The Sun.
London, England, 1841-07-12 00:00:00

MONEY MARKET and CITY NEWS.

FRO3I THE MORNING PAPERS OF THIS PAS'.
TIMES.—The prospect of the Americans coming into the
London market once more as borrowers, a prospect with which
we w ere threatened by a paper of the last arrival, has created a
strong feeling of the prepriety of resisting every attempt to send
money to a country where the legal and moral obligation of
paying State debts is still an unsettled question, rather calcu-
lated to elicit the ingenuity of the disputant than likely to be
solved to the satisfaction of the lender. A correspondent sug-
gests that the first effort of the kind shculd be met by the pub-
lication of a resolution by the Committee of the Stock Exchange
against the introduction of any fresh American loans until all
the states have paid up their arrears of dividends, and have
given security for future payment. This measure, throwing
obstacles in the way of every State, on account of the defalca-
tions of a few of them, would he somewhat severe, but the un-
safe appearance of affairs generally is such, that the pimple of
the United States must not be surprised if the resolution adopted
here are more than ordinarily stringent.
CHRONICLE.—"The want of confidence," not in Minis-
ters, but in monetary affairs, which has thrown a gloom over
the City hemisphero during the past week, and threatened a
storm in the world of commerce, not free of wreck, has sub-
sided. The home securities exhibited a tendency to shoot up
again, and there has been some firmness in the market.
We cannot say, however. that our fears arc entirely removed.
We dread that there is still something rotten beneath the sur-
face, and that the ramification of the stoppage of Whitmore's
bank, and their agents, Daintre, Ryle, and Co., may vet be at-
tended with considerable loss and embarrassment in the manu-
facturing districts. It is fortunate that the season promises
well, and that we may look for an abundant harvest. But
should any adverse atmospheric influences come into play, so
as to allow the Corn Exchange operators to work up the
averages, and again alarm the Bank of England for her
bullion, we shall have a farther turn of the " screw,"
and a pinching scarcity of money. Under any view
of . the rre-ont state of affairs, we must not look.l
for any thing like money being cheap. The home
trade has been extremely limited for many months. There
has been an absence of speculation, and a desire on the part of
all to reduce their engagements. These exertions of self-pru-
dence and self preservation have been severely felt in the wool
trade, and we fear that there is some: cause for uneasiness in
that important branch of our productive industry.
Something must be done to give employment to the people.
All parties are agreed in that, and the question remaining is,
what shall that something be? It is reported very generally
in the city that. Sir Robert Peel will have recourse to a pro-
perty tax in order to make up the deficiency in the revenue,
and that he will thus be enabled to alleviate the pressure of
taxation on the poorer classes. No property-tax, however, can
possibly remove the decay in our export trade, or give em-
ployment to the thousands of starving families in our great
hives of labour. Unless Sir Robert Peel adopt the proper re-
medy for that disease which is oating up the heart-blood and
vitals of the nation, no such measure of taxation can give the
country relief.
POST.—Some letters have been addressed to us respecting
the reported payment of three per cent. interest on such por-
tion of the overdue dividends on the Active Debt of Spain as
was capitalised under the decree of Senor Gamboa. The pay-
ment in question, if the announcements of the Ministry are to
be believed, though. as we have often shown, they aro not,
would take place on the Ist instant at Madrid. The financial
dealings of the Spaniards are of so exceedingly complex, so
knavish a character, that no human being not behind the
scenes can tell exactly what is passing in the Treasury depart-
ment, or what is really intended. The payment of the ambas-
sad,e-ial exchequer issues in London was advertised for a given
by five years brick ; yet, to the dismay of the holders. who
had given for them 67 per cent. whets the Active Stock
was at '2O, no payment was made at the time stated, nor has
odum turn out to be another
gold
may say, •f probability also,
that
it been made to this day. .It is quite within the compass of
possibility,
'll7 ads?ri
unworthy trek designed to facilitate the raising of a supply
the
late tlineorteitti raet. i
oai nid, at
of money to answer some temporary object, or to produce an
impression on the stock markets. The' best-informed persons
connected with Spain, both financially and ~,n,erciany,
when
questioned upon the matter, shake their heads doubtingly, and,
are evident,y incredulous alike as to tine means ltd intentions
of the Government to make any approala to justice towards
the foreign creditor, be that app,oach ever so trifling.
The Paris Committee of Spanish bz,r.dholders s,nit no me-
morial to Gamboa regarding his three per cent. arrangement,
nor were the bondboldeo in England precluded by any advice