The Sun.
London, England, 1839-11-15 00:00:00

MONEY MA.

'ITY E

(TIIIIESDAY EVENING.)
CHRONICLE.—ConsoIs have not varied to-day.
Exchequer bills continue to improve, but there has been
no business of any importance transacted in the English
funds. Attention begins to be directed to the forth-
coming official returns of the assets and liabilities of the
Bank of England, which may be looked for in a few
days. It is confidently anticipated that they will show
a considerable increase in the stock of bullion, since the
last returns were made publicly.

POST.—There was no fluctuation of consequence in
the English securities. Consols were statienary all day,
and money, for Stock Exchange business, was compa-
ratively cheap, loans being obtainable at rates ranging
from 5 to 7 per cent. per annum, according to the qua-
lity of the security tendered by way of guarantee, and
the standing of parties requiring them.
• We have the satisfaction to lay before the public the
following communications on the subject of the Colom-
bian debt :

"Mr. G. R. Robinson, the Chairman of the Com-
mittee of Spanish American bondholders, having ad-
dressed a letter to each of the Ministers recently ar-
rived from the States of New Granada, Venezuela, and
the Equador, intimating to those gentlemen that the
Committee were daily receiving applications from the
bondholders for information as to the propositions to be
made for the adjustment of the Colombian debt, the
following answer has been received thereto :
(Copy.)
" 1, Dorset-place, Dorset-square, Nov. 12.
" SIR-1 have the bonour to acknowledge the re-
ceipt of your esteemed favour of yesterday.
" In reply I beg to inform you that the commission
appointed by the Governments of New Granada, Vene-
zuela, and Equador for the adjustment of the Colombian
debt is now actually engaged in its preliminary regula-
tions : and so soon as its labours are in a proper state
of forwardness the commission will be happy to make
the necessary communication to the parties interested.—
I have the honour to be, Sir, your very obedient ser-
vant, 44 ' M. M. MOSQUERA.
" To G. R. Robinson, Esq., Chairman.'
"Similar answers have been received from Senor
Fortique, the Minister from Venezuela, and Senor Ge-
ral, the Minister from the Equador."

HERALD.—lndependently of the severe depreca-
tion which the proceedings of the United States Bank
have called down upon itself by attempting to the last
hour, as it were, to struggle against the vicious monetary
system imposed upon it and the great community of the
federal union, by the financial deeds of General Jackson
and his successor Mr. Martin Van Buren, through the
means of trading in merchandise and the eternal hypo-
thecation of produce, for the sake of keeping up the
ball of artificial, or rather, spurious credit, there is
amongst the rational portion of our fellow-citizens much
sympathy expressed for the delicate position in which
Mr. Jaudon has been placed, by becoming the agent of
that once mighty yet mushroom establishment. In fact,
on all hands, that gentleman's character to the present
hour is admitted to be unimpeached.
The letter of explanation which Mr. Jaudon has pub-
lished has had the effect of easing the minds of a great
portion of the parties who are holders of the securities
of the United States Bank, particularly those whose
claims are about 10,0001. or 12,000/.
We believe that a meeting took place, even on Sun-
day, at the instigation of one of the first firms in this
City, respecting Mr. Jaudon's affairs, which resulted in
providing him the means to meet his engagements on
Monday last. Other meetings have repeatedly oc-
curred with parties who have claims not only upon the
United States Bank, but with the United States at
large.

Mr. Jaudon, having accepted very many of the draft s
of the United States Bank per se, and not per procu-
ration of, or as agent of that bank, by our commercial
law is held personally liable ; but it is not anticipated
that the parties who in future must arrange the affairs
of that institution would leave him in the lurch.
By the official returns of the exports of bullion from
the 7th to 13th instant, it appears that the actual ex-
ports of silver coin amount to 287,700 ounces.

For commercial purposes, the Money Market at pre-
sent is wholly governed by circumstances. Money is
plentiful just now for first-rate bills ; but second-rate
paper is very difficult to negociate. On the British
Stock Market it is not in demand. On the Foreign
Market it is worth from .5 a 7 per cent. with parties
whosescredit stands well ; but the state of affairs in the
United States has not done the dealers in those secu-
rities much good.

