The Sun.
London, England, 1841-03-04 00:00:00

!TM, STATESt

Il_br 247

UN.

SUON OF THE UNITED STATES BANK.
We h 3.;• ~.,_. . e received by the packet-ship George Washin;,ton,
"H'eli arrived at Liverp:,ol yesterday morliing, Ne. w Y!'rk
ra'sers
i to the Bth ult. inclusive. Their contents are highly im-
Portaht.
The Bank of the United States had for the third t' me sus-
P,nded s.pecie payments. Having, it is ,tated, been disap-
-I,9inb d in the receipt of large amounls of specie, it was corn-
:lTiled, on the afternoon of the 4th ult. to refuse the payment
a demand of 8100,000 from New York,' as well as the pay-
ern of some etlp.'r heavy sums. A special meeting of the lilrirFetort, was held in theevening of that day, when the fol-
i ;41g resolutions were agreed to, and ordered to be pub-
usted :

"BANK OF THE UNITED STATES.
" February 4.
," At a special meeting of the Board of Directors of the
;!tuk
° of the United States, held at the banking-house, the
4"wing preamble and resolutions were unanimously adopted :
." eas the Bank of the United States, in compliance
!w,lth its pledge to the public, has made a fair and bona fide
,Itort to resume and us iintain specie payments, hying, since
loth of January last, paid out an amount little if at all
sbcrt
46,000,000 didlars in coin or specie funds, and whereas
the effort to maintain spe. ie payments by this hank has kern
tendered abortive by the intet,tional accumulation and extra-
ordinary enforcement of its instant liabilities :—the-efore
"Resolved,—That this bank is under the necessity, for the
present, of suspending specie payments.
"Resolved,—That every exertion will be made by the Di-
ttheceto,rs to collect the debts, and convert into cash the assets of
the uanlL, for the purpose of resuming payments in specie at
earliest practicable moment.
" Resolved—That the foregoing preamble and resolutions be
Published.
" Extract from the minutes,

" A. LARNER, CasH
" RESOLUTION OF 'I HE CITY BANKS.or."
" At a meeting of delegates from the banks of the city and
county of Philadelphia, held Feb. 4, 1841, convened upon
Sta notice of the suspension of specie payments by the United
tes Bank, present delegates from the following hanks :
nwylvania, Girard Philadelphia North America, Farmers'
ti,noilw.}lle.hanies, Cornintrcial,- Mechanics' Western, Penn
et, ?ship. Southwark, Kensington, Manufacturers' and Me-
- '4°lcs' Movatuensine. and Northern Libertif s—
" Joh Nch
R at?, Esq., was called to the Chair, and F. A.
a)bold appointed Secretary.
‘ The followin resolution was unanimously adopted
Resolved—That the banks represented in this meeting
'WI continue the payment of specie for ail their liabilities.
" JOHN `WHITE, Chairman."
" P. A. Raybold
, Secretary."
(Correspondence of the Journal of Conmeree.)
PHILADELPHIA, FEB. 5.
orr_he burst up of the United States Bank yesterday gave rise
a int excitement, which has continued through to-day, such
etas i_as never before witnessed in this city on any similar oc-
thre"°. The fact of the failure of the Bank to meet the two or
st,,e•drailghts of large amount on Thursday was not failureunder-
ntil after the cars left for your city to be an absolute
this morning the streets were crowded with citizens,
snarl the o g the doors of the banks there were
("f
greatePreone:extent in front. of them all, and par-
and
Meth Y so before the United States, Girard, and Farmers'
for s Coalli% On the opening of the doors there. was a rush.
the tc in by depositors and note-holders. All paid, including
the
States for its $3 notes, for an hour or two, when
It' Girard
began to wince, and finally "resigned trumps,"
ht, its hand no further than to pay its $3 notes. Thus
;tone on the first day of trial.
e greatest confusion prevails, and the banks were all busily
soa;,°let,l in Paying out spec e from the opening to the close-
-114s; b with two or three clerks. A much larger amount must
KingTh,.e.nen drawn from the banks to-day than on January 15.
fank of the United States has been cited before Judge
w show cause (,f refusal to pay her $lO notes. She is
4411 days to file her answer or to pay the money.
the lit,een hanks before three o'clock ceased to pay anything but
Com $a bills, except five—the Western, the Southwark,
.the
11 met
the Philadelphia, and the Bank of North America.
to_ale shall in all human probability have a general suspensio
rub 11,,rr •
hi
w• The banks, I think, cannot stand another day's
ts
Nita .shorts" coming into market to-day kept the price of
fat id States Bank pretty well up. It is believed that it will
Git ), al)cut 25, when they shall have supplied themselves.
arn Bank fell to 98.
, Pt," (From the National Gazette.)
links SUSPENSION.—P.S. One o'Cloek.—All the
Pendell the city, with two or three exceptions, have justsaus-
lirellejPecie payments, except for five dollar notes. The p-
expressed above is thus a.readv realize( .
Srat,sPENstox IN DELAWAKE.—The 'Philadelphia United
Dire'tGazette of Saturday says—" We understand that the
ril-,„" of the several banks in Wilmington, Delaware, held
P°yntyesterday morning, and r: solved to suspend specie
city.,,4ts in consequence of information received from this

