The Sun.
London, England, 1836-09-10 00:00:00

MONEY MARKET.

..-,

(From the Times.)
Much inquiry has been made to-day in the City, respecting
the impression made on the trading Interest of Liverpool
bi llaid
Manchesaer, by the recent rejection of their first-rates:
the Barg of England, for the ascertaining of whichr b
thencesuffi
cient time has now elapsed, Most of the letters foni
touch_ more or less on tlae subject, but the annexed
feeling
tilt
fretat one cf them is e-hosen, as best describing the
exists there, and .t is worthy of attention also,. as hinting at the
sort of remedy 'likely to be set up for such grQievaoa es
Liverpool, akept. 6, 1836,
" The conduct of the Directors of tha Bank of England,
ma the preserit moment,
is accessarib; the subject of much dis-
cussion he, c. The remark is fairly made, that the public do
not know all that the Bank Directors know, which is very true ;
but std.). the feeling will and must prevail, that the currency of
the coamtry is a great deal too much under the controul oir a
particular sct of individuals. Out of this feeling grows the
smpr assion, that sooner or later some power must be brought
forv;ard, or will by circumstances be forced forward, eapahle
of rendering the commercial community less dependent upon
tf cc Bank of England than it now is. Perhaps this power is
:already rising up in the joint-stock banks. Although the depu-
tation which recently went to London from the Bank of Liver-
pool, has maintained a becoming reserve on its interview with
the Directors of. the Bank of England, it is very well under-
stood that they took pretty independent ground ; that they
urged upon the Bank that the sending an order to the branch
bank here not to discount the acceptances of certain houses,
without any regard to the endorsements on such bills, was not
paying a becoming respect to such an establishment as that of
the Bank of Liverpool. Immediately on the return of the
aleputation, the Bank of Liverpool made known that they acre
ready to, discount all the acceptances offered to theta of the
houses in question. We have now in this town and in Man-
chester fourteen joint-stock banks, whose money capital
amounts to about 5,200,0001. This is not a sr,,au sum. The
responsibility which they conjointly offer ii, other respects can
-not, in the lowest view of it, be taken at 'toss than 20,000,000/.
-more. Prices of manufactures at
looking down. The purchases fa.,. Manchester, are rather
export are diminishing."
The notion of a trial of strength
banks and the Bank of En between the joint-stock
'and has frequently been hinted at,
and the growing strengt
!si and importance of those in Lanca-
shire should prepare one public for some demonstration on their
part at no great distance of time. If the state of opinion
here, however, en this subject is to be truly stated, we should.
say that, ol,jectionable as the management of the Bank of
England has been, in many respects, the great majority
of men of property would think it a far greater evil that
the currency should fall under the direction and controul
of joint-stock banks. They would wish the Bank of
England to be reformed on many points ; to have its manage-
anent confided generally to melt of a superior character ; and
to see it perhaps a bank of issue, and nothing else, but not to
be placed in any degree at the discretion of its country rivals,
With less responsibility, less experience, and with infinitely
more temptation as well as opportunity to commit errors fatal
lo the whole community. The proper effect of the mere
threat of such a contest should be to draw the attention of the
Government the sooner to the reform which is desired in the
administration of the Bank of England, without which the
contest will, to all appearance, shortly come on. Ministers
have probably been told, or entertain the persuasion, that the
Bank is out of their reach during the conainuance of the char-
ter ; but the Directors have brought Themselves into a state
to require advice and assistance, VI *maintain their character
and the dignity of the Corporat!ion with the trading interest,
and would, therefore, probably, be as docile and tractable as if
they were now on the eve of '4 negotiation for another charter.
A correspondent, advert',pg to what was said on Wednesday
respecting the rate of hsterest in Dublin on English Bills, de-
sires to correct an error which was committed in supposing
that the discount ea Irish bills remaining as before meant that
they were only alearged 31- per cent., such bills being, as he
informs us, altcays charged 4 per cent. The error was, how-
ever, perfeealy immaterial to the question at issue, which was
that the Bank of Ireland did effect discounts at 4 per cent.,
avhile the. Bank of England demanded 5 per cent, on the best
-paper, and that this was an anomalous state of things, the rate
of interest in London having usually been lower than in any
other part of the United Kingdom.
It appears from the New York Papers that there is an idea
in the United States of abolishing altogether the coinage of
copper, and substituting.in place of it a less ponderous and less
dirty metal, formed by alloying silver with a certain propor-
tion of coiner, as is the case in many countries of Europe.
The inconvenience of the existing copper coinage in the
United States is much dwelt upon, and it is so strongly felt,
owing -to the long journies which all persons, from the nature
of the, country, are constantly called upon to make, that no-
thing but the absolute want of some other representative of
tke smaller denominations of value makes them submit to it.
The change suggested seems to be urgently pressed upon the
-Government.

