The Sun.
London, England, 1836-08-27 00:00:00

EDITOR
Tu fliE EDITOR OF THE STANDARD.
Radley's Hotel, Bridge-street, Blackfriars Aug. 25, 1836.
Sine—Since my arrival in town, on Friday last, my at-
tention has been called to a published correspondence, and
bsome discussion thereon, in which my name bas been
rought rather prominently forward. For your unsolicited
unexpected observations on the case, in which you
,lastly expose the dishonesty of some parties and the malig-
nity of others, I offer you my sincere thanks. No one can
regret more than I do the publicity and the undeserved im-
Portance which hive been given to what is purely a private
and mercantile transaction ; but I have this consolation,
wttat the correspondence has not been published, or autho-
sed to be published, by me. It could only have found its
ay to the Liverpool newspaper in which it first appeared
wbya gross violation of private confidence, or by theft ; and
persons who published it must have known that such
athe case.
With respect to the personal attacks upon myself, which
have proceeded from the Morning Chronicle, the Globe,
and the Courier, I shall notice them hereafter, and in ano-
ther place.

I am, Sir, your obliged and faithful servant,
R. ALEXANDER.

MONEY MARKET.

The following paratr,r--..."—Taph wa inserted in The Sun o
Yesterday from the Times ; we re-insert it, with the obsern-
f
tons of the Morning Chronicle:—
thrThe attention of the monetary interest was strongly fixed
• Nhout the day upon the Bank parlour, from whence
to has expected that some notice would issue relative
e quarterly advances, but nothing of the kind took
Plate. There appears to have been a very long and ani-
,&ted discussion among the directors on the subject, and
vi_at some of them urged the expediency of an immediate ad-
vpuace to 5 per cent. for the temporary accommodations, pre-
the
saes as would necessarily follow, to an announcement of
o,c same rate in regard to the discounts. The majority were
ti! °Pinion that the rate should be 4i per cent. for the perio-
'cal loans, the same as the discounts are at present,
iltud which would have been an advance on the last quarter's
tea
Inat/ of one-half per cent., the rate having from the corn-
i_eneetnent of the system been one-half per cent, lower
taa,,
toe discounts. A sort of compromise, however, it is
said, was entered into, to the effect that both propositions
t 0 pass
be withdrawn, and that another week should be allowed
iirPass over before any decision was come to on the subject.
'thin that period sees th some of the di
Who contend for theit lowerm rate,at are not withoutrect hope orss, thatthose a Tearable turn will take place in the foreign exchanges, and
11 Justify the statethe of the money-market generally, which will fully
course they recommend, and bring over their op-
tnents to that view of the question. The belief inclines on
e Whole that the ultimate decision will be for 4i- per cent.
the temporary accommodations, but that no great time
7'll.
arseela before the rate will be raised to 5 per cent.,
fror all
et us, of whatever description, made by the Bank. In
a.
-"t is said that the leading discount brokers, if a little
0344. re time is allowed them to prepare for the change, will not
Il'a
Ject to this course, but will lend their assistance to the
„i s
ntenance of that as
the current rate. The applications to
Bank for discount are said to have been considerable for
rls Week past and some houses of the first order of credit have
at. with iefuLls, not from any suspicion of that credit, but for
zving exceeded the limits assigned to them. Those of United
rates
cl origin have met with more difficulty in proportion than
seher!,.esp-ecially where they have been connected with üblic
curities and joint-stock companies rather than commercial
°Porations
which bears out the view we took of this subject
,Yesterday, and of the effect these securities have had in un-
settling the exchanges.— Times.
The Stock Exchange has presented throughout the day a
/,',ery gloomy aspect : Consols for money leave of per cent.
',ono than
yesterday ; and for Account at a depreciation of
Per cent. Bank Stock and India Stock are both 3- per cent.
In the absence of all political news of a character
the °V to affect English Stock , this effect must be referred to
aPresent scarcity of money, bnt which, notwithstanding the
; Orts made in certain quarters to spread needless apprehen-
-401, there is reason to beleive is but of a temporary nature.
it the obvious tendency of creating excitement and propa-
etaig alarm, a morning contemporary has this day put forth
ostatement of " a long and animated discussion," alleged to
fe taken place in the Bank parlour yesterday, on the subject
an advance in the rate of interest on loans and of discount
ttai bills, but which, it is said, terminated in " a sort of compro-
li'e" between the contending parties, by which another week
B"as allowed to pass over before coming to any decision on the
alleicet: To speak of this statement as an exaggeration or
beceptive colouring of an event which had taken place, would
I:to abet a fraud ; the fact is, that it is from beginning to end
, gross and deliberate falsehood, imposed upon the writer of
*.•'e article in question to aid the sordid purposes of some un-
Principled fabricator. So far from any discussion of the na-
,luerti alluded to having taken place, the subject alleged to have
teen the
Found of it was not so much as mentioned, even in-
en.ta‘lY• The information obtained from well-informed
nliThercial en, not money jobbers, goes to corroborate the
°lii4nti°l2 given in this journal, that the cause of the present
goekvntourable state of the Foreign Exchanges, and the conse-
;w wczportation of bullion, is of a mere transient character,
Xhe • sPeedily work its own cure, at no greater cost than
ibdiulruction of some temporary inconvenience ; indeed, slight
'el*tiens of improvement were visible in the transactions on
