The Sun.
London, England, 1847-01-02 00:00:00

THE PROPOSED AMERICAN
LOAN.

We extract from the New York Evening Express the
following interesting article upon the financial prospects
of the States :

Among the prominent items in the President's mes-
sage is one relating to the war and a new loan, that
will strike most people with surprise. The President
asks for a loan of 23,000,000 of dollars, which he
estimates will pay for the expenses of the war
to July, 1848, a period of more than one and
a half years from this time, if the war
should last so long. But this extraordinary loan, he
asks, should be authorised at once, and for a period of
twenty years. If there is any sincerity in his belief that
only this sum will be wanted, why is it necessary to ne-
gotiate a loan at this time? Prudence and good sense
would seem to indicate that no larger amount should be
borrowed at once than is needed. If the whole will not
be wanted under a year and a half, it will be a great
saving of interest to borrow the amount required from
time to time. The fact that so large a loan is wanted,
is the outset, wilt throw a great degree of doubt over
the whole estimate. Government stocks are now below
par. The last loan that was negotiated has resulted in
a loss to the lenders. The price of all the former loans
has fallen (in consequence of the last one made) full 5
per cent. Now all new loans are to be paid in specie;
and if the 23,000,000 of dollars asked for by the Presi-
dent, should be taken, it would have to be placed in the
hands of the Sub-Treasurer in specie. And here we
would ask any man of common understanding, if such
a loan could possibly be taken up ? Where is the
specie ? It certainly is not in the vaults of the banks in
this city, or Philadelphia, or any or all of the cities of
the Atlantic States.

But some say it will come from Europe. There is no
vidence of this. Exchange has ruled, for some time
now, from 106 to 107 per cent., and yet, up to this time,
less than 40,000 dollars have been received.

The best informed in money matters do not believe
that a loan of this magnitude can be negotiated at all.
Every bank, and every business man, is directly inte-
rested against the filling up of such a loan, for it is taking
from the public so much capital—just so much from the
mercantile community.
The operations of the last war are still fresh in the
recollection of a large portion of the intelligent men of
this country. At the commencement of that war, it was
asserted by those who made it, that it would be of short
duration, and that only a moderate sum would be
wanted. But before it had progressed two years, Go-
vernment found it necessary to lay a heavy tax on every
article consumed from abroad, to lay an excise on every
gallon of whiskey made in this country—and to impose
an odious stamp tax. No man could draw a note or
execute a bond to be legal without purchasing of the Go-
vernment a stamp.
Every acre of land, every watch, and almost every
species of personal estate, was taxed to an enormous ex-
tent. Tax gatherers, in one shape or another, were
almost as numerous as the locusts of Egypt. Loans
multiplied until they amounted to about 180,000,000 of
dollars. Every bank in the country, except those in
New England, suspended specie payments, and the
Government forced out to the people these Treasury
notes, until they depreciated like continentaltmoney, to be
worth only about 70 cents on the dollar. Hundreds of
capitalists, who commenced buying Government secu-
rities at par, were ruined by the fall. Such was the
practical effect of the war we have alluded to.

The Government now owe 25,000,000, and this war
has just commenced, judging by present appearances.
It is now proposed to increase the debt to about
50,000,000 ; and no one can foresee what the amount
will ultimately be. Under these circumstances there is
hardly a possibility of negotiating the present loan at
anything like par.
From present appearances, we do not believe this loan
will be taken, if at all, at better than 90 cents on the
dollar. It is said by some that the Government will
monopolise all the money, and that individuals will call
in their bonds and mortgages, and sell their State Stocks,
and invest them in Government securities.

Such was not the operation of capital during the last
war. On the contrary, capitalists sought bonds and
mortgages, and State securities, in preference, although
paying less interest ; they looked at the ability to pay
the interest rather than to the amount. In the present
case the Government have made no provision to pay in-
terest. There is no specific revenue pledged to meet it,
On the contrary, the tariff is reduced, and a falling off
of duties, it is believed, will take place.

