
same course. Another favourite arises in the
army, another military pronunciamiento follows,
and another distribution of honours and estates
takes place. The firm attitude of the Crown,
the loyalty of the people, the growing pros-
perity of the country, had done much of late
years to break the tyranny of the army ; but
instigated by the Revolution, and provided
with a cry, the army is again displaying its
disloyal and corrupt spirit—again plunging
Spain into anarchy, and leaving it a prey
to every adventurer. The only remedy against
the corruption and tyranny so rife in an army
which has now so long been the instrument
of revolution and anarchy in Spain, is to call
out the Royalist Volunteers. On the last
occasion of their being called out in 1827, they
made short work with the lawless brigandage,
the result of the Revolution, and saved the
country on the verge of anarchy. In every
township, in every hamlet, Royalist Volun-
teers stood in defence of law and order. Let
the Royalist Volunteers be called out now,
trust the Crown and country to the faith and
loyalty of the people, let the appeal be made,
not to military intriguers, not to the Social-
ism or Democracy of some of the larger com-
mercial cities, but to the faith and chivalry of
the people of Spain, and the response, there is
not the smallest doubt, would be an army of
Royalist Volunteers which would trample down
foreign intrigues and Republican schemes, and
not only put, by their loyalty, the regular army
to shame, but enable an energetic Government
completely to reorganize an army which has for
too long a period tyrannized over Spain.—
Westminster Gazette.

vigour.
Peter Cooper, of the New York Citizen's Asso-
ciation, has appealed to the public on the subject of
pauperism. Suggestions are made and supported
by figures which, though interesting, are believed
to be exaggerated. From the census of 1865 he
takes the number of paupers for the State of New

York (278,558), which he finds to be one inhabi-
tant in 13, the total population of the State being
3,827,818. Many of his most valuable suggestions
relate to the recently organised Labour Bureau of

,he City Board of Charities. It will surprise per

MISCELLANEOUS NEWS.

( From the Anglo-American Times.)

There has been a fall in the price of gold in New
York, though not to any great extent. This was
anticipated in the monthly circular of Henry Clews
and Co., dated Sept. 9, for several reasons. First,
the Treasury, they say, may find it necessary at an
early day to provide itself with funds by sales of
either bonds or gold for supplementing its defi-
ciency of income from internal revenue ; for it is
generally conceded that Congress has curtailed the
income of the Government beyond the extent to
which it has reduced its expenditure. The last
Debt Statement shows that the currency balance of
the Treasury has been reduced to the unusually low
figure of V. 5,000,000, and also that during Aug. bonds
were sold to provide currency. The drought in
England has caused a demand for the dairy pro-
duce of the United States ; the increase of the cot-
ton crop, estimated within the last four weeks at
250,000 bales, which will be early pressed for sale,
and the favourable anticipations regarding the ex-
port of breadstuffs from the United States, have
improved the prospects of the exports offsetting the
imports. There was at that time also a large supply
of gold in the market, the public deposits in the
Treasury being on the Ist inst. V 5,000,000. At
the same time these eminent bankers caution their
constituents against selling gold for future delivery
in the face of the disturbance of the Southern States,
the bad feeling between whits and black, and the
significant fact that firms having Southern connec.
tions are at present large buyers of gold. We are
°lad to see that their anticipations were borne out

Trotter ;" but we doubt whether he could hold a

candle to the British Walpole, when it came to a
trial of dropping tears.
Attorney-General Ashton gave his opinion on
the 9th instant to the Secretary of War ou Southern
claims for compensation for seizure and use of pre-
mises during the war. He takes the ground that

under existing laws the Quartermaster-General has
no authority to allow any demands of this charac-

,er. The case which was made a test was that of

Mr. Elliot of Tennessee, whose premises were con-
vePted into an hospital during the rebellion. Claims
of this nature, to the amount of $30,000,000, are
pending before the Department, all of which will be

disallowed if this construction is borne out.