Pi (Correspondence of the Journal of Commerce.)
keetl,stAbELPicrA, FEB. 6.—The banks held an informal
future last night, at which, however, no conclusion as to the
sill e ,course to be pursued by them was agreed upon. There
the ,chats considerable excitement here on the subject, althourgah
liasi 'Mil" to-day in no respect equals that of yesterday i)re
.Y Tore owing to the exhausted means of bill holdersp to
't,- ""em, than from any increased confidence of the publicks
l‘r‘l'ekarterocut of the panic. The notes of many of the ban
Thyn?_st.wholly redet med.
that banks still continue pretty much the same course as
1/111,." sued yesterday ; all of them redeem. their. five dollar
specie their tens, and some meet all their circulation with
°I thefeoSolne mark checks, and others pay them by the notes
At th wn and other banks.
lt • e Philadel hia Bank notes of $6 and $lO were paid in
: eplge--e
ftohronsteboefra lacer dnednoimnination were received in ex-
of debts. Demands
I; kit'ardkeEosits were met bay, the paymentnotes of other institutions and
At ti;°g checks ' wand.
bete
e United States Bank there was still to-day larae
%ere si, nf Persons, and, though it paid Vs fives as yesaterdt4e,
ot, w-a, not a very serious sb aught upon its funds, from
ouht_
atkedi e Illiagine, that there are not at this time many
were
lc ask niig• Its checks were met by. its own notes,
dor
we
°ell e-
I good.' The latter alternative was not desire ,as
Atteththey are not at any of the banks received on deposit.
%Isla e Partners' and Mechanics' Bank there was also a
IN u,erable crowd of persons. All demands of ten dollars. and
,Natteieevire_lnet in specie, and on larger amounts a portion of
, so;m. 'l4 glven• when desired. Checks were either marked
°old ~.°" paid in the notes of other banks, at the option of the
k' e:. rhe great object seemed to be accommodating as far
Th. consistent with its means.
'of dap Alechanics' Bank pays its notes of $5. The demannt
,;41tb'i.tOlsre discharged by its own notes of $l.O and up-
geed geed? the notes of other banks, and by marking check,
Alla ever There were but few persons at the Mechanics'
.Bank,.
At ,sYthlng like a' run' upon it seemed to have subsided:
1_454 1,;-"e Moyamensing Bank there were a number ofspdenr_--
-"as , otese—nlinrg specie, Mph was met so far as related to 1
ssall a, sssi.lsef aY.
denomination above that were not touched.d
kites ere were either marked ' good,' or paid in its own an 0f otlaer 4l the p banks.
..
'of m_. Pennsylvania Bank there were also a goodly num-
‘t the A!° stn which were met and disposed of precisely as
. At 'rYamensing Bank.
141. As dune Southwark Bank very little was doing,. and specie
1/J4ol:r-11a! bills was paid. Checks were paid in the notes
geoi , institutions. Up to one o'clock none had been marked
, At ,titeePt by request.
Jests*, e Girard Bank there was nothing like_ the crowd of
.4t 44 "Y ; Yet there were snore persons about it to-day than.
e °f the
the United States. All its
r,. dei,__ other banks, except
'steel, '''lr notes that were presented were promptly paid.
ete*d ' tiNn it were marked ' good.' When the bank
abatit Yestera.
the —v, at three o'clock, there was a heavy pressd
ttillecis e counter clamorous for specie. These were all e-
ln•cls forhe building, their demands satisfied, and let out at the
degt th •
orQ• eWe Batik all its notes were paid, of whatever
ttlbi osieltil.ati,n,°, ceept when presentsd by individuals in a large
°Os, o„ ,i,epositors were paid in the notes of other institu-
dll ',°Y marking checks' good.'
t-'lll:(lseitetr.B4,,°f Penn tosvnsiiip redeems its fives, and pays
it) Psper ,s.ss OVIII paper above that denomination, and in
41titi,, ,°' t•ther banks. It has avoided the practice of
, Th,.Nreks ,g,d.
4)111' notes anufacturers' and Mechanics' Bank pays its five
(k'd•'' Pays to depositors other bills, and marks checks
Ilte
to Ida
4tse. rik of the Northern Liberties pursues a similar
l'•Kenn;t,2-nes i.,o,__igton. Bank does the same.
''ecks 1., U°Oercial Bank redeems all its notes in specie
, Iles 1:1?° it are paid in other notes, or are marked 'good.'.
