The Sun.
London, England, 1838-04-21 00:00:00

MONEY AND COMMERCIAL NEWS.

MORNING POST.—There was rather more business doing in
the English Stock Market to-day, and an advance of per
cent. was established on yesterday's quotations. The tran-
sactions, however, continue very limited.
The Foreign Market remains in the same sluggish state that
it has been in now for so many days past. A few bargains in
Dutch and Portuguese Bonds are occasionally announced,
but we hear of no business worth naming being done in other
descriptions. The new Spanish loan, which has for some
time engaged the attention of the Paris contractor, M. Aguado,
and a firm here, would be so palpably injurious to the holders
of the existing bonds that the project makes no sort of progress,
and the latter interests are in the meanwhile nearly stationary
at their late quotations. We are glad to see that in the oppo
sition we have given to this nefarious scheme we are, with one
single exception, joined by all the leading papers which have
expressed their sentiments upon it, the Morning Chronicle
being the only print that has ventured to give its sanction and
support to the new creation.
The Railway Share Market does not exhibit any symptoms
of improvement, either as regards prices, or the amount of
business transacted in it ; there was, however, some demand
to-day for the Asphaltum shares of the different Companies
ROW in the course of being established, and at generally rather
Letter rates, though, upon the whole, the rage for speculation
in these very questionable projects has evidently cooled, and
we are by no means sorry to see it.

In the advice, last received from the United States, an
opinion is expressed that very few shipments of specie will be
ordered from England for American Account, unless it be by the
banks. The calculations upon which this opinion is founded
arc as follow :
" Bills of exchange on London have been sold recently at New York
at 51 per cent. nominal premium. Bills at sight would have commanded
61, which is 3 per cent. below the true par measured by paper, and 61
below that par measured by specie, calculating specie at what is called
II per cent. premium. The cost of importing specie may be estimated,
at this season of the year, at 4 per cent. freight, and per cent. in-
surance ; and if per cent, be added for commission, it will stand the
importer in 11 per cent. But the owner of a fund abroad, were he to
send out orders for its transmission in specie, would have to wait for it
60 or 90 days, and would thereby lose the interest for that time, which
would be 1 to 11 per cent, if estimated at the bank rate, or double
that amount, it' the market rate •f interest be taken as the profit he
could make upon his capital. He would also take into the ac-
count the possibility of the loss of the vessel on board of which his
specie might be shipped, by which a disappointment in the receipt of
Its funds would occur ; for, although he might be fully insured, he
might not recover from the underwriters with the promptness which
his pecuniary arrangements might require. This item might fairly be
estimated at is per cent., and, if added to the freight, insurance, corn.
mission, and loss of interest, would amout to 3/ per cent. Still there
would bo a profit on the importation of specie if there were any cer-
tainty that ninety days hence there would be a premium upon it in the
:New York Market. A resumption of specie payments before that
pe.lod would de.Cat the speculation, and as such an event is highly pro-
b..bla it appers to us that nobody will order specie from Europe but
the Banks which are said to have made some purchases of bills for that
purpose."

A periodical dcvoted to financial affair, states that the in-
ftexsble course pursued by the New York City Banks, of
gradually reducing the amount of their immediate liabilities
only conceivable process by which they can be prepared
to resume specie payment:,) has brought up the value of their
taper so near to the specie standard that there is every reason
tai anticipate the preservation of their charters by a resumption
before, or very soon after, the first of May next.

MORNING CHRONICLE.-Letters from persons in Paris who
halve the best means of obtaining correct information as to
passing events, mention that r.:.gotiations for a loan to Spain
have assumed a more favourable appearance, and that there is
fa,-.ry expectation the matter will now be completed, on a
b Isis which it is thought will meet the vie..vs of the old ere-
ditots of that country; for until that is effected it will he per-
fectly usekss for Spain to expect to get any advance of
m.,rnent. We refrain, however, from making any detailed
remarks while affairs remain in their present position ; but we
rill probably return to the subject shortly.
It continues to be much remarked that nothing is heard from
ill, Directors of the British iron Mining Company as to the
Mate of their affairs. To the pressing solicitations of nurner-
shareholders there is now added an advertisement in the
n,,,,capers, containing insinuations of a nature which the
Director:, it is thought, should reply to by meeting their con-
sti uetits wil.,`'.nut delay.

