The Sun.
London, England, 1868-07-27 00:00:00

THE SUN, LONDON, MONDAY EVENING, JULY 27, 1868.

CEI WEP P E'S MINERAL WATERS.-
Orders specially prepared for Export to every Climate.
Matinfacteries—London, Liverpool, Derby, Bristol, Glasgow,
Malvern.

EUROPEAN ASSURANCE SOCIETY.
Empowned by Special Act of Parliament.
For Life Assarunco, Annuities, and Gntrantee of Fidelity in

Situations of Trast,

Ch Goneral Sir FIUME= Smrril, K.H., F.R.S.

Policies payable daring Llfo-7:a lispotablo—Not liable to

Forfeiture,

The ROYAL, NAVAL, MILITARY, ani EAST INDIA LIFE DE-
PARTMENT, %lerling Peculiar A I.V.int9,T3S 011 tars uni others
in tho Navy and Artily, under the espileial Patronage of
- Her Most Gracious MAJESTY the QUEEN. -

The EIIRDPEAN Society is specially authorised by the Im-
perial Parliament to Gaaranteo the Fidelity of Government
Officials.
New Premium Income in 1859, 1863, 1861 £101,003
‘I, " 1862, Mr, 1361 £123,009
t 4 " 1855, 1866, 1867 £130,7-15
Annwtl InCOM3 exceeds Thr3e Ilandre I an •.1 Fifty Thousand
Pounds.
The Return of each Week's NEW Business may be obtained at
the Offices, or of any 4 the Agents.
The Annuity Tables, offering special advantages to Annuitants,
and full particulars of the popular Principles of this Society, will
be found in the New Prospectus, which will be forwarded to
applicants post free.

HENRY LAKE, General Manager.
31G, Regent-street, an 1 17. Waterloo-place, Pall-mall, London.

A.D. 1720.

OYAL EXCHANGE ASSURANCE
CORPORATION.

(Established by Charter of his Majesty Gsorge the First),
For SEA, FIRE, LIFE, and ANNUITIES.
Offices—ROYAL EXCHANGE', London.
Branch Office-29, Pall Mall.

OtTAVIIIS WIGRAM, Esq Governor.
JAMES STEWART lIIDGSON, Esq Sub-Governor.
CHARTms JOIDI BlesslNG, Esq Deputy-Governor.

DIRECTORS.
Robert 13nrclay, Esq. William "Tetlow Hibbert7
John Garratt Cattley, Esq. Esq.
Mark Currie Close, Esq. Wilmot Holland, Esq.
Edward James Daniell, Esq. Egerton Hubbard, Esq.
Willian Davidson, Esq. Nevile Lubbock, Esq.
Lancelot William Dent, Esq. George Forbes Malcolmson,
Alexander Druce, Esq. Esq.
Fredk. Joseph Edlmann, El. Lord J oseeliue Win. Percy.
Charles Hermann Goschen, Charles Robinson, Esq.
Esq. Samuel Leo Schuster, Esq.
Riversdale Wm. Griinfell, Eric Carrington Smith, Esq.
Esq. 1 " Joseph Some; Esq.
Francis Alex. Hamilton, Esq. jviAllmi. tVallace, Esq.
Robert Amadeus Heath, Esq. rt,aart.f- Baring Young, Esq.
Medical Referee, Samuel My; Esq., F.R.S.

NOTICE.—The usual fifteen days allowed for payment
of FIRE PREMIUMS falling du, at Midsummer will expire
on the 9th of July.
FIRE and LIFE ASSURANCES may be effected on
advantageous terms.
The Duty on Fire Assurances has been reduced to the
uniform rate of ls. 6d. per cent. per annum.
No charge is made by. this Corporation for Fire Policy
or Stamp, however small the Assurance may be.
FARMING STOCK.-:-, No Extra Charge is made for the
use of Steam Thrashing• Machines.
The Rever-ionary Bonus on British7LlFE POLICIES
has averaged nearly 2 per cont. per annum on the sum
assured. • .

