The Sun.
London, England, 1841-12-16 00:00:00

IMPORTANT FROM TEXAS.

We have letters from Houston and Galveston up to the
13th inst. Congress commenced its Session on the Ist, and
the Message of President Lamar was communicated on
the 3d. It is written with much force and elegance and
contains a great deal of importont matter for the Texans.
He commences by congratulating the country upon its
prosperity—the great influx of immigrants—the rapid
spread of the settlements—the abundance which crowned

the labours of agriculture, and the repose and peace en-
joyed from the apprehended molestations of enemies,
whether Indians or Mexicans. The wisdom, modera-

tion, and sagacity evinced by the Texans in exercising
the all-important and difficult functions of self-govern-
ment, entrusted to them by .the interposition of a be-
nignant Providence, is also a subject not unworthy of
special comment in a Presidential Message. The citizens
of the Republic have certainly proved themselves to be
lineal and genuine descendants of the Anglo-Saxon
race. Upon the question of finance, the language of the
Executive is pretty much of the non-committal. order.
No particular plan or system of finance is recommended.
The remarks on the negotiation now pending under Gen.
Hamilton for a loan throw no light upon the matter.
The public are left in entire ignorance as to the pro
grass of the negotiation, or the probabilities of suc-
cess. The foreign relations of the Government remain,
with the exception of Mexico, in a peaceable con-
dition. The commercial convention treaty with Eng-
land is not completed, because of some difficulty about a
clause in the instrument respecting the suppression of
the slave-trade with the United States. No definite
treaty of amity, commerce, and navigation has yet been
concluded ; for what cause it is difficult to conjecture,
unless it be the idea that an early annexation would dis-
pense with all such diplomatic arrangements. A large
space in the Message is occupied by suggestions and remarks
relative to the expedition to Santa Fe, and the naval ar-
rangements with the republic of Yucatan. There are
various other topics touched upon in the document, but
are chiefly of a local interest. But it seems that the pic-
ture of prosperity and happiness drawn by the President
is not without its dark shades. An alarm which pre-
vailed at Austin is thus described by the correspondent
of a Galveston paper:—
" It was confidently anticipated that the Congress
would commence its session under the most favourable
auspices, and proceed immediately to business ; but lo !
hardly had the city become quietly immersed in sleep,
when a messenger arrived from the Brushy, bearing the
alarming intelligence that a large army of Caman-
chees, 400 or 500 strong, had been discovered near that
stream, and was moving directly upon Austin. All was
uproar and confusion. Immediately senators and repre-
sentatives, heads of departments and clerks—in short,
men of all classes and grades, and women and chil-
dren, were seen running in all directions—some to
meet the expected foe, and some to find a place of re-
fuge. The citizens at length formed into something like
an organized body of militia ; and, under the direction
of the Secretary of War, prepared to defend the main
street of the city, where most of the women and chil-
dren had collected, in the strong houses lining that
street. The artillery was placed under Colonel Ward,
so as to sweep the streets completely. Things being
thus arranged, a spy company, under the command of
Colonel Jones, were despatched to Brushy, and in the
meantime all waited in anxious suspense for the foe.
Morning came, however, and found the citizen:
butshiv nero-
* ing in the cold air, and weary with fatigue,
traces of an enemy. About eight o'clock, A.m., Colonel
Jones and his party returned with the intelligence that
he could find no trail of Indians ; the alarm was at
once quieted, and the citizens returned to their homes
again, contented and cheerful. In the afternoon, how-
ever, another messenger, arrived with intelligence that
the Indians were assembled on Little River, but it was
not known whether they came with hostile intentions, or
merely in pursuit of the buffalo. The alarm was renewed
again, but to a less extent. The Members of Congress
from the eastern sections were not a little annoyed by
this event, and their dissatisfaeljon with the present loca-
tion of the seat of Governinent is expressed in no mea-
sured terms." •

Added to this is the fact of the ot:lcial avowal of Santa
Anna of his hostility to the young ren,:iblic. In a mani-
festo addressed to the Mexicans, td.f
.speaking of the

internal dissentions of Mexico, and commenting upon
the authority to enforce the loans, he inquires, " what is
to become of a country that cannot maintain a small squa-
dron to prevent the pitiful Texans from coming to hoist
their banners in front of those of the republic—that can-
not render that succour which she ought to other de-
partments threatened by a few detestable adventurers,
who, not content with the possession of the whole de-
partment of Texas, are now trying to extend their in-
famous conquest even to Mexico, Chihuahua, and Cali-
fornia—that has no revenue—that depends upon borrow-
ing, without credit at home or abroad ?"
The inference to be drawn from this is, that Santa
Anna will not regard his personal engagements with
Houston, and that nothing but the want of power will
prevent him from commencing hostilities against Texas.

