The Sun.
London, England, 1837-10-13 00:00:00

AMERICAN PAPERS.

REVIEW OF THE NEW YORK MARKET.
(From the New York Daily Erpress, Sept. 28. )
REMARKS.—We have very recent dates from Europe,
viz., down to the 22d of August. The political news is
unimportant. In England the elections were completed,
by which the present Ministers were in the majority. The
money market was not only easy but abundant. The most
agreeable part of the intelligence is the improvement of
American produce : this, together with the large imports
of specie from America, was fast reducing the debt of the
United States ; indeed, the fact is illustrated by the fall of
specie and bills on this side of the water. We are now in
a season of the year which, in ordinary times, is the busi-
ness period. Trade has revived a good deal, as there are
many merchants here from the South and West, but, com-
pared with an ordinary year, it is light. There is also some
improvement among the shipping, and freights are decidedly
better, particularly to England. The money-market is
more free than it has been, and, on the whole, things look
better than they have ,done at any time within the last six
months.
FALL TRADE.—The improvement in business noticed
in our paper last week, has continued. The boats have
reached us full of passengers, and our hotels are now com-
fortably filled up. Numerous merchants from the south and
west are laying in their goods ; and, although they pur-
chase very sparingly, yet in the aggregate there is a good
deal of business done.

yy
MosEy.—There appears to be a steady improvement in
the market. The banks having their line of discount at a
poidt seldom before reached, are in a very sound and com-
fortable condition. The passage of the Bill in the Senate
authorising the issue of 12,000,000 Treasury notes, and
the postponement of the merchants' bonds, have tended na-
turally to relieve the market. The arrival also of a large
number of merchants from the South and West to make
cash purchases has contributed to the restoration of a bet-
ter state of things. _ _ _

UNCUARENT MONEY.—The description of trash that
circulates in our city is truly extraordinary. Bank bills from
Mississippi, Michigan, and everywhere else, as well as shin
plasters from every description of individuals, are in circu-
lation. The notes of our city and state banks have nearly
disappeared. All our own banks have called in to such a
degree that there is not enough in circulation to supply the
wants of the city.
SPEClE.—Notwithstanding the fact that but little specie
is going out of the country, yet the rates are steadily fall-
ing. The fact is, that for the last month the imports have
exceeded the exports. This, together with the fact that
the general circulation of the country has been greatly cur-
tailed, has tended to lower the rates. Half-dollars, which
are the great article of sale, have fallen to 5 per cent., and
few buyers even at these low rates. There has been a great
difference in the rate of specie between the time of the last
war and the present ; then specie and New England bank-
notes sold from 20 to 23 per cent. premium over New York
bills, and 30 per cent. above Treasury notes, Philadelphia,
Baltimore, and Washington bank-notes. The rates at pre-
sent are as follow :

Asked. Offered.
American Gold
Sovereigns
Spanish Dollars
Five Franc Pieces
Half Dollars
Treasury Draughts.— 1 02 1 01+
Exchange (foreign) by the last packet stood at 118 to
120 per cent. on London. Since then there has been a
serious decline ; but, as rates are not fully established, it is
difficult to speak with precision. They are offered at 117,
and it is believed they will go yet lower. A very large
amount of British Government bills has been received from
Canada within a few days, supposed to be 200,000/. ster-
ling. This sum throWn into the market all at once has had
a decided influence in depressing rates.
DOMESTIC EXCHANGES.—There is no alteration in the
rate of exchanges since our last. Southern funds range
from 10 to 20 per cent. discount ; but even at that it is
impossible to get the banks to collect. How changed arc
the times ! Only two years ago, when the United States
Bank existed, these very draughts could be collected at
only Ito 1 per cent. discount. The bill to issue 12,000,000
of Treasury notes has passed the Senate ; what its fate
in the House will be no on 3 can tell. There can be no
question, that if the bill becomes a law, they will help the
internal exchanges some. Should they, however, bear an
interest of . per cent. they would be instantly hoarded, and
would not appear in the market at all.
STOCKS.—There has been a steady improvement during
the whole of the week. Indeed, stocks have gone up
higher than we known them before in a similar period of
time. There is undoubtedly a large amount of idle capital
here, and, as an evidence of it, money can can be had on
stocks with great facility, and at a moderate rate of in-
terest. The following have been the operations of the
week :

Saturday, p.m.—The operations at the board still con-
tinue to increase. United States Bank closed at 118 ;
Delaware closed at 76, 1 per cent. higher than it opened
at. Nearly every description on the list stood better than
yesterday. Treasury drafts have fallen within a few days
to 4i per cent., a decline of 3 per cent.
Monday, p.m.—The transactions to-day are compara-
tively limited to those of Satarday ; still prices, generally,
have been well sustained. United States Bank and Dela-
ware are the leading stocks, and sold a shade higher.
Several of the leading stocks stand unusually steady.
Tuesday, p.m.—United States Bank and Delaware and
Hudson have advanced again to-day. Nearly all the stocks
on the list stand better. The transactions at the board
were much more extensive than any day yet. Specie is
on the decline. Treasury notes have also gone down.
Wednesday, p.m.—The report exhibits an amount of
business that reminds us of " the golden days of our com-
mercial prosperity." There is again quite a spirit of specu-
lation, and almost all descriptions on the list have gone up.
Delaware and Hudson particularly have been most active.
Treasury draughts and specie have fallen.
Thursday, p.m.—We have another day of improvement
in Stocks. Delaware rose to 78, and afterwards to 79 ;
United States Bank, 1181 ; Long Island advanced to 59 ;
Treasury draughts wnt down to 2 per cent. The cause
of this sudden fall is, no eo ibt, owing to the fact that the
bill for the issue of Treasury notes will become a law.
Specie has also fallen. There are sales of halfldollars at
6 per cant. Tl.e sales at the board were I,ooods. American
gold, 6 per cent. 1 rem. ; 3,000 dollars in half-dollars, Gi
ditto ; 650 sovereigns at 524 ; 500 ditto, 5231. We note
half-dollars 6 to Gi premium ; Spanish dollars at 71 to 8
ditto ; Mexican ditto, 7 to 7* ditto ; five franc pieces,
I,ooi ; doubloons, 16 85 to 17 10 ; ditto patriot, 16 55
to 16 70. . _

