The Sun.
London, England, 1841-12-31 00:00:00

for the promise to pay oF the agents of the P..,,
very stockholders. And lioW they aro. ton Only
parties injured, while ',.nousand* 43rthe humblest
men in the com7dunity. Drive, within the last
few months. been intik:teed to deposit their notes
'with thee.;, Ail receive, in return, a certificate
with another promise to pay interest on them at
some distant day. If one of these parties is in.
dieted, the whole I have mentioned should in
justice- be included, and no crafty, knoning (if
not dishonourable) ones make others their scape-
n-oats. I trust that we 41411 in our. far-famed
In -
city be too vigilant fot these gentry.

(From the NO, York Herald of the sth Dec.)
FIATE OF THE COUNTRY.
With the exception of an occasional forgery,
defalcation, and breaking of a bank or two, we
are at present in a comparatively calm state in
this country.
Our relations with England have recently as-
sumed a morn tranquil aspect, and front present
appearances we think all our difficulties with the
mother tountry arc in a •murk more likely state
of peaceable adjustment than they have been
for some year past. And the correspondence
between Me. Stevenson and Lord Aberdeen, on
t-he right of search, just published, will go far
Ito assist in healing the old wounds, and closing
the breach between the two countries.
In political matters there is a calm before a
terrible storm ; the country has been revolu-
tionized; all the old parties have been broken
up, and new ones are now forming; but the ele-
ments are so discordant that there will be con-
siderable trouble in causing a re-union. Every
politician views his neighbour with distrust ; mad
every one seems about to buckle on his armour
for some great political battle, the nature and
extent bf which neither he nor any one else can
at present form any conception of.
On the subject of the currency there is consi-
derable diversity of opinion. What Congress
may do in this matter it is impossible at present
to say ; but judging from the nature of the
Financial Committee of the House of Represen-
tatives, just formed, it is probable that Congress
will pass some national system of paper currency
this session; -and perhaps adopt the plan recom-
mended by the President in his Message, strik-
ing out the exchange part of the scheme. And
even the stock jobbers themselves, and those
who recently were the -loudest declaimers for a
National Bank, upon the plan of the old U. S.
Bank, now seem willing to take the President's
plan of a Fiscal Agent, for better lor worse, and
give it a fair trial, with some slight modifications.
There will be terrible work this winter, and
the ensuing spring in commercial. matters. The
Bankrupt Law, which goes into operation on the
Ist ofFebruary next, will sweep out of existence
a large number of rotten institutions and firms;
and the explosions, and defalcations, and deve- •
lopments that will occur will astonish both this
Country and Europe. Already the ball has been
opened in Philadelphia, where the, Grand Jury
have presented Nicholas Biddle, Samuel Jau-
don, Cowperthwaite, and others, for conspiracy
and fraud, and ask the Criminal Court to have
them arrested,. and direct bills of indictment to
be fbund against them.
This has occasioned a terrible stir in Philadel-
phia, particularly among the pious and fashion-
able financiers of that city, and if properly
persevered in by the Judges of • the Court,
and the prosecuting law officers, may yet
lead to sonic strange developments. We thus
can show to England that our Juries, at
least, are upright. Judge Gridley asto-
nished the people of England by his impartiality
in the trial of M'Leod ;, and we will yet show our
forefathers of the old world that their children
have not degenerated, but are as virtuous as ever
they were. It only remains for the Judges in
Philadelphia to do their duty, regardless of con-
sequences, and thus wipe away the odium from
this country, which the numerous bank frauds,
have heretofore cast upon it.