COMMERCIAL NEWS.
NEW YORK MONEY MARKET, Nov 26.
The sales at the Stock Board to-day were to a fair
extent, and prices generally gave way. Stonington
per cent. ; Delaware and Hudson ; Harlem rose 4 ;
Long Island I. Sales of the Bank of America 86, and more
offered at 80, a fall of 12 per cent. This institution is
feeling the effects of its former connection with the
general government. The heavy amount of deposites
made with it after the removal of the deposites, forced it
in a measure to expand extravagantly, and when the
deposites were withdrawn, it took the active means,
lending vast loans, mostly to dry goods houses whose
business was " extra hazardous." The progress of
events is now eating out its vitals. The Bank of
Commerce is also heavy at a discount of 10 per cent.
The ;connection of this institution with the Federal
and State Governments, foreign stock and cotton
houses, and such bubbles as the Erie Railroad, are
fully sufficient to swamp a capital of far greater amount
than has ever been possessed by this concern. It is lite-
rally stuffed with stocks, which description of property
will be rudely handled by the tornado now passing over
the financial world. The Erie Railroad, it is well known,
was entitled to receive from the State its credit to the
extent of $2 for one expended by the Company, up to
$3,000,000, providing that the stock so received from the
State should be sold at public auction at not under par.
This amount has been nearly all procured, although the
Company have not actually expended any money. A
contract for it will be entered into, and when complete
the contractors receive from the State orders on the
office in New York, payable in 60 or 90 days. They
then represent these orders to the State authorities as
money paid out, and in consequence receive double the
amount in State stock, which is then offered at auc-
tion, bought in by the parties, and hypothecated with
the Bank of Commerce at 80 cents. on the dollar. The
proceeds are then applied to the payment of the orders,
which are sold in the market by the original holders at
3 to 4 per cent. per month discount ; and who of course
charge a sufficiently high price for the work to cover
the loss. In this expensive way is the State building the
road for the benefit of private individuals, through the
instrumentality of the Bank of Commerce.
Sales of Illinois Stocks were made at a fall of 4th per
cent.; Indiana I per cent. The fall of these stocks has
been hastened by the fact that over $250,000 were re-
ceived by the last packet from London, by a certain
well known house, with peremptory orders to sell them
for what they will bring, and remit the amount in specie
to London, which has been done. The late Mississippi
news will no doubt produce disastrous results in Eng-
land, particularly among the large stockjobbing and
cotton houses that have heretofore imagined that the
well-being of the universe depended upon them alone.
All the commercial letters received by the last packet
alluded to the current rumours in London respecting the
tottering condition of " Merchant Princes" connected
s ith America. The three W.'s sank under a similar
crisis, and their explosion was echoed from the vaults of
the late National Bank, when $35,000,000 were blown
to the winds. Already from London are heard the pre-
monitory rumblings that indicate an approaching ex-
plosion that will shake the paper system of Great Bri-
tain to its centre. The instinctive fore-knowledge of
dealers is already seen in the fact that the bills of cer-
tain London agents here, drawn on their principals, are
selling at per cent. less than other private bills, when
one year since they commanded 4 per cent. higher rates.
The fact is, that the baseless fabric of paper property is
about to " vanish into thin air," and yet the struggling
houses have the absurdity to say that telling the truth
is the cause of the disasters. All the representations
that can ever be made, would never annihilate 100 acres
of land, or take from a bushel of wheat its intrinsic
value. At the same time, it will be very difficult to make
the public believe that the United States Bank is worth
par, although it may have cost that. The large London
houses hold American stocks to the amount, at least, of
$150,000,000: of this an average of 50 per cent will be
lost. They have also bought $40,000,000 of cotton, on
which they will sustain a loss of 25 per cent. One house
is said to hold 130,000 bales, on which a loss ofsls has
been sustained, making near $2,000,000. These may be
summed up as follows :
Loss on $150,000,000 of stock 175,000,000
40,000,000 in cotton 10,000,000

185,000,000
This is an immense sum to be swept from the pockets
of a few houses, and may well make even " Merchant
Princes" stagger under the blow, and prompt their
friends to refuse the endorsements applied tor.
The bills of the Bank of Buffalo, and the Commercial
Bank of Buffalo, that have been selling at 5 per cent.
discount, are to-day offered freely at 12 per cent. dis-
count, in consequence of the probability of their not
being paid. The notice of the Comptroller on this sub-
ject will be found annexed to this article. The bills of
the Commercial Bank of Oswego, and the Clinton County
Bank, are not bought by the brokers to-day.
The following extract of a letter notices a decision of
a most favourable character for the Trustees under the
assignment for amounts due by the United States' Bank
to the city Banks. The property held by these Trustees
' in Ohio is estimated at 11,000,000.
Extract of a letter, dated Cincinnati, Nov. 19 :
" Judge Este, of the Superior Court of Cincinnati, has
decided in the case of the Bank of the United States, for
the use of J. Dundas et al vs. Bowler and Shoenberger,
that the tender of the United States Bank Notes was not
a legal payment of the debt under the law of Ohio. The
question is fully decided in favour of the title of the
Trustees under the assignment. The case was on hand
some time, and was fully and carefully examined by
Counsel and by the Court."
In domestic bills there has been but little change
during the week.
Although the Stock and Paper Money world presents
such a disastrous state of affairs, yet the commerce and
real trade of the country was never in a more prosperous
condition than at this moment. The increased trade is
filling the coffers of the State and Federal Governments
with legitimate means ; if they are judiciously applied
it will supersede the necessity of further loans. This is
seen in the canal revenues of the State which this year
reach the enormous sum of 12,000,000, giving indica-
tions of those vast quantities of produce that find their
way to the Atlantic ports, and thence to foreign markets.
The returns of those goods, in the shape of imported
goods, are this year much greater than in 1840, and as
the amount of indebtedness paid has greatly decreased,
the imports show an excess over the exports.

