The Sun.
London, England, 1857-11-11 00:00:00

AMERICA.

ARRIVAL OF THE KANGAROO.

',BY ELECTRIC AND INTERNATIONAL TELEGRA.PII.)
LIVERPOOL, WEDNESDAY.

The Kangaroo has arrived with New York dates
of the 29th ult. She brings 260 passengers,
9,680 doh. specie. The European news and
the specie brought by the steamer Persia,
about 1,000,000 doll., exorcised immediate and
favourable influence on the New York money
market. A general advance took place in all
sorts of securities. Illinois Central Shares ad-
vanced 2 per cent. ; Reading, 21 ; Panama,
2 ; New York Central Shares, 2 ; Virginian
State Sixes, 41r, ; and others ranging from 1
to 5 per cent. The highest price demanded for
sterling exchange was 107, but first class banks'
bills were obtainable at 104, and prime commer-
cial at 100 to 102 i. Gold was in abundant
supply, and quoted at 1 to 1 per cent. premium.
Closing rates for leading securities were—New
York Central shares, 65 ; Illinois Central shares,
85; Illinois Central bonds, 69; Michigan Southern
new stock, 22 ; ditto shares, 8 ; Panama shares,
70 ; Virginia sixes, 79k.
The New York Herald says :--
"There is beyond all question a much better feeling
in the money markets. The bank% are full of money,
• but dare not lend it on commercial papeer. The princi-
pal business of our banking institutio is just now is
turning over, renewing, and arranging in different ways
their protested paper. The banks never giant exten-
sions, but they renew paper either the whole or in part,
and keep it alive with all the additional security
04 can squeeze out of the makers or en-
dorsers. A good deal of this accommodation has been
extended, and it appears to be the prevailing disposition,
both inside and outside the banks, to grant all the neces.
nary facilities f,r a satisfactory adjustment. The Cali-
fornia remittance of October is about due, and will
doubtless be at basd this week. This will give us a
million and a quarter more at least, making au aggre-
gate of two millions and a half dollars for the banks
to report on next Monday. The banks are
daily receiving gold from their depositors, and
it is not at all improbable that the specie re-
serve shown on Monday next will be fully 13,000,000
dollars. We learned to-lay that the president
of one of our leading banks sent a circular to the prin.
cipal points of the West, urging the forwarding of grain.
He gave parties shipping grain at the West to this port
permission to draw upon him at sight upon remitting the
bill of lading. This is, in his opinion, the best way to
use money just now, and it is our opinion that he is
about right."

There was a prevailing impression that the
suspension of the banks of South Carolina would
operate as a forfeiture of their charter.
The New York Tribune reports that the num-
ber of protests at the New York banks was consi-
derably lessened, and not entirely from the fact
that renewals were easy to be obtained ; the regu-
lar payment of notes at the banks was much
larger, showing in that respect a marked improve-
ment in the mercantile community.
Philadelphia money market without material
alteration. At Boston a material decline in rates
for money had taken place, and the supply was
more abundant.

Exchange on London 95. Financial matters
about the same. Miles, Adams, and Co., cotton
factors, had failed.

THE AFRICAN MAIL.

(BY ELECTRIC AND INTERNATIONAL TELEGRAPH.
PLYMOUTH, WEDNESDAY MORNING.

The African Royal mail steam ship Ethiope,
Captain George Corbett, arrived here last . night.
Her dates are—Cameroons, Sept. 27 ; Old Cala-
bar, Sept. 29 ; Fernando Po, October 1 ; Bonny,
Oct. 4 ; Lagos, Oct. 8 ; Accra, Oct. 10 ; Cape
Coast Castle, Oat. 11 ; Liberia, Oct. 15 ; Sierra
Leone, Oct. 21 ; Bathurst, Oct. 25 ; Teneriife,
October 31 ; Madeira, November 3.
She brings as carg.J 2,484 ounces of gold dust,
368 °arks of palm oil, 63 packages of ivory, 209
boxes of oranges, 70 bales of moss, 40 pipes of
wine, 22 bags of c)chinsal, and various sundries.
She brings also 12 passengers, among whom are
Lieut. Taylor and Ensign Thomett, Gold Coast
Artillery, from Cape Coast.
At Fernando Po was the Alecto, at Lagos the
Hecla, Hecate, Antelope, and Bloodhound. Oil
Wbydah, the Teaz?,r and Firefly.
The Ethiope spoke the African mail screw
steamer Gambia 40 miles wcst, of Monrovia, Oct.
16. At the Cameroons, the season was sickly ;
several deaths had occurred amongst the Euro-
peans. The same may be reported of Old Calabar.

The tradeat Bonny had been stopped for 45 days
but was again resumed and was proceeding with
tolerable activity. An agricultural exhibition was
to take place this month at Liberia, when prizes
will be given for the best specimens of the pro-
duce of the country.

