The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-09-25

LuNDON, huBust
The Directors of the Bank OF England have been
as much as possible abridging the resources OF the
discount houses in town, in consequence OF having
found that it has been chiefly through that medium
that the joint stock banks have hitherto obtained ac
commodation. Money is not more difficult in the
metropolis than il has been for the last three weeks
but within the last few days there evident symp
toms of The pressure extending with severity
than il has hitherto done in the manufacturing dis
tricts.
The spnners at Manchester have this week sold
yarn TO a considerable amount al prices which they
had previously rejected, and some OF the large hold
ers OF cotton at Liverpool have been abandoned and
leit 10 their own resources BY parties in Town who
had promised them support.
The relatively large diminulion of the bullion of
the bank exhibited in the last return excited gene
raj surprise in the city as il was generally believed
that the importation OF specie from America during
The past month would more than concordance the
diminishing export to the continent Of Europe. We
have found, on inquiry that such was the actual
state of the case: but that the diminution OF the
bullion OF the bank had chiefly arisen from de-
mand for much larger proportion OF gold than
usual in payment Of the quarterly dividend.
LONDON, August 81
The letters from Hamburg report unfavorably Of
the money market there; the rate Of discount had
risen 10 or Z l-2 per cent, and the exchange on
London had fallen 10 l3l4 which is lower than 1t
has beer known for the last twenty years. However,
the price of gold here having fallen in the same
newal Of the expectation Of specie from this side
The cause of all this arrangement is said 10 be The
constant drain upon the Bank Of Hamburg for Sit
rer 10 be sent to Russia. AT Amsterdam affairs
also getting little into disorder. For many months
the rate OF discount charged BY the Bank Of Am
sterdam was kept steadily at IL per cent, but
they have suddenly advanced 10 4, and again 10 5
per cent in the last fortnight The dire ciors have
probably, adopted This expedient 10 guard against
the drain which they expect upon them to repenish
the stock of bullion in England, as well as tor the
North of Europe.
The pressure for money has rather increased
again today at the Stock Exchange where the con-
tinuation Of Consols for the October account has
risen to 8 per cent offering interest Of more
than I per cent, for the six weeks. The market Is
falling in consequence of the heavy amount Of stock
forced upon IT, Foreign Securities are also depress-
ed by thesame cause, with the exception of Spanish
Bonds which rise in the face OF all difficulties
Globe.
LONDON sept.2
Cry NEws-We have long foreseen that none.
tary and commercial matters could not maintain
their ground for any length OF time, and we have
done every thing in our power to caution The public
on this head To all thinking persons crisis Is in
evilable, and every day tends more and more TO
strengthen this conviction, A most material and
marked depression has taken place in Consols to-
day and Exchequer Bills have nearly receded topaz.
The former have fallen 10 30 Ia for money, and
gOI s for the account and the latter have been
marked as low as A.. premium.
The temporary support which was given TO The
English stock market 10 enable Lord Mon,eage 70
carry through his funding scheme, now has, il would
SEEM been entirely Withdrawn, and matters fall
ing back their natural course. Hence, no doubt,
arises much Of the depression which Consos have
sustained but they have chiefly been affected by the
increasing scarcity Of money, and the total stigma
ton OF confidence and credit. A short lime must
now bring things to fatal point, I'd there indeed
seems liule probability OF any thing occurring to
give them favorable Turn.
l. ntncf 1snr Ian f
affairs and must, on the contrary, tend much 10 ex-
cite alarm; for although the crops in the south of
England have no doubt been chiefly housed, yet II IS
otherwise in the north OF England and Scotland and
the harvest in Ireland to which this country looks
always with much anxiety must also be matter of
uncertainty. Although, the state Of the country IS
quite deporabe, and how an explosion 10 be pre-
vented is quite beyond our comprehension.
1t is now, too quite evident that Exchequer Bus
are rapidly falling to discount and consequently
some further government measure will be necessary
10 recify the errors and mischief occasoned oy me
conceit and unbusiness-lke proceedings OF LORD
Monteage. An additional funding must be ehecled,
or the rate Of interest on the bills increased Inc
greatest excitement prevails in the city. There was
considerable business transactedin the ngsh STOCK
market and most oithe different securities nuctnaed
good DEAL as will be seen by the oflcIa iisl tran-
scribed below.
The annexed were the closing quotations-Con-
soils for money 90 Ia ditto for account 81 l2 three
per cents reduced 90 A ditto lh:ee-and-haH per
cents % IA; ditto new, 81 30 10 % Exchequer
Bills As 10 IS. prem; bank stock ia 10 iS9 India
stock 2l7 to 2l9; and long annnities, la 3l6.-
Morning Chr0nieie.
TURKEY IN EGYPT.
Mehemet Ali Is resolved mol 10 relinquish the adj
vantages he has obtained without struggle He
demurs to the delivery Of the Turkish fleet, and in
si,ts upon the hereditary possession OF Syria. The
forts on the Dardanelles have been repaired, and
rendered almost impregnable, Many headless runks
floating 10 the sea OF Marmora attest the despoc
cruelty OF the Government; and il Is said that Me-
hemet Ais assumption OF the chiefrule would DC
gladly hailed BY the people in Const ntinople.
At Alexandria the whole Turkish feet had enter
ed the port. The crews had received their pay, Tue
Pacha having, to raise the necessary funds, disposed
of a par of his cotton Mchemet Ali was showing