The Sun.
London, England, 1838-05-14 00:00:00

LATEST NEWS FROM AMERICA.

(From the New York Papers received to the 17th ult.)
UNITED STATES.
(From the Albany Argus of April 12.)
IMPORTANT MESSAGE.

We hasten to lay before our readears the following important message
this day transmitted to both Houses by Governor Marcy ; we have only
time to add, that it will be received, we do not doubt, with the unqualified
approval of the people, and of all the friends of sound currency;—
To the Senate and Assembly:—Fellow citizens,—The time is not far
distant when when the Banks of this State will resume specie payments;
and it can now be anticipated with tolerable certainty what will be the
situation of things when this event shall take place.
Since the general suspension of specie payments in the month of May
last, the Banks which have furnished their monthly statements to the
Commissioners have made commendable efforts to put themselves in a
condition to resume. On the Ist of June last their liabilities amounted
to about 64,000,000 dollars, while the debt due to them for loans and dis_
counts exceeded 67,000,000 dollars. From that period to the
present time a course of rapid curtailment has been steadily
pursued, so that their liabilities on the first of the present month
were but 53,000,000 dollars, and their loans and discounts were
less than 56,000,000 dollars. By this process of reduction the
condition of our banks has been greatly improved, and their ability
to meet andsustain specie payments is now fully equal to what it had
been at any former period. This remark is particularly applicable to
the Banks in the city of New York, where, amidst a general depression
of business, the most rigorous and praiseworthy efforts have teen put
forth to prepare for an early and successful resumption. The Institu-
tions in that city have, during the suspension of specie payments, re-
duced their liabilities more than 6,500,000 dollars. Their specie during
the same period has increased from about 1,800,000 dollars to more
than 3,500,000 dollars, to which, in estimating their ability to meet
their engagements, should be added about 1,500,000 dollars purchased
and ordered from abroad, and expected to arrive early in the ensuing
month. The Banks throughout the State, which have made reports to
the Commissioners, have reduced their liabilities more than 11,000,000
dollars, their loans and discounts about the same amount, and their cir-
culation from about 9,000,000 dollars to about 4,000,000 dollars.
The Banking Institutions of this State are, therefore, in the best con_
dition for a return to the payment of specie, and appear to be deter.
mined, as they certainly should be, that no effort on their part shall be
wanting to place the State and its business interests in the most desirable
position.

Owing to causes alluded to in my message at the opening of the pre-
sent session, our constituents in all parts of the State shared largely in
the distresses which precedod and immediately followed the suspension
of specie payments. Such was the case in an especial manner with the
citizens of our great commercial emporium. The loss of about fifteen
millions of dollars of capital by the fire of December, 1635—the inter.
ruption of business by the unparalleled commercial revulsion, which
soon followed that disastrous event—the sudden withdrawal from de-
posit, in the midst of all this depression, of ten millions of dollars of
public money—all having occurred within the space of about twenty.
seven months, co-operate with other considerations, to induce the Le-
gislature to extend its aid in an efficient manner, if it should become
necessary, to shield our institutions from threatened hosti lit y, and thereby
to protect and foster the general interests of the people. It is also pro.
per to remark, that about three millions of dollars of the amount of de-
posits withdrawn from the banks in the city of New York were appor-
tioned to the several counties and towns in the State, and loaned to the
citizens thereof, under the law of the last session in relation to the sur-
plus monies beionging to the United States.
_ .

I have not been able to discover any adequate reason why the Banks
in most of the other States, and particularly in the Atlantic cit es,
could not have been in as favourable a condition to resume as o: r
own. The main causes which led to the suspension have for some time