Equivalent reductions have been made in the Premiums
payable by persons whP" preferred that form of Bonus.
Trip Pivisiona. of Profit; take place every Fite Years.
' Any Sum aiot exCeeding'.4&,ogo may-beluntred on one

This Corporation affords to the Asrured
Liberal participation in Profits, with the guarantee
of a large invested Capital Stock, and exemption
under Royal Charter from the liabilities of part-
nership.
The advantages of modern practice, with the secu-
rity of an Office whose resources have been tested
by the experience of nearly a CENTURY AND A
HALF.

ROYAL EXCHANGE, LONDON.
ROBERT P. STEELE, Secretary.

LONDON and NORTH-WESTERN R
WAY.—THROUGH BOOKING to and DAILY
COMMUNICATION with the ISLE OF MAN.
_ _ .

By special arrangement with the Isle of Man Steam
Packet Company their steamers now leave Liverpool
Daily (Sundays excepted) at 1.0 p.m., thii latter depar-
ture enabling passengers caving Lonon (Euston Station)
at 6.15 a.m. to reach Douglas the same day.
W. CAW ECWELL, General Manager,
Euston Station, July, 1868.

LONDON and NORTH-WESTERN RAIL-
WAY.-003IMUNICIATION from KENSINGTON
and CITY, via WILLESDEN JUNCTION. The Ex-
press Trains leaving Euston Station at 9.0 and 11.0 a.m.,
12 noon, 2.43, 5.0, and 6.0 p.m. now call at Willesden
Junction, and convenient Trains are run in connexion
from Kensington, Chelsea, Battersea, Clapham Junction,
Broad-street, Shoreditch, Dalston, Highbury, and Isling-
ton, Camden-road, Kentish Town, liampstoad-heath,
Kew, Poplar, Bow, Hackney, and other suburban Stations.
Through Tickets are issued from most of those places to
Liverpool, Manchester, Birmingham. and all principal
places on the' Lonii.yn Rad North:-WesternitAilway.
W. CAWKWELL, Gtmeral Manager.
Euston Station, July, 186 S.

LONDON and NORTII-WESTEN RAIL-
R
WAY.-1 complete syst in of THROUGH BOOK-
LNG for PASSENGERS, PARCELS, and MERCHAN-
DISE is now established between the LONDON and
NORTH-WESTERN and NORTH BRITISH RAIL-
WAYS, and passengers can, on application, obtain Tickets
at all the principal Stations on the London and North-
Western system, and forward Goods, for Edinburgh via
the Waverley route and Stations on the North British
Railway, or to which that Company has access.
W. CA WKWELL, General Manager.
Euston Station, July, 1868.

INDIA OFFICE, 1711( Jinx, 1868.
BY ORDER OF THE SECRETARY OF STATE FOR INDIA

IN COUNCIL.
NOTICE IS HEREBY GIVEN, That
Packages, stated to contain reserved articles from the
estates of deceased Officers and Soldiers of the late East India
Company's Service, and of Her Majesty's Indian Military Forces.
have from time to time been received from the Governments of
the respective Presidencies in India.
Packages containing articles reserved from the following
estates remain unclaimed, viz.:-
5 Arnot, D., Lieutenant, 31th Madras Native Infantry
11 Babington, W. R., Assistant Surgeon, Madras Medical De-
partment
17A Barclay, J. S., Captain 39th Madras Native Infantry
20 Coust, H. A. 0., Captain 2d Madras Native Veteran Bat-
talion
33 Donne, J. T., Assistant Surgeon, Madras Medical Estab-
lishment
42 Dillas, R., Lieutenant, 3d Madras European Regiment
47 East, Clayton F. R., Lieutenant, Bth Madras Light Cavalry
48 Edmonston, W., Sergeant-Major, 28th Madras Native In-
fantry
563 Fitzgerald, J. N.. Lieutenant, 37th Madras Native Infantry
73 Houghton, R. R., Lieutenant, 19th Madras Native Infantry
75 Halliday, J. Sergeant, Bengal Establishment
79 Johnston, J. M'M., Captain, 4th Madras Native Infantry
82 Jay, W. T., Cornet, sth Madras Light Cavalry
85 Kensington, H. 8., Ensign, 32d Madras Native Infantry
86 Kerr, A. W. M., Captain, 39th Madras Native Infantry
90 Lewis, A. G. H., Ensign, 33d Madras Native Infantry
106 MacCarthy, H. P. T., Lieutenant, 20th Brigade, Royal Ar-
tillery
108 3lottet, G. H. Lieutenant, 19th Madras Native Infantry
128 Redmond, J. J., Lieutenant, 7th Madras Native Infantry
131 A Ryan, P.. Deputy Commissary, Madras Sappers and Miners
148 Syme, W. Major, Madras Staff Corps
158 Walker, A., Captain, Madras Establishment
165 Walker, T., Sergeant-Major, 7th Madras Native Infantry
170 Wright, W., Sergeant Madras Sappers and Miners

