The Sun.
London, England, 1840-09-09 00:00:00

unfortunate but honest debtor, and will use his utmost
exertions for his speedy emancipation."
What success has attended this effort does not ap-
pear. On the side of the democratic party the pro-
ceeding is deprecated as mixing up a purely commercial
question with state matters which ought not to come
within its operation.
A new instance has occurred in the United States of
the independent and arrogant tone which some of the
banks occasionally adopt towards the powers from which
they derive their charters. The Governor of Missis-
sippi having declared the charter of the Union Bank
of that State forfeited, its President has issued a coun-
ter-proclamation, announcing the intention of the Bank
to disregard the provisions of the law under which the
Governor acted.

HERALD.—Railway Shares still suffer severely
from the effects of the general depression. The throw-
ing of large quantities of shares upon the market, in
which speculation has been of late kept alive, tends to
depress their unfavourable position.
The recent heavy decline in the public securities has
called forth all the ingenuity of our Contemporaries.
Each has taxed his sagacity to the utmost in the endea-
vour to find a plausible explanation of the cause. With
all the elements of strife in operation on the continent,
in the Peninsula, and in the East, the favourite solution
of the difficulty has been found in connexion with the
domestic concerns of the country. No doubt exten-
sive failures are calculated to excite apprehension in the
minds of capitalists and fundholders, but those which
have occurred have evidently, in the present instance,
been brought on exclusively by the threatening
aspect of our foreign relations. There is certainly no-
thing in the general state of private credit to produce
alarm. The Bank of England was, perhaps, in a some-
what critical position six weeks ago : with a low stook
of bullion in her coffers, there was every probability,
from the then state of the weather, and the gradual
decline that was going on in the exchanges, that fresh
exportations of gold would take place on an extended
scale, to pay for corn ; but the harvest is understood to
have been by this time all but completed throughout the
three kingdoms. and this in the most satisfactory way.
The crops are found to be excellent, and in great abund-
ance. The bill brokers have been asking the full rate
of interest during the last day or two ; but for the
moment there should be nothing in this to create anxiety,
as advantage is always taken by capitalists of a period
of distrust like the present, however partial it may be in
its range.

POST.--The Funds experienced another consider-
able decline to-day, Consols closing at 871 for money
and 88 to 4.. for account ; Exchequer Bills-at 13s. to
15s. prem ; and India Bonds at 4s. to 6s. prem. The
fall in Consols, it will be seen, is but a fraction, if any-
thing, short of one per cent. on yesterday, and it is
be observed that the markets closed at the lowest
point of depression. The great and increasing want
of confidence exhibited by speculators, for we do
not believe any very large amount of money-stock
changed hands, has been attributed, though very
erroneously, to circumstances connected with the
money market. The discount houses in Lombard-
street are taking advantage, as usual, of the
agitation which prevails, and demanding extreme
rates of interest for the discount of bills ; but, as
regards private credit generally, we have no hesitation
in sayint: that it was never in a more sound and sati:-
factory state than at the present moment. The col
crops have now been secured in the best order througi -
out England and Ireland, while in Scotland the harve.
has all but terminated, and the supplies both of gral.
and grass have been ascertained to be most abundant.
The Back of England have no longer the smallest
cause of anxiety on this score ; and, as was to be ex-
pected,the effect of the long continuance of fine weather
we have had has been to improve the exchai ges both
in the continental markets and our own. The dismay
which exists at the Stock Exchange is considered in the
bzst-informed ciN;les to have arisen almost entirely from
extraneous causes of excitement. 'Fasts seem to have
been fresh outbreaks in the north of Spain, hut the
day's arrivals do not appear to have brought anything
essentially nt w from other quarters.
The Foreign Funds were wretchedly flat throughout
the morning. The bankrupt securities are in fact
dwindling away to nothing. Five per Cent. Portu-
guese Bonds left off at 31:1 to 24 ; Three per Cent.
ditto, at 214 to 4- ; and Active Spat ish at 22.} to 3,
with the four years' interest due upon them. What a
melancholy prospect for the holders of both descrip-
floes ! We suppose some amount upon which advances
of money have been made has beta brought to market
and sacrificed at what it would fetch. The more
we think of the propositions made yesterday to the
Committee of Spanish bondholders by the Count de
Lara the less disposed are we to approve of them.
Spain has well-known natural sources of wealth,
such as her mines, &c., and it is to these alone that
her Government can look as a legitimate means of
raising money. There has been by far too much
trafficking in paper, and the committee will not do
their duty to their constituents if they do not, at their
conference to-morrow, discountenance any project that
may tend to perpetuate the system. We dare say
there was a perfectly good understanding between the
Count de Lars and his Government, but that it was
deemed expedient to conceal the fact as much as pos-
sible. Scheming and manceuvring have been so long
practised by the two Governments of the Peninsula
that the best thing the bondholders can do is to meet
every fresh overture that may be made to them on
the part of either with a cool exhibition of their four
years' accumulation of dishonoured coupons. The way
to deal with a dishonest debtor is get back as much as
possible of that which he has obtained possession of, and
never trust him again.
The Liverpool Wail, in a report received by that
paper yesterday, gives some particulars of the late
failures a Manchester. One of them (that of a Mr.
Henry Forth, a hand and power loom cloth dealer
and agent) is described as the heaviest that has oc-
curred in the same line for many years past, the
business of the individual having been pushed to an
immense extent. It appears that the immediate
cause of his stoppage was the appropriation by his
banker of some 8,0001. paid in, to the reduction of a
balance standing at his debit, instead of applying the
amount to the payment of some acceptances falling
due. Mr. Forth's liabilities are estimated at from
150,0001. to 200,0001. It was believed that the ma.

