The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1839-12-27 00:00:00

TO CORRESPONDENTS.

We have not been able to discover, in any number of the
Times, any " remarks on the trial of Rawson and others
versus Hay." If our respected correspondent will have
the goodness to point them out we shall have great pleasure
in giving them insertion. The report of the trial appeared
in the Standard of Tuesday.
We have lately had many complaints from .our subscribers
respecting the late, and frequently the non-delivery of the
Standard. We assure them that the fault, in no case,
.rests with the office of this paper. As an instance of the
carelessness of the post-office functionaries we-may men-
tion .that we yesterday received a copy of the Liverpool
Standard, among our other papers, which had been de-
spatched from- this office on Tuesday morning last, ad-
dressed to the Leeds Int elligencer office. We cannot ac-
count for such a blunder.
The letter of Mr. Wereery shall appear in our next. It
will not spoil by keeping.

Ctn. Ziberpoor &tanbarb.

FRIDAY MORNING, DECEMBER 27, 1839

Vile British Queen arrived at Gravesend in 23 (lays

zrom New York, on Wednesday last, bringing wit

ner about 500,000 dollars in specie.

As she left Nem

ork on the 2d instant, she has not brought the Pre-
mdent's Message, as was anticipated. It is• stated that
the specie which she has brought is chiefly to the
order of the London Agent of the United States Bank.
The political news brought by the British Queen is not
of any importance.

The commercial and monetary inteiligeneeTrom the
States generally is of a favourable nature. The general
improvement in money affairs is attributed to the firm-

tress with which the New York banks have held their
way in maintaining specie payments. The banks'of
the State of Ohio had resumed payments in specie on

the expiration of the 30 days, to which they are limited
by law, on pain of the forfeiture of their charters. The
banks of Illinois were, it is said, preparing to resume
within the 60 days assigned as the latest term, accord-
ing to the laws of the State. Several of the Providence
banks, also, had returned to payments in hard money.
It is stated that the Pennysvlvania banks generally were
in a condition to follow these examples, but were re-
strained by the influence of the United States Bank of
Philadelphia, which had manifested no intention of
resuming.

By the New York Morning Herald of December the
2d, we learn that there was a fair businesi dOing on
the previous day, especially in sterling exchange for
the packets. The supply of Southern bills, however,
was equal to the demand. The United States Bank
had received from Tampico 450,000 dollars in specie.
Large supplies had also been received from the same

quarter by several mercantile firms. Money for good
mercantile paper could be had at New York at 1 to
1 per cent. per month. Draughts on Philadelphia
were sold at 91 to 91 discount. The Morning Herald,
in its usual commentary on the state of the money
market, remarks that " the general ,state of the money
affairs of the United States has undergone but little
change since the arrival at New York of the British
Queen. The banks which suspended under the in-

fluence of the United States Bank are gradually pre-
paring to resume, and many have done so." With
respect to the Pennsylvania banks it remarks—" these
banks are so interwoven with cotton operations, and the
great State Stock system, both of which are, and have
been for the last eight months, losing operations, that
a speedy resumption on their part cannot be looked
for." The example of the United States Bank in
interfering, in 1837, with the cotton market, although
successful at, that time, has in its consequences, been
One great element of her present disasters. On this
subject we quote the folloWing pertinent remarks from
the Morning Herald :

Most of the banks south-west also engaged in the cotton
business in 1838, and the United States Bank having esta-
blished a cotton house in,Liverpool, and wishing to promote
an early and general resumption of specie payments, under-
took, by making loans to the institutions thus involved, to
concentrate their cotton in the hands of the Liverpool house,
and at the same time to enable them to resume on the Ist of
January last. To do this, it was necessary to hold the cot-
ton, which was equivalent to a decrease in the amount of
our national exports to the same amount, and also caused an
absorption of the active capital of the bank for the period
that 'it was held. This was supplied by the availability of
the State Stocks which accompanied the mania for public
improvements, and for the sale of which the United States
Bank became the most active agent.
The sale of these securities was urged until the foreign
markets became glutted, and the sale suddenly stopped,
leaving the states with a liability :

For stocks to the limount of
And a yearly interest of
To meet which the public works will
yield..
Dividends of banks owned by the
States .......
Provided for by taxation