Applications for such packages should be made by the next of
kin of the deceased, or by the legal representatives of such next
of kin, to the Military Secretary, at this Office.
In the event of anypf the packages in question remaining un-
claimed for the further period of six months from this date, they
will be opened, the-contents be disposed of by sale, and the
amount realized be credited to the estate of the deceased.
T. T. PEARS, Major-Ganeral,
Military Secretary.

SCIENTIFIC) AND ORNAMENTAL PRESENTS.
ORNAMENTS for the Drawing-room, Library,
and Dining-room, consistingof a new and elegant as-
sortment of VASES, Figures, Groups, Candlesticks, Obe-
lisks, Inkstands, beautiful inlaid Tables, Paper Weights,
&c., in Italian, Alabaster, Parian, Marble, Bronze, Derby-
shire Spar. &c. Imported and manufactured by JAMES
TENNANT, Mineralogist to hor Majesty, 149, Strand,
W. 0., London.
Mr. Tennant arranges elementary collections of ROCKS,
MINERALS, and FOSSILS to illustrate the new edition
of Lyell's Elements of Geology ; they will graatly facili-
tate the interesting' study of MINERALOGY and
GEOLOGY, and can be had at 2,5, 10, 20, 50, to 500
guineas each.
PRACTICAL INSTRUCTION in GEOLOGY and
MINERALOGY is given by Mr. TENNANT, F.G.S., at
149, Strand.

VIRIENDLESS AND FALLEN.--LONDON
F KMAL PR EVR N TIV IC and REFORMATORY IN •
STITIITION.
President —Rev. CANON DALE.

CONTRIBuTioNs for the support of the Homes in 1868 are ear-
nestly solicited, which may be sent to bankers, Messrs. Blon-
quet, Salt, and Co., 73, Lombard-street, KC.; Francis Nicholls,
Esq. (of tho Committee), 14, Old Jewry Chambers, E.O.
E. W. THOMAS Soc., 200, Euston-road, N W.

rinlE RESCUE SOCIETY'S HOMES
are as follows :
For Fallen Women.
28, Church-row, ]lamp- 150, New Kent-road.
stead. 43, Church-street, Stoke
13, Camden-street, Camden- Newington.
town. Maize-hill Cottage, Green-
-205, Great Portland. street. wich.
For Young Girls in Danger.
27, Church-row, Hampstead.
9, Henstridge-villas, St. John s-wood.
St. Mary's Lodge, Buckhuret-hill.
Country Homo—St. James's. street, Dover.
Temporary Home-85, Queen-street, Cheapside.
In addition to the above-named homes, the Committee
have under their charge three homes for servants of good
character, in which are admitted about 1,000 friendless
servants annually.
The home at Great Portland-street is for young fallen
girls from 10 to 16. The committee rue deeply anxious to
open another house for this pitiable class.
The Society admitted to its homes last year 687 young
women and girls. It was compelled to refuse 52i appli-
cants, whose histories are recorded in the applicant's book.
The Society's Report (of which a contributor writes, "I
never read a report of any charitable institution which so
entirely- commended itself to my mind and awoke my
sympathy") may be had on application.
The Society is under the presidency of the Earl of
Shaftesbury. Its bankers are Messrs. Baeclay and Co.
The Committee very earnestly commend its work to the
benevolent. DLIIL. CO NtElt, Sec.
queen-streets cjietpoide. ,
•

!EUROPEAN ASSURANCE SOCIETY.—
' NOTICE IS HEREBY GIVEN, That the IN
TEREST on the PAID-UP CAPITAL for the HALF-
YEAR ending the 30th of June, 1868, is now in COURSE
OF PAYMENT.

