The Sun.
London, England, 1847-10-26 00:00:00

•
"'
UNITED STATES.-

THREE DAYS LATER FROM AMERICA.
LIVERPOOL, MONDAY EVENING.
Another rapid passage of 16 days, made by the
splendid packet-ship Henry Clay, Captain Nye, has
placed us in possession of advices from New York to
the 9th instant, being three days later than those
brought by the Sarah Sands.
Failures in New York there appear to be none,
the only one which is reported to have occurred
being at Rushville, and is named the " Merchants'
Insurance and Trust Company," which is the
" Western Institution " alluded to in the card of
the " Ohio Life and Trust Company" of New York,
as on whose account their business with Gowers, of
London, was done.

With regard to the Bank of New York, the
Express says—
" An idle rumour has been put in circulation by a
daily print that the Bank of New York was a large
sufferer by the failures in London. This has arisen
from the fact that the Bank of the State of New
York has lost heavily; people have probably con-
founded the two by the similarity of names. The
old Bank of New York is a model for all others ; it
has always used its funds to accommodate its cus-
tomers, and not departed to the right hand or the
left, and never having entered into the dangerous
practice of becoming brokers, by the buying and sell-
ing of foreign exchange.
" A correspondent of the Indiana State Journal
speaks most favourably of the prospects of the state
debt. The old bonds, it is said, are coming in rapidly,
and a very considerrble sum is expected from Europe
(perhaps a million) by the steamer of the 15th or
last of October. The amount of principal and in-
terest now surrendered cannot vary much from
eleven millions, and it will reach twelve by the meet-
ing of the Legislature. This is doing immeasurably
better than any friend of the law (even the most
sanguine) expected. It is no longer doubtful about
the exchange of the entire debt of Indiana, and the
complete success of the arrangement. Every citizen
of Indiana will rejoice at the prsspect ; and even the
opponents of the measure, whose honest fears made
them doubt, will be glad that their efforts did not
succeed." _ _

Exchange on England remained firm at 9 to 91,
but with little doing after the departure of the Sarah
Sands. Notwithstanding the greatly decreased ship-
ments of bread-stuffs to this country, as an evidence
of which an engagement of Indian corn is quoted to
this port at sixpence the bushel, hopes were enter-
tained that the much larger stock of cotton which re-
mained for shipment than in ordinary years would
Prevent the exchange rising higher in favour of this
country. This, however, cannot be looked upon as a
sufficient reason to obviate shipments of gold to our
shores, for if 101 to 11 per cent. has been willingly
paid for short Bank bills, it is clearly the interest of
remitters to avoid even this risk in the present state of
affairs, and incur an extra half per cent. expense in the
sending of hard coin.
No later accounts from Mexico had come to hand.
The correspondent of the New York Herald, at Wash-
ington, thus writes as to the future intentions of the
United States Government :

