The Sun.
London, England, 1839-07-04 00:00:00

LAR.

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prices by forced means. They begin to perceive
that even the planters themselves—the interest to which
the United States Bank felt itself called upon more par-
ticularly to extend its protection—are likely to be da-
maged by them, inasmuch as they are calculated to in-
duce production to an extent not warranted by a legi-
timate demand.
The scheme contained in Mr. Wilder's Circular is to
concentrate all the cotton that may be shipped of the
present crop from the United States in the hands of one
house at Liverpool—a house sustained by a "great and
powerful interest"—the house named being no other
than that of his principals, Messrs. Humphreys and
`Biddle, who will, it is considered, be able, with certain
collateral aids," to hold over until the greater part of
the stock in England shall be " worked off at an ad-
vanced price." The expedient of suspending the ship-
mtnt of the residue of the crop for the space of three
months is suggested as another means of answering the
same end, but this would not afford a drawing fund, and
might have the effect, Mr. Wilder conceives, of again
embarrassing the banks.
So much for the Circular itself. We may now be
permitted to offer a few words as to its origin.
Mr. Jaudon is requested by the President of the
United States Bank to disavow openly and authori-
tatively " the participation" of that institution in it.
We are willing to put the most liberal construction
on this disclaimer, and which Mr. Wilder's explana-
tion in fact goes to confirm, but that it was issued
altogether without the cognizance and approbation of
Messrs. Humphreys and Biddle we are by no means
satisfied. Mr. Wilder says " the Bank of the
United States has nothing to do with it, so far as I
know or believe, and it did not emanate freim Messrs.
Humphreys and Biddle." These words seem to
imply that, although Messrs. Humphreys and
Biddle were not absolutely the authors of the cir-
cular, it cannot with truth be said that they had
" nothing whatever to do with it." They probably had
a great deal to do with it, but those gentlemen, so far
as Mr. Wilder " knows or believes," have never had
any correspondence upon the subject with the managers
of the United States Bank.

Let it have comefr;;;iiat source it may, we do not
attach any very gaeat degree of criminality to the pro-
duction, otherwise than as it indicates a disposition on
the part of certain speculators to grasp at every thing,
and to interfere with the natural course of trade. All
the evil that can arise from the adoption of so visionary
a project will assuredly fall on the heads of those who
are foolish enough to to entertain and to act upon the
recommendations embodied in it.
The public securities were very little dealt in to-day,
yet the quotations were not materially lower. Consols
left off at 931 to for the opening, Exchequer Bills
at 265. to 28s. prem.

' In the Foreign House Five per Cent. Dutch Stock
was quoted at 1021 to 3, Two-and-a-Half per Cent.
ditto 554 to 6, Brazilian 774 to i, Colombian 32 to
33, Mexican 261 to i, Five per Cent. Portuguese 341
to -.1.,, and Active Spanish 191 to i•
Great Western Railway Shares were done at 6 to 7
premium, London and Birmingham 70 to 2 premium,
CLondoroydonnn aantdl2Birtigoliton 91- i
per share. to t dis., and London and
Utiited States Post Office, the object of his mission
We understand that a gentleman named Plitt has
come over to this country as a special agent of the
being to obtain such particulars as be may be able,
from the Post Office in London, with a view to the
establishment of a uniform penny postage throughout
the States.

I (From the Manchester Guardian.)
The arrival of the Great Western has brought a va-
riety of details connected with the circular alleged to
have been issued at New York, by or under the sanc-
tion of the United States Bank, with the view of keep-
ing up the price of cotton by advances upon the stock
in the United States and in this country, and which
circular appears to have given rise to as much doubt
and speculation in New York as in Manchester and
Liverpool. It will be seen from the subjoined extracts
from the New York Morning Courier, that the circular
has been avowed by a Mr. Wilder, who, it seems, is
the New York agent of Humphreys and Biddle. Mr.
Wilder admits that neither that firm nor the United
States Bank has any connection with the circular ; but
he says he is prepared to make the advances named in
the circular, and that " the reasons assigned for mak-
ing shipments to Messrs. Humphreys and Biddle are
those of the holders of cotton in this country (United
States), who seek to protect their own interests by a
concert of action."