The quarantine regulations are being strictly
enforced, at Madeira, on vessels coming from
Lisbon, on account of the fever at that place.
The. Susquohana, America❑ screw frigate, ar-
rived at Madeira, Nov. 3, from this port.

The squadron on the coast were well. The
cruisers seem to bo hard at work; two slaver:,
had lately been taken at Sierra Leone, one cap-
tured by the Alecto, which was the fourth prize
this vessel had taken within a few months.

THE CONSERVANCY OF THE THAMES. —The consrr;
vancy of the river Thames have chosen Captain Edward
Burstal, R.N., as their secretary.
EXPORT or GOLD.—There were no gold withdrawals
from the Bank yesterday for exportation, but sovereigns
to the amount of 300,0001. or 400,0001. were taken fer
transmission to Scotland, the fall of the Weitern Bank
having caused a run upon some of the other principal
banks at Glasgow and elsewhere, including even tse
savings-banks. It is rep,rted that among the leading
merchants in the north the announcement of the event
on Monday created neither surprise nor agitation. The
temporary inconvenience among depositors and note-
h9lders must, however, be extensive and severe, while
the shareholders, about 1,300 in number, many of whom
are women and peksons of small income, out of trade,
will, it may be feared, in several cases suffer almost
complete ruin. The fixed is'ue allowed to the bank
under the Act of 1844 wag 337,9381., and the extinetian
of this, estimating a reserve of one-third in gold to have
been kept against it, will be an equivalent to a contra.-
tioa ,of 225,2921. in the circulation of the country—an
event as undesirable at the moment as the loss of so
much buliion.—Times.
THE TRADE of LIVETIPOOL.—LiverpooI, Monday.—
The Customs Bill of Entry, published this morning,
gives a return of the number and tonnage of the ships
that have entered inwards end cleared outwards for
foreign ports in the week ending the 7th of Nov. 1857,
as well Al the corresponding period of 1856. It appear,
that during the last week 61 ships of an aggregate ton-
nage of 31,950 tons, entered inwards, against 83 ships,
51,593 tons in 1856, being a decrease of 22 in the num-
ber of ships, and a decrease of 19,643 tons in the loa-
ner ; the number of clearances outwards during the
week, 73 slips, of a tonnage of 38,384 tons, against 95
ships and 53,103 tuna in 1856, being a decrease of 22
ships, and 14,719 tons. The total number •of ships re-
ported inwards from foreign ports during the present
year up to the 7th of Nov. was 3,819, with a tonnage of
2,043 215 tons, against 3,769, and 2,126,960 tone in the
year 1856, showing an increase of 50 ships and a de-
crease of 83,649 tons. The total number of ships cleared
outward for foreign ports during the present year up t)
the 7th of Nov., was 4,372, with a tonnage of 2,208,210
tons, against 4,133 ships, and 2,263 325 tons in the year
185 G, showing an inereme of 189 ships and a decrease
of 55,115 tons.

THE LOND6N GENERAL OMNIBUS COMPANY.—An
extra,irdioaty getierA meeting of this company was held
yesterday afteruoon, M. Vacossia, president, in the
chair. The report stated that it has been found neces-
sary to continue to erect new stables, besides premises
and machinery for the preparation of provender. Asum
of 3,6301. has also been laid out in the purchase of new
omnibuses with all the latest improvemerts, and in the
alteration of such portion of the oil stock as was worth
the expense. The number of horses in tho possession of
the company on the 4th' of July was 6,222, being an in-
crease of 343 over the number at the dose of last year.
The average_ net earnings of each omnibus are about
6s. 141. a-day. Part of the unused capital not exceeding
50,000/. is proposed to be expended on the formation of
lines of train ways in various parts of the metropolis. The
*net profits on the six months' working amount to 31,5821.
—out of which a dividend equal to 5 per cent. for the
half-year was declared, 5381. Laing carried to next ac-
count. No diEeuzwion t?ok place, and tLe report was
•adopted unanimously. A sum of 1,0001. was voted to a
provident fund for the company's servants.

THE MONETARY CRISIS.

TO TEE EDITOE OF THE SUN.

SIR, —A panic was absolutely necessary to open
the eyes of the nation to the absurdity of our
monetary laws. Our position reminds ono of a
gentleman who, having a litter of pups continuing
blind longer than usual, ordered them to be drowned
the next day if they did not open their eyes ; and
asking his man afterwards if they bad opened them
—" Yes," said John, " but they were sinking first."
So it is with us.

Dreadful will be the suffering to individuals if
no relief be given ; yet here, as also in India, I
trust we may see ere long the hand of mercy—
" from seeming evil still educing good."
Continue, sir, to arouse and awaken the nation
to a sense of its folly, and ask them if, in assisting
America with the gold we can safely spare, we are
not helping ourselves in the most effectual way ;
for if the Americans cannot take our goods, what is
to become of our workpeople during the coming
winter.

