The Sun.
London, England, 1841-12-11 00:00:00

FROM THE MORNING PAPERS OF THIS DAY.

POST.—The American papers received by
the last steamer from Boston notice, as a remark-
able filet, that in the midst of the downfal of
State credit and the breaking up of the bank-
ing system by which the recent history of the
union is distinguished, ''the country is in a
prosperous condition, and all the substantial in-
terests, embracing the welfitre of the masses, .are
in successful and !lealthy action." Agriculture
and manuflietures are represented to he both
thriving—commerce equally so, for while those
of the merchants who, neglecting. their legitimate
pursuits to engage in the speculative enterprises
which prevailed in 1535 and (3, have been swept
away, or are inextricably involved, a new race
have sprung up who are already carrying on "a
regular, safe, and lucrative business:" It is ex-
pected that many of those who have been crip-
pled for years will be emancipated from their
difficulties by the operation of the bankrupt
law, and that the new order will be stlengthened
by the accession of "men of industry and en-
terprise who, having been taught a severe lesson
by the experience.of the past, will observe cau-
tion and prudence for the future."
The effect of the " downfal of State credit,
and the breaking up of the banking system," to
which reference is Made, has not, however, as
yet, been felt in the full force that it will be in
the course of a short time. The Americans, from
the period at which they acquired their inde-
pendence, have been deemed the trustworthy
customers of the mother country, and their
credit in our markets has been unlimited; but
the state of the exchanges proves, beyond all
doubt, that the mercantile poSition of America
is undergoing a melancholy change. The result
of the late election for Mississippi was influenced
in a material degree by a party who have de-
clared themselves favourable to the non-payment
of the State engagements; to the robbery of
the British capitalist who has lent them
money for the prosecution of their public
improvements, by means of which they have se-
cured to themselves large revenues. Michigan has
sympathised largely in the finanancial sentiments
of Mississippi, and the immense decline which
has taken place in the value of the stocks of
Illinois and Indiana is, we fear, but too certain
an indication of the prevailing disposition of the
electors of those two States. The anti-bond
party have succeeded in returning their chosen
officers, beth legislative and executive, by large
majorifiee. The election turned upon this point
of robbery or no robbery, and, being decided in
favour of the former, the unprincipled demo-
cracy call it a " triumph."
It is not thought that the repudiation of debt
will be sanctioned by a general vote of the Le-
gislature, as that would be " an act-nf such out-
rageous dishonesty, an act so infamous in its elm-
meter, as to call down the scorn and execrations
of the whole civilised world." It. is considered
that the point aimed at will be effected upon the
silent principle of inaction—by the omission on
the part of the members to provide for the fitture
payment of dividends to the stockholders.
This conduct will be just as base as an open
avowal of repudiation, quite as well understood
by the world at large, and the consequence of
the adoption of so disgusting a course will be,
and in fact is, a total annihilation of American •
credit in Europe. The bonds of New York,
Massachusetts, Maine, Ohio, and a few other of
the States of the Union stand at a comparatively
high price iii the London market, and the in-
terest upon them will, we dare say, be regularly
paid as beretofbre, butt they are no longer the
negotiable securities they were,, and hence the
necessity to which the Americans are driven of
sending specie for all the purposes of trade.
The situation of America is precisely that of an
individual who, front a non-observance of good
faith towards those who have trusted hint, can ob-
tain no further supplies of the commodities lie
needs, otherwise than upon the payment of
money down. Her word, her bond, and her
honour are equally out of fashion, and although
the expedients of the banks may check the drain
of specie fir the moment, gold must continue to
flow this- way, or the foreign commerce of the
Republic must continue a dead letter.

Two Governors, namely, Reid, of Florida, and
M'Nutt, of Mississ►ppi, have plainly an►l un-
equivocally told the creditors of the States that
they will never be paid, and it remains to be
seen how far they will be supported in that view
of affairs.

TITHES.—A l;entle►nan from the City called
at the Treasury yesterday, where he gathered
that as soon as Parliament meets there will be
an inquiry into the Exchequer bill fraud; but
that there is no intention to appoint any com-
mission to decide upon the case of the innocent
holders of the forged bills. This is anything but
consolatory to the parties so situated, for a Par-
liamentary inquiry will be sure to occupy a very
long time, and then, for aught that appears to
the contrary, the point elicited will be, rather
how to prevent such frauds in future, than any
consideration for those who have been the suf-
ferers by them. Hence it is clear that nothing
is to be expected, either from the Treasury or
from any voluntary assistance, in the way of
promoting compensation, when Parliament shall
assemble, in which alone the proper remedy
must lie.

The suspension of payment by Messrs. Rocher,
Casanas, and Co., wine-merchants, was men-
tioned on 'Change to-day. The death of Mr.
Rocher, of Oporto, is assigned as the cause, and
it is said that the firm entertain hopes of ulti-
mately paying every creditor in full.
SUN.—There was a dull market for stocks to-day, but
apparently not the result of any depression, for prices
were even rather higher before the close of business. Con-
sols for special transfer rose from 891 to 891. For the Ac-
count the quotation was steady at 88i to!. Exchequer
Bills realised 10s. to 12s. premium. the Reduced Three-
and-a-Half per Cents. 98+ to 94. and the Three per
Cent. Annuities 88a to 881. Bank Stock was worth 165
to 1654,

As
iialtihivieesii increasedlv
were
Stockr e aat
sd causedde
culiliann dullness s of the markets abroad fur
oemde2a4lioif
tlit?at2n3eir
Portugueseltere . lle
New Five per Cents. realised 34. South American
Stocks were not dealt in. Braiil Bonds again ranged as
high as 631 to 641. Dutch Two-and-a-Half per Cents.
were worth 52i to 51i.
There were a good many bargains in !.!:11i.res to-day,
and at full prices. Lor.don and Birmingham were 74 ; Ditto,
Thirds 23 ; Great Western 19; South Western 184 prom. ,!
Brighton 13a; Manchester and Leeds. 3; Midland Coun•
ties, 17; North Midland New, 7; Eastern Counties, 15;
and South Eastern 241 dis. Provincial Bank of Ireland
Shares 16 prem., and National ProVincial of England,
New 5 premium.
The Foreign Exchanges were steady this afternoon.
The rates were as follow:—Paris 25f. 75e. to 771 e.; Ant-
werp, 12 31; Frankfurt, 150; Amsterdam, 12 41 to
Hatt:burgh, 13 104 to and Trieste, 952 to 53.

FOOLERY AND FASHION.—In the “ Journal
of a Residence in Great Britain," by two native Indians,
Nourogee and Merwangee of Bombay, which , has been
lately published, occurs the following passage,
to the opera, where the authors went to seeelative
aglioni
dance :—" Only think—one hundred and fifty guineas
low . sto nearly
every night to be paid in England to a woman to stand
seat herself
for a long time like a goose upon one leg, theta to throw
thr,)%rfrom one side of
one leg straight out, twirl round three or ft'ai
leg thus ex temletl,to curtsey so q • r tunes with the
upon the ground, to spring occasionally
an hour
the stage to another ; all of which '
six weavers in Spits!
not, on her part, occupy ;andluinithig about did
for that hour every evening, than
fields (who produce beautiful sills fur to get more money
r dresses) could earn
all of them, working fourteen hours every day, ii, twelve
months."—We do not wonder 'at the authors' astonish-
ment at this extravagant foolery of our English fashion-
much more would they be surprised— not
ables ; but how
to say disgusted—if they
e ute dancing-puppet,
ctleirb a
were told that those who lavish
isnuctlhi
.eviarsht
esaurmts to o
s on a
cannot find it
distresses of their ow single penny to relieve the
While
Marshal Cli • t.sel was recently at Algiers
he refused several' public testimonials of sympathy wllieli
were offered to lii
Rozey, Lieutenant-Coblonel
at a dinner given lam by M.
i el of
.the local
.National Guard,!
a toast thanking
Algeria was
proposed. The Marshal, in reply to it,
took. occasion to observe, that if it had been impossible
for him on the two occasions when he was Governor-
General to develop the immense germs of prosperity
which the colony possessed, it was only because the
means of doing so were never placed at his disposal.
" More fortunate than me in this respect," the Marshal
added, " General Bugeaud, who is a man of courage,
talent, and energy, will attain this object, we have every
reason to believe, unless the bad will which I had rtlways•
to struggle agaimt collies to neutralise his eflotts as
did mine.'
THE BARONETAGE.— Tile Right non. Sir
Robert Peel, as Prime Minister, has signified his inten-
tion of receiving, on Monday next, at the Treasury
Chambers, a deputation from the Committee of the Ila-
ronetate for Privileges, with a representation of their
proceedings (approved of by general meetings), relative
• to their chartered and patented rights, which have been
'confirmed by various Acts of Parliament, and subse-
quent Monarchs, since the Royal founder,
rights and privileges of the order are clearly defined as
the sixth degree of hereditary nobility.