The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1839-09-24 00:00:00

THE MONEY MARKET,

(From the Morning Herald of Friday.)
CITY, THURSDAY EVENING.—The private letter of this
journal from Paris appears to have afforded the best infor-
mation which' has transpired respecting the causes which
induced the respectable firm of Hottinguer and Co. to dis-
honour the bills of the bank of. the United States ; but since
the morning it has transpired that, by the exertions of Mr.
Jaudon, arrangements have been made through the great
house of Rothschild and Co., by which they will take up the
agency, and honour all the drafts of the United States bank
now in a temporary abeyance of credit.
For the sake of public credit generally we are happy to
be enabled to notice the great probability of such a result ;
nevertheless, it cannot be denied that the United States
bank has received a blow with regard to its public credit that
must seriously re-act upon the credit of the commercial in-
terests of the United States at large. We are not disposed
to be harsh in our remarks • but there is a strong impression
amongst most of our manufacturing and commercial interests
that the Bank of the United States, under the administra-
tion of Mr. Biddle, has abused its true banking power by
the reckless adoption of jobbing in produce, and its neglect
of the true principles and action of banking, by directly, as
well as indirectly, lending itself to unprofitable commercial
speculations. The assurance of this great difficulty being
finally settled we trust may be relied upon as certain ; else
we cannot foresee what may be the result on either side of
the Atlantic. Mr. Jaudon has returned from Paris to Lon-
don, and his arrival may lead to further satisfactory expla-
nations. -

The state of the weather, and the subject to which we
have already referred, coupled with the influence of the
closing settlement of the foreign market, has thrown a great
damp upon consols and the British funds generally.
Since writing the above we have more reason to believe
that the eminent firm of Rothschild and Co. have deter-
mined to undertake the agency of the United States bank
under powerful guarantees. This act will, if confirmed to
the full extent, tend much to appease the incidient appear-
ances of an uneasy state of our money markets, and it will
strongly indicate their sagacity in foreseeing its immediate
necessity.

(From the Times of Saturday.)
CITY.—FRIDAY EVENING.—The interference of Messrs.
Rothschild on behalf of the United-States Bank is now posi-
tively affirmed, both among the connexions of that house,
and among parties interested in the affairs of the bank itself;
but, what is very unusual in any matter of business brought
to a close, no details of the arrangement entered into be-
tween them are allowed to transpire. The information de-
sired by the monied interest is not merely as to the certainty
of payment of the bills drawn in Paris when at maturity, but
whether the acceptance of Messrs. Rothschild has. actually
been put Upon them, absolutely, and for honour of the United
States Bank, and on what security, and subject to what con-
ditions, that important additional guarantee has been ob-
tained: As much will depend, for the restoration of the credit
of the United States Bank, upon the manner of the transac-
tion as upon the transaction itself. That the more immedi-
ate difficulty has been provided for need not now be doubted,
and one construction put upon the silence still maintained
with respect to the mode of meeting it is, that the future
agency of the bank, both in Paris and in London, has be-
come a subject of some competition among different mercan-
tile firms, and that the conditions of interference are made in
some degree dependent on the settlement of that question.
At present, with the exception of the personal agency
of Mr. Jaudon, which has been for some time repudiated,
as not of the suitable description, however dexterously
managed for such an institution, the bank has no re-
presentative among the commercial interests of London. It
is true that a house of the first eminence, that of Baring
Brothers, has been fixed upon for that purpose, with the full
consent and at the solicitation of the board of directors; but
the agency has not yet been taken up, on account of non-
compliance by the bank with conditions very properly at-
tached by the house in question—that the money-market
should first be cleared of certain liabilities, the provision fcr
which, however adequate it might be under other circum-
stances, was rendered uncertain by the general pressure for
money produced by the late measures of the bank. The re-
fusal of Messrs. Hottinguer to accept the bills lately drawn
upon Paris can scarcely have any other consequence than
that of withdrawing from that house the future agency in
that capital, so that both the French and English agency for
the United States Bank, heretofore without doubt, a very
lucrative connexion, may be said at this moment to be vacant.
In the instance of Messrs. Hottinguer, it is said that the
term " agency" is not recognized, being designated as tha
correspondents only of the bank • but this is not the mate-
rial, since, by whatever name the French business is de-
scribed, whether as an agency, or as a correspondence, the
increasing transactions of the bank on the continent, should
it be restored to credit, will necessarily make it an object of
competition. That there should exist such a competition
now amidst the embarrasments by which the bank has re-
cently been beset, is as good an omen as can be referred to
of its approaching recovery from them, were it not that in
the eagerness for a large profit the future is so frequently
overlooked.

