Mr. Adams to Mr. Seward.
Sir: The threatening state of the relations between France and Prussia developed by the proceedings about Luxembourg has produced something of a panic in commercial circles in this city, which has affected the value among other securities of those of the United States. The tendency in Germany is to send the bonds here for conversion at once, whenever there is any apprehension of a war. This was shown last year, and will doubtless be shown again to a much greater extent, should matters grow more gloomy.
The peculiar facilities given to this operation, in the form of the bonds assignable from hand to hand, are calculated, by throwing back large amounts of this debt at once, suddenly and seriously to affect the channels of trade between the two sides of the ocean, and consequently the operations of the treasury in contracting the redundancy of the currency. It is still to be hoped that some form of arrangement may be arrived at to dispel these fears.
The internal agitation in this kingdom in regard to the proposed measures for the extension of the franchise is, for the moment, suspended, whilst the plan of the government continues under discussion in Parliament. Thus far no result has been developed beyond the certainty that neither of the two parties can be depended upon to act unitedly to attain any single object. Although the ministerial measure has gone through two readings, and been referred to the committee of the whole for the discussion of the details, no clue has yet been arrived at to the real sense of the majority on any of its leading provisions. The discussion will commence to-morrow night, after which it will be postponed for a fortnight of the Easter recess. Thus three months of the session will have been absorbed without material progress. So discordant are the opinions that it now admits of serious doubt whether the plan will be matured enough for adoption this year.
I have the honor to be, sir, your obedient servant,
Hon. William H. Seward, Secretary of State, Washington, D. C.