The Sun.
London, England, 1837-08-10 00:00:00

UNITED STATES.

(From the New Fork Herald.)
JULY 12.—There is a large mass of gold and silver in the
country, on which to build up a new and a better system ;
and, what is a remarkable feature in the present condition of
the currency, the specie begins to flow back from Europe to
the United States. During the last month we have sent
large amounts of specie to England. By our latest accounts
from that quarter it is evident there is no great or pressing
demand for specie there. If before the large amounts
should reach England the specie begins to return to us what
will it do during the next month ?
One of the great causes that forced the specie towards
Europe was the derangement of the exchange system,
founded on the southern cotton trade. There was enough
cotton and other produce in this country to prevent any
remarkable export of specie—and possibly to have saved
the banks from a suspension of specie payments ; but in
consequence of the failure of the great cotton exchange
houses, in New Orleans and New York, in the middle of
March, the great current was broken up—the chain was
snapped in twain—and nothing could be got but specie.
In the 01fiprd, 30,000 dollars in gold came back. This has
been sent to seek an investment in cotton in the south.
The derangement of our internal exchange is so great, and
the depreciation of the local currencies so remarliabl, that
a man with specie in his power can go into the market, and
make a fortune. " It is an ill wind that blows nobody g00d.,"
A fresh series of very profitable speculations have started
up on the present state of the currency, which will remain
only- till the irredeemable paper: system- makes a final
explosion,

From the symptoms already visible in specie operations,
we should not be surprised if the sound and solvent banks

were able to resume specie payment pari passe with h~
action of the next Congress.
JULY 13.—At this moment an immense; an‘impt of the
.foreign debt has be.‘n liquidated, tini,in:edree Month); we•
should not be surprised to see are x of ',specie :own)
this country. The condition and p
,s:pects-o"the &Aron
market are most encouraging. ; hand in
country, as will apecar by the annexe, •
250,000 bales, which may be set dow
Jars cash, at nearly the present prices. •-',•':4,ti4ta
slight advance in price, which may be pro
urg-
ing prosperity, its aggregate value will exceed brat amount.
Take this in connection with the remittances in specie al-
ready made, and the diminution of imports, probably equal
to 50,000,000 dollars, and there cannot he a doubt hut
the foreign debt can be cancelled in less thr.o three months.
Under the present state of' affairs, shipments in cotton are
rapidly making to Europe. A Lew set. of shippers have
come into the market, and great operations are going on,
which will turn out very profitable to these•coneerned.
It is said to be the poSitive intention of the - Govern-
ment, during the next Session of 'Congress, to compel the
deposit banks to refund every dollar of the debt they
owe the Treasury in specie, or to pass very severe enact-
ments against the delinquents. The-eighty deposit banks
are entirely in the hands of 'Congress. Their charters, ill-
deed, are granted by State • legislation, but Congress can
compel them to refund the whole surplus- revenue in specie,
or crush them for fraudulent conduct. It is probable, how-
ever, that this catastrophe' may be avoia.f:d, if they fortify
themselves so as to be able to resume qiecie payments in
September or October next, when Congivis meets.
juts- 14.—The fall of the American bymses, the refusal
of the Bank of England to assist them, and the great con-
sternation in London up to the sth of .1.-Inne, are powerful
reasons to apprehend that we have not 'heard the worst.
At home strange things are enntinuinK- to come to light.
A new currency, to the. amount of nee three millions,
has been issued by the Government at 14%•isbingtori to pay
its dues, and made receivable in payment of Custom-house
duties. Here fsllows the form of one of -these new Govern-
ment bills, or Van Buren shin plasters :--

No. 222.

No. 5684

Issued on Treasury Warn-cit
1000 dOIS. TREASURY OF THE UNIiT7.7.D STATES.
At sight pay to the order of Martin. VAR Boren [for
valuable services rendered the people. of the United
States in improving the press and the ctvrency], Agent,
ONE THOUSAND DOLLARS. _

Registered.

WM. R. RA:Nry,Lpti,
Acting Treasurer of the U. States
T. L., SMITH,
Register or!tile Treasury.

Bank of America, New York.

They are paid out to the offieers of the Government for
their mlaries, presented to the bank on which the are
drawn, and the specie required. • Protct of course follows,
and they are thrown into the market.. Being made re-
ceivable at the Custom-house they are of course more va-
luable than bank bills, but not equal to specie.. They are
now selling in Wall-street at 7 per cent. premium. Thus
Mr. Van Buren and his whole tribe of qffice-holders only
lose from two to three per cent. on their salaries, while the
people, receiving suspsnded bank bills, exper.ence a loss of
from ten to twelve per cent. Cunning rr en!
The revulsion throughout the world has diminished busi-
ness to one-tenth the amount of former dim-I. Vie will only
state one fact illustrative of this view. The sales of real
estates made by the Messrs. Bleecker, auctioneers in the
city of New York, as reported to the comptroller were as
fellow :—For the quarter ending the 30th of June, 1830,
5,091,328 dollars ; for the quarter endilig 30th of June,
1837, 270,008 dollars. This reduction exists more or less
in every avenue of business. Of course, in two months, the
foreign and domestic trade of the old and nrnv world will ha
reduced to the ratio of a healthy currency, founded on suffi-
cient amounts of the precious metals.
In this country we only want a good national bank to
set, us entirely on our legs again.
.Tuts 17.—We have interesting news front Liverpool,
two clays later than our previous dater. The 'Euglish
prints are loud and bitter against the commercial integrity
of the United States. By_ the time they learn dm whole
extent of their losses they will moderate their anger.
Up to this day the aggregate amount of specie remitted
to 'England since the suspension cannot be fir short of
6,00CV00 dollars, perhaps more. The houses and institu-
tions by whom these sums have been sent are the Messrs.
Browns, Prime, and Co., Goodhue and Cc., and probably
Biddle and Co., of Philadelphia. The United States Bank
has also been a ship; er, but small in amount in comparison
to its liabilities.- This institution has confin:.(l its remit-
tances principally to cotton and other produce, through
agents and third patties.