Mr. Binckley got through his New York Com-
missioner Rollins' impeachment business on the
9th inst., and a very ridiculous spectacle he has
made of himself. The Attorney-General, on the
Bth inst., thoroughly disgusted, telegraphed from
Washington to Assistant-Attorney Courtney in

New York, stating that Binckley had no right to
appear against Rollins, and that Mr. CJartiLv
should manage the case for the Government. Oar

readers must bear in mind that we tell the story as
we find it reported in the papers. After bullying
the officials in New York, and getting up some
scenes in court, he reached a point, as the Tribune
says, on the Bth inst., " at which forbearance ceased
to be virtue. In the afternoon he (Binckley) sum-
moned Mr. Courtney to meet him at his rooms
iu the Astor House. The lordly Binckley waved
him to a seat, and began his conversation
with the insulting question, ' Well, which side
of the case do you intend to take to-mor-
row ?' Mr. Courtney's reply to this piece of

insolence was that he considered Binckley a
downright fool,' informing him at the same time
that he would have nothing further to do with him.
He then turned to leave the room. Binckley called
on him to stay. Mr. Courtney was going out of
the door when Binckley made a rush towards it,
endeavouring to detain him. Mr. Courtney got
jammed in the rush, a circumstance which, as ap-
pears from subsequent events, by no means im-
proved his temper. Courtney got back into the
room again and immediately pitched into Binckley,
and a rough and tumble fight ensued. A punch
between the eyes sent Biackley sprawling on a
lounge. Courtney followed up the attack by punch-
ing him soundly for several minutes. Binckley
hallooed and bellowed for help. Assistance came
in a few minutes in the shape of two deputy United
States marshals, who were lounging around the
door of the room. They pulled Courtney away,
and applied themselves to the task of fixing up
Biuckley, who got badly used up in the attack.
Binckley returned on the train to New York. The
news of his discomfiture was in town before him,
and there was a general expression of joy at the
thrashing which he had received at the hands of Mr.
Courtney."
Mr. Rollins failed to settle his dispute with Se-
cretary M'Culloch in an interview, as he required
the dismissal of Solicitor Binckley, and the Secre-
tary declined to interfere. Mr. Rollins stated that
he would complete the nominations of the 25 super-
visors, though some might not be approved by the
Secretary on political grounds, but he declined to
accept the Secretary's proposal that each should
name one half. Another interview was to take
place, after which Mr. Rollins was to leave for
New Hampshire, when he would be absent for some
days on private business.
General Butler, the "irrepressible," finds his
work as heavy during the recess as when he was
leading in the Impeachment Trial. At one time
we hear of him actively conducting his canvass in
Massachusetts, and forwarding the interests of his
friend Dr. Loring—then he is in a British Province
inquiring into a reciprocity treaty—next he is re-
ported to be in Nova Scotia, where he anticipates
trouble—then he is back again at the Republican
Convention of Massachusetts, where he withdraws
and puts an extinguisher over his friend Loring. He
was well received at the Convention, though his
financial ideas met with little favour. Notwith-
standing the attacks on him by Republican papers,
he is nearly certain to secure his return to Congress.
Nova Scotia continues to be greatly agitated,
and the excitement was increased by the speech of
Attorney-General Wilkins. The Assembly parsed
a resolution censuring Limtenant-Govornor Doyle
for his interference with freedom of speech in the
case of the Attorney-General, to which the Lieut.-
Governor replied by threatening to dissolve the
House unless the resolution was expunged, and ex-
punged it was. The Assembly passed unanimoasly
resolutions of thanks to LordS tratheden, Mr. Bright,
and others of the Imperial Parliament who supported
Nova Scotia in her efforts to repeal the Confederation.
Although there was a report in Halifax that a pro-
minent United States General had promised mili-
tary aid in the event of the Nova Scotians resort-
ing to force, the opinion in the United States is
that the Province is neither prepared for indepen-
dence nor for annexation to the Union, and that
she will quietly submit to the inevitable, remaining
as a peaceful member of the Confederation. The
Pall Mall Gazette asserts that the prominent Gene-
ral was Benjamin Butler, who was sent there to
sec about the Reciprocity Treaty. We think it
more likely that the report is altogether untrue.
The resolution in Mr. Sumner's favour of the
Massachusetts' Republican Convention will, it is
thought, be followed by his re-election to the Senate
by as large a vote as that given to him before.
Three times he has been elected, and this will be
the fourth if the present programme be carried out,
of which there is little doubt if he lives. It is, how-
ever, more doubtful whether he will serve long in
that dignified assembly, as in the event of Repub-
lican success there are rumours that he will succeed
to the highest post in the Cabinet. Few men in
the United States or in any other country are more
generally respected, for he combines a rare honesty
of purpose with a rare ability, and has worked with
a stedfastness in achieving his object which in itself
n these days "of swinging round the circle" makes
aim remarkable.

