The Sun.
London, England, 1841-01-13 00:00:00

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I?, V ENT ING l': ir.)l 17.1 () N.
.....
Istitution. Parliamentary precedent, we suppose, has not
much weight in the United States, otherwise Mr. Van f3u...•
ren would not have made a statement in liis speech so dia-
metrically opposed to it. We cordially agree with Mr.
Van Buren in his denunciation of a large public debt as
being the cause of increased expenditure, and of leading
to a system of oppressive taxation. His sentiments on that
head will find general acceptation among the people
of this country, who must appreciate: the truth of
them but too strongly and too well from the test of
dire experience. We cannot, however, perceive how ars
ernry treasury is to be the best safeguard against such
evils, or that an overflowing one would be likely to accele-
rate their occurrence. If Mr. Van Buren •be correct in
taking merit for having devised a system of fiartnetal go-
vernment " not subject to be again overthrown by Ike
suspension of banks, or the explosions of a bloated credit
system," we should fully agree with him in believing that
the overthrow of his administration was the result of tem-
porary error on the part of the people, from which they
would ultimately recover; but we should rather apprehend,
that his system, if persevered in, would produce an oppo-
site result ; that it would starve the public treasury, and
leave the monetary system of the country without any
tflicient governing influence or regulating control. to
he again visited with convulsions, the victim of new
contractions and expansions, the tricks of empa ries, fresh,
panics, and wide..spread distress. The Americans have
now a splendid field before them—a noble opportunity of
regaining their national credit. We trust they will use it
firmly and pros:len:ly, taking care to avoid the dang,rous
mistake of again rushing into gigantic schemes of slicers-
lation, over trading, and internal improvements. The ac-
count! received seem to place the resumption of specie
pavinenta this month beyond all doubt.; and that is.a grent
step gained towards a return to a better system. Nei
change is reported in business matters since the liVit Sr.
rival. Exchange on London was 8,3- to 9 prem. •United,
States Bank Shares. 651 to 66.

TIMES.—The financial portion of the American
President's message has naturally been referred to Wit"
a good deal of interest in the city. Notsvithstantlin*.
his approaching retirement from office, not the s.iglit&t
wavering is to be detected in the -principles by which Aia
financial policy has been uniformly regulated, and but 1..,r
that circumstance, our capitalists might base e"'" 81" c?
to the conclusion that neither the creation of a natioria.-
debt, ner the establishment of a national bask, can het e-
after take place in the United States. That the policy of
General Harrison, who will succeed to office
in March
next, is opposed to that of Mr. Van Buren. i° wellknown, Wire particularly as regards the ferination
of a national bank ; but it seems to be an upieinfi
pretty currently entertained here, that, a few pientil
longer may so tend to coasolidatoe the sub-treasury a.yatc-it.
by which the Government is enabled to dispetia,.With a
bank altogether, and to reconcile the people to it, toper.la
lion, that the Harriion party, with all their prealileetioti
for a national bank, will find it difficult to carry it two
operation. Mr. Van Buren's account of the situation tut
which the Government was paced by the failure of the
banks in 1837 is thought by many persons here to ho
simple, clear, and convincing, and to afford a
justification for ail the subseqticnt • proceedings of tho
Treasury. It has fully exposed also the unfair ease
of some of those attacks upon the Goren-meet
during the first attempts to act for itself, when some
creation of debt was inevitable ; in the course of
which attacks the essential fact was usually kept out
of sight, that the deposit banks, at the time of the:
general stoppage, held Government money to the amount
of about $23,000,000, which was locked up and bec.:rnat
inaccessible by the failure. That the Government shoa.l
have made its way so well as it has done, under so entire a
su.pension of its resources, is the real matter of wonder,
and very much to its credit. The statements in the jour+
flak that his return is a false one remains yet to be proved'.
There ara‘ many persons here whose interests it would
suit to s+ e a national debt recommenced in the United
States, and, shove all, to find the reconstruction of a na-
tional bank sanctioned by Congress; but much praise 14
given to hint, nevertheless, for the consistency of iiis
principles, and his perseverance in them ; nor has the -pas-
saf,Te in the speech been overlooked, in tibial he decestbee
tile degradation and insult to which every country is ,suh.
ject which consents to borrow money from foreignera.
Mr. Van Buren, it is observed, touches very lightly on
the debts of the separate States, a hich did not be withio
his province, but his remarks on the fatal consequences and
degradation of borrowing money abroad apply equally to
them. Of course the subject of the adoption of such
State debts by the general Government is not even adverted
to, and it appears, in fact, that no party was ever formed
in Congress, possessed of the least influence, for toe aor:-
port of such a measure.

