The Sun.
London, England, 1840-02-24 00:00:00

NEWS.

SUNDAY, :FEB. 2-6 P.M.-The news by the Patrick
Henri, connected with the progress of events on this side,
being inauQpicicus to toe maintenance of fictitious prices,
causel a decline in prices at the stock hoard yesterday.
United States Bank fell 2 per cent; American Exchange
Bank, l ; Delaware and Hudson, I ; North American
Trust and Banking Co., 11; Providence Railroad, 1;
Harlem, 11. There were sates of old corporation bonds,
at 13 discount. Post notes of the United States Bank,
due yesterday, payable in Philadelphia, were offering at
7 per cent.
The banks continue to diicount readily all short busi-
ness paper at the 1 gal rate of interest. The same class
of piper, at 1 mg dates, is taken in the street at 1 a 11
per cent. per month. There is a gnat deal of other paper
floating, which ranges from 1 to 6 per cent. per month,
according to quality. Moat of it is old accommodation
paper. Capitalists are becoming daily more shy of it, and
it is almost irnpossihk to negotiate any paper that is tainted
with old speculative affairs, as the risk is very great.
The towering mass of credits, the high prices of com-
modities, the fictitious business, the extravagant valuation
of property, and the money price of labour, that reached
their zenith in 1836, with the expansion of banking ope-
ratimli in both hemispheres, and have since been feebly
supported by the struggles of the speculators, have now
reached a point at which the downward tendency can no
longer be retarded. Commercial, legislative, and natural
causes, all conspire to complete the revolution that has so
!erg been goink forward. Amid the confusion pro-
duced by the culmination of events now in progress,
holders of property must give way, and prices sink
below even specie rates. The,- will then react and
vacillate until the working of • the new system pro-
euces steadiness. The news from England represents
aff,irs• there as very similar to those of this country,
with the cliff rence ti at her interests arc more manufae-
; g, and those oft e United States agr cul ural. The
re,ults of the severe car ailment of the Bark of England's
cirttlAtion are now jukt visible in the multitude of failure

that we reported. The expert trade of Greet Britain was
retarded up to September last by the continuance of the
maximum of circulation. So long as this remained the
same, the manufacturers and leading dealers could get
along by bolstering and renewals, at a high rate of in-
terest, in the same manner as that practised here. In
September,lhe necessity of curtailment was too imperative
to be delayed, and the circulation has decreased ten per
cent. since that time. The effect of this was immediately
felt in the manufacturing districts.
In the United States there is no powe-iful national
Bank, on the movements of which depend the activity of
trade ; but the policy of the more influential portion of
the Banks centering in Philadelphia, has been the same as
that of the Bank of England up to September, viz. to
balster ; but having less means, suspension was resorted
to in order to enable ,hem to maintain the same amount
of circulation. The result was the same as in England—
a stagnation of trade. The same necessity fur curtail-
ment now prevails here as in England, but will be brought
about by • different means—the first of which is the Re-
sumption Bill, which passed the Pensylvania House of
Representatives, on Thursday night, by a vote of 69 to 24,
mid was sent to the Senate on Friday. The following are
the points of the Bill:
PENNSYLVANIA RESUMPTION BILL.

