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tors oil their species, instead OF running the risk
they now do, of proving directly the contrary.
What pity it is that so much depends upon the
moderation, and good sense and honesty Of two in
dividuals


have no room to say any thing about Turkey
and Greece, of China and India but fortunately
there is not much of importance to be said of any
or of all Of them.


SEPTEMBER 2.-Some of our journals are making
political capital out of rumor that the United
States are about to purchase the Island of Cuba
from the Spaniards. A more serious matter APP
pears to be the refusal of great discount house in
London to accept large amount of bills drawn
upon them by one of the leading houses in New
York.


SEPTEMBER al send you an extract from the
money article of the Times, dated last night which
shows (happily) that all is at length arranged:


s'We glad to mention that the drafts Of Pme Ward


Co.. of which acceptance yesterday defnvey refused
by Overend, Gurney Co., have to-day been honored by
that rm in consequences of the ineposon of the friends
Of Messrs. Prime Co. In many quarters this afternoon
it doubted if the refusal of Messrs Oveend Quincy
Co. yesterday intended to be conclusive but the best
dence upon that point consists in tie fact Of the bills them
selves having been protested in consequence of the
received"


A most important item of this mornings news is,
that the King of Sardinia has avowed the cause of





Papal Court against the proceedings of Austria
This step connects him with the liberal cause in Italy,
and adds the power and resources of Savoy to the
party of liberal progress. The leading article of
the Times of this morning should be given to your
readers at ength-it is very mastery in its style
and liberal in its tenor.


LONDON, AUGUST 25, 1S47.


A late article in some of the leading London jour
nails has given number of very interesting statist-
cal details respecting railroads, which may be use
ful to readers your side of the water where pro-
bably the railroad feUer not to call it mania exists
10 very considerable extent. Here, since the
Times" has attributed the fluctuations in the
money market, and the want of capital for mercan-
tile purposes, to the absorption Of it in railroads,
the subject had been of very leading interest.
| 1t appears that in May last there were 1906
miles of railroad in England and Scotland completed
and in operation, and that on these finished roads
| there were l,045 stations. These roads employed
47,2l8 persons. There were also at that time
6,455 miles of railway in course of construction,
employing 256,5O9 men; making an aggregate OF
303,727 persons absolutely employed on railroads.
OF these, 263, ,594 laborers and arlifcers
s,s67 inspectors, porters and police.
9,02l quarrymen and carriers.
5,5l4 superintendent foremen, &c.
1886 engineers, surveyors, and draughtsmen.
5,024 Plae-layers.
1888 clerks, cashiers, and accountants and


2,l7s secretaries treasurers &C.


so3, 7a7


A very tolerable army of employees! And when
to this number is added the host of butchers bakers,
talors, &c. who derive an income and living from
the expenditure of these 900 persons; when we
add TO these the brickmakers, carriage-builders,
workers, hewers of wood &c., whose labor is
demanded for the production of the materials con-
sumed in these roads; and again, add in the women
and children dependant upon the husbands and
fathers employed, we shall find, says the Times,
that the number Of persons absolutely dependant
upon the railroads already completed, and upon
those actually in progress, is not less than three
millions! But the entire tale is not yet told. In
the session Of 1867 acts passed for the con-
structon of 4,6lS additional miles of railroad
authorizing calls for goo ,29S 430, and loans to the
amount of 942 g lS ,93S; being together, 9132,-
6l7,36S. This amount will probably be spent in
about four years and if the average earning of each
person employed be taken at g40 per annum, ii
follows that 100000 persons will be employed, and
these will represent, including themselves, an ag-
gregate of at least 100000 of men, women and
children, to derive their support for four years from
the construction of the railroads authorized to be
constructed by the acts of Parliament passed during
the last session. This aggregate of expense and
employment is indeed large one, but probably
considerably within the fact. 1t is not to.be sup
posed that the whole of these roads will be in the
course of formation at one and the same time but
it is pretty evident if my calculations be correct
and | have derived them from the most authentic
sources, that from six to seven millions of the po-
pulation of Great Britain will derive theft support
from this source for several years to come; ; and,
further that if the railroad speculation should not
lead to their extension a single mile beyond their
present authorized length, those at present egazed
by Parliament would, when completed, furnish em-
ployment and support to at least t,oo millions OF
persons, so long as that mode Of conveyance shall
remain in the ascendency.


The extent of business on working lines may be
deduced from the statement that the latest annual
return of receipts for


Passengers railroads G3, 976, 34i
For goods ..-........ .........,...... 2,333,3T3
Together ..........,....... 86, 309, ia
| have not at hand a statement of the number OF
passengers by railroad later than for the last six
months of lS45, the least productive half year, by
the-by, which is stated by DIR. Bowriig having
been l6,720,550.


The cogency of the reasoning of the Times, in
proof that this great direction Of capital and labor
towards railroads tends in any material degree to
the arrangement of the money market and the di-
minuton of capital for mercantile purposes, may
well be questioned, however, for the following rea-
sons: The calls upon the shareholders for paw