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Copy of a letter from a respectable commercial house in Liverpool to another in New York, received by the Pacific.

"LIVERPOOL, SEPT. 2, 1809.—

We annex the actual currency for your chief exports, assuring you that more encouraging quotations are, at present, merely nominal, and not at all to be justified by the tone of our market.

"Whilst we are fully convinced that, as far as it is practicable, the course of American policy will be unalterably pacific, we are not without our fears that the intercourse will again be suspended. The partial repeal of our orders in council, and the mild character of our constructive blockade, may, if skillfully and temperately urged, lead to a happy issue ; but knowing that the sentiment of the British minister is lofty and unwise that America will—America must submit,' we apprehend that Mr. Jackson's instructions are not quite as conciliatory as the novelty and oppression of the case, as well as the vital interests at stake, so evidently and powerfully demanded.

"Our next advices, which may be expected to announce Mr. Jackson's arrival, are looked to with a degree of anxiety which we never before witnessed ; and whilst any pause in the intercourse, however short its duration, would clearly and materially enhance the prices of produce, our present quotations certainly could not make a stand against the strong hope of an early adjustment of subsisting differences.

"Unfortunately for our country there is a warlike character in our councils, which is totally adverse to any permanent arrangement; and sooner or later this spirit, if not laid by the nation, will seek an opportunity of discharging itself upon America. Even where the interests of America are concurrent with the measures of Britain, the disposition is never allowed to grace the act: and the English minister, with a degree of asperity which is without precedent and without apology, shamelessly avows that the good which was done to America by his measures, was undesigned by his government! How can we ultimately look to peace from an administration where the desire of doing good, from a good motive, is renounced in the most daring and profligate manner?

"It is very clear that the government of America and England have not yet come together with that earnestness, or understood each other with that precision, which the magnitude of the object, the very nature of the discussion, and above all, the distant position of the two nations, so pre-eminently demanded.—We will further venture to assert, without any qualification or condition whatever, that Mr. Erskine is not the only member of the Diplomatic Tribe who has incurred the displeasure, or forfeited the confidence, of his government.

"Affixed to our quotations we have given some brief notices of the state and prospects of our market ; but our trade is so completely suspended upon the issue of political discussion, that it is difficult, if not quite impossible, to form an opinion with any sort of accuracy. That Mr. Madison will act towards England as well as France, with temper, moderation and firmness, we have no doubt whatever; but the points in discussion are of the most delicate and vital nature. What can be the equivalent for the honor—for any portion of the honor, or just neutrality of a nation ? Our conviction is, that if you do not contend, you will seek in vain for ample justice from France or England ; and the question then will be, unable to obtain justice from either, will you, upon the cold doctrine of prudence or necessity, submit to a system of impartial rigor, insult and oppression from both ? The position of America gives her strength, and though in distinct and different points, she, perhaps, is unequal to other nations, still she may be honest to herself. This, in our opinion, is the great question, even if the dispute should, for a time, be 'patched up,' which must arrest the attention of the next Congress. The representatives of America we think will do their duty ; but, after what is past, should they in a temporizing spirit, or with those compliances of which Europe furnishes an ample catalogue of examples, compromise the neutral rights, honors and advantages of their country, then we are convinced they will find at home a power more fatal to them than England and France, or even France and England united. We have been reluctantly led into these political speculations from a strong conviction of their importance, and from the unalterable belief that however our commerce may fluctuate under the vicissitudes of the negociation, it is the discussions in Congress which must give a firm and ultimate turn to our market: The balance of probabilities, in our opinion, decidedly inclines, to a very material, though perhaps not to an immediate advance, in the prices of all your export articles.

"Assuring you that we shall be infinitely more gratified in the failure, than the accomplishment of our anticipations, we remain with sincerity, your very obedient servants."