The Sun.
London, England, 1839-10-10 00:00:00

Al NEY AN DCO 33. 311IRC lALIN f; WS.
,
__......,____
(WEDNESDAY EVENING.)
1 POS T . —Everytbiug has borne a tranquil! appear-
ante ia this p irt of th;.! town to-day but thc same nt,-
ceity is felt to exist for a perseverance on the part of
tb4 Bank and banking interests generally in their re-
strictive policy with regard to discounts that has been
heretofore pursued. Various reports have been in cir-
culation respecting the arrangements of the agent of the
i United States Bank, Mr. Jaudon. It has been con&
oA
entay stated, among other matters, that something in
the shape of a loan to the institution had been proposed,
and the list of subscriptions actually completed. This,
however, does not turn out to be the case. Negoeia-
tions are in progress for furnishing Mr. Jaudon with
a sum of money on the transfer of Pennsylvania State
stock. The stock will, we believe, be payable at par in
about three years, and the rate of transfer, as offered by
Mr. Jaudon, is understood to be 94 ; so that, for that
period, it would yield the holders an interest equal to 8
iper cent. premium. We think we may safely add that
the affairs of the agency are in a satisfactory train of
adjustment.

TIMES.—In the present state of the Exchequer
lull market this singular anomaly exists—that there are
three distinct classes of them afloat, bearing different
rates of interest ; that .he bills of the lowest rate are at
par ; that the next best are at a discount ; and that
the highest are at a greater discount still. The diffe-
rent descriptions are-1, those at lid. per cent. per
diem, issued in aid of public works, saleable at par ;
2, those at 1 ad. per diem, which form the great mass of
the unfunded debt, at 2s. discount ; and those at 2d.
per diem, called commercial bills, which are at Bs. dis-
count. To arrive at the explanation of all this, can only
be accomplished by those conversant with the tortuous
ways and practices of the late Chancellor of the Exche-
quer. With respect to the first class, they are supported
le; an arrangement made with the Bank, under which
they are to be taken at par if required, and then
quietly converted into stock, with the spare funds
belonging to the savings banks. The commercial bills
are left, to their fate, while the ordinary circulation is
kept up by the convenient means they afford for trust
investments, damaged as they are by the clause which
protects them for twelve months after date against pre-
sentation at the Custenis and Excise for dotiez.
Never before has such an artificial state of things pre-
sented itself in the Money Market of this country,
inverting, as it were, by a manifest species of jug-
glery, all the ordinary calculations of value. This is
a piecious trust handed over to the present Chancellor
of the Exchequer, who will have to restore order and
consistency, if he can, into the management of the
public finances.
With respect to Mr. Jaudon, the current rumour of
the, d'ay is, that the original arrangement with Messrs.
Hope and Co. of Amsterdam, which was interrupted
by the dishonour of the hills of the United States
Bank in Paris, is to be carried into effect, with the
additional support of several London Banks of
eminence, who are to make advances to the
Bank by instalments at stated periods, amount-
ing in the whole to 800,0001. For these advances they
are to receive bonds bearing interest at 6 per cent.,
payable at par in London and Amsterdam in three
years, for which bonds the Bank is to receive 94 per
cent., and will pay interest, consequently, for the ac-
commodation at the rate of about 8 per cent. As
collateral security for the payment of these bonds large
deposits are to be made of State Stocks of different
descriptions. In consequence of this arrangement, Mr.
Jaudon, it is supposed, will return almost immediately
to Philadelphia, where his presence may probably be of
some service to the Board of Directors. This report
would appear, after some inquiry, to be substantially
true. Other rumours, by which the future agency of
this Bank is fixed upon a particular London house, are
somewhat doubtful, and that is indeed a responsibility
which no mercantile firm, however strong, would venture
to incur, until some further information is obtained of
the prospects of the United States Bank on the spot,
as well as in this country.

CHRONICLE.—We have much pleasure in stat-
ing that arrangements have been completed by Mr.
Jaudon of a most satisfactory nature, and it will be imme-
diately announced that the agency of the Bank of the
United States is placed on a footing of independence.
We may also state that Mr. Jaudon has for some time
past been anxious to retire from business, which he has
been prevented hitherto from doing, solely by a deter-
mination to sacrifice his personal views to the interests
of his principal; while under circumstances of peculiar
difficulty. The result which we have here communi-
cated corroborates the view which we have always taken
of the ability of the agency of the United States Bank
to meet all its liabilities. The conduct of Mr. Jaudon
merits the fullest approbation. He has struggled with
success through obstacles of the most trying nature, and
in spite of enemies who were not scrupulous in the na-
ture of the means which they used to gratify personal
animosity.

