The Sun.
London, England, 1841-12-18 00:00:00

Atit,

LONDON:
SATURDAY, DECEMBER 18, 1841.

The.._—.4.—
thQ ilews recently arrived from Americads
hoyf
;14811°1)41e repudiation of the State Bon.
'4 tht,-te of Mispsissippi naturally excites distrust
Illst, paper securities of all the American States.
made
4;Aiti ang loud complaints, properly
Tor jstutilis meditated injustiacree.
•qty (4 mrnals have not neglected the opportu-
Of course, the
Nad sneering at Republicanism, and have. ant,
41sst,-B;Peken of the conduct of the inhabitanitst
be
Ir3lll4telitiolltillitia-ies a proof of how little relianceca
and
decisions of popular assemblies
er
their Principles of the multitude, wheneves.
kry, 1111 terest is concerned. It is hardly nee
liltribe°wever, to remind our readers, when
°,lllO ,-,,5,11re daily poured forth on the utter want
'14;144 -ti"'y in the Governments of Spain and Por-
k' in 'lEit dishonesty in loan transactions is by
')esilf(-,ns Peculiar to Republics. Indeed, it may
1 eIY Sill
114 Co, (1) as the Republic in such transactions.
'llll-41e after several Monarchies, that it has
That its dishonesty from them.
ktive dsillgie remark might suffice for a compa-
-1111, -Thelence of the Republic; let us, however,.
`lQt Nt: 'v°id cavils, that the Bank Restriction
iCktiqn'ts' in truth, a repudiation of pecuniary o
the
Nrre:' which led to the gradual extension of
''teilj)r' and the -robbery of all creditors to
_tlnie..
,l'lntii,°F 30 Per cent. Nor is there a single Uo,
Is'illilitpiiit Qf Europe which has not been guilty‘,_.o:
4r(211: ;rands. The financial history of the
time
Of t " GOvernment of France, from the ti_s.
liont.,'l‘‘,.) Was one unbroken succession of di
cro, financial expedients, till they were finallyas
tiR447.1 by the wholesale confiscation of the
like
Ill,kin f, sYstern, during the Revolution. In
"•'in,,r tile Governments of Austria, Prussia,
(14,,irrk) Sweden, Russia, &c., &c., subse-
,lll')liej to the general introduction of paper_
'"etaiii.--Prior to which they continually debased
l'Nit..e' coin, and so continually cheated their
Ll4nksor"---seized hold of the management o
paper 'yr established them, and issued a spurious
iti vab:o their own name, which was depreciated,
klyB "xie from 1,000 to 30 per cent. " In 1810/
Pl'ep,ix; SToacx, to quote an example of ad.
iSant ,:°nareby, the _depreciation of the fbrce
ctli„,l PaPer (money) in Austria, was such,
tllii..t-' a silver florin exchanged for twelve or
!Ilk:" Paper florins." The most fraudulently
nlst,'l:ed, bank in the United States supplies no
tlielge of greater fraud than was committed
.iy
kU,'•,. —°vernment of the empire of Austria.
eo ,
'tire I et, when its creditors asked for payment
14011sed them at the point of the bayonet.
/14;; circumstances prove that whatever frauds..
4tic, .14ve.been committed wider Republican in
1447 t ions, with State Stocks and State-papers
tetlICY) they may be fully matched by what.hal-
(in‘? - dune under the most pure Monarchical
rn
suc , tnents of Europe.
proof, Btuteinents, let us add, are some of
dth—e
that
1.1----many more of which could be adduce
in tt Ali many
who possess political power, whether
"Publics or Monarchies, should not also be

intrusted with the power of issuing paper money.
In fact, that is a branch of commerce which
ought to be left, like every branch of commerce—
like growing food, or making cloth—exclusively
in the hands of private individuals. At the same
time, the publicity which all transactions re-
ceive in a Republic, necessarily prevents the
State there from suddenly and secretly inflicting
injury on public creditors either at home or
abroad, as very frequently has been done in Mo-
narchies by the despotic decrees of their rulers.
In truth the very action we are now discussing
is a proof of the superior advantages possessed
by the Republic. When the Monarchical Go-
vernments of Spain and Portugal resolved to
postpone the payment of the interest of their
debts, and to render them nearly valueless in
the market, they did so at once by a decree, and
there was no redress. The intention to do some-
thing of the same kind in the United States is
first made known, next it becomes the subject
of discussion in the public press, and influences
the election of the members of the State Legis-
lature who will have to decide on the question;
and finally the whole proceedings in that Legis-
lature are open to investigation before the deci-
sion is come to. Thus, the parties interested
in the decision, though they live in Europe,
have an opportunity to bring the force of public
opinion to bear on the State and inhabitants of
Mississippi, and induce them to come to an
honest decision. Moreover, the whole of the
original transactions were subject to repeated
discussions, and the transgression of the Consti-
tutional law, in the course of those transaction 3,
on which the repudiation of the bonds is now
founded, might have been known to those who
lent their money, and should have excited their
suspicion. Nothing of the kind could be known
in despotic. States, where the conditions offered
by the Governments on contracting the loan,
and the decrees repudiating them at pleasure,
are all which the plundered creditors have to
console them for their loss.

