The Sun.
London, England, 1840-12-02 00:00:00

LATEST FROM AMERICA,

By the arrival of the New York packet-ship Virginian,
Captain Allen, which left New York on the 13th of No-
vember, we have received papers from that city two days
later than those received by the President. The Oxford,
which sailed on the 3d, has not yet reached, although she
has been now anticipated by both the Patrick Henry and
the Virginian. These papers contain very little news in-
teresting in England. The result of the election of Ge-
neral Harrison to the Presidential chair, and ita probable
influence on the future welfare of the country, fill most of
the papers. Amongst other steps, the establishment of a
General Bankrupt Law, a National Bank, a better disposal
of the Public Lands, and other matters are mentioned.

NEW YORK MONEY MARKET.—TIICIISDA Y.
Within the last three months upwards of three millions
of specie has been shipped from this port, and principally
to France ; and yet this large and steady drain has not
been felt. We have lost this specie, too, at a peculiar
time, when trade is dull, and when all places south of this
are not paying out, but are hoarding up specie. We have
parted with it, too, without our banks being called on for
a dollar, or the merchants having been pinched in the
slightest degree. In ordinary times this city could not
have bad taken from her this large sum without a serious
prvssure, nor without its effects having been felt in other
sections of the country. A question naturally arises, how
has this come about ?—One great reason is, the ef-
fect of the wise and judicious law passed by
the last Legislature, compelling the Banks in this
State to redeem their notes either here or at Al-
bany, for the effect has been to concentrate all capital
here. The banks in the interior require no specie, but, on
the contrary, any large amount kept in their vaults is not
only a burden, but an absolute loss of interest : all their
balances concentrate here. The specie of our State falls
naturally into the banks here, and the effect is that the
parting with three or four millions of dollars is not felt. If,
however, the case was different, and all these interior
banks redeemed their notes at home, there would be not
only no balance belonging to them resting in our vaults,
but they would necessarily be alarmed, and would
make extra exertions to provide for emergencies ; and in
this way our specie would be called for at
the same time to supply a foreign and do.
mestic demand. We have no doubt it would
be of infinite benefit to trade if the banks in every State
were compelled to redeem their notes at one point. The
commotion of drawing, redeeming, and shifting of
specie would be greatly abridged. In New England,
where all the banks redeem their notes in Boston, there
is no difficulty in exchanges, and seldom any respecting
specie. It flows in and out of the banks as the current of
trade requires. It' all the banks in Ohio, for instance,
were required to redeem their notes in Cincinnati, or
some centre of trade, the rate of exchange would be at
once regulated; the difference between this city and all
the banks in Ohio would be but a mere trifle. In every
vice that can be taken, the arrangement of banks redeem-
ing their bills has great advantages over the old system.
To the public the subject is of great interest and im-
portance.
The Boston Atlas cautions the public against Bridge-
port (Connecticut) Bank bills, altered from $1 to $2O.
TIIURSDAY.-The operations were to a large extent to-
day. North American Trust declined and United
States A sale of Treasury Notes took place to-day at
100. Exchange on Philadelphia sold at 97k, and on New
Orleans at 98k. Indiana Bonds fell off 1.

RATE OF SALES AT TILE STOCK. EXCIIANGE, NOV. 12
$5,000 Indiana Bonds b6O 75.il
1,300 Exchange on New Orleans 9Bi
50 Shares U. States Bank t w 66
20 do. Delaware and Hudson 791
50 do. North American Trust . .
47 do. Mechanics' Bank
25 do. Min,hattan Bank
25 do. Merchants' Ex. Co.
20 do. Commercial N. 0 b39 83
150 do. Vicksburg do. b6o 14
50 do. Mechanics' Banking Association ... 79
15 do. Commerce Scrip
50 do. Ohio Trust
125 do. Haarlem R R 29,1
30 do. Canton Co
100 do. Paterson R R 47
28 do. Auburn and Syracuse R R
50 do. Stonington R R.....
3,750 Philadelphia Exchange
9,000 Treasury Notes

