The Sun.
London, England, 1841-04-02 00:00:00

PRICE sd.

MONEY MARKET and CITY NEWS

FROM THE MORNING PAPERS OF THIS PAY.
TIME S.—The arrival of the President steamer has so
long been an object
.of anxiJus expectation among the
city speculators, that it is easy to conceive the interest that
w. s felt on the r.Teipt of the intelligence to a still more
,ecent date than tl e President would Eve brouf,rht by the
13 itarni4. In the absence of defiiite facts as to the pro-
gress of !he affair of Mr. M‘Leod, great attention was
;.aid in the colf2c-houses and all the resorts of the City
gossips to the tone of the inteligence, to elicit as much
as possible the disposition of the American nation. In
their interpretation all seemed to agree, and to be of
opinion that the angry feelings which were at first a cause
for apprehension had greatly, if not completely, subsided,
and the belief Li the maintenance of peace seemed
generally to prevail. The statement by the " Gene-
vese Traveller," that ill'Leod had been removed to
Albany that no cause m'ght exist to prejudice the course
of jwtice, was considered of great importance, as showing
a manifest desire to aveid extremities, and th.o arguments
in the same letter tended to strengthen the prevailing
opinion. The quotation of Consols shows the decided ac-
tion which the news had on the price of the public securi-
ties. The advance was per cent., which was maintained
throughout the day, the only fluctuation being that there
were sometimes buyers and sometimes sellers at the
advanced quotation, while the firmness of the mar-
ket was sustained by frequent purchases, chiefly
of a speculative character. It should be remarked
that the decided operation of any news of a fa-
vourable kind:is greatly increased by the dislike of foreign
securities, which has now so generally spread, so that the
English funds being almost the only means of investment,
they are always ready to advance at the slightest impulse.

HERA LD.—A marked improvement in the funds may
he noticed tc-day, mainly attributable to the favourable
sense in which the absence of adverse political intelligence
from the United States, rather than the receipt of anything
positively satisfactory, has been viewed in the city. The
improved quotations obtained play are, however, worthy
of remark, as money has been M greater demand at the
same time, and the increase in the rate of interest on India
Bonds, adverted to yesterday, clearly indicates that in the
higher quarters of the moneyed circles or corporate ca-
pitalists no immediate expectation is entertained of any
reduction in the value of money, or of any material
relief from the money pressure more or less existing
for some time past. It has not escaped °elstervation
also how extremely discouraging are the monetary
and commercial advicea from the other side of the
Atlantic, where banking confusion seems to be worse
confounded still with every arrival, and those who were
most sanguine about the restoration of something like
solidity in the banking affairs of the States of the: Union on
the renewed suspension of the Philadelphia banks, upon
the principle, as may be supposed, that when matters have
got to the worst they will mend, begin now to despair of
any satisfactory solution of monetary embarrassments
there for a long time to come. Indeed all the banks of
the different States throughout the Union, excepting those
of New York and Massachusetts, appear to have eagerly
seized upon the pretext of the stoppage of specie payments
by those of Philadelphia for nut only stopping themselves,
or centineing the previous state of suspension, but for mul-
tiplying the issues and the evils of an irresponsible, irre-
deemable paper currency. What however is of more near and
immediate interest to the people of this country, as well as
to capitalists in other parts of Europe, is the danger, which
even the most confiding in the credit and resources of the
various indebted States now feel to be imminent, that they
may not be able much longer to provide the means for
payment of the dividends on their Stocks. The impres-
sion, is fast gaining ground that, unfortunately connected
as are the state governments with State Banks, it may be-
come impossible for them to meet their obligations for the
punctual discharge of interest on their bond debts, now
that no assistance would seem possible from the banks, for
whose accommodasion, and for the creation of correspond-
ing capitals for them, no inconsiderable proportion of State
debts was contracted. Some ground of hope indeed is
sought to be founded on a vague impression that the pre-
sent federal Government of the United States, known on
principle to be favourable to the banking interest, may in-
terpose in favour of Sta'c and banking credit, by some
special measures of relief or assistance, such as the
establishment of a national bank, the re-partition among
the states of the funds derived from the sale of waste or
uncultivated lands, or the ,assumption of State debts
can masse by the general Government. The latter
was supposed once to bo a favourite plan with Mr.
Daniel Webster, now first Secretary of State, and,
assuredly, if possible of accomplishment, would solve
all money difficulties at once, by the intervention of
federal credit and the assumption of federal re-
sponsibility for the indebtedness of each of the
separate States of the Union. Prodigal as has been
the administrative course of most of the States in
their indeperideat capacity, it may be admitted that
the financial concerns, and generally the administra-
tive management, of the federal Government has been
watched with a more becoming jealousy and control.
led and conducted upon a more correct and economi-
cal system than those of the individual States. There
have been abuses and jobbing in the former, but
within certain restrictions ; in the latter the waste
of corrupt and prodigal expenditure has been enormous. ,
The division of the funds derived from land sales among
the separate States, instead of, as now, going into the fe-
deral chest, is the favourite plan of Mr, Clay, but although
this would be a considerable alleviation of the debt pres-
sure of the States, the amount derivable would scarcely
suffice to provide for more than one- third of the interest on I
State debts. The other project of a national bank would '
be but slowly effective towards any removal of existing
difficulties, for assuredly such a bank could not interfere at
all in behalf of the myriads of insolvent banking institu-
tions now in existence, or if attempted it must be borne
down with the rest in the vain struggle to support them.
Under present circumstances, however, it is scarcely pro-
bable
that the project of a national bank will be broached,
for the United Sates Bank, in its actual degraded posi-
tion, must be an insuperable stumbling-'olock to the very
mention of such a proposal.