The hanks are required to resume the payment of gold
and silver for all their liabilities, whether notes or deposits,
on the 15th day of February, 1840.
If they do not do so, any person aggrieved may make
complaint before a judge of the court, and the judge shall
appoint the tenth judicial day thereafter for a hearing of
the parties, and it is made the duty of the deputy Attorney-
General of the county to prosecute the case. And, if the
facts are substantiated, the judge shall, within two !lays, in-
form the governor of the fact, and it then becomes the duty
of the governor, on receiving such information, forthwith
to issue his proclaina.ion, declaring the charter of such
bank null and void for all purposes, except to fulfil its con-
tracts previously entered into, and to enable the trustees to
collect all moneys due to the said bank. The governor is
further required to' appoint three proper persons (called
Commissioners) to take charge of the bank so forfeiting,its
charter; and the said commissioners are required to make
oath, and give sufficient security, before entering upon the
duties of their office. The duty of the said Commissioners
shall be to collect the debts due to :.he bank, and pay over
semi monthly, pro rata, amongst the creditcrs, all the
mon 1? that may come into their handa, and they are re-
quired to make a final settlement at the end of three years.
The noteholders are to be paid first ; the depositors
second ; and the stockholders last.
The discussion in the Senate, on the plan for assuming
the State debts, which has been avowed by those most in-
terested in the stocks, as the only means of sustaining their
credit, indicates that this last resource e ill find no favour;
and to effect new loans, in the words of Messrs. Baring
and Co., " a more comprehensive guarantee than that of'
individual States will be required." From what source,
then, will be derived the $10,000,000 necessary to pay
England the interest due in 1840 on State loans? Toe
answer is made fearfully distinct, in the failure of the State
of Pennsylvania, yesterday, to pay the interest on her
loans, amounting to $600.000, and due at the Bank of
Pennsylvania. Applicants for payment were answered,
" that no provision had been made for it." $200,000 were
borrowed to pay the interest which is to be reimbursed on
the Ist of March. Pennsylvania has thus commenced that
series of Sate bankruptcies which will for ever destroy
the credit of many of the States.
The State of Maryland Housd of Representatives hes
passed a law,suppressing small bills, by a vote of 47 to 10.
Many other States have similar laws. With the operation
of the different Bills now about to become laws, bank paper
will become almost annihilated. The alarm, panic, and
confusion will be tremendous, and property must change
hands far below specie prices. . At such a moment, the
operation of a general b tnkrupt law will be imperatively
called for, and will be highly beneficial in its effects. The
immense crops will be sold at such prices as greatly to
facilitate their exportation. All the necessaries of life
will be lower, probably, than ever before known. The
money prices of labour must sink in proportion ; but if a
carpenter, for instance, gets but $l, where but three years
since he got $3, the $1 will command more of the neces-
saries of life than did the $3 at that time. Above all,
rents and real estate must feel the reduction. They have
hitherto been sustained more than other species of property,
and the change will therefore be more perceptible.
The general result will be a reanimation of trade. The
English markets will slowly recover, and a demand for
produce revived to an extent that must take off the surplus.
The States will be restrained from borrowing, a gcaeral
resumption of the sound banks restore the currency, and
the operation of the Sub.treasury Bill tend to prevent any
farther expansion. A general bankrupt law would then
have clewed the wreck, and left all open for a new season
of prosperity.
RATE OF SALES AT THE STOCK EXCHANGE.
500 dots Corporation Bonds 9Bf
63 *sh's U. S. Bank
40 do. Dry Dock

-
50 do. Commerce ( Scrip) s6ods 96
16 do. American Exchange Bank
25 do. Kentucky Bank
50 do. ,Delawaro and Hudson
80 do. N. A. Trust
4J

125 0.0. N. A. Trust
404
47 do. Canton Co. Balt
10 do. Paterson Bank
95 do. Mohawk '9O s 6l
250 do. N. Jersey R. IZ. ,,60,1s 7B
50 do. Boston and Providence opg... lot
15 do. Stonington
150 do. Harlem

was so severely injured that he lingered onilv two ho ura ;
the other, while forehead, fell overboard „Ind instt ‘ntly
surtk.
Arrived, on the 13th, the British brig L la, from
Greenock, out 46 days, bound to Trinidad, Ist len with
coals and stores, with loss of bulwarks and stanchio us, and
compelled to throw part of the cargo overboard at sea,
On the 16th, the Iberia, from GibrAlter and Cadiz ; during
her transit from the former port, a pas.,enger, Liet, genant
Marshall, of the 46th Foot, stationed in that garrison', in a
fit of temporary insanity jumped overboard and was dro word.
The British schooner, Elizabeth, from Halifax to Cork,
out 35 days, with timber, leaky, and loss of rudder and
bulwarks.
" Mr. Southern, the Secretary to the British Legation
at this Court, arrived here from Madrid, via Cadiz, yes-
terday morning."
Foreign ships of war in the Tagus.—The Donegal, 11 a-
venge, and Espoir, British ; Le Blonde, French.

