The Sun.
London, England, 1837-07-17 00:00:00

AMERICAN MONEY MARKET.

( From New York Papers received to the 25th ult.)
The following extracts from the " Review of the Markets,'
contained in the New York Daily Express of the 24th ult.
will put our readers in possession of the latest commercia
news . .

REMARKS.—Eight days later, viz., to the 24th of May,
have been received from England, and on the whole the intel-
ligence is favourable. The American bankers stood strong,
and had paid all their acceptances promptly. Nearly all will
have arrived at maturity by the 10th of June, and, from pre-
sent appearances, all will be met satisfactorily. This has given
great relief here. The cotton-market, however, had declined
in Liverpool, and there was a great falling off in American
trade. This will operate badly on both sides of the water.
Remittances from this country are large, both in produce and
specie, and as the importations are uncommonly light, the ba-
lance against this country is fast diminishing. There is very
little business doing in this city. Every thing is calm and
quiet, and on the whole there is a glimmering of a recovery.
People have got over their panic, and are looking around to
see what they have left, and what they will do for the future.
We have on immense number of vessels in port, most of which
are leaving in ballast.
" MONEY.—The operations in money are wonderfully cur-
tailed. The applications to the banks are not a third what
they were three months ago. A large portion of the discounts
arc in renewals of paper, that cannot be paid up. Out-doors
there is very little use for money. Capitalists who will not
invest in stocks cannot get bank post notes better than 7
per
cent, per annum. Discounting notes is pretty much at an
end. The system of shaving that has been practised for the
last year has cut so deep, that it has destroyed not only the
shaver but the shaved.

" UNCURKENT MoNF.v.--:-No change whatever in the rate
of bncurrent money since last week.
" SPECIE. —The demand for gold and silver this week has
been very active. Large amounts have been wanted for ex-
port, and theie is also a large quantity wanted for domestic
purposes. Full half a million has gone out of the country.
The drain is constant, and by every packet gold is taken for
England, and silver for France. Prices yesterday stood as
fellows :

" QUOTATIONS FOR SPECIE.
Asked. Offered.
_ _

" American gold ...
" Sovereigns ...
" Spanish dollar ...
" Mexican dollars ...
" Doubloons
" Ditto Patriot ...
" Napoleons
" Five-franc pieces ... 1,06 1,04
" Half-dollars ... 1,12 I,ll+
" EXCHANGE.—Foreign.—British Government Bills ?rom
Canada are the principal description that is sold. They have
been taken in large amounts at 22 per cent. premium. Pri-
vate bills have appeared to a limited extent, and sales have
been made at 21 per cent. Bills on France, 4,80, which is
higher than we have ever known them. Large amounts of
produce, as well as specie and bills, havo gono forward.
" STOCKS.—A better feeling has been manifested this week,
and stocks have gone up a little, particularly United States
Bank. As money becomes easier, and confidence is reviving,
there begins to be some disposition to invest, and United
States Bank and good railroads are firmer. There are certain
indications of a spirit of speculation that is occasionally mani-
fested, and which, as soon as opportunity offers, will be again
brought out.

.., -
... 5,48 5,46

• 1,13 k 1,121
• 18
..„ 17,50

" —EXCHANGE—Domestic.—Is nearly as bad as it can be.
As the panic subsides, there is a little more confidence, and
things arc getting in a little shape. Many persons who had
debts due at the south have ordered specie to be bought to
get their funds home that way. The banks negotiate no
bills whatever. There are certain indications by which it is
pretty evident that the Government are determined to em-
bark in Treasury notes. The system may work well, but
the public have been so well satisfied with the Bank of the
United States that they will not readily confide in any other.
" FREIGHTS.—Our port is literally filled with shipping, a
very large portion of which arc foreign. The American ships
are mostly doing nothing, while the foreign arc mostly leaving
in ballast, or taking goods at very trifling rates. The packets
to Havre get about half full, while the Liverpool packet get
nearly all filled. Vessel property is exceedingly depressed,
with but little prospect of any improvement.
" This being packet-day, all negotiations for bills and
specie to be sent abroad were made. Exchange on London
ruled higher than we have ever known it in more than thirty
years' acquaintance with exchange operations. British Go-
vernment bills, from Canada, sold at 22 per cent. premium,
and private bills at 20 to 21 ; there arc more private bills offer-
ing than at any period since the Ist of April. There has been
a good deal of speculation in all kinds of specie, within a few
days past, and the price has been run up to an exorbitant rate.
To-day there was an evident pause in the market, and holders
submitted to a reduction. The rate of bills and specie has be-
come so excessive that it has become a ruinous business to
pay debts in England. There is, however, a laudable spirit,
and a determination to pay the foreign debt, which is most
creditable to the foreign merchants.
" EXCHANGE.—The transactions in bills of exchange on
Europe were very limited, and at higher rates, in consequence
of the continued advance in prices of specie. The sales on
England were at 20 to 22 per cent. for the primest paper ;
France, 4, 80 fr. to 4, 85 fr. ; Holland, 43 to 44 ; Hamburg,
37 to 38 ; and Bremen, 84 to 88 cents. All the transactions
were for cash. A considerable quantity of sovereigns were
sold for remittance to England, at 5,45 dollars to 5,47- dollars
each. The entire amount of specie to proceed to Europe by
the packets of to-day is believed to be less than 100,000
dollars."