Veassteet'ef"th4e a; strong feeling of disapprobation entertsinedf by
st city banks towards the United States Bank, or
14thereh - sUspension, and all of them have refused her paper,
It ',,. re that of almost all the country banks.
111.4 t t" will
be een, by what is stated above, that all the banks
esesks° or three are engaged in the old practice of marking
i., Ivh
ita.l-:;:eseeillia4tUis;;Yentao: known on Thursday evening that the United
'tt
instil l'.l. ad su• tatted it was resolved to cut loose from
rdiscard its p' apoern,naanndirapenonese_ed in the payment
ly agreed that all
t's;sitZ' between theitawnaks be settled up in spec,e before
,nviintlei
t../toottnn Friday morning. This was faithful complied
'eltitr, Ilthe banks, and by the small Western lied
par-
r..4°o(cnieh Paid to various instituttons some $40,0_00.0
ao_r
'gees 5.,.,;, but when its d mands were made on the 111 y
1)4111,-,1 ."411k0 the Manufacturers'inotneise,v, and Mechanics' Bank, and
Null': ant)ther, the sas faithlessly violated and the
We5t5,,,,0,40 withheld. Yet in the face of these failures, the
• tx1111; qtittl..k e_oritinues.the same.
4tit t° dies of the United States' Bank are selling at a dis-
1_ A st,,lls'aY for specie of 15 per cent.
Zist lii" of the name of Sheets, a labourer, committed suicide
`4.oogrtt,ieu the upper part of the city by scooting himself
(Coel heart. Want of business was the cause.
4, littltAtres
Pondence of the Courier-and Inquirer.) 1
04tI-* ILPHIA, FEB. 7.—The transactions in stocks on
%liii" giY. Were
'CI Stat. 'sank,t a ery small amount, with the exception o
! ,4'tlg„ ---,;" which fell off in price somewhat from the
1(4-4gedLIL ',cif the previous day • a little rising 500 shares
~,s, also- 'Rue's, at and after the fi;s: board of brokers, at 2938
4.1,1 'n(l 0„ Ulises at :is; to 35. About 75 shares Girard at
tss
SkeaCteetZsYlvan!a. Fives, 1870, at 83. Very few engagemen
Islteree;„,‘Pon
..however, unless it was to meet contract.
5,,, tw y "untie qusste unsettled.
',ll,lllite „4°liitics Se w DAY NIGHT, FEB.Money Market
%se la, settled, iii,
Phila-
consequence of the suspension in _
-41fttay, 01,tlere was very little done in State Stocks on Sa-
pj. tl r, V:100 In•tiana Bonds sold at 64 to 657. In the
per shest,'-,,r?„t•totis af* fancies the transactions were heavy ;
IV -.0,1 ceet"' united Sta 'es Bask sold at 39 to 36, a decline of
scFlea so. l'i 810 shares .D.slaware and Hudson were sold at 94
toffng of 3 per cents
lkii iezehaug es were in demand ; a fair amount of busi-
Ziet.• *sue rlusaetetd on London, at fli to 9. France, sf. 2lic.
al; itti4lbArnist srdam, 40} to 40%; Hamburgh, 367 to
atiZislittl. "le ti, 77 to 771/2.
IN' te life
done in Southern funds. The excitement
cast ), t li"er'''s suspension of the banks has caused all the
"ohl'e give to he very shy of their paper, and no quotation
94.1 '3° Ilaisn. 'orre ctly beyond Baltimore. At the board $5.00
Yes',' Th LI more at 97, and $•1,000 on Philadelphia at 96 to
l'lrds, ,e bi Is of the United States Bank were discounted
',Y t he. brokers at from 10 to 15 per cent. discount.
Plq;',.t. %Olt. -market has become rather inactive ; sales of
44' is dur `''es were made on Saturday at Friday's rates.
tre,at 4 t;„,'l l and- rather drooping; sales of Gennesseelweref
!ki'lase ),..' %, and of fancy brands, 494t0 5. No sales o
golstnUghs'',,: 'll made worth noticing. Clean flaxseed at }c.,
kivers of ‘,t.,,1 t..) ,it 10ie Very 11:tle was done in sugars.
lk ire i.i:',': tglish linseed oil ' are advancing their rates, and
l'etid sPll"ars a-liced.
!'eisse,',' the r Ytlat . the • day the United State! Bank sus-
14tii q'e Ont. 'tY Council:---;tn 4 all the other banks agreed to re •
k tlted e' ofA Mr Millar has
°llYpto te44' Alit instrt 7hiti'd ates Bank.
bit„,,N,day b,doliar flat . a tinites -1 States Bank fur' a refusal to
thl-,0,4 --,,rnin. fes in spe6e. kninasptplti
astacietastion
Banks
a-io was. maded
I,l•7l'isttle:,,,.`ettb'elhze..ellie'r(lleleatiPoneesident an
pis '',..L uts' 'lnk should 0 _ .
..:hior:YrcoanusseequiNelinyeethoef
15th i aye ng to pa be forf, site"
astitatien 3' !Peel° to the
e
was awarded, said 'e re.'lr s
olafor
on
n tstos
holders!

