The New York papers contain elaborate artielos on the same
sulmject. The Ihrnioy Mead. after stating that specie exportefl from New lark IC Havre aud. to Eugland, between time 10th of July and the 1st of October, was 3,891,02: dollars, thus describes the course of mereaatile and money operations during the period nieutioned- " The excess of speme exports over Imports up to the 10th of July, ft in the lot of' 31ay, was 361,951 dollars ; at that ti rule, the knowledge th tit a large amount of goods hail been ordered from Engl ilea first began to exeite fears that the supply of' bills would not be sufficient to meet the deal Ind, up to the appearance of the new crop. Apprehensions were therefore et; tertained that a drain of specie would be the result. The cotton crop at that time was eoceed- kigly protnisin4 and finavard. The banks kept their line of distal:lots rigorously low, in order not to stimulate the demand; and the Cite .1 Sr:ttei Bank came into the market as a seller, to an extent just satlicient to keep the a rate below par. Notwithstanding this, small amounts, prineipally to Havre, went out 1.»- every packet. During this time, the utmost auxiety was evinced to hear by every packet of sales of _kinerietca storks in London. Such hopes were, however not realized; each packet brought accounts of thickening disaster in the London market ; gottds began to arrive very heavily ; time supply of bills was decreasing; and the first serious shipment of coin was made by the steam-boat of the lot of August at the saine time that the issue of post-notes by the United States Bank first began to attract attention by their quantity, and to oppress the market by the extent of the purchases made in then The United States Bank still continued to supply the markets with bills and draw the proceeds in specie, which was taken to Atiladelphia. This checked the foreign export up to the departure of the Liverpool on the 24th of August. For that vessel the United States Bank aohl about 500,000 dollars ' worth of hills, and drew the funount in specie a few days afterwards froin the city banks. Since that time the institution has ceased to draw ; but the de- mand has continued to increase, as is evident by the above table. At the de- parture of the Great Western, it will be recollected that vessel was detained for the return of an express which had been sent to Philadelphia on the pre- ceding day with the news by the British Queen. The result of that news was an order to keep back a large amount of specie which would otherwise have gone in the Great Western.
"The demand for bills is evidently increasing, while at the same time the prevalence of sickness and the low state of the rivers it the South will retard the crop at least one nionth later than usual, and that at a very critical moment. Great hopea arc, however, entertained, that the Liverpool, which Las now been out nine days, will bring mammas or sales of stock in England, to an extent which will cover the Semand tior bills until the crop comes for- ward. These hopes are based upon letters received by the British queen, stating it as thin OpilliOn of the most etniment financiers in England that affairs were then at the worst. As the Liverpool sailed three weeks after the date of those letters, some reaction may have taken place. We are, however, of opinion, that extensive operations in Ameriean Stoeks ta ill not be made for a long time to coins. Their credit has been too seveiely shaken by the quan- tity offered in the market, almost on any terms; and one or two instances of failure to pay the interest has had a serious effect on them. "This was the case with the Mobile City Stocks, and also with Georgia Bonds. Or these latter, there was an issue made to the extent of -1,000,090 dollars: of this amount '500,000 dollars were sold in London, and the interest never paid. It was mainly owing to this fact that Joel Crawford, who has lately returned from London, failed to negotiate the balance. A. loan of' 300,000 dollars on the same bonds was got froin the Phutnix Bank of this city, which has also never been paid. These are facts which will strike a death- blow to American credit abroad.
"To prevent the result of the specie drain, which is now likely to cosmic, the mercantile interests have been sacrificed. The dry-goods jobbers have, perhaps, as a class, suffered more than any others. They stand between the importer and retailer, and are in time habit of granting credit easily to induce buyers to operate. They deposit the notes they receive for the goods they sell, as collateral security with the auctioneers and importers from whom they purchase their oocds. Those notes have latterly beets of no service to the importer. The bank's will do nothing, and the country dealers can pay nothing until the crops come for- ward. Last year the notes were taken by certain exchange-dealers in pay- ment of sterling bills; but the practice is discontinued this year. In this state of affairs many failures and many more extensions have taken place. if The stoppage of sales of stocks in the London tuarket has not only- de- prived the banks of a supply of bills, but has rendered imperative a suspension of the public works of the several States. Ohio, Indiana, Illinois, Georgia, Pennsylvania, and New York, have partially stopped the mast schemes of state enterprises which were progressing on the of foreign loans. This has thrown upon the market it large amount of bet issueml to contractors, and bearing 7 per cent. interest, which are selling at s ter cent. discount. These lave been a favourite investment with capital:los. The post-notes of the United States Bank, which are saing at I to 1?: per cent. per »ionth discount, hare been the means of concentrating specie in from all quarters or the Colon. Front Cincinnati, Charleston, 8:ay:tuna% New Orkans, St. Lulli.:, Boston, and New York, the current has 130e0 settiv to Philadelphia for the l'ititetl. States 'Bank, which institIttion has also bk.'en a shipper te England, to st7Ille eXtent. In all hiucc movements we ste nothing bat regular and healthy cure for the disem,e of speculatioo, which has afflicted the mercantile community so long. The time is not music fir distant when an up- ward turn in atiltirs will be taken."