sons in Europe to learn that so many, even in a
State like New York, are recipients of public
charity, but Mr. Cooper's figares are said to be in
excess of the fact. In Massachusetts the apparent
proportion of paupers, including vagrants and
lodgers, is 1 in 17, but the real number is 1 in 24 ;
while, if the vagrants be excluded who form no
part of the population, the result is but 1 in 32.
Of tiles!: perhaps a half are children, either orphans
or with parents, dependent oa the public. Pau-
perism has diminished in Massachusetts within the
last ten years, and is less now than before the war.
Many leading Ministers of the United States
abroad, and two-thirds of the Consuls, strongly
favour General Grant's election. Such, at least, is
the assertion of some unnamed person in Washing-
ton, who has received letters from these gentlemen,
and that there may be no mistake about the matter
the following names are given :—Mr. Cassius M.
Clay and his secretary of legation, Mr. Curtin,
Russia ; John P. Hale, Spain ; General John A.
Dix and his secretary, Mr. Hoffman, Paris ; Mr.
Watts, the new Minister to Austria, and John Hay,
charge d'affaires at Vienna ; Mr. Morris, Constan-
tinople ; Mr. Marsh, Italy ; Mr. Harrington,
Switzerland ; Mr. Nicolay, consul at Paris ; Mr.
Murphy, consul-general at Frankfort ; and Mr.
Moran, secretary of legation in England.
As we anticipated, Surratt has escaped without
further trial, the telegram from New York on
Thursday having announced his discharge under
the Statute of Limitations. Whatever was the
opinion as to his complicity in the assassination,
there is a general impression that his mother was
unjustly executed. If so, it is a wrong that can
never be remedied, but it has doubtless had its in-
fluence in dealing with the charge against her son.
A question relating to a Confederate cruiser has
been well settled by the Chancery Court of Canada.
The Florida, on the 10th July, 1861, captured a
schooner called the Electric Spark, bound from
New York for New Orleans, with a box of Post-
office stamps on board, of the value of $12,000. The
purser, W. H. Taylor, took possession and sold them
to Mr. Woods, of Liverpool, who sent them for sale
to Toronto, where they were attached by the United
States Government, who obtained an injunction,
and subsequently brought a suit for their recovery.
The first point relied on for the defence was the
legality of the capture, and this was the question
of public interest, for the United States denied it,
asserting the Florida to be a pirate, which ,onla
not carry captured property into any port, or make
good its title before any Court of Admiralty. After
the subject hal been fully argued the Court of
Chancery sustained the plaintiff, and the stamps are
to be forwarded to Washington. The second point
on which the defence relied was that if the capture
were illegal the stamps had been offered and sold
in the way of merchandise, and had passed into the
possession of an innocent person, but the Court
could not see how he whose title was bad could
convey the property to another.
The active-minded American loses no opportu-
nity of working out the great election problem now
before the country. A traveller in the saloon of a
steamer or seated in a railway car is certain at in-
tervals to be called on for his election vote, and
