The Sun.
London, England, 1839-09-17 00:00:00

- • -
BY SPECIAL APPOINTMENT.
SWAIN and CO., TAILORS, &c., to HER
MAJESTY the QUEEN, 92, Fleet-street.
Suit of Olive .............................. £4 10
Ditto of Blue and Black
Ditto of Imperis, Saxon .....
Pair of Summer Trowsers from .... l4s. to 21s.
Sumner Waistcoats from

AVIES'S CANDLES,
6F. per lb. ; Wax
Candles, ls. 2d. ; Fine Wax, " ha. --' ; extra fins
,: ;
Moulds, Wax Wicks, Bd. ; transparent Wax, "
Luine fi,perro, ls 9d. ; genuine Wax. 2s. Id. ; 9d.ge_
Yellow Soap,
465., 545., and 60s. per 1121bs. ; Mottled, 623. and 663. ;
Windsor, Is. 4d. per packet; Palm, Is.:44:1• ; Old
Soap,
Brown
Wind.or, Is. 9d. ; Rose, 2s. ; Camphor, 2s. ;
Almond
2s. 6d. ; superfine Sealing Wax, 4s. 6d per lb. ; genuine
Sperm Oil, Bs. 6d. per gallon.
For Cash, at DA VIES'S Old-Established Warehouse, 63,
St. Martin's.lane, opposite New Slaughter's Coffee-
House.
- - - ----- ..
DIET.-NERVOUS and BILIOUS DIS-
ORDERS s.peedily and permanently CURED by a
*stem of diet adapted to respective cases, without the aid of
medicine. Indigestion with its consequences and other disor-
ders in any degree depending on the biliary system cured on the
same principle.
Mr. W. BROWN, of Midhurst, Sussex, particularly
addresses those persons who, past middle life, find their
health and strength declining. Air. B. occasionally comes to
town to see patients, hie correspondence detailing cases is
general sufficient.

The little Swiss—Oh ! why der young mensch here
(turning round to Gunno) kommt and say ker steinWn
—der—der—das, I no do it recht der first time.

The COMMISSIONER—Not stifle him right, and then
come again ! Why he must be very partial to your
stifling.

The little Swiss—Ach, mein Gott ! no ; very hard
to please. He no like it der first time, and so he komm
two times.

The COMMISSIONER—And then you did stifle him.
The little Swiss—Oh, yes ; den der stelfeln fit
(rohrs of laughter).
Gunno, who, like an Irish poverty blanket—half
wool and half tow— was a very rough spun and some-
what inflammable specimen of civilisation, appeared to
think that the roar of laughter did not raise him in the
estimation of the Commissioners. and that it was high
time he should interfere and explain matters. " Well,
I'm jiggered," said he, pretty sharply, " if I can see what
you're all makin sich a precious laugh on it for. Why
this here stiflin, as the little chap calls it, aint nothin but
a pair of boots as he had to make for me. He came
from High Jarniany, and when they measures a man
for a pair of boots in that there country, they calls
it a stiflin on him. A nation set of queer chaps they
must be."

This made the Commissioners as well acquainted
with the matter as if they had studied at Gottingen,
and they at once asked if he admitted the debt.
Gunno said he did, but as the little high Jarman had
kept him a matter of three months before be stilled
him, he didn't sec as how he should pay him not a bit
sooDer.

A COMMNRIONER—How long have you bad the
boots?

Gunno—A month, and I'll pay him ss. a-month, and
that'll make it just. three, the time as he was a stiflin'
on me, as he calls it.

Ordered accordingly.
When the little " snob of Zug" understood that he
was to wait for two months for his money, he grew as
fierce as a •' fiery ghost," and clenching his fist at the
Chairman, exclaimed, " Du bist ein narr " (You are a
a fool). He then turned round towards GUnno ; but
seeing that he was dangerously near him, the little
fellovr thrust his fist in his breeches-pocket, and con-
tented himself with muttering between his teeth " Du
bist ein schelm" (You are a rascal).

CROYDON PETTY SESSIONS.

YESTERDAY.

(Before Messrs. WARRINGTON, LORAINE, SUTHER-
LAND, and ADAMS.)