,V.ouNixo Hanaco.—ln the commt:rci:il Money M,rket all
these manifestations ,'`f indisposition for mercantile specula-
tik,e which we have late.:( noticed continue to prevail ; and,
rotetithstantiin; the accrun:cr -abundancy of money, the indif-
ference of the dealers in Brills:a Sacur:ties continues ; at th
same time it is proper to remark, Ihat more business for money
st Eck in the British Funds has been effected to-day than in
proportion to tha time dealings in our public securities. This
ci!eumstance exhibi!s a want of cenfidei:ce in coming events
u'on the part of those who usuilly are sensibly alien to the
belAits of prospective speculation.
There have been more dea'ings upon the northern 'portion
cf the European Continent in the way of exchanges than
al of late, and the prices have advanced. The principal
cells, of this improvement may be ascribed to the speculation
,:•as lately been carried on between the chief cities of
Unhand ,:nd the flanso Towns in Foreign Securities as well
as in Dutr.n. Stock in th's market. On Amsterdam the rates
have advaneee. to 12 5-1 al2 Ws. On Rotterdam at 12 5 a
12 si, and on 11.' mburg at 13 121. a 13 12)r. On Paris the
rates rule a shade 10,,er, being quoted at 25f. 854 e. to 25f. 85e.
It is pretty well .::nderstood that the Bank of England
will forward shout 170,00 i in gold by the next packets, and
that about tio,ooo/. will also go on merchants' account to the
United States.

'Vanes.—ln the New York papers last received there is in-
Serte,f. a letter from General Jackson to Mr. Dawson, written
as idr hawk as December last, but no7r made public fur the
Ar.t time, some passages from which are well deserving of
quotation, bearing as they do most powerfully on the bank-
ing crisis row going on in America, and representing, of
ccursr, if not guiding, the opinions of all his party. On
the general questfl/4,n of the separation of the financial affairs
of the country entir.aly from all management by banks, he
obaerves_

" In relation to the aspest of public affairs,' which to some of our
friends appears unfavourable to the hope of effecting an early se-
pare:ion of the fiscal operations of the Treasury from the agency
of banks, state and national, I see nothing that should beget despair,
or induce us to retrace our steps, or relax our exeetions. The re-
cent elections in New York manifest, it is true, some supineness on the
part of those who have heretofore sustained the ascendaecy of the
eld Jeffersonian principles; but they expose also the real objects
and true charactor of the federal party, which is ever vigilaLt to
seize any opportuoity that is presented for the recovery of the
ground they lost in the establishment of the present Constitution,
and in the memorable contest of 1798 and 1800. Such an opportunity
was afforded in the present crisis, by the division of the Republi-
can ranks respecting the lowans which should be immediately adopted to
increase the metallic basis of our circulating medium, and place the
Government money, or ratleer the money of the people, in a state of
proper security. If this division leas thus cost a defeat, may we not hope
that it is but temporary, and that will bring us again, as it always
done before, a solid and lasting victor,--a victory Nv hlc h will be the
result of enlightened co-operation and toncert on the part of all true
Republicans, sacrificing all minor differences, and rallying, 3.1 one man,
to the defence of the great principles which it is the design of the corn-
anon enemy, the federal party, to overthrow ?"
Of the danger, in a political sense, of placing the treasure
of the State in such hands as those of the American Banks,
General Jackeon expresses a strong feeling. He says—
" Atter the treachery of the bank: to the Government, it will be vain
to suppose that the people can ever be Induced to acquiesce in their em-
ployment again as public depositaries. What security can we have that
they will not always suspend payment when those who control and make
money out of them will find it their interest to do so ? Let it be borne
in mind that the recent suspen.lon occurred at a time of profound
peace with all foreign natiovs, wh..no,nr exhaustless resources were all
in successful operation, and then let us consider what would have bees
the consequence if such an event had happened in a critical state of war.
The banks in such an exigency would have hela' the sinews' of war without
responsibility to the general Government. le`anaged as they now are
by those who use them as instruments of profit, They we uld have been
unable, even if willing, to meet the demands of the) publite necessity.
Is it reasonable to suppose that the people can acquiesce in ti:‘• idea of
trusting the public defence to such Corporations ? Rest assursed they
never will, and those who are so unfortunate as to entertain that idea,
will find that all their attempts to give effect to it are of no avail, except
to aid the party which is anxious to defeat the republican will.
" The truth is, Sir, that the separation of Bank and State was sup.
peed to have been accomplished by the federal constitution as it now
reach'. The union of the two at the close of the revolution was odious,
and such will now be found to be sentiments of the great body of the
American people, whenever the question is fairly submitted to their
Judgment."
This defence of himself for having employed the • State
Banks during his late administration as the deposits for the
lublic monies, which occupies a considerable portion of the
etter, need not be dwelt upon. He well exposes, however,
the arguments of the other party in making it the subject of an
attack on the present Government that this expedient was once
re4orted to :--
" But, aware that the Administration cannot be injured by the
charge that confidence was once reposed in the State Banks, the
raw-head and bloody bones of the purse and sword in the hands of
the Executive are conjured up for political effect. There are none
%who resort to this humbug who believe that the danger exists which
th 11, so clamorously deprecate. Their only wish is to delude the
le and obtain their sanction to the domination of Banks and their
irreep onsible paper issues. They know that Congress is vested
with te'e power to lay and collect taxes—to raise armies, of which
the Press 'lent is charged with the direction and with the execution of
the law._ that by law all money appropriated is speedily applied to the
object of its a, propriation, and one cent. cannot be drawn from the Trea.
surf but in put, suauce of law and on the warrant of the Secretary of the
Treasury, countex signed by tie Treasurer and First Controller—that the
President is bound L'T solemn oath to see the laws faithfully executed ;
and that to every Congress the aecretary is bound to make an expose of
all the disbursements, ',which is examined by Congress—that the Presi-
dent for failure of duty is liable to impeachment. Away, then, with
this raw-head and bloody-bones. It le Only a device to continue the

