The Sun.
London, England, 1847-06-17 00:00:00

BELGIUM.

Alarming rumours are afloat as to th•: state of the
health of the King of the Belgians. The Union Mo-
narchique of Paris publishes a letter from Brussels, in
which it is stated that his Majesty's case is hopeless,
that he is afflicted with a complaint in the liver, and
that the German waters, so far from ameliorating his
condition, greatly aggravated the complaint. We find
nothing in the Brussels papers to confirm these reports.
On the contrary, the King, Queen, and the Royal Family
are described as pursuing their daily avocations as if
nothing were the matter, and the Independence Beige of
Monday says that his Majesty was, on the following
Sunday, to attend the public inauguration of the gal-
leries of St. Hubert; and the Emancipation says that the
King is about to pay a visit to London.
Belgium appears to be on the eve of a change of Mi-
nistry. The Independenee says:—" We have but little
to add to-day to what we have already stated relative to
the Ministerial situation, but we can confirm the leading
fact—the retirement of the Cabinet. Nothing, however,
is yet known as to the precise period of that event, and
just as lirtle as to the men who are to compose the new
Cabinet."

AMERICAN AFFAIRS.
NEW YORK, MAY 31.—The Mexican war, which is
the all-absorbing topic, progresses slowly. In every
conflict, whether great or small, the Mexicans are de-
feated—sometimes with great slaughter. The truth is,
while they evince devotion to their country and firmness
of mind, they have neither the military discipline nor
the physical strength to cope with their enemy. They
are badly armed, and destitute of the means to procure a
better armament. What, under such circumstances,
must be the result of the present war? Nothing short
of an unconditional surrender of their country—their

