The Sun.
London, England, 1839-12-26 00:00:00

1

altiV AL Of the BRITISii QU EEN.

e! lirviv.d in the Riv,,r vcs!erday.
New Yi 1:1;. on the 2,1 d.,y on ‘vbic!)
the PitEAC 'ENT delivered htC i\lc-,:sagc at Wash-
ington, whit h has been so wuch looked for by all
commercial men, and which she might have brought
to this country by this day had she waited till the
3d or 4th. We are utterly at a loss to account for
this vessel leaving New York without a document
of so much importance, and yielding the honour to
soina packe, t v:hich she might have beat by four or
six da)s 'ossibly the proprictc,rs of the vessel will
be able to c ive a satisfactory reason for this strange
proceeding.
(Net t, York Alliwaing,:

-YENS? It )RK MONEY MARKET, DEC. 1.
There was a fair business doing yesterday in ster-
iing exchange for the packets which sail to-morrow.
The supply o.f Southern bills is however quite equal to
the demand, and the rate conecquently continues the
same, 81 a 9 per cent., or 4 dol. 82 c. a 4 dol. 84c, the
.E sterling. Al the south the rates are as follows :
Charleston, 9 per cent., or 4 dol. 84c. a 4 dol. 93c.
the £ sterling.
Mobile, 16 per cent. or 5 dol. 10e. the £ sterling.
New Orleans, 11 a 12 per cent., or 4 dol. 93c. a 4
dol . 97 c. the £ sterling.
There will go by the British Queen about 500,900
dollars in specie, mostly on account of the United
States Bank, notwithstanding the low rate of exchange.
The brig A. E. arrived to-day from Tampico, with
specie to the amount of 565,430 dollars.
Money for good mercantile paper may be obtained at
1+ alf per cent. per month. At the Stock Market
yesterday sales were small, and at prices lees firm than
those of the previous day. United States Bank de-
clined I per cent. Delaware and Hudson 1 per cent.
Kentucky per cent. North American Trust and
Banking Company improved; per cent. Harlem per
cent. American Exchange Bank -1E per cent. State
Dank per cent.
Drafts on Philadelphia were sold at 91 a 91 discount.
The !lank of Charleston is checking on this cite for the
bins of other Charleston banks as well as her own.
This is a iymptom of resumption.
The geueleal state of the money affairs of the United
States has undArsone but little change since the arrival
of the British queen. The banks which suspended
under the influence of the United States Bank, are
gradually preparing to resume, and many have done so.
The Ohio banks resumed at the expiration of the 30
days which is allowed them by law. The Illinois
bunks that have suspended, will resume at the end
of 60 days, according to the requisition of the
law. Most of the Providence banks have re-
sumed, and will be followed by the others in that
State. The banks in Penosrlvania, with the exception
of the Guard and the United f_i!.ates Banks, would
soon be able to return to specie payments, were it not
for the influence which the latter exert over them.
Those banks are, however, so interwoven with cotton
operations, and the great state stock system, both of
which are, and have been for the last eight months
Losing operations, that a speedy resumption on their
part caanot be looked for. The example of the United
States Bank, in interfering with the Cotton Market in
;837, although eminently successful at that time, has
iinilis consequence, been one great element of her pre-
treat r;jsasters. Most of the banks south-west also en-
gaged it, the cotton busitsesa in 1838, and the United
States Bank having esti,o4ed a cotton house in Liver-
pool, and wishing to promote all early and general re-
sumption of specie payments, undel'!ook, by rowing
loans to the lnEtltutions thus iii;',?lved, to
concentrate their cotton in the hands of the Liver,
pool house, and, at the same time to enablo them
to resume on the Ist of January last, To do this, it was
accessary to bold the cotton, which was equivalent to a
ccc:rease in the amount of our national export; to the
same- amount, and also caused au absorption of the active
capital of the bank for the period that it was held.
This was ~upplied by the availability of the State Stocks
which aceem,,art.d the mania for public improvements,
h the United States Bank be-
and for the sale ."( whic
came the most activd tig4tat,
crn
The sale of these seen:Wei WAS u-ged until the foreign
markets became glutted, and the 64'0 suddenly stopped,
leaving the States with a liability I
Dols. Dols.
For stocks to the amount of
And a yearly interest of
To meet which the public
werks will yield ...... . ••• 2,000,000
Div dends of banks owned by
the States
Provided for by taxation

