The Sun.
London, England, 1841-08-21 00:00:00

THE LATE MEASURES IN CONGRESS.

The apathy which exists in the public mind, while
Congress is busy passing its five celebrated financial mea-
sures, does not surprise any one acquainted with the
condition of the country, or the progress of good sense.
If these measures had been in the same process of de-
bate in 1837 that they are now, the whole community
would have been in a paroxysm of excitement on the
arrival of the news each morning. Now the matter is
all changed. The great mass of the business community
are in a state of repose. They care not what Congress
pass. They are regardless of banks, loans, or lands.
They have long since seen the folly of expecting any
good to trade and commerce from the schemes of poli•
t iei ans and. President makers.

The principal interest, therefore, felt about the move-
ments of Congress, is seen among the speculators, stock-
jobbers, and their agents from Europe. Among that
small class; including perchance the office-seekers, there
is a great deal of curiosity and doubt felt towards the
President. They are not sure of him—hence the half-
coaxings, lthlf-denuneiations of that portion of the news-
paper press in the stock jobbing interest.
Yet this apathy towards these measures ought not to
exist. They will, if all passed, become the groundwork of
a new system—a fresh union between politics and finance,
founded on principles that operate very unequally upon
the great mass of the nation. What are those measures ?
We have already enumerated them-Ist, a new Bank ;
2d, a Bankrupt Law ; 3d, a new Loan • 4th, a Revenue
Law ; sth,• Distribution of the proceeds of the public
lands. The character of all these measures is
broadly enough stamped upon their face. They are
identical and homogeneous, and present one of the
finest pieces of machinery for taxing the poor for the
benefit of the rich—for taking away the 'property of the
real owner, and giving it to the speculator—that ever
was devised. The revenue law will increase the price
of the poor man's coffee, tea, and other necessaries, in
order that the magnificent London stock jobbers may
save the money they have loaned to the States. The
stocks of several of the States maybe aided a little, but
very little—in the ratio of three--while the poor man's
tax is increased in the ratio of eight. Other • branches
of this singularly constructed financial system have other
effects. The money of the capitalist will be sought for,
and got, in order that it may be borrowed by the specu-
lator just escaped through the bankrupt law.
Such being the general character of the new system,
it may be asked, " Ought it to pass?" " Oh ! yes, cer-
tainly." It is a fresh experiment—a new expedient—a
novel combination between politics and banking—and we
may as well submit as not. It won't last four years,
that's certain. _

A vessel arrivad at New York from the Havannah,
brings intelligence of the failure of the house of Hopper,
Weiderman, and Co., of St. Jago de Cuba; the liabilities
of the concern are said to be very large. The yellow fever
continued to rage with unmitigated violence in the Ha-
vannah.

There is a defaleation.in the New Orleans Canal Bank
to a very large amount.
(From the New York Herald of Aug. 7.)
MONEY MARKET.
FRIDAY, AUG. 6. SIX

This has been bill day for the Great Western, which
takes her departure to-morrow. The transactions in
sterling bills were very animated, and closed firm at 9
per cent. prem. The demand is mostly for remittance on
account of Illinois and Pennsylvania interest, which fell
due on the Ist inst. The supply of bills is by no means
large. A fair proportion are Canada and Southern bills,
large amounts of which, particularly Bank of Mobile, en-
dorsed by J. J. Palmer, have been sold by the house of
Cammann, Whitehouse, and Co., at 9 per cent. . French
bills sell at 5 25 to 5 274- dollars ; Amsterdam, 39-3. to 40 ;
Hamburg, 351 to 351 ; Bremen, 77+ to 77i. Some
specie will be shipped at these rates. In this state of
the bill market we see the effects of the burrowing system.
The demand for bills on mercantile account is not greater
than would be readily supplied by legitimate bills, with-
out resort to specie. Just at the close of the year, how-
ever, produce bills are nearly exhausted. The demand
to pay interest, or tribute, to England, for the sums she
lent to feed former extravagance, raises the prices, and
parries off the coin, not to be returned in the shape of
goodS, but without an equivalent ; and this is the case to
the extent of ten to twelve million dollars yearly, a most
severe tax upon our industry.
State Stocks have been declining in value for the last
thirty days, although but very small transactions have
taken place. A large sale of the Stocks of the different
States has been advertised for Monday next on account
of the free banks. This may have had some effect upon
the market. The following is a table of the rates L
recent transactions compared with those by the last-4:
packet :
SALZat AT WHICH THE LATEST TRANSACTIONS IN STATI'