We subjoin a few miscellaneous extracts from the New
York Papers :

" LOWER CANADA.—Lord Gosford has thought it necessary
to issue a solemn proclamation against the agitators. The
preamble states that seditious meetings have been held, at
which seditious resolutions have been adoptcd : and the pro-
clamation solemnly exhorts all the good subjects of his Majesty
in the province to unite in the cause of peace and good order
—to discontinue all seditious writings, and eschew all meet-
ings of a dangerous or equivocal character. All magistrates,
peace-officers, and officers of militia, are enjoined to oppose
and frustrate the insidious designs of the discontented and
seditious, &c.

" The Montreal Herald censures this act of his Lordship as
unnecessary ; and adds, that if a proclamation were neces-
sary, he should have issued one of vigour—not such a honey-
ard-water affair, as the Herald irreverently calls it. To
show the respect attached to it, the Herald says that an in-
fluential Member of the Assembly—one of the majority, that
is, the agitators—tore the proclamation to pieces at a meeting
in Berthier."

" We insert below a copy of the regulations respecting the
deposit of public money in the hands of disbursing officers of
the United States. By direction of the President, copies of
these regulations wore duly communicated to the other de-
partments :
" ' Treasury Department, May 26, 1837.
" ' TO THE PRESIDENT OF THE UNITED STATES.

" Sir—ln consequence of the recent suspension of specie
payments by most of the banks in which the disbursing officers
of the Government made their deposits of public money, the
undersigned has deemed it proper to take the opinion of the
Attorney-General on the effect of that measure upon those
deposits, and in 'consequence thereof to submit the following
recommendations to the President:—

" 1. That all these officers be instructed by the several
departments to which they belong to make their subsequent
deposits in those banks only which pay specie, if such can be
conveniently resorted to for that purpose.
" 2. That in the event of there being none such, they are
to be instructed to deposit in those banks which are willing to
give, and do give, such written obligations as the nearest die.
trict attorney of the United States may deem sufficient and
safe, to secure the return of the deposits punctually, when
wanted in such kind of money as was placed in the said banks.
And—

" ' 3. That the existing deposits of those officers, wherever
not now in such banks, and not soon expended, be withdrawn
and placed within them as far as practicable.
" ' Respectfully submitted,
" ' LEVI WOODBURY, Secretary of the
Treasury.
" ' Approved, M. VAN BUREN, President.'"

The New Orleans Bulletin of the 14th ult., publishes the
following as the officially announced condition of the Louisiana
banks. The Editor of the Bulletin says, that the announce-
ment may be relied on as correct. The exhibit bears date
the 7th inst.

" LIABILITIES,
" Bank-notes in circulation 5,125,000 Dollars.
" Less notes held by the
Banks . 750,000
------4,375,000
" Due to Foreign Banks 750,000
" Amount due to individuals for de-
posits 5,957,000

11,082,000

" ASSETS.

" Species in vaults 1,100,000
" Notes discounted
" Loans on stock by property Banks 5,667,000
" Real estate and amounts expended
in building, &c ... 2,600,000
_____- 44,367,000

" Balance 33,285,000

" There remains the balance of 33,285,000 dollars due from
the people to the Banks after extinguishing all the liabilities
of the Banks, and which, of course, would have to be paid in
specie.
" Again, it appears that on the
7th Jnne the Banks had in cir-
culation notes to the amount of 5,125,000
" Less notes held by the Banks 750,000
-- 4,375 000
" Specie in their vaults 2,100,000

" Balance of Bank-notes unpaid in the hands
of the people 2,274,000
" To meet which they have real estate, stocks, notes, and
bills of the people, secured by endorsements binding the real
and personal estate of the country, amounting to 39,667,000
dollars.
"The whole amount of the liabilities of the Agriculteral
Bank of Natchez (Mississippi), exclusive of its capital stock
and profits, including circulation, is 3,920,802 dollars 47c.
The total amount of assets is 6,365,513 dollars 28c., of which
the sum of 148,804 dollars 64c. is in specie and the notes of
other banks, and 63,339 dollars 97c. in balances against other
banks. The amount of the 'surplus fund' is more than suf-
ficient to cover the whole of the 'suspended debt.'

" It may be proper to add, that this bank has not received
all the funds of the sale of the' Chickasaw Lands,' the first
500,000 dollars of that fund having been deposited in the
Decatur Bank, Alibama.
" NEW ORLEANS, JUNE 10.—The New Orleans Bulletin
the True American, and the New Orleans Bee, give notice,
that on account of the entire prostration of business that per-
vaded all classes, they, the editors, will suspend their daily
publication, and issue the weekly for a short time."