The Sun.
London, England, 1838-08-08 00:00:00

THE UNITED STATES and CANADA.

From the Correspondent of the Morning Chron'ele.)
PHILADELPHIA.. JULY 19.—Tice business of resumption is
settled in the State of Pennsylvania. While the United
States and other Banks were discussing the when and the how,
and, to all appearance, adopting measures calculated to lead
to further delay, Governor Ritncr issued his proclamation,
fixing the 13ili of -August as the day for recommencing specie
payrnen!c, and stating his d,terinimeion to enforc,- the edict
by all the powt:Ts placed at Id; disposal he the hoe. Tha
clI,-et of the meaaute has been most salutary; inasmuch .13
it hes restor;:d cenfidctice between the banks and the
people, and greatly improved the statc of the money
market in this and the neighbouring Commonwealths.
Before it appeared, all was uncertainty in relation to
resumption of specie payments. Now, every thing is re-
tinced to certainty, for nothing has transpired since its
publication to induce the belief that a single bank will en-
deavour` to protract or evade ite provisions. The object of
Mr. Biddle, in opposing specie payments on the day first
proposed in the bank convention (to wit, the Ist of August)
still remains a mystery; and the best friends of the United
States Bank regret that he thought fit to adopt such a course.
It is, indeed, affirmed that his desire was that all the banks of
the Atlantic States should have concurred in the measure,
and that the resumption should have been simultaneous at a
more distant day, for the appointment of which a convention
was to be called.

It was reported a few days since that the steam-boat len
ville had exploded in Tenessee, killing 500 Indians and others
on board. lam happy to be enabled to contradict tho rumour;
it is untrue.

Letters from Mexico inform us that the blockade of the Gulf'
ports by the French has greatly increased in rigour, and that
all vessels appearing off the coast with an apparent intention
making any Mexican port, shall be made prizes of, except
of-war and British packets. This regulation has caustuj much
dissatisfaction in the United States, and particularl,y at New
Orleans, where the merchants complain that it all,Jws a latitude
of capture extremely injurious to American commerce. On the
13th of June another ultimatum was presentt,d by the French,
importing that if their claims were not met by the 3d of July,
both Vera Cruz and Tampico would be bombarded. Imme-
diately following upon this intelligence, we have a rumour
"that the terms had been refused, and Vera Cruz attacked ; " but
as I cannot trace the statement to any authentic source, I pat
no confidence in its probability. It is certain, however, that
if the ultimatum should be rejected, the French must be prompt
and vigorous in their measures, else the fatal disease, el yo.
mite (the yellow fever and black vomit), will commence its ra-
vages; and such a pestilence is far more likely to thin the
Gallic ranks than are the guns of San Juan de Ulloa. There
is no port in the world where the " black vomit" is more fre-
quent or more fatal amongst Europeans, than Vera Cruz,
owing to the extreme heat of the climate, and its low, fenny
location ; but a very few miles inland place strangers beyond
the reach of danger. The most sickly months are August,
September, and October.
All accounts from the Canadas and the frontier are pacific.
Even rumour, with her thousand tongues, has ceased to
excite and alarm us with statements of battle and of broil.
The great assemblage of insurgents in the London district
turns out to be a miserable hoax, got up, as the Canada
papers say, by a few of the militia, who were anxious to con-
tinue in the receipt of Government pay, and therefore forged
awful accounts of invasion, which bad no existence in
fact, with the hope of inducing the authorities to rescind
their orders for disbanding the militia. The United States
troops, under Captain Gwynn, have captured the buccaneer
Johnstone's famous long-boat and two of his men on one of the
Thousand Islands. They acted in friendly co. operation with
the British soldiers. Johnstone himself has hitherto contrived
to elude pursuit, concealing himself in that worse than Cretan
labyrinth. A large quantity of his arms and ammunition we;
captured. Lord Durham and suite arc enjoying the cool
atmosphere at Niagara Falls, where a military review on a
magnificent scale will take place in a few days. His Lord-
ship's policy for pacificating the Canadas promises the most
desirable results, and is generally admired by the press of this
country. " Justice to the guilty, and mercy to the mis-
guided" is his maxim, and an excellent one itis. The ring-
leaders of the revolt and a few ultra Tories are the only per-
sons who find fault with it—the former, because it affords them
no new ground of complaint; and the latter, because it has
disappointed their thirst of revenge and war. It has been ru-
moured here for several days that Governor Arthur intended
to resign, in consequence of his deeming the course of Lord
Durham a mistaken clemency ; but as yet the report wants
confirmation.
A gentleman in this city received a letter yesterday from
Toronto, which contains the following passage:—" Both the
provinces are now quiet. Law and order are restored, and
business, together with all the peaceful occupations of life,
go on as usual. It is really amusing to us here to see the
tremendous accounts headed " Fresh Troubles in Canada,"
" More blood spilled," &e. &c., in the papers on your side
of the line. Why, my dear sir, not one in a hundred of them
has any foundation in truth ; and if you should visit us during
the summer you will find yourself in a country which, at pre-
sent, is quite as peaceful as Pennsylvania. Come, then, and
join us in an excursion to the Ottawa."
The excessive heat with which the United States have been
afflicted for the last few weeks has moderated from 5 to 10
degrees, and the thermometer in this city now ranges from
86 to 95 degrees at three p.m. on the shady sides of the
streets. The effects of the hot weather have been serious.
In New York, during the week ending on Saturday last, it
is computed that 71 deaths occurred, in one way and the
other, of grown persons, from heat ; and in this city 17.
The interments were more than double the usual average in
New York, and nearly treble in Philadelphia. This arises
chiefly from a disease which attacks infants, called the "sum-
mer complaint" (dysentery). In this city the week's burials
were 231, 134 of the number being of children under five
years of age. The Atlantic cities, however, are remarkably
free from fever and all contagious or epidemic disorders. In
the west, the fatal " milk sickness," which produces death in
a few hours, has prevailed in several of the States on the Ohio
and Mississippi. The mystery of this disease (indigenous to
that cosintry) has never yet been fathomed. It is supposed to
be caused by the cattle eating a certain unknown herb, which
poisons the milk. The Governor of Kentucky has published
a proclamation, offering a reward of 1,000 dollars to any one
who can discover the origin of the disease, in order that it
may be counteracted.
The cotton exported from the United States for the year
ending Sept. 30, 1837, was 438,924,566 lbs. Sea Island,
5,286,971 lbs. ; value, 63,240,102 dolls. The coffee imported
in the same year was 88,140,403 lbs. ; value, 8,657,760 dollss
The tea imported in the same year, 16,273,742 lbs. ; value„
5,901,695 dollars.