•
In spite of the clamour of the Liverpool press, the Eng-
lish mercantile interest will lose more money in consequence
of their own measures operating on the pricos of cotton,
than from the intention, or wish, or purpose, of our mer-
chants to defraud them of their property. Tice commercial
interests of both countries will lose awfully ; but recrimina-
tions are uselese—regrets amiable.

The exact state of things in England is yet enveloped in
mystery. There arc deep and tearful forebodings that the
re-action from across the water•upon this country will again
be disastrous. It is very evident that the Bank of Eng-
lund, in supporting, for a time, the American trade, was
merely covering its own Directors, who had, as individuals,
become entangled in the affairs of the London houses. As
soon as the Directors got clear the Bank cut. the connec-
tion, and universal ruin was the consequence. The sym-
pathy and magnanimity of the Bank of England, like that
of any other Corporation, dwindles, therefore, to a mere
point, visible only through a good microscope:
The condition of the English Money Market is feverish
and interesting. The American houses were connected
with one hundred, or more, houses over the kingthim.
Many of these houses gave guarantees to prop up the Lon-
don houses. What is to be the fate of the whole ? This
we have yet to learn. This is settled, however ; we shall
have a radical revolution in the commercial system, by
which the business between Europe and America in fu-
ture is to be transacted. In London, Liverpool, New
York, and New Orleans, there has been a tendency fur
a few years past to concentrate business and exchanges
in a few large houses and establishments in each of those
cities. The good old commercial system of driving a
large foreign trade among a number of small but steady
houses, the heads of each capable of attending to the de-
tails of each, has been overpowered by overgrown mono-
polies, and great houses, and establishments of unwieldy
size, structure, and movement. No single mind could grasp,
with accuracy and insight, the multifarious business of the
Wilsons, the Wildes, the Wiggins, the Hermanns, &c.
When vast pecuniary engagements are trusted to clerks or
agents how easy it is for indolence or carelessnes to over-
look the leading points of a just policy?
In furtherance of these views, and growing out of the
present revulsion, we learn that the house of Barings, and
perhaps others, intend to contract their business hereafter
to proper dimensions. Mr. Bates, the active partner of the
house, connected with the American trade, it is rumoured,
will leave the concern. Other deep-rooted changes and al-
terations are on the carpet, which will place the American
trade in Europe hereafter on a better footing than it has
been for many years past. The day of overgroivn mono-
polies is drawing to a close. Business will be divided
among a number of healthy, active, business-men, in such
proportions as they can manage with skill and effect.
It is, perhaps, owing to a strict adherence to the good
old principles. of commerce, that several of our foreign
houses in New York, those especially we have mentioned,
Goodhue and Co., Browns and Co., Ptime and Co., have
been able not only to weather the revulsion, but to lay the
foundation of a better system, that will hereafter enable us
to reconstruct our foreign trade and exchanges, and place
them on an impregnable foundation.
In our internal affairs little 'change has taken place since
our last. The politicians of all parties, by whom our ex-
cellent banking system was debauched in 1828 and 1829,
still continue their efforts to destroy all the principles of
justice, and efface all the morals of commerce.

The Treasury Department gave directions to the col-
lector of this port, three weeks ago, to make a statement of
goods and merchandise in the Alin stores, and the cash
duties accruing thereon. The statement runs nearly thus :
Goods, wares, and merAandise in public

..1 9,750,000 dolls.
1,989,000
. .daa'ac:3;Criu.ptin.la.g3.e, . thereon
in specie. Failing to comply
importers will be required to take out
CashtheseFltnordageuos.fto.ci
goods
with this demand, the whole amount of goods will b. thrown
into the market, and sold for what they will fetch, to pay
the duties. What is to be the effect of this course on the
prices of goods, and on the temper of the mercantile com-
munity ? Notts ve: TOM.

Dollars are in great request among the old kinds and
chiefs of the interior of Africa (we quote Laird and Old-
field's narrative of the last expedition, just published), who
use thorn as rings for the fingers. They first drill two holes
about the centre, iuto which they insert a circular piece of
lead for the finger, the surface of the dollar being on the
upper part of the baud, like a seal.

At a sale of the live acid dead fanning stock. of Sir
Heathcote, Bart., this week, at thusley Park,
the auctioneer annoutites that a refreshing prelude will be
on the table at .tleven."

COAL HOLE TAVERN STRAND.--This 01(1 esta-
blished and highly respectable place of public amusement con-
tinues to draw from all quarters. It is crowded every night
by Noblemen and Gentlemen, who, we need hardly say.
'evinet, the highest• graific4iOn front the. well conducted and
unrivalled convivial meetings. The singing is, as it always
has been, of the first order. The wines and spirits arc of
the choicest quality.