The Sun.
London, England, 1839-10-01 00:00:00

phenomenon like that which lays prostrate the
commercial credit of two worlds, is beyond
his comprehension, and when it comes he will
sink astounded beneath its magnitude. For
nearly half a century the currency has formed
a topic of anxious consideration to our most enlight-
ened philosophers, statesmen, and merchants. Dur-
ing that period society has been exposed to immense
disasters through the currency, and here we are now
again watching, in almost breathless anxiety, the
arrival of every ship from the United States, and
the return of every wet day, to decide the fate of
two great money corporations, and the whole system
of commercial credit of the old and the new world.
Surely there must be something wrong in a
system which perplexes calculation, imposes great
present difficulties on trade, and fills men with alarm
and anxiety for the future ? If there be nothing
wrong in a system full of such consequences, then
are the hopes and the fears, the sufferings and the
pleasures of man, no index to right and wrong,
and not proper motives for action. But what is the
system ? A great corporation is equally chartered
in both hemispheres. In both it is a sort of pri-
vileged monopolist. A great body of the most
wealthy combine, without exerting any industry or
enterprize of their own, to get more wealth. Not
content with the immense advantages such a combina-
tion bestows on them, they procure privileges from
the State, which at once enhance their power
and exclude individuals from all chance of
success in competing with them. They can do
nothing, therefore, but come to terms with the cor-
porations, and both here and the United States, all
monied men are drawn into their vortices,:and on
their revolutions depends all commercial credit.
Such a system is morally wrong in its origin and
politically disastrous at every period of its ex-
istence.

What happens now ? The body to which we
have granted these privileges in England, and
given this monopoly, is straitened by the expor-
tation of gold to buy food for the people. Another
great corporation—that of the landlords, equally
anxious, like the monied capitalists, to have a large
income without toiling for it,will not allow the manu-
facturers of England to buy food abroad with cloth
and hardware. They insist on the whole people
buying their food of them, and of them only. They
insist on the manufacturers giving them their
own price for corn, and giving them the manufac-
tured articles at a less price than they would fetch
in the free markets of the world. The ways of
Providence, however, are not their ways ; and a
wet season, a deficient harvest, renders their produce
wholly insufficient.„ for feeding the people. As
they have cut ofttiQlpurchase of foreign corn by
cloth and hardwaro,it'must be bought by-gold ; and
the gold is necessarily -taken out of the' coffers of
that body to which=
great combination and a pe-
culiar privilege haife„'‘,lven .a monopoly of it. To
save its gold, insteiir of demanding that an end be
put to the cause of,tfie exportation by a repeal of
the Corn-laws, e one great monopolist dare
not raise its voic?pgainst the other, it raises the
rate of interest, it cip.rnps all commercial enterprize,
it harrasses all those who trade on borrowed money, it
grievously injures, or ruins, all who have calculated
their business in the expectation of getting money
at three or five per cent., and it spreads a blight
over society. BetwiXt the two monopoliesboth
morally unjust, both politically injurious— the
people are harrassed with anxiety, ground down
to poverty, and filled with suffering and despair.
Yet is there hope for us—the two monopolies can-
not longer co-exist ; and if they do not destroy each
other, one or both will be annihilated by the public
voice.

By the arrival of the packet ship Montreal yes>
terdav at Portsmouth, in nineteen days from New
York, we have received American P-apers to the
11th ult. inclusive, being four days later than the
arrivals yesterday from Liverpool. They con-
tain no political news of importance. Money con-
tinued extremely scarce in New York. Some of
the best merchants' notes were selling at from 11-
to 14 per cent. a month discount, and the United
States Bank post notes at a still greater rate.
Some were sold at 2 per cent. a month, being at
the rate of 24 per cent. per annum. This is not
the result of any want of confidence in the Bank,
but is solely attributable to the scarcity of specie.
In Philadelphia the want of money was not so
severely felt, as several of the City Banks were
doing all in their power to accommodate their
customers.

The Great Western arrived at New York at
nine o'clock on the morning of the 10th, having
made the outward passage from Bristol in seven-
teen days. The Montreal sailed before the effect
of the advices brought by her from commercial
houses in this country could be ascertained upon
the money market.
(From the New York Commercial Intelligencer.)
SHIPWRECK AND Loss OF LlME.—Several seamen ar-
rived yesterday afternoon, N'Y h o stated that they hcl,inr,'cd
to the ship Milledgeville, Porter, which left New York on
the 21st ult., with a cargo of dry goods, &c., and several
passengers bcund to Savannah, and was totally lost on
Thursday morning at 2 A. m. following, on Chiekarnaeo-
mieo, about 20 miles to the northward of Cape Hatteras.
Eight paiSengers, among whom was a female, and one of
the crew, woi c drowned. _ . _

Captain Porter remained on the beach, to attend to that
part of the cargo which washed ashore.
We also learn from the crew of the ship Milledge, that
a number of cattle were driven ashore on the beach, sup.
posed to be from some vessel bound to the West Indies.--
Norioa Beacon, Sept. 7.
INniaNA.—lt is noticed in several papers that the State
of Indiana has recently lost a large sum of money by her
Fund Commissioners. The Cincinnati Republican states
as the current report that the Commissioners placed bonds
of the State to the amount of 1,000,000 of dollars in the
hands of a broker, signed and executed, and the broker
was to obtain the funds. It seems he did so and failed,
and left the Fund Commissioners an empty hag to hold.
UNFORTUNATE OCCURRENCE.—We learn from theilays-
cille Eagle that, en Thursday last, while the Rev. P. L.
McAboy and several other persons were standing on the
first floor of the steam mill of Messrs. How and Co., at
Murpheysvide, the third floor, which contained a large
quantity of wheat, gave way, and the whole burst through
the second floor and buried Mr. MeAbay and two others
to a considerable depth. In a few minutes the victims
were rescued, but Mr. McAboy was found dead. The
other two were injured, but nut dangerously.
The Maysville Eagle speaks in the most exalted terms
of the deceased, as a young Presbyterian clergyman of
superior talents, great intelligence, ardent piety, a meek
and humble spirit, and extensive usefulness.
NEW YORK MONEY MARKET, &c., SEPT. 9.
The Stock transactions were quite moderate to day,
but at no reduction on Saturday's prices, except''on
Merchant's Exchange Company's Shares, whichAell
off per cent ; Delaware and Hudson Canal -lid.
vanced per cent. ; and American Exchange Bank 1 per
cent. The Money Market continues in much the same
condition as on Friday and Saturday, and the small trans-
actions that were made in Exchange on England, were at
4,80 to 4,8-1 dollars (8 to 9 per cent), the pound sterling.
It is stated that Messrs. Prime, Ward, and King have
withdrawn from the market of sellers of English Bills for
the present.
COTTON.--The market continues dull—but there exists
but little disposition to operate until later intelligence is
received from Europe.
Flom —The receipts are quite light of both Western
and other kinds, and we do not perceive any material
change in prices.
CORN.—There have been some additional supplies, and
the sates making are at previous rates.
Wntar.—Some further arrivals of North Carolina and
Maryland, but we have not heard of any sales of im-
portance.

RATE OF SALE OF STOCKS AT PHILADEL-
PHIA, SEPT. 9.

1 U. S. Bank
,1
25 Shares Mechanics Bank
.5 do. Schuvikill Bank 3B
8 do. Girard Bank 421
36 do. Kentucky Bank
50 do. Vicksburg Bank 361
56 da. Schuylkill Navigation B3
7 do. Lehigh Coal
133 do. Lehigh Loan, 6's, 1844 941
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