The Sun.
London, England, 1841-04-30 00:00:00

SPIRIT of the PUBLIC JOURNALS.

FROM TIIR MORNING PAPERS OF TIM DAY.

CHRONICLE—Lord Stanley and Sir Robert Peel may
rest assured that the people of Ireland feel their power, and
will not suffer themselves to be delivered over unconditionally
to those who have already so amply proved how little they de-
served to be entrusted As ith such a power. We trust the feel-
ing manner in which Lord John Russell dwelt on the anxiety
of a party in this country to atone fur the former injustice of
the Governments of England to the natives of Ireland, will not
be thrown away on them. Every statesman of sound and ho-
nest principles, every man who has at heart the character of
the nation, the welfare of the yeople, and the power and sta-
bility of this great empire, must, above all things wish to put
an end to the irritation which now prevails in the sister island.
Wretched is the policy which, for the sake of a momen-
tary tenure of power, would hazard the peace of the em-
pire. An overgrown schoolboy, like Lord Stanley, who,
with little or no wisdom, pos•esses cleverness in debate and a
command of animated expression, is a dangerous guide in
times like the present. The Irish have been treated with great
injustice , they are quick enough, too, to see that it is intended
by a great party in this country to treat them unfairly ; and
we all know that when once the passions are kindled, judgment
is apt to be clouded. We intreat Sir Robert Peel, and those
of the Tories who cannot approve of the recklessness of Lord
Stanley, to beware how they suffer themselves to be drawn
into an approval of his counsels. There is yet time for the olive
branch. Mr. O'Connell bore testimony last night that " the ad.
mintstrative impartiality of the Government. of Ireland is doing all
that it can for the people of Ireland, keeping the partisan out of
power, and endeavouring to prevent partial bigots from wreak-
ing their vengeance under the firm of law—doing all that it
can to protect the people from that fell spirit which has been
the ruin, the misery, and the oppression of that country, show-
ing to the people a disposition to do them goof, contrasting so
powerfully with the party that so long abused authority there."
This told on the House, because it was true to the letter. 'The
Tories may drive the people to despair ; but the issue, whatever
it may be, will be a fearful one to both countries. We shudder
to think of the consequences, even assuming them the most
favourable which can be conceived for Britain. May we then
hope, that after this display of rashness, the Tories will cool
down into something like moderation, and allow a measure to
be carried by which the people of Ireland shall be suffered to
obtain that influence in the Legislature to which they are en-
titled. _ .