RATE OF SALES AT THE STOCK EXCHANGE.
$ 3,000 Illinois Bonds
16,000 Indiana Stig
7,000 Indiana D Bonds 34
50 Ditto Stonington R.
50 Ditto Patterson R 53
200 Ditto L Island R
25 Ditto Del and Hudson 5 3 104
75 Ditto Canton Co
10 Ditto Mohawk R
75 Ditto Farmers' Loan .c. 31
25 Ditto Am. Ea. Bk.
50 Ditto Mechanics Bk ~. 57

10 Ditto Commerce (scrip)
100 Ditto Harlem R ...
16i
45 Ditto Ohio Trust
-•••-
SECOND BOARD.
$ 85 Shas. Deldware and Hudson
50 Ditto Long Island nw. 521
50 Ditto Harlem R ... ..... .....s 30 17
1,000 Illinois B s 60 281
3,000 Indiana
ASHES.—The demand for Pots and Pearls since our
last has been very limited. About 2.50 barrels Pot
Ashes have been taken for export, at 6 dol. a 6 dol. 125 c.,
closing at the former rate. The transactions in Pearls
have been confined to a few small parcels, at 5 dol. 75c.,
and dull at this price.
COAL.—Foreign continues in good demand. There
have been sales of 600 tons coarse Newcastle, received
from Boston, and 500 tons to arrive, at 9 dol., 6 mos,
and 370 chaldrons Sydney, part to arrive, at 9 dol. 75c.
a 9 dol., 4 mos. A cargo of 400 tons coarse Newcastle
afloat, sold previous to arrival. The supplies of An-
thracite Coal continue large, and all retailers are _doing
a very good business.
COFFEE.—The market continues very dull,with greatly
depressed prices. Purchases are only made
as wanted
for immediate use, and holders generally are disposed to
realise. The sales of the week are about 1,500 bags
Brazil, at 9} a 10} c.; 550 do. Laguayra, gi
Sqince our last report thaeysat
do. St. Domingo, 8i a B.i ; 530 do. Jaya, a 10k; 750'atlelofa thisil. ;ni mar-
ket inactive, which has been caused not
unfavourable accounts received per the Cale-
donia, only
itexSohb. COTTON.—Since otahNht
been
e—a
n
the prevalence of wet and
donut, but in a great deg4!)•ene
Saturdayby
Georgetown for export at 91c. ;
disagreeable weather.
400 square bales good
the other sales of the week, last the sales were
of all descriptions, have not
i
been upwards of 1,000 bales.
_M
Upland and Florida have
ranged at 8 a 9.1 c. ;
and
a 11c. obile and New Orleans at 8
FlSH.—About 7dool. barrels Mackerel afloat are held
3 ; 5,000 quitals I;ry
at 12 dol. 50c., 10
i gibbedn an d f fur both 5COOc a ,
helda n and 6
at dlo3l. f
dol.or 7Ni o?
.s . I,T h2e, and
3 ; 5,000 quintals Dry Cod held at 13 dol. 7c. The de-
scriptions has subsided. Smoked and
Herringsdeare plenty and very dull.
FhtriTs.—The demand for Malaga is limited, the large
sales of last week having supplied the immediate wants
of the trade. Sales of 600 boxes good bunch Raisins at
1 dol. 25c. ; and 1,000 ditto ditto, inferior, at 120 c. ;
about 3,000 half and a quarter boxes at 70c. for the
former and 32c. for the latter ; 500 ditto Blooms at 110 c.,
4 and 6 months; 80 boxes Malaga Lemons, 225 c.; 300
boxes Figs, 3i-c. ; 70 cans Bordeaux Prunes in glass and
fancy boxes at 13c. to 15c., all 4 months. A cargo of
new crop Currants, also one of new Smyrna Figs are
hourly expected.
FLOUR.—Since the arrival of the steamer Great
Western there have been 3,000 to 4,000 brls. Genessee
Flour sold at 6 dols. 75c. for export to Liverpool, and in
addition several thousand brls. are being shipped on
owners' account. The article, however, remains exceed-
ingly dull, and holders are disposed to sell. Sales are
making at 6 dols. 621 c. a 6 dols. 69c., and some are re-
. ported at a trifle less.
GRAlN.—Wheat has arrived more freely. The sales
have been 3,000 bushels Virginia at 132ic. for milling;
, 2,000 ditto Illinois, for export to West Indies, at 140 e.;
14,500 ditto Illinois for milling at 137ic., and 7,000 ditto
1 ditto at 135 c.; 400 ditto Genessee at 1350.-41 cash.