The Sun.
London, England, 1837-06-16 00:00:00

LATEST FROM TEXAS.

We have received files of papers from Houston of the
9th inst., and from Velasco of the I 1 th. The Herald con-
tains at full length the message of President Houston to
Congress on the meeting of that body. It gives an ani-
mated account of the flourishing state of the Itzpublic and
the efficient condition of the army, which, he says, is able
to meet any emergency. We may probably lay this docu-
ment before our readers in the next number of the Bee.

A rumour prevailed at Velasco on the II th May that
Santa Anna was restored to power in Mexico, and that the
independence was acknowledged by the Mexican Govern-
ment. It was reported also that several Mexicans had ar-
rived at the Texian head-quarters with-a flag of truce and
official papers relative to the above intelligence, and that
Captain John Powell had passed through Brazoria, on his
way to the town of Houston, with the papers alluded to in
his possession, dnd some of the Mexicans in his company.
The editor of the irclasco Herald seems to be at a loss
what degree of credit to attach to this news.
The Velasco Herald of the 27th ult. states that the
Karankaway Indians bad been at head-quarters, and en-
tered into a treaty of alliance with the Tcxian army. The
same Paper states that the army will shortly encamp on the
Nueces river, to receive supplies of arms, provisions, &c.
There were 2,508 men who received rations at head-quar-
ters, and at the posts of Bexar, Copano, &c., there were
500 more.

GENERAL JACKSON'S PECUNIARY EMBARRASSMENTS.
—lt seems that the statement which has circulated so ex-
tensively in the Newspapers, that General Jackson had lost
his property by endorsing, and by the failure of Yeatman,
Wood, and Co., at Nashville, is entirely unfounded. The
Courier and Enquirer, in allusion to this subject, says :
" It affords us pleasure, therefore, to say that the ru-
mour of his having a draft protested in this city, or of his
losing a large sum of money by the failure of Yunnan,
Wood, and Co., of Nashville, or in any other way, is ut-
terly without foundation. We have seen a letter from the
old general, in which he says, that for twenty years he has
not drawn a draft upon any person whatever ; that he is in
no way responsible to the amount of a dollar, for any per-
son or persons. except for the purchase of two or three
slaves by his adopted son ; and that all the rumours in re-
lation to his alrafs, his endorsements, and his losses, are
entirely false, and without the shadow of foundation in
truth."

NEW YORK, MAY 23.

( From the Washington Globe:of Saturday night. )
THE CASE STATED.—Numerous merchants and specu-
lators, with the hope of accumulating huge fortunes in
their operations, run in debt beyond their ability to pay.
They force the banks to suspend the payment of specie,
with the double object of relieving themselves from being
called on to pay for the present, and, finally, paying in a
depreciated currency.
They thus throw their losses OR other portions of the
community, which have no hand in their money-making
schemes.

The best bank notes are now ten per cent. below specie.
Every farmer and mechanic who had a dollar note on band
when the banks stopped, was made to pay ten cents of
the speculators' losses ; every one who bad a five dollar
note paid fifty cents ; every one who had a ten dollar note
paid one dollar ; and every man who bad a hundred dollar
note paid ten dollars. The bank note circulation of the
country was at least one hundred millions of dollars, so
that the speculators, by stopping the banks, threw on the
people their own losses, to the amount of ten millions of
dollars in that single operation!
The depositors in banks were also made to bear their
ten per cent. of the speculator's losses. The private de-
posits were probably a hundred millions, so that a loss of
ten millions was thrown upon them also.
Thus the losses of merchants and speculators, to the
amount of twenty millions of dollars, were thrown off their
shoulders, and forced upon those members of the community
who had no concern in their wild schemes of fortune-hunting.
The speculators are now attempting to force a part of
their losses on the creditors of the Government. The
merchants have brought in goods, and sold them for specie
or its equivalent. They were allowed credit for the duties,
and now they refuse to pay them " in specie or its equiva-
lent." They insist that the Gcvernment shall receive in
payment a currency ten per cent. below par, and in this
currency pay off the public creditors. Every officer of the
army and navy, every soldier and sailor, every mechanic and
labourer employed on the public works, every clerk who
writes for his daily bread, is to lose ten per cent. of his just
and legal compensation, to help merchants and speculators
to pay off their debts.
They now urge the stopped banks to increase their notes
in circulation, and are pressing the issue of corporation and
other change tickets in all directions, so as to increase the
paper in circulation, and cause it to depreciate down to 15,
20, or 50 per cent. below specie. Every one per cent. of
depreciation is a tax of a million of dollars on the people
who hold the notes, which goes to aid the speculators out
of their difficulties.

NEW YORK, MAY 24.