ceased to operate, and others of an opposite tendency are exerting a
beneficial influence in restoring the currency to a healthful state. The
commercial debt abroad, which was large at the period of suspension,
and the pressing demand for which was one of the principal causes of
that calamity, is now mostly paid off or arranged; foreign exchanges
are decidedly in our favour ; the precious metals, instead of being in
demand for exportation, are coming into the country in great abun-
dance from every quartet.
The suspension law of the last session expires on the 16th of May
next, and the Banks in the city of New York have determined to re-
sume the payment of all demands against them in specie on the 10th
of that month. The country banks of this State are prepared to take
the same step at the same time; and all classes and interests, it is be-
lieved, are ready to aid these efforts by a generous confidence and ap.
proval.
To avoid the creation of a new stock for the express purpose of being
loaned to the banks for a long time, I recommend that the Commissioners
of the Canal Fund be authorized to issue stock, which it is now certain
will become necessary within a few years, for their enlargement of the
Erie canal, and the completion of the Black River and Geneser Valley
canals, and if the apprehended emergency should arise demanding its
use, to loan it to the banks, requiring of them the most ample security
for the punctual payment of the interest, and the reimbursement of the
principal from time to time, as the money may be wanted in the progress
of these works.
Although intelligent merchants and bankers are of opinion that it
will netprobably be necessary to use the credit of the State, yet it may
be otherwise, and the recent opposition of the views and policy of the
Bank of the United States increases the apprehensions that a crisis will
arise in which the credit of the State to some extent may be required.
With a view of making ample provision for any such exigency, I re-
spectfully recommend that authority should be givers in the manner
suggested to issue stock for the contemplated purpose to the amount of
6,000,000 dollars or 8,000,000 dollars. This recommendation does not,
it will be perceived, propose creating a stock, and eventually, if need be,
the raising of money expressly for sustaining the banks in the measure
of resumption, and retrieving from their present depression the business
concerns cf the people, but it suggests for these highly important see.
vices that the monies which it is known will be required for the public
works already unauthorized by law, should be raised a short time before
they are wanted for expenditure.
A new interest is, in my opinion, given to the subject I have pre-
sented, and much force is added to the considerations in favour of the
measure I have recommended, by the course of conduct which it Is the
avowed intention of the United States Bank of Philadelphia to pursue
in relation to the resumption. Had the determination to oppose a re-
turn to specie payments come from any other quarter, they would have
caused much less surprise and regret. This institution has a capital
of 33,000,000 dollars, and possesses by the terms of its Charter more
than ordinary banking powers and privileges—it has its agencies and
long established business connexions in almost every State in the Union
--it enjoys an extensive credit, not only in this country but in Europe,
and its resources derived from this consideration alone are immense. It
most confidently relies, as appears by the language of its Presidency,
upon the subserviency of the Banks of all the States, (except New
York), in falling into its views and co.operating with it in carrying them
into effect.
When this formidable power is arrayed against the measure of re.
suming specie payments—when it is publicly announced by the Pre.
sident of the United States Bank—that the uncertain period of resump-
tion must be delayed until the accomplishment of certain pecuniary
operations which are distinctly shadowed forth in his letter, there is
very strong reason to fear that the banks of this State will not be per-
mitted to pursue the course which they have resolved to take without
encountering more than the intrinsic difficulties of the measure.
I am confidently persuaded that a vast majority, if not almost the

entire mass, of our constituents, are opposed to, and will expect their
representatives and public functionaries to resist, the policy put forth
by the United States Bank, of constituting the issue of an is redeemable
currency. W. L. MARCY.

Executive Chamber, Albany, April 12.

BANI CONTENTION, APRIL I4.—The Bank Convention met yestcr.
day pursuant to adjournment to receive the Report of their Committee of

18. The Report designated the Ist of October next as the day of ge-
neral resumption, leaving it open to any state or any bank to resume be-
fore that period at its pleasure. The object of the report was to name
a day certain, by which all the banks should place themselves in a posi-
tion to resume. On this Report the votes in Committee were 13 to 5
viz , Ayes—Maine, Vermont, New Hampshire, Connecticut, New
York, New Jersey, Pennsylvania, District of Columbia, Virginia, North
Carolina, Indiana, Illinois, Missouri, Nays—Massachusetts, Rhode
Island, Delaware, Maryland, and Mississippi.
UPPER CANADA.

TOlZONTO.—Yesterday Lount and Matthews received the awful sen-
tence of dea,h, which was pronounced by Chief Justice Robinson, after
a most solemn and affecting address to the prisoners, who, we under-
stand, appeared penetrated with a deep sense of the enormity of their
crime, and the justice of their doom.
ToaoxTo.—Srarc TRIALS.—Since our last, Gilbert Fields Morden
and John Montgomery have been put on their trial and convicted of
high treason. Also John Anderson, who pleaded guilty.—Christian
Guardian, April 4.
The brigand chief, Sutherland, on entering on his defence yesterday,
abandoned his project of combating the case for the cre..vii by counter
evidence, and trusted his case wholly to points of law. 'the Court
re-assembled to-day, and we believe have sent their verdict to the
Governor, which, together with the sentence, will in due time be
known.— Patriot, April 3.

