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The Yankee spy system — a Characteristic History of the Excursion of a gentleman.

The Yankee spy system in Europe is a perfect thing in its way. We have before noticed it, and now find in the Washington Chronicle a letter from its "own correspondent" from Frankfort-on-the-Main, which is evidently written by one of those Yankee spies whose business in Europe it is to dog the steps of every prominent Confederate who visits that country. The letter is full of unconcealed hatred and Yankee slang.--The following is an extract from it:

The city of Frankfort was honored the latter part of last week with the first visit of Mason (Jeff. Davis's rebel commissioner), who was accompanied by young Mann, son of Dudley Mann, rebel commissioner to Brussels, and a character well known in our country.

The party alighted at the "Hotel d' Angleterre," taking a suite of rooms, where they remained for some days.--During their stay, there appeared to be but few persons among our citizens of any notoriety calling on them. In fact, about the only persons were Baron Erlanger, of rebel-loan notoriety, his relations, and a few others, perhaps not exceeding half a dozen all told. I heard of ex-United States Consul-General Ricker, who is a New Orleans man; Mr. Kollisch, editor of the Deux Mondes, a French secession organ, being seen often at the hotel inquiring for Mason's rooms. In addition to these, were a few " 'old clothes' Jew bankers," as we call them, who are in Erlanger's interest, and supposed to be employed to "crack up"Erlanger's $15,000,000 rebel loan, and to advocate the cause of the South generally. They are, however, men of little account or influence in this moneyed city, and all they can do will be of no avail.

Erlanger acted in the capacity of pilot to old Mason, showing the lions, and introducing him at the Bourse, and driving him about the city.

What Erlanger's object was in taking him to the Bourse can only be guessed at. Perhaps it was to show him the Rothschilds, the great moneyed kings of Europe, or it may have been to let him see the great sales of United States 5.20 bonds in the market, where, day after day, they exceed in amount those of all other countries combined.

The sight could not have been a very pleasant one to the old rebel, though he may have thought he could devise some plan to destroy the credit of the Union, which, in some respects, has been rather better here than at home, and its stocks, for many months past, almost without exception, have been higher than at New York. Some have imagined he was armed with the Jew Benjamin's celebrated circular on "American Finances," which was to have the effect of utterly ruining American credit. This has been translated in German, Hebrew, or Chaldaic, and distributed among the brethren of Benjamin's faith, and circulated quite extensively for this purpose. We fear it will be all labor lost, as the "Germans will not read anything on that side of the question. So Benjamin's epistle will be harmless as the Pope's bull against the country.

On Sunday, which was the 20th of November, the rebel commissioner ventured out to hear the news. The Boston steamer, the Canada, with news of the 9th instant, the day of the President's election, was expected, and he inquired persons speaking English what the news was. No steamer was telegraphed that day. Again on Monday he forth, making many inquiries about American news, which he seemed to be awaiting.

He asked several strangers whether or not Lincoln was re-elected; but about noon his unquiet mind was set at rest by a telegram received at the Bourse, and which was soon carried to him, and which gave the announcement that Lincoln had carried all the States but three. I do not know how he received this unwelcome news, but some assert that his face grew considerably longer after hearing the announcement. It is said that, like several other secesh, he expressed the opinion that it was unfortunate for the United States that "Old Abe" was re- elected. He invited several Americans stopping at the same hotel to call on him, but they declined the invitation.

Secretary Mann very politely introduced the callers to his august master, as he spoke very good German, which he had learned when his father, Dudley Mann, was the tobacco agent of the State of Virginia in this city, about the year 1849.

In the afternoon of Monday, after the receipt of the above mentioned unwelcome telegram, the rebel conclave again met at the hotel. Something was now to be done to prevent any evil consequences to the Confederacy from the anticipated effects of the American election. They thought that if the wires flashed over Europe from this great moneyed centre the fact that the news of the election of Lincoln had raised the price of American stocks, it would seriously injure Confederate credit and create despondency among their English sympathizers.

The rebels and their friends had long prophesied a great fall in gold after McClellan should be elected, and that, as a result of his election, we should see a peaceful separation of the South from the North, and a lasting peace and friendship existing between them. Some of our bankers here had almost made up their minds that it was better for the country to have Lincoln defeated. They therefore hoped for this result, and that, after his defeat, the Democratic cry of an armistice and immediate cessation of hostilities would be realized, and that, as a consequence, American stocks would advance greatly in price.

Gold had been rising for several days before the election, and now Mason and Erlanger determined to show the world that by the election of Lincoln, (a Union or war President), gold would go higher and United States stocks still lower. To the evening session of the Bourse, therefore, Erlanger repaired, and at once went to selling stocks (5.20's). He sold about $100,000, and gave out that he was intending that evening to sell about a million dollars short. This effort knocked the stocks down about half per cent., but next day they again advanced to where they stood before he depressed them, and, in fact, half per cent. higher.

All these efforts, it seems, had no great effect in running down stocks, or in injuring, to any extent, the credit of the Union. He had better try again, and see if he cannot accomplish more.

We next find Mason and Mann at the "Burgher Verein," (Citizens' Club-Rooms), where they were introduced by one Langenburg, a son-in-law of Erlanger. The introduction there was very modest indeed, and I had the curiosity to examine the books, and what do you imagine I find? It was as follows:

‘ "Mason; residence, London.

"Mann; residence, London.

"Introduced by Langenburg."

’ They were little like most rebels in Europe, who always insist on their names being registered as from the Confederate States of America. We find this true of all hotels and all public places on looking where the names are registered in the book.

The real object of these noted rebels coming here, it is said, was to raise money for the "Confederate States of America," but in what manner to be raised I have not learned. It is said a second cotton loan will be proposed, but in what manner, or upon what terms, only these rebels, as yet, know. They keep pretty "shady," and do not reveal many of their plans. Erlanger will be slow in taking another cotton loan, as it is known his son has told Mr. Hersch and several other persons, viz: prominent bankers in Munich and other places, that he lost money in that $15,000,000. This may or may not be so. Here he tells it quite differently and informs everybody that he has made several millions of florins out of it. He seems to be dealing indiscriminately in our National stocks as well as in Confederate, only that he cannot sell the latter in this market. Sometimes he is seen buying them, but oftener selling, and he sends large orders for them to New York, as the market is generally higher here than there.

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