The Sun.
London, England, 1825-12-22 00:00:00

BANKS AND INSURANCE-COMPANIES.

Extract of a letter from a gentleman in New. York to his friend
in Charleston, dated Ist inst.

" Since I have been here, I have heard many complaints of
.the stockholders in the different Marine Insurance Companies,
which from. excessive competition have reduced the premiums
to almost nothing. They are by far too numerous in this place
for successful business, and the capitalist now feels the effects
of recent heavy losses, as the companies are very generally di-
rected by men in trade, who, holding a small share, are inte-
rested to reduce the premiums on their own vessels, &c. The
ship Crawford, for New Orleans, and several other heavy losses,
cut very deep into The profits {or capital) of some of the offices
here. You will see in the paper I send you the deveropement of
the Eagle Bank of New Haven. A similar fraud has been
practised on the public by the State Bank at Trenton, in which,
by the bye the State of New Jersey never had a cents worth of
stocks, All along the Jersey shore, opposite to New York,
New. Banks have opened shop, the names of which (the'places)
were never heard of before five mites from their location, and
New York swarms with their small bills in circulation every
where. It is wonderful that people can suffer themselves to be
so imposed upon. You will see by the newspapers that the
stockholders in New York and Philadelphia are beginning to
feel alive to their own interests; and I think it would be well
for the stockholders of all Banks and Insurance Companies in
the United States, to pay more attention to their management
than they generally have done. The Eagle Bank was heretofore
in the highest credit, which makes the present exhibition of its
affairs appear the more astonishing, and ought to induce stock-
holders to examine well for themselves, and not rely upon the
representation of others, who may, oftentimes, be interested to
deceive them."