Mr. Simmons, a farmer at Mitcham, attended before
the Bench to show cause why he neglected to pay the
amount of two years' tithes for his land, due to the
Rev. Mr. Ferrars, the Vicar of Beddington.
The circumstances connected with the proceedings
against the defendant are of rather an extraordinary
character. It appears that he has held the land in
question a great many years, but he has always resisted
the payment of tithe. Proceedings have time after
time been adopted against him by different clergymen
but he has always succeeded in some way or other in
evading them, and no clergyman has ever been able to
get one farthing of tithe from him. The defendant has
recently built a cottage which is called in derision
Tithe Cottage, and he has repeatedly declared that he
never will pay tithes. The present proceedings were
adopted with a view to set the question at rest, either
by asserting the defendant's liability, or relieving him
from the charge.

The CMAIRHAN asked the defendant on what ground
he refused to pay his tithes ?
The defendant said that he had an agreement with
his landlord when he took the land, that he was to pay
all the rates and charges upon it, and therefore he had
nothing to do with the payment of the tithe.
The Bench told him they had nothing to do with
any agreement between him and his landlord. He, as
tenant, was liable to the payment of the tithes, and if
such an agreement as he described existed between
him and his landlord, he could deduct the amount from
his rent. _ _ _

The defendant said he did not think his landlord
would be very well satisfied with such a settlement,
and he should not pay the tithe because he did not con-
sider he was liable to do so.

Mr. LORAINE said the Bench was very well aware
what his grounds of objection were, and it was useless
for him to put forward the objection he had.
Defendant—Well, the fact is, I will not pay tithes.
I have occupied the land since 1826, and I never have
paid any tithes, and I never will.
Mr. LORAINE—We know it. You have occupied
this Land for thirteen years, and have defied every cler-
gyman to get his tithes, and although proceedings have
been taken against you, you have always managed to
evade them. I now tell you that we are determined
that you shall pay the tithes.

Defendant—Very well, Sir, we shall see. The de-
fendant then retired.

Same discussion took place as to what proceedings
should be adopted, and Mr. Adams expressed an opi-
nion that the fact of the non-payment of tithe for a pe-
riod of fourteen years made out a prinza facie case, that
the land was tithe free.

Mr. LORAINE said that he did not think, if no appli-
cation was made for tithe at all (luring that period, that
it was a sufficient length of time to justify the plea that
the land was tithe free ; and he thought that the !east
period upon which such a plea could be founded would
be twenty years, but in the present case the liability had
been never denied, and during the whole of the period
the defendant had merely been resisting the legal demand
wade upon him.
Ultimately an order for the payment of the money
was directed to issue, preparatory to ulterior proceed.
ings being taken.

REMOVAL OF CONVICTS FROM NEWOATE,
The following persons who were convicted at the last
and preceding Session of the Central Criminal Court,
have been removed to the Hulks preparatory to their being
transported to New South Wales for the period of trans-
portation to which they were respectively sentenced:—
For Life.—John Denning, George Coker, Elizabeth
Ballard, and Philip Mayor.
For Fifteen Years —George Bailey, Eneas Hickey,
William Ayres, William Davis, and James Long.
For Fourteen Years.—Thomas Collins, Michael May,
George Harris,
Joseph Moles, Mary Ann Andrews.
For Ten Years.—Thomas Phillips, John Turner, James
Smith, James Goodhall, George Colben, Thomas Roberts,
Charles Curtis, John Padbury, Henry Padbury, Thomas
Winter, William Davidson, Thomas Digger, Thomas
James Brown, Elizabeth Watson, Eliza Hall, Harriett
Hill, Julia Hill, Caroline Sarah Butler, Ann Day, Thomas
Jones, and George William Stewart.
For Seven Years—John Withers, John Cain, George
Hallett, James Caizlcy, Jeremiah Lyons, William Powell,
William Jones, Thomas James, Edward Rynard, alias
Barrett, Richard Mayberry, James Owen, Wm. Thomp-
son, James Hagan, Henry Jarman, James Griffiths,
Henry Devall, James Clarke, Stephen Gard, Garrett
Roach, Cornelius Strong, Henry Attfield, Frederick
Marchent, Samuel Clark, and William Tunnicliffe.
The following females, who were sentenced to trans-
portation for seven years, have had their sentence com-
muted to a certain term of imprisonment in the Peni.
tentiary: —Mary Lambert, Harrett Lewis, Catherine Crick,
Anne Cobluz, and Mary Cooney.
---
POLICE IN TELLIGENCE.