(Corgip6Wo-toe tit the Odifrieti itlift Pitflith4.l% WA4IIIII6VOWt PUS,I it
I have ne longer any doubt that the Pregidont-elect has
completed his Cabinet. He had difficulties to contend with,
:.rising out of geographical divisions ; these, it is believed, have
been happily arranged in such a manner as to give general
satisf ietion to our Whig friends. In the selections which have
been maile, the President has consulted the feelings and wishes
of his friends in different districts of the country. Indeed,
e:en their prejudices hays been considered. In doing this
General Harrison has evinced a sound judgment, mingled with
stgacity and discretion. Nor has he been wanting in prompti-
tude. I have reason to believe that the following gentlemen
will constitute General Harrison's Cabinet. This statement is
not made on slight grounds.
Dan Webster, of Massachusetts, Secretary of State.
Thomas Ewing, of Ohio, Secretary of the Treasury.
John Bell, of 'f en n e sse e , Secretary of War.
George E. Badger, of North Carolina, Secretary of Navy.
John J. Crittenden, of Kentucky, Attorney-General.
Francis Granger, of New York, Postmaster-General.
This Cabinet is one of the most able that has been formed
since the organization of the Federal Government in 17;0.
The gentlemen comprising it, with the exception of Mr. Ila.lg r,
have been long in public life, have great experience, and arc
favourably known to the country.

