The Sun.
London, England, 1848-03-06 00:00:00

AMERICAN AFFAIRS.

NEW YORK, FEB. 12.—The question of peace
cr war, and the manner in which hostilities are
terminated,to hterminated,is daily undergoing the most
exciring discussion within the Halls of Con-
gress, and occasionally beyond those halls.
There is no longer any doubt as to the hopes
and views of the President and his advisers; the
annexation of the whole of Mexico to the United
States is the great object of Mr. Polk. In the ex-
pectation of accomplishing it, he will put at hazard
his own overthrow and the overthrow of his Cabinet

Ministers.
The law to raise the additional regiments, yet pend-
ingill before
r e the
e Senate,;
o is a part of the machinery, by
n
means of which two things are to be effected :—first,
theannexation
d, the re-election of Mr. Polk.
o second,
This law, as I have heretofore stated, would place
at the disposal of the President 500 or
600 appointments. These commissions would be
issued with due regard to the pliancy of the indi-
viduals thus commissioned, and with an understanding
that their political services, in reference to the two
objects above stated, would be forthwith required,
and for this purpose they would be immediately
employed in the recruiting service.
The Ten Regiment Bill has been under discussion
in the Senate five or six weeks. The Administra•
tion urges with great earnestness its prompt passage,
apprehending advices fro:n Mexico of a pacific
character. Its fate in the Senate, on a final vote, is
doubtful ; but in the House of Representatives there
is no doubt. It will be defeated.
The next
is hbienelfpoiiregtaitnnhatel Bill
dolls.i It
pending question is the Loan
B
House, in Committee of the
whole.
e
will be 80 amended as to reduce it to
16,000,000 dolls. It is the wish of the Administra-
tion to have the Bill so inodified as to authorise an
issue of 8,000,000 dolls, or 10,000,000 dolls. in Trea-
sury notes. To accomplish this great efforts will be
i made, but from present appearances unsuccessfully

made.
There will be a long and probably exciting debate
as to the terms upon which the loan may, be granted.
The Whig party will oppose a higher rate of interest
than 6 per cent., and any sale or sacrifice of stock
under par. In the present position of the money-
market, on these terms the loan will not be taken.
It would be, however, if intelligence of a pacific
character should be received from Mexico indicating
anything like an early peace.
There is a strong and growing feeling in the Whig
ranks of hostility to the war. Under these circum-
sgtoa,naclels
appropriations
partyo pa
rtwills for
refuse, as far as their votes will
carrying
on the war, with a
view to new aggressions, for the purpose of conquest
and annexation. You will perceive, in the Senate
debate a fluttering in the Locofoco ranks. Mr. Cass
and other leaders of his party deny any wish to annex
the whole of Mexico. But these denials are considered
mystery
however, by the ruling and uncertainty. It
as mere words, and words of an evasive character.
Everything in relation to Mexico and Mexican
mayaffairs
be
ei
consideredenveloped
as
decided, ein c
le
powers, to hold, for the present, the territory our
army has conquered, and to compel the people of
Mexico to supply and support the conquerors. For
this purpose the whole revenue of the country will be
collected and expended by American tax-gatherers.
sTulicecess. operationN f
v haars ci\orr.menced, and it is said with
Yolks anticipations on this
subject may be realised a few months will de-
cide. It is understood that both the President and
his Secretary of the Treasury are sanguine that
when they have their whole machinery in operation
they will be able to realise at least 20,000,000 dolls.
per year, but no intelligent man of either party hopes
for one half this amount.
There is great commotion in the Government ranks.
Mr. Polk is pulling down his generals, but especially
tliu3e who may in a few months, if not weeks, stand
in his way as candidates for the Presidency; and
notwithstanding appearances and declarations to the
contrary the great question which agitates both
parties, and for the time being smothers all other
questions ir, " Who shall he our next President ?"
Both the great political parties have resolved to
have a convention to nominate candidates for Presi-
dent and Vice• President, and they have fixed the
day when these Conventions shall meet and proceed
to nominate. The friends of General Taylor, and
the General himself', so far as I am informed, pe-
remptorily refuse to receive a party nomination. How
4, long they will continue in this novel position is very