The Sun.
London, England, 1857-10-19 00:00:00

AMERICA.

LIVERPOOL, OCT. 18.
The Europa, Capt. Shannon, has arrived with
advices from Boston to the 7th, and New York, by
telegraph via Halifax, to the Bth instant. She has
brought $2,600 in specie.
The Arabia, the City of Washington, the Argo,
the New York, the Fulton, the Anglo-Saxon, and
the Niagara had arrived out.
It is stated that no Collins steamer would leave
New York on the 10th, but if the Atlantic arrived
out by the 11th she would return to Liverpool on
the 13th.

The steamship Star of the West had arrived at
New York with the California mails of the sth ult.,
aed $1,268,734 on freight. It was anticipated that
Mr. Weller would be elected Governor. The town of
Columbia had been destroyed by fire ; several lives
were lost. Mining continued to be carried on vigor-
ously and successfully. New diggings had been
discovered. The citizens of San Francisco had voted
by a large majority to pay the State debt.
Three more persons belonging to the Central
America steamer had turned up, after being adrift
for several days on portions of the wreck without
food or water ; they were rescued by a vessel ;
their sufferings were horrible.
It was commonly reported at New York that a
steamer, though watched by the authorities; had
sailed with munitions of war, intended for a new
expedition for Nicaragua.
Commodore Paulding, in his report on the Inter-
oceanic Canal between Aspinwall and Panama, says
the isthmus seems to present no obstacle to the con-
struction of a canal, but that there would be great
difficulty in procuring labour for the successful ac-
complishment of the work.
Fifteen persons had lost their lives by a steam-
boat collision on the Mississippi.

Seven large warehouses had been destroyed by
fire at Louisville.

A despatch from Washington says the export
duties on tobacco at Vera Cruz had been repealed.
A despatch from St. Louis says :
" Nearly 1,000 Missourians have entered Kansas, be-
tween Quindaro and Weston, to settle there ; but well-
informed persons in Missouri say that it is for political
purposes ; evidence of concerted action along the whole'
boater is becoming apparent, but violence is not appre •
bonded." •