hinge this afternoon.—Morning Chronicle.
(From the Times of this Morning.)
tet,!he conduct pursued by the Bank Directors in
position has
llizh'le snore disappointment and angry feeling among the
been 'I. commercial circles than it has probably ever before
kr"heir lot to encounter. The true character of this im-
tliet4nt administration is, in fact, more and more disclosed, as
ion? enter on a period of real difficulty and danger, the bear-
INV which are utterly beyond their comprehension. They
d
to 4tiol assistance, therefore, where it is their duty and policy
'‘e it, and lavish encouragement in other quarters where. it
~.°lll3l hasten on their own destruction. Under the notion,
~;:erlY mistaken one, that certain bills presented to them
St c°nneeted with the exportation of gold to the United
to I.t_es, they have refused during yesterday and to-day even
oho eeive as security for temporary loans bills drawn at Man-
he ter, Leeds, and Birmingham, on some of the first houses
and at Liverpool, such bills, from their very construe-
ttirea,oo
41od tenor, having been drawn in payment for manufac-
kl3o' 1` sgoods to be exported to the United States; they have
lo °r gOO
0n similar grounds, to receive as security for such
ageb hills drawn by the Bank of the United States on their
iteti is here, and a multitude of other good and legitimate trans-
-414 ns o' the same kind. The directors (and we quote the re-
tk 8 of the best informed merchants on the subject) so little
gori ratant-1 their business, as to seek to prevent the exportation of
No!' 43' checking the exportation of goods, the inevitable con-
e of their conduct in regard to the bills above described.
kir of t,the commonest maxims of trade, but of which they ap-
(34li tO
10C% ignorant, is, that the exportation of goods is the
b/TaY of checking the exportation of gold, by increasing
the kat. lay
of trade against the country to which they are
, The suspicion which was adverted to yesterday as to
1'44,111 .;in of these bills, which the directors believed to be in
to hey American stock and share transactions, has been proved
lifounded, that they arose out of the most fair and le-
t° commercial transactions, which all banks are bound
kod le best of their means to support. It has been contended,
4,411 on these premises most ustly, that by checking the cur-
tare 'of bills drawn in the manufacturing districts, the Bank
roto` onnteracting their own object; and aso that they do not
Alt Pe it by refusing to receive the bills of the Bank of the
'er !tt States, which are supposed to be remitted as returns
et v ?ritish manufactures, because, by so much as the funds
p4rti iat bank are appropriated for payments here to other
iels I beat
the
become, of course, to that extent inapplica-
,lett, exportations of gold. We may quote here, as far
tm4y ',..than our own, the remarks we have heard made to-
es 'Y a member of one of the first London houses on the
t 0 the 0(1 inconsistent policy of the Bank. " Their measures,"
4'erved, " are the more remarkable when their inactivity
jl'alaring of the year is considered, at which time the spe-
:lt4 314 of the Bank of the United States negotiated a sale
bonds to the extent of 1,000,0001, There could be
the I.; 1( ribt, then from the situation of the monetary affairs of
,;44 ted States, and of the Bank of the United States at
t414;441 ': theta the object ofthat sale was tt. of
an expor a ion
i;1a5e,414119, stnh so delicate a state was the negociation from that
tit% go.. a very slight demonstration. from the Bank would
,se eto defeat it. They discerned nothing, however, of
lthin' bedq of this indifference. Instead of rais.
ot
of
l_ rate of interest for commercial operations, the ob.
t4leliolt,,,Z Bank ought to have been. to raise it at the Stock-
This object
thl_tht and for stock operations gefnerally.
Exchequer bills, or
t_e eobeen Promoted by a sale o
turtrse _ ur to sell them whenever at or above par ;if this
4glkie. -Wet e found inadequate, the Bank ought to have sold
det t f •
ti d thus which they hold at least 2,000,0001. They
1:4401.0
per 4,
:h_ave increased their means of supporting commer-
lo 't i tow.; "ns, and discouraged a system of stock-jobbing
the ,J "this to the public interest, which has prevailed du.r-
-1qoh„ Preseut year.
44; age (uneer 2 The low rate of interest at the Stock-
k!the, °° of certain per cent, for solid securities), with the
‘acr t stark . great capitalists, has rendered this the
Zhe+oti e:t Europe for Spanish and Portuguese bonds 411 tom, foreign securities, consequently the place where fo-
Ytoot 4Poenraitors realized their speculations, occasioning there-
is ems lan immense loss to the country, but, by inducing
'R the *4 Cl toy foreign bills in return for the stock sold, lower-
aNt4,
goldchan
`liin of ges, and doing more to produce an ex-
.....,_than any cause whatever. "
h
ZiLt Reform
at Tiverton last Tuesday was
‘‘;ltt, at grandest entertainments entertainments and most splendid specta-
-4,„,
ate.v ovx been witnessed there. J. F. Worth, Esq.,
'men rt thief e C9e9ty, presided. Lord Ebrington, and a
most distinguished and liberal Members of Par-
-le t were
otlLS'ih. vr,,,ornPresent. "To enumerate all the guests," says
b_ ,s e Journal, " would be invidious, inasmuch as it
011110 e •inipossible not to omit a considerable number. About
tea 11._d_ckwn to dinner (many others being obliged to with-
-421,e Ato of r.oom), among whom were upwards of 270
roe electors or the borough." We regret that we cannot
netirllttrzel
riesotir tnhgeoTaesliloennt speeches that were delivered on this
ikiitbl.e :last-Tartars Occasion,
Tauris bring word that Sir
fi,s4 (V
,e.thune, General in the Persian seriice, who was here
rocor,'. intends to undertake operations against the Kurds,
Nita with the Turkish army. Be had already proceeded
Atitt .to the Persian camp of 3,000 men on the fron-
-1.4
the Persian Court, will immediasely set out for Tau-
Mercury, Mercury.