As observed in the face of these cheerless monetary and
commercial advices from the United States the funds
improved materially.
There were some reports, idle of course, that the Com-
mittee of the Stock Exchange, at their meeting to-day,
bad decided to go in the teeth of a former and standing
resolution of their own, and to permit the ten shillings in
the pound proposed new stock of the Portuguese Govern-
ment to be que:ed in the official list, and dealt in the
house, as if the stock of a solvent Sta'e, or an insolvent
State ,A hich had amicably and honestly compromised ‘with
its creditors. There can be no doubt that the rumour is
an atrocious libel on the Committee, and as such the
scandalising authors of it will have a fair chance of being
rendered famous should they by chance be discovered and
ambitious of newspaper renown. The Stock Exchange
Committee must feel themselves much too respecthblo in
position, and invested with a character involving too:serious
a moral trust and responsibility in the eyes of the house and
tie public to entertain for one moment a proposition of
kind. It would be extremely desirable for the public in-
tt.rest, indeed, and as a guarantee for public confidence,
that nothing discreditable of the sort can be possibly con-
templated, that alit of the members of the Committee
should be made public on occasion. Probably some cor-
respondent might furnish such a list, or, if need be, it can
be procured in the proper quarter.

POST.—The suspension of specie payments by the
State Bank of Illinois had received the sanction of the
Legislature, in consideration of which the bank was to lend
the State, for the purpose of paying the interest on her
internal improvement bonds, 100,000 dollars a year in
semi-annual instalments for two years. The bank is autho-
rised, under this arrangement, to issue bills under five
dollars, and to charge on its loan 7 and 9 per cent. iate-
rest instead of 6 and 8 per cent. The Legislature bad
also imposed a tax of 10 cent•. the 100 dollars on real
estate, in addition to 20 cents, which was the previous
tax, no land being valued at less than 3 dollars per acre.
This, it was calculated, would increase the revenue by:tnore
than 100,000 dollars. Authority was, moreover, given
to the fund commissioner to compromise the claims of the
State on individuals and corporations, in the State and
elsewhere, for bonds sold and not paid for. The canal of
the State has a large debt due to it far property already
sold, and the canal commissioners are empowered to sell
other lard; from time to time to pay interest. The in-
creased tax, and the large amount of lands that are an-
nually becoming taxable, with the loan from the State
Bank, and 111 r. Clay's Land Bill, which was expected
to pass the next Congress, was thought to make it pretty
certain that the futnre interest on the bonds of the State
would be paid, and its credit fully maintained.

SUN.—Tbe anxiety respecting Mr. M.Leod has been
mNterially relieved, though not entirely allayed, by the
tenet- of the advices rcceived per Britannia steamer, and
which were so promptly communicated to such of the
merchants and others in the City as had rem-ined later
than using, in the :Second Edition of last night's Sun.
The funds improved full per cent. Consols opened in
the morning at 89k, and advanced gradually to 89i 3-, at
which they closed for Money. The Account prices were
89k to 893 f. Exchequer Bills were firm at 6s. to 9e.
premium. and India Bonds, owing to the advance in the
interest given by the Company to three-and-a-half
per cell:. touched 3s. discount. The New Threc-and-a-
Half per Cents, advanced to 97k to 08.
Both ti.c Foreign Securities and the Railway Shares
were fav,,urahly influenced by the improved feeling in our
own Stock. Spanish Active Bonds rallied to 23k; Por-
tuguese New Three per Cents. from 33 to 33i; the Three
leer Cents. from 191 to 201; Mexican from 30 to 31 ; Co-
stile of affairs in New Granada, and the probability tha',
Co-
lumbian from 22.1 to 23, notwithstanding the melancholy
it successful, the insurgents will attempt to revolutionize
Veneztm!ss as well ; end Peruvian from 16i to 17. Chihan
ex-div. were at 59 to 3- ; Belgian Bands of 1840 were at
1011 for the Five per Cents; and Dutch Two-and-a-
Hart per Cent. gut up again to 514'
The Great We:ti.s.rn Railway Shares brought 26 to 27;
the New 121 to 13; the Fifths 6i t, ; and the South-
Western 17k premium. Brighton were 4i ; Biackwaii
; MaLchester and 13irmiugham 15i; Midland Counties
17 ; Northern and Eastern 20; North Midland 23; and
Birmingham and Gloucester, 22 discount. London and
We4tminster Bank New Shares were premium.

.•
The Lord Lieutenant will sail for Bristol
on Saturday :•car, on his way to Devonshire. We under-
stand that hi; Excellency will not be abzent from Ireland
for more than a fortnight...-Dublin Evening Post.