The Sun.
London, England, 1847-08-24 00:00:00

FRO 24 THE MORNING PAPERS OF THIS DAY.
TlMES.—Eighteen months, have not elapsed sine'
the President of the United States communicated
„t.
the American Congress the intelligence that they
were engaged in a war on their south-western fron-
tier. The motives which impelled Mr. Polk to the
origination of so serious an incident in the annual
register of a nation were very candidly discussed at
the time. It was asserted that\the war arose from a
source little more respectable than the imperfect win-
dow at 'Cri alio.), or the cup of tea on Mt s. Masham s
gown. It was said that the President desired 133
some signal exploit to endear his term of office 8.,
deeply to his constituents, that they would be loth to
see the termination of so glorious a reign ; that he
wished to identify his administration with gratifying
victory and profitable conquest, and that he expected
to divert or overhear the remonstrances of political
dissent and the chances Of a possible rival by the
spoils or songs of a triumphant expedition. We are
by no means of opinion that the end is come by
which such actions are judged. But as our corres
pondence of yesterday spoke a little more pointedl.Y
than usual as to the prospects of peace, let uscompute
ir a moment the gains of the war, upon the suig).-
siion that the three million dollars have secured the
assent of the Mexican authorities, and that the Mexi-
can authorities can command the stihmission of the
people, Mr. Polk looked for a short campaign and a
summary surrender. He dreamt, like Napoleon in
1 812, of deputations and 'tfferiugs,-
of cessions and
spoils. He thought to acquire a province at the cost
of a parade, and to discover a new planet ft* his star-
spangled banner withoul a mentionable expenditure of
labour or time. Now, supposing that th" 43tt dia
patches should bring the actual intelligence ofi treaty
onethe specified basis, the account will run thus:---
The Americans have been subjected to the drain m
an eighteen months war on a far more ruinous scale

than any of their recent armaments. No very close
eohfapetehdnesa lAttyhmetetrhiituscahnasitnacireruifireedtfo,arbwutoitlipocihteitsp,andw-
approximation has yet been made to the precise
ri
dne tv
ei of
eifo
all
nt the
tai
1: lie'tott el
pre-
vious experience was leading, which was so em-
phatically called for by the reforms and prospects of
other states, and which would have spoken so pawer-
fulls for trans-Atlantic wisdom amongst the people of
Europe. Instead of a conquest, Mr. Polk can only
point to what by the most favourable appellation
must he termed' a compromise. Instead of enriching
the Exchequer, or reducing the burdens of the
country, he has retarded, it may be for years, its
opportunities of sage experiment or enlightened re-
form. At an early period of the war, it was indus-
triously set forth that Mexico would indemnify her
conquerors for the expenses which they condescended
to incur; but as this claim gradually became larger
and larger, it was proportionately withdrawn from
notice, and such impracticable arrangement no longer
figures in any sketch of the preliminaries. Six
months ago, before the battles of Vera Cruz, the ad-
vance to Puebla, or the dispatch of reinforcements,
the costs of the war were stated in Congress by a
calculating Senator to approach 30,000,000 of dollar-.
By the same estimate the marketable value of Cali-
fornia was set down at 15.000,000. Omitting, there.
fire, the intermediate aecumulations of expenditure,,
and stating the case in.'s form most familiar to trans-
Atlantic capacities,:it may be said *fat America
has exposed herself to the hazard of disgrace and
the reprobation, of Europe for the sake of purchasing
an unnecessary commodity at twice its worth. But
this is not all It is notorious that the United
States can receive no considerable acceasion of ter-
ritory without the agitation of a question which
may involve the most momentous results. A large
and powerful portion of the union is resolved that
slavery, if it cannot be abolished in the states where
it is at preaent legalised, shall at least never be in-
troduced into any newly-annexed province ; and the
energy displayed in such matters on our own short--
may lead to a pretty safe inference as to the obsti-
nacy with which this not unreasonable point may be
insisted on abroad. On the other hand, it is alleged
and declared with equal violence that slave labour
will be more than ever indispensable in bringing
under cultivation a prolific but encumbered soil,
promising abundant returns, but demanding extra-
ordinary outlays of capital and labour. The best
informed prophets of this dispute are unable to an-
tieipae its decision, hut it has been very pal-
pably hinted that the eventual disruption of
the union ant the formatian of two separste and
1.....,t;i.. tr•,,es• .sse. .......a.L.. N. 7 --..k- h. ---s-
sion. Other anticipations combine with this pros-
pect to bring the policy of Mr. Polk into almost
universal suspicion. Instead of extinguishing oppo-
sition by the dazzling splendour of conquest and the
emollient importation of plunder, he has raised up by
the events of war a formidable rival to his own fame.