HERALD.—The last act of that tragi-comic farce, the
Government plan for the registration of voters in Ireland,
has closed. '1 he curtain dropped last night on a new defeat
of her Majesty's " adhesives,'' and at the conclusion of the
farce, which was unequivocally damned, the stage manager,
Lord John Russell, addressed his audience, and informed
them that her Majesty's servants were as little as ever desirous
of closing their performances—that they had so little inclina-
tion to be rubbed off, they meant, on the contrary, still to rub
on. His lordship talked of all the great and good things he
had always meant to achieve on behalf of Ireland, and which
Ireland had a right to expect as consequent on the Roman Ca-
tholic Emancipation Bill. But this was all in vain. In a
House of 589 Members a majority of eleven enforced the de-
mand against him and his colleagues for she withdrawal of
the piece, and the "adhesives " accordingly were compelled
to throw it up. In one night the Whig-Radical-Poor-law
Government have had the humiliating penalty to endure of
seeing Mr. Walter returned for Nottingham, and taking his
seat on the opposite benches ; and of being soundly beaten
out of their uncompromising franchise clause, and into the
most absurd and hopeless of false positions to which a Govern-
ment can be forced that have staked the reputation of their
political sagacity and the strength of their party on a single
cast. They have stood the "hazard of the die," and they have
lost. Will they pay the stake they played for ? No ! they have
identified themselves with the theory and practical working of the
new Poor-law ;—have promoted its administrators—have dis-
couraged its opponents—have proclaimed themselves bound to
and by even the harshest of its enactments. They have now
the felicity of seeing the people return into the ranks of their
legislative opponents that very individual who has been more
than any other of their own antagonists, most instrumental
perhaps in arraying against their favourite scheme of pauper
coercion the most practised talent and energy that could be en-
listed in various parts of the kingdom, and, among various or-
ders of the people, in hostility to that measure. In favour of
it they have heretofore boldly appealed to the ratepayers—to
the people themselves. What do the Nottingham men—the
rate-payers of a town eminently Whiggish—who return at this
moment the Right Honourable President of the Board of Con-
trol ? What do they reply ? They reply, " We return a
champion, pledged to the teeth against your new Poor-law,
and on the single ground that he is so pledged."
POST.—A2AI4.IDONMENT or LORD AIORTETII'S BILL.—
The division took place last night in Committee on the second
clause of this dishonest and unlucky measure—its vital clause,
which would have created a Parliamentary franchise for the
counties of Ireland, founded on a leasehold occupation rated at
8/. per annum, without beneficial interest. Immediately after
this signal and disgraceful defeat Lord John Russell made a
long, querulous and fretful speech, which lie concluded, not by
rtnnotmcing the intention of Ministers to tender their resigna-
tion to her Majesty, in consequence of the House of Commons
having withdrawn from them its confidence, but by moving that
the Chairman do leave the chair, thus consigning to a disho-
nourable tomb a Bill which merited its fate, not more on ac-
count of its inherent vices, than of the vile and despicable mo-
tive which had originally called it into existence, the desire to
obstruct and defeat a really beneficial and statesmanlike effort
of legislation. Notwithstanding this ignominious overthrow,
and the position of abject weakness in which it necessarily
leaves the Ministers who have sustained it, the general opinion
last night was that these Ministers will still cleave to place, an
opinion for which we cannot conjecture any other foundation
than their well-known regard to the advantages of office, un-
less it be that, in the course of the discussion which preceded
the division, Mr. Ilume told them it would be nonsense t) re-
sign, and Mr. O'Connell gave them the consoling assurance
that " the rejection of the measure would do the Ministers
good in Ireland I"
ADVERTISER.—Lord Morpeth'a Bill is defeated and
Awiiitnhidsrtearwsnd,oanndotw,
andith gwriellatnorte,gifreut.edoarewerir,i,
re-
sign or dissolve Parliament ; because if they ydm, informed, announce the fact.
hundreds of
thousands would be lost by parties interested in
.private
Bills, and who, in another Session, or in a new Par.i..."ntl
would have to undergo a similar expense. The polith.:'
Session is therefore, at an end—the practical, we hope, about to I
commence.

T 1.1186.— Well. The,, wild be nu mistake last night.
If Monday's division was not conclusive against the principle
of Lord Morpeth's bill, 'Thursday's, we think, must satisfy
even the most obtuse understanding. It is, in fact, admitted
to be fatal ; and the flagitious imposture, by which Ministers
have attempted Ito save the perjuries and personations of the
Irish register from the inroads of Conservative reform, is now
finally and for ever abandoned. Again the question forces it-
self upon us, will a Government, defeated upon the most criti-
cal questions, and in crowded houses, by majorities of 11 and 21,
still attempt to retain office ? Again we answer that if their past
history can furnish any clue to their future conduct, nothing but
a direct address to the Crown for their removal will ever effect a
divorce between them and their salaries. Ever since they took
their stand upon Court favour in 1839, and determined that the
confidence of the Ladies of the Bedchamber was an adequate sub-
stitute for a commanding influence in the r..egislature, they have
been prosecuting a " great political experiment," in which they
have met with considerable success. Their example has esta-
blished the possibility of a Ministry continuing in office, with-
out character, without a majority in either House of Parlia-
ment, without the sympathy or support of any considerable
party in the country. A Ministry too much despised by all,
to be cordially hated by their adversaries, or respected
by their friends. A Ministry without power to carry
their own measures, or resist those of their opponents—
men of straw, pelted and buffetted from every quarter, and
taking their buffets with as. much patience and resignation as
the Venetian Jew discovered under the salivary compliments
of his Christian customers. Such has been the character of
Lord Melbourne's Government, and such it will remain to the
end. For a Government which has never possessed the con-
fidence of the House of Commons to resign, because it is in a
minority now, would be truly ridiculous—a real bone fide re-
signation, under any circumstances, would be the grossest in-
consistency which the iiresent Ministers could commit. To aban-
don principles upon the maintenance of which they have
staked their honour, to dispense with measures which they
have vaunted as ab,olutely indispensable, is with them a fami-
liar thing; but to relinquish office, or dispense with salary, is
a course of which the idea has r;ever crossed their minds. It
would be idle to expect that such an every-day trifle as
a detest by a majority of eleven, in a House of 589, upon a
mere point of principle, can dislodge what has been justly
and emphatically called the " shuttlecock Administration."
This is now the posture of the Conservative Opposition :
Supported by an overwhehning majority in the House of Lords,
and by a varying yet sufficient majority in the House of
Commons, they cannot decline the duties inseparably an-
nexed to their position. Whsther they assume the seals of
office or not, it has become their duty at all events to take the
lead in legislation. It will not be sufficient to have defeated
Lord Morpeth's Irish Registration Bill ; they must vigorously
press forward, and carry their own. And upon the Poor-law
Continuance Bill, as we hints(' on Wednesday, they must be
prepared, if they would give any satisfaction to the country, to
take a far bolder and more decided course than might have
been required of them under different circumstances. With.
out their fiat it is impossible for that measure ever to become
law ;—wili they dale to pronounce that fiat now, after what has
taken place at Nottingham?

