The Sun.
London, England, 1841-08-21 00:00:00

A It it ;-
GRE

BRISTOL, FRIDAY.
The Great Western steam-ship, Captain Hos-
kins, Commander, arrived at King Road,
Bristol, this morning, from New York, hav-
ing made the homeward passage in 12
days, 10 hours. She brings New York
Papers of the 7th instant, and about sixty pas-
sengers. This is the quickest passage ever made
between New York and Bristol with the excep-
tion of a former voyage of the Great Western.
The case of Mr. McLeod was attracting consi-
derable attention, in relation with the change of
the English Cabinet. In the meantime his trial
was fixed to take place at Utica on the 19th
of September. Opinions were greatly di-
vided as to the result. Some of our Trans.
atlantic Contemporaries, who possess the
rat instinct for avoiding falling houses, though
far removed from either the danger or the dust,
attack the Whigs now that they are quitting
office for not adopting a more energetic tone
towards the Yankees in M'Leod's case. Still
Peace between England and America is pre-
dicted, not because the lattermill release McLeod
in accordance with the law of nations, but be-
cause England dare not go to war with her in
the present attitude of France and Russia! The
following are the remarks of the New York
Herald—no high authority certainly upon State
affairs--upon this subject :
The late extraordinary revolution of parties in Eng-
land, and the accession of Sir Robert Peel and the Con-
servatives topower, have created a great deal of curiosity
and inquiry in this country, respecting the probable
issue of the unsettled questions now pending between
the United States and Great Britain. These questions
are, Ist. The North-Eastern Boundary 2d. The
North-Western I3oundary. 3d. The case of the Caroline
and M‘Leod ; 4th. The seizures of American -vessels on
the coast of Africa.
The bearing which the temper and policy of the Peel
Ministry may have upon these questions, are highly' im-
portant at this time, both in a commercial and political
point of view.
In all the negotiations of late ye,ars between this
country and England, it has been evident that there was
a sad want of moral courage in the Melbourne Cabinet to
take that position which their feelings indicated. They
wished peace and harmony with the United States,
because they feared that Russia and France were watch-
ing the moment of rupture with great satisfaction
and hope. But the dread of the Tory opposition,
and the fear of being charged with truckling to the ".Mo-
del Republic," prevented them from assuming their natu-
Pa position. Accordingly, the policy of the Whig Mi-
nistry towards this country has been saucy and cringing
11 turns.
We have every reason to believe that our negotiations
With the Peel Ministry will be managed with more
promptitude, decision, calmness, dignity, and success.
If Sir Charles Vaughan (as supposed) is to be ap-
pointed in the place of Mr. Fox, who will be recalled,
that diplomatist will conduct the negotiations with this
'country with less bluster and bravado than Mr. Fox, but
With more amenity, justice, and success. Such we have
heard from the best sources—and such we believe.
In the mean time M'Leod, it is now ordered, will be
tried in Utica, on the 19th of September ; and if every
statement is to be credited, an acquittal will settle that
.question finally, and leave the Governments to arrange
amicably the other points of difference. But, at all
events, Sir Robert Peel will never permit any variance
le spring up between England and the United States,
*Mist Russia and France occupy their present attitude
in Europe.
Another panic was felt in the United States
Bank Shares. They declined to 14, at which few
buyers were to be found. Transactions in
aterling bills in Wall-street, on the 7th, for the
Oreat Western, were very animated, and firm
at 9 per cent. premium. Several extensive
failures were anticipated, some of them of
houses largely engaged in mercantile transac-
.
tons with this country. The cotton trade was
doll, and the crop expected to be very abund-
ant this year. The following are extracts from
the papers :
THE LATE MEASURES IN CONGRESS.
The apathy which exists in the public mind, while
Congress is busy passing its five celebrated financial mea-
sures, does not surprise any one acquainted with the
Condition of the country, or the progress of good sense.
If these measures had been in the same process of de-
bate in 1837 that they are now, the whole community
Would have been in a paroxysm of excitement on the
arrival of the news each morning. Now the matter is
all changed. The great mass of the business community
area..in a state of repose. They care not what Congress
be
They are regardless of banks, loans, or lands.
y have long since seen the folly of expecting any
guod to' trade and commerce from the schemes of poh•
ucians and President makers.