HENRY LAKE, General Manager.
No. 316, Regent-stroet, London, W.

FREEHOLD LICENSED PUBLIC-HOUSE,
LA- with Stabling, to be Let or Sold by Private Tender.
Till; BIRKBECK ARMS, Birkbecic Road, Elornsey
Rise, a first-class house, in a new neighbourhood, t' be
Let for a long or short, term, and with or without a
; or the Freehold will be sold, and the purchase
money can bo paid by easy instalments over a term of
years. •
Tenders to be sent in by Mon lay, ftd Aurg-s-4-, 18a.
The owner will not bind himself to accept the highest or
Any Tender.
Per forms of Tender awl further particulars, apply to
• Francis Ravenscroft, 29, Southampton-buildings, Chan-
.f!ery-lane, W.C.

A PA ICEMEN US.—Part of a Ten-roomed House,
Plzmsantly situated iu Islington.—Apply at No. 6,
Crowlaud-t2rrace, Englefield-road, N.

'FURNISHED APARTMENTS.—A Drawing
Room aul Bed Room to be Let, situated in a cheerful and
healthy part of Kensington, in the house of a Private Family.
Applications through Messrs. G. W. Bayley and Wickham, New-
land-terrace, Kensington.

ILAPHANI.—APARTMENTS well Furnished
NJ and highly Respectable in a Gentleman's Private
Family, pleasantly situate, with large Garden. Attend-
ance and every comfort. Very convenient for Rail or
Omnibus to City and Welt-end. Apply at the Residence,
3t, Lark Hall Rise, Clipharn, S.W.; or to Mr. ST/TENS,
The Pavement, Clapham Common.

IUNVILLE'S V.lt: OLD IRISH WHISKY,
BELFAST,
regularly supplied to the House of Lords.
" V.R." HUSH WHISKY.

DUNVILLE and CO.'S " V.R." OLD IRISH
WHISKY, BELFAST.
London Offices and Storos,
4, DEAXTFORT-BUILDINGS, STRAND, W.O.
Established 1808„ Quotations on application.

s, PAINLESS .pExTistity !"
'A NEW `.k! ET
Free by poit:4.4 four stamps.
VIESSRS. GAB RIEL,
(Established 1815.)
London 56, Harley-street, Cavendish-square, W.
64, LUdgate-hill, 8.0.,
Liverpool 134; Duko-street, and
Brighton
ATTENDANCE DAILY.