The DEPUTY CITAYE MAN here interposed, by asking Mr.
Strachan whether he was a Proprietor.
Mr. STRACITAN replied, that he conceived he was virtually
so, since, if his arrears of pay were paid up to him, he would be
in the possession of such a sum as would be sufficient to consti-
tute him a proprietor.—(A laugh.)
• Mr. Strahan then retired from the Court. - •
The DEPUTY CHAIRMAN said that the case of that gentle-
man had been no less than five times before the Court of Di-
rectors, who, after a patient investigation under five different
Chairmen, had each time dismissed it. Under these circum-
stances he thought it really too hard that the time of the Court
should be taken up with such a subject.
A Proprietor here observed that it was evident there were
some gentlemen who-were ready at a moment's warning to take
up any subject.
. Mr. Ilu WE wished the Honourable Proprietor would prove
himself competent to take up any subject at a moment's warn-
ing.--(A laugh.) .
Mr. HUME then said, that as he found it was in vain to expect
that the Court of Directors would deviate from the rule which
they had chosen to lay down in not advertising his motion in the
usual manner, he should at once proceed to call their attention
to the.subject of Lord Amherst's administration in India, and the
necessity which, in his opinion, existed for the immediate recall
of that Nobleman. The very- anxiety which then appeared
upon the part of the Directors to stifle the discussion of this
question, was to him a sufficient reason for pressing it. In
order to form a proper estimate of the conduct of Lord Am-
herst, and the character of his administration, it was necessary
to consider what was the state of the territories over which lie
now ruled, compared with that in which they were left by his
predecessor. Lord Amherst succeeded, in 1823, to the Go-
vermenment of the immense Empire which had been so wisely
governed and consolidated by the Marquis of Hastings. At
that period peace and amity prevailed throughout the whole
of-that mighty territory. But hardly had this infatuated
Nobleman arrived at the seat of Government, when some
fatality induced him to engage in a war with a powerful
nation, a war the ultimate results of which it was impos-
sible to foresee, but which it required no skill in pro-
phecy to foretell, could neither be productive of profit or
honour to those who had so rashly embarked in it. Lord
Amherst undertook this war regardless of all those na-
tural impediments which -the slightest knowledge of the
country must have convinced him were an almost insur-
mountable barrier to success, and without even taking
the advice of the Commander-in-Chief. What had been
the result hitherto of this ill-fated undertaking ? To say
nothing of the dreadful catastrophe at Barrackpore, where
hundreds of unoffending men were moved down by mask- j
ed batteries because they could not do impossibilities, what had
been the result hitherto of this ill-fated undertaking ? The army
had marched only to Prome, a very inconsiderable distance in
the -Burmese territory. 'We hadlost by disease and other casual.
ties thousandkof brave men ; the expences already incurred were
enormous, and those which must necessarily be incurred before
the termination of the contest were beyond all calculation. In
the instance of shipping alone, a vessel, the original cost of
which was 10,0001., had been employed for the conveyance of —"
j provisions, at 2,000/. a month.—(Hear to—Thewhole population SlZE.—it is estimated that the sewing silk and raw Bilk pro-
of the country through which the army passed was hostile to us, dosed in Windham county, Connecticut, is worth about 54,000
it was consequently impelled to rely for provisions upon that dollars a year. This is so much clear gain to that county—the
conveyed by the Government ; but as they moved up the country attendance
.on the worms being chiefly that of children who
that resource would fail, and then to the horrors of war would might othatwise, be doing worse than nothing.
be added those of famine.—(Hear !)—When he contrasted the CeerfaaN Msaas.—lt is said that there are ninety cotton
conduct of this ill-fated Nobleman with that of his predecessor, -mills, and some of them are very large establishments, in the
wfien he considered also that his imbecillity was well known be. little state of Rhode Island,
fore he went out, was lie not justified in imputing to the Direc- A LIGHT Housz, to be'lighted with gas from the earth, it
tors a gross neglect of their duty in sanctioning the appointment is said is about to be erected near Fredouia,on the shore of lake
of such a man. In every letter which had been received from Erie. We have before noticed this natural supply of inflam-
India, the univeral wish was for the return of the Marquis of mable air.
Hastings. His object, and he was sure it must be that of the " Rumors CANE."—A species of the sugar cane, thus call-
Directors if they regarded their own interests, was- to have' a ed, is beginning to be cultivated in Louisiana. It appears to
man of talent put at the head of their affairs. He should there- have many advantages over the old cane, for it is larger and less
fore conclude by moving—" That this Court, duly considering , liable to be injured by cold, being one month earlier. It also
the present state of affairs in India, do agree in the propriety takes a firmer hold in the ground, and so the better stands a
and necessity of recalling Lord Amherst, the preaent Governor- gale of wind. The sugar made from it is of a superior quality. '
General." The planters of Louisiana are invited to adopt the cultivation
Mr. D. KINNAIRD, in seconding the motion, said, that if it of it in lieu of cotton—and, if it generally succeeds, the revenue
was only in justice to Lord Amherst himself, .the Directors of the United States will soon be materially affected by the in-
ought either to to accede to the present motion, and thus spare creased production of sugar. But, although this is a terrible
his memory the stigma which would attach to it, if the Empire thing, we shall not regret that our brethren of Loufsiana are
of India should be lost under his Government, or state their prosperous, and that a million a year may be saved to the nation
reasons for retaining him in his preseat situation. by a domestic supply of sugar. .
'Mr. RANDLE JACKSON said, that by acceding to the motion THE ELM, in Hatfield, Mass,is supposed the largest tree in
of his Hon. Friend, the Court would be doing an injustice to New England. It measures, in circumference, 34 feet at two
the Noble Lord, while they deviated from the course which feet from the ground ;at the height of 5 feet, the smallest place
they had hitherto pursued in such cases. They surely would in the trunk, the circumference is 24 feet 6 inches. There is a
not pass a vote of censure and recall upon Lord Amherst, cut in the tree, 4 feet from the ground, which, tradition says,
without at least calling for documents, and knowing the was made by the Indians, for the highest rise of water in the
grounds of the charges which had been brought against him. Connecticut river.
He should therefore, before he sat down, move as an amend- Onto—The St. Clairsville Gazette, which is published in
ment, that there be laid before the Court such documents, as Belmont county, says that about two thousand acres of land, in
might enable-them to conic to a correct judgment upon the that country, were planted with tobacco in the present year,
question. He-could not, however, conclude without conjuring and it is estimated that the product will be 700 lbs. to the acre.
the Court of Directors to consider seriously whether, in the It is supposed that about 3,000 men are now at work on the
present situation of their affairs, it would -not be advisable canals which are making in Ohio.