The Sun.
London, England, 1837-08-07 00:00:00

HANOVER.

JULY 21.—A1l persons belonging to the higher and
a
well-
informed classes of society arc anxiously expecting the re-
sult of the present state of things. It cannot be a matter
of indifference whether the advantage which we have gained
of a Constitution suited to the times is to be suddenly lost.
However imperfect the fruit may be which the Constitution
has borne during the five years of its existence, we cannot
wish to see the tree cut when the time for its producing
better fruit seems to be at hand. It cannot, indeed, he
denied that Ernest Augustus finds a party in the country
which unreservedly assents to his opinions respecting the
legal force of the Constitution of 1833. All arc not
equally satisfied with the new relations which have arisen
and arc in progress in consequence of that new Constitu-
tion. Many, actuated by prejudice of birth or rank, or
by self-interest, may even long for a change. This party
was already powerful under King William. It had the
chief places on the benches of the Opposition in the First
Chamber of the States ; and among the Members who
held their seats for life, Privy Councillor Von Schele was
especially distinguished by his systematic opposition to the
measures and proposals of the Government in the spirit of
the Constitution. It is well known that this opposition
party kept up a constant correspondence, through several
of its members, with the presumptive heir to the throne,
the Duke of Cumberland ; made reports to him, and sent
to London representations of the state of affairs according
to their notions. And their can be no doubt that their
picture of the state of affairs here, as established by the
Constitution of 1833, did not a little contribute to give an
unfavourable
idea of it to the Duke, who, from personal
considerations,
was already indisposed towards it. It may
bel readily
supposed that this party became more confident
on the death of King William, and has increased in num-
ber since the accession of Ernest Augustus ; for how many
are there who Auld turn the change of the Government to
to their profit, and how many persons in office rejoice in it,
as holding out a prospect of bettering their condition, since
it was almost certain that great changes would be made
on the Duke's accession. Many persons in office, though
Fri ends to the Constitution, may have judged it for their
interest to change their opinions. Many of the Nobility
were wholly averse to the Constitution, because it intro-
duces a greater equality among the citizens without re-
spect to birth ; the military too, in general, had the same
feelings. As for the mass of the people, a great portion
hopes to gain by the change of Government, as the Con-
stitution has not yet produced any reduction of the public
burdens and taxes, but has rather increased them ; and the
advantages which the constitutional system promises are at
present hardly perceptible. It is, therefore, no wonder if
the King is
popular as well here in Hanover as in the
country, and with the mass of the people. Besides, many
expect better fruits from the Government of our energetic
King, than from the late Ministerial Government, which
the good disposed Duke of Cambridge suffered to do as
it pleased, so that the Ministers were the real rulers of
the State. However reasons of political wisdom may re-
commend prudence in the disregard of a Con,tituticu which
was in force and recognised like ours, and command that
in such au undertaking, proceeding from the highest guar.,
ter, all forms should not be wholly overlcokod and set at
nought, the Cabinet of a great German Power on whose
opinion King Ernest Augustus lays much stress,. is
said to hove4:lYlßed not to proceed with precipitation,
and the King has been induced to follow this advice.
Thts is the more easy as the lettors patent of the sth July
have, in fact, not been officially published in the whole
kingdom. Their insertion in the collection of the laws is a
sort of publication, but it lives no 'eel force to Prolln4

PRICE sd.

contrary to the Constitution. It is said the King has nr;t
insisted on any further promulgation of them, on its being
represented to him that the public authorities and officers
might think it contrary to their consciences, on account of
their oath to the existing Constitution, to execute a Royal
Ordinance not signed by a responsible Minister. It is,
therefore, probable that the idea of convoking the old
Hanoverian estates, which the King is said to have enter,
trained, will he abandoned, and that the Assembly of the
States, just dismissed, will be. otmiscd after the king's re-
tura from Carlsbad, o the Royal propositions laid
767..5, much will depend on the spirit tat ani-
mates the two Chambers, whether any essential changes
will be made in our Constitution.—Allgenteinc Zeitung,
July 31.

UNITED STATES MONEY MARKET.

( From the New York Daily Express of the 15th, 16th, and

and 17th of July.)
NEW YORK, Jut.v 16.—We believe that we may now
safely say that there is a fair promise of a better state of
things in New York. There is a great deal of money lying
idle which o pitalists do not invest, because they dare not,
but which, as confidence increases, they will soon put into
action. The fall in the price of specie is a good indication
of the state of our foreign exchanges: The promise of
bountiful crops its all the states cheers every body. Indeed
the crops of some of the south-western states have already
came in. From the state of Mississippi there is an immense
debt due to this city. Their creditors here, therefore, will
read with pleasure that some of the planters in Holmes
county had, on June 17, gathered fine crops of wheat, and
wero preparing it for market. 'Mississipi will this year raise
her own corn and wheat, and make a large portion of the
provisions for which she has hitherto been dependent upon
other States. Her cotton crop will not fall short of 375,000 '
bales ; this, at 10 cents. per pound, will amount to
15,000,000 dollars, which will greatly overpay her foreign
debt, and go a long way towards pay ing the debt owing by
the United States to England. In such a country as ours,
to young, so full of life, with a soil so abundant, no action
of the Government can keep us down long. We will rise
in spite of it ; but if it will aid us, in a year we will be on
our triumphant march again.
MONEY.—'There is a large amount of funds Idle that has
heretofore been employed in shaving. As this species of
traffic is broken up, it is difficult for the holders to find any
thing else that they can invest in that will pay a satisfac•
tory profit. The banks, although they have a large amount
of suspended paper, yet have idle funds they would gladly
employ in business paper, which is not to be had. As one
evidence of abundance of money, it can be had on Bank
Post Notes at 6 and 7 per cent. per annum. Specie has
declined here, and domestic exchanges are all in favour of
New York. The failures in England, it is believed, will
rather tend to relieve the market. Persons who have
made great efforts and sacrifices to place funds in Europe
will now cease to remit, at least, until exchange is more
favourable.

