The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-12-23

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Arrival of the Liverpool.
The steam ship Liverpool arrived at New
York on the 9Th inst. bringing London dates
to the 18th, and Liverpool to the 10Th No
vember.
Correspondence Of tie N. r. Erprcss.
LONDON, Nov. Is, 1880.
Since my last our city has been thrown
into considerable excitement by the disas-
trous intelligence brought by the Liverpool
steamer, which arrived here on the 7th.-
This has however, considerably abated, in
consequence of all the American bills hav-
ing been duly honored at maturity. How
long this will continue is another matter;
but from what can learn, the American
houses of any standing will make despe-
rate struggle to support their credit here.
whatever may be the result at home. The
principal thing to guard against is the high
nominal value which viii be put upon Am
erican produce, BY the absence of all check
upon the issue of paper money by the sus-
pension of a minority of the Banks. 1t was
by that. means they were enabled to keep
up prices in 1897, but there is wide DIFF
ference between the two periods. At the
former date the credit of the U. s. Bank
was mistaken. 1t is believed in the be at
circles here, that Mr.. Jaudon has been
able to raise funds to considerable amount
on securities transmitted by the Liverpool,
which is SO far playing the same game over
again by the influence of our own capital
The effect has, however, rendered money
little easier in the discount market, al
though there is no change in the rates of
interest charged on the customers bills of
the London Bankers. The discount hou-
ses are barely obtaining the rate fixed by the,
Bank Of England, except on Bills of an in
ferior character. In return they are obtain.
ing money on call from the Bankers at 81
per cent.
Such is the position of affairs here; but
the pressure on the Provinces, and particu-
larly on the manufacturing districts, is de-
cldedly on the increase. Under the appre-
hension Of the screw Of the Bank of Eng
land, the Joint Stock Banks are now cur
failing their overdrawn accounts with too
much rapidity, and unless these proceedings
are guided with prudence, they will inevi-
tably produce the result they are SO DESTROYS
OF avoiding, viz: the bankruptcy Of their
customers. I do not however, see how it is
to be avoided, as it is well known that the
products of our principal branches of indus
try, have, in the aggregate, yielded no prof,
for nearly two years. 1t therefore requires
no gii;o prophecy to foretel what must be
the consequence.
In American Securities no transactions
have taken place, except in U. 8. Bank
shares, several sales having taken place al
flt Upper share, within the last two or 9
days, and they are quoted at the close oil
business at ZIG, at which price 500 shares
have been sold during the day.
Ihave heard nothing further relative to
the negotiation pending between Mr.. Jau-
don and the Dutch House, but presume.
from the present position Of affairs, that all
hopes from that quarter are given up, at
least for some time to come.
The Quebec, which left your side on the
@3d ult., arrived this morning, and upon the
whole, the accounts received by her are
considered more favorable.
Nov. Is.
Below you have the state Of our markets
in which there IS no extraordinary feature
to attract our notice or require calculation
We have been altogether occupied with the
astounding intelligence Of the suspension Of
your banks. Serious embarrassments were
anticipated on the part of the u. S. Bank
but we are slow to comprehend why these
| should have led to suspension SO extensive
or why the fate Of so many other hanks
should be dove-tailed into the fortunes Of one
however mighty il be. Ii Is quite clear
that the y. s. Bank exercised an influence
which should never centre in any one bank
unless It be National institution, as was
the Y 3. Bank IN former days. There re.
ally appears to US no satisfactory reason
why the other banks Of the Union should
Join IN simultaneous stoppage, because thai
one bank could no longer hold on il the
same gigantic career. We Judge naturally
from the analogy Of things here, when .
bank or banks have failed in one town or dis.
trict, or in London itself, without necessari
" impeding the action Of other and neigh
Dor banks.
At the same time It ought not 10 be dig.
guised, that the noble stand Of your N. Yorh
and Boston banks has Justly excited our a
miration, and will 20 }ar to redeem ,ha sin.
king creditofthe Union, Banks, Staies, and
al. This Is fair subject for oopgratula.
ton, and the great anchor Of future hore.
Our money market, though tieht, has been
rnther easier the last few dayR ana tha arri.