TlMES.—Complaints are very common in the city
at present that the market for American securities is
wholly spoiled, not so much by recent events as by the
comments made upon them, and that it is impossible to
effect large sales of them upon any terms. This is a
state of things which may not exactly suit Mr. Jau-
den, or the jobbers or dealers in them, or parties who
have become holders of them upon speculation or upon
borrowed money ; but for the bona fide holders, the
capitalists who have placed in them a portion of their
spare means, it is the bust that could happen. The
American States have been made absolutely drunk
or mad by 'the:facility with which they could raise
money in England during several years past, and
have thought no project for " internal improve-
ment," as they phrase it, too wild and extra-
vagant for adoption. Under this excitement
they have gone on, planning endless schemes,
some of which in the richer states, may yield a profitable
return, but with by far the greater part of them such a
result is entirely out of the question. They should have
waited, as other countries have done, till the increase
of population and the increase of wealth had not only
furnished a justification for such undertakings, but the 1
means, without looking abroad for that purpose, of carry-
ing them into effect. On no other principle can sub-
stantial improvement ever take place in any country.
First or last, it is obvious, on the supposition that com-
mon honesty is to be observed, that the funds must
come from the State which makes the improvement, and
it need not be pointed out, in a country where money
bears a high rate of interest, how much more costly the
process must be with borrowed money than with its own.
We regret that there should have been any delay in
the insertion of Mr. S. Jaudon's letter [which appeared
in The Sun of yesterday.]
It must be highly gratifying to all persons interested
in the affairs of Mr. Biddle's Bank to observe the ex-
treme sensitiveness on the score of credit which is
evinced in this letter. Nothing has been more cur.
rently talked of in the City for the last month or
six weeks than the fact, which is not denied, that
Mr. Jaudon has been compelled by the want of
funds or the want of remittances to renew, or to
exchange for other paper of the same class, the post-
notes and bonds of the Bank for which he is agent,
called " the United States' Bank," but which, hold-
, ing a charter only from the separate State of Penn.
sylvania, can have no just claim to such a title. Of the
various obligations for which such an institution is liable,
the more sacred would be in such a case its post-notes
and bonds, which only differ from the notes of its ordi-
nary circulation in not being payable on demand. With
respect to Bills of Exchange, which are essentially more
of a commercial than of a banking character, the rule
as to credit would be, if anything, rather less strict,
but it seems that any imputation of a failure or a hesi-
tation on this point is much more keenly felt. With
private individuals the case would be otherwise, and
they would not have winced at one charge after quietly
sustaining the other. They would have considered that
the fact of being able to renew bills of exchange et all was
at least some evidence of remaining credit. To deal,
howei,er, with the special matter at issue. The fact, as
stated in the city on Tuesday afternoon, on authority
of such a nature as to obtain for it implicit belief, was,
that the agent for the Pennsylvania Bank had raised
money at an enormous rate of interest for the purpose
of renewing or taking up bills of exchange falling due
in this week. After the public announcement of
the stoppage of the bank in Philadelphia, the real
wonder is that the agent should have been able to
accomplish such a transaction as this at all. If a
quibble is meant upon the word " renewed," then
the bearing of the agent's letter will be fully un-
derstood, but lie must not expect to mislead the mer-
chants of this country by any such evasion, or by
attempting to persuade them that there is any difference
on the score of credit between the renewal of a bill ab-
solutely, and borrowing money at an exorbitant rate to
meet it. But, if not material in that respect, it is of
very great consequence to all persons deeply interested
in the Philadelphia Bank, that its bills of exchange
should not go back under protest, since that might en-
danger the whole of its funds by the forfeiture of the
charter, and hence there are to be found parties in this
city who, being already far involved in its affairs, are will-
ing, at a price, to do that which no strangers would as.
sent to, and incur a further risk to secure ultimately a
a fair division of the property.
There is no occasion, however, to search into private
transactions to find means for a sweeping condemna-
tion of this bank, which has done more mischief both
iu Europe and America than ages will serve to set
right. For this its open and notorious acts will suffice,
' which have been too often adverted to to need repeti-
tion, One alone, therefore, shall now be mentioned,
which is the short career of the Bank under the present
charter, which was granted, if we recollect right, in
1835, and the capital was then stated at 35,000,000
dollars, or 7,000,000/. ; yet this bank stopped payment
in 1837 ; renewed ; became a borrower of money all
over Europe and America at rates varying from 6 to
24 per cent. ; and has again stopped payment in Phila-
delphia on the 10th of October last If people 4re in-
capable of any impression from facts like these, they
must be left to their fate, and can receive no benefit
from any warnings which we can give them.