Interest unprovided for
This amount must be raised, if raised at all, bj taxa-
tion. The amount derived from Bank dividends is
now jeopardised by the unfortunate condition of the
l'anks, to which the state stocks have been loaned, and
the amount to be raised by taxation will probably, he
near 9,000,000 dots., as all further sales to any extent
are felt to be impossible. The question 'of taxation is
one of so great difficulty, that the largest holders of
those stocks have already proposed the consolidation of
them in a national debt, the interest to be met by the
proceeds of the public lands. This measure would be
much better for the holders of the stock, but the state
works would not be forwardeddditi b y itot, as at lea
eady
st
100,000,000 dollars more, in aon that alr
created, would require to be rased, in order to render
the works commenced profitabl
The elements of trade were never greater than now.
For the ;last year or two the conscmption of manu-
factured articles has been diminished while the nianup
facture has been largely increased. This bas
.produced
a glut throughout .the world, and a fall in prices.
This year the productit:.os of the soil far exce.,-4 those
of any former years, and increased supply
ate
hAts re-
Meed the prices, notwithstanding which the aggreg
value is greater.
Let us recur to facts. After a laborious research,
we have, from the most correct data, formed the follow-
ing estimate of the crops this year, as compared with
last year.
VALUE OF THE PRODUCTS OF THE UNITED .STATES FOR
1839. 1840.
Cotton ... Dols. 70,000,000 Dols. 72,000.000
Breadstuffs ••• 235,000,000 294,000,000
Tobacco •••• 11,000,000 13,000 000
Rice ... 3,000,000 3,500,000
Other produce ... 50,000,000 75,000,000

369,000,000 457,500,000
369,000,000

Increase ••• ••• ... 88,500,000
Cere is a large excess of productions, even at greatly
reduce,4
prices, while the actual commercial indebted-
ness abro..is much less than last year. The water
proportion o! this immense production is consumed in
this country ; only the surplus is exported, and may be
estimated for the cort ing year as follows :
Expowrs OF PRODUCE FROM THE UNITED STATES
FOR 1840.
Cotton D. 55,000,000 Rice ......2 500,000
_Breadstuff, 10 000,000 Other produce 25,000,000
---_
I.obacco ... 9,000,000 D
Surplus 101,500,000
To L'iis may be added for profits, freight, &c., at least
25 pe.r cent., which will give an export of near
125,000.000 dollars, Another question is, who are the
producers of this vast wealth ? Are they persons who
are intlettet.4 to a greater amount, and must pay it away
for that which is already consumed ? We answer no ;
the great proportion of it is produced by persons who
went into the country during the revolution of 1t437, and
purchased tracts of land, and by their hard judtsctry
have created this wealth, in
ods, which return for
ou whirmerchanch they
is are
stan'd
in need of manufactured go
ready to furnish. This exchange Of commodities will
not be prevented or retarded, because the old F pecula-
tors in water lots and railroads cannot pay the banks the
paper they loaned them to encourage their wild pro-
ceedings.
This class of persons are variously strugglinm to re-
sto re things to their former artificial state, aato bold
up ti:e tottering mass of credit, while, at the same time,
there ig,• as it were, a strong " under current" of healthy
business based on the actual wants of the pro-
ductive classes, which is daily growing and gaining
strength, supported by the specie-paying banks headed
by the Now York institutions. This is apparent in
every section of the country. The farmers and planters
will not sell tl, eir produce unless for bills on specie-pay-
ing banks. In the different cities, notwithstanding the
season of the year, there is a steady and gradual in-
crease of cash basioess. The banks discount readily
the short business paper of regular tradesmen, and the
cry of distress is becoming daily more confined to circles
of stock-jobbers, broken banks, and those interested in
the state stock bubble.

RA' 'E OF SALES AT THE STOCK EXCHANGE
3917 Oratts on Philad. .. .............................. 90i
50 Sha,"es United Staten Bank ...8 3 days 74
1 do. New York Bnnk ........ . .................. 1001
.15 do. Mer Ex Bank .............................. 98
08
15 do. StE:te Bank .................................
30 do. Bank en° Commerce ........................ 94
25 do. Am. Ex. .................................... 75
10 do. Farmer's '!.rust ............................. 86
5 do. Bank of Ken Cocky B6O dap GS
7 do. Delaware and i.Tuds,-,n ........ ;N.
............. (38
69 do. North American., Tnist ................ ..
\ 35 do. Utica and Schenectady Railroad '•"••••• lq
I :11$ do. Canton Company, Baltimore ............ 20k
50 !iv. New Jersey Railroad ...... ' 843..
40 do. Stonington Railroad .. l6l
, .... 94

44) do. Syracti-se and Utica Railroa,i.
tio4o, Haarlem Railroad .........................

---
Bc THIS MORNING'S SOUTHERN MAIL
Monday Morning, Two o'Clock.
Ina Globe speaks very confidently
CONCHES
s.—Pick.g.".‘ 61r Speaker, and having a per-
about electing
manent loco loco majori'iy: .
SOUTH CAROLINA.—We 11,"-
e4e'ved Governor
Noble's message to the legislature. &I! and suc-