_
Friday, p.m.—To-day was another day of large opera-
tions ; and although there has been no improvement, the
advance of yesterday is well sustained. Treasury draughts

arc down to 101 i.
SEPT. 23.—This has been a more cheering day than we
have witnessed since the suspension of specie payments.
To-morrow being the regular sailing day of the packets,
there have been extensive operations in exchange. The
large amounts of British Government bills thrown into
market reduced the rates very materially. Private bills on
London sold at 15, and Government at 16 to 16-i premium.
Sovereigns down to 5 dollars 10c.' and silver 3i to 6 ;
these rates are below any quotations for three months past.
The packets will take but a small amount of specie.
The officer of the Commissariat of Lower Canada, who
is, or has been, in this city, exchanging British Govern-
ment bills for specie, expects to pay up the arrearages of
the expenses of the provincial Government by the end of
the present month. The putting into circulation in Canada
600,000 or 700,000 dollars in specie, it is supposed there,
will enable some of the banks to resume specie payments,
because the arrears are monthly due to the banks for ad-
vances made to public officers and the departments. As
long, however, as the banks of our city are under the neces-
sity of refusing specie for their bills, any premature move-
ment towards resumption in Canada will end as Sir Francis
Head's movements have ended in the Upper Province.
GOLD COINAGE AT THE MINT OF THE UNITED STATES

IN 1837.

Dols.
January
February 36,500
March

April
May
June

181,000
268,000
46,250

July 104,490
August 110,202

Total 853,824
STATEMENT OF IMPORTS AND EXPORTS OF SPECIE SINCE
THE 30TH OF SEPTEMBER, 1836, AS PER RETURNS RE-
CEIVED AT THE TREASURY DEPARTMENT TO THE 19TH
OF SEPTEMBER, 1837, INCLUSIVE.

Dols.
Imports
l;xports
M'CLINTOCK YOUNG.

Treasury Department, Sept. 19, 1837.
(The Custom-house imports and exports of specie are
not to be relied upon. Great shipments and trans-ship-
ments take place without ever making any appearance on
the Custom-house books.)
SPECIE, SEPT. 23.
American gold
Sovereigns 5 ds. 12c. to S ds. 150. each.
Spanish doubloons l6 ds. 85c. to 17 ds. 12ic do.
Patriot ditto

Spanish dollars
to Th per cent. pm.
Mexican ditto ......... ...... 6 to 61 per cent. pm.
American halves 5 to si• per cent. pm.
Five franc pieces
The sales of specie to-day show a further decline, and
include 100 sovereigns at 5 dollars, 15c., 150 4t 0 dollars

14c., and 650 at .5 dollars 18c.; also 10,000 dollars in
halves at si-, 1,000 at 54, and 500 in Spanish quarters at
4 per cent. premium.
The transactions in Treasury draughts were extensive,
draughts to the amount of 7,100 dollars having been taken
at 1 and 10,000 at 11 per cent. p.m., showing a further
decline of per cent.
No variation of any moment occurred in stocks ; the
market was perhaps rather heavier than on the preceding
day, but prices generally were maintained. United States
Bank, 118 to 1181.
The banks of this city have agreed on 4 per cent. as a
fair rate of interest on mutual balances.
The Commercial Bank of the Midland district of Upper
Canada has suspended specie payments. The Montreal
Courier states, that the immediate occasion of this measure
is said to have been in consequence of heavy demands
from the United States.

ExcHaNGEs.—The decline in the price of specie, with
the consequent fall of the rates of exchange, is almost un-
precedented, being in the short space of eight days, or from
one packet day to the other, from 31 to 4 per cent. This
may be attributed to a much larger amount being offered
than was required by the demand, as well as to an anxiety
to sell.
_ _

The transactions in bills of exchange for the packets of

the 24th were chiefly at 1.5 f to 16i per cent. on England ;
4f. 95c. on France ; 42c. on Holland ; 371 c. to 38c. on
Hamburg, and 85c. on Bremen. The sales of specie closed
on Saturday ; sovereigns 5 12i to 5 13 dollars ; Mexican
dollars per cent. premium ; five franc pieces 1 00i dol-
lars ; Napoleons 4 02 to 4 04 dollars ; American gold and
half-dollars 5 to 51 per cent. premium ; doubloons were
held above the price offered. Treasury draughts 1f per
cent. premium.
The amount of specie shipped by yesterday's packets
will probably not exceed 100,000 dollars.
The Gladiator, for London, sailed on Friday, is sup-
posed to have taken out about 150,000 dollars.