thus through strangers gathered by chance the
country is informed of the drift of opinion. It is
not to be denied that these reports assume a very
different complexion from the paper in which they are
published. The nation marvels at its Democratic
tendency from such results when shown by the
New York World, but the nation finds when it
consults the Tribune that it is so wholly Republican
as to be almost without an opposition. If we are
to believe a gentleman from Michigan who went
through Utica, the voting almost iu sight of Sey-
mour's house was nearly 2 to 1 for Grant, a result
which appears greatly to have astonished him. On
the Detroit and Millwaukee Railroad on Monday, the
7th, there were 59 for Grant and 23 for Seymour;
on the Great Western through Canada, Bth, Grant
99, Seymour 60 ; New York Central between
Syracuse and Utica, Grant 135, Seymour 69 ; be-
fore reaching Albany, Grant 158, Seymour 85 ;
before reaching the city on the 11. R. Railroad,
Grant 127, Seymour 79.
Last week we announced the wreck of the steamer
Ilippocanzpm with the loss of 50 persons. It ap-
pears that she left St. Joseph, Michigan, between
which port and Chicago she traded on Monday, the
7th inst., with 30 passengers, a full crew, and
8,500 baskets of peaches, mostly on the main and
hurricane decks. During the night a heavy
storm occurred, and it is feared that the cargo hav-
ing made the vessel top-heavy,
she capsized, when
every person on board was drowned. Among her
passengers were Alvin 1!.I. Palmer, James M. Sor-
tore, James Trimble, W. Burridge, John Bur-
ridge, W. Vaughan, W. Hathaway, C. C. Sutton,
B. C. Lewis, Joseph Ford, all of Benton Harbour,
Michigan; E. M. Thatch of St. Joseph ; J. Shutmin
of Bainbridge, Michigan ;
Joseph Higbee, W. S.
Watrous, A. P. Whitney of Chicago. The crew
consisted of Captain S. AI. Brown, Mate Robert
Richardson, clerk J. P. Bloom of Sc. Joseph,
engineer Richard Eustes of Chicago, wheelsman
Charles Morrison of St. Joseph. The propeller
Comet was despatched from Chicago in search of
the missing steamer, but she experienced rough
weather, and was unable to find a trace of the
Ilippocainpus. The lost vessel, though valued at
$22,000, was only insured for $2,200.
The " obscure" person Brown, as the Standard
delights to designate those comparatively unknown
whose influence it dreads, and thus speaks of Col.
Brown of Kentucky, has materially damaged Go-
vernor Seymour by his attack at Cincinnati, to-
gether with the letters called forth by the remarks
of the New York World. The injury mainly arises
from Mr. Seymour's acceptance being made public of
the platform drafted by Chief Justice Chase, and
afterwards submitted to him. It advocatA universal
suffrage and universal amnesty, and a rigid obsrr-
ance of the national faith regarding the debt. To have
pledged himself to support the Chief Justice's no-
mination after approving of this platform, and then
to have permitted his own nomination on principles
totally opposed, has shocked many strong believers
in Governor Seymour. What seems most to have
maddened Colonel Brown, as well as Messrs. Reed
and Alexander Long, was Mr. Seymour's with-
drawal from the scene for two hours and a half to
a private room after the nomination, where " he
wept like a newly-weaned baby." Colonel Brown
declares him " as a weeper to be the equal of Job

