The Sun.
London, England, 1841-03-05 00:00:00

FROM THE MORNING PAPERS OF THIS DAY

TIMES.—Some surprise has b. en expressed in the City at
another stoppage of the " Uni'ed States Bank," as-announced
this morning, from the New York papers, so soon after the at-
tempt to resume specie payments, but by persons well acquainted
with what was going on the event was distinctly foreseen,
though not, perhaps, so early' as it has actually occurred. As
this bank had acquired an immense increase of power just pre-
vious to the resumption, on the 15th of January, by the draughts
on the London agent, and has been compelled, nevertheless,
to yield to the pressure, it is but reasonable to conclude
that it has now fallen never to rise again. All that the
shareholders, therefore, and other parties interested
have now to look for is a liquidation, rendered by far
more disadvantageous to them than would otherwise
have been the case, through the delay and useless temporizing
which has taken place. Up to the period, however, of this
new stoppage the notion has been very industriously spread that
the Bank might go on and become more important than ever by
only consenting to a declaration that one-half of the capital
was lost, which would still leave it, as was alleged, the most
powerful bank in the Union. The fallacy of all this, though
it served the purpose of those who circulated it, need hardly
be pointed out, since the real ability to go on, and to become
again prosperous, must depend upon the quality of the assets,
and not upon the amount of capital, whether real or nomi-
nal. These were notoriously bad previously to the new stop-
page, and will be, of course, much further deteriorated by
that event.

Great uneasiness existed in New York for the fate of the
bills drawn on London by the United States Bank justpreviou-
to the resumption, but there is reason to believe that they
hive all been accepted, and by houses sufficiently powerful to
leave no doubt of their ultimate validity. The whole of the
credits given amount, it is said, to 1,000,000/. ; of which
100,0001. was by Denison and Co., 170,0001. by Brown and
Co., and 730,000/. by Morrison and Sons. Of course it is to
be presumed that these houses have protected themselves by a
sufficient amount of security, and that they will feel indifferent
about a little delay, should it be of a nature not at once con-
vertible into money.
The buoyancy of the English stock-market, which has been
owing to the increasing demand for investment, and which it
was supposed would continue on account of the public regard-
ing the home securities alone as safe for the employment of
their capital, did not some political event of an unfavourable
nature occur, has received a check to-day on account of the
intelligence from America. The indictment of Mr. M'Leod
and the stoppage of the " United States Bank" have probably
both contributed to the decline in Consols, which was about
within an hour after the commencement of business ; but there
can be little doubt that this effect is chiefly to be attributed to
the former cause, the belief i❑ the stability of the Bank being
too weak for the latter part of the intelligence'to have caused
any material fluctuation. It may tend, however, to bring cn
an increased scarcity of money.