MOSLEM or FORMOSA, providing they aro well. St. Ronan
Will win the Sweepstakes of 300 sous each, as, although he
is a roarer, be can stay the Craven Course in this company.
There are thirty-nine horses loft in the Goodwood Stakes,
of whom Blinkhoolie heads the list, but he will not run, as
there is metal more attractive for him on Thmrsday. Tyne
dale is a fair, honest horse, and if ho is the representative of
Tom Dawson's stable, will nearly win. Honesty has
grown into a great, good-looking horse, and has been
doing plenty of work lately; but lie is still on the lusty
sid•‘, and is evidently getting ref ly for something troll the
work he is doing. Perhaps he may go to Franee, as he is
in a race there some time in August. G terra, we are
toll, is sure to win, and if she does I shall ha s wry for
the owners of all the horses that will be behind her, for
in my opinion she i; an over-ratel mare. T don't mean
to say she can't w:a,. fir if there are no batec cla
of horses she will have L match this year flout she beat
last, she is sure to pull off the d eihlo event. All those
behind her last year were a lot of rip; ; and if my tweniry
serves me right not ono of tho:n ha; over won a race
since. In fact, all the handicap horses last year were
very moderate, and, •as far as we have gone in the
present year they aro very little better, so that make;
Gomera's
.chance look very rosy. But I shall not stand
her, as her running with Julius at Stoclthridge was all
bosh. But more of that anon. Hippia boat her in a com-
mon canter at Epsom ;- and I should be sorry to stand the
Baron's mare with Bst 61b. She has deceived the stable twice
this year, as she was tried with the Vixen geldi.,g before
Bath, and the latter beat herin a canter. 'There was a com-
mission sent to every town in England to back him for
for the Bath and Somerset Stakes, and ho cut up a
duffer. Again, she was tried with Casso Tote before
Ascot, and we were told Gomera could not win the Ascot
Stakes with 7st 71b, and the stable stood tlielrating-atte-
and lost their money. Gomera was very fortunate last
year in winning two groat handicaps, beating a lot of the
greatest rips that ever were foaled. Surely there must be
something in the Goodwood Stakes that can gallop a little
bit, and if there is Gomera can't win, for whenever she
met anything last year that could gallop she did not win
Dalesman beat her in a canter at Ascot, and ho is a slow
bad horse, but has always had the top weight in all the
handicaps he has been entered for since he beat the over-
rated Gomera. Goodwood beat her at Warwick, and he is
a slow, muddling horse, and when she ran in the Doncaster
Cup I think she was somewhat about the Red House when
Achievement cantered past tho winning chair. Lucifer
will not run, and Taraban is too uncertain for me to
stand. Miss Havelock is a rip, and one of the dearest ani-
mals that ever was bought. His owner caught the
poor fly in his meshes when he sold him this plater for
£1,500. Romping Girl is well in, and should she come fit
to the post, and her noble owner got. his money on, I
should look no further for the winner. Frederick
Charles I know nothing of, and Salpinctes is the
worst horse that ever won the Cesarewitch. Can-
non Ball is well in, and is not such a duffer as some peo-
ple would make out. He has been eased in his work for
a few days, but he has been out every morning lately
doing his work on the tan, and if his owner's money is on
he is sure to run well. It would be only a waste of time
were I to go through the remainder of the horses that are
likely to run. Mr. Parr told me at Worcester that he has
got a good horse in Ecarto, and if he has he will beat
Gomera ; and I shall stand the best of Toni Dawson's or
Mr. Parr's horse to pull me through ; and were I to place
others, I should go for Tyndale or Tabouret to win, and
Ecarto for a place. VALE ROYAL will win the Racing
Stakes. The Zetland Stakes of 100 sous each will fall to
Mr Merry, as Tregeagle is a cripple and a coward. BELLA-
DRUM will win the Molcomba Stakes, as I don't think
Chatelherault is so good a horse as some people think ; and
Wild Oats, brother toWild Moor, is not fit to run at present,
but from all appearance he will make a good horse some day.
I am afraid we shall have a small field for the Goodwood
Cup. I see Blinkhoolie is a great favourite, but in my
opinion Julius will change places with him in the betting
before the flag falls, as the course will suit him better than
the up and down hills at Ascot. All those who favoured
me by reading my remarks in a contemporary before he
ran his match here with the Hermit will remember that
I then stated Julius did not like a hill, and a perusal of
the calender will prove my argument to be quite correct,
as he has always run a stone better horse on a flat course
than when he runs up a hill. Lord Ronald gave him 21Ibs.
and beat him up the hill at Colchester last year, and I
should like them to meet here across our flat at even
weights the day after the Cup is run, and I
would back Julius. When he ran the Hermit
up the Cambridge Hill in the spring it took him
all his time to win, when ho was receiving 71b3. from
the Derby winner, but when they met again on the flat Julius