Altogother it may be inferred that the great struggle for
the ascendancy of the banking interest. though notice,.
have been given to bring it early forward, will be suspended
until GePeral Harrison cony; into power Mr Van
Buren anticipates at least the possibility of its suftcess, but
he predicts at the same time, in that cave the plum of
all that overtrading and excitement by which the e,..nritry
has suffered for the last three years, and from the cu:lß,'-
quences of which it is just beginning, in his opirii,,u, to
recover.

'rho report of the Seeraary of the Treasurr, which'
has likewise been received, shows in greater detail they
financial c,tndition of the United States. The aggregate
ordinary receipts for the year 18.10 are ateA uown et
$17.197,763, and tkose from additional sonrces—s the"
receipts of p i,ic;pal and intereA out f what was due Irons
former deposit banks, but not availtable till Itnuary, 1840,
the receipts from the fourth bond of the " Litti!.ett
Bank," and front the issue of Trkea3nry notes instead of
others redeemed, arc estimated at $8,790,000. which,
together with the available balaned in
.the Treasury.
viz.,7V2,246,7-19, wilco the total means in 1840
~sj2a 244,512 flutterer, $700,000 of tll's3 amount is
doubtful, as that amount had net been anertnined

to be paid from the banks. The current eApontii-
tures fur 1840, exclu%ivo of trusts and the Poit....)ser,
have been $22 489 349, which, with:the addition for the
funded debt and interest for the cities of the disnict: of

Colombia, and the rcdemp ion of Ticasury notes, i• in.
creased to $26,643,655, so that tho available balance on.
the 31st of December, 1840, is computed at $1,590,655.
Proceeding to the estimate of the receipts and expendi—
tures for the present year, he sets down the ordinary meangi
at $24,160,855 (including the balance above given).
which, with,the addition of a small sum due from the banks,
and an issue of Treasury notirs under an Act of the 31st of
last March, is increased to $24,723.473. The estimated
ordinary expenditures for 1841 are $19,250.000, which
would leave a balance in the Treasury of $5,473 473:,.
were not certain other payments to be deducted. These:
are on account of the funded debt, and for the redemption
of Treasury notes, amounting in all to $4,649,200, whiclr
reduces the balance to $624,273.