MONEY AND BUSINESS.

(From the Springfield Republican, Sept. 12.)

Nothing is seen yet of that scarcity of money which was
to happen " about this time." Indeed the signs point to an
easy market through the fall. It cannot be said that it is
getting late for a stringency, for it is not; but it certainly
is high time to make a beginning : whereas, the week closes
with money generally abundant. At the West indeed there
is a strong demand for currency ; but at Now York it re-
mains in positive excess, without any indications of
tightening. It is, of course, likely that there will be a
fair tension come October; but those who have been
shrieking over the imminence of monetary, distress may
as well dry their tears. There is no reason why there
should be any extraordinary piessure ; and it is not likely to
happen without a reason. The causes assigned by some
of our cotemporaries for the approaching stringency are
amusing enough. There is the great trade of the West
with the East, and then there is the great trade of the
East with the West—each requiring an enormous amount
of currency—as if the two did not balance each other :
There is the grain crop to be brought to port, and there is
a vast body of home and foreign manufactures to be dis-
tributed among the people—as if such a thing as exchange
were never heard of !

We had a right to expect that the flow of currency west-
ward would Win' more marked this week than last ; but
just the contrary is true. The deposits in the city banks
of New York have been lowered less than two millions
and a half during the week; while, as compared with the
corresponding date of last year, the banks hold two hun-
dred and eight millions against one hundred and ninety-
five. Money is in full supply at the lowest rates that
have yet obtained—brokers being readily supplied at pri-
vate hands for 3to 1 per cent., while it is easy to nego-
ciate, paper having four to six mouths to run at 6 to 7}
per cent. The stockholder even reports money loaned in
New York, to stand for the remainder of the year, at 4
per cent. on Government Securities.

This certainly does not look much like "seven per cent.
in gold" by the first of October. At Boston money is
rather niece active, though if the market is hardening it is
by imperceptible degrees. The rates are 61 to 7 for first-
class paper ; and 4 to 6 for temporary loans, not to go over
quarter day (Oct. 5). At Philadelphia the weekly bank
statement shows an increase of loans to the extent of
8428,594, and a falling off in deposits of $136,992. At
Cincinnati the market was working easier during the
week, with a liberal supply of currency• reported, the
receipts from New York being fully up to the wants of
trade, and orders for exchange from various points at
the South helping to swell the supply. Deposits in
bank showed a material increase, and applications for
discount were freely rad at 8 to 9 per cent. in bank, ,and

10 to 12 in open market. The week closes, however, with Petroleum Stocks are steady, with a good business
a decided increase in the employment of money, and doing in Buchanan Farm, Rynd Farm, and United States
the banks are more disposed to confine themselves to their
customers, and to harden figures a little. At Chicago, the
market is neither better nor worse, though the flow of
currency to the interior is being checked—the crops have
been largely drawn upon, and a portion of the produce
now received being paid for in goods. The following,
then, aro the general facts in the condition of the markets
throughout the country :—The East has a largo surplus,
and is ready to be drawn on even more heavily than it is
likely to be, without experiencing a scarcity. At the West
the crops are very generally off the farms, and are being
forwarded with gi eat rapidity in hopes to anticipate a decline
in prices. Hence the larger half of the honest work of the
currency there is:already done. In Wisconsin and Minnesota
but little grain has yet been moved, and the wants of those
States must be taken into account. The demand for money
from the South will be large, and the cotton crop is being
pushed forward rapidly, both from a desire to secure pre-
sent prices, and on account of the general impecuniosity
of that section. On the other hand, tag movement of
goods West and South must begin very soon in earnest,
and will largely offset the indebtedness of the East. The
demands of the cotton and grain crops must not be dis-
paraged; but neither must the capabilities of exchange
and the abundant resources of New York be under-esti
mated.

Thera has been nothing worth remarking in gold dur-
ing the week. It has kept mainly below 1.45, though
once touching that figure. The usual controversy has
been kept up by the Now York papers as to the amount of
gold in the Treasury, the Times insisting that it is above
70 millions, while the World puts it at " $60,358,081, with-
out counting the accrued interest on overdue bonds." All
this quarrelling is supposed to be pertinent to the question,
What is the proper price of gold ? But we will suggest
that it will be well to remember that it is not the amount
of gold in the Treasury, principally, but the amount in the
country, that determines the premium. The Times will
hardly deny that the export has been unprecedentedly
large for the past eight months, and has considerably di-
minished the amount hold in the United States. There
being less of it, why should it not bring a higher price ?
Where is the fallacy in this ? It ought not to be a hard
matter to figure out the amount of gold in the Treasury at
Now York ; but some people seem to find it so. Perhaps
they had better try easier sums at first.
Governments, which within a fortnight had advanced
per cent. on the new Bonds, sustained a heavy attack
from the bulls as the week closed, and have given way
slightly under the pressure —the new issue, which had
been most appreciated, suffering most in the fall. At the
lowest prices reached, there is not much doing. Holders
strongly resist a further decline, and the market is indi-
rectly supported by the large amount of bonds now held
in Europe, on account of American consignors—the Ger-
man bankers being engaged to help prices here, in order
to keep their own market steady. The Bonds of 1867,
which we reported last week as growing rapidly in favour,
have still further advanced during the week, though yield-
ing somewhat at the close. The New York World congra
tulates itself, and desires tobe congratulated, upon having
caused the recent advance in the later issues by publish-

