The Sun.
London, England, 1837-04-17 00:00:00

MONEY MARKET.

(From the Morning Post.)
The letters and papers forwarded by the ship England
from New York to Liverpool were received in town this
morning, and they are, as was to have been expected,
highly interesting to commercial men of all classes. Dates
• to the 3d of February had been obtained from Liverpool,
and from the very discouraging facts communicated as to
the state of the Cotton Market there an almost total sus-
L pension of business had taken place in the article at New
• York. Not only had the shippers ceased purchasing, but
even the American consumers had withdrawn themselves, in
' the expectation of an important decline in prices. Prior to
the arrival of the Oxford at New York, by which vessel the
latest intelligence from Europe was received, extraordinary
as it may seem, investments in cotton had again been made
upon a very large scale for British account, and at
still higher prices. We should have imagined, after
the letters of caution transmitted from hence in the
month of August last, that so reckless a waste of capital
would have been impossible. It is to be observed, how-
ever, that the accounts subsequently reaching New York
from this side the water would be infinitely more unfavour-
able than those already received, and there is no doubt that
the utmost consternation must have prevailed among the
merchants soon after the departure of the packet just ar-
rived at Liverpool. No bills of importance were remitted
by this opportunity, except those drawn on account of the
new cotton shipments to which we have alluded. The ex-
change had advanced suddenly to 10 101 per cent. pre-
mium, and United States Bank Shares had fallen as ab-
ruptly to 116 i 117. Money was in very great demand.
As much as 3 per cent, per month was in many cases given
for loans and discount. When so enormous a rate of in-
terest as 36 per cent. per annum is to be obtained in
,the United States for the use of capital it is no won-
d,er that the Americans should, by means of cross
hihts, and otherwise, have endeavoured to keep up
an extensive traffic in British treasure, not that this
rate has been current until lately ; however, it had for
years been something approaching it. We are only sur-
pris,!cl that the Bank of England could have abstained
fromi interfering in transactions so injurious to this country
as long as they did. There is no question that their for-
bearance proceeded from a laudable motive—from an un-
willingness to create alarm and to disturb public confidence
while they could possibly avoid it ; but when so immense a
pro At was to be made in this quarter upon British credit,
it is juite evident that no cessation of the system of sending
out obtained from their coffers through their own dis-
cou.lts ww. to have been hoped for ; so that, whatever may
be s lid to their prejudice for the act, it is very certain that
their rejet. tion of the paper of those concerned in it be-
came. an indispensable duty, and all that is to be regretted
is, p,?,-haps, that so salutary a step had not been deter-
mined ..upon somewhat sooner than it was.

(From the Morning Chronicle.)

Gre.xt anxiety was evinced to-day (Saturday) to know
the Genii ents of the commercial letters from New York,

