The Sun.
London, England, 1847-01-02 00:00:00

THE PROPOSED AMERICAN
T ANT
We extract trona the .\cw 2-uric r. young Expet.Ns iue
following interesting article upon the financial prospects
of the States :

Among the prominent items in the President's mes-
sage is one relating to the war and a new loan, that
will strike most people with surprise. The President
asks for a loan of 23,000,000 of dollars, which he
estimates will pay for the expenses of the war
to July, 1848, a period of more than one and
a half years from this time, if the war
should last so long. But this extraordinary loan, he
asks, should be authorised at once, and for a period of
twenty years. If there is any siacerity in his belief that
only this sum will be wanted, why is it necessary to ne-
gotiate a loan at this time? Prudence and good sense
would seem to indicate that no larger amount should be
borrowed at once than is needed. If the whole will not
be wanted under a year and a half, it will be a great
saving of interest to borrow the amount required from
time to time. Th• fact that so large a loan is wanted,
is the outset, will throw a great degree of doubt over
the whole estimate. Government stocks are now below
par. The last loan that was negotiated has resulted in
a loss to the lenders. The price of all the former loans
has fallen (in consequence of the last one made) full 5
per cent. Now all now loans are to be paid in specie;
and if the 23,000,000 of dollars asked for by the Presi-
dent, should be taken, it would have to be placed in the
hands of the Sub-Treasurer in specie. And here we
would ask any man of common understanding, if such
a loan could possibly be taken up ? Where is the
specie ? It certainly is not in the vaults of the banks in
this city, or Philadelphia, or any or all of the cities of
the Atlantic States.

But some say it will come from Europe. There is no
evidence of this. Exchange has ruled, for some time
now, from 106 to 107 per cent., and yet, up to this time,
less than 40,000 dollars have been received.
The best informed in money matters do not believe
that a loan of this magnitude can be negotiated at all.
Every bank, and every business man, is directly inte-
rested against the filling up of such a loan, for it is taking
from the public so much capital just so much from the
mercantile community.
The operations of the last war are still fresh in the
recollection of a large portion of the intelligent men of
this country. At the commencement of that war, it was
asserted by those who made it, that it would be of short
duration, and that only a moderate sum would be
wanted. But before it had progressed two years, Go-
vernment found it necessary to lay a heavy tax on every
article consumed from abroad, to lay an excise on every
gallon of whiskey made in this country— and to impose
an odious stamp tax. No man could draw a note or
execute a bond to be legal without purchasing of the Go-
vernment a stamp.
Every acre of land, every watch, and almost every
species of personal estate, was taxed to an enormous ex-
tent. Tax gatherers, in one shape or another, were
almost as numerous as the locusts of Egypt. Loans
multiplied until they amounted to about 180,000,000 of
dollars. Every bank in the country, except those in
New England, suspended specie payments, and the
Government forced out to the people these Treasury
notes, until they depreciated like continentaltmoney, to be
worth only about 70 cents on the dollar. Hundreds of
capitalists, who commenced buying Government secu-
rities at par, were ruined by the fall. Such was the
practical effect of the war we have alluded to.
The Government now owe 25,000,000, and this war
has juit commenced, judging by present appearances.
It is now proposed to increase the debt to about
50,000,000 ; and no one can foresee what the amount
will ultimately be. Under these circumstances there is
hardly a possibility of negotiating the present loan at
anything like par.
From present appearances, we do not believe this loan
will be taken, if at all, at better than 90 cents on the
dollar. It is said by some that the Government will
monopolise ali the money, and that individuals will call
in their bonds and mortgages, and sell their State Stocks,
and invest them in Government securities.
Such was not the operation of capital during the last
war. On the contrary, capitalists sought bonds and
mortgages, and State securities, in preference, although
paying less interest ; they looked at the ability to pay
the interest rather than to the amount. In the present
case the Government have made uo provision to pay in-
terest. There is no specific revenue pledged to meet it,
On the contrary, the tariff is reduced, and a falling off
of duties, it is believed, will take place.

OUTBREAK IN KERRY.
(From the Cork Eatiminer.)
At the hour of two o'clock on Monday last, about 300
persons assembled at Killorglin opposite the Relief Com-
mittee stores. The gentlemen who were engaged in the
store distributing meal at the time, were the Rev. Mr.
De Moleyn, J.P., Mr. B. Russell, and Mr. Thomas Dood.
Apprehending an attack, from the menacing attitude
of the people, they got out to the rear of the stores, but
were intercepted by the multitude. However, these
gentlemen succeeded in reaching the Police Barrack.
While there the most determined aspect was assumed by
the multitude, and it was only by the very laudable ex-
ertions of constable Marony, who faced the mob, and
did all that remonstrance and reasonable resistance
Icould effect to ward off a direct assault on the establish-
C ment. While Mr. De Moleyn was thus beleaguered, a por-
tion of the congregated populace repaired to his demesne,
which is within a mile of the town, and having caught
a fat ram of select breed, when a funeral happened to
pass by to the adjacent church of Droumavally and some
of Mr. De Moleyn's friends with his domestics succeeded
in depriving them of the animal. Immediately a des-
patch was forwarded for the military here, and a party
of cavalry and infantry proceeded to the scene of dis-
turbance. In the meantime Mr. Dubardeau 5.1., who
was on duty from his station, Killarney, at Milltown,
being apprised of the occurrence, repaired to Killorglin,
and having concentrated the police force of the locality,
was fortunate enough to see order restored before the
arrival of the military.
The cause of the attack was the stoppage of the pub-
lic works in the neighbourhood the day previous. But
still it is most extraordinary why Mr. De Moleyn should
have been selected, for up to that time he was most justly
popular. He exerted himself with Father Owen most
unremittingly at the presentment Sessions to obtain
large grants for the district and &ill obtain them. It can
only be accounted for by the desperate circumstances of
the people.