The principal interest, therefore, felt about the move-
ments of Congress, is seen among he speculators, stock-
jobbers, and their agents from Europe. Among that
Small class, including perchance the office-seekers, there
48 a great deal of curiosity and doubt felt towards the
President They are not sure of him—hence the half-
eastaings, half-denunciations of that portion of the news-
Pateer press in the stock jobbing interest.
Yet this apathy towards these measures ought not to
exist. They will, if all passed, become the groundwork of
foundeda new system—a fresh union between politics and finance,
on principles that operate very unequally upon
4,
great mass of the nation. What are those measures ?
e have already enumerated them-Ist, a new Bank ;
Id, a Bankrupt Law ; 3d, a new Loan • 4th, a Revenue
aW ; sth, Distribution of the proceeds of the :public
,ads. The character of all these measures is
broadly enough stamped upon their face. They. are
!,entical and homogeneous, and present one of the
lanest pieces of machinery for taxing the poor for the
benefit of the rich—for taking away the property of the
real owner, and giving it to the speculator—that ever
was devised. The revenue law will increase the price
of the poor man's coffee, tea, and other necessaries, in
Order that the magnificent London stock jobbers may
save the money they have loaned to the States. The
stocks of several of the States may be aided a little, but
very little—in the ratio of three—while the poor man's
klix is increased in the ratio of eight. Other branches
of this singularly constructed financial system have other
effects. The money of the capitalist will be sought for,
raid got, in order that it may be borrowed by the specu-
tor just escaped through the bankrupt law.
LiSuch -being the general character of the new system,
Ltlllay be asked, " Ought it to pass?" " Oh I yes, cer-
,l"4lY." It is a fresh experiment—a new expedient—a
map
combination between politics and banking—and we
.4Y as well submit as not. It won't last four years,
'nut's certain.
vessel arrived at New York from the Havannah,
bAtings intelligence of the failure of the house of Hopper,
"eiderman, and Co., of St. Jago de Cuba; the liabilities
of the concern are said to be very large. The yellow fever
Continued to rage with unmitigated violence in the Ha-
vannah.
There is a defalcation in the New Orleans Canal Bank
to a very large amount.
(From the New York Herald of Aug. 7.)
MONEY MARKET.
FRIDAY, AUG. 6. SIR P.M.
This has been bill day for the Great Western, which
takes her &Tarture to-morrow. The tosisactions in
Sterling bills were very animated, and closed Irm at 9
per cent. prem. The demand is mostly for remittarire on
account of Illinois and Pennsylvania interest, which 1:111
due on the Ist inst. The supply of bills is by no means
laige.,_ A fair proportion are Canada and Southern bills,
'i'ge amounts of which, particularly Bank of Mobile, en-
dorsed by J. J. Palmer, have been sold by the house of
'atrunann, -Whitehouse, and Co., at 9 per cent. French
bills sell at 5 25 to 5 271- dollars ; Amsterdam, 39i- to 40 ;
118:111,,,,:butg, 35i to 34 ; Bremen, 77f to 771. Some
ther-` will be shipped at these rates. In this state of
bill market we see the effects of the borrowing system.
The demand for bills on mercantile account is not greater
than would be readily supplied by legitimate bills, with-
out resort to specie. Just at the close of the year, how-
ever, produce bills are nearly exhausted. The demand
to pay interest, or tribute, to England, for the sums she
lent to feed former extravagance, raises the prices, and
carries off the coin, not to be returned in the shape of
goods, but without an equivalent ; and this is the case to
the extent of ten to twelve million dollars yearly, a most
severe tax upon our industry.
State Stocks have been declining in value for the last
thirty days, although but very small transactions have
taken place. A large sale of the Stocks of the different
States has been advertised for Monday next on account
of the free banks. This may have had some effect upon
the market. The following is a table of the rates of
recent transactions compared with those by the last
Packet :

SALES AT WHICH THE LATEST TRANSACTIONS IN STATE

STOCKS HAVE TAKEN PLACE.

