The Sun.
London, England, 1841-02-03 00:00:00

cution for a duel, unattended with fatal consequences,
having been, '\' we believe, instituted in modern times.
The duty which the Noble Judes will have to dis-
charge is thus a difficult and painful one. On the
one hand, they must decide the question of strict
law, without regard to what may be called the
subs!antial justice of their decision : or, on the
other side, they must virtually license duelling, by de-
ciding that its formalities, if fairly observed, absolve
from the guilt of attempted homicide—guilt about
which, in any other case but that of duelling, there is no
doubt either in law or practice. A court of justice is
not to be influenced by the wishes of the public ;
but even if the public had the choice, it would
scarcely know how. to form a wish as to the
manner in which the question shall be disposed
of ; assuming even all that bas been statc.l in
the preliminary proceeding to be fully proved.—
Nobody can be so cruelly unjust as to desire the punish-
meta of the gallant defendant for an act which, though
illegal, has been through a long period not merely
sanctioned, but enforcgd by the usages of society ; yet
all must earnestly desire that the supreme court of jus-
tice in the king,lom should give life and energy to n
law now slumbering in desuetude, by which, once
senseless,
ulddosuabvtaless be more effectualiv
savage, and unchristian
peaaa,
,kt
jecnne do,
of
duellingt
n;straincd than by any other law which wisdom could
(I,vise. The affair, however, is happily in the hes!.
hands, and we may hope that the august tribunal be-
fore which Lord Cardigan is to appear may find some
safe modeof reconciling indulgence (which in the case
is but justice) to his Lordship, with such an affirmation
of the law as shall go far to put an end to duels.

MONEY MARKET and CITY NEWS,

4115.--. _

(MONDAY EVENING.)
CHRONICLE —The Share Market was flat to-day,
znd prices were a shade bvt er.
The news fro:n America, relative to the affairs of the
B.ink of the United States, prAlueod acme anxiety among
th,se interested in American affdrs; but, although there
seems to be no doubt that the accounts are correct in so
far as they state that the American Money Market was
depressed, and that the shares of the Bank had fallen,

there is great reason to believe that the a.sertion, " of all
confidence in the institution being gone," is untrue, and
we have no difficulty in sta'ing that the statement of the
immediate assets and Hal it tie, is fallacius.
The New York 'feral', on whose authority alone the
statement stands in the meantime, is a ripp.,..r n••toriously
hostile to the Bank, and not particu'arly Nigh in its cha
ratter for veracity on any subj?et. Lo:,king, however, at
its li4iires, we see at once that the liabiliti a are put down
at the very highest amount possible, while the assets are
garbled and depressed to the wmost farthing; and the
whole of the large mass of securities held by the Bank
are thrown overooard by the sweeping appropriation, "that
they are daily becoming worse."
The liabilities are put down at 511;205,022
The assets at

Leaving a chficieney 0f......... $7,636,541
Supposing every dollar in deposit and eireula'ion to
b callei for, an event known by every banker to be so
very improbable that we might almost say it is impos-
sible.

But besides from the above deficiency of $7,636,541
Aluit be deducted 5,000 000

Leaving only 52,636 541
Because that amonnt, it is known to all parties intk rested,
was arra.eged to be taken in post notes at sine, twelve, and
eighteen months, by the other banks of the city of Phila-
delphia, and through the latter in part by the banks in New
York and Boston. Over and above all this it is known,
as we stated lately, that the Bank has funds in this
country at its immediate disposal to the extant of
$a,500 000 ; so that, in fact, the institution had
funds instantly available for the payment of every
farthing uf its liabilities, if ev, ry dollar in circulation and
deposit had been called for, which, as we have alreidy ob.
served, is almost impossih'.e. These facts must satisfy the
public that there is no reason to apprehend that the re-
sumption of specie paymtnts in January would be post-
poned, which is further strengthened by the quotation
given in the New York Herald, of the rates of discount in
New York for drafts on Philadelphia, which remained at
1 per cent. only, instead of from 3 to 5 per cent. discount,
being the rate before the resumption was contemplated
There certainly does appear to have been something like a
panic at the date of the departure of- the Cambridge from
New York,:from causes which the meagre accounts received
do not explain. Under these circumstances, we would advise
those concerned to remain quiet , until the arrival of the
steamer of the Ist of February, which will be about the
15th of the month, as she will bring accounts sixteen days
later than the period fixed for the resumption of specie
payments.
It appears that the heaviness in the Consol 141arket has
been sufficient to depress Spanish bonds nearly per
cent., notwithstanding the official publication of the
financial decrees, converting the Coupons into land warrants,
bearing 3 per cent. interest, with a prospect of their early
cancegnent and resumption of the payment of the divi-
dends on the Active Bonds. Many persons, we under-
stand, consider the capitalising of the Coupons in the
light of a new creation of stock, and it certainly would
have been more desirable to have received payment of the
arrears duo in money ; but it would have been absurd to
expect such a settlement at present from an impoverished
exchequer such as that of Spain. The next step was
for the Spanish Gavernment to pay as much as they could
afford, and to acknowledge the balance is a legal form,
bearing interest until the means at their disposal should
redeem the obligations. This has been done, and cer-
tainly the position of the bondholders it pro Canto im-
proved.
The newspapers have only published the financial de-
crees themselves, and have not alluded to the report of
M. Gambea to the Regency, on which the decrees were
founded. This document is of a most able and satisfactory
nature. It is published in the Madrid Gazette at length,
and we subjoin some extracts from its columns, which prove
distinctly the perfect bona fides of the measure, and the
honest feelings and principles by which the Minister of
Finance was actuated in proposing it for the consideration
and approval of the Regency.
lie begins by elluding to his former export's of the 4th of
Novembtr, when he proclaimed that the most imperious
obligation of Spain was that of paying all the arrears due
and to become due of the national debt, which words, the
Minister says, he repeats now, to let the world know that
when he expressed them it was not with the only view to
silence the general clamour, but as a solemn promise,
which he considered himself bound to fulfil.
lie then dwells on the great value of the several domains
of national property still remaining unsold, and which he
intends to publish for the knowledge of the creditors.
The Spanish finances, he observes, require a radical
reform, and the introduction of " econ.:rnias," to bring
the Treasury to a state capable of meeting the national
exigencies.