"filen follow some particulars of the cotton-market and this year's crop- " The cotton-marl:et in all the cities or the Union is at this moment exceed- ingly quiet. 'flu' prevalence of sickness at the South, to a greater extent than usual, operates against and prevenk netivi!y. The all crop is slipposed to be nearly all in, and the stock now on Land ha ell the ports is f Mtn for some years previous at this sttast1/1. The folbtaing Ise table of stoeics, receipts, anti toxports, as compared witli:silt:::::4t1,1).7'e a r-
1,1)C.1.007 1839 1938 :111,550 Ettroits. 1.567.674 5tri,ti 77 Decrease ... 3,1:33 417,534
"At NIIW I )rlelliS, the receipts of the in cotton, up to tl.e 20th instant, were about il,o00 bales. 'rho future prosp,els of the markets fin' the coming year are not yet clearly developed." The decrease im the exporte C Yery reintit.li:C.ile—balf a million of hales out of a million and a half. This diminution of "capons " more thamm compensates for the deticienca irm td. e "receipts." The flour and. wheat me !diet is next reviewed-- " Flour c ,iumemiced. pouring- into this tm eloot, and prices are rapidly re- cedieg in eo»,...opienee. During. the 1,1:14 itch, front I5,1100 to 2it,Ood barrels have arrived from tip the river, 7,01V.! whieli came i» to-day, Th2se large arrivals, IC jilt .,01 I any rayen.t, will s)oli increase the stock to a quantity hitherto unknown. We have, anterior to this sen,:on, largely supplied the
Eastern SF it with but tIme _•...eat pro Inetion in New .Englata this year will cii:rme for nemly the entire consumptMit of tile six States. The
stock generally in this city, when navigatimi abmit 3110,1lit:t barrels; bet it is thou-alit tied it will be incr.:ard the wint,sr to 50.1100 or 5r rt,u)t It S'hou'ii this he the ease, thille iii II recede in price la a Very low point. I Itolders cimuld only taitain 5 dol.:. c to-day, and 1 dol. 12c. to 1 dol. 15e. for wheat, sliov.ing a decline on each."
The Chelamei Ilenla had eneovodet1 payment. There is a statement of IIS wIcielt shows that time operatimis of this eOliCerui were not Cirenlation, 47,000.1011:us ; specie, 7,5111 dollars ; deposits. 2,1.;(19 doliarS; loans, 3S,278 &dim's. The circulation WmlO seva7ed a pL,dge at _'irkansaS Si:: per Cent. Sks, to the amount of .58.rato dollars. 'hue 1..st sales of this ileacriptien of al i were made in London c1,t. 1,1 a.:,,aut of the North A.mierican Trust and liankin,..; Company. it Is, molt, tleedly, as good as the Stock oti any State in the Ctium ; told throwing Ike a:won't lit-hl by this ilistitution npon the market now, will fully test the .,,,cariLy the lull holders enjoy under the neW W."
The tobacco crop of' Virginia, 3laryland, Kentucky, and Ohio, for this year, is estimattal at 1 15,tmo loyasilea,lie It is said that the cotton crop will be deficient in Mississippi and Every thine' connected with trade and commerce is feightfully stag- nant at this iii mment in New Orleans. 31mimy wii,3 have property and merchladise sitill:ien I to entitle I item to he siyled rich, in the old-fishioned sense of time pleaase, are now hard-pushed to meet their current household expenses. We have been told of several per- sons of this description, who are nnfortunirtely involved in baula ac- commodations to mi small amount, who are utterly nimble ral,;tt cash enough to pay tbm periodical curtailment, amounting in :I.-) ill to more than a few hundred dollars. The banks have it tile'1! the:nselves Ill that condition, in th:y are pow erleas to afford reiief, and, in fact, operating to the detriment of commerce, by moo-mum:aline their capital upon ill sale ent deli hors. wha are not in basitiesa, and who must eine day or other inevitably gv to the wall, earrvioa with Conn, if the
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