THE AMERICAN MONEY MARKET.
(From the New York Daily Express, July 19.)
WEDNESDAY,
The Money Market of this city may be said to be easy—
for those who have what is considered sufficiee:t securities,
that is, a man can borrow money enough, if ine has what is
money to pledge for the loan of it. For such security, money,
indeed, is seeking an investment, or rather money is seeking a
change in the form it has. The moneyed men are putting
their feelers out cautiously. Having been bitten sadly, many
of them, by the rage for note shaving, when all sorts of notes
were shaved, provided the interest was high enough, they have
now rushed to the other extreme of ultra-caution, which, how-
ever, is rapidly giving way to a confidence in sound business
transactions. This caution is a natural result of the disposi-
tion that existed a year and a half ago to run extreme risks,
and when it gives way, as it undoubtedly will to bona fide
business paper, business will again flow in its natural channels.
The day is not far off when moneyed men will again dis•
count any sort of paper, provided the interest promised is large
enough
There is a great deal of capital with us now awaiting an
investment. Some of it is employing itself in Treasury notes,
some in State Stocks, and some in Bank Stocks. As yet it
does not, to any great extent, seek those investments which
arc likely to interest and employ the great masses of the com-
munity, the middle and the labouring classes ; but as it ex-
hausts itself in storks, it will go into more practical opera-
tions. The manufacturing establishments of the city and
country are yet in a very languishing state for the want of
money, and the want of the demanded means of raising
money. Thus the labouring classes have no sensible relief,
though there is now no actual suffering. Manufacturers, the
fact is, have in a great many cases taken to farming, particu-
larly in New England and New York. Of building there
is but little going on for a city so large as ours. The up-
town lots are but lots yet, though there is an actual demand
for dwelling-houses for the accommodation of people. As for
the shops and stores, their time is not to come till May next.
When capital takes a turn to set the springs of industry in
motion—to push forward our railroads, to extend our city,
to set the workshops again in motion; that is when credit
and confidence are restored the labouring] classes will
then have the benefit of the easy money market of which
we speak.
Exchange on London to-day was 108 to 1081, and this for
the packet to-morrow, but not much doing.
The approaching resumption of specie payments by the
banks of Pennsylvania, leading in their train the banks of the
South and West, continue to operate favourably upon the do-
mestic exchanges. In connection with this resumption, ca-
pitalists are also directing their attention to the purchase of
southern and western funds for the purpose of a temporary
investment. When the discount is great, as on Mobile and
Mississippi, the profit would be very large, but the capitalists
are wary of their funds, as the time of resumption is consi-
dered very uncertain. For New Orleans, Cbarlestonvid,Vir-
ginia, Baltimore, and Savannah funds, there is some avidity.