The Sun.
London, England, 1841-06-17 00:00:00

FROM THE MORNING PAPERS OF YESTERDAY.

CHRONICLE.—To illustrate the truth of our doc' rine that
the country is not at present in a situation of suffic:ent financial
strength to enable it to grapple with another drain of gal,
similar to that which followed the bad harvest of 183 S, we refer
to the state of the currency and bullion in the Bank, is May,
1839, when the first operations were made by the Bank to stop
the export of bulLoa, and at 23th of May, 1841, whea the last
Gazette averages were published :
May 2,1839. May 25, 1841. Difference.
Notedin Circulation I 8,214,000 16,615,000 1,599,000
Deposits
Total Liabilities ...... 26,028.000 23,637,000 2,171,000
Securities .............:23,518,000 21,817,000 1,726,000
Bullion ... 5,119.000 4,9 ?1,000 198,000
Total Assets 28,662,000 26,738,000 1,921,000

Now, takin;.7, the gross results of these comparisons :
There is a decrease in the liabilities 0f.... £2,171,000
But also a decrease in the Meets of 1,924,000

Making the actual difference only
While the bullion has diminished 193,000/., the circulation is
less by 1,599,0001.; but the decrease in the securities exceeds the
contraction in the circulation by 127,0001. The Bank is,
therefore, in no respect stronger than in May, 1839, for where
there is a difference in her favour of some of the relative
items, it is counteracted by others; and the decrease in the
assets and securities shows that the institution has not the same
resource s at command to operate on the value of money, or to
fight against an unfavourable state of the foreign exchanges.
The race of interest at both periods was the same, but in June,
1839, the rate was raised to 54- per cent , and on the Ist of
August of that year, to 6 per cent. From December, 1818, to
May, 1839, the kellion had diminished from 9,362,000/. to
5,119,0001., a drain of 4,243,000/., so that we find the
Bank coffers do not contain much over half the amount that
they held months after the deficiency of the crop of 1838 was
known, and that the institution stands only in about the same
ratio to real soundness as it did in May, 18:39, when the alarm-
ingly low state of its bullion compelled the Directors to adopt
extraordinary and stringent measures of safety.
The principal favourable point of difference we can discern
at present is in the immediate absence of any drain of gold to
pay for the people's food. But how long that may last is pro-
blematical. The exchanges, to be sure, have improved : hut
the change for the better cannot be attributed to anything like
a really healthy or invigorated action in our export trade. some
improvement there may have been of late, hut there are also
1,599,000/. less of Bank notes now in circulation than in Slay,
1839, and we have reason to think that Exchange operations
have been gong on by means of bills drawn on the Continent
against heavy shipments of silver.
The following are the official returns of the exports of the
precious metals, from the port of London, for the week ending
the 10th inst. : Ounces.
Silver Coin to Rotteiclam 83,000
to Hamleargh 21,5001
to Hong Kong
Silver Bars to Rotterdam

We therefore take leave to say that the derangement of the
Money Market, and the consequent embarrassment and want
of money experienced since the year 1838, and continued with
littleirelaxation up to the present time, was produced by the ex-
traction of gold from the Bank to pay for food for the people ,
and that if a. similar drain were now to ensue, the Bank has not
the means to sustain itself against the pressure. Its own re-
sources are crippled most severely, and the aid which the
Directors received from the Bank of France in 1839 can-
not be looked fur in future. Besides all which, the trade
of the country is falling off. Bankruptcies of the
most alarming character have taken place of late in Wigan,
Manchester, and Glasgow ; a large additional number of hands
will be thrown out of t mployment in consequence. More mills
will be closed, and many additional families made destitute
and helpless. It has been proved, too, by the failure of the
additional per oentage placed on the assessed taxes, Customs,
and Excise, that the means of consumption and comforts of the
people are exhausted, while the revenue is 2,800,000/. below
the national expenditure. We are surely warranted, there•
fore, in urging the Proprietors of the Batik of England to use
active measures of assistance to carry out the pllns of financial
reform and relief proposed in the budget. We can see no
other praCtical source by which trade may be revived, and the
Bank relieved from the certainty of being obliged to shut
shop at the first unfavourable harvest.

TIME -i.—The premium on gold at Paris is 9 per mille,
which, at the English Mint price of 31. 17s. 100. per ounce
for standard gold, gives an exchange of 2a. 37, and the ex-
change at Paris on London at short being 25. 37i, it follows
that gold is 0.02 per cent. dearer in London than in Pas.
r_

By advices from Hamburgh the price of gold is 430 per
mark, which, at the English Mint 'mice of 3/. 17s. 10%d. per
ounce for standard gold, g ves an exchange of 13. 7, and the
exchange at Hamburgh on London at short being 13. 8, it
follows that gold is 0.23 per cent. dearer in London than in
Hamburgh.
The course of exchange at New York on London is 108
per cent., and the par of exchange between England and
America being 109 23-10 per cent., it follows that the ex-,
change is 1.58 per cent. against England. But the quoted
exchange at New York being tor bills at 60 days' sight, the
interest must be deducted from the above difference.