MANSION-HOUSE.
IMPORTANT TO PUBLICANI.—PRODUCTION OF LICHNSIS,
—John Thompson, the landlord of the Rising Sun, Cloth
Fair, was charged by Inspector Martin, of the City police.
with having allowed gaming in his house.
The witness said that about twenty minutes after nine
o'clock on Thursday night he went into the house of the
defendant, and observed some persons playing at cribbage,
and others at bagatelle. The landlord said he was not
aware he was doing wrong, but that it should never occur
again. The persons playing appeared to be respectable
tradesmen. They were very orderly. He did not know
that they were playing for anything. He saw no money.
Mr. Humphrey, who attended on behalf of the defen-
dant, submitted that no offence bad been committed, as
there was no proof that they wire playing for anything,
and that the Lord Mayor had no jurisdiction in the case,
as it was not proved that the house was licensed.
The LORD MA:OR. (to the defendant)—Have you got
your license?

Mr. Humphrey--I submit that your Lordship has no
right to ask that question. If the license is required notice
ought to have been given to the defendant to produce it.
The LORD MAYOR_I like to see a case met on its merits.
That this is a licensed public house there can be no doubt,
and if you give me the trouble to make the defendant pro-
duce his license you will not be doing him any service.
Mr. Humphrey—l am sure your Lordship will not pre-
judge the case because a point of law has been taken.
The LORD MAYOR—If a defendant takes advantage,
and gives unnecessary trouble, I should doubt whether he
is entitled to any particular mercy.
Mr. Humphrey—lf your Lordship should hold out that
opinion, it would deter advocates from raising points
of law. The law is that a man must be con.
victed, if at all, by legal evidence and not by
inference; and, standing here as an advocate, I am
bound to take any objection that may arise upon the
face of the case. Otherwise I should not be discharging
the duty which I am sworn to discharge.
The LORD MAYOR—In this case you have allowed the
witness to prove the case, I apprehend, completely, and
then you prevent me doing justice, or adjudicating, by
taking advantage of a point of law which I certainly can
remedy if I please.
Mr. Humphrey—l think not.
The LORD MAYOR—I can, by adjourning the case till
the witnesses produce the license. I have plenty of means
of proving it to be a licensed house.
Mr. Humphrey—l apprehend lam now on_my
•

e Onßop entitled
MAYOR-If to yourthe Lordship'slicense
I have pleaded not guilii; the case bas been gone into ;
L
audThl a w
should have ruled it not necessary to show that the
j
parties were playing for money, but that having cards in
h adjudbgemenenth.
ere,
the house and playing them, was playing at an unlawful
game. But I cannot go into that as you have taken ad-
vantage of a point of law that there is no proof of this
being a licensed house. Under these circumstances you
will get off, but I trust this will have the same effect as if
a conviction had taken place.
Mr. Humphrey—Now the case is over, I may state
that the defendant has assured me he erred through igno-
rance, but that he will not offend again.
The LORD MAYOR said he was glad to hear such an
assurance, and the matter then dropped.

MNEMONICS.—A humourous comment on such
systems was made by a waiter at an hotel where Retnaigle
dined, after having given his lecture on artificial memory.
A few minutes after the professor left the table, the
waiter entered with uplifted hands and eyes, exclaim.
ing—" Well, I protest the memory man has forgotten his
umbrella."
39, ALBEMARLE-STREET, PICCADILLY, AND
96, CHEATSIDE.--DEAFNESS AND DEFECTIVE VISION.—
A greater proof of the value of the Messrs. S. and B.
Solomon's Invisible Operative Voice_ Conductor, and
newly-invented Spectacle Lenses, cannot be adduced, than
and the patronage they have, and
daily
the circumstance of the many thousands of individuals who
have obtained the greatest benefit, and instant relief, and
the constant immense demand there is for them from all
quarterscontinue
naotniu
of
nd thetehe to c
re glob, globesi
principal
members of the medical profes-
v from persons of the highest dis-
tinction Lion. After their general use to deaf persons and those
with defective vision, no observation is required to set
forth their merits. The Messrs. Solomons disclaim all
connection with persons of the same name, and the sale of
amber spectacles. Dr. Andrew Ure, Esq., xD.F. R. S.,
&c., states amber is most powerfully electrical by friction,
very bet, to such an extent as to explode into fragments.
The workmen, too, are subject to a nervous tremor in their
wrists, arms, &c. ; they encounter great danger by hand-
ling such dreadfully-excited electrics. Amber is of such
a soft and sticky nature, that it is apt to take fire; and
when exposed to warmth, it swells, bubbles up, and will
burn away with flame. This statement is further confirmed
by Sir D. Brewster and Pliny, as also by Parks and Hems
on Chemistry. The pernicious and destructive use of
such a material for spectacles to imperfect vision may be
ascertained at any respectable optician's in London.— 96,
Cheapside, and 39, Albemarle-street. No agents nor tra-
vellers are employed.

