The Sun.
London, England, 1848-01-17 00:00:00

THE SUN, LONDON,

THE UNITED STATES

AND MEXICO.

ARRIVAL OF THE HIBERNIA.
LIVERPOOL, SUNDAY.

By the steam-ship Hibernia, Captain Kyrie, which
entered the river this afternoon, we have received ad-
vices from New York to the let inst. inclusive. This
vessel was detained until eight o'clock in the morning
of Sunday, the 24 inst., in consequence of a dense fog
and snow storm, which prevented her proceeding to
sea. She left llalifax on the ith, and taking this con-
siderable deviation from her direct course into ac-
count, the passage from New York is a short one of
14 days.
The outward steamer, Caledonia, was at Halifax on
the 24 inst. The Hibernia has 90,0001. in specie.
We have later news from Mexico, which will be
found under its appropriate head. The Congress was
in sitting at Queretaro, but except being occupied with
the army regulations, their proceedings have not been
of external interest. A. design is said to be in con-
templation of dispatching a Commissioner to Washing-
ton to obtain the appointment of American Commis-
sioners for the purpose of meeting, at Havannab, others
named by the Mexican Government to negotiate a
treaty of peace. No reliable authority is put forward
to support this announcement.
The outward advices conveyed by the Hibernia,
which comprised the reduction in the Bank of Eng-
land rate to 6 per cent., and also took lower prices for
the staples of grain, flour, and cotton, did not, on
their receipt, produce any very marked action,

Corn fell 5 cents the bushel, and flour about 12
cents the barrel. Cotton, notwithstanding reduced
quotations from here, was still enabled to command
full former rates, consequent on the good demand
maintained by native manufacturers.
The Stock Market is gradually becoming more and
more sensitive to the continued flow of specie from
the banks and the country, produce shipments being
extremely limited. Exchange maintains full previous
quotations, Bank bills selling for 1101 to 1101, and
private ones from 104 to 1101-, according to the
credit they sustain.
The apprehension of this drain on the State banks
being of continued duration, consequent on the
Mexican war causing remittances from that country
to England to be shipped as now from the United
States, instead of coming direct, has worked up a
small panic in Wall-street, just previous to the
steamer leaving. Four banks in New York State
hare suspended specie payments, and though said to
hold securities sufficient for ultimate liquidation, the
most deplorable want of proper management is
evidenced in the fact that with an aggregate circula-
lation of 4Q3,000 dollars, the amount of specie held
amounts to only 'TOO dollars I of which one establish-
ment holds SOO. These banks—the Atlas, Franklin,
James's, and Merchants' banks—are aptly denomi-
nated "shinplaster" banks in the following expos. of
the New York Herald:—
" Wall- street has been in a perfect fever of excite-
ment all day, in consequence of the rush of bill-
holders to find their redeemers. Many failed in so
doing, and the greatest excitement existed. The
brokers redeemed until their funds were exhausted;
and then they refused everything offered, good; bad,
and indifferent. The rates for redeeming all New
York State money rapidly advanced, until five per
cent. was the lowest rate. The panic became so great
that the amount offered exceeded the ability of the
brokers to redeem, and hundreds of billholders were
turned away, without making an exchange of their
bills. We should judge, from what we saw and
heard, that between one and two millions of dollars
had been redeemed up to two o'clock. In the midst
•f the panic, it was announced that the James's
Bank, the Franklin Bank of Chautauque County, and
the Merchants Bank of Chautauque County, had
suspended, and the bills of these banks were taken in
some cases at fifty per cent. discount, but only a small
amount could be sold at any price.
" We annex a statement, showing the condition of
the suspended banks on Use Ist of November :

SUSPENDED BANES, STATE 07 NNW TOAK.

Loans. Specie. Circln. Deposits.
Atlas Bank — 100 178,205
Frankl•nßkChataqu'eco. -100 50,000

Jnme3 Bank ... - 19,252 69,166
Merßk.Chautauquecoy. 500 201,000

Total

" These suspensions are just what the proprietors
of these shinplaster banks want. They can now buy
up their bills for 30, 40, and 50 cents on the dollar,
and when they get in a Tart ssr the whole of the issue,
go to the Comptroller, take up their securities, and
snake a handsome sum by the operation. The Atlas
Bank, for instance, has a circulation of 178,205
dollars ; these bills can be brought up at 60 per cent.,
requiring only 59,103 dollars to purchase the whole
issue, which, upon presentation to the Comptroller,
he delivers up the securities, and the financiers nudge
89,103 dollars—a very neat sum to swindle out of
the labouring classes."
Large orders are said to have been received for
shipment of cotton and flour from this country, but at
prices which will not admit of their execution at the
northern ports. On the former extensive transac-
tions are mentioned as having taken place in the
southern markets, causing an advance in prices.
The weather still continued of unexampled mild-
ness, the rivers and canals remaining perfectly free for
the passage of vessels.

The flood of waters, which has caused such exten-
sire damage in the valley of the Ohio, we are glad to
record, has fast subsided, and was rapidly falling
lower. Hundreds of families have been rendered
houseless, and the loss of property is immense, though
happily but few lives, comparatively, have been
sacrificed. Another terrific explosion has occurred on
the Ohio.

The steamer A. N. Johnson, bound to 'Wheeling,
blew up near Maysville, Kentucky, from some un-
ascertained defect in the machinery. Between 60 and
70 persons were killed on the spot, and a large num-
ber scalded, of whom 30 were eo horribly injured
that their recovery was considered doubtful. The
number of passengers on board the A. N. Johnson,
when the appalling accident occurred, was 160.
Governor Pratt's annual Message to the Legislature
of Maryland, shows the state of the finances to be in
a good condition, leaving a charge on the Treasury
of only 83,421 dollars. The gross receipts during
the past year amounted to 1,300,000 dollars, and
during the ensuing year will probably be increased to
2,000,000 dollars, being an estimated surplus of
2,000,000 dollars over the annual expenses, accruing
arrearages on the interest of the State debt. The
debt is reduced to 9,000,00• dollars.
The Message concludes with a disquisition on the
Mexican war, and is adverse to the annexation of
territory.

Funds for the semi-annual payment of two per sent.
interest on the State bonds of Indiana had been pro-
vided. The amount necessary for this payment was
borrowed of the State Bank of Jadiana, in antici-
pation of the collection of taxes. The revenue of the
state was sot generally made available to the
Treasury until March in each year.
At a Whig meeting held at Richmond, Virginia, it
was resolved to put General Taylor in nomination
for the Presidency. This makes altogether four or five
states in which either the Whigs or the Democrats
have organised state conventions, to form electoral
tickets in favour of General Taylor.