It appears by the tile of New York papers that the banks
of Pennsylvania have been in a most undecided state as to
whether they should accept the provisions of the " Relief
Bill." The only invitutions that have issued the small notes
autherized by ,he Act are said to be the Has risbuig Bank and
the Exchange Bank of Gettysburg. The Mechanics', the
,Farmers' and Mechani s', and the " United States" banks
would, it was expected, accept the provisions. The Bank
of Pennsylvania had resolved to accede, while the Philadelphia,
the Cosnmereial, the North American, the Southwark, and
the Western, had decidedly rejected it. In New York the ex-
pectation of the results of the " RePef Bill" is that it will
cause such an increase of circulation in Pennsylvania as to
bring ahout an irretrievable depredation of the curt ency. The
creation of State stock, which is the basis of the Bill, hae
given rise to a diseussien of the well-known question, vile then
such issues are bills of credit, and as such cent' wry to the pro-
visions of the Constitution. The mass of Southern banks
scents to he considers 1 insolvent, their funds being in the
hands of persons who have used them in speculation. In
Maryland there has been much sensation on account of a rob-
bery of a bank in Frederick County to the extent of nearly
186,000 dollars, all made away with by "false entries."
The opinions in the State of New York respeet'ng a na-
tio:.a' bank are divided. In the State. House of Representa-
tives the majority is opposed to it; in the Chamber of Com-
merce a vote has been taken, when 24 appeared against, and
35 in favour of it, while the mass of the people are said to
regard the notion of such an institution with dislike. The
general banking law is regarded as a complete failure, since
of 79 banks which stared under it, and issued notes according
to the Controller's Report, only 53 appear to remain in good
credit, and the business and profit of these is said to be ex-
ceedingly small. Altogether the people of New York seem
to be in a most unsettled state, and to be feverishly antici-
pating the action of Congrels. Some look forward to the
National Bank as a sanatory measure, others to the bankrupt
law, a third party to the distribution of public lands, as likely
to increase State credit, and thus improve the value of State
stocks and the assets of the Banks. From calculations made
of late it semis, however, but too probable that all hopes
founded on the distribution are likely to be disappointed, even
if the measure is carried. •
The accounts from Texas furnish statement: of the reve-
nue of that young repubhc for the last four years, and accord-
ing to these the import duties were in 1837, $119,211, but in
1838, $235,005 ; in 1840 they had decreased to $151,268.
The land dues had progressively increased to `118,331, which
was the amount fur 1810. The licenses had increased and
brought to the revenue $165,465, and the direct taxes,
$326,370. The imports reached the highest point in 1839,
being calculated that year to produce $1,662,287. In 1840
there was a cOnsiderahle falling off, the imports in that
year not being valued at more than $983,883. The
value of exports from the 30th of September, 1837,
1839, was $575,753 ; and
ftroomthe Ist3ottheh°
off
December,ariry, to the 30th of September,
1840, $2lB, 134. To these accounts may be appended others
which state that the disposition of the new loin was a matter
of great debate. It appears that Congress, at its last sessisn,
resolved, that should it meet with success none of it should
be touched except $15,060 for foreign missions, and $l,OOO
for each of the. Judges. This was to abolish the custom that
had been established of appropriating the funds in the Trea-
surya gnws
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any of
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ogmelisp p
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of the bonds and Treasury notes, on the ground that these
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and spread themselves over the country buying them up.
POST.—There was but a poor attendance of dealers, and
very little doing at the Stock Exchange, notwithstanding that
it was settling day in the Foreign Market.
A contract ha., we understand, been concluded with Mr.
Green, the shipowner, for tonnage for the conveyance of 1;000
troops whic'i Government are about to send direct to China.
Three vessels have been taken up for this service, at a charge
to the public of 15,00e1. •

From the late Henry Cowper, Esq., of Tewen
Waters, Herts., to Messrs. S. and B. Solomons, 3f), Albemarle-
street, Piccadilly, opposite the York Hotel, and 76, King William.
street, Bank of England.—" Gentlemen, having been deaf fur
many years, I was induced from recommendation to try your Invisi-
ble Voice Conductors, 'and I have great pleasure in telling you that
they enable me to hear persons in company and at a place of wor.
shipmmt distinctly; and in consequence of the great advantage
which I have derived, I have recommended many persona to you,
and their report is similar to mine—most favourable. The Spec-
tacles and Hand-glass which you have sent me are very excellent,
and suit my sight precisely, and surpass any thing of the kind I
have ever tried ; the transparency of which is so brilliant, that.
although I have passed my 86th year the 22d of 3fay last , yet they
enable me to read, &c., by candlelight with the greatest ease and
comfort to myself.—Gentlemen, I return you my best thanks,
and remain your most obedient servant. HENRY COWPER.—
June 22, 1839."—General Browne Clayton feels desirous to ex_
press the comfort and advantage he has derivc d at his advanced age
of 70 years, and after two years' trial, from the use of Messrs. S. and
B. Solomons' newly-invented Spectacles; their valuable invention
ully merit the patronage they have received of the Royal Family
and so many individuals of high distinction, as well as of the nutne-
rous scientific and eminent medical practitioners.—London, the
25th Feb, 1841.—Address, Addignton Hall, Lancashire.