A CostraiitciAL GENTLEMIN.—A person named
James Warburton, who, it is understood, was formerly
a commercial traveller, has been committed to the New
Prison, Devises, for trial at the next Wilts Quarter Ses-
sions. It appears that on Tuesday the 15th inst. Mr.
Warburton walked into the commercial-room of the
Crown Inn, in Devizes, and ordered a fowl for his
dinner. He said he had been coursing for several hours
on the plain, and had the misfortune to burst his boots,
so the boots were sent to the shoemaker's and were fore
and heel-pieced.—Mr. Warburton fared as most other
travellers do who stop at the Crown, upon the best that
can be procured. On the following morning he discovered
that his trousers had also burst during his coursing trip—
so the trousers were sent to be repaired—thus incurring
an expense between the tailor and shoemaker of 6s. 9d.
A very substantial breakfast was furnished to Mr. War-
burton in his bed-room, and he did not make his appear-
ance until four o'clock. At that hour he called upon
the boots to accompany him to Mr. Smallbones to
take back three parcels.—On the road he stopped at the
post-office to enquire for a letter, and then looking at
the market clock, he said, as it was but twenty minutes
after four, and as he intended to leave by the Star coach,
the boots had better go home for about half an hour.
and then follow him to Mr. Smallbones. The boots did
as he was directed, but unfortunately Mr. Smallbones
knew nothing of Mr. Warburton or his parcels, and Mr.
Warburton forgot to pay his bill at the Crown. On the
following Thursday Mr. Warburton paid Mr. Joyce a
visit at the Bear Inn, Melkshatn. Here he arrived be-
tween eleven and twelve o'clock, and dinner having been
provided by his orders, he remained until between
five and six in the evening. On the side table in the
room in which he dined was a silver mustard spoon,
which the servant missed on going to fetch it for some
other gentleman during the afternoon, but she made no
remark on the circumstance. Between four and five o'clock
a basin of bread and milk was taken to Mr. Warburton,
agreeable to order; and he was furnished with a silver table
spoon to take it with. Shortly afterwards he rang for his bill,
and then the spoon was lying oa the table. After the
bill was brought, he ordered a glass of brandy and water,
and within flve minutes afterwards he left the house and
the spoon with him. The servant having communicated
the circumstance to her mistress, Mr. Joyce followed
him, and upon coming up with him, charged him with
stealing two spoons. Mr. Warburton very coolly said,
" Well,l think I have one that don't belong to me," and
then took the table spoon from his pocket. He was
brought back to the Bear, and searched, and the VOUS-
tard spoon was found in his possession. Several dupli-
cates for plate pawned in London were also found upon
him. He is supposed to have played a similar game a
Bournemouth.—Devizes Gazette.

SUICIDE IN THE ICE ON THE GROSTENOR CANAL.

—An inquest was held on Thursday by Mr. Bedford, at
the Malpas Arms, Charles-street, Grosvenor. square, on
the body of Sarah White, aged 45. Henry White, de-
ceased's husband, said, that on Saturday evening she
came to him at Knightsbridge, where he was working,
and they went home together. On getting to the bottom
of Grosvenor-place, he suddenly missed her from his
side, and never saw her again until he saw her in the
dead-house that (last) evening. Ten years ago she at-
tempted to cut her throat whilst intoxicated; when in
that state, she was a perfect mad woman. Mr. William
Middleton, of Ranelagh-road, maltater, deposed to
seeing the body of the deceased on Sunday morning
lying beneath the ice in the Belgrave dock of the Gros-
venor Canal. The deceased must have jumped from the
wharf wall through the ice, which was about an inch
thick. It further appeared that the deceased, for some
years, was subject to fits, caused by a pistol being fired
off close to her head. Verdict—" Found drowned, there
being no evidence to prove how she came into the
water."

Twenty-five dogs, either mad or suspected to be
so, have been destroyed in nannock during the past
three months. None in a rabid state have been seen in
the district these three weeks back. The alarm occa-
sioned by the unwonted appearance of this fearful dis-
ease in the country has, consequently, in some degree
subsided.--Po th Advertiser.
OBLITERATING INIC.—The Western Luminary,
published at Exeter, says :—" A nice specimen of official
carlessness came under our notice this morning. Some
ingenious personage, connected with the London Post-
office„ put a packet of stamping ink in one of the letter '
bags to be brought to the post office here. The conse-
quence was that it burst upon the journey, and many of
the addresses were so completely obliterated, that it
became impossible to deliver the letters, and they will
have to be sent hack to London, to the great inconve- I
mence of the parties to whom they were addressed,