Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-10-15
From he NeD York Times.

FrOm.fle New York Times.
LONDON, August, 3lsf, 1889. /
BY referring 10 my letter of the nth
of June, you viii see | then pred cted
that exchange between this country and
the continent Of Europe would be eouai.
zed by tie first Of September. next.
The English journals viii apprize Won
that elns event has happened. Neverthe.
less, all the relief which many looked for
in the money market has not been real.
zed, and money still continues scarce and
difficult to be OBJ ained. Some new eau.
SEES have arisen to prolong this state ofdif-
fculty; among which are the disturbances
in the East, which at one time were sup
posed TO threaten a general meLee of The
European nations. Happ however, this
cloud has been dissipaied BY the determin.
alton of the dominant powers to maintain
the integrity Of the Ottoman empire. The
diminished expectation of manufactured
goods ant. wares--arisipg from the inabil-
ity of the manufacturer to purchasethe
raw material. at the rates demanded, and
continue his operations at living pticcs---
Of course operated asa check 10. the reflux
of the large amount of specie which had
been paid out by this country for the pur.
chase of foreign grain. This difficulty IS,
however, gradually yielding to better
state of things.
Again--ti.e Chancellor of the Excheq-
uer, Mr.. Spring Rice-now Baron Mon.
teagle-cau<ed f4O00.000 Of Excbequer
Bills to be funded. These bills we're a
convenient medium 10 borrow money upon
for short periods, and were more readily
available for this purpose than The stock
which has been received in theirsplace.
This change has doubtless had some infu-
ence upon the money market; but the eff
feet can only be temporary assihe bills
Withdrawn will speedily be replaced BIZ
new issues. Had not this measure been
resorted TO, the scarcity. Of money would
have compelled the government to. receive
the pubic dues 10 its own paper. The
necessary consequence would haze been
that government must have issued a lar
ger amount of the Ike bills. 10 meet their
current expenses. These. thrown into
the market TO an extent beyond f.e 1e
mand, would have ftilen belowrpslr Were,
rs by taking f4,000.0o0 or ofthe baa}
of the public, the demand, has become
greater than the supply, and of course The
bulls must rise above par and VII be
sought after as a convenient temporary
investment, and thus contribute 10 the
general relief by distributing tie specie
with which they are purchased. Butwhile
these several causes have had their iniiu-.
ence, you will bear in mind flat England
has more immediate and intimate inter-
course with the United States iEan with
any other country, and whatever enabar.
raises American commerce or affects
American prosperity is fe!t more acutely
here.
Hence when General jackson com
meneed his system of finance by removing
the depositeS, commenced a SO the de-
rangement of the trade and co merce
between the Two countries; and The ultra
Improvements upon that system whicll
constitute the great feature Of Van Bunn's
policy, must Tor aught ! can ste, If much
longer persisted ia, Terminate most caial1-
iloilsly FOR both.
On tho ssiIpi1 on sI-c tssIt hgi- iIIssss
is improving here. and | believe those. best
informed are confidently locking far bet
ter state of things soon. and for entire re-
lief BY the first of January. Much conf
dence is felt in this country that Mr.. Van
Buren, viii be defeated in Tie PresideniNl
contest, andthis belief has an iusDirIting
effect on the minds of those whose mer-
camille or monetary transactions -coEnec;
their I'M erests with tie common interest of
America. Should their expectations be
disappointed the result viii be a mighty
crash on this side of the Atlantic. aud on
your side more extended ruin. On tic
subject ofMr. Van Buren's Sub Treasury
speech, there has been among his coun-
.rvmen here, SO far as nv observation
goes, no other feeling than that of unr0eas-
pfed disafPsobation Among my acqua;n-
tances are many who have been bis
staunch political advocates, no orc of
whom has been more sparing in his con
demaation OF that speech. than yourself or
the Presidents most v.olent political oppo-
nent. One of his warmest friends when
he received the account from New York
OF the Presidents Proceedings there, ex.
claimed IN my presence. ssTn the name
of God has Van 8uren lost his senses, or
IS he in SO deep he cannot 60 back? He
will ruin his country and damn himself
and party
| fear shall not be- home to aid the
good cause this autumn, but vou have ny
fervent and heartfelt wishes for your sue
cess.