whole country.
Although denied by those in power, I entertain no
doubt the intention of the Administration is to pursue
towards the Mexicans precisely the same policy which
this Government has heretofore adopted in relation to
the several tribes of Indians—purchase the most valuable
part of their territory at a nominal, paltry sum, and then
drive them into a sterile wilderness, where they must
ultimately perish, and, as a nation, become extinct.
Every movement indicates a fixed determination to
appropriate all the revenue that can be levied and col-
lected in Mexico for the support of an army of 20,000
or 30,000 men to be stationed in that country. How
long the American people will submit to such a revolting
state of things as the Government is rapidly approach-
ing, I will not hazard a prediction, because it presupposes
an abandonment of all principle.
I am aware that such suggestions are but little con-
fided in, and that they are calculated to arouse unkind
feelings in certain quarters. Be it so. Let them be re-
membered. It is my wish to call the attention of every
moralist, every upright man to this subject. Most ar-
dently do I hope my country may escape the infamy and
disgrace which I fear hovers around her. None living
will rejoice more sincerely than your correspondent,
should he discover that his apprehensions were un-
founded. No ordinary circumstances, however, have
excited them. It may, hereafter, become necessary to
speak more plainly. If it does, it shall be done fear-
lessly, and in a tone worthy the advocate of justice and
humanity.
Our latest accounts are, from Jalapa the 11th, and
from Vera Cruz the 13th of May. General Scott has
issued a proclamation, dated Jalapa, the 11th of May,
addressed to the Mexicans, in the hope of influencing
them. The impression is very general that he is now
in the city of Mexico. There are those, however, who
entertain strong doubts of his attempting to enter that
city until he has been joined by reinforcements, now on
their way to head-quarters.
While the United States army are advancing, General
Scott, Commodore Perry, and Mr. Trist, are endeavour-
ing, it is said, to produce peace, but will not suspend
hostilities until a treaty has been actually signed. In
other words, the United States will consent to no treaty
but such as may be dictated at the cannon's mouth; and
this, I have no doubt, is the determination of the Admi-
nistration. The prevailing opinion in this country is,
that we shall shortly have an end of the war. It may be
so, but I see not the least prospect of such an event.
The character of the war is about to change. It is
highly probable there will be no more field fights. The
Mexicans will hereafter adopt a guerilla system of war-
fare. Whether the Americans can be induced to re-
taliate, I pretend not to speak with certainty, but think
they will not go further than to put to death captured
Mexican officers.
We are in constant anticipation of a sad explosion in
the affairs of the Reading Railway Company (Pennsyl-
vania), from which it is apprehended that the most
serious embarrassments will ensue. Understanding that
British capitalists were largely interested in the success
of this enterprise, I have felt it to be my duty to give
you such rumours in relation to it as are current in the
United States, and believed to be correct.
A bill, praying for an injunction, and the appointment
of a receiver, was filed a few weeks since, charging gross
mismanagement, and in several instances fraudulent
issues of bonds, to raise funds to sustain heavy specula-
tions. The company commenced with a capital of oue
million of dollars, and is now in debt more than eleven
millions. In each year its business increases, but the
revenue by no means keeps pace with the outlay.
In April, 1845, the Legislature of Pennsylvania passed
an Act to legalise all previous negotiations, however
usurious, and under the guise of this indemnity bonds
have been since issued bearing date July, 1844. It will
thus readily be imagined that the exposure of such an
operation should affect most injuriously the credit of the
company. These peculiar issues were for 3,000,000
dollars, and though put into circulation in 1846, no
mention or reference is made to them in the annual re-
port of January, 1847.
To cover this transaction a negotiation was set on foot
to sell 2,000,000 dolls. of bonds at a discount of 30 per
cent., with a semi-annual coupon attached, payable in
July next, making the company pay 650,000 dolls. for
the use of 1,350,000 dolls. The bill of injunction has,
however, put a stop to this bargain, and a new list has
been "subscribed," stated to be for 1,500,000 dolls. at
par, which subscription is represented to be made for the
purpose of discharging the floating debt, without dis-
count, bonds of 1844 included.
The capital of the company, as reported in January,
1846, was 2,020,000 dolls. ; and in January, 1847, it is
stated to he 3,434,000 dolls. The indebtedness of the
road at the first period was 10,328,500 dolls., and at the
latter, 11,580,600 dolls., exclusive of the 3,000,000 dolls.
antedated bonds. In the fiscal year of the company
ending the Ist of December, 1846, the quantity of coal
transported was 1,188,256 tons, yielding a revenue of
1,600,000 dolls., at an average rate per ton of 1 doll.
35-100 c. ; and, according to a recent statement, it ap-
pears that 414,967 tons have been transported in five
months ending the Ist of May, at the rate of 1 doll.
15-100 c., against 295,546 tons, during the corresponding
period of last year, charged at 1 doll. 35-100 c.
The floating debt of the company has been annually
increasing over 1,200,000 dolls., which has been succes-
sively paid off by the sale of stock, or the issue_of bonds,
of which most of those put into circulation are ante-
dated. It is charged, that the concern is managed by
stock speculators, and now only lives through the ease
in our monetary affairs. If we had any tightness in the
market, its failure would be inevitable; in fact, it is
thought to be only postponed.
I regret the necessity, in my opinion, of stating the
preceding details, which have been carefully collected,
and which I have no doubt will be found substantially
correet.
A New Orleans paper of late date states, that General
Patterson " thinks that we ought not to look for, or solicit
a peace, but proceed to conquer and occupy the whole of
Mexico." 40,000 men are deemed adequate for this
purpose. The General adds, " When we have gone to
work, and shown the Mexicans that we are in earnest,
and determined to seize the whole country, they will
soon be brought to their knees, and will be ready to ac-
cept of any terms we may offer."
In the public journals which accompany this letter,
you will find a speoch of Colonel Benton, delivered at
St. Louis. It abounds in egotistical remarks, but not-
withstanding is well worth a perusal. It contains a
brief statement of some historical events not generally
known or understood. The Colonel, however, studiously
avoids expressing his opinion of Mr. Polk's policy in
making war upon Mexico. The design of the speech is
evident to the most superficial observer. It was
prompted by hostility to senator Calhoun, of South Ca-
rolina, and intended to assail him in an unsparing man-
ner. Between these two distinguished statesmen there
is an impassable gulf, so that reconciliation is next to
impossible. Their virulence towards each other is there-
fore more likely to increase than subside, as will be seen
during the next session of Congress.
At the last accounts from Mr. Webster, it was an-
ticipated that he would reach Charleston in a few days,
and embark on board the steamer Southerner for this
city on the 31st (this day) of May. It will afford the
numerous friends of this distinguished man at home and
abroad great pleasure to learn that his health has much
improved.
The receipts of flour at Albany by canals during the
last week has been 145,093 barrels.
The receipts in the city of New Yoalt continue to be
unusually great on a falling market, as prices are checked.
The great bulk of sales is now at 8 dolls. 12-100 c. to
8 dolls. 25-100 c. per barrel.
Sterling exchange at moderate demand at 6i to 7i.
•Tintes. A GENEVESE TRAVELLER.