Dols.
200,000,000
12,000,000

2,000,000

1,500,000
1,000,000-

4,500,000

Interest unprovided for..
The amount must be raised,,if raised at all, by taxation.
The amount derived from bank dividends is now jeopardised
by the unfortunate condition of the banks, to which the state
stocks have been loaned, and the amount to be raised by
taxation will, probably; be near 9,000,000 doll., as all further
sales to any extent are felt. to be impossible. The question
" taxation is one of so great difficulty, that the largeSt hold-
"' of those stocks have already proposed the consolidation
of them in a national debt, the interest to be met by the pro-
ceeds of the public lands. This measure would be much
better for the holders of the stock, but the state works would
in not be forwarded by it, as at least 100,000,000 dollars more,
additionto that already created, would require to be raised,
hi order to render the works commenced profitable.
In the meantime the immediate availability of these stocks
is the question- which affects the solvency of the United States
Bank. The recent returns of that institution throw no light
on the amount which she holds, nor upon the nature of the
securities which she holds from the cotton banks. Enough,
however, can be gathered from the returns of those banks,

:o show that the great mass of her assets of that nature are

worthless.

The various loans to the Mississipi banks are stated
to amount to upwards of fourteen millions and a half
of dollars. The Planters' Bank is said to be indebted
nearly a million. The other Mississipi debts of the
bank are estimated at fifteen millions of dollars. The
average loss on these assets is about forty per cent, or
6,800,000 dollars.' That is independently of the losses
on cotton, protested bills, bad debts in New Orleans
and elsewhere, which form an aggregate of 15,000,000
dollars. The Morning Herald then proceeds :
The greater proportion of the assets of the corporations
which the United States Bank has bolstered by loans, are the
bills and notes of the insolvent speculators who entered land
with borrowed money. The United States Bank is therefore
the grand heed of this mass of valueless paper, which she has
hitherto supported by the great state stock bubble. This has
now exploded, and the wreck hangs round the commercial
world, and retards the movements of business. The struggle,
both here and in Europe, to get clear of it, causes the inac-
tion in trade. This inaction must soon give way to the wants
of the people and the energy of commercialenterprise. The
elements of trade were never greater than now. For the
past year or two the consumption of manufactured articles
has been largely increased. This has produced a glut through;
Out the world, and a fall in prices. This year the productions
of the soil far exceed those of any former years, and the in-
creased supply has reduced the prices, notwithstanding which
the aggregate value is greater. '
Let us recur to facts. After a laborious research, we have,
from the most correct data, formed the following eeimate of
the crops this year, as compared with last year :

VALUE OF THE PRODUCTS OF THE LNITED STATES FOR

Cotton

Breadstuffs

'obacco

Other produce

1839. 1840.
Dols. 70,000,000 Dols. 72,000,000
235,000,000 294,000,000
11,003,000 13,000,000
3,000,000 3,500,000
50,000,000 75,000,000

Increase

369,000,000 457,500,000
369,000,000

88,000,000

Here is a large excess of, productions, even at greatly re-
duced prices, while the actual commercial indebtedness
abroad is much less than last year. The greater proportion
of this immense production is consumed in this country ;
only the surplus is exported, and may be estimated for the
coming year as follows :

EXPORTS OF PRODUCE FROM THE UNITED STATES FOR 1840.
Cotton..
Breadstuffs.. 10,000,000 Other produce.. 25,000,000
Tobacco .... 9,000,000

Surplus D. 101,500,000
To this may be added, for profits, freight, &c., at least 25
per cent., which will give an export of near 125,000,000 dol.