July 16. Aug. 6.
New Yord State Canal 5 ... 1858 66
New York Canal (new) 6's ... 1860 ... par
cc 44 16 5 ... 1845 ... 93 -
11‘ 5% ... 1858 ... 91% a 92
4%... 75 aBO
city water 5 85 aB6
6 . . 1870 ... 56% a 57 52a54
6 ... 1860 ... 55% a5B 54
5 ... 1860 ... 53% a 56 55%
5 .. s!erling ... 55% ... 55%
6 .. 1864 ... 94 ... 93%
5 ... 1850 ... 82%
6 ... 1856 ... 95 ...
Terme", 44
*K. cut ucky cc•
6 ... 50 years... 85 aB7 ... 85
'Arkansas 6 ... 1868 ... 57a 69 .. 56 a6O
Pennsylvania 5 .. 1858 ...77a78... 78
I:reasury Notes 6 .. . a *
'J. States Stock, $500,000 5 2 5 after 1844... Tar
" " $1,000,000 5% " 1844... par
Indiana has not been able to do anything further in
Tegard to the payment of her interest. Pennsylvania,
as we mentioned before, has met hers by squeezing it out
of insolvent banks.
We would take this occasion to remind our English
readers, that many of the statements published in theW all-
street papers on the eve of the departure of a boat
fir England, are manufactured expressly to produce any
e feet favourable to the parties interested there. The New

Illinois

Intl:ana

L ) • f YorklAmerican is supported avowedly for thispurposc, and
‘4- ! 4e have only to refer to the public!ttions in those prints
r,r Ewri p NT" :ist fall and winter, in referatice to the United St:,4,es
• L. • Bank and State Stock, to make the suffering stockholder
aware of the truth of our assertions. A system has been
long practised of manufacturing public opinion in this
way. The London Morning Chronicle has been the tool
and echo of these persons on the other side, and the ruin
and misery of thousands of innocent individuals has been
the result. We trust the statements of those papers will
be received with proper caution.
Up to this moment nothing definitive has been received
from Washington in regard to the Bank Bill. Letters
received from very high authority state that the chances
are stronger now than ever that the Bank Bill, Revenue
Bill, and Land Bill will all fail ; they hang one upon the
other, and it is known that the President is opposed to
all three under existing circumstances. He has taken
strong ground, and is not easily to be moved. It is
within the limits of possibility, however, that he may be
induced to sanction all three. The probabilities are, how-
ever, that they will all fail, and Congress adjourn next
week amid a general explosion of the dominant party,
and break up of the. Cabinet. In a mercantile point of
view, it is much to be hoped that the Bank Bill will fail,
and for many reasons. if the bank should be chartered,
two or three years of distress and confusion, attendant
upon its going into operation, will be inevitable, and '
after having got under way, its movements will be of
very doubtful utility. It will be a constant bone of con-
tention between political parties. Already the demo-
cratic party have raised the standard of repeal, and that
object will be pursued with all the unity, of purpose,
energy, and perseverance that have ever distinguished

them. -
The The Supreme Court of the United States, as now con-
' stituted has a majority that have repeatedly declared
themselves opposed to a National Bank on the question
of constitutionality. With these facts before it, it is
in vain to contemplate any return to that state of repose
and steadiness in financial affairs, which alone insures
security to property and prosperity in commercial affairs.
It is in vain to deny the fact that the great mass of the
' American people are deadly opposed to the monopoly
bank. On this question of a bank, General Jackson was
triumphantly returned at his second presidential elec-
tion. On this same question Martin Van Buren was ele-
vated to the Chair of the Chief Magistrate pledged to
carry out the views of his predecessor. 'With these facts
' before him, President Tyler, in his Message, stated that
the people of the United States had twice condemned a
national bank ; and now, whether President Tyler ap-
proves or disapproves of a new bank, ,the projectors of
such a concern may find that the will of the American
people may yet prevent it from going into peaceful
operation.
On the other hand, should the bink not be chartered,
what will be the result ? Why, business must go on
to increase on a cash basis, as it has for the last
four years, undisturbed by any new financial power.
The Southern banks, as they already show indica-
tions, must resume, and exchanges and the currency be
restored simply by that operation. The new bankrupt
law, although it does not include banks, will, in its
operation sweep out a large portion of bank assets, and
compel them to close their affairs simply by deprivinc,
them of all show of resources. This operation will be
gradual and inevitable, and will not disturb the course
of business that has, during the past four years assimi-
lated the policy of the late Administration.
The operation of the Bankrupt Law is to be dreaded.
Some of those who have interested themselves most in
procuring its passage, estimate the number of bankrupts
at 500,000, and that they hold 1,000 dollars average of
property each. The law is to go into operation Nov. 1,
when application will be immediately made by these per-
sons, and property to the extent of 500,000,000 dollars
will change hands in the course of the next ensuing two
years. This may make a fearful cbange, and the creditor
who realizes 1,000 dollars under the law may find his
other property depreciated 2,000 dollars by the opera
tion, and himself, in consequence, swelling the large list
of bankrupts.