Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-12-24
From the Neu York Times. -
ARRIVAL OF THE STEAM SHIP
LIVERPOOL.


LIVERPOOL.
THIRTEEN DAYS LATER FROM ENGLAND.
By the arrival of the Steam Ship Liverpool, |
Lieutenant Englesdue, r. n, we have receiv- |
ed London files to the 18th, and Liverpool to |
the 10th ult. Lieutenant Fayrer was detained
at Liverpool by sickness.
The Liverpool arrived out on the 9Th ofNo-
yember. The disastrous intelligence Of which
she was the Ibearor, does not appear to have
produced so great sensation In the CONNER
cial circles Of England as was predicted here,
and the intelligence she brings back is Alto
pether more favorable than was anticipated.
American cotton had advanced from I-6d to
Lid per b., and the sales at Liverpool for the
two weeks preceding the departure of the
Steam Ship were $3.50 bales.
United States Bank shares declined from
EI9 Is to Is 10 on the receipt of the news by
the Liverpool, but afterwards rallied two or
three per cent.
The opinions ofthe English press on the sus-
pension of specie payments by the Bank OF the
United States, and the monetary crisis conse-
quence thereupon, of course vary with the po-
| litical character of the papers in which they
appear; the Tory " Times" being loudest in
its denunciations. In one thing however, the
English journals seem to generally concur, viz,
that the news of the suspensions here have
produced no panic among the British capital
lists. The course pursued by our suspended
Banks, appears to have been generally consid-
cred wise one under the circumstances, and
American scredit has not suffered among the
more liberal and unpreludiced portion of the
community. AS the best means of putting in
the possession of our readers the opinions of all
parties, we make some important extracts,
bearing on the case, from the leading English
Journals, Wing and Tory.
In France the news of our monetary diff
cuties appears to have produced more excite
meut than in England. The Paris papers seem
to infer that the credit Of the United States
must be completely ruined in Europe.
From the Morning Chronicle of Nov. 9th.
1.-THE general feeling is that the American
f banks adopted the wisest course which was
within their reach, under the pressing circum-
stances in which they were placed"
The people of the United States are ener-
getic and possess an elasticity of mind essen
, tally mercantile in its character. They are
not apt to sink under adversely, and we are
fully persuaded of their desire for the national
faith. They have been led into their present
endorsements chiefly by too great love for
improvement, and have been assisted by this
country in manner bordering on reckless
: ness.
!, 1t 0he balance sheet of the Bank ofthe u
nited States as furnished by Mr.. Jaudon)
proves most plainly the undoubted stability of
the establishment, and that the Times news
paper acted most unwarrantably in alarming
the public mind in its money article OF to-day.
From the London Atlas Of the 9Th Nor.
But now we know the worst = > We are
disposed to look for an improvement in our
general business with America, from this time
forth. This misfortune has not deprecated
the value of American stocks in London, and
even the debentures issued by Mr.. Jaudon, I'M
der the deposite of State Stocks as collateral
J security continue to bear premium OF or
per cent on the contract price.
From the Morning Chronicle of the 14ih NOv.
LETTER FROM JAUDON-We have received
from Mr. Jaudon copy of letter which he
has this day addressed to the editor of the
Times, giving the most unqualified contradic-
ton to the assertion that he had declined pay
ment of any bills of exchange drawn upon the
London agency by the Bank of the United
States; and stating that every bill ofexchange
bearing his signature Fad been regularly and
promptly paid at Messrs. Denison & Co.'S
banking house. The letter is as follows:
| "LoNDoN, Nov. 1S, 1889.
/" To the Editor Of the Times:
"Sir-Under the head of .Money Market and
City intelligence in your paper of this morn
ing, it is stated that bills of exchange to large
amount have been presented, it is said, to the
London agency, (of the Bank of the United
States,l who declined payment, but that it had
been able to make an arrangement with the
holders, under which the bills are renewed,
and the loss prevented which would ensue had
they been returned under protest to America
"To this assertion it is necessary that should
give the most unqualified contradiction. /
have never declined payment of any bill of ex-
change drawn upon me by the Bank Of the
United States-nor have / ever made or at
tempted to make any arrangements for the re-
newals of such bills. On the contrary, every
bill of exchange bearing my signature has been
regularly and promptly paid at Messrs. Heni.
son & Cos banking house, whe.e all .ov :.
ceptances are made payable. '''y =.
AS the paragraph ahsSse ouoted is calcula.
yea 70 90 very great injury to the shareholders
- -ie bana Of the United States, as wen as to
all holders ofits obligations, have to request
J that. as The slightest possible PREPARATION that
can be made, you viii insert this letter in your
paper OF Tomorrow, under the same head Of
Money Market and City Intelligence
Your obedient servant,
(Signed) as. JAIJDON.
"Agent tothe Bank ofthe u. States"
The Times Of the 18th November published
the above letter, accompanied by the subioined
comments:
Il II must be highly gratifying to al persons
interested N the affairs of Mr.. BiddIe's bank,
to observe the extreme sensitiveness on the
score OF credit which IS evinced in this letter.
Nothing has been more currently talked Of in
the city for the last month or six weeks than
J the iaot which is not denied, that Mr.. Jaudon
! has been compelled by the want offunas, Or the
want Of remlttances, TO renew, Or to exchange
1oF otner paper Of the same class, the post
notes and bonds Of the bank for which he is
agent called ''the United States Bank, = but
winch, holding charter only from the separate
sIate q pennsylvania. can have no just claim
% suci title. Of the various obligations for
winch snch an institution IS liable. the more
sacred would be n such case its post-notes
ana bonds. which only differ from the notes 81
.s ordinary circulation in not beng PAYABLE On
demand. With respect to bills Of exchange,
winch are essentially more 81 commercial
man banking charaeter, the rule Is 70 sledi,
would be. t any thing. rather less strict, buf Il
tsesns that sny inputation Of iailus 81 ! heei.