The Sun.
London, England, 1839-12-28 00:00:00

PRICE 5d

MONEY MNRKET and CITY NEWS

(FRIDAY EVENINII.)

TIMES.—By the advices from Hamburg of the
20th inst., the price of gold is 430 per mark, which, at
the English Mint price of 31. 17s. lOid. per ounce fbr
standard gold, gives an exchange of 13. 7i, and the
exchange at Hamburg on London at short being
13. si, it follows that gold is 0.82 per cent. dearer at
Hamburg than in London.
The premium on gold at Paris is 10 per mille, which,
at the English Mint price of 31. 17s. lOid. the ounce for
standard gold, gives an exchange of 25.40, and the ex-
change at Paris on London at short being 25.30, it fol-
lows that gold is 0.40 per cent. dearer at Paris than in
London.

The course of exchange at New York on London is
1094- per cent., and the par of exchange between
England and America being 109 23-40 per cent., it
follows that the exchange is 0.07 per cent. against
England.
Money, which had been in demand on the Stock
Exchange in the morning at 6 per cent., became very
easy in the afternoon, so as to be obtained at a much
lower rate of interest.
The amount of business transacted in the Foreign
Exchanges to-day was not generaly extensive, and out
for the supply of hills brought by the British Queen
would have been very small. These bills were princi-
pally oti Paris, but they included draughts on Amster-
dam, Antwerp, and Hamburg. The rate on Paris
may be considered as nearly five centimes higher than
last post ; Amsterdam as a trifle higher; and Hamburg
at about the same as on Tuesday.
Some information appears to be desired in the city
as -to the character of the certificate given by Cap-
tain Elliot to the British merchants, a copy of which
was inserted in the Times of the 25th. There seems
a disposition in some quarters to consider the document
as a mere receipt by no means committing him. This
is, however, a hasty if not an untenable view of the
subject, for if the document is a mere receipt, what is
the meaning of the words " receipt and certificate for
recovery of indemnity ?" Besides, the specification of
the opium, as " surrendered for the service of her Ma-
jesty's Government," must at least have some force.
It is, however, said in the City, that, besides granting
these certificates, Captain Elliot has actually draw;
bills upon the Government and given them to the opium
merchants under similar circumstances, which bills have
been presented to the Government and returned un-
accepted.
The American papers contain a curious account of
what is termed a " war" against a bank, not for is-
suing inconvertible paper, but for insisting upon paying
out in specie and refusing to receive the notes of non-
specie paying banks. The bank in question is the
State Bank of Missouri, which on the 12th of No-
vember came to a resolution contemplating the
discontinuance of paper issues, and a resort to a
specie business altogether. By another resolution
the curtailment of " renewable paper" was restricted
to 5 per cent. instead of 10. Specie was accordingly de-
manded in all cases where payments had to be received
or monies collected for account of customers. A further
notice was subsequently issued requiring those having
deposited paper with the Bank for collection to with-
draw it, with an intimation that no more would be taken
in, unless on the face of it specie was expressed to be re-
ceivable on the 19th of November ; as a great outcry was
made against the Bank, and the Directors themselves
appear to have conceived that there had perhaps been
some precipitation in their proceedings, which might
operate harshly in many instances, other resolutions
were promulga‘ed, by which, whilst evincing a determi-
nation to persevere in the main principles of the former,
they so far relaxed their action as to consent to accom-
modate their customers as follows :-
1. Payers of business notes which have been dis-
counted, may have them renewed for 60 days by paying
one-tenth of the amount due and the interest.
2. This Bank, to accommodate the payers of notes
sent to this Bank from abroad for collection, will buy to
a moderate extent good bills of exchange upon New
York, Boston, and New Orleans. and to a limited
amount upon the branches of this Bank.
Although this arrangement was limited in the first
instance to 60 days, yet it was considered probable that
it would be renewed on the expiration of the term, and
even subsequently, as accommodation might be wanted
or could prudently be extended.
On the publication of the first Bank notice to the
effect that, " the Bank will receive at its counter
nothing but gold and silver, or its own notes, or those
of specie-paying banks, either in payment of notes or
upon deposit," the consternation among the citizens
of St. Louis, where the bank is situated, is described
to hare been extreme. Thep papers unfriendly to
it recommend everybody forthwith to make a run upon
the bank for their deposits in specie, and that public
meetings should be convened for the purpose of denounc-
ing its conduct Ors for " deliberately" making " war upon
the people," at it was called. Most of the merchants are
represented to have been furious, and the result was, a
" great rush made by the depositors, .and those having
claims against the bank." The run, however, was met
mly, and the deposits were refunded in specie or the
notes of its specie-paying branches, so that at the close
of the one great day of crisis but a trifling amount of
deposits was understood to remain on hand. In addi-
tion, moreover, to this trial, it was reported that not
one single note left in the bank for collection had
been paid ; so that although paying away specie to all
corners, none was obtained. The run commenced on
the 12th, was continued on the 13th of November, and
an instance is given of two parties, " believed to be
agents of the Bank of the United States," who thus
drew out the largest sum, stated to be about 10,000
dollars. The final result was honourable to the bank,
which met all demands promptly and remained after
all, it is stated, stronger in specie than before. This,
of course, would be a great blow to the rotten system
of irredeemable paper currency which prevailed in
Missouri, and the example of hardanoney business
was of so much greater authority as coming from the
state bank.