ing tho discovery that the bonds of 1865, 7, and 8 are really
by law made payable, principal and interest, in coin, and
are thus placed beyond suspicion or attack. Fully as
easy, and fully as likely a reason might perhaps be found
iu the fact that the later bonds have longer to run, the
five-twenties of 1862 being actually redeemable to-day.
As for the World's patent discovery, we'still entertain the
opinion which we expressed at the time, namely, that the
rascally repudiators, with whom the world is so frater-
nally linked, will not be hindered by any such gossamer
distinctions. If they are knaves enough to confiscate a
part of the debt, they will have no scruples about confiscat-
ing the rest. The Five-twenties are a whole; and if the
bonds of 1868 stand, those of 1862 will be as good as gold.
Vermont spoke out for Grant, and Governments advanced
promptly within twenty-four hours. If Maine goes Re-
publican by 15 to 20,000 on Monday, the bonds will ad-
vance again on Tuesday. And if Grant and Colfax are
elected in November, every bit of paper on which the
Government of the United States ever pledged its faith
will be worth par in gold the world over.
The September statement of the public debt unfortu-
nately shows an increase of indebtedness to the amount
of $12,078,833—ten millions and a half, however, being
caused by the Alaska purchase and by loans to the Pacific
Railroad. As the latter expenditure, though in the name
of the United States, is really chargeable upon the com-
panies, it must in justice be deducted. The remaining de-
ficiency of a million and a half is due to the unusually
heavy demands of the War Department, and to the falling
off in receipts, occasioned by that most mischievous and
disgraceful dead-lock in the internal revenue service.
The exhibit made by Mr. Atkinson in his speech at Wor-
cester on Wednesday will be good reading for any one who
feels gloomy over these successive deficiencies.
Bonded State Bonds have been active during the week,
and close strong. An unofficial statement has been made
that the overdue interest on the Tennessee Bonds will be
paid in the first week of October ; and it has found suffi-
cient credit to raise the old Bonds (ox-coupon) to 691.
Governor Holden, of North Carolina, has announced that
the interest on the public debt of that State, whether con-
tracted prior to or since the rebellion, will be promptly
paid on and after October 1. The Railway Market has
done a large business in a large way during the week,
closing generally lower, except on Toledo and Wabash,
which has been forced up to 58 from 531, yielding 11,
however, at the latest sales. This not heretofore been
esteemed a valuable property, and the advance, like
John Allen's piety, needs confirmation. Reading sold
down to 891 from 911, on an immense business done,
under the report that the colliers have given notice that
they will stop work on the 19th unless rates for mining
are advanced. Tho St. Paul Stocks have passed the
North-westerns on the upward journey, and reached 90
for common and 911 for preferred. The scheme for con-
solidating the Atlantic and Great Western with the Erie
is being actively prosecuted, and the former company
have issued a pamphlet giving the proposals submitted to
the bond and debenture holders by the directors, with a
view to the reorganization of the company. The total
bond and share capital account of this wretched concern
will foot up $63,060,056. It may not be known that one
important cause of the decline of this property (aside from
wasteful and corrupt expenditure and management), is
that, being a broad gauge road, it has been shut off almost
completely fro& its western connection, by the fact that
the Ohio and Mississippi Railroad,under influences adverse
to the Great Western, has taken up its own rails and is re-
laying them for a 4 feet 81 inch gauge. And as the Great
Western runs neither east nor west, but south-west and
north-eas t,it receives very little tribute from the roads which
