in which he says that the strikers, it is evident,
are to get into politics through the organization of a party, to
be called the 'Workingmen's party;' and he predicts that mischief
will come out of it through the control of state governments which
the mob element may gain; and the consequent enactment of bad laws,
etc., especially against capital. Another letter is also printed
(written by a Mr. Connolly), by which it is made to appear that
American is in a terrible financial condition. These two letters
are made the subject of an editorial which, on the whole, is not
very complimentary to us, nor calculated to improve our credit.
The 'Times' of last Monday's date had an editorial on the speech
which you made in Ohio on Friday last. I send you a copy, and
think, if you can find time, you will rather enjoy reading the
article. Nearly all of the English people, as you are aware,
believe in the principle of 'free trade,' and it is but natural
that they should, for the reason that England depends upon her
great commerce and her markets in every part of the globe for the
employment and maintenance of her people. People here think that
our protectionist tariffs are not only detrimental to the commercial
interest of our own country, but that they are of a suicidal
character so far as our fiscal policy is concerned. They think,
in other words, that it would be vastly better for the real interest
of the people of the United States if they would trade more
extensively with the people of England. What the 'Times' editor
has to say about the balance of trade will amuse you, and yet people
talk about the advantages of a balance of trade as being an exploded
idea. English interests are laboring to effect a new treaty with
France, under which large reductions in duties are proposed.

"I note what you are pleased to say in regard to sales of bonds
during the present month. With the price of bonds at the present
moment they cannot of course be sold. The parties will find it
necessary to use great caution as well as care in managing the
market, so as to get control of it. Any attempt to force the sale
of the bonds during this, and, I think, next month will only operate
to keep the price so low that they cannot be sold at all. I am
firm in the belief that the premium on gold will go gradually lower,
and that the balance of trade in our favor will keep forcing it
down.

"I remain your obedient servant,
"Chas. F. Conan