That the circular had its origin with holders of cotton
anxious to protect their own interests," we are very

COTTON FRAUDULENT CIRCU-

(From the Morning Post.)
The American Journals just received by the Great
Western steamer, abound in commentaries on the Cotton
Circular published in the Morning Post, a few days since,
and which was in the first instance supposed to have
emanated from the United Sates Bank of Philadelphia.
We have shown by a letter which appeared in our co-
lumns to-day, that the President of that establishment
disclaims it entirely, and even intimates that he has no
intention of making any further advances to the trade.
The author of the document turns out to be a Mr.
Wilder, as will be seen by the following letter, addressed
by that person to the Editor of a New York, Paper :
" I perceive that several of the newipapers have con-
nected my name and the Bank of the United States with
the Cotton Circular, recently issued in this city. You
will, therefore, permit me to state explicitly—
" That the Bank of the United States has nothing what-
ever to do with it, so far as I know or believe.
" That this measure did not emanate from Messrs.
Humphreys and Biddle.

" That with the view of facilitating the export of the
cotton now in this port, I offer to make the advances
named in the Circular referred to.
" That the reasons assigned for making shipments to
Messrs. Humphreys and Biddle are those of some of the
holders of cotton in this country, who seek to protect their
own interest by a concert of action.
"S. V. S. WILDER."

" New York, June, 1839."
Mr. Wilder is the agent of Messrs. Humphreys and
Biddle, the Liverpool firm, who have been, and are
still, holding cotton so extensively, and as those gentle-
men have been actin.. as the commercial representa-
tives of the United Statest Bank, it is no wonder, not-
withstanding all that is said in condemnation of his cir-
cular, as a gross forgery, &c., in the Morning Chronicle,
that the conductors of the United Bank of Philadelphia
should be supposed to have known something about it,
especially when it is recollected that the late President,
Mr. Nicholas Biddle, in a letter addressed by him
some time ago to Mr. J. Quincey Adams, expressed a
determination to give such facilities and support to the
cotton growers and shippers of America as should en-
able them to get a remunerating price for the staple in
the European markets.
The Americans seem to be labouring under some
strange delusion with respect to the manufacturers in
this country. They imagine that a combination has
been formed among them, the express and sole purpose
of which is to bring down the price of cotton below its
natural value. There has, however, been no such com-
bination that we are aware of. The operatives in some
parts of Lancashire have, it is true, been put on short
time ; but this arrangement became necessary, owing
to the little demand which has unfortunately existed o
late for our cotton fabrics for the export trade, and tile
consequent inability of the manufacturers to give the
high prices asked for the material. The monopedy of
the staple seems to have been founded on the ma Aifesto
sent forth by Mr Nicholas Biddle, so that, however the
United States Bank may stand in relation to Mr.
Wilder, there can be no doubt that that establishment
has to answer for much of the embarrassment into which
the trade has been thrown by the banking interest.
The American journals dwell on something which
they have heard of the spinners and manufacturers
of Staleybridge, Ashton, Hyde, and other places,
having entered into an engagement to reduce the days
of labour from six to four days a week, but this, as we
have already explained, was a measure that was called
for by the exigencies of the moment. It was, moreover,
quite a partial measure, and even, had it not been so,
the United States Bank had long before declared its
determination to uphold -the monopoly of the raw ma-
terial to their prejudice.
They also dwell on the assumed diminution in the
crop of the present year as compared with that of
the last—for it appears to us to be a diminution that
is rather assumed than real ; but what folly this is,
when they see perfectly well that the consumption
of the article has fallen off in a much greater ratio
than its production, low as is the estimate of the latter.
The foreign markets were overdone with English ma.
nufactured goods and cotton twist last year, and hence
arises, perhaps, in a very great measure, the reduction
in our exports at the present time.
The Liverpool letters of the last few days have given
a most deplorable account of the market there for the
material ; the following is a summary of the week's trans-
actions
" We have had a very unsatisfactory market since our
last report. The depression has increased, the demand
being even more limited, and a further decline of id. per
lb. generally has been submitted to. The accounts per
Great Western up to the 13th inst., received to-day, are
without encouragement, and the unimproved condition of
the manufacturing interest in this country leaves us no
hope of immediate amendment here. We are flat to-day,
and the sales are only about 1,500 bales of all kinds.
" Liverpool, 28th June."
This is the report of a respectable Cotton Broker,
and it well explains in a few words the actual state of
the trade. But in the course of a very short time the
now crop will be coming forward, and what will then
be its condition ? Unless there should be a revival in
the demand for manufactured goods, of which there is
but little prospect, there must be a glut in the market,
and the manufacturers will be in a situation to obtain
supplies on their own terms. Such, at least, is the
only conclusion to which any one can come, we think,
who is disposed to take a fair and unbiassed view of the
subject.