SPIRIT OF THE DOMESTIC MARKETS.
At Savannah, for the week ending the 7th instant, the
prices (if Cotton were higher by -41- cent than during the
previous week ; the sales were 1,637 bales Uplands at
7:4- to 71c. The sales of Rice amounted to about 450
casks, mostly at 3 25c. ; the article was quoted at 3to
3 7c. No change in Flour. Corn retailed frcm stores
at 63c. to 75c. Sales of Hams at 13c. to 14e. ; Freight
dull.

At New Orleans, on the 3d instant, Exchange was
quoted for sterling at 8 to 81 per cent. premium (,34 50c.
to $4 82e. per 1/ sterling) ; France $3 inc. to $a 15c.
On New York, at sixty days' sight, par to per cent. dis-
count ; sight checks, 11 to I,i per cent. premium. Freights
are very firm at our former quotations, say id. to Liver.
pool, and lic. to Havre.

By the steam-ship New York, Captain Wright, from
this city via Havannah, files of papers of the latter port
to the 29th ult, have been received in New Orleans, fur-
nishing the following intelligence : -
MEXICO.—The Havannah papers contain Mexican dates
to a week or two into Oct. We learn from Vera Cruz that the
British Minister had made repeated complaints as to the
delay of the Government in replying to the several de-
mands made upon the Mexican Government (probably in
regard to the imprisonment of men in California, and the
internal duty), and that unless a reply was made in a
given time, he should demand his passport. This important
step was said to have occasioned a great sensation among
the reflecting people—so much so, that a petitiot, was ini-
nudiately presented to Congress on the subject, and a
secret session of the Chamber of Deputies was held in
consequence; and the Mexican paper observes, that a
great many persons are dissatisfied at the result of their
deliberation.

TOBASCO.—It is stated that an iniquitous act in To-
basco has reduced a considerable part of the capital of that
department to ashes, and reduced a great part of the inha-
bitants to poverty and wretchedness.
HAVANNAII, OCT. 28 —The steam-boat Colombia is sold
to a Company, and sails on the lit for Charleston as a
regular packet. This will connect the line to New York.
The schooner Creole, from New Orleans, arrived here on
the 24th, without a bill of health, and went into quaran-
tine for seven days. The laws are rigidly enforced. Even
the letters of the Creole are not yet delivered.

ROTATION SYSTEM IN THE

ARMY.

TO THE EDITOR OF TIIE SUN.
Sia,—l take the liberty of addressing the following
statement to you, which, as a well-wisher of the Army
generally, I am sure you will make known to the public,
through the columns of your valuable paper :
Lord Hill has frequently announced his intention of
carrying out the Rotation System without partiality or
favour. The following instance will show how that
determination has been adhered to. The 22d Re-
giment, after a long services in the East Indies,
some twenty years ago, came home; they remained the
usual time in this country, and naturally expected a good
station. However, they were disappointed, and or-
dered for service in tae West Indies. After serving ton
years in Jamaica they returned home in April, 1837, and
have remained in this country since that time, and once
more congratulated themselves at the prospect of at least
obtaining a tolerable station. Will it—can it be believed?
It is, indeed, too true; and to the shame of the Horse
Guards be it said, they have just received an order for
early embarkation for Bombay. Is this carrying out the
Rotation System ? Is this impartiality ? Justice, my Lord
Hill ! Justice is all we ask for, and that we do ask for.
The 42d and 88th Regiments, after serving in the Me-
diterranean, are sent out there again ; and the 22d Regi-
ment, which has never had a good station, is sent to
Bombay. It may well be called the 4'b West India Regi-
ment. Such an act of flagrant injustice I hope the Press
will not allow to pass unnoticed, VICTIM.
Athlone, Nov. 30, 1840.

CENTRAL CRIMINAL COURT.