" In view of the momentous posture of affairs in
Mexico an extraordinary meeting of the Cabinet was
held to-day. It was resolved to immediately recal
Mr. Trist, and to abandon all further attempts at
conciliation. The condition of the President's health
precluded the possibility of arriving at any definite
conclusion as to the future course to be pursued. But
one thing is certain, that all that remains of the old
Government is to be prostrated, and one of our own
erected in its stead.
" The opinion of the Cabinet is unanimous, that to
withdraw our army within the limits designated as
those which our Government would have been hitherto
willing to accept as the future boundary of the United
States, would be but to prolong the war indefinitely,
and to expose unnecessarily the lives of our soldiers.
On the crumbling ruins of the military despotism
which has swayed the destinies of the Mexican people
for the last twenty-three years must be erected a
temporary Government, half military, half territorial,
which shall secure to us the revenues of the country,
and protect the citizens in the enjoyment of tran-
quillity, and in the safe prosecution of their com-
mercial and industrial pursuits. The public minas
will be seized, a tariff of duties levied in every port,
and the roads will be opened to admit the free cir-
culation of the stream of commerce through every
avenue, to the heart of the country. The character
of the war will be entirely changed. Hitherto it has
been to conquer a peace. Henceforth it will be to
maintain the Government we are about to erect.
Hitherto it has been offensive. Henceforth it will be
almost wholly defensive, at the same time that the
largest discretion will be given the commanding ge-
neral to act on the offensive or defensive, according as
the execution of his measures for the pacification of
the country may require.
" The Secretary of War has received a letter from
a most reliable source at Vera Cruz, the writer having
uninterrupted communication with the city of Mexico,
which, although of a ,later date than the account
which represents Generals Worth, Smith, and Pillow
as killed by the explosion of a shell in a powder ma-
gazine, makes no mention of such a rumour. Had
such a disaster occurred, the writer would have been
certain to hear it, and would have as certainly com-
municated it in his letter. The explosion may have
taken place and killed a number of our men, but it
is improbable that the three generals named would
have been all on one spot and all killed by the same
accident. The mail of this evening brings no dis-
patches to clear up the doubt.
" Let us do them justice, those Mexicans. They
fought well and bravely before the gates of their
capital. It would be unjust to the prowess of our
own brave men to say they met an unresisting
enemy. They did not. Right valiant was that re-
sistance, and such as Americans love to meet. The
last grand struggle of the Mexican people was worthy
of the pristine glory of the Aztecs.
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tnlysnubjecting to negotiation an
integral part of the United States territory, it would
be unjust to censure that gentleman. It is difficult to
believe that he could have done so. Such a step would
have subjected him to the severest censure of his
Government, as it would have made that a subject of
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was equally a subject of positive instruction, and
Mr. Trist bad the strictest injunctions not to enter-
tain any proposition embracing a line across from the
western boundary of New Mexico north of the port
of San Diego, as that port is destined to be even more
valuable to us than San Francisco. Touching each
of these points, he is said to have demanded forty-
five days to consult his Government, for the purpose
of ascertaining whether each should be a sine qua non.
Until Mr. Trist's report of the transactions be re-
ceived judgment should be suspended.
"If the negotiations had been conducted in good
faith the Wilmot proviso would have had one result—
it might have retarded the conclusion of a treaty.
The pro jet submitted by the Mexican Commissioners,
contained an article prohibiting slavery in whatever
territory might be ceded by Mexico to the United
States. No doubt the Council of Ministers took their
cue from the supporters of the Wilmot proviso in this
country.
" The secret history of the negotiation on the part
of Mexico, would doubtless show that Santa Anna,
really desirous of peace himself, was overruled by
those about him. The instruction in no case to enter-
tain a proposition embracing the 26th degree as a
boundary, would seem to argue that he was not
averse to a settlement on the basis of a line north of
26. Nothing shows so plainly that the people of
Mexico are averse to peace, as the fact that Santa
Anna is still for war, He may be regarded as a
political barometer, by which the feelings of the
people may be judged of. He is still, beyond all
question, the most dangerous man in Mexico."
WASHINGTON, OCT. 5, 1847.—We have no later
returns from Mexico than those in your possession
some days ago.
The rumours of the dangerous and disastrous posi-
tion of the American troops between Jalapa and
Puebla, coming chiefly from Mexican sources, are for
the interim discredited to a very large allowance; as
is also the report of the destruction among the Ame-
rican troops in the hot and bloody work in and
about the Mexican capital since the two grand
opening battles.
But enough is known here to satisfy the Cabinet
that there is no peace—no prospect of peace ; and
that the forces of Gen. Scott, meantime, imperatively
demand prompt and liberal reinforcements.
Upon this duty of strengthening the arms of Gene-
ral Scott, the Cabinet has been in session to-day ; and
the vigorous prosecution of the war was the only
opinion mentioned, thought of, or acted upon, re-
specting affairs in Mexico.
The publication of the correspondence between the
Mexican Commissioners and Mr. Trist throws but
little new light on the subject beyond that we have
already published. The Mexican documents de-
cidedly carry the halm in the matter of diplomacy.
Baltimore, A se ve r e stormd
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a shin
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&c.,ad b
carryingetw e n
away bridges, and stopping all communication but by
means of the telegraph. The commercial information
that follows is from the latest sources :

FRIDAY NIGHT.
A driving rain storm out of doors had its effect