OUTBREAK IN KERRY.
(From the Cork Ea,atniner.)
At the hour of two o'clock on Monday last, about 300
persons assembled at Killorglin opposite the Relief Com-
mittee stores. The gentlemen who were engaged in the
store distributing meal at the time, were the Rev. Mr.
De Moleyn, Jr.,. Mr. B. Russell, and Mr. Thomas Dood.
Apprehending an attack, from the menacing attitude
of the people, they got out to the rear of the stores, but
were intercepted by the multitude. •However, these
gentlemen sum edtd in reaching the Police Barrack.
While there the most determined aspect was assumed by
the multitude, and it was only by the very laudable ex-
ertions of constable Marony, who faced the mob, and
did all that remonstrance and reasonable resistance
could effect to ward off a direct assault on the establish-
ment. While Mr. De Moleyn was thus beleaguered, a por-
tion of the congregated populace repaired to his demesne,
which is within a mile of the town, and having caught
a fat ram of select breed, when a funeral happened to
pass by to the adjacent church of Droumavally and some
of Mr. De Moleyn's friends with his domestics succeeded
in de'priving them of the animal. Immediately a des-
patch Was forwarded for the military here, and a party
of cavalry and infantry proceeded to the scene of dis-
turbance. In the meantime Mr. Dubardeau 5.1., who
was on duty from his station, Killarney, at Milltown,
being apprised of 'the occrarrence, repaired to Killorglin,
and having concentrated the police force of the locality,
was '-fortuns.te.enough to see order restored before the
arrival, of tM
Thtcause of the attack was the stoppage of the pub-
lic works in the neighbourhood the day previous. But
still it is most extraordinary why Mr. De Moleyn should
have been selected, for up to that time he was most justly
popular. He exerted himself with Father Owen most
unremittingly, at the presentment Sessions to obtain
large grants for the district and did obtain them. It can
only be accounted for by the desperate circumstances of
the people.

THE GREAT BRITAIN
TO THE EDITOR OF THE SUN.

Amongst the numerous plans submitted to the owners
of the steam-ship Great, Britain, for her removal from
Dundrum Bay, there is one by Mr. S. R. Parkhurst,
which he has exhibited to me; and I have no hesitation
in saying, that if the owners adopt it, their valuable and
beautiful ship will be saved.
I have visited the Great Britain twice since she has
been on shore, know her position, and feel assured that
Mr. Parkhurst would float her, and take her to Liver-
pool in perfect safety. Mr. Parkhurst is a practical
man, is the inventor and patentee of a new propeller for
steamers, and I would suggest that the directors of the
Great Britain lose no time in taking Mr. Parkhurst's
plan into their considerwa'on; its adoption would save a
ship, which, I observe, Mr. Brunel estimates at from
40,0001. to 60,0001., and that, too, at comparatively a
small cost.—l am, Sir, y ours, &c.,
Liverpool, Dec. 31, 1 846. W. E. G.

LAW REPORTERSFLIP.—Harcourt seems to have
given mortal offence to Vernon, the reporter, who prac-
tised as a counsel regularly before him, but spitefully
suppresses his best decisions, and gives doubtful ones
See 2 Vernon, 664-681.. I suspect that the reporter
may have been a Whig axe] copied the Tory blacksmith,
who in shoeing the horse of a Whig always lamed him.
When I was a nisi prius reporter I d a drawer marked
" Bad Law," into which. I threw all the cases which
seemed to be improperly ruled. I was flattered to hear
Sir James. Mansfield, C.J., say, " Whoever reads Camp-
bell's reports must be astonished to find how uniformly
Lord Ellenborough's decisions were right." My rejected
cases, which I had keep as a curiosity—not-maliciously—
were all burnt in the great fire of tt.e Temple when I
was Attorney- General. —Lord Ca;npbell's Lives of the
Lord Chancellors.
Two wood-cutters wiio were last week engaged in
cutting down the picturesque plantation at the top of the
Heights of Abraham, r.t Matlock, had a narrow escape
of their lives—a tree having fallen upon them, and
crushed them to the er.erth, where they were compelled to
rel." co!11,1 Itn procliret! to~ti rttizn
night, (..,)ettl:te.:. (....)Lic of Wft,
the other escaped comparatively am-
isne
jruioruedsl.y injured,