Some doubt has been felt whether there is any person or
persons on this side of the Atlantic intrusted with sufficient
powers from the board at Philadelphia to reconStruct the
agency in England and France, should the state of the
affairs of the bank make it necessary to do so. There is,
however, reason to believe that Mr. Jaudon himself is duly
empowered for such a purpose, and that one of the directors
of the bank is now in London to advise him on the.most
prudent course of proceeding. But their situation is one not
of responsibility only, but of extreme difficulty, and it may
still be requisite to take the opinion of the board, in which
case the present uncertainty must continue for a considerable
time longer.
Nothing has been said for some days past of the arrange-
ment which the house of Hope and Co. of Amsterdam, by
which large advances were stipulated to be made to the
United States Bank, which is the most surprising, as it was
thought likely enough, when the dishonour of the draughts
on Paris was first known. that some influence might have
been produced by it upon the arrangement with Hope and
Co. Upon the final success of that arrangement, also, has
been understood to depend the removal of the objections of
the London house already referred to to undertake the
agency. We have understood, since the subject was first
mentioned, that the extent of the arrangement with Hope
and Co. is very far below the sum stated of £2,000,000, and
that the extent to which it has been acted on has also been
much exaggerated, but that is not, perhaps, of much lin -
portance, if it was sufficient to withdraw from the London
market those liabilities which formed the impediment to the
re-establishment of the London agency.
No very immediate or pressing engagements on the part
of the United States bank exist, it is said, at this moment,
though the amount of outstanding obligations of all kinds
must be very great. To provide for these, there are nomi-
nally abundant means, consisting chiefly of cotton and
American state stocks and securities of various kinds, the
conversion of which into money within the time required
cannot but be uncertain. From the United States if any
remittances are now sent, they must be in bullion • if the
securities of the bank now in Europe are valid, there are
enough of them for the purpose ; if not, it will be useless to
send more.

The progress of the pending transactions is watched with
great interest all over the city.

GRAND DEVONSHIRE CONSERVATIVE
FESTIVAL.
(Abridged from the Morning Herald)
COLLUMPTON, THURSDAY MORNIN G.—The long-expected
conservative demonstration in the county of Devon took place
yesterday evening at Collumpton. All the members for, and
the elite of, the county were present. The proceedings ex-
cited the most extraordinary interest. Their object was two-
fold; first, to celebrate the recent triumph of conservatism,
by which the whole county representation has been rescued
from the grasp of the whigs : and, secondly, to adopt those
measures of united and energetic action at the ensuing re-
gistration, and in preparation of the expected general elec-
tion, which, it is confidently anticipated, will enable almost
every borough in Devon to sweep away the last remnants of
whiggery from the representation of this large and important
county. For this purpose it was thought desirable to concen-
trate at one great meeting all the leading electors and conser-
vatives in the eastern portion of the county, and a great num-
ber accordingly repaired to Collurnpton, from Exeter, Tiver-
ton, Honiton, Plymouth, independently of a large body of
the electors of the eastern districts, both of North and South
Devon. From the results of the inquiries which took place,
it may be almost confidently predicted that Lord Palmerston
will in future have to yield his seat for Tiverton to that ex-
cellent conservative Mr. Beere ; that Honiton will no longer
be neutralised, but in future will return two conservatives
instead of one ; that Exeter and Barnstaple are equally pre-
pared to vindicate the constitution ; and that even Plymouth,
Devenport, and Totness, will use their utmost exertions to
shake off their whig fetters in the next struggle. In order
to complete all the ramifications of this spirited arrangement,
a festival, to which upwards of a thousand electors of the
western districts of the northern and southern divisions of
the county have been invited, will take place on Friday, at
Lifton Park, the seat cf Harris Arundel, Esq., who has
issued invitations for this magnificent entertainment at his
own expense, and thus set the conservatives of the kingdom
a splendid example of spirit and munificence.
The public proceedings of the day commenced with