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF THIS DAY.

TIMES.—No document has created a more intense interest
in the City for a long time past than the Report of the United
States Bank Committee, coniaintd in the journals received
yesterday : it. is also a fruitful topic of remark among the jour-
nals. Commercial men can only satisfy themselves by an exa-
mination of the document itself. in which they will want no
guide ; but for the public at large it may be useful to state, as
well what are the prominent ctsclosures of that Report, as the
points upon which further disci surcs are called for by the
moneyed interest of America. All the worst anticipations
made in this journal more than three years ago, of the real
state of this monstrous engine of fraud and corruption, are
more than realized.

We may commence by stating, that this report acknow-
ledges a loss of $20,000,000 out of a capital of $35,000,000,
but the assets which represent the difference between those
sums arc evidently of a description which renders its realiza-
tion doubtful. Hence, however, the question arises, in what
manner that immense sum has been lost, for the defalcations
charged upon various officers amounts to $1,500,000 only,
leaving the remainder unaccounted for. The notorious bribes
to Members of the Pennsylvan'a Legisl nitre, and to con-
ductors of newspapers, are, among other singular items, k•-pt
wholly in the back-ground. Among the securities held by the
Bank are above $10,000,000 its shares sod stork, taken by Bid-
tile and others without the knowledge or authority of the
board. But among the more curious features of the
report are the results of the famous cotton speculations so
impudently denied at the time by Biddle and his agents
in this country. These transactions are now officially stated to
amount to $8,900,000; at first there was a large profit upon
them, which was divided by the officers, but when the account
turned the other way, they sought to throw the whole loss
upon the institution, or were released from liability upon de-
livering up some worthless securities, such as 'rev's beads,
Vicksburg stock, &c., which were taken at par. Of the debt.
due to the Bank a general idea may be formed when it is
stated that but a small portion consisted of regular mercantile
transactions. Under this head the report sets forth that 48 in-
dividuals and firms owed upwards of $20,000 each ; 15 up_
wards of $50,000 each ; and nine upwards of $lOO,OOO
each; also that four persons collectively were indebted to
the Bank $560,000. From March, 1635, the power had
in a 'great measure passed from the Directors into the
hands of the officers, who kept no books, very few vouchers,
and much of the large discount business they. transacted did
not appear at all. Of Jaudon's London mission, the details
which have transpired are also exceedingly curious. lie re-
ceived in America $7,000 per annum as cashier, and when he
was appointed the Bank allowed him $5,000 for loss upon the
sale ot his furniture. The sums for foreign agents' expenses
up to) 1641 were 178,C00, and the whsle sum for foreign agency
and loan expenses up to the same date was $336,000. The
labourer, however, was worthy of his hire, for through his in-
genuity and plausible representations, le contrived to borrow
more money in Europe than the Bank at that time possessed
of active debt in America.
It is needless, perhaps, for the uninitiated in these matters
to
pursue the subject further. The impression in the City as to
the affairs of the Bank arising from this 'report, which yet evi-
dently does not make the worst of it, is of the most unfavourable
kind, and people here are utterly at a lots to imagine how the

