The Sun.
London, England, 1837-08-29 00:00:00

AMERICAN MONAY MARKET.

A popular writer in the New York Papers, on the all-
absorbing subject of a return to specie payments, who signs
himself " Necker," states that the debt due to New York,
from the cotton States alone, is more than sufficient to pay
the mercantile balance due by the United States to Europe.
This, we believe, is correct ; and we have throughout argued
that America has the means of liquidating her liabilities in
full, if proper time is granted to the commercial commu-
nity, and they are not driven to raise money on most ruinous
terms to maintain their credit in this country. The writer
contends that it would be impossible to establish a National
Bank at this moment, and is of opinion that unless the
Government enters into a contract with the Penuslyvania
sank, as the only one of sufficient capital for such a pur-
pose, years will elapse before specie payments can be gene-
rally established. In speaking of the amount of debt due
by the cotton districts, he says :
" This is surely a fact which speaks trumpet-tongued as
to the only measures that can produce relief. This fact
proves, beyond all manner of question, the vast importance
to us, first, of sustaining as far as belongs to us the cur-
rency of England ; and, in the next place, of an immediate
regulation of our domestic exchanges ; and it brings out in
strong relief the importance of the facts I have heretofore
stated, of the manner in which the acts of our Government,
causing the importation of ten millions of specie, destroyed
the equilibrium of the English currency, and reduced the
price of cotton from 30 to 50 per cent. And how they an-
nihilated our internal exchanges by the wicked manner of
executing the provisions of the Deposit Bill, and their un-
constitutional adherence to the Specie Circular. It also
shows, as clearly as anything can be shown, the impolicy of
any attempt at this time to create a National Bank. It
calls loudly upon Congress to make use of the only means
within their power of at once restoring our credit in Europe,
and reinstating our domestic exchanges, by a proper con-
tract with the Pennsylvania Bank of the United States,
the only institution in the country with sufficient capital
and established credit at home and abroad, and whose situa-
tion will enable her to take the measures necessary to pro-
duce a resumption of specie payments, by issuing a currency
that will at once be at par all over the Union.
" Let our southern brethren think deeply o❑ this sub-
for the south and south-western States are the portion of
this Union most deeply interested in our relations with
Europe. Their crops constitute by far the largest part of
our exports.
" By the Treasury returns of 183.5 and 1836, ending the
39th September,

Dollars.
The export of cotton was
Rice
'l2 obacco manufactured
Ditto ditto

Total

" Now, our whole domestic exports for the same period
were but 107,916,630 dollars, so that cotton, rice, and to-
bacco constituted mere than 80 per cent. of our domestic
exports—and it is very well known that Europe is the great
market in which they are sold.
" Experiments are now surely in bad odour everywhere.
We must now go back to experience, for in that school
have we been taught a bitter lesson. We must not listen
to any plans devised by politicians for political purposes.
We have had, Heaven knows, politics enough ! Let us now
have something substantial—for the ten years, from 1818
to 1828, we had as good a currency as could be desired—
the same institution that secured it to us then, is, with the
same capital, now in existence, though acting under a diffe-
rent Charter. We have had nothing but trouble since we
left it. Let us therefore retrace error, and for four or five
years employ it to regulate our exchanges and secure and
disburse the public monies ; and if at the end of that time
we shall need further capital, and a national bank should
be demanded by the people, no doubt we shall have a
Congress and an Executive that will cheerfully create one."
DEATH OF WILLIAM IV.—The intelligence of the death
of the late King William the Fourth has created a sincere
feeling of regret in the United States—sincere, because, as
republicans, there can be no political interest felt in royalty,
and because no inducements exist to call forth the language
of flattery for the purpose of propitiating favour with the
rising run.
Every paper in the Union announced the event as being
of great importance, and in the columns of all, his late
Majesty's memory is treated with respect. No British
monarch has died since the declaration of American in-
dependence whose public character commanded such fa-
vourable consideration from the Americans. Adverse as
they are to the kingly office, yet they recognised in William
the Fourth a man who used that office only for his country's
good—for the purpose of extending and improving the
elective principle, which is the very foundation and corner-
stone of all American institutions. So prevalent has been
the feeling of respect for the deceased monarch, that some
of the New York papers have recommended that the flags
of American merchantmen be hoisted half-mast. In seve-
ral instances this was done. The same suggestions were
also made in this city ; and if they were not complied with.
it was from no feeling of indifference to the event, but solely
from a conviction that there would be an impropriety in
republicans thus openly recognising royalty.

The exterior of the official residences of the First
Lord of the Treasury and of the Chancellor of the Exche-
quer, in Downing-street, are undergoing renovation.
TILE THAMES TUNNEL.—We are glad to learn
that the interruption which the progress of this great na-
tional undertaking has met with is likely to be of much
shorter duration than could have possibly been anticipated.
Mr. Brunel has been incessant and indefatigable in his ex-
ertions to remedy the damage done, and his success has
been so great that hopes, now amounting to certa'nty, are
entertained that the works will be resumed, without danger
or inconvenience, in the course of a very short time. On
Saturday it was ascertained that the aperture had been
completely closed, and on the pumps being applied it was
found that little or no water obtained access to the shaft
of the tunnel • but as some danger was apprehended if the
water were taken off until the clay newly deposited in the
aperture had in some degree become consolidated, the
pumping was suspended till the following day. On Sunday
the pumping was resumed, and it was very soon found that
the engine had complete command over the water, which
was reduced to nine feet in the shaft. Yesterday the water
still was reduced to four feet in the shaft, and there is no
doubt but the water could be at once drawn off without
difficulty if that were thought desirable. Mr. Brunel,
however, with great prudence, postpones the drawing off
the whole of the water till the clay becomes consolidated,
and has acquired a proper consistence. As a proof that
the damage done on the present occasion is trifling in
comparison to that done when the water first broke into
the tunnel, it is only necessary to state that on this occa-
sion more has been done in five days towards drawing off
the water than was done on the first occasion in five months.

By very recent arrivals from the Levant, which bring
dates from Constantinople to the 7th instant, we learn that
the Capundan Pacha, together with the Reala and Pa-
trona Beys (Vice and Rear Admirals), was on the 6th
at anchor at Mitylene, but upon the point of departure ;
it was not known whither he was bound, although it was
believed that his destination was Tripoli. The squadron
consists of two line-of-battle ships, two frigates, and six
smaller vessels. The flag of the Commander-in-Chief was
flying in a frigate, while those of the Vice and Rear Ad-
mirals were borne by ships of the line. The plague at
Constantinople was rather on the increase.
Swan-hopping being at an end, the navigation
barge is now laid up " high and dry" at Strand-on-the-
Green. _ _

_._,...
A few days since a porpoise of considerable dimen•
sions, after eluding its pursuers for many hours, vra4 0101
between Richmond bridge and Teddington lock,