The Sun.
London, England, 1840-06-02 00:00:00

LATEST FROM AMERICA.

By the arrival at Liverpool of the packet ship Ste-
phen Whitney, in 18 days from New York, we have
received New York Papers of the 13th ult. inclusive,
being two days later than the last arrivals. The British
Queen had not then arrived out, but she was hourly

expected.
There is not much political news in the American
Papers. On the 10th ult., Amos Kendall, for several
years Postmaster-General of the United States, an-
unced his resignation in the Washington Globe. He
stat ea that this step Las been forced upon him by ill-
health, having had no difference whatever with the
President or any Member of the Cabinet. Having,
however, acoumukited little or no property in a public
station, Mr. Kendall feelingly announces that to support
a large family he has accepted an editorial engagement
on the Washington Globe, the profits of the extra-sheet
of which are to be allowed him by the proprietors,
Messrs. Blair and Rives. Few public men quit office
so empty•handed, and to us, with our aristocratical
notions of Cabinets, the spectacle of an invalided Post-
master-general exchanging his official station for the se-
vere and incessant drudgery to which the editor of a
newspaper is hopelessly doomed', is suggestive of feel-

ines painfully commiserative.
Mr. Kendall's retirement was followed by count-
legs rumours of the breaking-up of the Washington
Cabinet, but they proved to be all equally groundless.
The slavery abolitionists had assembled by depu.a-
tioa in New York, where several meetings were held,
and the reports from different States read. The aboli-
tionists, we are happy to state, are rapidly increasing
in numbers and inthence in the United States.
The aotion and re-action of con.rnercial upon political
affairs, and vice versa, is more immediately felt in the
United States than in any other country in the world.
This is accounted for by the absence of old established
institutions, which set ve as breakwaters stemming the
first impetuous rush of the tide of public opinion.
We therefore think that the view which is taken of the
prospects of the United States in the following extract
from the City article of the New York Morning Herald
of the 13th ult. ought not to be lost sight of by those
interested in the political and financial affairs of our
transaiglantie neighbours :
Tile political horizon in all quarters shows signs of an
approaching change in the administration of affairs. For
the last ten years the politics of this country have turned
upon the financial pe,tioa. The present party in power
have ever been decidedly an I avowedly opposed to a Na-
tional Bank, Without having any definite line of action
marked out for their guidance, after the destruction of the
United States Bank, taev recklessly adopted that measure.
The result was an immediate commencement of the wildest
speulatioa. When the U. S. Bank ceased to act as a
national institution, it stood in the highest credit. The
States, individually and collectively, enjoyed the most
unbounded credit abroad ; and in Eurepe, the Ameri-
can business was contended for among capitalists on
account of the lucrativeness of its nature. The distri-
bution of the surplus revenue at this juncture, the
creation of $200,000,000 of Bank capital, and the
removal of the restraint over the local banks be-
fore exercised by the U. S. Bank through its branches,
all conspired to form a most powerful stimulus to specula-
tion. The result was a degree of apparent prosperity
before unequalled in history ; prices of produce and mer-
chandise rose, and all classes were on the road to wealth.
This state of things was by the masses ascribed to the
policy of the General Government; at least so far, no
evil consequences bad practically grown out of their mea-
sures. It was, therefore, not to be supposed that the
clamours of political partisans would bias public opinion in
the face of facts.
" In process of time the bubble burst, and the banks and
merchants stopped payment. They promptly rallied,
however, paid their debts, and credit was restored—not so,
however, the power to recover the former tone of the
markets. Prices continued to depreciate untii the reduc-
tion has reached every class of productions. The U. S.
Bank which was the great engine of recovery from the
former revulsion lies crushed beneath the mass of depreci-
ating values. The stimulus applied formerly is reacting
now is its full force. Labour is idle, credit is prostrate,
the productions of the earth are almost valueless. This
state of things is operating strongly on the politics of the
country. The administration was sustained, while their
measures were apparently successful ; but the indications
now are, that the opposition party will be successful at the
coming election. As a candidate to represent that party,
General W. H. Harrison, has been selected, and the poli-
tico-financiera of Philadelphia have rallied around him in
the anticipation that on his election! the U. S. Bank will
be restored to its former standing and emoluments as a
national bank.
" A change in the administration:of the Federal Govern-
ment, accompanied by the reorganization of a National
Bank on the former system, would again be the source
of another season of speculation and inflation of
prices, which would relieve a great many banks
and individuals from the unavailable securities
they now hold, by making the market active ; but would
also lead to the creation of additional large quantities.
These would stagger on for a short time, and again burst.
At the commencement of the speculation which burst in
1936, the ground was firm, the market comparatively
clear of fancy securities, the number of banks, railroads,
and other companies small, and the institutions and com-
munity at large in good credit. Tie structure which
was built on this foundation lasted but a few years. We
arc now lost amidst its ruins. The market is overloaded
with fancy stocks. Railroads and speculative companies
cover the country. There is one third more banking com-
panies than are stteful, and the credit of the United States
Bank, which was then undoubted, is now nearly gone, and
that of many of the States nearly so. A National Bank
would not only have to stimulate business, but to resusci-
tate old securities, unless the intervention of a general
bankrupt law, embracing institutions, prepares the way for
its action."
From Canada and the South American States we
have no intelligence of any moment, except a paragraph
which will be found in our City article. The following
extracts, in which the capture of two slavers is commu-
nicated, will he read with interest. We likewise sub-
join the latest account of the State of the New York
Money Market :
Tax SLAVE TRADE.—The Brighton, at Boston, spoke
on the sth of March, a Portuguese slave brig with 600
slaves on board, a prize to a British sloop-of-war, captured
off Mozambique.
HIGHLY IMPORTANT.—A SLAVER CAPTURED DY A
U. S. ScnooNea.—The slave schooner Sarah Ann, ar-
rived here yesterday from Sierra Leone, in charge of Lieut.
J. C. Williamscra of the United States Navy. She was
seized on the coast of Africa for dabbling in the slave
trade.
This slaver was owned in New Orleans, and commanded
by Capt. Raymond. She was seized in one of the small
rivers or creeks on the coast by the English brig of war
Bonita, and delivered to Lieut. Corn, Payne, of the U. S.
schooner Grampus, on the 12th of March last. He imme-
diately placed her in charge of Lieut. Williarnson,with a prize
crew of eight men, and ordered her home for trial. She
sailed under American colours, and had all the implements
for a slave expedition, such ns irons, large water tanks
and slave decks ; but no slaves were on board when cap-
tured. Her mate has arrived in her for examination.
Most of her crew, however, are on board the Grampus,
and will be brought home by Lieut. Com. Payne next
month. The Captain died on the Bth cf April.
The Sarah Ann is a beautiful vessel of about one hun-
dred tons burthen, and a remarkable fast sailer. Lieut.
Williamson states that four or five just such looking clip.
pets and the same number of brigs had been eaptured and
taken to Sierra Leone—the Spanish schooner Wasp, Capt.
Weems, among the number, and condemned.
Letter bags from the Grampus have been brought home
by Lieut. Williamson.