value of the shares should have risen, as they are stated to have
done in New York and Philadelphia, after the, publication of
such a report.
A private letter, referring to the meeting at which the
above report was delivered, states, that one of the proprietors
who attended it brought forward the following very pungent
resolution :

" That the management of this Bank whilst under the di-
rection of Nicholas Biddle has been conducted in the most pro-
fligate, reckless, and heinous manner ; that the stockholders
have been plundered largely of their property ; and that the
president, cashiers, and directori; merit the just execration and
indignation of the stockholders and community at large."
This was received with a degree of approbation which
ws uhl have probably ensured its reception by the meeting, but
the mover was induced, by some representations which wens
made to him of its libellous tendency, to withdraw it.
hi the same file of New York papers, the principles of Mr.
Tyler, the new President of the United States, are considered
with much interest, especially on the three important points of
the " strict construction of the Constitution," the banking sys-
tem,the tariff, and internal improvements. On the first of these, a
speech of Mr. Tyler in Senate in theyenr 1831 is quoted, in which
he expresses himself in most unmeasured terms against the viola-
tion of the Constitution. He even said that to pass over
its violation in silence would be infidelity to the
constituents of the Members of the Legislature. Speak-
ing of the state of Virginia with approbation, he said that
the constant effort of Virginia has been directed to the pre-
servation of the Constitution, no matter with what solemnity
it may have been violated, not even if the violation has been
sanctioned by the two llouses of Congress. and the President of
the United States, and confirmed by judicial decision. As to
the second point, a speech of Mr. Tyler is cited, made when
the House of Representatives was in committee in Febru-
ary, 1819, on the affairs of the Bank of the United States.
Here he stated that the creation of the corporation as in
itself arconstitutional, and besides expressing this conviction,
protested against the banking system in America, as unsupported
by any principle of political economy. On the tariff question
in 1832, in a speech in opposition to Mr. Clay's resolution, he
said that it was not merely a South Carolina question, but a
southern question generally, and that all apprehension that to
grant relief would produce a tendency to disunion, was fa'la-
cious. In May, 1830, in Senate, he spoke on the constitu-
tional power of Congress to make roads and canals, and said
that he had originally decided against that power, and that the
experience of six years had satisfied him that the exercise of
such a power would hazard all that is considered sacred in the
institutions of the country.
Extracts from these speeches are made in some of the demo-
cratic journals, to give an impression that the policy of Mr. Ty-
ler will, at least in a great measure, be an adoption of their
views. That partiality is shown in making the selections,
and also in the interpretation, there can be little doubt;
but at the same time,, as Mr. Tyler's opinions of
the inviolability of the Constitution under all circum-
stances, and also of the unconstitutionality of the " United
States Bank charter, are so strongly and unequivocally ex-
pressed, it would not seem too much to anticipate that the
advocates of a national bank will have but little support from
the present Government— that is to say, if consistency with
opinions expressed some years ago is to be assumed.
It may be as well to ob,erve, that the section of the United
States constitution by which Mr. Tyler succeeds General
Harrison is the fifth of the second article, which provides that
"in case of the removal of the President from office, or of
his death, resignation, or inability to discharge the powers
and duties of the said office, the same shall devolve on the
Vice-President."

As the veto of Governor Porter to the Pennsylvania Bank
Bill was generally expected, it has of course occasioned but
little surprise at New York. It seems now to be supposed that
even if it had become law, the banks would have rejected it, on
account of the impossibility of existing under its provisions.
An expectation is mentioned that another Bill will be pre-
pared, so framed as to suit all parties, and even to secure so
large a majority in the Legislature as to render the veto in-
operative. The State appeared to be so involved with the
banks that an authority for a suspension for some period was
expected as a matter of course, but it did not seem so clear
what might be the opinions of the people of Pennsylvania on
the subject.