A despatch from Augusta (Georgia) states that
Brown, Democrat, had been elected Governor by a
large majority. •
Advices from St. Domingo state that the capital,
in which President Paez resided, was surrounded
by the insurgents of Cibao. This condition of things
had lasted for over a fortnight. The revolution in
Yucatan had not been suppressed.
Advices from Havaunah report that business
was dull. Freights inactive. The yellow fever was
declining. Exchange on London, to 12.
Some. 20 or 30 persons had been arrested, and
were still confined in gaol, awaiting' the action of
the Real Audiencia for importing slaves. All the
bozales that could be found in the city, no matter
to whom they belonged, were forcibly taken from
their owners. The Prensa gives aflattering account
of the prospects of the crops.
The New York Courier and Enquirer of the Gth
says :
The heavy payments of Saturday last having been
mainly overcome, there is some Flight relief felt to-day,
tut it must be considered very slight.. The Bank state•
ment for the past week will not meet the approval of the
community. It was announced last week that after
consultation among the representatives of the banks, an
increase of 5 per cent. on their loans had been agreed
upon, but this promised increase has not taken place.
The following banks had increased their loans during the
week past :—Bank of New York, 20.000 ; Phoenix
Bank, 73,000 ; Bank of Commerce, ' 60.000 • Bank of
Republican, 49,000 ; Marine Bank, 39,000. Among a
few the change is very slight, but on the whole there is
a general decline equivalent to nearly 2 per cent., instead
of an advance of 3to 5 per cent. in the loans. The ex-
chat.ges, both foreign and domestic, are now in favour of
this city. The paper of tbe following banks was refused
to-day by the Suffolk and Metropolitan Banks—namely,
the Western Bank, Springfield, Massachusetts • the
Wears Bank, Hampton Falls, New Hampshire ; and the
Bank of Central New York, Utica. We hear of no sus-
pensions of note beyond th,se reported on Saturday. The
following is a list of the banks whose bills were thrown
out at the collo ter of the State Bank yesterday. The ground
upon which their notes were refused was that they had no
agencies hereto take them up. Some of them are believed
to be entirely solvent. Here is the list—Exchange Bank,
Murfreesborough ; Bank of Clairborne, Tazewell ; Bank
of Lawrenceburg, Lawrenceburg; Bank ofJefferson,Dand-
riige ; Bank of Memphis, Memphis ; Northern Bank of
Tennessee Clarksville ; River Bank, Mempbis. As far
as we can learn, the banks of Richmond, Norfolk, Wil-
mington, Charlestown, and Savannah stand firm. Those
of New Orleans and St. Louis are by statute so carefully
guarded that their circulation and deposits can never
reach an unsafe maximum. The stock markets are in
better condition to-day in some of their features. The
extraordinary depression in State loans, it appears, will
no longer continue. The latest quotations are—Virginia
Sixes, 80 ; Missouri Sixes, 66; New York Central, 55i ;
New York and Erie, 11 ; Reading, 301 ; Michigan
Central, 35 ; Michigan Southern, 11 ; Cleveland and
Toledo, 274 ; Panama, 67 ; Illinois Central, 90 ; Chicago
and Rhode Island, 6li ; Milwaukie and Mississippi, 20 ;
Galena and Chicago, 60 ; La Crosse, 7; Cleveland and
we e
k Stock,
have
been
frPhitetssabulergs,olfOblan;
extraordinarily large, and prices rapidly declined from
bank shicahriegsandurSineug ththeern New
past
the beginning to tbe end of the week. The supply to.
day seems to be exhausted."
The New York Express of the 6th says :--
"As a specimen of the times and the value of money,
40,000 of exchange was soli to-day at par. Exchanges
can be used to-day but at low figures. We quote 100 to
1024 as covering good bills."
A despatch from Washington states that upwards
of 700,000 dollars of the public debt had been re-
deemed within the previous day or two. The total
amount redeemed was very large. Among the
failures reported were Kennet, Dix, and Co. ;
Northern Bank of Mississippi ; Voorhill, Greggs,
and Co., all of New Orleans ; S. Fotheringham,
jun., and Co.; J. W. Clark and Co.; Sweetzer,
Gorkin, and Co.; Chickerine and Co.; Lawrence,
Stone, and Co.; John A. Lowell ; B. Howard ;
Richardson, Kendall, and Co.; Peter Jones, Par-
son, Cutler, and Co.; Moses Pond and Co., all of
Boston ; 'R. N. Wendell and Co., agent of the
Middlesex County and Bay State Mills, and the
New York and New England Company, and White,
Stevens, and Co., both of Philadelphia ; Dodge,
Clark, and Co. ; Bowen, Ely, and M'Cornell ;
Gage, Sloan, and Slater ; Gage, Dater, and Sloan ;
L. Bauer and Co. ; Livingston and Ballard, all of
New York ; Cheteau, Harrison, and Valle, and
James H. Lucas and Co., both of St. Louis ; R.
H. Brett, of Toronto, Canada ; the Exchange, Shel-
byvil'e, Lawrenceburg and Trenton Banks, of Ten-
nessee ; Bank of Central New York of Utica ;
Mulberry, Drake, and Co., of Cincinnati ; W. H.
Culver, Hutchings, and Co.;Smidt and Co., all
'of Louisville • the Long Dock Company and the
Cumberland Coal Company ; Powell, Ramsdell,
and Co., and the Powell Bank, Newburg ; the
Bank of Belleville, of Illinois ; Moore, Hallenbush,
and Co., of Quinsay ; the Charier Oak Mercantile
and Exchange of Hartford.
The .New York Times says—

sell at a decline of a half cent pet' lb. ; but there
was no business doing. Flour declined, owing to
fthe monetary pressure, 50c. to 70c. per bsrrel upon
shipping qualities. It afterwards recovered about
25c. Spirits of turpentine lower. Little doing iu
sugar. Prices of molasses hr favour of the buyer.
By telegraph to &Elton we have further advices
from New York to the evening of the 6th, which
are as follows :