TRE PROCESSION.
As early as eleven o'clock in the morning the electors and
guests from Honiton, Tiverton, South Molton, Exeter, &c.,
began to pour into Collumpton, and it was speedily found
that the spacious tent was not calculated to hold all those
who sought to be present, and arrangements were accord-
ingly made to admit as many as possible after dinner of those
who had secured ticket§ in sufficient time. By about twelve
o'clock upwards of eighty carriages, most of them drawn by
four horses decorated with the conservative ribbon4s, and
filled with ladies and gentlemen, had arrived, and were mar-
shalled in procession. These were accompanied by between
500 and 600 mounted yeomanry wearing similar favours, with
loyal banners and flags, band of music, &c., and a consider-
able number of persons on foot. The procession thus ar-
ranged, proceeded with flags flying and music playing to a
field about two miles from Collumpton, where it was ar-
ranged to meet the members, and the more distinguished
guests. When the procession arrived in the field they were
formed in a circle, and very shortly after the four members
.for the county, Sir Thomas Dyke Acland, Bart., Lewis
Wm. Buck, Esq., Sir John B. Yarde Buller, Esq., Bart.,
and N. E. M. Parker, Esq., accompanied by Sir John Ken-
away, Bart.,, Sir E. S. Prideaux, Bart., and a number of
ladies and gentlemen rode into the circle amidst the most
vociferous cheering, and received the congratulation of the
assembled electors. The procession then re-formed, and
escorted the members into the town, into which they passed
under triumphal arches of evergreen, the bells ringing out a
merry peal, every window filled with spectators, and the
bands playing, " Hurrah for the Bonnets of Blue," blue
being the conservative colour.

THE BANQUET.
An immense waterproof banqueting tent, about 150 feet
by 40, was erected for the occasion, in which covers were laid
for upwards of 700 persons; many more, however, than this
number contrived to find admission. A gallery was also
erected which accommodated from 100 to 150 ladies, most of
whom wore blue dresses, and all of them blue favours. The
tent was beautifully decorated under the tasteful superin-
tendence of Mr. Tuckett, one of the most active of the con-
servative agents of the county. From the centre of the
tent was suspended a large crown, and two globes formed of
dahlias, with which beautiful flowers, intermingled with
laurel, &c., all the pillars of the tent and candelabra were
enwreathed. Above the chair were two banners inscribed
" Wellington and Waterloo," and " Church and State."
Above the vice-chair was a banner inscribed " Peel." Above
the ladies' gallery were the words " Church and State" in
dahlias, and the banners of the various conservative mem-
bers and candidates, and electoral societies were 'hung
around.
Sir John Kenaway, Bart., took the chair; and Sir E. S.
Prideaux, Bart., the vice-chair.
On the right of 'the chairman sat Sir T. D. Acland, Bart.,
M.P., L. W. Buck, Esq., M.P., Sir Trevor Wheeler, Bart.,
Sir John Duntze, Bart., George S. Thursdon, T. H. Munro,
Montague V. Beere, J. Beere, A. E. Gabriel, Esqrs. ;
Revds. Wm. Sykes, R. St. Leger, W. Barnard, C. Ran-
dolph, W. Flood, G. T. Hall, M. Mules ; Col. Lutterell,
Lieutenant Cull, R.N.
On the left of the chairman sat M. E. N. Parker, Esq.,
M.P., Sir J. Y. Buller, M.P., Sir T. D. Duckworth, Bart.,
Lieut.-General Sir G. P. Adams, Baldwin, Fulford, R.
Mules, J. Quicke, J. Garrett, W. Porter, Harris, Arundel,
W. Gardiner, Esqrs. ; Revds. C. Sweet, R. M. Gardiner, G.
Sweet, .&c;

Mr: Smith Barry and Lord•Middletou are about eApeniing
£lOO,OOO in the town of Cove. A crescent and ether orna-
mental buildings are about to be erected.

ECCLESIASTICAL AND UNIVERSITY
INTELLIGENCE.

(Prom the Oxford Herald.)

On Thursday se'nnight the Rev. John Warren Hayes,
M.A., of Wadham College, was instituted. by the Very Rev.
the Dean of Salisbury, to the Rectory of Arborfield, Berk-
shire, void by the death of the Rev. Henry Hodgkinson ;
patron, Lord Braybrooke.
On the 31st ult. the Rev. Edward Lowry Barnwell, M.A.,
of Jesus College, and late Curate of St. Peter's, Malvern
Wells, was elected by the Bishop of Bangor, and the Rev.
the Warden of Ruthin, to the Head Mastership of Ruthin
School.

On Monday last the Rev. John Perkins, M.A., of Christ
Church, and Vicar of Lower Swell, Gloucestershire, was
unanimously elected one of the City Lecturers in the room
of the Rev. John Hyde, M.A., deceased. The electors are
the Mayor, Aldermen, and Councillors of the Corporation of
this city.