ra clean Aiety __fro m him at eye le weig tit& an d I vas quite
prepared to see him beaten at Ascot, for when became up the
hill the first time he did not recta to like it ; and as for the
Stockbridge running it is all moonshine, for Daley lay away
too far from Gomera, and it was cruelty to such a fine hem.
as Julius to ask him to make up so much ground, and win
over a course that ho did not like. Speculum has been
bonneted up pretty well in the market by some writers,
and that with Kenyon up he will be a great favourite ;
but, in my opinion, he will be started to make running for
his stable companion. It is really amusing to me to road
the remarks of seine writers, when they call Speculum
th -dr little favourite for the City and Suburban, when
they selected two or three of Matthew Dawson's before
they even mentioned Speculum, when I came out boldly and
gave the public the straight tip in the followiug words:—
" We are told Matthew Dawson will have a great fa-
vourite for the City and Suburban, but I have cudgelled
my brain to find out where this great favourite is to
come from, and from a close perusal of his lot, I can see
nothing with any chance of winning, only Speculum ;
and after ho won I told the readers of the Sportsman not
to be too sweet on him for the Derby, that ho would find
Bst 101 b a different weight to gallop under over the Derby
course to 6st 121 b over the last mile and a quarter of the
same ground; but he ran just where I stated ho would
do, in the first three. Speculum is, what I always said
he was, a game little horse, but too small to contend with
horses of larger dimensions, as he is one of the smallest
horses below the knee that ever I saw in my life. Ho is
an over-rated animal ; and I think Matthew Dawson is
*too good a judge to believe some of our clever writers who
state Spec. can beat Blinkhoolie. Perhaps the wish is
father to the thought when they say that Blinkhoolie can't
beat a horse that was third in the Derby and second in
the Ascot Cup; but something must be third to Blue
Gown in both races; and, as for Speculum beating King
Alfred at Ascot there was nothing it, as the Baron's horse
had never been trained to stay a distance, nor was he
ever galloped over a mile and a half of ground in
h;s life before he went to Ascct, and I was surprised to
see him run so well; but I am quite sure Speculum will
never beat King Alfred again, so long as the Baron's
horse keeps as well as he is now, for he has grown into
one of the grandest-looking horses in England. Suffolk
is doing good work, and will run for the Cup. He was
never a favourite of mine; but if he will only run kindly
he will beat Speculum. Blinkhoolie, from his Ascot run-
ning, is bound to run well ; but, for reasons explained
above, I would sooner stand Julius, as the Goodwood
course will suit him. As it will be only a waste of time
for me to make any further comments on the other horses
engaged in the race, 1 shall place

JULIUS 1
BLINK [MOUE
SUFFOLK 3
My reasons for not placing Speculum before Suffolk is be-
cause I think when Speculum has performed his mission
in making running for Julius, ho will, most likely, be
stopped, and the Baron's horse will get a place. Athena will
win the Nassau Stakes, and D'Estournel will win the One
Hundred Sovereign Sweepstakes, as he seems to run kindly
since he has been made a gelding of. I think I may s•ay
the same of the Chesterfield Cup as I ' did of the
Stewards' Cup, that all the top weights are out of
it. I think old King Charming, Clarion, and
Snowdrop are the best in of the Newmarket horses.
The Handicapper has put Suffolk out of court, as is always
the case when the Baron enters a horse for a handicap ;
it matters not how often his horses got beat, it never gets
any weight of them ; he makes Suffolk give Lictor 121bs
that has been winning several times this year, and gave
gave King Alfred 5 lbs., and beat him here last autumn.
I know nothing about the Nursery, only I think the
CROWN PRINCESS the best in of our lot. The Baron's colt
by Lampton out of Miss Peddie is shamefully weighted, as
he has nearly top weight for winning a selling race in
the July meeting.
NEWMARKET.

The Nottinghill July Meeting next year will be held
on the 15th and 16th of the month, so as to precede Hunt-
ingdon.

Engraver, after winning the Short Stakes at Notting-
ham on Thursday, was bought by Mr. Payne for 180
guineas.