Ile has given his adversaries an irexhaustible topic of
invective, disheartened his friends by the falseness of
his position, and determined the course of neutrals by
the ill success of his speculation. That quite so mis-
chievous a result was to be apprehended from the be-
gin/Ilex, we do not say was probable. It was, per-
haps, not easy to calculate on the operation of the
several substitutes for patriotism and valour which
have befriended the Mexicans. But very few persons
will be found, we think, to laMent the hopes,disappoint-
ment
would hardly be
from whatever cause
emreinsitego.f such.Aphiulneshooply Ihieal
dissatisfied with the moral of the chapter as it at
present stands ; but we do not conceal our suspicions
that the catastrophe may possibly have yet to come.
The arguments which are said to have reached
Santa Anna must necessarily be limited to a narrow
circle of converts. But a short time ago it was
announced that the Mexican Congress had refused
to assemble or to debate ; that they had refused to
delegate the power of the Executive to another, or to
exert it themselves, and that Santa Anna would be
left to a self-conferred dictatorship or to utter inc.=
petency. That he and his fellow proselytes may pro-
claim the termination of hostilities, is not unlikely, if
his disposition has been fairly represented in the last
compact may
reports ; and, perhaps, such timely en-
able General Scott to decamp from La Puebla with
the honours of peace. But there still remain the
feelings of an invaded and exasperated nation to be
cajoled or subdued, and this task, not always very
practicable to more efficient administrations, may lx"
sibly be beyond the strength of that faction or coali-
tion which is termed the Government of Mexico.
" There are two things," says a noble historian,
" which are generally popular in their beginning;
the first is a war, the second a peace." Mr. folk'swar certainly claimed its share of favour ; but though
his peace may undoubtedly demand the welcome
l
which the lesser evil always deserves, we think it will
pass even his ingenuity to represent it as an advan-
tageous bargain or an honourable conclusion.
CIIRONICLE.—The failure of the Governor of
the Bank of England has given rise to a good deal of
discussion upon the principles according to which the
Bank managers are chosen. The even
by t which
has
no
just occurred being unfortunately .sing if the public
means un-
precedented,
d d
prece e ,it will not be surprising
becomes persuaded that there . something .
found to
wrong in
a system which is, frond' time to !line,
is
subject the most important mercantile interests to the
discretion of individuals who are themselves strug-
gling with pecuniary embarrassments. For our own
as would secure a
con-
struction of the board of directors .
firm and judicious application of certain principles in
part, we believe that such a change in the
and valuable reform, and that it would
.. remove every
ce of the existing restrie.
pretence for the continuance the conduct of the Bank business would be a practical
restrictions can make out
how any advocate of thoseee' to overhaul the manage-
a greater right in the public: tions upon the circulation• but we are unable to see
shm le
in Threadneedle-street,
ment of the
to its neighbour the London
house in Lombard-street.
than to prescri
and Westminster, or to any
eshetarubllie.;
erroneous,
or do not think there ever was a more_.
notion, than that which represents
or a more superficial
vate money-dealer, bound
only by the considerations
the Bank of England as p
a which govern all other
traders in capital. This
in
n notion, however, was most
distinctly maintained advocating the separation of
the Bank into two de ents, and it has been p -
p a
- dmit co
deafly realised, so far as it be, by the present.
cut off from
o
law. The issue of notes is as completely_
if the former
the business of the Bank as
controloperationf
under the
took place at Whitehall and
The Bank e
Government commissioners: . directors
e 'ness differing from that of other
have to manage ~business differing
bankers only by its prodigious extent. They have to
; lof their proprietors and de
trade upon the Cap.ta
either expressed or .
sitars, and no obligati
on ,
t' look to
im-
plied, by law requires them 0 the public
t happen to coincide with
interest where it does no .
_.
their own. In short, one of the most
frequently
urged arguments in favour of the present system
was, that it would at once strip the Bank directors
which had beenoften
of a dangerous discretion,
functions to
abused, and leave them no . .discharge
• ht be safely entrusted to
but ihose which might the intelligence
- -
.with the motives and intelligence
mete...aceing wise- ...*? .1.• theory were adult •
of ordinary traders- 11 this in tted, it
would be absurd t 6 demand a change
ground tfh. sYster"
of the Bank directioe upon
the
ee
groo its being
public. The only
required by the interest of
.the
legitimate consideration would e A
~ • *bather. Amin-
itirests of - proprietto required and- to pro-
. .. .. , , ._