MBLANCHOLY ACCIDENT.—A pleasure boat, containing
four young men anu one lady ,in returning to the city fro
Hoboken, last Sunday, capsized, and the five were dro 'med.
Mr. Morand and John Plunkett, who kept a cigar store in
Nassau-street, were among the number.

NEW YORK MONEY MARKET.
TUESDAY, MAY I'2, 6 p. m.—The financial horizon
shows no indication of any improvement. The abuse
of the credit system is fast producing its opposite ex-
treme, and business is confingd, to the limited circle
of those who possess a cash capital. The business of
'Wall-street is in the hands of a few individuals, who find
full and lucrative employmer.t for their funds. The licen-
tious course of the insolent banks and merchants is fast
putting an end to the emnant-- of that ereqit which, but
few years since, wds enjoyed almost universally ; trade
is consequently decaying, and the interest of mon,..y
falling. A :anal' degree of aetivity is with difficulty
kept up sn the fancy stock market. This is done
only through the movements of two or three 1ar.,40
0" eratorg, whose design is " to keep the market active."
The lame movements in this stock are accompanied by
trifling transactions in other fancies.y amountsabl which
change hands are scaroely
instance, t
to The
estsharesish only al
price.i
l'Nltyis re
th ;
In United States Bank, for
fifty
sold at an improvement of per cent. oneyesterda)s r
a large amount would have sent theprie down.
American Trust and Banking declined 14
Tpehre.rce were
sales Stonington per cent. ; Harlem :J.;. per cent.
sales of Illinois six per cents. at 70. Old 9 oarri,...lon.
Bonds at par. Bills on Philadelphia sold at
on Baltimore 5 a 5.1 dis. The rates of sterlinr:_:
- dis. ,
remain
nominally the same; the transactions are
try small.: The
cotton market evinces small operatior,s without change.
r.,
In flour the market is dull, ".., $4,87i per barrel, for
western brands. The receipt
the repairs of the canal, b,t the price is drooping. There
:. have not been large since
are large orders in 11-.. e city and some !rench. on English account at $4,75,
'i.ders have been filled at g-1,87}, the
present pr.,-e. Ile rate of freight is rather declining,
which fav°v.is the market.

NEW YORK RATE OE FAT THE STOCK
EXCHANGE., MAI 12.
.060 Illinois Sixes .......................................... 70
50 United States Bank ..................pany......... 74
50 do. N. A. T. •
and Bant:ing, Com ...... 40
150 do. Delaware and Hudson a3O days 72i
40 do. Manhattan Bank ........................ ..• 81
50 do. Phcenix Bank .............................. 77
150 do. Seventh Ward Bank .......... ......... ..• 80
15(3 do. Bank of Commcrct .................. ierip os
21 do. Merchants! Exchange Co ................. 40
25 do. North River Inns Co ............... 91
05 do. Stonington Railroad .. b6O rig 16/
50 do. Harlaem Railroad b3o days 45
60 do. New Jersey Railroad , 823-

We perceive the wood pavement, which has been
partially laid down in Oxford-street, is now being further ex-
tended. A number of workmen are employed opposite the new
and elegant Silk and Drapery Establishment of Messrs. Wills
and an', which is certainly one of the most magnificent in

#llll/1 11
rt•
i