It seems strange that the mjority of the mercantile
community of any place should be found so bitterly
opposed to the establishment of a standard currency
of real value, instead of that fictitious paper repre-
sentative, the real worth of which could seldom be
calculated upon with any certainty for a given time
in the State itself, and out of it was generally
discredited or unsaleable except at discounts more or
loss considerable. So lax was the money system in
Missouri, and so universal the currency of incon-
vertible bank paper, that, as the reason why none of
those notes left with the state bank for collection falling
due on the two days' run upon it were paid, and the
bank assisted in a time of need with its own means to
that extent, it is stated to have been impossible, as such
was the scarcity of specie out of the Bank that it com-
manded from 15 to 17 per cent, premium. Checks
upon the State bank, which were currently sold before
at 5 per cent. premium, rose subsequently and after the
run to 7 or 8 per cent., and were difficult to be pro-
cured even at those rates.

The bank having thus overcome the first and great-
est difficulties which it could have to grapple with, was
steadily pursuing its course. No collection paper,
that is bills, were to be made payable with it, except
for specie transactions. No deposits would be re-
ceived except in specie or the the notes of specie paying
banks, and therefore it was not expected that funds
to any extent would be derived from that source when
depositors were so restricted. Thus, it is observed,
the State bank would become, in fact, a " loan•office,"
trading on its own capital alone. There was no cause
for hpprehension that good and profitable business would
be wanting, for so long as it has money to lend there
will be no scarcity of borrowers. Although, as before
noted, the bank was violently opposed, and attempted
to be cried down by a large portion of the mercantile
community, yet it was not left without supporters, as
" most of the prudent and solvent," it is remarked, were
in favour of the course it was following, and among the
infinite variety of paper values, both of that and neigh-
bouring States, circulating in Missouri, that of the State
bank alone was at no depreciation as compared with
specie.

1 Jcdge Story's has been opposed by Mr. Hamilton, the
c unsel in another case concerning the slaver Butterfly,
who contends that the Act of transportation •is neces-
sary to satisfy the words of the statute. The case of
the Butterfly remains still undecided.
A family of 34 slaves, recently liberated by the will
of Mr. Hunter, offered themselves as emigrants for
Liberia. Such is the state of the law, that. unless the
American Colonization Society could receive them by
the 20th inst., they must return to their original
slavery. These poor creatures being utterly destitute,
pressing appeals have been made to the benevolent
to furnish them with the means of emigrating, and thus
retaining their newly-acquired liberty.

CHRONICLE.—In the English Stock Market a
slight improvement has taken place in Consols, although
unattended with any business of magnitude. Exchequer
Bills are also better, the cause of which was a purchase
of 35,0001. by an influential party, whose operations are
more generally confined to the Consol market.
It is now thought that the President's Message trill be
received first by the Liverpool steamer, which was to
leave New York on the 14th instant ; therefore it may
be looked for by Monday next.

POST.—We see it stated in the Evening Papers
that a general meeting of the Chamber of Commerce

laps hed at Manchester yesterday, for the purpose of
eceiving a report from the Directors on the effects of
the administration of the Bank of England upon the
commercial and manufacturing interests of the country.
Some speeches were delivered upon the occasion
condemnatory of the banking system now in opo-
ration, the pressure upon the commerce of tho
country being attributed, but how falsely we need
not say, to the action of the Bank of Engl and on
the circulation. The American crisis of 1836-7, the
consequent cessation of orders for goods fro.n the
manufacturers in Lancashire and Yorkshire, and the
occurrence of two defective harvests in succession, are
events that do not appear to have entered for a mo-
ment into the calculation of the speakers. Some of
them recapitulated their losses in trade with a good
deal of minuteness ; but, as the Bank system (not the
Bankitseltvfor the Directors arc now acquitted of all
blame) is mad© chargeable with the whole of the mis-
chief, and neither the absence of their principal cus-
tomers (the Americans) nor the failure of two years'
corn crops in the United Kingdom with the smallest
portion of it, we consider it necessary to give our read-
ers a peep behind the curtain, so that tneir eyes may
be opened to what is really meant, and what is actually
going on among the Bank agitators in the north.
The Manchester Chamber of Commerce is avowedly
instituted for the " promotion of measures calculated
to benefit and protect the trading interest of its mem-
bers and the general trade of the town and neigh-
bourhood of Manchester." They have, accordingly,
on public matters, such as the relaxation of duties,
&c., memorialised Govtrnment, and in a respectful
manner.