The course which the people of Mississippi, it
is said, mean to take in respect to the debt they
have already contracted, seems indefensible.
At the same time, when we see the name of
NicuoLits BIDDLE and the United States Bank

mixed up with the transaction,—when we recol-
lect the manner in which sundry loans have been
brought out on various stock exchanges, the
contractors knowing, perhaps, as was probably
known in this case, that there was something
disingenuous in the concoction of the loan, which
they nevertheless puffed off to the skies, and

having sold all the scrip, operated to reduce its
value in the hands of their dupes,—we must say,
when we know and recollect these and similar
circumstances, that the people of several States

have come to a wise resolution not to allow the
States in future to contract any such obligations.
National and State debts, even when contracted,
as many of them have been in America, to pro-
mote internal improvement, are a heavy yoke
and bondage to all succeeding generations.

We are indebted to the Morning Post for
abridgement of an excellent lecture on the war
between Great Britain and China, delivered at
a meeting of the Massachusetts Historical So-
ciety, by that eminent statesman and patriot
JoHN QUINCY ADAMS, ex-President of the
United States. As Mr. ADAMS had dis-
tinguished himself throughout the Ame-
rican Union by his bold and uniform de-
nunciation of slavery, domestic and foreign,
and as on every occasion he seeks to base even
his political views upon the code of morals
contained in the New Testament, the religious
world will naturally feel eager to learn his
sentiments upon a dispute which attracts
the attention of the whole civilized world.
Well, Mr. ADAMS justifies the war on the
part of England. He even does more, for he
ex pressesa stonish men t that, after the provocations
which we received, war was not sooner resorted
to by the British Government. He considers
that all Christian States trading with China have
a right to compel the Chinese Government to

treat them upon a footing of perfect equality. It
is curious to find JOHN QUINCY ADAMS express-
ing- as his decided conviction an opinion which
has -over and over again been repeated in
the leading columns of The Sun during
the opium controversy—namely that war was jus-
tified at the instant of the lamented Lord NA PIER'S
expulsion from China. This opinion of ours was
ridiculed and attacked at the time by several
of our Contemporaries—it found no echo i❑ the
Cabinet; and yet now we have the ex-President
of the United States bearing his testimony to its
justice and sound policy.

There is a dearth of political news in the
French Journals of Thursday. The Opposition
papers only await the sentence of the Court of
Peers upon DUPOTY, editor of the Journal du
Peuple, to declare war to the knife against
that tribunal. The Peers, on their part,
are eager for a conflict with the Press, the
liberties of which they are bent upon crushing
at any and every risk. If the Court of Peers
find M. DUPOTY guilty, it will have scattered to
the winds the Charter of 1830. What revolu-
tionist will afterwards hesitate to follow the ex-
ample of the Peers.
It will be recollected that the Company to which the
Britannia steamer belongs, was sentenced to pay 700,000
francs to the Phenix Company, or to give up the boat,
which caused the accident. The boat was seized, and
declared to be a French vessel (Francaise), and
was on the point of resuming its service, when
in order to get rid of a competition which would
destroy its monopoly on the line between Havre
and London, the English Company has thought
fit to claim from the Phenix Company 50,000 francs, as
an indemnity fur the damage su&red by the Britannia
in sinking the Phenix. Thus, if an incendiary, set-
ting fire to a house, should have his hand burnt, the
owner would be bound to pay for salve to cure the wound.
—Commerce.. • _ _ _ _ . _

The German Journal of Frankfort mentions that the
States of Brunswick have, by a majority of 33 to 13,
decided that the Grand Duchy shall, from the Ist of next
month, join the German Customs Union, in virtue of
the treaty of the 19th of October last.
A letter from Posen, of the 2d inst., states that Count
d'Arnim had set but for Warsaw suddenly on a mission
of importance, which was supposed to relate to some in-
tended modifications of the restrictive Customs system
on the Russian frontier.
BOURSE—PARIS, THURSDAY, DEC. 16.

r hat Highest Lowest Last
Price Price. Price. Price.
French 5 per Centi lid 10 ... ,16 50 ... 116 0 ... 116 45
4 per Cents lOO S 5 ... 1. 0 85 ... 100 85 ... lOu 85
3 per Cent.. ex div 7B 20 •18 30 ... 78 20 ... 78 25
Loan
lank of crane.,
Latritte Rank' LOOM. Si area lu3 k 25 ...1e26 25 ...1035 ...11l- 5
.5,0001. St=ares 3860 ...5060 ...1055 ...5055
etelrrian Rank
Belgian 3 per Lent,., 1840 lO3 ... 103 ... 103 ... 143
.1....i5n Active 24% ... 2134 ... 24% ... •:AK
Passive 5% ... 5% ... 5% ... 5%
Meapolitar, ,ex div.
Roman..., . 102% ... 102% ... 102% ... 1(12%
Portuguese 5 per Cents.
RAILWAY SHARES.
St. Germain
Konen
5.‘,41/, .. , 4BO ... 480 ... 480 ... 41-0
Mulhausen to Thann 383 ... 385 ... 385 ... 38.5
'Li...waft° Ban .shares red 2:.,0 . 225 ... 220 ... 2:3 75
____....._.__