CIRCULATION OF THE FREE BANKS, AND VALUE OF
THE SECURITIES PLEDGED FOR ITS REDEMPTION.
MARKET VALUE CIRCU-
BANKS. OF SECURITIES. LATION.
Agricultural Bank • 33,416 49,000
Clinton Bank
Mechanics' Banking Association
Farmers' Bank, Orleans
Lockport Bank and Trust 99,380 166,800
New York State Stock Security
Merchants' and Farmers'
Bank of Syracuse 89,106 150,000
Farmers' and Merchants', • Genesee 24,861 44,095
Bank of Kinderhook
Powell Bank
Bank of Central New York
Bank of Silver Creek 23,295 43,800
Exchange Bank, Genesee
Genesee County 28,625 48,200
Port Plain Bank 47,162 80,000
Bank of Attica
Ball.tort Spa
Farmers' Bank, Hudson
Mercantile Bank, Schenectady 67,750 80,154
Bank of Watertown
Albany Exchange Bank 36,900 60,350
Bank of Lowville 40,575 53,000
Bank of Waterville 38,725 73,184
Bank of Corning 41,750 75,000
American Exchange Bank 121,200 274,851
Manufacturers', Ulster
Bank of Whitestown 50,000 66,000
Pine Plains Bank
Canal Bank, Lockport
Howard Trust,and Banking
Washington County Bank 30,012 66,260
Bank of Commerce 240,000 • 299,840
Commercial Bank, Troy
Bank of Vernon
Mohawk Valley
New York Banking Company
Commercial, Rochester
•Middletown Bank
Delaware Bank 37,900 60,978
Farmer's, Geneva .
Farmers' and Mechanics', Rochester 19,800 38,900
Bank of Danville 62,650 99,000
Farmers' and Drovers', Somers 22,950 55,830
Farmers', Amsterdam
Bank of Albion
Exchange Bank, Rochester 12,250 21,600
Hamilton Bank
Bank of Brockport 18,250 26,000

Total..

$2,320,296 $3,730,628

In every instance it will be seen the banks are
heavily deficient, and the circulation in the
aggregate is worth 65 • cents. and no more. A
large proportion or these banks will stop, and
there will be loss of near 1,000,000 dolls. to the
public. These facts the Commissioners know,
and yet- they state that the banks are all
in good condition. The only course is to
abolish this useless office of Bank Commis-
sioner, and compel from tae banks a full
monthly statement of their affairs. The nature
of the business done by the western banks, and
the worthless character of the real estate paid in
as the capitals of most of them, added to the
great fall in the value of the stocks, . has ruined
them as a mass. As au instance of the value of
the bonds and mortgages, we will state a fact well
known to the Commissioners. A Buffalo Bank
held a' piece of land, which was mortgaged in
the first place for 20,000 dol., and again for
14,000 dol„ making' 34,000 dol. This was lodged
with „the .Comptroller, and when sold on the
failure of the Bank, the highest cash price it
would command was 3,300 dol. This, to a greater
or lest extent, is the case with all the mortgages.
The More speedily that red-back money ceases
to circulate the better for the public.

INTERESTING FROM SOUTH AMERICA.
Yesterday we received plenty of intelligence from
!South America from Buenos Ayres, the British
Packet, to the 10th of October, from Monte Video the
El Constitutionel, to the 16th of the same month, and
from Pernambuco,, the Diario de Pernambuco to the Bth
ultimo:
No intelligence respecting the operations of the hostile
naval forces of Buenos Ayres and Monte Video. A re-
port was current that Admiral Brown had landed at
• Buenos Ayres and retired to his country seat.
• Official notice is given to the residents of Monte Video
that the two ports of Soriano and Paysandu, further in
the interior, had been opened to foreign vessels, and
every facility promised at the custom houses.
A large quantity of counterfeit coin, of the smaller
denominations, had lately been put in circulation.
The Argentine squadron returned to their anchorage
in the Pews on the 9th of October.
Buenos Ayres was open to foreign commerce, but not
yet for the import of flour.
The United States corvette Decator, Capt. Ogden, was
• at Buenos Ayres.
According. to the last accounts from the interior,
General Oribe was within twelves leagues of tap
he capital
of Tucuman, a squadron of his, under the command of
Colonel Lagos, having completely routed a division of
400 men of the revolutionary troops.
Lavelle, it is said, had abandoned the territory of the
Republic.
General Pacheco, in conjunction with the division of
Cuyo, was in . pursuit of La Madrid, whp-se march was
in the direction of Mendoza. The vanguard under Ge-
neral Benavides and Colonel Flores was already harras-
sing his rear:
Everything was quiet in the province of Para on the
22d of October. There had been slight disturbancs
at Maranhain during the elections. which .took place on
the 7th.
News from Bahia to the 28th of October, state that
there had been a revolt in the town of d'Aqua-Pria, and
the authorities were compelled to remove the archives.
Robberies and murders were the order of the day.
According to the Diario do Pernambuco there appears
to be a feeling in Brazil to divide that empire into three
States. It is nce,,,' rsitef2l provinces. .In
a lung editorial IL that such a division
would not be beneficial to the people,
The only news from Rio Grande is that the Imperial