RATE OF SALES AT TILE STOCK EXCHANGE,
FEB. 6 :-
50 Shares United States Bank ...
150 do. Ditto ...
20 do. Phoenix Bank ...
40 do. Delaware and Hudson Canal ... 94
25 do. Ditto ... ... ...b. 60 cf. 94
5 do. Bank of Commerce Scrip 97i
10 do. North American Trust ... 28'4
40 do. Mechanics' Banking Association... .. 78
75 do. Vicksburg
365 do. Ditto ...
30 do. Dry Dock ... ... 60
10 do. Illinois Bank ... 30
10 do. Equitable ... 75
25 do. Manhattan Gas s. 12 months 80
35 do. Canton ... ... 281
25 do. Stonington... 32.1
$l,OOO Exchange on Philadelphia ... ...
500 Ditto Baltimore ...
$l,OOO Indiana Bonds ...

SALES AT THE SECOND BOARD.

50 Shares United States Bank
100 Ditto
10 Ditto North American Trust
25 Ditto
50 ditto Vicksburg ...
25 ditto Haarlem, Railroad ...

... 65}

CASE OF AIR. APLEOD.

b. 3 ds.
b. 10 ds. 37
2S
s. 10 ds. 2S
S. 3 ds. 33

An extra of the Lockport Courier, published on Saturday,
gives an official account of the public meeting held in the case
of M'Leod. It appears that, on the fact being known on Wed-
nesday evening that M'Leod had been admitted to bail, some
400 or 500 citizens assembled spontaneously at the Court-
house, and organized into a meeting by the choice of John
Jackson, as Chairman, and William 0. Brown, secretary. A
Committee was then appointed to wait on Judge Bowen, and
Messrs. Buel and Brotherson, the reputed bail, to ascertain if
the report were true. The Chairman meanwhile having stated
to the meeting, that if Sir. M'Leod had entered into bail he
was entitled to a discharge from prison, and that any attempt
to obstruct his discharge would subject the offender to severe
punishment, the following resolution was adopted :
"Resolved, that no obstruction to the discharge of said
INl'Leod, in case he has entered into bail, shall be made or
countenanced, but that it is the right and duty of this meeting,
considering the circumstances of the case, and that the amount
of bail is far unequal to the demand of the law (if bail be
allowed at all), to try to prevail on Messrs. Buel and Brother-
son to surrender said M'Leod to the sheriff, a privilege which
bail in all cases possesses."
The meeting then adjourned to nine o'clock on the follow-
ing morning, at which time the Committee reported. At this
meeting Judge Bowen and Captain Buel were present, and
arrangements were made for the legal surrender of M'Leod by
his bail. A Committee was then appointed to embody the
sentiments of the meeting in a series of resolutions, which were
reported and adopted after the following fashion :
" Whereas, the case of Alexander M'Leod, arrested and held
to bail for a capital offence, has become a matter of serious im-
portance, and to which the attention of our fel'ow-citizens in
every part of the country is directed, we, as citizens of the vil-
lage of Lockport, and county of Niagara, feeling anxious that
such steps should be taken in the matter as shall be consistent
with our rights, the supremacy of our laws, and a vindication
of our national honour, disavow all intention of prejudging the
case of the said Alexander M'Leod, or to do aught that shall
have a tendency to prevent said M'Leod from having a fair and
impartial trial, acting on the legal maxim, that the accused
should be presumed innocent until proved guil 3.
" Therefore, Resolved, that we are highly gratified that Cap-
tain W. Buel has seen fit to place M'Leod again in custody,
espec'ally as it is but a few days before the sitting of our
Court, when the Grand Jury will pass upon this case, under
the direction of the Court.

" Resolved, that we highly approve the recent answer of
Mr. Forsyth to the unjust demand of Mr. Fox, for discharge
of the said Mg.-cod, and the sentiments of Messrs. Fillmore,
Cushimg, and Alford, delivered in Congress, fully meet our
approbation, and are such as the exigency of the case and the
honour of the nation called for. .

4' Resolved, that all cause of dissatisfaction in relation to
the bailing of 111'Leod has been removed by the course taken
by Judge Bowen and Captain Buel, and that therefore this
meeting stand adjourned without day."
Such is the face put upon this affair by its official chronicles,
authenticated by the signatures of the Chairman and secretary.
In the best light we can consider it only as a triumph of the
mob over the action of a court of justice. It is a conflict of
popular violence with the judicial authority. The magistrate
has been overawed in the discharge of his official duty, and to
that extent the supremacy of the law has been defied with suc-
cess.—New York Paper.