The question here arises " Who are the producers
of this great wealth ? Are they persons who are in-
debted to a greater amount, and who must pay it away
for that which is already consumed ?" The Morning
Herald answers this question in the negative, alleging,
that the great proportion of this wealth is produced by
persons who went into the country during the revulsion
of 1837, and purchased tracts of land, creating this
wealth by their hard industry, in return for which they
stand in need of manufactured goods. The Herald
says that " this exchange of commodities will not be
prevented or retarded, because the old speculators in
water lots and railroads cannot pay the banks the paper
lent them to encourage their wild proceedings."—
With respect to these speculators, the Herald remarks—
This class of persons are variously struggling to restore
things to their former artificial state, and to hold up the tot-
tering mass of credit, while, at the same time, there is as it
were a strong " under current" of healthy business based on
the actual wants of the productive classes, which is daily
growing and gaining strength, supported by the specie-pay-
ing banks headed by the New York institutions. This is sp.-
parent in every section of the country. The farmers and
planters will not sell their produce unless for bills on specie-
paying banks. In the different cities, notwithstanding the
se

;ason of the year, there is a steady and gradual increase of
cash business. The banks discount readily the short busi-
ness paper of regular tradesmen, and the cry of distress is
becoming daily more confined to circles of stock-jobbers,
broken banks, and those interested in the great state stock
bubble.

There is very little general news in the New York
papers. There had been another fire at Mobile, but it
was fortunately got under after consuming ten houses
only,. besides outbuildings, etc, The topic which
chiefly occupies the papers is, the preparations made by

different parties for the opening of the Congress.
Fresh troubles had been experienced from the Indians
iu Florida.
Thela.skadvices from Texas and Mexico gave earnest
of a conflict likely to take place, which would be the
beginning of new assaults on the integrity of the
Mexican states, and which might, it is conjectured, end
in the overthrow of the Mexican Republic. The
New Orleans Bulletin says that the next news from
Metamoras was looked for with much interest, from
the expectation that the result of the expedition pre-
paring against it by the Mexican federalists would then
be ascertained. A large body of Texians had joined
the attacking party.

The yellow fever had abated at Galveston, but net
without producing very great mortality. Out of a
population of only 2,000 there had been 200 deaths in
the space of two months. At Houston also there had
been 400 deathsout of a population of 4,000. Not-
withstanding this, emigrants were not deterred from
going to Texas.

We have received a file of the Sydney Commercial
Journal to the 14th of August, inclusive. The prices
of provisions still remained very high. The first qua-
lity of flour was selling at 755. per 1001bs., and inferior
qualities at 70i. and flos. It was expected that these
prices would be sustained for some time unless grain
was shortly imported. Salt butter was selling at Is. 9d.
to 2s. Gd. per lb.; fresh butter, at 3s. to 3s. 6d.;

cheese, Is. 6d. ; lard, Is. 3d. ; bacon, is. 4d.; hams,
is. to Is. 2d. per lb.; eggs, 2s. 3d. per dozen. The
prices of vegetables were as follows :-7-Potatoes (colo-
nial) 20s. ; ditto (Dtrwent) 255. to 30s. per cwt. ; cab-
bages, 2d. to ls. ; cauliflowers, 4d. to ls. ; brocoli, 4d.
to 6d.; red cabbages, 6d. to Is.; lettuce, 2d. to 3d.
each ; carrots, 6d., and turnips 2d. to 3d. per bunch.
Intelligence from Port Phillip to a recent date had
been received at Sydney. A report had reached Mel-
bourne that the natives of the Mount Macedon district
had made a descent upon the station of S. J. Brown,
Esq., and driven off a flock of sheep.
The great influx of capitalists, within a few weeks
before the date of the last advices from Port Phillip,
had raised the price of stock, particularly horses, to an
unprecedented degree, Sheep had been sold at £1
15s. and £2 per head; horned cattle from £lO to £l2 ;
and the commonest hacks realised from £5O to £7O;
while brood mares fetched as much as £lOO to £124.
The news from Van Dieman's Land is to the 3d of
August, inclusive. Great distress was there felt owing
to the scarcity of provisions. A proclamation had been
issued by the Lieutenant-Governor, Sir John Frank-
lin, directing that all vessels arriving in the river Der-
went, subject to quarantine, shall perform the same be-
tween Sandy Bay point and the eastern side of the ri-
ver Derwent ; and those arriving at Launceston, with-
in the inlet on the west side of the river Tamar; called
Middle Arm.
The news from Sydney is comparatively unimpor-
tant. There were nearly fifty vessels, many of them of

very large tonnage, loading or discharging in the port,
_ _ _

Most of these vessels were from Liverpool and Lon-
don, and had taken out a great number of passengers.
Trade appears to have been tolerably brisk at Sydney,
and the prices of most articles of general consumption
were well sustained.

