Commercial Correspondence of the Regtster)
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NEW YORK, Oct. 9, 1S4l.

 Public attention is good deal absorbed by the pending trial of Mcleod The evidence thus far has been against him pretty strongly; but the opinion seems to be that he will be acquitted the evidence taken by commission is positive to his not being of the party. The discharge of the man will be some relief to the market, but will not end the difficulties between the two countries. The question thus far has not, however, materially affected the stock mark ct for the that other causes had so far de- stroyed credit that the operations had been very tracted. We do not therefore, look forward to any improvement in of an amicabe settlement of the Caroline affair. We learn from London by inc last alyces, that the leading capitalists had distinctly and peremptorily declined being necessary to the in- troducton of the II States government loan - ..Ior American loans into that market, until Mis- sssippi and all other delinquent States had been pelled to meet their engagements and some guaran- tee offered of tlelr future punctuaty. The famous measure of distribution of the public lands looked upon, it really is, humbug, and that it would relieve the States was clear These causes for de- pressed credit are far more difficult to remove than political ones. The operation although if creates temporary embarrassment to the holders of stocks will undoubtedly be beneficial to tue country at large, by compelling an abandonment of the eNtrayagan: schemes of public improvement adopted in many of the States and also compel a the denocra- ic principle providing by taxation for the interest on all stocks created and to be created. This is the only that will lead restoration ol credit. It is harsh remedy but necessary result of former follies.

 The cessation of the credits abroad created by the negotiation of stocks has taken from the market large supply of hills drawn against them and which in the past two years has depressed the price of ton bills to the prejudice of the platter The only supplies of bills must be drawn against the ship- ments of produce. The bills in prompt demand because those credits for the purchase of goods abroad whch formerly existed, cut olf, and the importer must remit by return steamer. This keeps the bill market healthy and active. For the last few weeks, however the supply of bills has been nearly exhaust e l, and consequently the price has gone up to 10 per cent, at which rate shippers of coin have entered the market and sent forward from two to sS,OOO,O 900. The bills drawn against it have yielded profit of per cent The supply of specle is fully equal to sustain this operation until the produce of the south forward, which it is apprehended for various reasons may be later this year than usual. The price of bills is-sterng 9l a 10 and francs f.5.l7 5.ls4. The Iavre packet yesterday carried out ls4, ,l96 in spe- cie. The demand for this article seems, however. falling of. The rates are as follows,-Spansh dol lars 4 a 64 prem; Mexican do Il 2i do; Amer. half do a II; Five franc pieces 95 95l; Spanish doubloons 16. 30 16.50 Patriot do 1885 90.

 The rates of domestic bills rather heavier in some points and the demand generally is less than psua for southern funds at this of the year. There is bat little prospect yet of an alteration in lhe discouais. The rates to-day are as follows