and, on the whole, much dissatisfaction has been felt. No
specie has been transmitted, but a large amount of bills has
come to hand ; and although they are said to be of the first
class, they cannot of course render the same assistance as
immediate cash would have done ; for should they all be
duly accepted, the general distrust which 'prevails must
render it difficult to discount them. Shipments of cotton,
it must also be borne in mind, have been made against the
greater part of this paper, and at a price higher than can
be realised in this country. The losses by these packets
on this commodity are said to be very considerable. The
latest accounts from England at New York were to the 3d
of February, and it is quite evident that symptoms of the
difficulties in this country were known in the best-informed
circles, although they had not gained publicity. The rate
of exchange on London had risen from 84 to 10 to and
bills were beginning to be scarce. All the different public
securities were depressed, and United States Bank Shares
had fallen from 119} to 1161. Money continued scarce,
and as much as 3 per cent. per month, or 36 per cent. per
annum, was given for the loan of it.
At New Orleans there was great want of animation in
the markets ; but as the spring business would soon com-
mence, better times were looked forward to. The transac-
tions in cotton had been limited, and Tennessees and
North Alabamas had fallen I cent. the price being 11i
cents. The arrivals of cotton between the 10th and 17th
of February consisted of 13,092 bales from Louisiana and
Mississippi ; 2,280 Tennessee and North Alabama ; [O5
Lake ; 367 Arkansas ; and 209 from Texas, making al-
together 16,053 bales. The amount cleared during the
same period was, for Liverpool, 7,006 bales ; Greenock,
1,331 ; Havre, 3,524 ; New York, 498 ; Boston, 2,284 ;
Providence, 316 ; Baltimore, 100 ; Portsmouth, 601 ;
Richmond, 104 ; and for the Western States, 150, being a
total of 16,004 bales. Stock in hand, 103,577 bales, in-
clusive of all on shipboard not cleared on the 16th of
February. A report is given of the exports of cotton
between the Ist of October, 1836, and the 10th of Fe-
bruary, 1837, as compared with the same time 1835-36,
by which there apperrs an increase of 47,289 bales in the
exportation to England ; the amount in the season 1835-
36 being 82,403, and 139,692 bales in the last. The in-
crease to the French ports was 12,096 ; the amount in
the former period being 70,470, and in the latter 82,566
bales. There was a decrease in the exports to the north
of Europe of 1,544 bales, the quantity in 1835-6 being
5,673, and 4,129 in 1836-7. To Spain, Italy, and West
Indies there was an increase ; the amount in the latter pe-
riod being 5,673, and 4,129 bales in the former. In the
exports coastwise there was an increase of 10,315 bales, the
amounts being 19,454 and 29,769. The total exports in
1835-36 were 181,830 bales, and 263,507 in 1836-37,
being a difference of 81,677 bales. The exports of cotton
in 1829 amounted to 77,296 bales ; in 1830 to 105,958 ; in
1831 to 136,914 ; in 1832 to 115,883 ; in 1833 to
173,883 ; in 1834 to 173,437 ; in 1835 to 253,708 ; and
in 1836 and 1837, as above stated. The exports of to-
bacco during the same period-namely, between October
1 and February 10, were, to England 727, and in 1835-
36 it was 480 hhds., being an increase of 247 hhds. ; to
France in the last season they amounted to 506, and in
1835-36 they were only 21 hhds., being an increase of 485
Mids. ; to the North of Europe the increase was 560 hhds.
the numbers being 253 and 843 ; to Spain, Italy, and the
West Indies the increase was 750 hhds., being the diffe-
rence between 1,068 and 318. In the exports coastwise
there was a decrease of 117 hhds., the quantity in 1835-36
being 2,500, and 2,383 in 1836-37. The total quantity of
tobacco exported in 1835-33 was 3,572, and 5,497 in 1836-
37, being an increase of 1,925 Wads.

THE AMERICAN MARKETS AND MONEY

AFFAIRS.

NEW Yoax, MARCH 16.—1 t is not to be concealed that
there has been a considerable scarcity of money within the
last few days, and discounts are effected at great premiums.
This arises from the banks having cashed hardly any bills
of exchange ; indeed, on the last discount day some of the
very best paper was declined even by the United States
Bank. It is difficult to assign any plausible reason for this
contraction of the usual supply, Some ascribe it to the
western remittances having been unusually small. There
might be something in this, as it is notorious that the
western merchants have been infected with a mania for
land speculations, which has rendered them slow in their
other payments. It is probable that the money market
will be easier before I have occasion to write by the next
packet, especially as merchants in all the cities on the sea-
board require their energies to be seconded for the spring
trade, which has already commenced with some activity.
There have been one or two considerable failures in New
York and Baltimore, but not of sufficient amount or con-
nection to affect general credit. United States Bank
Stock has been sold at 1181, and is still looking rather
down than up. Other bank stock, with railway and canal
shares, are decidedly heavy.

Exchange on London varies from Si to 9i premium per
cent., with considerable business doing ; these quotations
are for bills 60 days sight. Sovereigns being from D 4 84c.
to D 4 86c., and Bank of England notes D 4 80c. By
the way, it may be as well to mention that, in consequence
of the late vacillating conduct of the Bank of England di-
rectors, their notes on this side of the Atlantic rather de-
cline in public esteem. Spanish doubloons are DIG 50c.,
Mexican, DIS 85c.

If there be any one thin.- that more than another en-
gages the attention and puzzles the calculation of merchants
here, it is the price of corn. This has been falling rapidly,
and if it continue to decline a few days longer in the same
ratio, many a fortune will be lost, though perhaps with
great advantage to the public. The prices of Western are
now from D.lO 50c. in New York, and rather lower in
Philadelphia, with a very heavy market, though the best
canal brands brought D. 12 on Saturday last, and Pennsyl-
vania D. 11 25c. A respectable merchant informs me to-
day that he could get large orders executed of the best
Pennsylvania at D.lO 50c. Flour in this country is be-
coming as uncertain and speculative as hops in England.
In the early part of 1835 it was only D. 4 87c. ; in the
early part of 1836, D. 6 50c. ; and this year it has been
nearly D 14 !

