The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-02-25 00:00:00

TO CORRESPONDENTS.

The correspondent who has sent us an account of a" Pedes-
trian Fete" (query " Feat") ought to have given his name
as a voucher. flow are we to know that it is not a hoax?
We shall feel obliged if " One of the Agents" will call at
our office to explain one or two statements in his letter.
We have not lost sight of Mr. Whitehead's communications,
but we have not vet been able to obtain answers to some
inquiries which we have found it necessary to make on the
subject.

Ebt AAanbarb.

rIVESD.4Y MORNING, FEBRUARY 25, 1840.

By the packet-ship South America, we have received
It file of New York papers to the 3d instant, inclusive,
The letters and papers brought by the South America
arrived in Liverpool on Sunday morning, via Cork,
Where the passengers landed on Thursday last.
The commercial intelligence in the papers before us
18 of a chequered character. We proceed to give as
full and careful a summary as our limits will permit.
°n the 27th of January a limited business was trans-
acted, and stocks in general advanced. At Baltimore
the market continued dull. At Philadelphia business
had
again become inactive. At New Orleans cotton
'5 dull, and rather on the decline. On the 29th of
January stocks at New York continued to decline ;
stock disposed of being at a reduced rate. On
tile 3rY h
stocks
were still down. On the 31st ult. the
arrival
ofLiver-
Pool,
Atne packet-ship Patrick Henry, from Liver-
rr°uoced an unfavourable reaction upon the
money.
market. The market was, however, tolerably
brisk in British exchange. Very large amounts were
sold at 10711 to 1081 on London, and Southern, not
endorsed, at 107 to 1071. On the Ist instant stocks
experienced a further decline.
.Tlie Daily Express of the 3d instant states that the
favourable character of the news from England had
Produced a good effect in the United States. The ces-
sation of the drain of bullion from the Bank of 'Eng-
land, and the favourable turn taken in American secu-
rities, had contributed materially to inspire confidence.
The almost entire absence of any new business had had
the effect of lessening the active demand for money.
Good paper, hav:ng a longer time to run than 90 days,
had been purchased at New York for L per cent. a
month. There was, indeed, a considerable demand for
first class paper, and the supply was very small.
The same journal states that the situation of the
currency, during the preceding month, had not much
improved, although the value of domestic exchanges
'as rising gradually. This improvement is not at-
tributed to any real corresponding improvement in the
currency; but to the increasing demand for cotton in
the South, which was more active than usual. at the
same season of the year. As, soon, however, as the
cotton purchases are made, exchange will fall back.
The currency of the country, it is alleged, is deficient
for the ordinary purposes of business; and until some-
thing is done to increase public confidence, and give it
stability, there can be no improvement. From a state
of repletion the currency has sunk into a state of ex-
haustion: and although a feeble and fluctuating busi-
ness may be done, under existing circumstances, there

can be no sound and active state of trade until there is

a prospect of a stability in the domestic exchanges.
The circulation of the specie paying banks had been
reduced to the very lowest possible limit,
The condition of the New York banks is said to be
''°und. Their loans and discounts had scarcely ever
been nearer to their capital.

The Maine boundary question continued to occupy
the attention of the United States Senate. An addi-
tional correspondence of much importance, had been.
t'c'trimunicated tO'tlie Sedate, from the President, on
the 29th ultimo. The correspondence is made up of
i" letter from the British Minister to the President, and