The Money Market continues easier to-day; gold is
beginning to come in from the Continent, and further
importations are looked for from America.
The Corn Market is dull to-day, but last Monday's
r:ces are still maintained. The accounts as to the
state of the harvest are contradictory, and it must be
some weeks before the true state of the crops are ascer-
tained. The general opinion, however, is that mat-
ters will tarn out better on the whole than the public
have been for some time past led to anticipate. We
believe that-the bulk in England will be fully an average,
although from the wet weather the colour, and indeed
the quality, may be inferior; and we cannot look for
same extent of supplies from Ireland as last year.
In the eastern counties of Scotland the crops were ex-
tremely rich ; and the late fine weather must have en-
abled the farmers, except in very late districts, to secure
a considerable part of the harvest in good condition. Still
the opinion is, that fresh importations of foreign corn
will be required, and we hope that means of paying for
any which may be wanted may be provided for without
adding to the derangement of the currency. The ex-
-1
nerience of the last twelve months has shown the fal-
lan, of the argument used by the advocates of the pro-
hibitory duties, that a high price of food is always ac-
companied with a proportionate rise in the price of la-
bour. The rates of wages in this country continue
low, while corn is at a very high price. The proper
remedy would be to relax the laws affecting the impor-
tation of foreign grain, and thus pave the way for
such a reciprocation of 'national intercourse as would
make it air object- for fcerbigni merchants to send us
corn in exchange for orir goods. If the markets of
this country were at all times` free, the foreign cora
..'rowers would soon see their advantage in raising stea-
dily for their supply ; and in place of attempting to
struggle against British capital and industry in the
field of manufactures, would find their profit and inte-
rest in cultivating the natural advantages of their soil.

HERALD.—It has been generally understood
throughout the day that important negociations have
heen,,,pending between Mr. Jaudon, the agent of the
United States Bank, and one of the first commercial
firms in this city, with a view to provide fur the pay-
ment of the outstanding obligations of the United States
Bank. Indeed, it has been confidently asserted that
Messrs. Baring will undertake the future agency for this
purpose, and that the liquidation is to be effected in the
following manner :—Messrs Baring are to supply the
necessary funds for this liquidation, at the tate of 94/. for
every 100/. Post-note Bond, for three years, which will
give a rate of interest of 8 per cent. per annum.
This is considered to be about the outline of the
case, but we are not disposed to enter into any parti•
culars until the presumed negotiations are fully com-
pleted ; and this is somewhat more necessary, as several
garbled statements have appeared respecting the im-
portant affairs alluded to.
Our own information, upon which we can rely, goes
only so far as enables us to state that the negotiations
for the arrangement of this great difficulty arc proceed-
icq, satisfactorily, and with every prospect of a stisfac-
tory termination ; but we have not the presumption to
explain yet upon what terms. We have not, however,
in all the above advanced anything that would corn-
Promise our previously expressed opinions of the clan-
g°'^us tendency of the post-bill system of the United
States' Bank. Yet we are glad that the late danger of
a commercial crisis for the present is nearly certai❑ of
being averted.
B

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' OF ROCIIDALE.—The list of
voters for the borough of Rochdale, which is just pub-
lished, contains 970 names, being an increase of 61 over
the list of last year.
CAUTION TO TIIE FRIENDS OF SPORTSMEN.
—We beg to remind persons
arnnroetan.
liable
to shoot
game themselves, that they are to prosecution
under the game-laws, if
friends when in pursuit of garne.P ay, their sporting
At the last meeting of the Ben:
.totfeemMeecury.
at Croydon, a man, named Edward Saund Magistrates
a contractor for carting dirt to the Bric.htotn.s' who is
Company, was charged with cruelly
ill-treatingn Railway
It appeared, from the evidence of John Ha at horse.
, stable employed on the railway, that he obsyer,veadcohne-
defendant driving three horses in a cart, loaded witht
earth, and the horses apparently were not able to drag,
the load to which they were attached. The
defendant
commenced whipping one of the horses in a most brutal
manner, and finding this did not havethe desired effect,
he beat the poor animal on the nose with the butt-end
until the blood poured from it. Hoyt added that the
horses were cruelly treated by many of the drivers, and
Saunders, the defendant, would think nothing of striking
a horse with a pick-axe or shovel, or, in fact, the first
thing he laid his hand.' upon. The defendant, in answer
to the charge, said that the horse would not draw, anti
he certainly whipped him to compel him to do so. He
admitted also that he struck the horse on the nose with
the butt-end of the whip, but said he did not think
there was any cruelty in it. The constable stated that
ifl,,- tracked the blood that had flowed from the poor ani-
:ll4,l fora considerable distance, and in one place there
..,,,c,l a pool of blood as large as the crown of a hat. The
1 Nit4o. fined the defendant ten shillings and costs,
an. ,cunting to sixteen and sixpence.