Coffee continues heavy, and varies very little from my
last account.

The temporary scarcity of money, and the western
dealers having locked up so much of their capital in land,
have been the means of rendering the dry goods market
dull for the season.

In cotton there is is a decided reduction of to cent.
per lb. The prices, with the above exception, remain as
before. New Orleans, Uplands, and Florida have com-
manded the largest sales.
Sales in sugars have been extensive. St. Croix 91 to
10i, and looking up ; Porto Rico 8f to 94 ; Brown
Havana 81 to 8i ; White llf. The market in this article
is brisk.

In teas, the cargo of the Horatio, containing nearly
9,000 packages, were sold on good terms. The goods
being of the best description gave tone and character to the
market. Hyson 3.5 to 65, with a little at 95 ; Young
Hyson 35 to 54 ; Gunpowder and Imperial 54 to 87 ;
Souchong 38.
Ashes are dull. Bar iron keeps up, but pig is a shade
lower. New Orleans lead 8 cents on time. Fruits, wines,
drugs, dyes, and spirits, remain pretty much as before.
Spices are brisk ; Jamaica pimento bringing 6,1- cents. to
6d cents. on time. Best pepper 8 cents. Rice is remark-
ably dull, D. 3 75 to D. 3 87i. Molasses varies from 40 to
42 cents.

Freights to Liverpool are dull, and remain at their former
quotations. I should say that this trade is a little over-
done, both in British and American bottoms.

DOVER, APRIL 14.—At daybreak this morning
the guns at the Heights announced that his Serene Highness
Prince Leiningen, son of her Royal Highness the Duchess of
Kent, had arrived in the course of the night. His Highness
left the York Hotel soon after six o'clock, and embarked,
under a royal salute, on board his Majesty's packet Crusader,
for Ostend, on his way to Brussels.

In consequence of the conversation in the House of
Commons on Thursday night, in which Sir Edward Codring-
ton reflected on the conduct of Sir Pulteney Malcolm,
Admiral White waited on Sir Edward Codrington Friday
afternoon, by the desire of Sir Pulteney Malcolm, and
Sir Edward Codrington went to the house Fday evening,
to give an explanation of his statement ; but no opportunity
presented itself. This explanation will be given by Sir E.
Codrington in his place on Monday (this day).

Greenacre was Chairman of one of Mr. Humphery's
Election Committees, and afterwards of Mr. Harvey's ( South-
wark) Election Committees. It may be remembered that
one of the Cato-street conspirators escaped by a back window,
and running through the next house—Greenace was that man.

THE OBSERVER OF SUNDAY, APRIL 18, PRICE
FivEriNcE.—By far the best account of the murder of Hannah
Brown appeared in the Observer of yesterday ; the trial, con-
viction, sentence, and confession, were given most complete,
with new and interesting particulars of both the woman Gale
and Greenacre to the extent of one half of the large sheet of
the Observer. A Monday afternoon eslition of the Observer
is regularly published, which may be had at four o'clock at all
the newspaper shops about the Royal Exchange, and at the
Office, 170, Strand. Price of the Observer Fivepence.

EVENINGS WITH PRINCE CANIBACERES.—A
more amusing, gossipping, agreeable book than this it would
be difficult to find. The indolent man of pleasure and the
curious man of letters will both read it with interest. It
certain of a place on the breakfast table of the one, as con-
taining a mass of anecdote and information, pers)nal, politi-
cal, and mixed, relative to those who figured in the various
acts of the great revolutionary tragedy in France ; nor will it
be less welcome in the library of the other, as a contribution
to the great fund of materials for history. The unpublished
details relative to the 106 h of August, 1792, are both interest-
ing and important. Never were the contrasted characters of
Louis XVI. and his high-minded Queen more strikingly ex-
hibited--11forning Post,

IMPRISONMENT FOR DEBT.

TO THE EDITOR OF THE SUN.

SlR,—Having failed in my endeavours to draw the attention
of his Majesty's Attorney-General to the following points, I
shalt be glad if you will permit me, through the medium of your
columns, to point out what I consider a serious defect in the
Bill now before Parliament upon this subject.
The supporters of the measure appear to have formed all
their conclusions as to the evils of the present law from the
cases of actual imprisonment which are known, without taking
into account any of those—infinitely more numerous—wherein
the power of arrest has forced debtors into some satisfactory
arrangement which they would have avoided, had no such power
existed. I allude to the cases of annuitants—persons holding
situations under Government—naval and military officers—and
others, having a fixed income or salary ; but who, nevertheless,
may not have realized any property which would come within
the reach of a judgment under the proposed Bill.
One advantage expected from the proposed alteration of the
law is, that it will deter tradesmen and others from giving in-
discriminate credit ! But can it be said that a shopkeeper is
not justified in trusting a person who, to his knowledge, has a
certain income of perhaps 1,0001. or 1,5001. a-year ? And is he
to have no more redress against such a person than he would
have against a man without a shilling in the world ? I could
cite a number of instances in which persons holding public si-
tuations have made over a certain portion of their incomes to
trustees for the benefit of their creditors in order to avoid ar-
rest, and the consequent risk of losing their appointments ; and
surely there is no hardship in compelling parties so circum-
stanced to make some provision for their debts. Yet under
the Bill, as now framed, this power will be wholly lost, and
the creditors will have no remedy whatever, however large the
income of the parties may be. Then, as to cases of actual
imprisonment, it constantly happens under the existing law,
that a party who is brought up for his discharge under the In-
solvent Debtors' Act, consents to the Court's assigning a cer-
tain portion of his income for the benefit of his creditors. There
was an instance, no longer ago than yesterday, of a clerk in
the Colonial-office being discharged on his consenting to give
up 501. a-year to his creditors out of his salary ; but is it to be
supposed that he would have done this but from the dread of
further imprisonment, and the loss of his situation ?
I hope, therefore, that some clause will be introduced to
meet cases of the description I have pointed out. Ido not
seek to place debtors of this class in a worse situation than
those who have actual property. I would subject them to
exactly the same process, but when a judgment has been
obtained agaiast them (not before), I would give the
Commissioner, who is to examine them touching their pro-
perty, the power to examine them also touching any positive
income, pay, or salary, to which they may be entitled, and
compel them, on pain of imprisonment, to give up a certain
portion of such income to assignees for the benefit of their
creditors. The professed object of the Bill is to relieve
debtors from imprisonment, and, at the same time, to give cre-
ditors a more direct remedy against them, but unless some al-
teration of the kind I have suggested takes place, it is quite
clear that, as to this particular class of debtors, the advantage
will be entirely on their side, while the creditors are left with-
out any remedy at all.—l am, Sir, your obedient servant,
London, 14th April, 1837.

A MAGISTRATE. -

THE DUCHESS OF KENT AND HER

CALUMNIATORS.

(From the Morning Post.)
Most of our readers are perhaps aware that, upon more
than one recent occasion, the name of her Royal Highness
the Duchess of Kent has been brought forward in the
leading columns of newspapers, and certain proceedings,
for which that Illustrious Lady, or those whose advice she
follows, must be held responsible, have been noticed with
no small degree of party asperity. The name of her Royal
Highness has been introduced in connection with severe
strictures upon intrigues of a discreditable nature, having
reference to the future prospects of the Heiress Presump-
tive of the Crown, and, more recently, charges of want of
proper feeling, and becoming sympathy with the domestic
distress of his Majesty, have been brought forward in
strong, and even harsh, language.
We can make—and we are disposed to make—very
great allowance for the strong feeling likely to be excited in
the breasts of all who really believe that one so dear to the
British nation as the Princess Victoria, has been sur-
rounded by the net-work of family intrigue, or has been
made in any way the instrument of a party in that nation
over which she is, in all human probability, destined to
reign ; but when the mother of that Princess is concerned
—when a lady of domestic virtue so irreproachable is re-
presented as implicated, directly or indirectly, in such matters
—we think that both sound judgment and good feeling
would have paused before taking up any such belief. For
ourselves we reject it, on the ground of gross improbability,
and we cannot commend either the discretion or the deli-
cacy of those who have hastily taken up such a belief, and
harshly acted upon it. We cannot perceive the good sense of
the imputations which have been thrown out, but we can
very easily see, and we fear that others may feel, their
unkindness. If it were the wish of a journalist to provoke
that which he affects to deprecate, it is difficult to imagine
how he could labour more effectually to that end than by
poisoning the peace of a happy. although elevated domestic
circle, by imputations of intrigues of which there does not
appear to be any evidence beyond conjecture.
We now come to the imputation of a want of proper
feeling, which, if not so important to the nation as that of
political combined with family intrigue is yet more delicate
and painful, from the circumstances connected with it. It
is made a matter of complaint that her Royal Highness the
Duchess of Kent had a large dinner party under the same
roof where the lamented Lady De L'lsle was lying dead.
The very manner in which this has been stated shows
(we are sorry to say it) the ill feeling with which the
statement was made. " Under the same roof"
we know generally implies being in the same house,
and in some degree of unavoidable community—but
this is an unfair representation of the case. Kensington
Palace was certainly the residence of the Lady De L'lsle,
as it is that of the Duchess of Kent ; but Kensington Pa-
lace is a very large building, containing several separate
households, and, in point of fact, there is no more com-
munity between the dwelling of the Duchess of Kent and
that in which the Lady De L'lsle resided, than between
any house in Grosvenor-square and that which is next door
to it. In the latter case, possibly a continuous roof may
cover both, but we do not say that the respective families
in each live under the same roof.

So much for the manner of stating the fact ; now, for
the fact itself. The Lady De L'lsle, we believe, to have
been in every respect a most estimable lady—much more
so than, by any words of ours, we could possibly ex-
press. She was worthy, for her own sake, of all love and
respect ; and we have the more satisfaction in saying
this, because we really do not like to state broadly, as
some of our contemporaries do, another ground of
respect, which, for the sake of delicacy, we prefer to
describe as that which gave her very strong and pecu-
liar claims upon the affection of his Majesty. The
Duchess of Kent knew, and no doubt the Princess Vic-
toria has been taught to know, the Lady Dc Lisle as one
to whom his Majesty was much and justly attached, on ac-
count of her amiable qualities—but we ask of those who
have so harshly interpreted the conduct of the Duchess of
Kent whether it be not greatly to her credit if the Princess
Victoria did nut know of any other reason for the attach-
ment of his Majesty to the lamented lady beyond her own
intrinsic worth ? We think that this question must be an-
swered in the affirmative.

Now, supposing this to be the case, where is the want of
feeling or of decorum which has been so unkindly alluded
to ? Every one knows that the Duchess of Kent's parties
are fixed for weeks before they take place. Lady De L'lsle
was not even ill when the party of last Wednesday was in
all probability invited. The Princess Victoria of course
knew that it was to take place. On what ground was her
mother to inform her that it must be postponed ? What
could she say mote than that an amiable lady had died to
whom his Majesty was much attached ? Could she with
propriety have spoken to the Princess of a family bereave-
ment ? We ask of English mothers to answer for us.
We are sorry to have been compelled to enter into this
examination. Being thus compelled, we have taken justice
and delicacy for our guides, and have endeavoured to do
our duty. We are among those who consider private worth
so intimately connected with all that is good in every de-
partment of life, that we confess ourselves unwilling to be-
lieve that such a pattern of domestic propriety as the
Duchess of Kent is not in all other respects that which the
nation would wish her to be. Instead, therefore, of seeking
out causes of reproach, and turning to purposes of party
bitterness circumstances which are capable of a very diffe-
rent interpretation, we think ourselves called upon to place
them in the light most consistent with our respect for an
illustrious lady, so nearly connected with the Heiress Pre-
sumptive. We may be incompetent to the task of doing
full justice to the motives of the Duchess of Kent, but our
attempt to do so is prompted by feelings of which we have
no reason to be ashamed.

Lord Denman arrived in town on Saturday from his
seat in Derbyshire.

We have observed that bulbs and flowers in many
parts of the country appeard in much higher perfection and
healthier, early in March, than at any time since, owing, no
doubt, to the nipping frosts and general severity of the weather
throughout this month.

The Finsbury Reform dinner takes place on Wed.
nesday next, and will be most numerously attended. More
tickets have been applied for than the Committee could have
at all expected, and they have been compelled to issue an ad-
ditional quantity. They have, however, determined not to
crowd the room to inconvenience, and although many persons
will be disappointed in procuring tickets, the number that the
room can accommodate will not be exceeded on any account.
Mr. Sheil, Mr. O'Connell, Sir W. Molesworth, Mr. Buller,
Dr. Lushington, with many other leading political characters,
will be present, and take prominent parts in the proceedings
of the day ; and from their talents and well-known eloquence
in support of the Chairman, Mr. Ward, a great political treat
will be afforded.