" HAVRE DE GRACE, SEPT. 14, THREE O'CLOCK.—
This town, or rather the commercial portion of it, is
quite in a commotion, in consequence of a circumstance
of immense importance which has just occurred in the
mercantile world here. You are of course aware that
Havre is the great entrepot of the products of the
New World as far as France is concerned ; and that its
transactions with the United States of America, carried
on by a double line of packet ships from hence to New
York and New Orleans, are, therefore, the transactions
of the French nation. In their ambition to rival the ma-
nufactures of England, and consequently to dispense with
them altogether, the commercial capitalists of this coun-
try have, for the last two or three years, overtraded in cot-
ton. One of the fearful results of this gambling system of
speculation has just fallen on this city like a thunderbolt.
This morning, a bill of the United States Bank for a
sum little short of a million sterling was dishonoured
by the house on which it was drawn in Havre, one of
the oldest and most opulent commercial establishments in
France, and connected with the house of Baring, Brothers,
and Co., of London. You can hardly conceive the
consternation this circumstance has caused here, or the
injury which is likely to accrue from it to the mercan-
tile community. Many persons say that the act was
rash and unadvised, and urge in strong terms the cer-
tain solvency of the United States Bank ; while others,
on the contrary, say that it was a well-timed and well-
managed tour d'addresse, to prevent the Americans
playing the same trick with France as they did with
England in 1837 ; that is, in plain terms, overreaching
their too credulous European correspondents. This
latter opinion obtains amongst the majority of men of
business in Havre. Be this, however, as it may, the
American merchants in the town, as well as those na-
tive houses less largely engaged in heavy transactions
with the Western Continent, or not so well informed as
the house in question, are all in utter despair ; and th e
Americans, so long everything with the French nation,
are now as much out of favour as they were before pre-
ferred by them. Since Havre became the Liverpool
of France never was 'Change in so agitated a state as
it has been all this day. America is now looked on as
a bankrupt once more."—Letter in the Post.

An extraordinary sensation was created in the city
this morning, by the announcement that Messrs. Hot-
tinguer and Co. of Paris, who have hitherto acted as agents
for the Bank of the United States, had refused to
accept any more drafts of that establishment, and had
allowed to be protested bills for about two millions and
half of francs, which were sold by the bank in New
York previous to the sailing of the Liverpool steamer,
and were subsequently negotiated in London last
Tuesday, by various bankers and merchants, into whose
hands they bad come in the regular course of business.
At first it was imagined that this proceeding would
destroy the credit of the Bank of the United States,
and lead to other unpleasant consequences ; but upon
inquiry it was ascertained that many of
.the bills had
been accepted by third parties for honour of the
endorsers, and that the remainder would probably be
taken up by Messrs. Rothschild and Co. for honour
of the United States Bank. This arrangement would
leave the affair in a satisfactory state, merely changing
the agency from one house to another. We shall
hear further on this subject next Wednesday. There
were some bills on Hamburg and Amsterdam sold
at the same time, drawn by the United States Bank
which there is no reason to believe will be dis-
honoured.—Evening Paper.