Lymington, after winning tho Corporation Stakes at
Huntingdon on Wednesday, was sold to Mr. H. Wright
for 320 guineas.
The two yoar old filly by Buccaneer out of Prevention,
after winning the Grand Stand Plate at Nottingham, was
sold to Mr. James Dover, for 150 guineas.
The Stewards elect for the Huntingdon meeting, 1869,
are the Earl of Sandwich, Duko of Manchester, Admiral
Eons, Lord Westmorland, Sir F. Johnstone, Sir W. Booth,
Lord Proby, Mr Chaplin, Mr. Payne, and Mr. S. C.
Newton.

FIDELIA.—This filly, winner of the Nottinghamshire
Handicap, was objected to by the owner of the s3cond horse
King of the Fairies, on the ground of improper descrip-
tion. The Stewards at once investigated the objection,
and decided it to be 6-roundlegio.

PRICE.... 4d.
STAMPED 5d

THE SENATE'S FUNDING BILL.

(From the Anglo-American 2 Imes.)
The Repudiation planks put into the Democratic
platform have evidently stirred Congress to action,
and induced the Senate to pass the Funding Bill of
the 15th instant. A measure settling the N .tional
Debt beyond cavil, renders useless these planks, and
deprives the Democrats of their most effective cry.
Such a law makes the bonds like property ism laud,
r milwaye, bank sh mres, stocks, aid in mtgages,
placing them beyond attack, except ie a way to whieh
all property is lia )le fsr there will always be soine
rea ly tea howl for the p essessioa of their nsighhour's
goods, whether it be in lan I, in Millis, in Sh Ira, or
tioverament Much besiaes I re-aimed for
Congress to transact, time Was short, aid the he tied
term beginning to glare, so that the wearied R -
uresentative3 panted for the shale of their own
roof-trees. Bat this business pressed, and it was
found necessary so to fix the Nati anal Debt that no
capital could be in vie out of the cr.; litore for the
benefit of a candi late in the coining clump tign and
to the injury of the national ere lit. A Repub-
lican C Agrees found this settlement to be the
best means of checkmating their political opponents.
Although the telegra-n does not give us the number
of votes, yet we may feel assure 1 that the iaterests
are so strong that the measure will be pewe:f ally
supported. As a party the Republicans will back
_it as it cu_ is the aroun l front undo; the Democrats, and
all who desire the final settlement of the question,
as well as those who wish to preserve the national
honour and to secure for the creditors what they
justly can. The proposal Of the Senate is to issue
bonds redeemable in coin in 20 years, bearing Five
per Cent. interest in coin ; the amount issued, not
to exceed a third of the total required to exchange
at par the whole interest bearing debts of the
United States, except Five per Cent. Ben is an I
Three per Cent. Certificates—to make a similar
issue of 30-year Bonds at Four and a half per Cent.
and of 40-year Bonds at Four per Cent., the inte-
rest to be exempt from taxation other than the
ordinary income tax and the exchange optional.
This differs materially from the Repudiation pro-
positions, of which there are four. The first was
to pay off the bonds as the opportunity offered with
greenbacks printed for the purpose. The second
was to pay in greenbacks as the Treasury was able
without increasing the currency ; the third was to
tax the interest, which left it optional with Con-
gress what portion of the debt they would
annihilate; and the fourth was to lower the rate of
interest, forcing the creditors to exchange their Bonds
by the threat of immediate payment in greenbacks.
The latter plan differs from the bill passed by the Se-
nate, inasmuch as that offers equivalents for les
sened interest, .not a threat, as the inducement to
exchange. The first equivalent is the guarantee on
the face of the Bond of its redemption at a fixed
time in coin, decreed by a law of the land. This
would be a good substitute for the 5-20 Bonds without
the guarantee expressed, however distinctly implied,
the holder being offered peace of mini and se-
curity as regards his capital in return for the sacri-
fice of a portion of his interest. In the next place,
it settles the Repudiators, who direct their shafts at
the coupons instead of at the bonds, as it enacts that
the interest shall be payable in coin as now, and
be free from all deduction, except ordinary income
tax. Those who regarded with apathy a remote
danger affecting the capital were liable to such a
deduction of income as Congress might decree, and
the security offered by such a law is to them a iron
worth paying for. The third is a real equivalent, as the
others may be said to be dangers created by the very
people who require payment for averting them, which
means " black mail." But in offering a lengthened