_ "There is not much change to note in the aspect of
money matters. The Bank fa tatement had a very de-
pressing influe ice on stocks at the first board.
Maser'. Yelverton and Walker suspended yesterday.
The Weare Bank, New Hampshire, was thrown out
yesterday. The Bank of Lima is again received.
Bills of the Lee Bank (Massachusetts) Mercantile
Charter, Oak and Exchange Banks (Hartford county)
and Bank of Watertown (New York), are thrown
out to-day. Stocks have further declined this morning
and are quite dull. Willetts and Co., of Pearl-street,
hardware and oil house, are reputed 'failed. The
draughts of Latner and Ca. had been protested. Money
continues in demand, and not so freely offered. We can
give no accurate rates. The day closed upon a very tight
money-market. The difficulties of negotiating exchange
have induced merchants to order grain to be sent for-
ward, guaranteeing the expenses here. Sterling bills
closed 99 to 100, and to cover actual transactions some
names sell a little higher, but only in small sums. The
receipts at the Sub-treasury were $228,368 and pay-
ments $1,288,000 odd ; balance, $6,560,000 odd. The
American Exchange Bank, after honouring the draughts
of Messrs. Sather and Church up to the close of business
yesterday, refused to pay them •this morning, and they
were protested. At the second board the quotations
for stock were lower ; but at the close a firmer feeling was
manifest. Michigan S ate Six sa 712 ; Ohio Sixes, ;
Virg.nia Sixes, 734 ; Erle_Corivintion of '71.20 ; Dela-
ware and Hudson's, 92, 3 ; Pennsylvania Coal Com-
pany, 55 ; Erie Tens' 3 ; Chicago and Rock bland,
54A ; Milwaukie amd Mississippi, 152 ; Michigan Cen-
tral, 33 ; Illinois ditto, 84 ; Panama, 632 ; Galena and
Chicago, 56 ; Cleveland and Toledo, 231. Flour was
dull and heavy. Corn lowdr. Freights easier and dull."

LA.TEST VIA HALIFAX..
NEW YORK, OCT. 8, P.M.

, .
Tshown no abatement,
but, on
arnmtohneectony crisistrary, hag shown
Lave been some very'
ing the large importing houses of Messrs. Bowen
goods trade, includ-
heavy failures to-day in the dry
markets are all very dull. In cotton to-day there
and Mehamee, Mollie and Ayn" and others. Our
were no sales of importance, and quotations are
) flour, and corn have
eenactli7al ydeenloi Inniinegal.
tendency,W heat
an 4 the market for pro-
visionsgenerally
cgfrom Europe, partakesuro,
of the same character.
The per
the Niagara, arrived
at Halifax, were published here on the afternoon
of the 7th inst.
NEW ORLEANS, ,-,
veli. 7, P.M.
The sales of cotton to-day
. amounted to about
6,000 bales at very irregular
prices. Quotations
show a further large decline. Sterling exchange
continues very flat, at a heavy discount.
_____

CHARLESTON, OCT. 7, P.M.
Our cotton-market to-day ethibited the large de-
cline of 2/o. per lb. The business reached 3,000
bales. •