A Morning Paper, adverting to the rumour men-
tioned on Thursday, of assistance by the Bank of Eng-
land to an institution to which it has hitherto been de-
cidedly hostile, says—
" There can be no hesitation in fixing upon the party
here referred to. It must be a leading American con-
nexion that is meant—one of somewhat recent esta-
blishment in this country—and, assuming such to be
the case, we believe we may with the most perfect con-
fidence assure our Contemporary that the rumour he has
heard to its prejudice is without foundation. The Bank
of England have certainly not given any assistance of
the nature pointed out. It has been known for
some time past that the Bank of the United
States of Philadelphia have, in order to sup-
port certain other banks of the United States,
been induced to advance them their post-notes pay-
able in England, and other accommodation, on the depo-
sit of satisfactory security, and that when they (the
United States Bank of Philadelphia) called in such ad-
vances, they found difficulty in getting them. An ar-
rangement was, therefore, entered into with a leading
banking-house at Amsterdam (that of Hope and Co.),
in virtue of which the latter undertook to advance on
the securities in question such amounts as might be re-
quired by the London agency. The amount drawn
under this arrangement has, we are informed, up to the
present time, not exceeded 800,0001. sterling. If the
party pointed out by our Contemporary had been as-
sisted by the Bank of *gland, it is obvious that re-
course to the other establishment would have been need-
less. It is true that the agency of the United States
Bank has had upwards of a million and a half sterling
to provide for, and this, we are informed, has been done
entirely without the intervention of the Bank of
England."
This information is the more curious and important
from the internal evidence it bears of proceeding from
the Bank parlour itself, where alone, unless the party
supposed to be assisted should speak out, it could be
said that assistance has not been given. That the fact
of having been so assisted was prejudicial to the United
States Bank we were not aware, since mercantile firms
and banks of the first class do constantly receive such
assistance without any injury to their credit, and it
might as well be said that every man who discounts a
bill at the Bank of England is thereby to a certain
extent damaged. The imputation was, that the Bank
of England, in the midst of a general and sweeping
endeavour with one band to contract the circulation,
should have gone out of its way with the other hand to
increase the issues by engaging in such a transaction.
After the denial given, which must be received as
official, we presume that it must, as far as it
goes, be accepted. But the affair having unexpectedly
had this additional light thrown upon it from such a
quarter, there can be no objection to going a little fur-
ther into it. And it may be observed at starting that
the history here given of the transactions of the United
States Bank is calculated to damage it much more than
anything we have ever said about it. " It is known," it
seems, that it has undertaken " to support certain
other Banks of the United States," of what quality
plainly appears from what follows—" that when they
called in such advances they found difficulty in getting
them," which means that they gave support where it
was wrong to do so. But whence were the means
of support to these rotten banks derived From Eng-
land, to be sure, from the " post note's" of the United
States Bank " payable in England," and with which
this Market has been filled to repletion in the course of
the last 18 months. Mr. Jaudon, the agent of the bank,
was in that respect, abundantly diligent and efficient.
Now that the market for these bonds has been utterly
spoiled and ruined, by the rise in the value of money
and other circumstances, there comes, at the eleventh
hour, and after every other resource has been tried and
exhausted, this "arrangement" with Messrs. Hope and
Co., of Amsterdam. But the question vi ill naturally
arise, and form attention, what necessity there was for
any " arrangement " at all ? There were some bad
debts, confessedly. on the other side, but the " thirty-
five million bank," as it is called,on the spot, could have
no difficulty in remitting and in making provision for
the bonds circulated here, for which English money had
been received, without making an " arrangement" in
Amsterdam for the purpose. Thus it is, however, that
the Bank of England, in pretending to defend, damages
and lays prostrate its would-be rival and imitator in the
United States.

How is it, we may go on to ask, that Mr. Jaudon's
Bank " has had upwards of a million and a half ster-
ling to provide for" the whole confessedly, without the

A question may be put, as to the wind-up of the
affair, to the Bank of England, which is—whether the
discount of the bills drawn against the hypothecated
cotton of Messrs. Humphreys and Biddle could be
called, strictly speaking, an accommodation to the Bank
of the United States !
Banks of all kinds have no business to be borrowers
of money beyond the first raising, if that may be called
so, of their capital. Their trade is lending., and when
they depart from it they become justly exposed to sus-
picion and to obloquy.
As a commentary on the above statements, referring
to what is passing here, nothing can be more oppor
tune than the annexed extract from the New York
Evening Post of the 24th August, received this
morning, descriptive of the storm which is brewing
connected with the same subject, in the United
States :

" The merchants of this city and Philadelphia feel
the severity of the times, but are puzzled to know to
what cause to ascribe it. They are like a blind man in
the street struck by a brickbat ; they feel themselves
hurt and bruised, but see not the hand that dealt the
blow. It seems to them a stale and poor fetch, after
all, to ascribe it to the Administration.