' POST.—The English funds were lower to-day, Con-
sols closing 891 to if t't r money and for the 15th instant.
, ex. dividend, which is a per cent. on the opening value..
Exchequer Bills left ()flat 9t. to 11s. prem. ; India Bonds
Ss. to tit. dis. ; Bank Stock 164 i to 54; India Stots
2484 to 9f. The decline in Consols was ascribed to to
somewhat considerable sale of stock made in the course 551
the morning by the brokers who usually act for the Banta
of England, the operation being assumed to be on account
of the corporation.
Thu African Colonizer contains same remarks for the
guidance of persons proposing to embark in Sir T. F.
Buxton's enterprise on the Niger. The testimony (4
Mr. Laird, of Oldfield, is laid before the public is
proof of the insalubrity of the spot selected as rbc
site of the intended colony. Mr. Laird states, in le
narrative drawn up by him on this important sub-
ject, that, upon the occasion of his visiting the Niger
years since, every precaution that medical skill
could suggest was used as a int ans of averting
the mortality experienced by Ins party at that pc..
riod. On entering the river dotilee awnings were spread
fore and aft; the sides of the vessel were raised by canvas,
to a height of eight feet from the main deck ; chloride of
lime was daily sprinkled in the forecastle and cabin, as
well as upon the decks. White men weie never
to work except under the awnings, and on no account to
sleep exposed to the dew. Every attention was also paid
to their diet. The principal predisposing causes of sick-
ness were, in the opinion of Mr. Laird, the sudden change
from the open sea to a narrow winding river, the want of
the sea breeze, and the prevalence of the dreadful mi..sma
to which the expedition was exposed from the surrounding
swamps. Of the stench of this miasma he says nothing;
but the actual experienve can convey the smallest
" In those accursed swamps one is oppressed not
only bodily, but mentally, with an indescribable feeling of
heaviness, languor, nau•ea, and disgust, which it requires
a considerable t ff.art to shake off:" One great caul' of
sicknes3 was, he thinks, the want of excitement. Much
opposition had been looked for on the past4ge to rule.
• The minds of the crew had been prepared to dare every-
thre
ing,
fig.(o,errrge,
etltvhfieu)
mile
of
everyist,
hoiezluddnah;;:vaciej
iirenderedna4calotnefddittin:ehlecuo.
trem;:ni. ;:amyntaiogte,
thing, :nd overcome every obstacle to their progress, but,
countrymeng hi
• al
about
met
they had be-
fore ttihi . the
exceptiono of
one
excitementir ifl
ipnrgo produced ibsyb:i.anns:anoeserno.eiadsua
before their .
s u iteresting, And
country.
proi‘tirra.ctLetil,irvdoyisag,eic,
soirnolyusaofir apt end
I•
tiOnof Sir Fovvell Buxton,
in take part in the Mger
which
"leek.
duttprieetmaldi,cedexmcisti:mdY'li:osciw.tahme swampy country',
.aa possible oLtt atre(s'l7 apirmr;:.
departure,in possessi en o f certain
ay itierna
infweoa:cfrdey,d„pluflio(i,nbiii:i
passible way,
en in the.
feeding them
country, triple th
voifsisopiiirs,:trsht.' aLiins,antly, and above al; things
having music on board. e considers a European going
out to these countries placed hi an unnatural position, stead
that chance of saving hint is in
stimulating in
utmost,uilatinegiihcilmialtaotetshetheonly and preventing him, by ar-
tificial aids, from sinking into a hopeless state of dejection..
The African Colonizer aflirms that there is a fatality.
in everything touched of late years,by Sir Futrell Buxton," •
and expresses a conviction that the attempt to found a
settl.,:ment On an island of the N ger, which is announced
ftilbteltis,the first object of his expedition, will prove no ex-
ception ;o the general sbortiveness of his schemer. It is,
anticipated, moreovel, that the cause of African eivihr,a-
tion
land, arnetdartlie(.,dpbroymtloi of a colony in Beau-
commended, before exposing the lives of their fellow-el:ea-
ort,itiko
itnalgven reel errcy.-
tures to the Vapours of so ptecesrit'sil faenortfoi unt:heai rie'ngdioe
cove and branch of the river explored.
Toe
a heavy responsibi-
Tne saints arc unquestionably a
lt
iot Yd
ofeaxeprid.ing off several cargoes
upon e
arthemselvesfearful
,A.arnin
in
warnings
sor ar t
erience ni"'Y thewporuelsde
nt.l(9i‘likt_t
stance. The
of unswpecti„Pg.liailnadutthhrLf"ht!ess t.ieings.t.9..a distant part of
the they are to
and ninsitt, is a philat-
btleiekvie•ioarladi,ivewhocarlye,
toy
drunkenness
thropy that we cannot understand.
in
thn:idst

HERAL4flpio..—By tho simultancous arrival of three
packet sidpiaafel.bave been received from New York to
tLe 20th ultimo. Tllere appeared to- •be no question of
the resumption of specie payments by the Philadelphia
Banks at the time fixed in she preterit month, an event
which it St.os anticipated would exercise a very beneficial
influence tißlhe mercantile afl'Airs .of the Union • fur Op
present year,. 'lie most strenuous exertion were Dna§