The Sun.
London, England, 1840-12-28 00:00:00

accumulation of commissions and preimems, and on build-
ing up collossal fortunes upon the ruins of many of the most
respectable properties in the country, aided by the hard
earnings of the industrious. It wan impossible that the
idea of anything so cruel, so unprincipled, could have
entered the imagination of a man who valued the good
opinion of his neighbour. The contractors of some
of the earlier unfortunate foreign loans have exerted them-
selves with the most commendable assiduity in the endea-
vour to procure payment of the dividends. The fruits of
their exertions arc beginning to be seen, and the committee
very properly marked their sense of the distinction to be
drawn between the cases of men who have so conducted
themselves and of others who, regardless of the past, are
directing their attention solely to the future. A three per
cent. contract became the subject of conversation among
the members. Reports were said to be current that, al-
though the loan was palmed upon the public at upwards of
70 per cent., it was actually taken at seine 20 to 30 per
cent. under the issuing price. The statement led to the
expression of a hope that such reports were destitute of
foundation. We believe them
.to be an exaggeration
of the truth, but it is hard to say what iniquities
may be practised under so detestable a system, and,
from the silence heretofore observed, we do not expect
that any explanation will be given upon the subject.
If the bondholders would direct their complaints against
the concocters of loans who have implicated them In losses
and then deserted them, so as, if possible, to compel them,
however tardily it may be, to do their duty, rather than
against a fellow-sufferer like Mr. Thornton, as the head of
their committees, they would be acting a much more rational
part. This would be striking at the root of the evil.
Private loan arrangements and " mixed operations" are
constantly going on, and, from all accounts, very usurious
arrangements and operations they must be. What is most
objeetionable in these transactions is, however, that they
give the capitalist concerned a direct and material interest
in the non-adjustment of antecedent claims. To pay the
dividends on old loans would militate against the reim-
bursement of fresh advances, while the consequent rise that
must take place in the value of dishonoured certificates
would dintinish the profit accruing from the " mixed ope-
ration" mode of doing business, the said advances being
usually made, part in cash and part in bonds, or coupons,
at par.
The public seem not to have had till recently the least
notion of the numerous pitfalls and quicksands that were
prepared for them in the endless intricacies of the foreign
loan-jobbing labyrinth into which, from its inviting ex-
terior and fancied simplicity and security, they were in an
evil hour tempted to venture.
The Hague correspondent of the Hendelsblad ( Amster-
dam paper) hints at the probability of an attempt being
made by the Dutch Legislature to take away the charter
of the Netherlands Trading Company. The ground of
such a proceeding would, it is added, be the fact of the
supplies of money furnished by the Company to the Go-
vernment for colonial purposes having been improperly ap.
plied to the expenditure of the Mother Country. But it
is not shown how the Company are to blame.
The commercial accounts received by the Great Wes-
tern steamer from New York are again comparatively en-
couraging. A considerable amount of coin is reported as
having been forwarded on freight by the Great Western ;
but, besides this, numerous minor sums have been received
n a private way through the medium of the passengers.

H E RA LD. —Private letters, as well as the papers from
New York received by the Great Western, give it ascer-
tain that the Philadelphia banks, the United States Bank
among them, will certainly resume specie payments on or
before the 15th of January proximo. The fit st effect, it is
anticipated there, will be to make money more scarce, as
the banks, until they feel themselves secure in their new
position, will naturally restrict their discounts to some con-
siderable extent. The more assured prospects of the re-
sumption had contributed to improve the internal ex-
changes. The rate of exchange on Philadelphia, accord-
ing to the advices previously received, which stood at 3
per cent. discount or above, had declined inconsequence to
11, and the rule of improvement holds good on the in-
ternal exchanges generally.
Whilst upon the subject of these bank and money ac.
counts from New York, it may not be inopportune to no-
tice the receipt of the following letter from Newcastle-
under- Line :
Sir,—My request is made, with much respect, in few
words. What would you advise me to do, as a holder of
several shares in the United States Bank,—to sell or re-
tain ?
There is none on whose judgment and counsel I should
place more dependence than your's ; and thankful shall
I be for the benefit of it in this (to me important) instance.
" I remain, Sir, very respectfully,
" A COUNTRY READER OF YOUR
VALILABE JOURNAL."
In this matter the following speculations about the
United States Bank of a New Yolk Paper must be taken
with the caution that they emanate from a party little f-i-
-vuur.ible to the bank, and on the solidity and consistency
of whose conclusions it is proper to add that reliance
should be placed only in proportion as they are borne out
by undisputen premises :
•‘ It is conceded now that the bank will resume, but the
very general opinion is that she will not be able :o staid
through the year without the same assistance in London
that she asks here; that is, a renewal of old obligations as
ttiey fall due. The bank, on resuming, must curtail. She
has been much expanded last year, to curry favour with the
public fur having suspei. ded. She must now rigidly cur-
tail, and, by so doing, will in all probability lose at ler.i.t
25 per cent. on her commercial paper. The resumption,
with other circumstances, may, however, tdvatice her
stocks 25 per cent., which will be an of et. We have it
on good authority that the beak holds—
" Of Stocks s3o 000,000 ,
_ _

Of Commercial paper
o.hcr asset 21;000 000

Total assets $70,000,000
The stock of the Institution is estimated to be worth, !)y
good authorities, if now settlei up, 60 per cent."
It is stated moreover that one effect of the resump-
tion it is hoped will be to create a demand for and
consequent rise in the prices of American stocks in
tuts market. Toe calculation above of the 23 per
cant. loss by commercial paper, counterbalanced by :!3
pee cent. rise in the, bank stock, is purely vague c.;11-
jeLiture, and no better. The calculation about tne bank
a—sets in hand is pretty near the truth, so far as the
b dance sheet of the bank itscif, as published under
this head a few weeks since, may be depended upon.
It seems probable that the position of the bank, what-
ever it may really be now, is not likely to be deterio-
rated by the coming change in the Presidency and
governing power of the Union, the parties about to
compose which have been heretofore, and doubtless are
now, among the friends and supporters of the institu-
tion, although as to their wish, or their capacity, for
re.endowing it as a national bank, or bank of the
Union, great doubts may be reasonably entertained. In
order to comprehend fairly its actual position, as an inWs-
pensable element for the estimating its future prospects, it
is necessary to have the results of that investigation into
its affairs, which is stated to have been some time in pro-
gress on the other side of the, water. It may be assumed,
itowever, without any excess of faith, that a fair revival of
trade in the United States would tend to strengthen :is
position, by the possible realisation in such case of many
doubtful and perhaps even now really bad securities or bids.
And should the federal states continue punctually to make
payment of the dividends on those stocks held so exten-
sively here and in Europe, in which so much of the ca-
pital of the bank has been so recklessly and improvidently
engulfed, it may be with time that the prices of the sticks
shall so recover as to place the tank in possession again of
the best part of the funds se jeopardised until now.