He considers the claims of the bondholders as of a most
sacred character, and in order to do justice to them as
circumstances will permit, proposes the conversion of all
the arrears of Coupons of the internal and external debt,
up to the end of 1840, into a new stock or land warrants,
receivable at par for the purchase of the national and
church properties, bearing three per cent. interest per
annum until extinguished. The other particulars of the
conversion our readers will have found in the decree.
With regard to 1841 and 1842, he reserves to himself
full liberty to propose a measure to the Cortes, for their
conversion, as they become due, because it is possible tbat
at no very distant period Spain may be recovered so far as
to be able to pay some of them in full. From 1843 the
Minister entertains the hope of resuming payment of the
dividends, and we must confess that we appreciate the can-
dour with which this report is presented to the public; for
M. Gamboa distinctly says that he would be reluctant to
make such an offer if be had anticipated that the debt was
to be at that period of the same amount which it represents
at present. He expects the contrary, as the facilities and
encouragement which the Government intend to give for
the sales of national and church properties will reduce the
amount of it in a great degree. The church property is
applied to the redemption of the Coupons and
capital of the debt, to be sold as specified by the
second decree, part in cash and part in Active Bonds and
Coupons. The valuation of this property is 20,000,0001,
but the Minister expects it will realise 30,000,0001., to be
received as follows :
£4,800,000 in Cash
12,000,000 in Active Stock
13 200,000 in Coupons

£30,000,000
The cash will be required to provide for the maintenance
of the church and clergy. The portions receivable in
Stock (ordered to be,cancelled and burned on delivery)
will reduce the debt of Spain within • such a compass as
will enable the Government to make provision for the fu
turn dividends at an early date, The statement which we
made the other day as to the real amount of Coupons is
corroborated by the report cf the Minister, and the home
and foreign creditors are placed upon a footing of Entire
equality.

TINIE S.—The accounts given in the New York
papers of the situation of the " United States" Bank, and
that, too, within one week of the period (the 15th ult.)
fixed for the resumption of specie payments, have struck
dismay among the parties interested in that concern, who
had been led to expect far different results', since it was
known that the agency in Europe had ben undertaken
by Messrs. Morrison and Sn. It should be observed,
however, that there are many circumstances connected
with these accounts which have led to the belief that
there is both exaggeration and misapprehension in them,
and the want of the papers of dates previous to the
8' ult., which would contain the Annual Report of the
meeting of the Shareholders of the " United States "
Bank on the 4th, almost wholly precludes any just
conclusion on the subject. The affair may not, there-
fore, turn out quite so bad as it now appears to be,
but still there was enough known before to justify great
doubts whether this bank could resume at all on the
15th, and still greater, if it did so resume, of its being able
to bear up against the run that would be made upon it, in
consequence of other recent disr:oseres, or to continue
specie payments for any length of time. That a deadly
enmity exists in New York against !his and other banks in
Philadelphia has lung been apparent, and unfortunately,
besides the wish that the United bates Bank should be
finally and totally overthrown, there exists a power in the
New York banks to aid in the accomplishment of that
wish, by a pressure for specie, as soon as cash payments
are resumed. On the other hand, non-resumption must
prove equally fatal, by causing a forfeiture of the charter,
unless the Legislature of Pennsylvania, which has peremp-
torily
fixed a " final" period for resumption, should stultify
itself so far as further to suspend the execution of its own
law. Hence tha proper inference seems to be, that what.
eli,rk,
v,e)rexZ tt ::::4ti t, of tie p iiz w
i.ointherermay the accounts
aren e
ts
int from New
in this bank arc of the most unfavourable description.
The quotations of the French funds, as published in the