The exertions making by the United States Bank of Penn-
sylvania to spread their branches or agencies all over the
Union have been frequently noticed, but the objections to re.
ceive them in the various states appear to be as great as own,.
A public meeting was held in Charleston on the 29th of July
to take into consideration the expediency of establish;.ng an
agency of the Bank of the United States in that city, when
a resolution was passed that the meeting would -regard the
establishment of such an agency as a measure " fraught with
the most injurious consequences to the trade, commerce, and
agriculture of South Carolina ; as one utterl../ uncalled for, as
our own banks incorporated by our own I ,egislature, respon-
sible to our own people, are amply compf...tent to discharge the
high and beneficial services for which t:ney were created."

(From the Mornino Herald.}
The commercial world, whose ywosperity can only he assured
by the supply of a steady eircul•ating medium, to enable them
to discount their paper, whi.ll-1 is the representative of their
legitimate transactions, are becoming seriously alarmed at the
present aspect of the Money Market. The determination of
the great Pawn establishment to Threadneedle-street to throw
out legitimate bills, in order to nullify their own blunders,
sent at first to Lancashire, and then, to Scotland, from Lon-
don, for discount, had the effect of raising the rate in both of
those portions of the United Kingdom. Ireland was next re-
sorted to, and, as a natural consequer.ce, we learn by the letters
received from Dublin this morning, that the Bank of Ireland
had determined to raise the rate VI interest, commencing from
this day (Friday). On Irish paicr, which had prbviously been
discounted at 3 per cent., it was to be raised to 41- per cent. ;
on English bills, which previously have been done at 31, it was
to be raised to 4 per cent. TE interest
throughout raising of the rate of
throughout the empire may, and must check enterprise of the
strictest legitimate character ; but the question is, whether the
Bank of Egland is prepa,, ed to meet the results ?
There has not been mr.i.elt doing in the Foreign Exchanges
to-day, although money has been more plentiful than on the
last pest-day.

(Frain the .illoining Post.)
It continues to I".c rumoured in the City that the Bank Di-
rectors will again advance their rates of interest and discount,
but among the ..oest informed of the monetary circles such a
proceeding d'oes not Seem to be considered either probable or
necessary. The precautionary measures already 'adopted by
the Directors appear so have operated thus far beneficially,
inasmuch as the American houses, both in Lancashire and
Lorul.ou, viio have been so pointedly alluded to in connexion
wire cestain bills thrown out by the Batik when sent there in
t.l%e ordinary way for discount, have attached notices to their
:acceptances, expressive of their readiness to discount the
same, if required, at the rate of interest now demanded at the
Bank. A feeling also prevails among the monied community
that the apprehensions lately entertained as to the pecuniarr
prospects of the country, are fast subsiding, and it is heaped
that the arrangements of the Bank Directors will 'oe found
event ually to have fully answered the end contr.:m.plated by
them. It must, however, be recollected that there are always
individuals eager to take advantage of any rise In the current
rate of discount, by the sale of Stocks realise ng but a low in-
terest, and investing in Funds yielding a more profitable
return, while, on the other hand, there arr, those also, who will,
at the moment of excitement, conver',; their less stable Se-
curities into such as can under no c/-.'cumstances be materially
affected.

- -----
Mr. O'Loghlen has ar.:cepted the office of Junior
Baron of the Exchequer. It is said that Mr. Richards is to
be the Attorney-General, and opinion is divided as to that cf
Solicitor between Mes•,:rs. Wculfe and Sheil. The election of
Mr. O'Loghlen will, create another vacancy in the representa-
.4inn- of Dutigarva.n.
George 11.6bins,.it should. apt r, h introduced
what may he aptly termed an after se. ur c lumps lately
announced the sale of near 200,000/. vatic in estates, to be dis-
persed with the great capita.lists_duriag the next 6 weeks to-night we see hinvady&ati#6lh his persuasive strain, the
sale of a tine proper4Vtabee, in tbe'province of Brittany.
It seerps to hold fortltir tibia temptations tq clever farmers
in England, who have only limited means, and are not disin-
clined to improve their state in society.
It is intended to call a mee.tino, sPeedilV in the
county of York for the purpose of
.
for
1-.0 preside.
the erection of new churche-,, ,atburig..l6".ati.ng.a 'subscription
which th,. Lord Lteute-
cant of the county is expected,
THE NEW PUBLic,A',,,,Ns.__
works are just pul'lklif..d -by Mr. BentlThe following; new
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demotrs o
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At the celebration of King William's coronation,
'Vauxhall, three large medals, value three guineas each, were
presented by Mr. Glenny, the successful exhibitor in both ama-
teur classes, and distributed by lot among the exhibitors, the
winners being G. Hayward, Esq., of South Lambeth • Mr.
Salter, of Shepherd's Bush, and Mr. Squibb, nurseryman, of
Salisbury.

The publication of THE SUN NEWSPAPER commenced this day
al 5 minutes past Three o' Clock.