SUN--We perceive by a letter addressed by Mr.
Jaudon, to the Editor of the Times, contradicting a state-
ment previously made in the City article of that journal,
that the bills 'drawn upon, and accepted by, the agent
of the United States Bank here had not been honoured.
Thus our information, exclusively given on Tuesday
last, " that the last batch of bills, at 60 days sight, ac-

--
' cepted by the agency, had been paid," is-fully con-
I firmed. We stated on Tuesday that the sums for
liquidating those bills were provided, in part, at a ing meet-
I of certain capitalists, held on the previous day, in
.
! anticipation of remittances coming forward from Ame-
rica. The statement we gave on Tuesday we believe to
Ibe substantially correct. It was a matter of little sur-
prise that our Contemporary, after having been first in
I possession of the letter from Mr. Jaudon, but
l which was not permitted to appear, (though
copies of it were inserted to-day in the
Morning Herald and Morning Chronicle) should have
followed up its previous remarks upon this subject, by
a statement that great efforts continue to be made by
the parties more immediately concerned to prevent any
of the bills of exchange drawn upon Mr. Biddle's
bank from going back to Philadelphia. As all such
bills have been sent, as we stated on Friday last, the
dictum of our Contemporary in this respect is not worth
further consideration. The market for the American
Securities is on the rise. This is the best commentary
upon the question hazarded in the quarter to which we
have adverted, of a general bankruptcy on the other side
of the Atlantic.

The East India Produce Markets were flat to-day in
consequence of the expressed intention of Government
not to indemnify the merchants trading to Canton, for
the opium which was delivered up to the Chinese and
destroyed. Serious losses will he incurred by this de-
tL rinination. In West India Produce there has also been
a trifling amount of business transacted to-day.
The discount in Exchequer Bills has been reduced to
Is. only, it being hoped that the interest will be in-
creased ; India Bonds remain at 3 to 4 dis. ; Consols
closed pratty freely at 904 sellers for Account, and at
905 for Money; Bank Stock has declined from 1791
to 1781.
Business has been brisk this afternoon in anticipation
of the settlement of the Half-monthly Account to-mor-
row. Spanish after touching 28 left off at 274 ; the
Portuguese Five per Cents, at 33i- 1-; and the Three
per Cents. at 22k. The advices received this afternoon
notice a heavy market for Dutch Stock there—here to-
day the Two-and-a-Half per Cents. have fallen from
521 to 514 ; the Five per Cents, to 98i, and the Belgian
Stock to 1001. At Amsterdam there were reports that
the Java Bank had been placed in some difficulties, but
the rumour was not credited. South American Stocks
are heavy, especially Brazil, which fell to 71, in conse-
quence of the unfavourable state of the finances at Rio
Janeiro. The Share Market is still flat, though Great
Western Railway have rallied to 13 prem. ; London
and Birmingham to 51 prem. ; and Great North of
England to 71 dis.

SPIRIT of the PUBLIC JOURNALS.