SOUTHMIPTON, OCT. 18.
The United States' mail steams'. Ariel, Captain
leftroute
at from
noonNo and Bremen. She
G. D. Ludlow, arrived off-Cotves this morning, en
had a very stormy
passage. She brings 15 Passengers, but no specie.
A passenger named Felix Caveat) died on board on
enwtilrieo3rdk,toanfidaz
the 13th inst. of chronic diartheca.
Financial affairs continue 4 in a very gloomy
state, and things appeared to be getting worse, ra-
ther than better. Ano'her panic seized upon holders
of stock securities in New York on the let, which
increased in intensity on the following day. The
money article of the Herald, dated 6 p.m. on the
2d, sass :
" Of all the gloomy days we have seen within the past
six mouths this has been by alt odds the worst. All the
panics previously experienced are as nothing compared
with that of to-day. The decline in stock since yester-
day has been greater than yet realised in the same length
of time since the present revulsion commenced. At the
first board to-day there was a most frightful stampedo
among holders of stocks, and the best on the list were
slaughtered right and left. If there is a much lower
depth for some stocks they will go completely out of
sight. The losses realised must be immense, and the
community at large must be suffering immensely from
the enerstous depreciation in market value. At the first
board "to-day Missouri Sixes declined 2 per cent. ; Erie
bonds, 1871, 3; New York Central Sevenths, 1 ;
Merchants' Bank, 1 ; Park Bank, 5 ; American. Ex-
ehange Bank, I ; Cumberland Coal, 1 ; Delaware and
Hudson, 4 ; Pennsylvania Coal, 4 ; New York Central
Railroad, 5 ; Erie, 11 ; Neweaven and Hartford, 2 ;
Reading, 2; Michigan Central Railroad, 7 ; Michigan
Southern, 1 ; Illinois Central Railroad, 4i ; Cleveland
and Pittsburg, 1; Galena and Chicago, 6 ; C eveland and
Toledo, 2 ; Chicago and Rock Island, 7 ; Milwaukie and
Mississippi, 1. Here we have a fall ranging from one-
half to 7 per cent. At the (lose yesterday no one anti-
cipa•ed such a serious and Ridden decline, and no one
knows but that a similar movement may be realised to-
morrow. The sellers are these who from actual necessity
are compelled to realise at any price.
The sacrifices are
not made so much by these who are afraid of further
depreciation as by those
ath
the metropolis ofe want money and are dis-
posed to sell anything they possess to meet their cur-
rent payments. This shows what material our com-
munity is made of, and it is
this city such material that has made
think of the consequences of
&Lich self-sacrifices, and it
is terrible to contain 1
P-steXhe result of such a determina-
tion on the part of bueinees men. After all it is better to
te
do this than to succumb the Union. It is fearful to
the first reverse—than to sit
quietly and patiently do•Ois and see the wreck going on
about us without making the first effort to resist
th
the revulsion. By
---("B who can see their way out,
if there are any such, suck sacrifices are cheerfully made ;
but those who are so deeply involved as to be only get-
ting deeper and deeper into difficulties do wrong to ex-
haust their remaining substance without the probability
of ultimate success.
"The failure of the house of Piet re Choatean, jun., and
Co., fur dealers, &e., was announced this morning. This
is a branch of the St. Louis house. There are several
other houses, and
it is supposed they have all gone
down together. This is one p
the oldest houses in the
country, and until very lately was supposed to be very
strong. The feature of the present revul-don is that
some of our oldest and largest mercantile concerns have
been the first to suspend. We are requested to say that
Mr. Choateau's iron house in the city, known and con-
ducted under the firm of P. Ohouteau, jug., Sanford,
and Co., at No 9, Nassau-street, will not suspend, but
meet promptly all its engagements. The business and
eves of this latter firm have always been kept entirely
distinct from those of Mr. Choateau's other houses.
"At the second board the market was, on the
' whole, lower. American Eschaoge Bank declined
11 per cent ' • Reading, 1 ; Cievelat d and Toledo, 1 ;
La. Crosse and Milwaukie, 4. New York Central opened
at 55, but fell i n medietely back to 521 per cent., and
closed heavy at that. There was not much business this
afternoon, there being no buyers, both from the want of
means and the disposition. As a general thing, all of
our railroad stocks a-e unproductive. It is pretty cer-
tain that on the part of these corporations there will be
a general suspension of dividends, and it will be years
before the best of them recover, and many wilt never
resume. We have loaf( anticipated such a result, and it
is about being rsalised. This class of securities will be
unproductive for years. Bank stocks are settling down
about as fast as any other on the list, and the sales are
daily increasing.
Tv ,osition of our banks is a matter for calm and