STOCKS HAVE TAKEN PLACE.
New Yord State Canal 5 ... 1858 ....hIB6IY 16... Aug. 6.
par
New York Canal (new) 6's 1860 '
41 „ u 5 ... 1845 ••• 'O2 :1-
46 1853 ••• a 0
e 5 a 8
4t •••• 85 aB6
city water 5 ... 56 a 57 52a54
6 • ' 118687 g ... 53§- a5B 54
..•
5 1860 •••• 53i a 56 55i
5 .. sterling 55i 55,
1864 93
6 ... 94
5 1850 ... 82i
6 1856 ... 95

Illinois

Itidiana

Ohio

--
Tennesse " 6 ... 50 years— 85 aB7 ... 85
Kentucky " 6
... 1868 ... 57a 69 .. 56a60
Arkansas " 5 ..• 1858 ...77a 78._ 78
Pennsylvania 6 " —• ia i
Treasury Notes
dknn MO 52 5 after 1844... ... ... par
...
U. St,.?tes Stocks.
IA s,
000---:000 bi „ 1844... ...
par
payment of her interest. Pennsylvania,
a
Indiana has not been able to do anything further in
the
before, has suet hers by squeezing it out
regard
we
nteon
tti
of insolvent banks.
We would take this occasion to remind our English
readers, that many of the statements published in theWall-
r papers on the eve of the departure of a boat
fort
England, are manufactured expressly to produce any
seff Eeeecttnfavourable to the parties interested there. The New

MOlt NI NG OVN

York American is supported avowedly,ferThis parpese, and
‘be have only to refer to the publications in thotie prints
; last fall and winter, in reference to. the, United States
Bank and State Stock, to make the ::offering stockholder
aware of the truth °four assertions. A system jigs been
long practised of manufacturing public opinion in this
way. The London Morning Chronicle has been, the tool
and echo of these persons on the other side, andihe ruin
I and misery of thousands of innocent individuals has been
the result. We trust the statements of those papers
be received with proper caution.
Up to this moment nothing definitive has been received
from Washington in regard to the Bank Bill. Letters
received from very high authority state that.tho.rhances
are stronger now than ever that the Bank Bill,llevenue
Bill, and Land Bill will all fail ; they hang one upon the
other, and it is known that the President is opposed to
all three under existing circumstances. Ile has taken
strong ground, and is not easily to be moved. It is
within the limits of possibility,, however, that he may be
induced to.sauction all three. The probabilities are, how-
ever, that they will all fail, and Congress adjourn next
week amid a general explosion of the dominant party,
and break up of the Cabinet. In a mercantile. point of
view, it is much to be hoped that the Bank Bill` fail,
and for many reasons. If the bank should be chartered,
two or three years of distress and confusioe, attendant
upon its going into operation, will be inevitable, and
after having got under way, its movements will be of
very doubtful utility. It will be a constant bone of con-
tention between political parties. Already the dein'
cratic party have raised the standard of repeals and that
object will be pursued' with all the unity
energy, and perseverance that have ever distinguished
them. .
• n-
The Supreme Court of the United States, as now en
stituted has a majority that have repeatedly deelarenu
themselves opposed to a National Bank on the questiois
of constitutionality. With these facts before it, it
in vain to contemplate any return to that stat.e of repos:
and steadiness in financial affairs, which alone
security to property and prosperity in commercial atatlii;
It is in vain to deny the fact that the great tooasfrrilsoniiulorfPpiy
American people are deadly opposed to the
bank. On this question of a bank, General. Jackson. as.
triumphantly returned at his second presidential l.
tion. On this•same,question Martin Van Buren rd to
vated to the Chair of the Chief. Magistrate ple4effies
carry out the views of his predecessor. With tbes,lu
that
before him, President Tyler, in.his; st4ite—
the people of the United States. had twice. coadeln, neap!
national bank ; and now, whether Presiden4Ptenr, 'of
mapyrev find thatitfrtohme
people may- concern
yet a proves or disapproves of a new batik, the .}?f
such woacefu
goingß
Operation. O‘T ed,
On the other hand, should the bank e,charter
nt4,10.:L Q.° on
what will be the result ? Why-, b • Ws' • usiaess„. . lot
to increase on a cash basis, as it has ;for t" wer•
four years, undisturbed. by any new financial Vdiex.
The Southern banks, as. tress Oceikay ,AllPw ilia be
tions must resume, and exchangestAmd,Abe,,currenk'rupt
restored simply by thatoperatilm,a Exhe....ww 1),“'1„ its.
law, although it does not include bankS, will;
an
operation sweep out a large 'portion, of batik asset%,.
compel them to close their affairs simply by
lbe
them of all show of resources. This - operation w
gradual and inevitable, and will not disturb the co.
asst 1
of business that has, during the past four years
lated the policy of the late Administration. d.
The Operation of the Bankrupt Law is to be dread in
Some of those who have interested themselves most
procuring its passage, estimate the number of bankroPts,
at 500,000, and that they hold 1 000 dollars average 7:
property each. The law is to go into operation NO' r.
when application will be immediately made by thes?opie_
sons, and property to the extent of 500,000,000 d
will change hands in the course of the next' etiSdinegiit"".
years. This may make a fearful change, and the cr
his
who realizes 1,000 dollars under the law may finu
sr.
other property depreciated 2,000 dollar; by-the °Pelist
tion, and himself, in consequence, swelling the large
of bankrupts.