nufacturers and spinners would be the principal suf-
ferers. One single firm was reported to be creditor for
30,0001., and it is concluded that so extensive a failure
cannot but be followed by some others. It was, in-
deed, quite understood that such would be the case.
The other stoppage, to which we made allusion yester-
day, was not so bad a case. The creditors met on
Saturday, when a statement of the affairs of the party
(Mr. Lavino) was laid before them. The balance-
sheet displayed a difference of 11,0001. in his favour.
The principal debtor was present, and offered to pay
the sum due from him to the estate (25,0001.) in the
course of this month, on the deduction of a small dis-
count. The other assets were understood to consist of
good debts and stock laid in at low prices, so that the
creditors expect to realise the full amount of their claims.

SUN.—The failures at Manchester have had a bad
effect in the City. Money is scarcer, and loans on the
deposit of Railway Shares are effected with great diffi-
culty.

The rates for Bills of Exchange this afternoon were
a shade better, being as follows :—Paris, 25f. 45c. to
50c. ; Amsterdam, 12 If to 2 ; Frankfort, 149 ; and
Hamburgh, 13 84 to I.
We have to record a further marked decline in the
value of the public securities to-day, amounting to full
1 per cent. on the closing quotation of yesterday. Let
us endeavour, however, to account for this reaction, and
to allay that feeling of anxiety and alarm which, with.
out the warning and expositions of the daily press, might
naturally be felt at a distance from the scene of
action (the modern Pandemonium) by those who have
a bone fide stake in the national credit. The senseless
alarm kept up in various quarters, but more especially
at Paris, has caused the speculators for a rise to abandon
in part the stand they had taken, and imagining they
will find a better account in jobbing for a fall, they side
with the Bears, and thus turn the scale. The market
being exposed to the constant attacks of these persons,
is of course in a fluctuating and unstable condition, and
can only rally when it pleases them to turn the tables.
In this there is doubtless a serious evil, but fortunately
!b.r the public at large it is one that will work
its own cure. The chief business done has been
for account, and much of this with a view to tjfect.
One broker sold 200,0001. Consols early in the
day, and this caused a reaction from 89 to 88i
and by subsequent hard work the price was further
rednced. to 88, closing at 88i for the account. For
money the opening value was 88i-, the medium price
88, and the latest 8-q. It would be curious to know
what there is so very different in the present aspect of
political affairs, as compared with last week. Ex-
chequer Bills fell from 18s. to 10s. and 15s. premium,
and India Bonds from Os. to 4s. discount. India Stock
rcc..eded to 2484 to 2494, and the New Three-and-a-
Half per Cents, to 913;1 and 97.
Foreign Stocks all tell. Spanish Active Bonds closed
at 22,1. ; Portuguese New at 311 ; Dutch Two-and-a-
11,11f per Cents, at 50.;1 ; and Belgian Bonds at 99i.
The Railway Shares have worn a very unfavourable
appearance. It is said that the house which has failed
at Manchester has a large amount on hand, but if so,
we should hardly imagine the creditors would realize
1 sales at the present ruinous depreciation. Great
Wes
' tern Suarea fell to-day from 17 to 12 and 13-1- premium ;
New fro..7t
5 to :3 1- premium ; Birmingham from 66 to
64 preaTzum ; New from 21 to 20 premium • and South
Western from 121 to 111 premium ; and Brighton from
11 to 11,} discount. North Midland were at 161;
New at I ; and Blackwall at I i discount. South
Eastern at I8i; Eastern Counties 14 ; Hull and
Selby at 1- discount. Banking Shares are firm.
The following is the official return of the export of
bullion ;F'or the week ending on Thursday last :-
Bilver Bars to Hamburgh
1, St. Petersburi;
99 Rotterdam
If Calais