The Paris Jour,'_ials o; Friday and S iturday talk of
nothing but the resignatioo of the Ministry. The
Duke de NEMOURS, who arrive.) at Paris from Brussels,.
waited upon Marshal SOULT anti his colleagues, and
condoled with them upon his and their unhappy fate.
His Royal Highness is a person of rnivisterial ill omen.
His appanage bill was the doom of the Mott Cabinet,
and his dotation bill has annihilated the Sisuvr Ministry.
But the Royal Duke has found a patron more
munificent than the churlish Chamber of Depu-
ties. His younger brother, the Duke D'A /matt,
has commanded' that his estates be charged with
an annuity to the Duke DE NEMOURS, ingnal
to that refused by the Chamber of Deputies. _lt
would have been wet had this been done before the ap-
plication to the Chamber was made ; and in fact the
aiility of the young Duke so liberally to provide for Isis
brother, evinces the shamelessness of the application to
the National Representafves. The crivate property .of
Vac ORLEANS family is immense ; and the attempt to
quarter them upon the public purse is scandalously
mean, not to say dishonest.
Tue following extract from a letter from Teulon, re-
lative to the Port Mahon affair, appears in the. Paris
Papers of Saturday :
.4 The Members of the Commission which was entraatedl
to give its opinion on the formation of a French hospital
at Mahon, have received orders from the Minister at War
to return to their several places of abode, and tbis esta-
blishment, which it seemed to be intended to form with alt
speed, remains suspended."
Count MOLE and M. FLOUREUS were on Thursday
elected members of the French Academy. The rejec-
tion of M. VICTOR HUGO on two occasions of a va-
cancy, has excited some surprise in the literary circles
of Paris.
Up to a late hour on Saturday the KING had done
nothing towards reconstructing the Cabinet. His
MAJESTY was very angry with SOULT and his colleagues
for allowing the Bill to be lost withopt a discussion.
BO URSE.—PAMS, SATURDAY, FEB. 22.

first Highest Lowest lwittt
Price Price. Price. Prielo
_
French 3 ner Cents ll3 ... 113 20 .. 113 ... 13 0
45% per Cents ICS .., US ... 103 ... 102
4 per Cents lO2 75 . >t3 75 ... 11t1 75 ... 103 75'
3 per Cents B2 ... 82 10 ... 82 ... S 2 &
Bank of ciance
Latlitte Bank I,ooof. Sh 1065 ...1065 ...1(62 50 ...1 f 2 59
5,000 f. Sh 5190 ...5200 ...5190 ...5:;00
Belgian Bank 942 50 ... 1142 50 ... 1)40 ... 940
f, per Cents
3 per Cents 72 20 ... 72 20 ... 72 2) ... 72 20
United States Bank Loan 994, ... 99!4 ... 99tai ... gir*
Spanish Active...
Passive 7 ... 7 ... 7 ...
New , cferr6.l
Portuguese 3 per Cents ON ... 2.3% ... 23N ... 23%
Neapolitan lOl 10 ... 101 20 ... 1114 10 ... 104 2
lttnnan
.....1!,.I.
...,.. 103_%, ... 103 ... 19314

St. Germain
Versailles. It. B
L.B.

RAILWAY SHAREK
635 ... 625 ... 535
530 ... 542 50 ... 550
360 ... 365 ... 360 ...
460 ... 460 460 ... 46t(

Orleans ..

Mulhausen to Thann .. 4lO ... 410 ::. 410 .7,. 410
Strasburg to Bale 337 50 ... 242 50 ... 037 50 ... 241 2S
BELGIAN l• UNDS—Bausme, FIB. 2'2.
Actual Debt, 2IY -per Cent.
Rothschild's Loan, 5 per Csnt lOl%
Loan of Thirty Millions, 4 per Cent 94
3 per Cent. 72%
Loan of City, 1532, 4 per Cent ......... .......... It's
Society of Commerce, 4!.4 per Cent 197
Bank of Belgium, 5 per Cent 93;11,
National Society .
Exchange on London (short) -
-Brussels Pavers, Feb. 22.,
• . AUSTRIAN FUNDS.—Vrxxsra, FEB. 14.
Five per Cents. Metalliquas • 10914
Foss!' per Cents.
Three per Cents.
Bank Shares 1741
...,11igenzeixe Zeitung, Feb 12.

