The Sun.
London, England, 1839-10-16 00:00:00

EVFNING- EDITION

MONEY MARKET and CITY NEWS.

(TUESDAY EVENING.)
TIMES.—By the advices from Hamburg the price
of gold is 432 per mark, which at the English Mint
price or 31. 17s. 10:d. the ounce for standard gold, gives
an exchange of 13.8. t., and the exchange at Ham-
burg on London at short being 13.5 k., it follows
that gold is 1.40 per bent. dearer at Hamburg than in
London.
The premium on gold at Paris is S per mile, which,
a the English Mint price of 3/. 17s. lOid. the ounce
for standard gold, gives an exchange of 25 35, and the
exchange atParis on London at short being 25.323-, it
follows that gold is 0.10 per ceat. dearer at Paris than

in London.
The course of exchange at New York on London
is 110 per cent., and the par of exchange between
England and America being 109 23.40 per cent., it
.follows that the exchange is 0.43 per cent. in favour
of England.
The settlement of the account in Consols, which took
place to-day, was of more importance from the ,xtelit
of the transactions than many which have preceded it,
though not equal to the last. In making up their time-
bargains. the jobbers were mistaken at first in their esti-
mate of the amount to be earriei over, and the rate of
continuation was fixed at about ,I per cent., for the No-
vember account ; but money becoming more scarce al-
'to-wards, in consequence of a suddetil!-iocreased demand
for it in the Consol-raarket, the rate of continuation rose
to 11-16 per cent., at which barg,iin3 were currently done
up to the close of business; and in some few cases i
par cent. was given. Steck was taken, however, to a
large amount by capitalists, who borrowed money upon
it at the last and former settlements, in one instance
alone to the extent, it is said, of 300,0001. from which
it is anticipated that a lower rate of interest is likely to
be demanded in the discount market, or rather that the
employment of money there is expected to fall off in
amount. No sort of difficulty acpears to have arisen
in the peogress of the settlement of this account. In
the latter part of the day the funds became heavy, and
I declined in price, Consols leaving off at 901 to i for
l ~ sney, and 911, buyers for the Account. At the coo-
-1 . .sion of the last settlement on the 29th of August, the
quotation' of Consols were 91i to i for Money, and for
the Amount at 92 to i—a very trifling difference when
.tbe late severe pre,sure for money is considered. B,ok
Stook left off to-day 180 i to li ; India Stuck, 245
to 7 ; E,xebequ.T Bills, 2s. discount to par.
To-morrow being the half-montlily settlement in
i Foreign Securities, the preparation; for it were gen, ral

amongst the dealgrs. ih; difficulty of money accom-
modation was felt. here to a larger extent than in the