" The following statement has been drawn up by a
person whose situation has given him an opportunity to
observe the proceedings of the banks which have engaged
in the cotton monopoly. The extent to which they were
concerned in that unlucky speculation was already
known, but the manner in which they had involved
themselves in the unfortunate affairs of the south-
western banks has not before been disclosed. The first
of these errors led to the second, and both have had the
effect of disturbing and confounding the natural course of
trade. No wonder, when these great associations enter
upon the business of buying and selling merchandise—
no wonder that the regular merchant, with his compa-
ratively small resources, is crushed under their footsteps.
" The winding up of these transactions is yet to
come, but it is approaching. From all appearances
it is likely to be one which the community will acqui-
esce in without regret, and which will again leave the
field of commerce open to individuals.
" THE PRESENT PRESSURE AND ITS CAUSE.—The
disasters which are now grinding the business men in
this city and Philadelphia have been produced solely by
the speculations in Wall-street and Chestnut-street ;
but more particularly the latter, as their operations were
on a gigantic scale. In 1837 and 1838 Mr. Biddle
threw a large amount of funds iuto the south, and in-
vested them in cotton. He sent his son, a youth of
about twenty years of age, and an unsuccessful mer-
chant, May Humphreys, to Liverpool to sell this cotton,
and to transact a general commission business.
This mushroom-house, though new, and without a
knowledge either of the business or the people of Eng-
land, at once obtained a larger amount of business than
W. and J. Browne and Co., the Barings, the Lizardis,
or any of the old established and substantial houses of
'that great commercial mart. Early in 1838 it was dis.
covered that the cotton crop would be short, that Mr.
Biddle held up a large amount of the previous crop. In
the meantime he, by granting facilities to southern banks,
induced them to make advances on cotton, and ship a
large portion of it to his son's house in Liverpool, which
would more effectually enable him to control the cotton
market, and carry out the principles of monopoly which
the Wall-street bankers had so successfully maintained
for three or four years in the flour trade. But, as all
monopolies must be maintained by extending the sphere
of their operations, Mr. Biddle found it necessary to
strengthen the southern banks, which had, as his indi-
rect agents, swindled the planters out of their cotton to
be sacrificed in Liverpool at their expense, while they
were compelled to receive depreciated and depreciating
paper for their labour. These banks had lost their
character, their paper had fallen 28 per cent. iielow par
in the summer of 1838, and it was seen at once that
they could not obtain control of the last crop, unless
they would resume specie payments and raise the value
of their paper.
" Under these circumstances foreign capitalists would
have flocked to the south and purchased the cotton at
a fair price, and thus, by throwing it into the Liver-
pool market, would have compelled Mr. Biddle to do
the same or borrow money and risk the market another
year. Accordingly, Mr. Biddle, in August and Sep-
tember, 1838, commenced rebuilding the southern banks
that had engaged in the cotton trade, and he pur-
chased the bonds of others to enable them to go into
operations, and to continue the cotton monopoly. He
and a few of his gambling associates in Philadelphia,
principally the officers of the Girard Bank, commenced
the purchase of state and bank bonds, and in one week
they invested about 10,000,000 dollars in the state of
Mississippi. 5,000,000 dollars of this money, on credit,
were distributed among four insolvent banks at a nomi-
nal interest of 7 per cent., to be repaid in three
annual instalments. These banks were the Commercial
and Railroad Bank of Vicksburg, the Planters, the Agri-
cultural and Commercial Bank of Natchez ; the former
has again suspended, and it is believed that not one of
them can now pay the interest, much less the first instal-
ment which we believe is due about this time. Be-
sides, the Agricultural and the Planters' Bank of
Natchez owe the Federal Government nearly a million
dollars, and the Government owe it to the people to
force its collection,.and to that extent, at least, abridge
l‘
the power of the unprincipled speculators.
In
Biddle and his
pur-
chasing the bonds of these banks, Ir.
compeers had other strong personal inducements. They
had purchased an immense amount
teoperation they wereof their notes at 28
per cent. discount, and by the
enabled to use it at par. Though the Philadelphia
banks no doubt furnished the funds to purchase this
Mississippi money, yet the stockholders, we opine, re-
ceived no portion of the profits.
" The other 5,000,000 dollars were invested in Mis-
sissippi State Bonds to establish the Union Bank at
Jackson, and in one month this new institution was
flooding the country with post notes, and was found also
in the cotton trade, advancing 60 dollars a bale. By
thus holding back the crop, Mr. Biddle might be en-
abled to realize a large profit on the cotton of 1837 and
1838, which he had purchased ; and in the mean time
the planters of the south would be left to bear the
whole of the loss that might result from a falling mar-
ket, after the monopoly bad become too heavy for the
credit system and the gambling system to sustain it any
longer. Well, this Union Bank is now prostrate ;
though not a year in operation, and commencing with
5,000,000 dollars of capital, its paper will not now sell