term of well-secured coin interest, the Senate pro-
poses a thing of marketable value. At this inomen;
sises" je a drug in all the chief inerts of the worl.t.
Alen have learned, in-orePler-c:;ily in Englatrd,
the very bitterest experience, the truth of the s ty-
ing that high interest means bad security. The terms
now proposed will suit vast numbers who are at aloe
for an investment, as they give a long spell with the
best security—so considered in the country—
without the chances of the money being sud-
denly returned. No scheme was advanced to
repudiate the debt of the United States, ex-
cept according to a seemingly fair legal inter-
pretatiou. Even many of those who had most
strongly opposed payment iu greenbacks as dis
honourable to the country and ruinous to its credit
felt that the letter of the law might be in favour of
their opponents. Messrs. BUTLER and STEVENS
made the law their strong point, and no proposals
were announced which travelled out of it. It is thus
reasonable to suppose, that the agitation derived its
strength from the very cover given to it by law, and
in this bill all that must go and for ever. Suppos-
ing this to be so, and that the Senate's bill dispels
agitation in the future, as a permanent settlement,
the terms offered by the United States are fair. Cal-
culating as secure the willingness of the people to
pay, their ability we hold to be beyond dispute.
The difference between the want of credit of Aus-
tria, of Italy, even of Turkey, ani of the United
States, is that the will of the latter is doubted,
while the ability of the others forms the ground-
work, and this is more creditable to the energy and
enterprise of the Republic than to its honour. But
it is well to have a solvent creditor, for there is no
pursuit more vain than of a man of straw. Not only
have we solvency in the United States, but the abi-
lity possessed by few other nations of paying off
the principal in a few years. The question, then, of
security reduces itself to the finality of the Senate's
bill. Now, although we do not think any measure of
Congress could stop lectures, articles and stump
speeches, on the poor being taxed to pamper the rich
bondholders, an agitation, which will die out as it
did in Great Britain, yet we are convinced that the
bill will extract all its heart, and reduce it to mere
harmless talk. With then the double security of
ability and willingness to pay, the United States
Bonds become one of the best investments open,
and will be valuable in proportion to the time they
have to run. The Senate calculate that time ex-
change of a Bond the Government have now a right
to pay off for one which secures 5 per cent. for 20
years is worth the difference of one per cent.,
that ten years more is worth a half per cent., and that
the additional ten years is worth the other half.
We do not see on what law the calculation is based ;
for it is evident that the addition of a few decades,
if each is to reduce the interest a half per cent.,
would end in the vanishing point of nothing,
wherein would be reached not one, but two absurd
extremes ; the one being no interest at all, the other
that the more ten years required to reach this pint
would confiscate the money for the longer period.
Thus when the holder came to his last half per
cent. he must surrender that for the privilege of
delaying the payment for another ten years. This
is what EUCLID calls reducing the proposition to
an absurdity ; nevertheless :up to a certain point
the argument is sound, and this will be best shown
by the readiness with which the bonds for the
longer dates will be taken in America. We consi-
der it to be a misfortune for the country
that Congress has been driven into any legisl Ilion
on the subject, for we entirely agree with time Chi-
cago platform that the best way to diminish the
debt is so to improve the national credit that capi-
talists will seek to loan to the country, in which
case the interest would soon reach the lowest
market rates, just as it did with the British Go-
vernment. Beyond all, however, it is advisable
that this rending, and patching, and meddling should
cease. The repudiation of individual States has
cost the Central Government untold millions. The
present agitation against the creditors will for
years, aye, for the lifetime of the living genera-
tion, damage materially the credit of the nation,
and no man can even wildly guess what the actual
loss in hard coin will be before the national credit
is fully restored. If we could come to anything
like a fair estimate, we might be able to sum up,
and let their fellow-citizens know the cost of BEN.
BUTLER, of THAD. STEVENS, and other prominent
repudiators, whose respective weights in the political
arena we are better able to tell.