The Sun.
London, England, 1841-05-01 00:00:00

sequence of a far less plainly spoken hint from the House of
Commons ; but we expect as little that ministers will
imitate the conduct of Sir Robert Peel in this part of
his conduct as we can expect then t) i nitrite him in
the rest of his honoitr,he carter. They will not, to
borrow the words of their friend Mr Home, phy any
such foolish game. They will rather adopt Mr. O'Con
Hell's suggestion, and present their di:graces by th •
Imperial Parliament as a new title to the affections and
support of the Irish Repealers. The particular question upon
which the House divided was, the adoption of th 2 second
clause of the Bill; the clause which would fix the franchise
upon the occupation of an 8/. rated tenement with any
fragment of a fourteen years' tenure, and withaut any re-
ference to a beneficial interest. This Ministers described
as the principle of their Bill ; and, being beaten upon
this, they abandoned the measure ; but, as Lord Stanley
predicted for them, the measure was the only thing they
would resign. The debate was the most animated of the
Session.

COMM R.—The finishing touch was last night given
to the Merpeth moonshine sketch for Irish legislation by its
withdrawal from further exhibition. Lord John Russell,
with as much coolness as if he had never insisted that
the wretched daub was the perfection of art, concluded
his "last dying speech and codession " on that special
badge and abortion of O'Connell slavery, by moving
" that the Chairman do leave the chair," without re-
porting progress, or asking leave to sit again. It is
now, therefore, not worth the while to waste more
words upon a scheme of which, from its birth to its
exit, it may truly be said that its concoction was
a compound of fraud and folly, that its presentation
to Parliament was an unparalleled combination of Mi-
nisterial meanness and effrontery, and that its procras-
tinations, vacillations, and transformations day by day
since, are among the most memorable Protean specimens
even of Ministerial shiftiness, trickery, and dishonesty.
In the midst of disgraces so unexampled and so multiplied
—disgraces which would have swamped a dozen other
Ministries—nobody thinks of inquiring when did Minis-
ters resign, or when will the O'Connell Government
give up. We notice the simple fact, leaving the comment
to the rightmindedness of every honest and honourable
man. Even the well-bred dog does not wait to be kicked
out. We have an opinion, however, that although Lord
John will not permit the last days of Whiggery to be
registered under the Irish Act, yet, if we may be allowed
the vile pun, Mr. Baring with his Budget may compel
him to budge from his quarters before the greedy hangers
on of office shall have succeeded in effecting an entry
upon another quarter, and so establishing a claim to the
usual complimentary quarterage dues.

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YESTERDAY.
TIMES.—No document has created a mere intense interest
in the City for a long time past than the Report of the United
States Bank Committee, contained 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 disclosures of that Report, :is the
points upon which further disclosures 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 are 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 Legislature, and to con-
ductors of newspapers, are, among other singular items, kept
wholly in the back-ground. Among the sect'• ities held by the
Bank are above $10,000,000 in shares and stock, taken by Bid-
dle 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 Texas bonds,
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 4e 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, 1835, 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. He 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 of his furniture. The sums for foreign agents' expenses
up to 1841 were 178,000, and the whole 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, he contrived to borrow 1
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 t3ank arising from this report, which yet evi-
dently does not make the worst of it, is of the most unfavourable
and people here are utterly at a loss to imagine how the
value of the shares should have risen, as they are stated to have
done in New York and Philadelphia, after thelpublication 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 directors, merit the just execration and
indignation of the stockholders and community at large."
This was received with a degree of approbation which
would have probably ensured its reception by the meeting, but
the mover was induced, by come representations which were
made to him of its libellous tendency, to withdraw it.
In the same file of New York payers, the principles of Mr.
T 3 ler, 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 Air. Tyler in Senate in the> ear 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 Consitution, no matter with what solemnity
it may have been violated, not even if the violation has been
sanctioned toy the two Houses of Congress, and the President of
the United States, and confirmed by judicial decision. As to
the second point, a speech of Mr. 7 yier is cited, made wl.en
the House of Representatives was in committee in bebru-
ary, 1819, on the affairs of the Bank of the United States.
Here he stated that the creation of the corporation was in
itself unconstitutional, 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 Sir 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 tena-
cious. In May, 18t0, 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 secret% in the
institutions of the country.
Extracts from these speeches are made in some of the demo-
cratic journals, to give an impression tha the policy of Mr. Ty-
ler will, at least in a great measuv% he an adoption of their
views. That partiality is shov;n in making the selections,
and also in the interpretat,on, there can be little doubt;
but at the same ti-,se' as Mr. Tyler's opinions of
the inviolability of the Constitution under all e'acum_
stances, and also of the unconstitutionality of the, United
States Bank " '.;narter, 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 I,`....esent Government— that is to say, if consistency with
oF:nions expressed some years ago is to he assumed.
It may be as well to observe, 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 cottkse, but it did not seem so clear
what might be the opinieus of the people of Pennsylvania on
the subject.
CH

:RONICLE.—Bv 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 T)ler
was elected Vice-President on the same ticket and by the same
votes as his predecessor, and will now serve out his fill term
of office as President elect, agreeably to the provisions of the
Federal Constitution. He is considered to be 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 sta'e
that the measures of the President Tyler wi 1 be in perfect
accordance with the views of General Harrison, among which
thy 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
sa' isfactocy basis. We have received the Report of the
committee of inve tie•'a, ion, appointed at the meeting of the
stockholders of the Bank of the United States on the 4th
last, laid before the adjourned meeting held in
1311
the an'
kin,-house of that concern in Philadelphia on Mon-
djaaln,,ltrYhe 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:—'l'h. corn-
mitteeverified, 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
Ulihed States stock unsold." They proceeded next to make
a valustion of the assets, for which purpose they minutely
re-examined the items of active and suspent ed debt, stocks,
real estate bonds, and mortgages,foreign bills of exchange,
and
by State
amounts due
ate tanks. The estimates are given in
detail, which bring
Riven on the
struck 21st of December, 1840, omitting as aforesaid,
.
ou that from the assets of the bank, as
loss, under the "arious specified herds off . .
f. 0.; ..
prob;b.
....... 1,742
The Committee have 46
17,751,946 72