CHRONICLE.—By the British Queen steamer we have re-
ceived news from the United States to the 12th instant, the
details of which are given at considerable length in our co-
lumns this morning. The accession of Mr. Tyler to the Pre.
sidential chair will lead to no alteration in the general policy
or constituent materials of the American Cabinet. Mr. Tyler
was elected Vice-President on the same ticket and by the same
votes as his predecessor, and will now serve out his full term
of office as President elect, agreeably to the provisions of the
Federal Constitution. He is considered to he well qualified
for the office, having been a Member of the Senate at Wash-
ington for many years, previously Governor of Virginia, and
possessing great practical knowledge of public affairs.
The new Vice-President, Mr. Southard, of New Jersey,
was Secretary to the Navy under the Presidency of Mr.
Adams, and has also been for several years a distinguished
member of the Senate of the United States. The private
letters express great satisfaction with these changes, and state
that the measures of the President Tyler will be in perfect
accordance with the views of General Harrison, among which
they mention proposals for a national bank, a distribution of
the public lands, and the adoption of other measures tending
to place the credit of the States upon an improved and
satisfactory basis. 'We have received the Report of the
committee of investigation, appointed at the meeting of the,
stockholders of the Bank of the United States on the
January last, laid before the adjourned meeting held in
the Banking-house of that concern in Philadelphia on Mon-
day, the .sth instant. It occupies, with the appendices,
79 pages, printed in the pamphlet shape. The result of the
investigation may be briefly given as follows :—Th3 com-
mittee verified, first of all in detail, the statements of the
assets and liabilities as made up to December 21, 1840, and
omitting with propriety from that statement the amounts there
credited on account of "bonus for charter" and " balance of
United States stock unsold." They proceeded next to make
a valuation of the assets, for which purpose they minutely
re-examined the items of active and suspens. ed debt, stocks,
real estate bonds, and mortgages, foreign bills of exchange,
and amounts due by State banks. The estimates are given in
detail, which bring out that from the assets of the bank, as
given on the 21st of December, 1840, omitting as aforesaid,

V.
"'hich amount to .. k69,531,742 46
- The 1....... •rornittee have struck off for probable
- the various Frocifiod begds
loss, uncle.

-sets at $51,779,795 46
Leaving the actual b.
liabilities 36,959,539 63
From which deduct thb

Leaves the sum of

To represent the capital of
Less amount of Bank United States stock
2 471 400 00
hand