ANNUITY OF THE KING OF THE BELGIANS —l6
appears from a return made to the House of Commons,
that since the 6th of January, 1816, up to the sth of
January, 1840, the sum of 1,108,6201. 13s. 9id.' had
been paid to and received by Prince Leopold, now King
of the Belgians, of which he has paid into the Exche-
quer 195,0001.

THE MARKETS.-(141Iii DAY.)

CORN EXCHANGE.

The past week's arrivals were good of most kinds of Grain
and considerable of Flour. The fresh supplies of all articles
have been small. Fine dry parcels of English Wheat have ob—
tained full Is. per quarter advance, and other qualities have
met a fair sale at f( rmer prices. Good Malting Barley has
sold at last Monday's rates, but middling sorts • were rather
lower. Dry Beans and Grey Pease rather dearer. Oats
maintained the terms of Monday se'nnight. In the Flour-trade
no improvement. Fine English Spring Tares hare obtained
9s. to Its., and Foreign 7s. to Bs. per bushel.

PRICES ON 80.
Wheat, Red (old) 555.
- White (old) (159.
- Red 1ti.39) 544. COA.
Floc, 625.635.

.tan OF SPIT'
Beans, Small ;new) 44r. 4b,
—.-......-- (old) e. --I.
Tick (new) 36s 38.-
- (old) 42,.44

Superfine 685. 70s
-Whtte (1839) 60s. (AL
--- Fine 665. '70.;
-Superfine 745. 133.
--Fereignfree 603 F:26
Et yc 468. 405

HarroW (new) "$..4 )e
(01d)... ,„ 415.464.
Brank
Oats, Feed s...—t.
New . 23x.275.
Poland

Barley 30i 38,.
- Grinding ,308.
--- Malting 3Ss 45s . .

New
"6-,238..
- Potatoe 293.32.0.
-- New 193.325.

Malt 56*, t 5!
Fine New 663. i4s,

- Scotch
Irish 225. ... 25c.27r.

Pease, Grey, New
--- Maple New

Flour Town (rer sack) 52, 621.
- Seconds 545.565

Wliite 3Ss. 40,.1 N& rth Country ....603 52,
-- Boilers 4N. 4;2 I Bran
ARRIVALS OF GRAIN IN LONDON DURING LAST WERK.
Wheat. Barley. I U.LS. rqouri
,o 3 q I rs. ls;6i:qrs. I 18,157 qrs. 11,284 sacks
2,926
200 brit,.

English
Irish
Foreign

8,744 I 7,510 I

The show of Cattle was tolerably large, buyers were nume-
rous, and prices of fine Beef advanced full 4d. per stone, but
the inferior sorts met no alteration. Choice Mutton sold at
55., and fine Downs ss. 4d. In-Veal a pleasant trade at pre-.
vious prices, and fine young Porkßrs ss. 4d. per stone. Beef,
3.. 4d. to ss. ; Mutton, 4s. 2d. 'fro 53. 4d. ; Veal, ss. to 53.
10d. ; Pork, 4s. 4d. to ss. 4d. Cattle at Alarket—Beasts,
2,771 Sheep, 21,130—Calves, 75—Pigs, 493.
BILLINGSGATE

Supplies good, and prices lower. Turbot, 15s. ; top price
Cod, 2s. to 10s. ; Soles, 6d. to 4s: per pair ; Lobsters, Is. to
ss. ; Salmon, 2s. tSd. per lb. ;,Oysters, 245. to 60s. per bushel
Whitings, 4d. to Bd. ; and Haddock., Bd. to Is. Bd.
BERMONDSEY WATERSIDE POTATO MARKET.
Trade has improved, and prices? have rather advanced ; the
supply was liberal. Scotch Reds fBs. to 745. Jersey Blues
603. to 655. Wisbeach 565. to 60s: York Reds 70s. to 78s.