usage t"taring the people for the hex,* IV Me banks, an effbrt to
take the public revenue nut of the hands of responsible, to pfs.t iit Into the
hands of irresponsible agents, who wilt use it to encourage 4,yep-issues
_of paper money, and thus expose the Government .‘tad the people per-
*ually to the injuries we are now experiencing for the want of .0 stovic

aae rency."

.
i.his view of the advantages of specic transactions by the
Govea nment, as a means, probably the only one—of com-
pelling- the banks themselves to resume cash payments, is a
very strafing one :
If the revenul is received in gold and silver, it will force the hanks
to resume specie payments, keep then;,, within the bounds of just banking
principles, give the people a metallic curlVtcy or its fair equivalent, and
put an enl to over trading and wild specu;ation, which save been so
long the bane of our country, Is it nat. then, our duty to rally round
..'sch a measure, and are we not wrong in doubting the disposition of the
per, ole to sustain what is so manifestly their interest and welfare? In
se; ar sting the Government from the banks, we secure to labour its fair
and e odeviating tender of value; every honest
pursuit is promoted,
the Goarsrnrnent is relieved from the political intloene,eur the
money
power, legislation is purified, and the republican feelings of our citizens '
. are cherished. The Mint, for the support of which the peop!e Are
taxed, will then be employed in its proper (ace, that pf eaining tho

metals, which, In exchange for our profitable commodities, will steadily
flow into oar land."
This concluding passage is a forcible appeal to the country,
politically speaking, in behalf of the pending measures, and is
distinguished by the same sound patriotism which has accom-
panied him through the whole of his long career, and is by
far the best point of the Government case against the Banks :
" On this subject, Sir, I acknowledge that I feel the deepest interest.
I am persuaded it is pregnant with consequences of the highest impor-
tance to our beloved country. If we are not now able to occupy the
ground prepared for us by those who framed the Constitution, in respect
to the influence of Banks and Monied Associations, I fear its recovery
hereafter will cast the people difficulties and disasters, compared to
which those that have been occasioned by the recent suspension of specie
payments will be considered as nothing. The idea that in the event of
war, if the Banks are again employed as public depositories, it will be in
their power to stop payment, and thus deprive the nation of means
of credit and support, is sufficient, in my judgment, to enlist the
ardour of every patriot on the side of those who will refuse to
commit so great a trust to any monied institution. All ex-
perience tells us that money is the sinew of war, and that no na.
tion can long be free and independent which places this ele-
ment of its power in hands that are irresponsible in their very
nature. Such would be our situation if the banks, as at present organ-
ised, retain the public money. They could much more easily in war
than in peace find an excuse for refusing payment and violating their
pledges to the Government ; and all who are conversant with history,
must be aware that there are exigencies from which we are not exempt
in a state of war, when the bankruptcy of our Government would force
it to make a dishonourable peace, if it did not compel its submission to
a foreign yoke. Looking at the subject in this light, I indulge the hope
that all true Republicans will discard the idea of our again trusting the
public money to banks. The plan proposed by Mr. Van Buren exposes
us to no hazard. On the contrary, if adopted, it will simplify the opera.
tions of cur revenue, purify legislation by removing from it the corrupt.
ing influence of money, and insure peace, harmony, and prosperity to all
the great and diversified interests of our country."
The sudden fall in London and Birmingham shares yester-
day. has created a good deal of inquiry as to the cause, but
nothing has yet transpired to account for it. The railway
share-market has generally been depressed in consequence of
it, although prices nominally have undergone little variation.
London and Birmingham remain at Si to 83, after seine fur-
ther fluctuation downwards in the course of the day.