The Sun.
London, England, 1841-03-25 00:00:00

tolerant spirit of party smong4t a free people, seldom failst
result in a dangerous at cession to the Exectitive power intro-
eased and established amidst unusual profe§siont tif devotion
to dettiocracy;
The foregoing remarks relate almost exclusively to matters
connected with our domestic concerns. It may be proper,
however, that I should give some indications to my fellow-
citizens of my proposed course of conduct in the management
of our foreign relations. I assure them, therefore, that it is
in) intention to use every means in my power to preserve the
friendly intercourse which now so happily subs'sts with every
foreign nation ; and that although, of course, not well in-
formed as to the state of any pending negotiations with any of
them, I see in the personal characters of the sovereigns, as well
as in the mutual interests of our own and of the Governments
with which our relations are moat intimate, a pleasing guarantee
that the harmony so important to the interests of their sub-
jects, as well as our citizens, will not be interrupted by the ad-
vancement of any claim or pretension, upon their part, to
which our honour would not permit us to yield. Long the de-
fender of my country's rights in the field, I trust that my fel-
low-citizens will not see in my earnest desire to preserve peace
with foreign Powers any indication that their rights will ever
be sacrificed, r the honour of the nation tarnished by any ad-
mission on the part of their Chief Magistrate unworthy of their
former glory.
In our intercourse with our aboriginal neighbours, the same
liberality and justice which marked the course prescribed to
me by two of any illustrious predecessors, when acting under
their direction in the discharge of the duties of Superintendent
and Commissioner, shall be strictly observed. I can conceive
no more sublime spectacle—none more like to propitiate an im-
partial and common Creator, than a rigid adherence to the
principles of justice on the part of a powerful nation in its
transactions with a weaker and uncivilized people whom cir-
cumstances have placed at its disposal.
Before concluding, fellow citizens, I must say semething to
you on the subject of the parties at this time existing in our
country. To me it appears perfectly clear that the in-
terest of the country requires that the violence of the
spirit by which those parties are at this time governed
must be greatly mitigated, if not entirely extinguished, or
consequences will ensue which are appalling to be thought
of. If parties in a republic are necessary to secure a degree
of vigilance sufficient to keep the public functionaries within
the bounds of law and duty, at that point their usefu'ness
ends. Beyond that, they become destructive of public
virtue, the parents of a spirit antagonist to that of liberty,
and eventually its inevitable conqueror. We have ex-
amples of republics, where the love of country and f li-
berty, at one time, were the dominant passions of the whole
mass of citizens ' • and yet, with the continuance of the
name and forms of free government, not a vestige of these qua-
lities remaining in the bosom of any one of its citizens. It was
the beautiful remark of a distinguished English writer, that "in
the Roman Senate, Octavius had a party, and Anthony aparty ;
but the Commonwealth had none." Yet the Senate continued
to meet in the Temple of Liberty, to talk of the saerekiess and
beauty of the Commonwealth, and gaze at the statues of the
elder Brutus and of the Curtii and Decii. And the people as-
sembled in the forum, not as in the days of Camillus arid the
Scipios, to cast their free votes for annual magistrates or pass
upon the Acts of the Senate, but to receive from the hands of
the leaders of the respective parties their share of the spoils,
and to shout for one, or the other, as those collected in Gaul, or
Egypt, and the le,ser Asia, would furnish the larger dividend.
• The spirit of liberty had fled, and, avoiding the abodes of
civilized man, had sought protection in the wilds of Scythia
or Scandinavia ; and so, under the operation of the same
causes and influences, it will fly from our capitol and our
forums. A calamity so awful, not only to our country but to
the world, must be deprecated by every patriot ; and every
tendency to a state of things likely to produce it immediately
checked. Such a tendency has existed—does exist. Always
the friend of my countrymen, never their flatterer, it becomes
my duty to say to them from this high place to which their
partiality has exalted me, that there exists in the land a spirit
hos'ile to their best interests—hostile to liberty itself It is a
spirit contracted in its views, selfish in its object. It looks to
the aggrandisement of a few, even to the destruction of the in-
terest of the whole. The entire remedy is with the people.
Something, however, may be effected by the means which they
have placed in my hands.
It is union that we want, not of a party for the sake of that
party, but a union of the whole country for the sake of the whole
country—for the defence of its interests and its honour against
foreign aggression, for the defence of those principles for which
our ancestors so gloriously contended. As far as it derends
upon me, it shall be accomplished All the influence that I
possess shall be exerted to prevent the formation at least of an
executive party in the halls of the legislative body. I wish
for the support of no Member of that body to any measure of
mine that does not satisfy his judgment and his sense of duty
to those from whom he holds his appointment ; nor any con-
fidence in advance from the people, but that asked for by Mr.
Jefferson, "to give firmness and effect to the legal administra-
tion of their affairs."
I deem the present occasion sufficiently important and so-
lemn to justify me in expressing to my fellow-citizens a pro-
found reverence for the Christian religion, and a thorough
conviction that sound morals, religious liberty, and a just sense
of religious responsibility, are essentially connected with all
true and lasting happiness; and to that good Being who has
blessed us by the gifts of civil and religious freedom, who
watched over and prospered the labours of our fathers, and
has hitherto preserved to us institutions far exceeding in ex-
cellence those of any other people, let us unite in fervently
commending every interest of our beloved country in all future
time.