UNCURRENT MONEY.—AII our banks, three excepted,
now receive at their counter all the bills of the Safety Fund
Banks in this State. The plan of accomplishing this object
has been long in progress, and at last is consummated.
This will have a very favouraple effect. All the bills of
this State are at par, and those of New England only l per
cent. below. All Western bills, however, are here at a
groat rate of discount.

" SrEclE—ls lower here than in any other part of the
United States. At New Orleans the range is between 25
and 27 cents ; here between 8 and 10 cent. There is a
large amount of specie constantly coming from all parts of
the country—the high rate appears to have emptied all the
secret recesses and all the old stockings in the land. The
rate yesterday was as follows :

Askod. Offered.
" American gold ll9
" Sovereigns
" Five-franc pieces lo3i"
" Half-dollars lO9l 109i-
"STOCKS.-----On the whole, Stocks are not only main-
tained, but have left off at a decided improvement. Bank
Stock appears to be more depressed than any other descrip-
tion of Stock. Good railroads arc the most in favour. The
impression that the United States Bank would resume
specie payments is entirely at an end ; although that Insti-
tution has only about 300,000 dollars new issues afloat.
Yet it is neither for the interest of the Bank nor the advan-
tage of the public that it should resume specie payments.
" DOMESTIC EXCLlANGE.—Throughout NON E'igland,
this State, and Lower Canada, exchanges are now pretty well
regulated. This is some relief, but all the Southern and
Western Exchanges are as bad as ever. At the South it
is impossible to buy a bill on New York, although the
Banks, many of them, haw large balances to their credit
here. Exchange in all directions in favour of New York.
This is favourable.

" EXCHANGE : FORETGN.—BiIIs on London, by the last
packet, stood at 21 to 23 per cent. premium, and on Franc.p
4 85. It is not probable that they will vary much by the
next. It is thought that the failures in London will tend
to lessen the demand for exchange. Those persons who
are indebted to the bankers that have failed will have less
motive to make sacrifices to remit, as no funds placed in
London can do them any good in sustaining their credit.
Since the suspension of the banks, the remittances from
this country have been great. It is believed that full
4,000,000 of specie have gone, and a much larger amount
of bills. The amount of cotton is greater than both, so
that it is fair to conclude that at least 20,000,000 have
gone forward within the last two months. This will go far
to liquidate the American debt. Indeed it is now said,
that three or four millions of pounds sterling is as much as
we now owe England.
" NEW ORLEANS, JULY 9.—The United States Bank
agent has already cleared 23,000 bales of cotton for Great
Britain from this port, and has at this time seven ships
' loading for the same destination. These large operations,
so late in the season, on our small stock in first hands, keep
prices firm, and in some instances they are a little higher
for qualities over mid. fair. Yesterday we had a very
general demand, and full 2,000 bales changed hands—a
round lot of 500 Mississippi Liverpool mid, at 9 cents. ;
a round lot of 580 Mississippi and Louisiana, fully mid.
fair at 10 cts. ; fair in demand in small parcels, for remit-
tances, at I 1 to 111 eta. In North Alabama and Ten-
nessee round lots are held at 74 to 8 eta., or firsts at 10
cts., second at 7i cts., thirds at 7 cts., and fourths at 6 cts. ;
our lowest quotations for any kind. Freights arc firm—the
American ship Waller taken up for Liverpool at 7-16 d."
LATEST NEWS FROM EUROPE.—Ten days' later intelli-
gence, viz ,sth from London, and 7th of June, from Paris,
has been received since our last, and very important it is.
The tidings from America had been so unfavourdble,
although the suspension of specific payments was not known,
that the Bank of England had declined further aid to the
three American houses, and they, with two' firms' connected
with America, had suspended payment. These houses ha i
kept up so long, that a large portion of their liabilities
had matured and bad been paid ; the amount, therefore, to
be thrown back upon this country will be comparatively
small. The news has not disappointed us here ; on the
contrary, it has been long expected, and its effects will not
be serious. The money-market is without any change
whatever. A large amount of idle capital is in bank,
and is gradually finding channels for investment. Within
a few days a number of merchants have appeared here
from the south, and have purchased pretty freely of dry
goods. The condition of the crops in all parts of the country
is said to be uncommonly promising.