cross it. As it stands, its financial condition is deplorable,
and fast growing worse. Throwing it in with the Erie will
make neither of them less beggarly ; but it will make a
grand subject for Wall-street speculation. The vagaries
and vicissitudes of old Erie will be nothing to the perfor-
mances and experiences of this now monster of insolvency.
Meanwhile Erie stands at 46 to 47, and it is said several
noble craft are taking in full cargoes at that price as a
minimum. Pacific Mail has had a varied fortune, rising
once to 1041. No adequate cause could be assigned for
the movement, and the stock fell back to 1021 at the close.
There have been stories afloat of new difficulties experi-
enced by the Webb opposition in transit across Nicaragua.
Express stocks rallied during the week, and made their
recent losses generally good, but closed heavy.
The aggregate imports of foreign merchandise at the
ports of New York, since Jan. 1, 1868, are $175,249,989
against $181,724,724 for the same period last year ; the
exports of domestic produce and miscellaneous goods for
the same time have been $109,372,023 against $123,774,772;
the exports of specie of all descriptions for the same time
have been $65,022,527 against $42,177,026 ; the arrivals
of California gold and silver have been $29,168,180 against
$21,042,842. Included in the exports of the week are 1,804
bales of cotton. The market in this staple is greatly de-
moralized, and nobody seems to know its price. The
week closes with a decline, middling uplands selling down
to 271. The lowest grades aro relatively higher, as the
lots of cotton now coming forward are chiefly of the better
qualities. For future delivery there is some inquiry ; new
sales were made at the close of the week at 25 cents for
October delivery and 23 cents for November.
American hay still continues to be highly appreciated
abroad. The English article has advanced £7 a ton, while
the American sells at £5 to £5 ss. The export for the
week has been 821 bales. Prices close strong at a slight
advance. The export of petroleum from January 1 to
September 4 has been 65,747,702 gallons, against 40,645,171
for the corresponding period of 1867, 38,849,674 in 1866
and 11,555,023 in 1865. Au entirely new feature in our
Treasury movements is the chipment of gold bars by
Chinese merchants resident in San Francisco.
'l'rado is still vary backward. New York is crowded
with buyers who will not buy ; and the general expecta
tion of a decline in prices prevents action. The elec-
tion unquestionably exerts an influence to delay business,
and the uncertainties of the political, social, and financial
situation aro doing more harm than can well be appre-
ciated. With Grant, we shall have trade as well as peace.
In cottons, a concession of cent. per yard has not per-
ceptibly quickened sales. Dealers are not supposed to
yield further, and there the matter stands for the present.
In woollens, trade is considerably more active, and may
be pronounced good for this season. Flannels particu-
larly are in earnest demand and large sales aro made. Im-
ported goods are steady and prices are without marked
chabge. Breadstuffs still tend downward, and holders are
disposed to make some concessions, yet not enough to
effect large sales. Cern and oats are a trifle bettor, Hops
and tobacco are coming in well. A decline must inevit-
ably take place in the former, though some relief is likely
to be afforded by au export movement.

(From the JYall-street Journal)

FRIDAY EVENING, Sept. 1

The cheapness of Railroad Gold Bonds his influencing
considerable purchases, particularly of Union Pacific,
Central Pacific and Rockford, Rock Island, and St. Louis.
Mining Stocks continue very dull, and the transactions
are mostly confined to New York (of Colorado), Quartz
Rill and Smith and Parmelee. We also note several pur-
chases of Grass Valley (of Colorado), at 39 cents. Ma-
riposa has taken a start, and considerable business done
in Common gitock at $4, and l'reerred ki took up to $ll.