We cannot say there is any remarkable improvement in
the general aspect of affairs. Very few bills of exchange
were purchased for this day's packets, and those that
were at rates varying from three to four per cent. We
have heard some southern paper, endorsed by banks there
and here, was sold at 115, some other bills even higher,
while some were taken as low as 112. There are, how-
ever, considerable purchases of specie, probably for ex-
port, going on. At the board of brokers yesterday a
sale was made of 325 Napoleons, at 4 dolls. 10 cents.,
which is an advance of 10 cents. each on previous rates ;
1,000 half dollars were also sold there at 7 per cent. pre-
mium. Sovereigns to a considerable amount were afterwards
purchased in the streets at 5 dols. 27 cents., 5 dols. 28
cents. Mexican dollars have been selling at from 7 to 9
per cent. premium. We arc informed that arrangements to
receive in deposit, as well as in payment of debts, the paper
of Interior Banks, is on the eve of completion with the
principal city institutions. It is understood that the latter
have agreed with the Bank Commissioners to receive this
paper, providAl the former will redeem the same, in the
city of New York, at certain stipulated periods. A scale
of time to be allowed has been adopted, and, as we learn,
the conditions arc, that the City Banks, on receiving the
paper, arc to seal up the same, and notify the respective
Country Banks of the amount held. Within a stipulated
number of days after the date of such notification, the
amount thus held is to be redeemed with City Bank bills.
The shortest time is five days : the longest time is twenty-
five days. Thus the banks on this side of Albany, are to
redeem within from five to eight days after the date of
notification. The banks at the extreme end of the State
are allowed twenty-five days.
We learn, further, that the Bank Commissioners have
addressed a circular to the interior banks recommending
their acceptance of the terms. This will enable country
merchants to make remittances, and so far will afford re-
lief in the money market. The Manhattan Bank has not
agreed to the supervision of the the Safety Fund Com-
missioners. As yet, she sets herself down upon her " re-
served rights."
TORONTO, U.C., MAY 16.—UMER CANADA BANKS.
—" The dreadful news of the suspension of specia payments
by your banks reached this city yesterday. This really
untoward event to your future prosperity was anticipated
in public expectation, and did not, therefore, create that
sensation here which ot;:aavrise it was calculated to do ;
and there is not much, if any, uneasiness as to our provin-
cial banks. They will not follow 1::;:e example. The pro-
vinces are like the United States, a &btu: country to Eng-
land, but, unlike them, their business pursuits a:e of a jog
trot, not speculative character. A favourable harve.:!' for
two years past here, and, vicevcrsa, with the United States,
States, has made New York our farmers' best market for
produce generally. The milleri in Rochester, Oswego,
&c., invested immense sums for the purchase of bread stuffs,
every dollar of which has been paid for in cash, so that
neither our merchants nor banks have suffered losses, and
there is consequently no apprehension of such a demand
upon the hitter for specie, as to compel them to stop.
Tb u s while, the sturdy oak is assailed by the storm, the
humble willow escapes it.
MISSISSIPPI LEGISLATURE.—The resolution requesting
the President to rescind the Treasury Order, has passed
the House by a vote of 43 against 8. The Bill authorising
the United States Bank of Pennsylvania to locate a branch
'in that State has been lost. The Bill 'gianting banking
privileges to the Mississippi Railroad Company has passed
the House, and is now before the Senate. The Post Note
Bill has passed that body, and has.been sent to the House.
It provides that it shall be lawful for the banks heretofore
chartered within the State to issue Post Notes, not having
a less period than six months, nor a greater period than
thirteen months to run to maturity, nor of a less denomi-
tion than twenty dollars ; that such Post Notes shall be
payable from the time of their issuance, in payment of all
claims, taxes, or other form of indebtedness due to the
State, or any county therein. • And such Post Notes shall
in like manner be reviseable by the Bank issuing the same,
in payment of any individual debt due such Bank or its
branches, from any citizen or citizens of this State ; that
they shall, bear an interest at the -rate of five Cent., and
loaned out at an interest not exceeding- nine per cent. dis-
count per annum.

CINCINNATI.—Tice news of the suspension of specie
payments by the New. York and Philadelphia Banks was
received in Cincinnati on the 17th instant. A meeting of
citizens was immediately called, and a resolution was unani-
mously adopted, recommending. the Cincinnati Bonks also
to suspend.

NEW ORLEANS MARKET.--Tho depreCiatibil iu the

value of Bank notes is producing a rise in all descriptions of
produce, especially in cotton, sugar, coree, flour, and pork.
The holders of notes issued by suspended banks are using
every endeavour to get rid of them iu exchange for produce
but in many instances they are refused by the parties, which
causes a complete paralyzation of butanes=, and a general
despondency.