We have received Madrid Journals of the 9th
inst. The abuse of ESPARTERO by Mr. O'CoN-
NELL has excited the general indignation of the
inhabitants of that capital. Mr. O'ComiELL has
an old trick, of which it is, we fear, too late to
cure him, of speaking a great deal of matters of
which he knows nothing. Mr. O'CONNELL un-
derstands the state of his own country better,
perhaps, than any man in it, but he is
out of his element when he attempts to dis-
of foreign policy, upon which
cuss questions
We always find him displaying profound
ignorance. If the people of Madrid were only
aware of Mr. O'CONNELL'S habitual blunders in
this way, they would pay very little attention to
what he says of the Regent.
On the Madrid Bourse on the 9th Fives closed
at 321 fur cash, and 331 at sixty days. There was
but little business doing.

The Judicial Committee of the Privy Couneil
sat this morning to hear Appeals. There were
present :—Lord W harncliffe, Lord Brougham,
Mr. Justice Erskine, and Dr. Lushington.
Lord Aberdeen arrived in town this morning
from Windsor Castle. His Lordship presented
the new Danish and Saxon Ministers to her
Majesty yesterday,, on their arrival in this coun-
try; and on Thursday presented the new Ame-
rican Minister, Mr. Everett.

The Marquis of Clanricarde, British Ambassador at
St.Yetersburgh under the Melbourne Administration, has
just arrived at Paris.

~.

'SUMMARY OF NEA

AND
litibitt Opinion.

" Who runs may read."

FOREIGN.
Civil war continues to devastate Syria. The Chris-
tians and Druses are slaughtering each other without
mercy. The Druses supplied by Nczibe Pacha, the Go-
vernor, with ammunition, have ravaged and burned the
whole country surrounding Deir-el-Kamr. The Eng-
lish-Consul-General at Beyrout affords the fly ing Chris-
tians all the protection in his power. The Druses want
a Napier among them.
The correspondent of the Chronicle, writing from Con-
stantinople on the 24th of November, thus alludes to the
state of Syria :—" Syria, for the last eight months, has
presented the most lamentable picture of local misrule,
intrigue, mismanagement, and insubordination that was
ever witnessed in that, or in any other portion of the
Ottoman empire. French, English, Austrians, Russians,
Egyptians, and even American missionaries have all been
actively engaged, and all apparently acting upon diffe •
rent views and systems,.and moreover with different ob-
jects. The result is, that Syria is in a worse condition
than it ever was under Ibrahim Pacha, and the Porto.has
little left but to regret a restoration which, in its effects,
is worse even than a privation. So much so indeed, that
no one must be surprised if the Sultan were ere long to
propose to restore the temporary pachalic to the son of
Mehemet Ali.

M. de Lurde is appointed Minister Plenipotentiary of
France at Buenos Ayres.
The Council of Commerce, Agriculture, and Industry
was opened on Thursday' by the Minister of Commerce.
The principal questions to which he directed their at-
tention were the importation. of cattle—the question of
beet-root sugar—that of iron, and of a modification of
the tariff in general connected with the projected treaty
with Belgium.
Extract of a letter from Berlin, dated 6th inst.:—
" The commission of Plenipotentiaries on the German
Customs Union has already held two meetings, under
the Presidency of the Minister of Foreign Affairs.
Hitherto, as we learn, they have been exclusively en-
gaged upon the question of sugar' duties. The repre-
sentative of Electoral Hesse has declared that his Go-
vernment will never encourage the manufacture of beet-
root sugar, but the majority of the Commissioners
from the north and south of Germany are favourable to
it. The accession of Austria is talked of, and the negotia-
tions with Hanover are going on well"
Another correspondent writes on the Bth :—" It has
been decided by the Commission on the Customs -Union
that, from the Ist of January next, the duty on lump
sugars shall bO raised to ten rix-dollars the quintal.
India sugars will remain at five rix-dollars. The Envoys
from Saxony and Electoral Hesse have not yet been
heard, but are waiting for further instructions from their
Governments. There is no doubt, however, that the
tesolutions will be adopted unanimously.
Our Levant mail, with letters from Constantinople of
the 27th, Alexandria of the 26th, and Smyrna of the
29th, has arrived. The five Turkish vessels prepared
for sea, which so much disquiet the French press, are
probably to whiter in a harbour on the Albanian coast,
and some of them at Volo. Zekeriah Paella had re-
turned to Constantinople.