FROM THE MORNING PAPERS OF THIS DAY.
(From the Morning Chronicle.)
" There are special seasons of truce," says the Times,
" seasons of natural rejoicing, or of charitable co-opera-
tion, or of neutral hospitality, when even party oppo-
nents agree, by common consent, to maintain towards
the Crown's advisers such a pacific and courteous
bearing as may clearly show that, though differing from
them on many important points, they are, neverthe-
less, disposed to give them credit for honesty and
directness of purpose. For example, the Queen's
Coronation, her Majesty's visit to Guildhall, the Wel-
lington banquet at Dover, public dinners for charities,
and the civic entertainments given by the Chief Magis-
trate of London, are precisely the sort of occasions we
are alluding to. At all such times there is a
conventional etiquette, in virtue of which the Minis-
ters of State are understood to enjoy, not only a
prescriptive impunity from expressions of public
displeasure, but even in aome degree a right to
public deference—a right which, in the case of every
Ministry not absolutely condemned to infamy, has al-
ways been recognised, as well by the general good feel-
ing of the populace, as by the more select portions of
British society." How is it that the Tories have broken
this truce, departed from this general understanding,
and manifested an utter want of gentlemanly feeling
Party feeling has often in this country run high, and
Ministers have partaken of city festivities whose
measures have been obnoxious in in the extreme to a
majority of the Corporation. " I have attended,"
says a correspondent, whose able communication
appears under the head of " Character of the Con-
servatives," " many Mayoralty dinners in the city,
and at times when the Corporation of London has
been far more liberal in its politics than at present,
and when the Ministry of the day has been pressing
a vigorous assault on the liberties of the country.
But I have never seen or heard one action or sound
which could jar with the feelings on a festive occasion."
It is not understood that a gentleman renounces his
political opinions, because he does not insult those whom
he has invited to partake of his hospitality. The Whigs
did not conceive themselves bound to behave with rude-
ness to Lord Castlereagh or Lord Liverpool, when
seated with them at the same social board, because
they might detest their measures. It will not surely be
contended by the Tories, that all rules of decency and
propriety are to be set aside in their favour ; that they
are to act on the principle on which the Munster Ana-
baptists justified all their excesses, that "every thing
is permitted to the saints." The Corporation of Lon-
don were, by the very act of invitation of Minis-
ters, bound to secure to them respectful treat-
ment. To invite a man to your table to insult
him, is the act of a blackguard, and not of a
gentleman. The Torid, might have objected before
hand to the invitation ; but, the invitation having been
given and accepted, they were bound, on every principle
recognised in respectable society, to observe the ordinary
rules of courtesy, and to resent any attempt to depart
from it. To throw the blame on some thirty or forty
individuals is merely to prove that all the others were
deficient in the spirit which gentlemen ought to possess.
The excuse put forward by the Tory members of the
corporation for their conduct is the most severe of all
libels on them. But we fear that the Tory members of
the corporation cannot even plead that a want of proper
spirit is all that can be urged against them. We have
heard, for instance—and, from the quarter whence
we derive our authority, we are inclined to credit
it—that Alderman Farebrother was among the
most conspicuous of those who hooted Ministers.
No wonder that, encouraged by the example of an
Alderman, some of the menials of the Corporation
deemed themselves justified by the occasion to lend
their throats to swell the chorus. It cannot surely be
urged, by way of apology for the worthy Alderman, that
at so early an hour his reason had been overpowered by
wine. But we leave the members of the Corporation to
Lsettle among themselves their respective shares of the
disgrace. A Tory and robber were originally synoni-
mous ;• and if we are to consider the scene at Guildhall
as characteristic of Toryism, it has not much risen in
the scale of respectability. It will not surely be con-
tended that the Tories of the City of London are a class
apart, and that the Tories elsewhere would disdain to
be placed on a level with them. We have received
several letters from foreigners present at the festivity,
who one and all declare that, in the whole course of
their lives, they never witnessed anything so low and
dastardly as the behaviour of the Tories on that occasion.
(From the Times.)
It appears by the Ministerial prints that Mr. Gibson,
or as he is now more fitly called, Mr. Jibson, has been
ftlasted at Ipswich by the Mayor of the place, and a
small number of other persons, whom it would be use-
less to name, as in all probability, few, if any, of our
readers ever beard of them before, and as we take it to
be quite certain that none of our readers will desire to
make even a nominal acquaintance with men, who could
receive with applause a would-be-politician like Mr.
Jibson, that has made himself notorious as a public man
only by his bad faith, his flippant, frivolous feebleness,
and his more than Whig insensibility to shame. We
are persuaded, moreover, that no rational and honest
politician will care a straw to know what jugglery
Mr. Jibson went through for the after-dinner en-
tertainment of the Mayor of Ipswich, and the rat-
fanciers which his worship scraped together iTOM
the neighbouring fens to make an audience for
this political Mr. Gyngell—if to call him sr:, be not
an undeserved reflection on the memory tsf that well-
known public character, who, thou};, like Mr. Jibson,
he was an impostor, was undoubtedly a conjuror too,
which undoubtedly Mr. Ji4son is not. There can be
but one opinion respecting this person's character and
conduct among all who have observed his public career,
his pirouetting, and his jibbing, from his entrance into
the House of Commons, by means of Ipswich, as Mr.
Gibson, a Conservative and an Oppositionist, until he
was turned out of the House of Commons, by means
of Ipswich, as Mr. Jibson, a renegade and -a Ministe-
rialist ; or from the occurrence of that damning inci-
dent to him until, his conceit and impudence in no i
wise cast down (for he is in face as well as heart a
Whig of the first brass), led him to expose himself
to, if possible, a still more humiliating fate at Cam-
bridge. For these reasons we decline entering into
any examination of the names of the company of rat-
fanciers, who, we are told, were thrown into positive
extacies by the facetious manner in which Mr. Jibson
pooh paohed the Protestant faith, praised education
without religion, and demonstrated, like a lawyer, the
perfect propriety of appointing Papists, who have
perjured themselves, to seats in the Privy Council.
If the fenny tribe who figured at the feast really
thought there was anything clever in all this, why their
brains must be as muddy as their own ditches, and,
we are only surprised that Mr. Jibson did not seize
so favourable an opportunity of assuring the gobe-
mouches, whose Master Merryman he was for the night,
that few persons had done more for the purification of
moralsasaespeciaky at Court—than Lord Melbourne had
done by waking the Marquis of Headfort a Lord in
Waiting, and presenting Mr. Owen and his beastly
book to the Queen,
(From the Morning Herald.)
The return of Sir John Colborne to England is, at this
critical juncture of colonial affairs, to be regarded as a
national calamity ; and the return of that distinguished
officer may, very soon, be expected. To Sir John Col-
borne, do we owe the preservation of the Canadas as an
integral portion of the British empire. His skill, pru-
dence, and courage, counteracted the effects of Macken-
zie's treasons ; and rendered perfectly innocuous, the