The Sun.
London, England, 1839-12-02 00:00:00

LONDON :
MONDAY, DECEMBER 2, lam

ARRIVAL OF THE GREAT

WESTERN.

LATEST FROM AMERICA.

By the arrival of the Great Western steam-ship
on Saturday at Bristol, in fourteen days and a few
hours from New York, we have received files of
American Papers of the 16th ult. inclusive. Their
contents are of great commercial, but of very little
political interest ; except in so far as commerce and
politics are regarded as convertible terms. Ru-
mours of the resumption of specie payments by the
suspended Banks were circulated, but they proved
unfounded upon inquiry ; and in fact it appeared
the settled conviction of the ablest financiers that
they would be compelled to continue the suspension
for two years : Congress, as is well-known to our
readers, assembles in December, and much excite-
ment prevails in the United States as to the
course which the Supreme Legislature may adopt
with regard to the financial and commercial
state of the country. Most likely the corn-
mercial intelligence brought by the Great West-
ern, would have been considerably modified had
the British Queen arrived at New York before
she sailed for England ; but though two days be-
hind her time, and hourly expected, she did not
make her appearance before the Great Western
cleared out. Most likely she was the vessel the
Great Western passed o❑ the night of the 22d,
two miles to the northward, which did not answer,
her signals. Before presenting our readers with
the latest account of the state of commerce in New
York and Philadelphia, we shall present them with
the following general statement of the aspect of
affairs in the United States, published in the co-
lumns of the New York Morning Herald of the
16th ult.---the date of the sailing of the Great
Western. When carefully examined it will be
found to present a tolerably correct picture of the
actual condition of things on the other side of the
Atlantic.

(From the New York Morning Herald of Saturday,
Nov. 16, 1839.

STATE OF THE COUNTRY, COMMER-
CIAL, POLITICAL, &c.&c.

This country is in a strange and anomolous condition.
Politics, trade, commerce, currency, rum, and religion
ar• all mixed and blended together like human life
itself. Not only are the various sections of the Union
mixed up in this way—but our affairs, particularly the
commercial, are as deeply intertwined with those
England and France. Every fresh steamer is looke
for with deep anxiety to know if the Bank of England
has suspended—if tho rate of interest is reduced—if the
price of cotton has begin raised—if Victoria is in good
health and got married—if Louis Philippe is still on
his throne. Steam navigation has made western Europe
and eastern America, one single, undivided, civilised
country, influenced by the like causes and the same
feelings.

This, being the general view, the next question is,
what is our political position at this moment in reference
to all these Interests, so far as they are connected with
English and French affairs.

In the Weekly Herald, issued this day, our Euro-
pean readers will find all the important facts and views
in full length, on every leading point of trade, currency,
and commerce. The conclusions are these :
First—That the United States Bank will not resume
specie payments in two years—and that the other banks
in the southern and western states, managed on her
policy, may be included in the same category.
Second—That the crops of the United States, both
in corn and cotton, have been for 1839 at a fair esti-
mate, full twenty to twenty-five per cent. greater than
in 1838, or in any former year.
Third—That the prices of the leading staples, such
as cotton, corn, &c., have been falling in price, in con-
sequence of the combined agency of abundant crops,
and the restrictions on bank issues by the New York
and New England specie paying banks—and that the
reduction in these prices have not yet reached their
lowest paints, nor will they, till some time early next
year.
Fourth—That the city of New York, in consequence
of the sound restrictive policy of her banks, which will
not suspend specie payments at any hazard, will become,
still greater than ever, the great central mart for the
transactions in all surplus produce, in foreign and do-
mestic exchanges, and in the foreign trade ; and that
Philadelphia and her institutions will take a very subor-
dinate rank in all future commercial operations, of
sound character and solidity.
Fifth—That the exports of this country to Europe,
during the next year, will be greater in quantity, though
not, perhaps, greater in value than on any antecedent
year.
Sixth—That the value of all Corporation and State
securities have depreciated in price from 20 to 40 per
cent. under their par value—that the stocks issued by
States, whose banks are in a state of suspension, are
sold in this city at 50 to 70 per cent. for par value of
100 per cent.—and that the State securities of New
York and New England, in consequence of their sound
banki 'n r, policy, are depressed only from 2 to 6 per cent.
under the par value, and will soon be at par, and " no
mistake."

Seventh—That the future movements of this
country in commerce, currency, and State and Corpora-
tion securities, will depend greatly on the result of the
1 Presidential election, which takes place in November,
1840—that if the administration of Mr. Van Buren
' succeeds, a restrictive policy will prevail to a certain
extent—but that if the Opposition, or Whig party,
carry the elections, a vast expansion of credits of all
kinds will be the probable course of things, even to the
creation of a national debt of 300,000,000 dollars, a
national kink of 50,000,000 dollars, and the assumption
of the State debts equal to 200,000,000 dollars, one-
half of the latter being owned in Europe—the latter
measure having been suggested by Barings and Co.,
of London, and brought forward by their agents in this
city.
These are the general views and conclusions to which
we come on surveying, with a broad grasp, the present
field of action. Up to November, 1840, the struggle in
the systems of currency will continue. It is prolonged
by the political struggle.
These fluctuations have been produced by the revul.
sions in the currency. In 1837, the revolution against
Mr. Van Buren began with the general suspension of
the banks, and in 1838 it was at its greatest height.
In 1839, the present year, a counter revolution began
in the West, which is still in progress. In a few days,
Mr. Clay will most likely be the candidate put in no-
mination in opposition to the present incumbent—and
then will begin the great popular contest for the Presi-
dency of 1841-2. Thus far, the chances are in favour
of Mr. Van Buren although it is possible that the
state of financial matters—the disorders in the currency,
and other local and contingent events,
may create a
change. The next election that can give us an element
:,o calculate from, takes place in April next year in this
6
city. If the Van Buren party is then defeated,