We have received a file of the Guiana Chronicle to
the 6th of November, inclusive. An adjourned public
meeting on the subject of immigration had been held,
at Georgetown, on the 11th of October, at which some
unpleasant disputes arose on the subject of certain pro-
ceedings of the Combined Court in that colony. It
seems that some expressions relating to this court had
been proposed for introduction into a petition brought
forward at the meeting of which we gave an account
some time ago. These expressions having been ex-
punged by the vote of the committee, Mr. Rose and.
Mr. Croal sought to have them re-inserted, but did not
succeed in their object. On the 24th of October ano-
ther meeting was held, by adjournment, when an
amended petition on the subject of immigration was
introduced, which was supported by every individual
of every party present on the occasion. This petition
directly repudiated the proceedings of the Combined
Court. The Guiana Chronicle states that much good
may be anticipated from this petition, and that it must
command the attention of her Majesty's. Government.
Of this we have no doubt.

The Guiana Chronicle has a great number of articles

Rum--1838
1839

Coffee-1838
1839

Deficit

PimentolB3B
1839

Excess ..

Ginger-1838
1839

Deficit ..

From this statement it appears that there is a large
deficit on the exports of all the staple products of the
island, excepting in the article of pimento, in which

there is a very considerable excess.
The preceding account is extremely discouraging,
especially when it is taken into consideration that the
crops on the ground were very large, and that the defi-
ciency arose entirely from want of labour, to take off
the crops. The want of continuous labour has pre-
vented the agriculturist from taking advantage of the
bountiful resources placed by Providence within his
reach.

The Governor and the House of Assembly were
working together with the greatest cordiality and assi-
duity. From the time that the House had assembled,
to the date of the last advices, no less than 2ct bills,
relating to different subjects, had been passed, and 12
of these had received the Governor's assent. This is
a striking proof of the good feeling which subsists
between the Governor and the House. Respecting the
new Governor, the Royal Gazette remarks that " Sir
Charles is fast gaining the confidence of every party
and, as predicted, will earn for himself a reputation
which will make his name honoured and respected by
every soul who has an interest in the prosperity of
Jamaica."

The conduct of Sir Charles Metcalfe, in reference to

the " Prisons Bill," is mentioned with very great satis:
faction. At former seasons, when this bill was sent
down to the House of Assembly, it was done in the
most insulting and offensive manner, as if in defiance
of the House. In the present instance, Sir Charles, in
the true spirit of forbearance and reconciliation, de-
tained the message, and afforded the House every
opportunity of proceeding to business, and sent down
the act of the Imperial Parliament when it became, in
effect, a dead letter.
A motion had been introduced into the House of
Assembly, for assimilating the currency of the island

to that of Great Britain. It was proposed that an
English shilling should be called a shilling, instead o
Is 8d; and that the pound should be 2Q instead o
of those shillings : mother words, that the money o
account should be sterling instead of currency.
The island, we are happy to add, was in the enjoy.
ment of perfect 'tranquillity. The crops, especially of
corn and coffee, are likely to prove very abundant.

The readers of the Standard will bear us testimony
that we have never advocated a rash and precipitate
policy in the conduct of the -Conservative cause. we
have insisted over and over again—to a degree perhaps
little congenial to the feelings of some of our impetuous
but warm-hearted friends—upon the ultimate advan-
tages which would be gained by acting upon that
cautious system which has been characteristic of the
Conservative party during the last four years. We
are well content that the tactics of Sir Robert Peel
should be likened to those of the Roman General
Fabius, provided that hereafter it can be said of the
former with the same truth as it was by Ennius of the
latter,

Unus homo nobis CUNCTANDO restituit rem."
But, although we have thus deprecated anything like
eager haste to snatch the reins of power from even a
Melbourne Government, and transfer them to hands
in which they may be trusted without trifling with the
destinies of this great empire, we never imagined that
no time was to come in which promptitude and action
were to take the place of procrastination and delay.
The greatobject of the Fabian policy was to allow the
Whigs time to work out their own destruction—to let
the inherent principle of rottenness, which deprives
them'aS a party of anything like strength either in the
country or in the House of Commons, eat like a
canker-worm until they fell, root, stem, branches,,and