Fellow-citizens—Being fully invested with that high office
to which the partiality of my countrymen has called me, I now
take an affectionate leave of you. You will bear with you to
your homes the remembrance of the pledge I have this day
given, to discharge all the high duties of my exalted s'ation ac-
cording to the best of my ability; and I shall enter upon their
performance with entire confidence in the support of a just and
generous people.

SPIRIT OF THE PUBLIC JOURNALS.
THE APLEOD CASE.
(From the New York Herald of the Bth.)
We have received highly important news from Washington
by the express of last evening, developing the policy and move-
ments of the new administration in several important questions
and public affairs.
Alr. Fox, the British minister, has, according to the best
authority, received instructions from his government, by the
President steamer, to demand the peremptory liberation of
M'Leod. There is also a rumour that unless this demand is
complitd with, he will then demand his passports, and return
to England ; but this last account is not yet credited.

The correspondence on this subject will be opened next
week, and this, together with the boundary question, will call
forth the great talents of Webster.

It is alWo generally believed among the diplomatic corps
that, in the present position of M'Leod's affair, the American
Government, according to the law of nations, will deliver up
M‘Leod to the Canadian authorities, and thus take him out of
the hands cf the legal authorities of New York.
We shall receive to-morrow a full account of the foreign
relations of the country.
We also learn that a violent opposition was made in the
Senate, on Saturday, to the nomination of Francis Granger
for Postmaster-General, on account of his abolition principles.
Our correspondent's letter, annexed, will give the conclusion
of this contest as far as known. He was confirmed at a late
hour, however.
We also learn that the new financial system of the Govern-
ment will probably take the shape of a new National B nk,
by combining the capitals of several of the old New Yark
banks in Wall-street, under a charter, to be given them by
Congress. This is Mr. Webster's idea, and it is a novel and
somewhat original plan, combining some sound principles and
sound practice in banking.
We also learn that General Harrison intends to make all his
own'appointments, and that the political cliques will be all
disappointed, when these selections are known. It seems that
the old general, beforele left North Bend, wrote out his inau-
gural address, and made out the list of such prominent ap-
pointments as he meant to make, without any consultation
with the politicians. His inaugural was his own—and so will
his appointments be. In this view of the case, it is stated
that General Van Rensellaer will be the new Co:lector of New
York. . . . .

Mr. O'COnnell in the British Parliament, or Mr. Pickens on
the floor of the House of Representatives, will be able to involve
the two coiintrieg In war; and if England will but act justly in
regard to the north. eastern boundary and her interference
with our commerce on the coast of Africa, we shall enter-
tain no apprehension in regard to a war.
We take it for granted that in the existing state of affairs
between the two countries, all the rights and injuries of New
York growing out of the Caroline affair are necessarily merged
in those of the nation; and that our State Courts have no
longer any jurisdiction in the case. The recent debate in
Congress, so entirely pacific in its nature, will go far towards
allaying the war feeling in England, and we may, therefore,
safely conclude, that in a few weeks the intelligence from Eng-
land will be far more pacific.
Immediately on the arrival of the President, two special
messengers left the city for Washington with despatches from
the lit itish Ministry to Mr. Fox, and from the American
Minister in London to our Government.
The New York Enquirer in the course of an article upon the
conduct of the Legislative Assembly ju=t dissolved, observes:—
" And how is it with our foreign relations? A report has
been introduced in the House of Representatives by Mr.
Pickens, of Souh Carolina, of a most inflammatory character,
and breathing a most beligerent spirit. Puerile in its stj le, weak
in argument, false in logic, in English, and in its statement of
fact, it is suffered to go before the country as the manifesto of
the popular branch of Congress on a subject of paramount na-
tional importance. But while Congress has issued this mighty
manifesto of its indignation, what has it done towards meet-
ing the exigencies which such a document is calculated to
create ? What bas it done for the completion of our fortifica-
tions? In what condition has it left our Canadian frontier?
What measures has it adopted to strengthen our navy, and en-
able us to cope on the sea with the Power which is so prompt
to challenge, and reckless to defy? It has assumed an attitude
of war, and left the country exposed on every side to the de-
vastationsof the enemy."

CORRESPONDENCE OF THE UNITED STATES.
(Correspondence of the Courier and Enquirer.)
Washington, Monday, March 1, 1841.
Immediately after the House of Representatives was called
to order this morning, it proceeded to the consideration of the
Bill reported by the Committee of Ways and Means, for appro-
priations for fortifications already commenced, which are not
completed, or which, being completed, require repairs. '1 he
aggregate amount of appropriations recommended in this Bill
is $439,500.

The first few weeks of the new Administration will be highly
important—because in that period all the leading views and
principles of the new Administration will be developed. Every
day will bring us fresh news.
(From the New York Inquirer.)
ARRIVAL OF THE STEAM SHIP PRESIDENT.—The arrival
of this steamer, under the command of Captain lioberts, early
yesterday morning, brought us six days' later intelligence from
London. The principal i ems of news consist in the temper.ry
failure, at bast, of the expedition against China, and the dis-
cussion of the affair of the Caroline in the British Parliament.

As soon as the Bill was read, Mr. Thompson, of South
Carolina (the Chairman of the Military Committee), made a
speech, in which he represented the defenceless state of the
country, and expressed his fear of hostilities with Great
Britain—he deprecated the course proposed to be pursued,
of merely patching up a few old fortifications already exist-
ing, whilst he thought prudence and propriety required that
every assailable point should be immediately put in the best
possible state of defence, and that with as little delay as possi-
ble. Mr. Thompson proposed that the Bill reported by the
Committee of Ways and Means should be laid aside, and that
ihe Bill be taken up which was reported by him by order of
the Committee on military affairs, under the direction of the
House, providing not only for the continuation of the works
already commenced, but also for new works at every point on
the frontier—east, wes.-, north, and south—and appropriating
$1,678,000 ; and whatalso contains $500,000 for steam frigates.
On this proposition a general debate arose on the state of
the relations of the country with foreign powers ; and also as
regards the prospect of a disturbance with the Indians on the
western frontier. The general tone of the debate was, of
course, to deprecate a collision with a foreign nation, but at the
same time admitting the too great probability of it.
In the early part of the debate, Mr. Pickens, Chairman
of the Committee on Foreign Affairs, stated that it had been
intimated in the house this morning that a report was abroad
that a new, angry, and exciting correspondence had corn
menced, and was now going on between the Secretary of
State and Mr. Fox, the British Minister. He said he was
happy in having it in his power, from an authentic source,
to state that no such correspondence had taken place, and
that the state of the relations between the two Governments
was at this time precisely in the same state as when the
correspondence was last laid before Congress ; and he hoped
that no legislation would be based on the vague rumour to
which he had referred. Mr. Pickens thought there was no
necessity fur j,assing the Bill reported by the Committee on
Military Affairs, and recommended that the Bill of the Com-
mittee of Wa! s and Means be passed.
At a subsequent stage of the debate, Mr. Fillmore called
upon Mr. Pickens to state whether he had received any in-
formation of an authentic nature in relation to our concerns
with Great Britain, subsequent to a conversation which passed
between them this morning ; as, in that conversation, he
understood directly the reverse of the public statement made
to the House. _ _

The apprehension of M'Leod has, it will be perceived, ex-
cited great indignation in England, and roused a war feeling,
which it will require great prudence and foresight in the two
Governments to alliy; and which, until then, cannot fail to
have a very injurious ffect upon American securities and credit.
The press, of course, is loud in its denunciations of this coun-
try ; and both parties in Parliament united in the opinion that
it was a national affair, involving the honour of the British
nation.

We content ourselves with laying before our readers the
answers of the British Ministry to the questions propounded
to them ; from which it will be perceived that Lord Palmer-
ston not only justifies the capture of the Caroline as a necessary
measure of self-defence, but distinctly asscr;s that both our
Minister in London and our Government at Washington had
been apprised of the sentiments of the British Ministry on th s
subject. This declaration places the late Administration of
Martin Van Buren—we say late, for, thank Got, it expired at
twelve last night—in no enviable position before the country.
In connexion with this subject, we have heard it said, that
Mr. Stevenson, immediately after making the demand upon the
British Government in 1839 to disclaim the proceeding, re-
ceived a note from Lord Palmerston, justifying to the fullest
extent the capture of the Caroline ; and that, thereupon, Mr.
Stevenson called upon Lord Palmerston, and asked him to
withdraw the said note of jus'ification, because it placed Mr.
Van Buren in a very awkward predicament, and might lead to
a war. Can this be true? We only state the tumour as it
reached us long since ; and even now would look upon it t a
uiteily incredible, did we not imagine that we perceive a
confirmation of it in Lord Palmers!on's reply to Lord Stmley,
wherein he says, " I rather think that my Hon. Friend will
find in that correspondence that instructions from the Arne..
rican Government were given to Mr. Stevenson to abs'ain
from pressing the subject ! !" This, in our opinion, denotes a
familiarity with Mr. Stevenson's instructions, which could only
crise loin some tampering on this subject disgraceful to the
character of American diplomacy and to the Administration
which countenanced it. We doubt not but the Administration
of General Harrison will deem it necessary to investigate this
subject.
The question which now arises, is, will there be war? There
unfortunately exists a small party in this city who are bent
upon crying out " War, war," without any regard to the state
of the country, or oar existing relations with Great Britain.
When a war does come, whether necessary or not, we shall be
found sustaining it; but, manifold as are our causes of corn.
plaint against England, we will yet believe that the peace of
the two countries, so necessary and advantageous to both, can-
not and will not be disturbed. True, we have demanded that
England should disclaim the affair of the Caroline, and she
has peremptorily refused to do so. This, it appears, Mr. Van
Buren and his Administration knew but have kept concealed,
and now turn the whole subject over to their successors in the
Government. And what is more disgraceful, with a full know-
ledge of this fact, they have made no preparations to meet an
emergency which may arise from their own act. If war should
ensue, it will be because the Administration of Martin Van
Buren made a demani it shrunk from enforcing, and concealed
from the country England's reply to that demand! Base as
was this course, it was still more base—still more treacherous
to the great trust reposed in them, not to place the country in
a position to enforce, if necessary, that demand.
Fortunately for the country the Whigs are now in power,
and since the late administration have by their acts confessed
their utter inability either to advance or recede in this affair,
notanil 1 edfotoiit)ttothtehier wisdomai)il77
tool.
doth esior, smuiccheososot rsi
otoona arrange,
yrawnage , we will
cempro.
raising the national honour. England says she was justified by
the law of nations in the destruction of the Caroline; we deny
her position, and thus the question at once becomes one which
may safely be submitted to the arbitration of a third power, be-
cause all nations are equally concerned with ourselves in settling
so important a question of national law. We predict, there-
fore, that this question will be settled by arbitration, the croak-
ings of alarmists to the contrary notwithstanding; and we in-
dulge the hope that the Goveinment of England will perceive
the necessity of arranging at an, early day the the other ques-
tions in dispute between us. We. will not believe that e.ther

Air. Pickens answered that he had, since the conversation
mentioned by Alr. Fillemore, receiveda note from the Secre-
tary of State, fully sustaining the information he had publicly
given to the House.
Messrs. Thompson, Tillinghast, Cost Johnson of Maryland,
Fillemore, Monroe, Pope, Lincoln, advocated the Bill Reported
from the Committee on Military Affairs, for an extended sys-
tem of defence.

Messrs. Jonas, Pickens, Vanderpool, Starkweather, adva-
cated the bill reported from the Committee of Ways and
Means, for carrying on and repairing the works already com-
menced. _ _

Alter the debate, which lasted till after six o'clock in the
evening, the great Bill re ported from the Military Committee was
gently turned aside by an adroit movement, sustained by the
Chairman, Mr. Dawson, of Georgia, that the Bill first taken
up must be definitively acted on by the Committee of the
whole, before another could be taken up ; and that it was be-
yond the authority of the Committee to postpone it, or lay it
down after one taken up. From this decision an appeal was
taken, but the Chairman, was sustained by the House. This I
think puts the general Fortification Bill brought in by the
Committee on military affairs to rest for the Session.
The Bill of the Committee of Ways and Means was then
proceeded in, and some few immaterial amendments made to
it; and the Bill was finally passed, and sent to the Senate for
concurrence, at eight o'clock at night.
After this an ineffectual attempt was made by Mr. Cost
Johnson to take up a Bill from the Senate, to renew for two
years the charters of the district banks. Nearly half an hour
of most precious time was spent in calling the ayes and noes
upon it., when the House adjourned.
TUESDAY, MARCH 2.—Mr. Benton presented a Report
from the Committee on military affairs, requesting the Presi-
dent to lay before the Senate at the next Session, reports upon
the fortifications of the country, or other permanent defences,
completed or deemed necessary, which led to a debate, but the
subject was finally laid on the table.
'1 he Senate then proceeded to the discussion of the House Bill,
making appropriations for the civil and diplomatic expenses of
the Government for the s ear 1841.
BRITISH STEAMERS ON THE LASES.—Some months since
the fact transpired that one or two war steamers were building
at Chippewa, under the directions of officers of the British
Government. We now learn from the Burlington Free Press,
that materials have been procured by the agents of the British
Government for a war steamer on Lake Champlain.
(From the New Orleans Bulletin of Feb. 20.)
TrxAs.,—The packet ship Neptune arrived yesterday morn-
ing, bringing Galvei,ton papers to the 17th, but which contain
litt'e news. We have conversed with a gentlemin who left
Austin at a late date, from whom we learn that the Texian
Congress adjourned on the sth instant.
Among the laws passed, one modifying the custom-house
duty is commercially important. All articles which have here-
tofore been charged an ad valorem duty, are hereafter to pay
45 per cent. ad valorem ; except sugar, coffee, salt, and steel,
which are to pay 15 per cent. All articles which have a speci-
fic duty, are continued at former rate..
No money is to be issued by the Government after,the Ist of
next March, except such as shall have been received for cus-
toms or other taxes.

I By another law passed at this •Session, all slaves now in
Texas are exempt from attachment for debt and seizure under
execution for five years. Also, emigrants hereafter to arrive
in Texas are to have their property exempt from seizure for five
years. Soveral gentlemen proposed to argue the constitution-
ality of the two last acts.

Five hundred thousand dollars were appropriated for the
support of the Government for the current year.
The navy to be laid up:in ordinary, except one ship and
one schooner, for coast revenue service.
The British barque Sarah arrived at Galveston in ballast on
the 16th.

MONEY MARKET.
SUNDAY, MARCH 7-6, P. ar.—The money market pre-
sents the same defensive aspect. MI parties are looking
forward to the receipt of the effect of the news of the bank
'failure upon the English ma' ket. And as is usually the
case, the reaction here is in a manner anticipated. It is
difficult, however, to estimate the full effects of the news in
England.
den hadaesft alr i
and. At our latest dates the rate of money was rising,
x
en, and the Bank of England had re-
commenced policy for causes other than those con-
nected with American affa,irs ; new alarms were beginning to
spread. The unfavourable news in regard to the United
States Bank had increased the excitement, and was closely
followed by the news of its total failure. The bills drawn by
the United States Bank were perhaps not accepted, and, if
they were,there is every reason to fear a proscription of all Au e-
rican paper on the part of the Bank of England. In either
event the reaction upon this market will be great among the
branches and connections of Liverpool and London in this city.
These houses are nearly all of them involved in the affairs of
the Bank. The Philadelphia partner of one was security for
the Bank to delay judgment in the case of the Boston creditors,
and all of them have been concerned either in indorsements
or advancing money to assist in resumption. The south-
ern bills drawn upon these parties are very difficult of
negotiation, and the foreign bills they create de-
press the rate, notwithstanding the recent large im-
portations. 'lhese are some of the causes which induce
the caution so visible in the movements of our banks
and capitalists. After the news of the failure of the
bank shall have been received, however, and its position
with that of the indebted States properly defined in the
London market, there will he nothing further to fear on those
heads, and the Stock market may touch bottom, allowing, by
lituo
nd sin , t
og an ; U.
CS. n Bank,n Canton 'moving fears of a further panic, of a rapid increase in the
already sound and lucrative business doing, based upon the
actual exchange of values.
Yesterday the Stock market presented very little change.
North American Trust and Banking Co. rose per cent;
Delaware
Harlem declined
I per cent.
improved Sales of
bills on Philadelphia, 5 a 56 ; Baltimore 411 a 5 ; New Or-
leans, 7i alO ; Illinois 6 per Cents, 1870, sold at 51. Let-
ters from Illinois state that there is but little hope of the
i an
;c1
s no
toimp
passnge of the Tax Bill.
Uncurrent money remains nearly the same, the general rate
being 3 a 5 per eent.
The British packet Sheldrake, Lieut. P ' h I N
assing am, 1. ,
Commander, from Tampico, arrived at Havannah on the 18th
with $900,600 in specie, for Havannah and England, to sail
next day for Falmouth.
We learn that the banks in Winchester, Va., have suspended
specie payments.
The continued fall in State Stocks seems
,to have ar-
rested that spirit of extravagance which has teen running
wild in most of the State Governments, perms
)Ivania, Lli-
nois and Indians, are standing on the brink of ruin. In
the 'former State the public mind seems to be rousing it-
self to the fact, that nothing but immediate taxation can
avert the impending destruction of credit. The whole debt of
Pennsylvania is scarcely $40,000,000, the annual interest on
which is about $1,700,000, estimating the taxable property in
the state at $200,060,7.00, a tax of (per cent. would be amply
sufficient to meet all demand,' and would be fully repaid by the
rise in value of stocks and property that would attend the re-
ismn interest falling due in July
storation of credit.
$BOO,OOO, and on the Ist ofoJuneoo text, $930,000 of prin-
cipal falls due, making $1,730' to be met before August,
been made by which and as yet no proposition has
may be provided. The market value of the stock is 70 cents.
and will continue to fall like that of
on the dollar, lllinois, un-
less something definite is done.
NEW YORK MONEY MARKET.
SALTS ON SATURDAY, mAncif 8, AT THE STOCK EXCHANGE.
2,000 dols Illinois 6's of 1870
10 shares United States Bank b3O ds 18
425... do.
do.
50... de.

150... do. ... do. .......................................... 17i
60... do.
150... do. . .111echanies' Bank
10_ do. ...Delaware and Hudson n w 89
150 .. do. .. ...... do. •••3 n w 89

THE SUN, LONDON, Tnults.DAY,_M..Ancll 25, 1841

271... db.
25... do.
19.. do.
100... do.
15:..d6......5tate Panic
..
. 93
300...d0...N0rth AinneilCan Trust' '' ' " bBO 21
150...d0... do
50 —do do sn w 20
25...d0 d 0... s lOds 20
250...d 0 do
50...d0 . do s 60ds 194
50...d0...8ank of Commerce, scrip ... s9o ds 944
20...d0 Mechanics' Banking Ass... 894
30...d0... do
9...d0.....0hi0 Lite and Trust 76
100...d0 Vicksburg
10...d0 do
5...d0 Eagle Insurance
25...d0 Canton
50...d 0 do
25...d0.. ... . do
50...d0 Patterson Railroad b 10 ds 45
7150..d0 5...d0 Stonnidongton
3.4
225. .do do ..........
50...d0... do .. b3o ds 31
25 .do ... .. do .. .
50...d0
30...d0... ...... Harlem ..
10...d0 do
50...d0 do ...
50...d0 do •
...b I() ds 274
270...d0 do
15...d0 do
100 ..do do ... .
SALES AT THE SECOND BOARD.
75 Shares U. S. Bank...
50 ..do do s 3 ds 19
50...d0......N0rth American Trust
200...d0... ..... ... do ...
50...d0 Delaware and Hudson 60 ds 89