The Sun.
London, England, 1841-03-06 00:00:00

FROM THE MOR:siNG PAPERS VF YESTERDAY.

TIMES.—Sornc surprise hasbeen expressed in the City at
another stoppage of the " United 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 net, perhaps, so early as it has actually occurred. As
this bank had acquired in immense increase of power just pre.
rious 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
lave now to look for is a liquidation, rendered by far
more disa.dvanta..leous to them than would otherwiie
have been the case, through the delay and useless temporizing
which has Caen place. Up to the period, however, of this
new stoppage the notion has been very industriously spread that
iheßank might go on and become more important than ever by
only consenting to a declaration that one-half of the capital
was lo,t, which w mid still leave it, as was alleged, the most
powerful bank in the Union. The fallacy of all ths, though
st served the purpose of those uhn circulated it, need hardly
be painted our, sin:m the real ability to go on, and to become
again prosperous, must depend upon the quality of the a...,ets,
and n,t ulion the amount of capital, whether real or nomi-
nal. 'lles t were notoriously bad previous'y to the new stop-
e, an I will he, of course,, much further deteriorated by
That event. •
Great uneasiness existed in New York fur the fate of the
bills drawn on London by the United States Bank jUstprevious
to the resumption, but there is reason to believe that they
hive all been accepted, and by houses sulliciewly powerful to
lease no doubt wf their ul,imate validity. The whole of the
credits given amount, it is said,
_to 1,000,00%; of which
1100,0001. was by Denison and Co., 170,03C1. by Brown and
Co., and 730,0001. by Morrison and Sons. Of course it is to
be presum-d that these houses have protected them-elves by a
sufficient amount of security, and that they will feel indifferent
about a lit:le delay, should it be of a nature not at once am-
Tertible into m%.ney.
The buoyancy of the English stock-market, which has been
cain to the increlsing demand fir investment, and which it
was supposed would continue on account of the Fable regard-
ing the home securities shwa as safe for the employment of
'their capital,. did not some political event of an urthroura' le
nature occur, has received a check to-day on ace ,unt of the
intelligence from America. 'lha inilictment r f Mr. M'Leod
and the stoppage of the " United Sates Bank" have probably
'Loth contributed to the d cline in Coma:, which was about
within an hour after the commencement of buslness; but t-.ere
eta be little doubt that this e:Tect is chiefly to be attriblted to
the former cau'e, the belief in the stabibty of the Bank being
too weak for the toter part of the intelligence to have caused
any matetial fluctuation. It may tend, however, to bring cn
Jai increased scarcity of money.
ik

-"It°NICLE.—We deeply regret the inability of the Bin,
of tie United States to maint-on spee.:e payments ; and the
last accounts received, by the Acadia .team-r,affordNl
grauncia for expecting a dATerent result.
-Tt.ne "'run " wad
se resented as having ceased attoge h^r
deposits, and the demand fer'specie • ' far the withdrawal of
siin. exchange for notes
was also said to have been subsiding.
thester influence s, how-
ever, n ere at work ; the machinations of .ann,rd,3of the in-
stitution, supported by a portion of the Fneli-ns, American
prev, have been sue eessful in the work of mi,ehief, ansdeethwehaauttht ores
of it have now the happiness, f being able to say, e
that the hank of
prophets ace have been !" It is not sin-prising
the United Statee, crippled and damaged by the injudicious
nature of its past management, having upwards of 40,000; 00
e dollars of its asFets locked up m.State stocks of various de-
nerninations, and assailed by a hest of enemies, personal and
political, should have beeaa. unable to. res'st the f
Before doing so,
compelled led
combined attack, and that it shooed have been at las':.`;:e (.f
ris
to-yield to the torrent which so assailed it.
however, we obServe that thel Beacnike-hadidpsa,iadnadni-ahyalitthtleeirsherot,-.0,1
6,000,000 dollars in coin au p
to maintain specie cireement ef its
payments had been*.rende, red. abortive by the
intentional aecumu!atiou tend estraordinfaritys
instant liabilities. A large amount o 4:0o-rteostialiesrow,
isew hriceh_
were arrang., al to be exchanged for
thrown on the market,
tires, are $a d to have been surreptitiously .
post notes,
and the jealousy of the New Yerk houses was brought into
efficient operation to clinch the business.. .
We are concerned to find that this state-of thaiers ha -
d pro
dwd a serious derangement in trade on the other side, and 7,0
apprehend that it Inuit be attended with unfavourable resu..s
in our own manufacturing districts.
If, however, the Leg,slature- of Pennsyl,ania should recag-
nise the necessity of the suspension by modifying the law re-
garding the charters of the banks, and, giving it a legal sanc-
tion for a certain period, the suspension of specie payments in
the present deranged state of the currency in the Southern and
Western States would be a great auxiliary to the collections ef
the bank; which, for the period from the 4th of Januiry to
the 4th of February last, amounted to '51,007,000. If the
suspension be legalized it will enatle the Hank to deiote their
means to fulfil their current engagements in Europe ; and
it will be satisfactory for the pubic to know that the
three eminent houses connected with the • institution in this
country hold State stocks and other undoubted securities for
three times the amount of their commitments for its accounts.
EndeavJurs are now making, we believe, to make matters
even worse than the sAI realty, and tl frighten 0 e timorou',
and particularly ladies, about the case of el -L, od, under the
unfounded allegation that the Americans egr,, tti
ieainsg
rid c f their
teer etly foments estate
quarrel for the secret purpo.; e
engagements by hostii ities. Jonathan is mu,:h too mere:l,loe
an animal to come to blows with his best customer::; but rs
these rumours are propagated alibi no. salall degree of hides-
-try in various quarters, rye think it r gilt to shiw that thy
scheme is totally absurd, and to remove all uneasiness on the
sul3jeet by quoting the 10th article of the Treaty of Arn. ity
and Commerce, a,,ad N ivNati an between Cireat Britain and the
United States, dated Nov. 190701. . See "Mai ten's Iteaueil
ale Traites," tom. V. p. 4f-10, which runs as follows :
" Neither the debts due from. individuals of the one nation
to individuals of the other, nor shared, 'nor moneys which they
may have in the public funds, ,er in' the public or privy e-
hanks, shall even in any event, of war or national differences,
be sequestered or confiscated it being unjust and impolitic that
debts. and engagements contracted,
and made by individuals,
having con'idenee in et odth,er, and respective.iretheir
wernments, should oarGo-
national
eArn)-ed or impaired by
authority, on account oficinatiaaial differences and discontents.
" On this Treat
Law,' V.I. i• • p.
respect of ArtiCle X., Chancellor
Kent, in his 'Commentariesy
There can beonno Americani)
16.5, observes:—
that article was not impaired by the w t that the obligation of
tear of 1812, but remained
-. _ ahroughout that war, ant continues
... this day binding upon 4