$32,528,60 00
To which may be added the sum of 400,600 or 500,000 dolla,:s
for that part of the circulation, amounting on the 21st of De-
cember, 1840, to $9,336,000 90, "as probably lost or de-
stroyed." The Bank of the United States has thus still re-
maining from the wreck a trading capital, to lc applied for
banking purposes, equal to about 3,000,000/. sterling, which
is greater than the Bank of France, and next in amount to
that of the Bank of England. This puts an end to all doubts
regarding the absolute solvency of the institution, and must re-
lieve the apprehensions of the shareholders in that respect.
Whether the actual surplus be two-and.a-half or three millions,
no doubt can now exist that, after meeting all liabilities, the
Bank of the United States possesses available capital that
will enable it to carry on the business of banking on a scale of
great magnitude and importance. The actual worth of the
assets is now ascertained within at least half a million of their
available value • and now, when the whole truth has been
brought to light. and the most rigid investigation completed,
the result proves that the Bank has a surplus capital remaining,
which must be worth more than two millions sterling at the
very lowest computation. The loss by east mismanagement is
immense and irrecoverable, but the committee re-
commend that the corporate existence should be continued
under a different name, and its nominal charter reduced
to 14,000,000 of dollars, valuing each share at 40 dollars,
equal to et. sterling. The princii.;:a item' of " probable loss"
are upon the suspended bills, estimates: at 5,044,211 dollars,
7 cents., on the active 1,206,929 ce:2l"s' 39 cents.,
0.
on various denominations of State stocks
on sums and balances due by offices and $7:O 409 66, and
agencies tteid State
banks, $3,366,661 16. In forming their opinion and calt,7 ,4-
tions, the Committee appear to have acted with energy, im-
partiality, and prudence. They observe " that the attempts
to make an estimate of probable losses was found to be attended
with considerable difficulty and embarrassment. To adopt the
present depressed market value of the several stocks and loans
held by the Bankf would not be a fair criterion of their actual
worth, which (rather than their present availability), was that
at which the Committee endeavoured to arrive. Still they
have been necessarily guided, in a great measure, by the price
current of the day."
The history of the course of policy which has produced this
situation of affairs of the Bank of the United States is narrated
in striking colours by the Committee. The origin of all was
the refusal of Congress to renew its charter as a national insti-
tution. While it existed as such it was powerful, prosperous,
and useful. When it ceased to be so, it became inefficient and
unwieldy, too extensive for its legitimate sphere of banking ope.
rations, and by being so was induced to depart from its proper
business to find employment for surplus means and capital.
It thus *came a huge speculative machine—a dealer in cotton,
in state stocks and loans, and ultimately embarrassed by a large
and cumbrous dead weight of unsaleable securities. The
appointment of a Committee of Exchange, composed
of three Directors, with power to make loans on
the security of the stock of the bank or other approved
security, drove the institution into the European markets at
borrowers. In March, 1835, the loans on other than per-
sonal security was $4,797,936, while in March, 1836, these
loans had increa•ed to $20,446,367. The Bank has no,v
due more money in Europe than it has on loan on its lists
of Active debt in America. It appefts also that while the
loans upon stock securities rapidly increased, the bills dis-
counted on personal security seriously diminished. The.
executive officers of the Bank engaged in large operations
and speculative transactions in stocks and cotton with funds
belonging to the Bank; so that the active means of the in-
stitution were monopolized in these undertakings; while it
was disabled from accommodeing men engaged in busi-
ness really productive and useful to the community. The
mode in which the Committee of Exchange trans-
acted their business shows that there really existed
no check whatever upon the officers, and that the funds of this
bank were almost entirely at their disposal. The whole of the
principal officers became heavily indebted to the bank by means
of loans improperly obtained, and the various settlements fur
these irregular loans, made chiefly by the medium o',' various
railroad company shares, canal shares, and other stocks, are
severely animadverted on in the Report; we must add, not
without sufficient reason; for of the whole amount of stooks
and loans which the bank has received since its re-charter, in-
cluding those since disposed of, it appears that more than
31,000,000 dollars have been taken in settlement of debts and ad-
vances. The famous cotton speculations of Mr. Nicholas
Biddle, entered in the books under .the specious head
of " a lvances on merchandize," arc graphically detailed.
The first of these was in July, 1837 when the amount of
shipments was 2,182,998 dollars ; the second, in the autumn
of 1837, after M. Jaudon was appointed resident agent in
London ; the third transaction seems to have been in 1839 ;
and the whole transactions are estimated at 8,969,450 dol-
lars. The result' of the last shipment was a loss of 962,521
dollars 13 cents. The result as to the profit and loss
of the first transaction does not clearly appear. By the
second series of shipments, there appears to have been a pro-
fit of 800,000 dollars ; and, by the final settlement of these
speculations, ,it seems that Mr. Biddle and Messrs. Cow-
perthwaite, the parties chiefly engaged, were indebt-
ed to the Bank in the sum of 631,390 dollars. Mr.
Biddle settled his half by delivery of Texian bonds, which the
Committee of the Board of Directors say were reluctantly ac-
cepted, "aware that the Texian Securities were much below
par in the market." The Messrs. Cowperthwaite and "Mr.
Wilder conveyed lands chiefly, and various railroad shares, for
their proportion. When the report of the Committee on ad-
vances was brought up, a resolu' ion was passed, expressing their
condemnation of these things, and " that the large advances
made by the officers of the Bank in the periods of 1e37, 1838,
and 1839, being totally unauthorised and unknown to the
Board of Directors, merit and receive their just censure and
condemnation "

The perusal of the report conveys the strongest impression
that the Directors have been guilty of great remissness in the
discharge of their important duties, while many of them were