CANADA.
We have received accounts from Canada, some, in-
terest ; to the 3d from Montreal, and to the Ist 11*(0
Kingston. •
Governor Sydenham, it seems, has great 'di' t.ficolt.Y
with the Provincial Parliament ; and it is probable 013.,
in consequence of the state of parties, all his: priuciP„,d
measures will fail. His bank scheme has been negate
in a Committee; although re-considered next day. has
It is supposed, however, that this state of thingsGa-
been produced, by the revolution in England. The peel
nadian people expect. a new Governor from t
he.„
Ministry, and hence their reluctance to do anything a'
they know how the wind blows. tot-
M‘Leod will be tried at Utica on the 19th of Aug it
The Canadian papers are now quiet on this case ; butus
is supposed that some of the Canadian patriots on to_.
side of the frontier are preparing to make a demonsfitrja
Lion in the event of his acquittal. Four or five i'als
pieces have been stolen recently from he public arse!.
at Auburn and other places. This list considered s 13'"
omen.

(i'AialTly:e.work"
The following arc extracts :-.-- - 3.
h the
" PARLIAMENTARY PROCE
satisfaction of announcing that businessis steal and reso-
ing its way through both Houses. RepOrtS
Metnbers.
ble .
lotions are as rife as speeches of Honoura lture,
:214o0Ns.lia.EwAreL,
Bills for facilating the advancement of
commerce, travelling, litigation, and for the illeroed
of all other desirable luxuries, are getting impelled
through their different stages by the high•pressurc ex;
ertions of our legislators. In the Assembly Mr. Day 5
Bill for the establishment of a Provincial Board of Works,
and that of Mr. Harrison for the Naturalization ofAliens,
have both passed their third reading, and been sent to,
the upper house. The Court of Requests Bill has passe('
agricu
ease
through its second reading amidst opposition. The
Census Bill and Municipal District Bill have been Post-
poned. Mr. Harrison hasintroduced a Bill to regulate
the disposal 'of the public lands on a new system- fin.
other bill of Mr. Haerison's.for purchasing the private
shares of the Welland Canal Company was
discussed in
Committee on its second reading.
" The Government Bank of issue scheme, submitted
to the Currency Committee was at first rejected by theMr;
but on the following clay, being reconsidered at the del
of Mr. Simpson, who had been absent from the .1"t:
Meeting, it-was carried through Committee by the es_,
ing vote of the Chairman, Mr. Aincks, the divisiu
being 7 to 7." • .

