The Sun.
London, England, 1839-12-17 00:00:00

MONEY MARE ET attd CITY N.t.; Vl' .

(MONDAY EVENING.)
CHRONICLE.—The cotton crop in America is
reported as most abundant, equal to 2,000,000 of bales,
which must soon be appearing in the English market,
causing a further fall in the price of the raw material,
and thus assisting our manufacturers to keep their hands
employed at full time through the present winter, set-
ting in upon the working classes in our great commer-
cial town under symptoms of the most severe adversity.
This being settling day in the Foreign house, the
principal business was that of arranging the accounts.
The dealings in Peninsular Securities bad not been
very extensive ; but in Colombian Stock large differences
had to be paid, the extreme fluctuations having been
6i per cent. Money was particularly easy, the rates
generally not much exceeding 5 to 7i per cent.

TIMES.—The accounts received to-day from New
York are very generally adopted as favourable, but this
remark should be qualified by saying, that this is only
true in the comparison with previous accounts, and
some notion may be formed of the severity of the recent
pressure for money there when it is adduced as a
proof of improvement, that discount at the rate of 30
per cent. only is required for long bills, and about 18
per cent. for short bills. We have not been in a
much better situation here for some time back in
regard to second-rate paper, if the real as well as the
nominal rate could be got at ; and the conclusion to
be drawn on both sides of the water from such a state
of things is, that as no trade upon which all these
discount transactions lean can make returns commensu-
rate with so high a value for money, the whole must
still be hollow and unsubstantial, and attended with
great danger both to the lenders and the borrowers at
that rate. A much greater reduction must occur be-
fore the trade of the United States can be pronounced
in a safe position. In banking affairs the best feature
is the continuance of specie payments by the banks of
New York, which may, if persevered in, save the
country, by putting to the test the solidity of all those
which do not pay in specie. The influx of specie into
that state had steadily continued from the time
when it was seen that the banks were likely to
keep firm, depositors naturally sending it to that
place, where if it was wanted, they could be sure
to have it again. But for this steady action at
New York, it is admitted that bullion must either have
been hoarded or sent out of the country. Little is said
in these accounts of the" United States," Bank, the fate
of which, however, must be finally sealed in a very short
time, if no attempt is made to take up its en-
gagements in specie. But the Americans are accus-
tomed to take these things much more coolly than we
do, who are infinitely more sensitive on the score of
credit. If they could be roused to a better feeling in
that respect, all might still go well with the intercourse
between the two countries.
The annexed circular has been issued in the State of
Pennsylvania to restrain the issue of small notes by the
banks which have suspended general specie pay ments :
" Sir,—We have been informed that since the present
suspension of specie payments, the bank of which you
aro an officer has either issued, paid out, or transferred
bank-notes, bills or tickets, purporting to be bank-notes,
of a less denomination than five dollars. This pro-
ceeding is not only a violation of the Act of Assembly
passed the 12th day of April, 1828, entitled An Act
concerning Small Notes for the payment of Money,"
but is performed in total disregard of the letter ad-
dressed by his Excellency David R. Porter to Ovid F.
Johnson, Elq., Attorney-General of the Commonwealth,
dated the 10th day of October instant, and the circular
of the same date issued by the Attorney-General to
his several deputies. We have been expressly in-
structed to institute the proceedings prescribed in the
Act of Assembly above mentioned against all persons
and bodies corporate who shall violate any of its provi-
sions ; and in performance of the duty thus enjoined,
we will institute the proper proceedings against your
bank and all other banks offending against the provisions
of the aforesaid law, if such violations shall hereafter be
repeated. We beg leave to request you to favour us
immediately with an answer on this subject, and if the
information we have received in reference to your bank
is well founded, whether you design to persist in the
same course in future, or to abandon it. In the spirit
of the letter of his Excellency the Governor, and of the
circular of the Attorney-General above referred to, we
have been admonished to pursue a deliberate, but firm
and ur ffnching course in relation to the violation of the
Act of Assembly adverted to, and we will accordingly
prosecute all offenders whose names may conic to our
knowledge, with the most unyielding determination to
maintain inviolate the provisions of this wise and salu-
tary law.

Very respectfully,
" GEORGE W. BARTON,2I, Prune-street.
"C. WALLACE BROOKE, 199, Walnut-street,
" For the Attorney-General."

PQST.—The commercial letters received this
morning from the United States, by the Roscius. ar-
rived sit' Liverpool, are more cheering than had
been anticipated. The pressure on the Money
Market at New York had already materially dimi-
nished, and it is considered here that, upon the arrival
out of the Liverpool steamer, a still further improve-
ment would take place, the advices of which that ves-
sel is the bearer being decidedly more encouraging
than those which had been just obtained by the British
Queen.

One of our Contemporaries has found out, by means
of the Paris ad vices lately received in town, that the
sum paid by the Bank of France, on account of the
Bank of England, by virtue of the arrangement be-
tween the two establishments which has been so much
commented upon, is, after all, only 160,0001. sterling.
We had ourselves heard in well-informed quarters on
this side the Channel that the amount was very incon-
siderable, and so far we may, therefore, venture to con-
firm the Paris statement upon the subject.
This was account day in the Foreign house. No-
thing special occurred upon the occasion. The dif-
ferences were heavy in the Colombian Market, but no
ease of default was reported. Accounts were carric‘.l
over at a continuation varying from 1-16 to 3.16, money
being easy. The transactions for the end of the
month were in some instances at a shade of improve-
ment.
A meeting of the Committee of Spanish American
bondholders took place this morning, at which it was
resolved to address letters to the representatives of the
three States, Venezuela, New Granada, and Ecuador,
on the matter lately brought before them, requesting an
interview for the purpose of further discussing the merits
of their respective propositions. An early day will
doubtless be appointed for that object.

HERALD.—The Discount Market is certainly
easier, and it is anticipated that it will continue so for
some time. The accounts from the Continent generally
have lately noticed that silver bullion was becoming
plentiful. The continental letters, received to-day from
Hamburg, one of the largest bullion markets in Ger-
many, mention that money was plentiful in that city, so
much so that it commanded three per cent. only. Silver
is said to be more plentiful than it has been for some
time in Germany, particularly some parts of Prussia,
where it has been for a long time freely remitted in pay-
ment for corn, both from this country and France.