HAM' LTON.—STATE TRlALS.—oollVieted.—P. Malcolm, Ephraim Cock,
ELas Snider, Charles P. Wairath, Stephen Smith, Horatio Hill, Nathan
Town. Recommended by the jury to favourab!e consideration—l Nm.
Webb, John Tuffurd.

The following prisoners have petitioned the Government, according
to the late Statute, and their petition has been graciously received,
: —Duncan M'Phcdrain, Robert Laing, Charles Chapin, Malcomb
Brown, Adam Winegarden, Lordwellington Winegarden, William
Thompson, Lyman Chapin, Philip Henry, George Roberts, Robert
Elliott, William Winegarden, and Henry Winegarden.
Robert Allway, Esq., has been liberated on bail, in order to take
his trial at the next assizes for the district of London. He is personally
bound in 1,0001, and two sureties in 5001. each. Dr. H. Smith and
Daniel Lewis, E. q., became his bail.

The trials here possess very little interest.—Gazette, April 3.
LOWER CANADA.

QUEBEC, APRIL 7.—Mr. William Coates, late tirst-teller of the branch
bank of Montreal, was this week fully committed to the gaol of this
city, charged with feloniously stealing, in the month of February last,
notes of the said bank to the amount of 10,000/_ currency. A reward
of I,OOOZ. is offered for the recovery of the stolen property, and a pro-
portionate reward for the recovery of any part thereof.

The delinquent has been in confinement since the robbery was first
discovered, but his examination only terminated on Monday or Tuesday
last, when he was fully committed for trial at the Criminal Term of the
Court of King's Bench, which will he held in September next.
NEW YORK MONEY MARKET, &c., Aram IQ.

. .
The stock-market on Saturday rallied a little, and a small improve..
ment was generally realized. United States Bank advanced about 1 per
cent., having closed at 110, 30 days ; Farmers' Trust Company, 97 ,
Utica Railroad Company, 112 ; and Phmnix Bank, 97. Large sales of
specie have been made during the last few days at a i to - per cent.
premium. Treasury notes are Ito i per cent. discount. The discount
on Philadelphia and United States Bank Bills continues at 5 per cent.
A fair business was transacted on Saturday in exchange for trans.
mission by the Packets sailing this morning for Liverpool and Havre.
On London the closing rates may be quotei at 4 to 5 per cent. premium.
On France, sf. 421 c. to sf. 47kc. ; 39c. on Holland; 35i on Ham.
burgh; and on Bremen, 77 to 771.
Specie, to the amount of 820,000 dollars, was received yesterday by
varions houses in this city by the ship Sheridan, from Liverpool. The
Columbus, expected every hour from Liverpool, has, we understand,
600,000 dollars, and the Gladiator, from London, has also a large
quantity of specie on board. At New Orleans, 69,000 dollars had
been received fron Vera Cruz on the 6th, and advices of the speedy ship.
ment of 100,000 dollars more.

The usual monthly statement of the banks of this State to the Ist
instant, shows the following results, as compared with the statements of
June and March last

June 1. March 1. April 1.
Loans and discounts.
Specie.
Circulation
Due Canal Fund
Due State Treasurer 2,152,950 31,169 8,444
Due U. S. Treasurer... ......
Due Individual Depositors
Profits
.... 6,329,726 8,067,769 8,253,639
These statements show a diminution of loans and discounts for the
last month of 553,439 dollars; an increase of specie of 755,097 dol-
lars ; a diminished circulation of 149,735 dollaxs ; an increase of the
Canal Fund deposits of 61,004 dollars or individual deposits 66,263
dollars; a diminution of the State Treasurer's deposits of 22,725 dol-
lars ; and of the United States deposits 97,941 dollars.

SALES ON FRIDAY AT TIM STOOK XXCIIA,NOIL,
100 shares United States Bank
50 do. Ditto
175 do. Ditto
100 do. Ditto
90 do. Mechanics'Bank . ........ 89i
21 do. Union Bank
114}
50 do. Phoenix Bank
50 do. Delaware and Hudson ..........8.:1 60 days 691(?
50 do. Ditto
... 60
SO do. Ditto
125 do. Ditto
173 do. Ditto
30 do. Ditto
. ..............
1,600 dollars Treasury notes
1,000 Mexican dollars
....._ 991