The Sun.
London, England, 1844-03-15 00:00:00

CANADA.

e iAv
e dhv dispatch from
the
Governor-General
h e -
the
sessions of the Parliament to he held at Montreal.
TILE SMUGGLING CASE--The first mate of the packet-ship
Oxford, Mr. Gates, has confessed that the smuggled cloths
seized from on board that ship, were concealed and attempted
to he smuggled with his consent ; that he had received 300
dollars at Liverpool from a person whose name he has com-
municated to the owners for doing so ; and that he was to
deliver the goods to the party who should apply in New
York.

Gates was committed to prison, in default of obtaining the
required bail of 10,000 dollars.
A like occurrence has taken place with the Montezuma, of
which also the mate was bribed in Liverpool.
It is hardly iracezaary to add that the awnera and the coin-

msnders of both ships are above any, the slightest suspicion
of conniving at such transactions.
Harris, the boatman, has been admitted State's evidence.

• NEW YORK MONEY MARKET.
FEE. 29.—The steam-ship Hibernia leaving Boston for
Liverpool to-morrove, we give our usual comparative tables
of quotations for stocks and exchange. • Since the departure
of the last steamer, the movements of trade and our great
staple articles of export, have become more developed, and
are settling into a more regular and steady channel. Ex-
change has improved very much within a short period. At
one time rates reached so high a point that it was found
specie would have to go forward. Bill holders, however,
kept their demands just below a specie standard, which
buyers submitted to rather than risk shipments of the pre-
cious metals. Within a week or two cotton has gone for-
ward very rapidly, and the result has been a great decline in
foreign exchanges. Speculators in this production, on, this
side, do not like the complexion- of the Liverpool market.
They are fearful that the tenor of further advices will be far
from favourable. The last accounts were of so peculiar a
nature, that the present race of speculators, who are mostly
novices in the business, do not know what to make of them.
In New Orleans and Charleston rates have declined, while
at Savannah and Mobile they have advanced. • The latter
quotations at all the ports were those ruling after the demand
for the steamer had been satisfied, and., can be considered a
little under the current rates of a few days previous. Below
we give the quotations for foreign exchange in this market
for the past three months, by which it will be seen that the
present prices are nearly as reduced as they have been at any
time within that period.
RATES OF FOREIAN BILLS IN NEW YORK, Fs,. 29.
Dec. 15. Dec. 30. Jan. 30. Feb. 29.
' London•• • • 81 aBl 109 a 1091 109. a 1091 81 a 9
France .• .. 5 321 a 5 331 5 27j a 530 a 5 321 330 a 5 28(
Amsterdam 391 a-- 40 a 391 a 40, 391 a4O
Hamburgh 35 a 351 351 a 351 a 351 35J a 351.
Bremen.... 771 a 771 781 a 79 781 a 781 78 a 781

If the present. feeling continues as regards cotton, and
every
,bale is pressed forward as rapidly as possible, exchange,
as a natural consequence, will find a very low level. The
advises received per the Hibernia, will probably create the
same feeling as they circulate through the South, that is
experienced here,which will be followed by a similar anxiety
to get their stocks into the market. Should this become ge-
neral through the country, speculators will not cavil about
freights, but at once submit to the current rates, for imme-
diate departure. A heavy amount of cotton arriving in
Liverpool would immediately depress the market. It is only
by short supplies and unfavourable reports from this coun-
try;that the highly speculative feeling -was created in Liver-
pool. Destroy that charm, and the foundation of specula
tions is at once knocked awaY. nixing the whole course of
our long experience, we do not recollect a single instance
where the yield of a crop did not exceed the anticipations.
There is not much doubt but that the present crop is hun-
dreds of thousands of bales below that of last year ; but that it
is below the average, we should hesitate a long time before
believing: Speculators and consumers abroad interested in
this staple should make great allowances- for the various in-
terests at work in this country to create impressions favour-
able to their views. The great object to arrive at in all
the movements of this article, is regularity of supply, price
and demand. The result of speculation is invariably in-
jurious. .
The improvement that has lately taken place in State
St4clis, in this market, cannot be traced wholly to the
movements in the different Legislatures. The advance in
a measure has been produced by the abundance of money
and the withdrawal of capital from investment in cotton,
and re-investing it in stocks. This is of course a specula-
tive movement. Very little capital is permanently invested
in the stocks that are used for speculation in Wall-street.
Among the many stocks that are day after day used by the
brokers for all their operations, a few are of a sound sterling
nature. Kentucky State Stocks, for instance, is as valuable
a security as can be produced, but its character is injured by
its being so much used for speculation.
The movements of the .Legislative bodies in the different
States have not as yetresulted in any decided step in relation
to their debts. The Committee of Ways and Means in the.
Legislatures of Pennsylvania and Maryland have reported
Bills providing for the payment of the interest on their debts.
There has yet been no action on them, but the impression
appears to be general that they will ultimately pass and
become laws. A few days since we published a synopsis of
each Bill. That introduced into the Legislature-of Penn •
sylvania suggests the levying of a tax on property heretofore
untaxed, entirely for the purpose of paying the annual in-
terest on the total amount of their indebtedness. The revenue
arising from thii Bill to be appropriated exclusively to that..
It also equalises taxation, and levels the barriers that have
heretofore prevented a full collection of the amount levied.
It leaves no cause for complaint, and the tax-gatherer will'not
meet with the insurmountable difficulties that have before
beset his path.
The Bill introduced into the Legislature of Maryland is
of a different nature, but its enforcement would produce the
same result. It proposes the sale of the State's interest in
all corporated companies, such as stock in banks and turnpike
roads, the payment for which will be received in certificates
of interest, or any other evidence of' State indebtedness. It
fixes the first day of April of the ensuing year, when the
State shall resume the payment in cash of the interest on
its bonds. It provides for the payment of the interest in
arrears, by the sale of bank stock held by the State, by appro-
priating the arrears of taxes for 1841 and 1842, . and the inte-
rest due from the Tide Water Canal Company. The pas-
sage of this Bill through the House of Delegates will
be watched with a great deal of interest, as the
prospect of its becoming a law is at present -very 'un-
favourable. The doings in the Legislatures of other States
are of no particular interest. Those of Mississippi and
Louisiana have as yet amounted to nothing. That of
Michigan is discussing the policy of selling all the works
of internal improvement in the State, but as they are so
rapidly increasing in productiveness, it is supposedthey will
retain possession, as the anticipated receipts will more than
pay the annual interest OR the total indebtedness of the State.