,
"We understand that the Bank of British North ne pc
consideration. This month and the next is the
America, through its agency in this city, has ordered serious.
gold from London on the present low exchange to thefinancial world as have never before
amount of 100,0001. sterling."
At a meeting of the merchants held at Boston such times in tie
time fur our. heaviest payments, and we must look for
been seen or imagied. The banks have a dangerous
and difficult part to perform during the next 60 days,
on the 2d resolutions to support the banks and ex- and if they play it properly the future will be full of
pressive of good faith in them were passed. The hope. The resolution purporting to have been passed
sentiments of the meeting were 3to 1 against any by the managers of these institutions amounts to just
bsnk suspension. The same fueling was quite una- nothing at all. It was only partially agreed to, and not
nimous with all the banks of the State. sufficiently official to be binding It was intended
more
The 11'ew York Tribune says—
fannpa-
for fancy than fact, and it is our impression that the next
The range of good bills is from par to 103, although
banks of this citycannot expand returns will show that it luis notand preserve their posi
been carried out. The
some prominent drawers are asking more without mak-
tio
n as specie-paying institutions. Their only safety is
lug sales."
in contraction. The banks of New England must sus-
The Boston Advertiser of the 7th says— pend. We do not see how they can avoid it • but the
"The weekly bank statement which we publish this
banks of this city can sustain themselves if theyi will
morning shows a decrease in the loans and discounts of adhere to the policy they have fur some weeks:pursued.
$449.000. The payments at the Sub-treasury yesterday Nothing else can save them. The banks must now show
amounted to more than $1,250,000." to the comnsimity that they have in reality no soul, and
The Pennsylvania Legislature was convened on they must not flinch an instant from the awful responsi-
the Gth, and a message from the Governor was bility resting upon them. An expansion would lead to
read, in which he recommended— an immediate drain upon our specie reserve, and stop at
once the current of specie now setting into th •
their vaults.
" That the banks which may be relieved from the
expansion would temporarily relieve the commit-
penalties upon suspension by existing laws be required
Anitn_y,ebxuptanit would end in suspension of specie payments
to make a satisfactory arrangement with the State tree- Better hundreds upon hundreds -of our
surer, by which be will be enabled to convert the funds
merchants should fail than our banks suspend. It is a
in the Treasury and the balances standing to his credit . alternative, bit we
as
ssee.no help for it. With
in any solvent bank into specie as soon as necessary for
our banks
firm and fixed
the payment of the funded debt ;and that solvent banks our boa
tr may recover fromPecl-PaYing institutions,
which have paid specie for all their liabilities me
- the c un
by the banks..
this revulsion in a few
suspension of specie payments would
diately prior to the late general suspension be required,
prostrate every important interest,
under limitations and restrictions, to restive the notes of P . ears. It is from which we should
'.
nity should be sacrificed to
each other continuing solvent at par in payment to be not recover in y 8 _
contn.hard, and may seem cruel,
preserve our banking institutions, but it is necessary to
relieved from their condition ; and for the relief of debtors
so as to guarantee the greatest good to the greatest
that a provision be made for the extension of the time on
which execution for judgment may issue ; the issue of act
Our banks must not
relief notes of small denomination should not be autho- number.
months;that the
look now to individual
the com
cases, but to Tinity at large. A few must be
risesl, nor the banks during their suspension be permitted—immolated if
sacrificed —immolated, necessary, to preserve the
to declare dividends exceeding 6 per cent. per annum."
masses. We are aware that in aivocating these mes.
The Governor believes that the moneyed institu- ores we meet the condemnation of many, but we do
Mons of the State are in a sound and solvent con- Snot heed that, in punning c'n
general object in view.
dition, and that if the measures suggested are The managers of our banks the
se
.em to be at least fully
adopted alt will be made ri 1 t •several bills bear- the
gi ,
ing on the subject were in course of discussion. tion, and we wish to assure them of the support and
At Ne
w York holders of cotton were offering to, countenance of the
intato in a steady ;adherence
commercial
ia.afill: