The Sun.
London, England, 1841-06-26 00:00:00

to have stated a short time ago that only 150,0001. or from
that to 200,0001., remained in circulation. The affair of
which we have spoken may be devoid of truth, and
the Treasury bondholders should not at once adopt
the report as a sufficient ground for throwing away
their already depreciated property, but wait for such
explanations as may be offered upon the subject. If the
Spaniards have made an admission or the fraud, it has pro-
bably been from an intolerable consciousness of their consum-
mate knavery, or from a desire to show that, although there
might be a disposition to redeem the legitimate amount of
bills (150,0001. or 200,0001.) or to discharge the interest ac-
cruing upon it, 600,0001. sterling would be a more difficult
thing to deal with. We ought to add, that the Paris market
has exhibited no symptom of renewed issues of the bonds in
question. On the contrary, there has been so little doing in
them, and so few to be mot with, that they have not been
commonly quoted there any more than here. We would sug-
gest further, and this is a view of the case to which we call es-
pecial attention, that the rumoured abstraction of the unex-
changed bonds may be an invention originating with a set of
scoundrels who, while our Police Magistrates, with their large
salaries, occupy themselves in the investigation of petty thefts
involving losses to individuals of a few pence or shillings only,
are permitted with impunity and without inquiry to carry on
their depredations by wholesale.
If the act imputed to the Spaniards has been really corn-
mitt( d, it has to be seen whether it was in London or at Paris.
In either case, it is the duty of the Embassy to hunt out the
criminals concerned in it, and to prosecute them for the felony.
General Alava, the late Ambassador, always felt this Trea-
sury bond swindle as a cankerworm in his breast, and the
same discomfort awaits his successor unless it shall be re-
dressed. Villany so deliberate, so heartless, so ruinous to in-
dividuals and families, as the case presents, and in which the
Spanish Embassy is acknowledged to be deeply implicated, will
be followed up by its victims with a firmness of purpose, of
which some indication, though as yet hut a faint one, has been
afforded in the columns of this Journal. 01 that the Govern-
merit at Madrid may be certain.
HERALD.—The inaugurating address to Congress of the
President of the United States may be regarded altogether as
a temperate and statesmanlike document, and very commend-
ably free from that undignified vituperation which, and parti-
cularly it; respect of banking, fiscal and currency questions
commonly disfigured the addresses of General Jackson and Mr.
Van Buren. Mr. Tyler offers no decisive indication of his own
views or inclinations on the litigated point of the establishment
of another national bank. This he submits to Congress, re-
serving however his own right of confirming or repudiating
whatever decision that body may come to. Undoubtedly if no
other remedy can be found for effectively redressing the abuses
of paper money in the United States, and for reforming
those several hundred spurious species of currencies which dis-
order all the relations of commerce, agriculture, and pro-
perty, and disgrace as web as discredit the country in
the eyes of other nations, for almost every bank in the union
has its own distinct and peculiar circulation, the only differ-
ence in repute being the degree in which some are more
worthless and have fallen to lower rates of discount than
others, why in that case the sooner a national bank shall be
restored or decreed the better. It is quite clear that such an
institution, managed with ordinary skill, prudence, and inte-
grity, and placed beyond the possibility of control of such
slashing financiers as Mr. Biddle, and rigorously restricted to a
paper circulation convertible into specie at will, might operate
very wholesome changes in the economical fortunes of the re-
public, and not the least beneficial of these changes would be
that it would necessarily sweep off into one common insolvency
and by scores at once, that detestable swarm of bankrupt
state banks by which the whole community in their individual,
and also in their State capacity, are daily swindled and their
substance devoured. _

Vy➢lr. Tyler (the President) appears fully alive to the devas-
tations which these locust State Banks have worked, and are
still working, and therefore he enforces the " necessity which
exists for adopting some suitable measure whereby the un-
limited creation of Banks by the States may be corrected in
future." To such a measure the States themselves must how-
ever be consenting parties, for any attempted interference of
the Federal Government alone would assuredly be repudiated
indignantly as an unwarrantable invasion of those " State
rights," about the possible infringement of which the various
members of the Federation are so jealous and value so highly.
The President himself of course was perfectly cognisant of
these facts, for he suggests that such a " result can be most
readily achieved by the consent of the States to be expressed
in the form of a compact among themselves," to be carried out
with the sanction of the Federal Government, without which
it could not be completed.