home market, and i per cent., equal to about an annua
rate of 20 per cent., was. currently given on Spanish
Stocks, and on same others in proportion.
There was a tendency this afternoon in the Foreign
Exchanges to give way, to the disappointment of many
who had been led by the favourable appearances on Fri-
day to anticipate a contraey course. On Paris the
quotation was 25.35 to 37,} ; on Amsterdam, 12.1 to a-,
short ; on Hamburg, 13.104 to It, at three months.
By the usual official return published by the Customs,
the exportation of rase precious metals from the Port of
London to foreign and colonial ports, for the week end-
ing the 10th of October, is as under :
Silver Coin to Hamburg Ounces 85,000
Rotterdam
Monte Video
British West Indies 225
Gold Coin to Hamburg 2,375
Calais
Monte Video
Gold Bars to Hamburg
It may be worth while to give a more detailed out.
line of the project, known as the Sub-Treasury Bill,
than has yet appeared, because it is likely to be placed
in the foreground of the great struggle in the next
Session of Congress between the two contending par-
ties for supremacy in the State. One of these may
be designated as the bank or paper money party, and
the other, the party in power, as the hard money
party. The provisions of the Sub-Treasury Bill
show the manner in which it is proposed to dispense
with the agency of the banks and of paper cur-
rency in the transaction of the public business. It is
proposed that vaults shall be prepared in the public
buildings of the various places in the union where re-
ceivers of -revenue are to be appointed, in which the
specie, or such proportion of the paper currency of
specie paying banks as for a limited period is to be re-
ceived as equivalent to specie in public payments, is to
be deposited. The Treasurer of the United States,
receivers, collectors, and postmasters, are to be " re-
quired to keep, without loaning or using, all the public
money collected or in their custody, till drawn out or
transferred ; and they are to be bound to undertake
all the " fiscal duties" required of the Treasury, or
other departments of the States, such as the payment
of pensions or making the disbursements, which by law
the heads of departments are empowered and obliged
to make. Security bonds are to be exacted of the
ITreasurers and Receivers to the requisite amount,
) such bonds, with additional sureties, to be re-
) nerved whenever the Secretary of the Treasury
may see oause. The public officers in the
secssipt of monies or revenue are to pay them over to
: the public receiver " at least every month," and as
I.much oftener as the Treasury may deem expedient.
The money in the hands of any " public receiver or
deporniety" May be transferred by the Treasury from
i " usele;llipe of deposit Iv another," and for payments on
Midi i of the public service such depositary may be
drawn upon as way be most convenient for the public
intellekte ar the " convenience of the public crditors."
The monies so deposited are to be to the credit and
subject to the draught of the United States' Treaturer
for transfer or disbursements, as though " the monies
were :actually in the United States Treasury." On
the accumulation of public money in any depository
beyond the amount of the security bonds of the
receiver, which may, therefore, be considered " un-
safe," whilst it might not be desirable to transfer
it to any other place of deposit, the Treasury may
direct its speciil deposit with any bank of the
State at his option. In such case the deposits are
" strictly' considered as special, and the banks to be
prohibited " from using the money in loans, discounts,
or in any manner ;" safes for the public money may be
furnished by the. Treasury, to be exclusively under the
"joint control of the banks " and some Government
ofScer. Nothing but " specie or notes, bills, or paper,
directed by law to be received for public dues," must
be offered or received " as such deposits " by the bank ;
and when deposited can only be withdrawn on the " ex-
press order" of the Secretary to the Treasury. A per
.eentage commission to be allowed to the bank. In case
of refusal to comply with these conditions, or to accept
deposits by the banks of one state, any bank in a
' neighbouring state may be selected, or the money
transferred to the General Treasury, or the mints and
4eAM receives-a. Special agents may be appointed,
ad reasonably remunerated, for the purpose of
auditing the accounts, examining the books, and gene-
rally checking the mode of business of the receivers
and depositories, such examination to he performed
annually, at least, whenever the " suns on hand exceed;
three-fourths of the officer's bond." The bill pro-
vides, moreover, a system of checks on receivers and
collectors by navel officers, surveyors, registrars of
land offices, and directors of the mints on the tree-
aurers. It is provided that all public monies of what-
ever kind must be peid in to the receivers, to the
treasury and mints, or such other depository as the
Treasury may designate. Emsszzlement of public
property cn the part of the receivers, or !sinking ad-
vantage of it by way of investment, or loans with or
without interest, is to be punished as a high misds-
meat:sour, on conviction, with imprisonment fur not
less than two nor n.ore than five years, with fine equal
to the aMouut so etn'eezzled or misapplitd. A clause
formed part of the original bill for empowering the Se-
crettr af the Treasury, whenever there might be a
surpll,77 more than 4,000,000 dollars, to invest it in
United States or " States Stocks," sod " sell the same
when the surplus fell short of that amount." But this
` clause was struck out unanimously by the Senate. It
Was provided that during the present year, 1839, the
• public dues or payments might all be received in the
nos of specie-paying banks. In 1840 one-sixth part
was to be paid in the legal currency or coin, and the
other five-Sixths in the cores of the specie-paying banks ;
in 1841 four- ixths in those notes ; in 1842 one-half ; el
1844010-sissThs, and in 1841 ad payments to be made in
farVel silver coin only, or in " such notes, billaar paper
\
1'41416:1 under authority of the United Siat ss, as may be di-
dto be received le: law." The n speed) presenta-
lifi Government dreuehts wes e) he „la N. Led by
puMeW• regulatines, aid :n 'efauit of. presentation
*their 1114dea avid paces of payment were to be indicated.
One of the most important clausA is that wherein the
' Treasurer of the United States is to receive at the
" Treasury, and such other points as he may designate,
payments in advance for Public lands, such pa, ments in
all ewes to he evidenced b
the receipt of the Treasurer
. et' the, United States, and such receipts shall be current
at all the landeeffices as cash at any public or private
sale of lands." This sort of emission may come in fact
to represent and to rearze a kind of national currency,
always convertible, biased upon real-value, and never in
excess, because never issued except against hard money
received. Though this Bill has not passed into a law,
thotive is little doubt of its revival in the next session of
Cingress, and the study of its provisions becomes,
therefore, essential to those who would understand the
progress of the monetary affairs of the United States.

considerable importation of specie. Mr. Jaudon has
paid 100,000/. to-day, in the shape of interest on the
dividends of the Shares of the Rank of the United
States, and the bonds which he lately is ued for :he
loan of 800,0001. are selling to day at 1 to 1I prcui.

POST..—We understand from some of the prin
money houses in the City that the Bank Directors have
shown a degree of liberality in their discounts of late
that very ill agrees with the statements that have
been introduced into the Journals with reference to
certain bills sent up from the country tor the pur-
pose of being tendered to them. Bills of almost
every class, and bearing every kind of indorsement,
were yest,rday presented by some of these firms;
and it is admitted, in ju,tice to the Bank of England,
that, so 'little want of confidence was maniksted by
the Directors upon the occasion, the whole of
them were passed with "ut exception. It is, in fact,
a question that may be fairly asked, whether, in the
present state of its affairs, the Bank is strictly justified
in going the length it does in affording this almost in-
discriminate accommodation. As we have already
mentioned, gold is beginning once more to find its way
hack to them, but how lung this may continue to be the
case is quite tarettain. The Continental exchantres
were less favourable aga:n this afternoon than on Fri-
day, m .r• especially towards the clos, of business, and
the cliff,.rriices in the quotation; wer.' in sortie ease.;
rather extensive. Tire advocates of the Joint-stock
banks of issue are eunaush blind to the failinrs of those

institutions ; and it might he ini:igined, from the con-
stant endeavours whirlt are made to persuade the public
that the Bank of England is acting anything but
fairly by them, that their proceedings could at no
time, and under nb circumstances, be open

to the smallest reproach. For our own part,
we have a very different opinion of the joint-
stock banks. From what we happen to know of their
Practices within their own sphere ( f operations, we are
disposed to think that the Bank authorities cannot look
too closely after them. The paying away by the mana-
gers of these banks of paper which they happen to have
discounted with heir own notes has the effect of lead-
ing to very great irregularities. We will suppose that
the Joint-Stock Bank A. discounts a five thousand
pound bill for B, and then places it in the hands of C,
who transmits it to his agents in London to he dis-
counted. Now, it can hardly be pretended by the most
violent assailants of the " par;oni" that such a Bill
ought not to be rejected. It is what is technically
termed a " re-i,sue," and when again cashed in London
represents double its nominal value of hank notes. If it
he to interpose in favour of this illegitimate description
of bills that deputations of bankers are sent up from
Lancashire. it is quite clear:that no surprise ought to be
felt that such deputations should return to their consti-
tuents disappointed.
Ha%ing sa►d that the Bank yesterday discounted freely
all sorts of biils presented to them by respectable houses,
and that the fact has been stated to us by some of the
number, we fear that a degree of indulgence has been
extended to the joint-stock banking establishments and
their client, to which they are in no way entitled ; and
if any want of consideration for the public interest be
fairly chargeable upon the Directors at all, in connection
with them, it appears to us to be on this very ground.

SPORTING INTELLIGENCE.

NEWMARKET SECOND OCTOBER MEETING.

TUESDAY.
Fifty Pounds, for two-yr-old colts, Bst 71b ; and fillies, Bst 51b
T. Y. C.
Mr. Wreford's b c Wat dan, by Glencoe, out of Margellina I
Mr. Bowes's Richmond, by Memnon Junior, out of Henrietta 2
Lord Lynedoch's Jeffy
The following were not placed :—Lord Exeter's Stamboul—
Colonel Peel's St. Swithin—Mr. Robertson's b c Little Won-
der—Mr. Worrell's Gloxinia—Mr. Combe's c by Actaeon, out
of Evans—Mr. Bland, jan.'s Miss Betsy—and Mr. Edwards's
Assassin.
Betting-6 to 4on Wardan-5 to 2 apt Jeffy. Won by a
length.
Sweepstakes of 5 soya each, with 25 added from the Town
Racirg Fund ; for two-yr-olds, ist ; and three, 9st. T. Y.C.
The winner to be sold for 2001, &c. Nine subs.
Mr. W. Edwards's ch fby Cain, out of Barden, 2 yrs... 0 1
Mr. Sadler's Caracole, 3 yrs
The following also started :—Lord Lynedoch's Retamosa,
3 yrs—Mr. Jrniiey's Miss Hawk, 3 yrs—Mr. Greville's Tro-
jans, 2 yrs-11r. Howe's b c by Recovery, out of the Nun,
2 yrs—Mr. E. Peel's ch c Nares, 2 yrs—and Duke of Rutland's
b f Scintilla, 2 yrs.
Betting-2 to 1 agst Caracole, and 3to 1 agst Retainer. A
dead heat between Caracole and the Cain filly, when the latter
walked over, and divided the stakes with Caracole.
The Clearwell Stakes of 30 sous each, 20 ft, for two-year-old
colts, Bst 71b ; and fillies, Bst 51b. The winner of the July
Stakes 71bs extra. T. Y. C. 29 Subs.
Lord G. Bentinck's b f Crucifix (71bs extra) ...J. Day, jun. 1
Gen. Yates's b c Gibraltar, Brother to Tarick
Lord G. Bentinck's ch c Capote
Lord Exeter's c by Sultan, out of Marivella
Mr. Grevilie's ch c Perseus
Lord Albemarle's Spangle •. 6
Betting-9 to 2on Crucifix, and 10 to 1 agst Gibraltar.
Won by a length. Lord G. Bentinck declared to win with
Crucifix.
ADDITIONAL PARTICULARS OF MONDAY'S RACIS.
Handicap.—The Fifer made running till within a few strides
of the cards, where he declined, and Medea went in front, fol-
lowed by Minima and Corban ; half way up the cords Minima
made her rush, but never quite reached the Irish mare, which
won by a head, after a short but severe struggle.
Garden Stakes.—l-am-not-aware cut out the work at a good
pace to the ditch, where Flambeau took up the running, went
through with it, and won easily by a length.
Plate.—lon made play to the bottom, where /Ether ran by
him, and won easily by two lengths.

_
CISAILW ITCY *TA KIES.
3 to 1 agst Cruiskeen
4 to 1 agst Mickleton Maid—taken
11 to 2 agst Science
10 to 1 agst Quo Minus—taken
10 to 1 agst Primelt
10 to 1 apt Joannina
12 to 1 agst Quicksilver—takes
12 to 1 agst Vienna
20 to 1 agst Flambeau
The following have paid :—Turquoise filly, Merganser, He.
siene, Roscius, St. Francis, Bracelet, Epidaurus, and Ccenis.
TR! DERBY.
15 to 2 agst Lord Jersey's lot
22 to 1 apt Glenorchy—taken
25 to 1 agst Brother to Euclid
SO to 1 agst Wardan—taken
30 to 1 apt Marinella colt
33 to 1 agst Angelica colt
50 to 1 apt Sister to Cactus colt—taken

The following fashionables were on the heath :—Dnke of
Rutland, Marquis of Hastings, Earl Jersey, Earl Stradbroke,
Lord G. Bentinek, Lord Miltown, Lord J. Fitzroy, Lord Go-
dolphin, Lord S. Osborne, Lo-d Villiers, Sir F. Collier, 'ir J.
and Lady Shelley, Hon. General and Mrs. Grosvenor, Hon.
Captain and Mrs. Rous, Hon. Colonel Anson, Hon. G. S.
Ityng, Hon. G. Fitzroy, Hon. Woodhouse, Colonel and
Lady Alice Peel, Messrs. C. (and Mrs.) Wilson, Payne, Gre-
ville, Newton, Worrall, Garduor, J. Bayllr, Crommelin, S.
Stanley, Cotterrill, Waddington, Batson, Roberts, Portman,
Hawker, t hornbill, Hunter, Dolphin, Kingston, Irby, &c.
The weather was delightfully fine and mild.

DAVIS' STRAITS WHALE

FISHERY.

The Bon Accord, Captain Parker, belonging to
Aberdeen, has arrived off Stromness, from D ,vis'
Straits, with two fish. She left the icy regions on the
1011 ult., and Captain Parker reports only 71 fish
being taken at the date of his departure. We cannot
state the dates of Captain Packer's communications
with the different ship?, but, in consequence of the
lateness of the season, the fishery msly be considered
n,arly a failure. Captain Parker reprts as follows :-
1-1u:1 Ships—The Abraham, eight fish ; Elison, two ;
Swan, three ; Dunc.imbe, one ; True-love, nine ;
Comet, four.
Neweiwle Ships—Tile Lady Jane, six fi.h ; Lord
G,mhier. two ; Grcviile B two.
Bayntisland Ship—The Undaunted, one fish.
Kirkaldy Ships—The Regalia, one fibh ;
four ; Hecla, one ; Caledonia, clean.
Dundee Ships—The Fairy, three fish ; Princess
Charlotte, two ; Achice, five ; Friendship, two ; Horn,
one ; Ebor, clean ; Alexander, ditto.
Montrose Ship—The Eliza Swan, clean.
Leith Ships—The Prince of Orange, one fish ;
and Ann, four ; Clarendon, two.
Bo'ness Ship—The Alfred, three fish.
Aberdeen Ships—The Bon Accord (arrived), two
fish ; Neptune, one.
Peterhead Ship—The Hannibal, one fish.