•
REPORT of the Great Western, Lieutenant 11661‘eitli;
R.N., Commander, sailed from New York on the ',,f
of August, and arrived at Bristol on the 20th
August. kfort•
August 7, 3 P.M.—Passed American ship Fran
off Sandy Hook, botind eastward.
August 8, 2 P.M.—Exchanged colours with Merl 40
ship Columbus, lat. 40 deg. 10 min. N., lon. 69 deg'
min. W., becalmed, head to the S.W.
August 10.—Exchanged colours with her lUaiestk's
schooner, standing southward, lat. 41 deg. 30 Mil: ;le;
lon. GO deg. 20 min. W., showing .telegraph " 3," -11
Union Jack

August 7, P.
31.—AltiElMb.A3R0KmS.
passed the. Batted
3h. 30m. pilot left, outside the Hook ; light breeze
we Dm
fine ather. Wind S., variable. bold
August B.—Light airs ; at times calm • short
*
,
sea. Variable, calm. A he ad
August 9.—Light airs ; at times calm ; silo"-
seas. Calm, westerly. r/C
August 10.—Light breezes and fine ; light southe •
swell. Westerly. light
August 11.—Moderate and cloudy, with rain
breezes ; fog at times. Westerly, variable. .
August 12.—Calm and hazy ; moderate breezes'
rain and fog at times. Calm, S. westerly.northerly
August 13.—Light breezes and fuggy • long northetv-
swell ; breeze freshening, and rain at W•l4*
W.S.W.
August 14.—Fresh breezes, and dark cloudy weathers
with rain
moderated to light breezes, and hazy, at tin'
W.S.W., variable.
August 15.—Light breezes, and dark cloudy well!libere!
light breezes and hazy, with rain. N. easterly, r'a eis,
August 16.—Light ; increased to moderate breF
- • westerly,
and cloudy ; fresh breezes and cloudy. N
westerly.
August 17.—Strong breezes, and fine weathers!
squally, and dark cloudy weather ; westerly swell'
wes
august 18.—Strong breezes, and hazy ;at time 0
S.S.W. ;
August 19.—Fresh breezes and hazy ;at time
11
fog
°,
at 4 A.M. passed Cape Clear ; 9 P. M. took a pilot
Lundy. S.S.W. d fine. Easterly
August 20.—Moderate breezes, an . .
• twelve days two nours to
The passage was made in
a.,
Lundy, and twelve days It and a
,Ii• u
Yorks to King-
wing :New
road, time commencing on leo,
___.---------- _ _

LIST OF PASSENGERS.
M.
A'Azerrr.anTieun.-G;oin.l.dlßjx.
nlet,treifilibyn.ko,Ailiiie:'
Miss Lucas and servant ; Captain Duffill, RN,, Lieu-
it ticath, Mr. Linace,
,NElr..iL;reaed,f
tenant 11. Crawford, Rev. B. Chase, Mrs. Playter, f'
Von Rapff, N. 11• Echerman, M. de Salavar,
M. Steinbreuner, D. Fihnman, N. L. 1)„ff F il b C.
Turnbull, F. Rodew°
Mr. Stone,
Urbach,
H. IV. Livingston, Henry Rogers
Mr. I3alfour,
Bradford, G• Gal).11:1;11:
E. C. Delius, L. A. Boner, J.
Thomas Cole, Colonel and Mrs.ll tS r
Lieutenant Wilder, R.A., Mr.
Whiteside, Ross, :and serva
~r,
Power, L. Brierwith, .H. Kerr, Al.lt.
Duckworth, James Hadwi
Anthoine, R. Burge, A. -An, S. James, S. S. Smith,
S. Jones, S. Hill, J. Shipley, nl3', G. Hollands, S. Willialo
M. Y. Parifee, S. E. ~Mr. Fearing, W. Feariff!
Michael, C. .Mo • instreii, B. F. Macquirmap, fr,
and Mrs. "ls' F. Wood,:W. A. Dawson, 3'
Batts, and two servants.

I