A. board of directors is the executive, and they have
on many occasions been of service to the trade of the
district, and their opinion might have been considered
us that of the more enlightened commercial men. In
the course of the last spring the President, Mr. G. W.
WoOd, and directors, incurred the wrath of the Anti-
C3rn-law faction. They were prepared to petition Go-
vernment, praying for a consideration of the Corn-laws,
with the view to a reduction of the duty on corn, and
they added statements and opinions, drawn up as the
result of mature deliberation, and such as we have reason
to know would have weighed much with some mem-
bers of the Government. Mr. J. B. Smith (who
is a director of the Bank of 'Manchester),. Mr.
Cobden, ard some others, having taken umbrage at Mr.
Wood's speech on seconding the address, or, more cor-
rectly speaking, feeling sore at the manner in which Sir
Robert Peel turned Mr. Wood's statements (which are
admitted to be true) against the Anti-Corn-law party,
came down to the Chamber, and, having altered the pro.
posed motion, they proceeded to vote a new Board of
Directors, a President, and Vice-President. Ail this
was such a direct attack upon Mr. Wood as an indivi-
dual, as well as upon the,Directors who entertained the
same views, that those of the old Board .who wore re-
elected declined to serve, while, by the assistance of a
number of members made for the occasion, the Ul-
tras got the Chamber to themselves. The total im-
mediate repeal of the Corn-laws was the Shibboleth of
the party. Now, all the abuse which these persons
send forth against the Bank cannot, of course, do it
much harm, as the opinion of the individuals ; but
the title they use, as the Chamber of Commerce, may
cause their efforts to be more noticed than they de-
serve. Some of the members arc directors of a local
bank of issue, an establishment that circulates a very
large amount of its bills upon London at three month,
which are drawn on account of a scarcity of cash alter
the issue of notes ; and the complaint at Bolton is, that
the Bank of England decline to find them cash for these
bills, not to call them " kites." In addition the bank in
question re-discounts in London, and every where else.
The intelligence and information of the Chamber of
Commerce arc represented to us as being much inferior
to what they were. The members have, in fact, dege-
nerated into a clique of Anti-Corn-law declaimers, and
with all the bitterness and rancour that distinguish this
class of " repealers," they are now attacking,therßank of
England jbecause 'they prefer assisting the le.itimate
commerce of the country to :naking themselves hie toots
of inconsiderate speculators and mere kite-flyers.
This explanation will serve, we doubt not, to demo-
lish most completely the effect of yesterday's meeting
at Manchester.

The exchanges were nearly Stationary ; but, if there
were any alteration at all, it was rather for the better
than otherwise.

HERALD.—The Funds have been very firm
throughout the day. Money is more plentiful, and
confidence appears to have materially increased in the
city. The mercantile interests are much more satisfied
with the tenour of the recent advices received from the
United States than had been expected.
We have to notice a very firm market this afternoon
for the principal Continental Exchanges. Paris, 23 60
to 25 671 ; Hamburg, 13 ; Amsterdam, 12 3 ;
Antwelp, 12 311 ; and Frankfort, 1501.
The accounts recently received from the West
Indies furnish several official statements of the exports
of the produce of the colonies, nearly all of which ex-
hibit a decrease in the quantity of sugar, coffee, and
rum shipped off this year, as compared with the previous
season.

The exertions making by the agents of the Island of
TriLidad in the free states of America to induce emi-
gration on the part of the coloured population, appeared
to have excited toe attention of the Jamaica planters.
The introduction of these labourers would evidently be
a great service both to themselves and the colonist, and
looking at the possible results of it, the attempted cul-
ture, with their assistance, of cotton and tobacco on a
large scale, would be of the highest importance to the
mother country.

The private letters received from Upper Canada,
by the British Queen, in many instances complain of
the conduct of Mr. Thomson in assuming the command
of that portion of Canada. The press of both provinces
was not silent upon the same subject.

SUN.—The principal commercial markets were firm
this afternoon, and confidence has much increased since
the receipt of the advices by the British Queen. Tess
have improved on 'Change this afternoon, at least for
most of the low qualities. We do not bear of any fur•
ther failures !of consequence in the manufacturing dia.
tricts.

The Foreign Exchanges were higher this afternoon.
Paris at 25 471 ; Hamburg 13 9il ; Amsterdana
12 31,i, and Antwerp 12 3.
The Funds closed firmer this afternoon. Consols
for the opening 921- ; Exchequer Bills 2s. discount ; and
India Bonds 7s. discount ; Bank Stock rallied to 1771.
In the Foreign Market Spanish Actives rose to 25i ;
Portuguese new Five per Cents., were done at 33k,
rather hwer ; and Dutch 21 per Cents., were heavy at
52i ; French Five per Cent. Rentes, declined to
111 25.

There was some briskness in the share market this
afternoon, and prices were steady. The Greenwiek
Railway brought ;31dif.`sount ; the South Western
premium ; the Brighton 1411 discount ; and the North
Midland 11 discount. Coloniil Bank Shares improved
to 6 premium.