You will oblige me by inserting, if you can find
room, the following extract from my pamphlet—
" The Bane and Antidote of our Monetary System"
—explanatory of the policy of permitting our sparo
gold to be exported.—l am, Sir, your obedient
servant,

lIAAIER STINSFELD.
Tho Grange, Burley, near Otley,
Nov. 10, 1857.

7th. That the Act of 1814, in seeking to maintain the
convertibility of the bank note into gold through the
means of pressure, by contracting the note circulation as
the gold flows out, raises the rate of discount, makes
money dear, and everything else cheap—and produces
incalculable mischief. The reputed author of the bill, S.
J. Loyd, Esq., now Lcrd Overstone, gave the following
opinion before the Lords' Committee, " I think that a
relaxation ought only to take place in the last extremity,
and when the inconvenience arising from the pressure has
produced all its legitimate effects in rectifying the ex-
changes and the danger of general confusion has become
imminent." In other words, that a panic should pre-
viously exist ; an opinion fraught with greater evils to a
commercial community was surely never uttered. It is
contended that there is no other way of bringing the gold
back and of maintaining the principle of the converti-
bility of the note, which is and ought to be, the basis of
our monetary system. But gold, like water, will find its
level ;if it flows out too freely from this country will
overflow in others, its valise will fall and rise here, and
it will then naturally return to the most profitable mar-
ket. It is only during its temporary absence that this
convertibility is endangered. This was fully admitted
by Mr. Morris in his evidence before the Commune'
Committee in 1843. He was asked—

"Q. Did you not say that there was a natural ten.
dency in trade to rectify itself 7—Yes ; if a sufficient
period of time is allowed, there is a natural tendency in
trade to adjust itself ; but the rectification does not take
place so rapidly through goods and securities, as through
the medium of the precious metal.
"Q. But during the absence of the precious motal4,
might it not be advantageous to the country and pre-
vent great loss, if we bad a temporary substitute for those
precious metals 7—lf you have a temporary substitute in
the absence of the precious metals, you do away with the
convertibility of the note ; I am always bearing in mind
the convertibility of the note.
" Q. Then the price of the convertibility of the note,
under that state of things, is the di,,employment of
lab or and the ruin of the merchants of this country
•
—The pressure which the export of the precious tnct tls
causes, naturally will cause failures of parties who may
have been over•trading, and will also cause a fall in the
price of goods.

"Q. And it will lead to a disemployment of labour t
—Probably for a time it may lead to a dizemploymetit
of labour."

Now the danger to the convertibility which he appre.
bends may be averted, and the extreme fluctuations in
the rate of discount at the same time avoided, by granting
to England the same privilege which Scotland and Ire-
land possess, of using one p )und Tikes. By empowering
the Bank to substitute 30,000,0001, of notes for soya•
reigns—as circumstances might render necessary, depo-
siting one-third of the sovereigns as a guarantee for the
convertibility of the notes (admitted to be a safe propor-
tion), we should have a reserve of 20,000,000 wherewith
to protect the circulating medium against export, and
to keep steady the Bank rate of discount. Let the
Bank of England abide by its former rule of never
discounting under 4 per cent. ; and when its reserve
is so much reduced by a drain of gold as to make
an advance to 5 per cent. necessary, let them avail
themselves of this power of issue, on paying interest to
the Government at the rate of 4 per cent. for the advance
obtained, and when no longer wanted the notes could be
cancelled. For every three sovereigns received in exchange
for notes they would be able to add two to their Reserve.
By this means a power of regulating the circulation would
he obtained without in the slightest degree tampering with
he currency. The market rate of interest would be left
to find its natural level, and the arbitrary interference
of a Joint Stock Company like the Bank of England
with the value of money would be counteracted. The
operation of this national reserve would resemble that
en
tgwe se,e n whichthis c 0
u doperniry sl a n
d upon
others,
of a reservoir for supplying canals during period* s
baa‘drought.lnee of
paymentsTheExchba
would adjust themselves without the ruinous depreoig"
tiou of prices entailed by the pressure of our
present
system. If our imports exceeded our exporte, Kay, by
5,000,0001., that amount of gold would probably have to
be sent from the Bank Reserve,—the balance due to
foreign countries would therewith be paid—the Exchanges
woul I be adjusted—and the vacuum in the Bank Rc•
serve filled up by the mode suggested. When the rade%
,f gold took pl ice, which in the course cf time would
naturally occur, and would be accelerated by the Bank
rate cf discount being 5 per cent. (hgher than rules
generally on the continent) then the Bank Reserve would
be increased, and sovereigns instead of one pound notes
again be issued, as it would no longer suit the Bank to
pay
_4 per cent, to Government hr the accommodations.

Under such a plan gold could be exported as a Com'
modity without diminishing the currency, and might
flow in or out of the country without creating ani
greater anxiety or speculation than the import or export
0f any other commodity to the same amount.