The Sun.
London, England, 1848-01-18 00:00:00

AMERICAN AFFAIRS.

Naw YORK, DEC. 30, 1847.—Nothing of an im-
portant or decisive character has yet been done in
Congress. The committees are engaged, however, in
making the necessary arrangements for an active
campaign. Next week, in all probability, the scene
will open. The wants of the Government will be
large, as we are assured from all quarters that the
Administration is determined to prosecute the war
with renewed and increased vigour. To do this will
require a large expenditure of money, which can only
be procured by means of lef‘ns.
The money-market is at present very stringent,
and the aspect exhibits the probability that it will
be more so. Yesterday and to-day there was some-
thing like a panic in Wall-street. It may, indeed,
have been produced by artificial means, brought to
operate upon timid minds ; but there it was, and
unless allayed before the close of the week, its effect
must be injurious.
Under the circumstances of the case, the best in-
formed men ere at a loss to explain or understand the
financial movements of the Government. I will state
a fact. A short time since a house in this city wished
to remit to England a sum in gold. They addressed
a letter to the Secretary of the Treasury, informing_
him that they understood he had a large amount of
sovereigns, which he proposed to send to the Mint
and convert into half-eagles. They,
therefore,
in as l
an
economy to both parties, offered 50,000 dolls.
half-
eagles for 50,000 dolls. in sovereigns. To this ar-
rangement the Secretary assented, and the contract
was closed.
Shortly after the same house offered, on the same
terms, to exchange 500,000 dolls. in amount. The
Secretary declined the arrangement, and immediately
ordered 500,000 dolls. in sovereigns to be sent to the
Mint, and coined into half-eagles. The motive for
this movement is beyond the ken of the uninitiated.

It is said, however, to have for its object the prohi-
bition of the exportation of gold.
A loan for 15,00Q000 or 20,000,000 of dollars must
shortly be negotiated. Congress will not authorise
it to be sold at a fraction under par for a six per cent.
stock. Money-lenders think it cannot be obtained
on these terms ; and this opinion is sustained by the
present value of United States stocks—say Six per
Cents., 1; to 1 under par; Treasury Notes 1 per
cent under par.
There are some few people, supposed to be far-
seeing and sagacious, who entertain, or pretead to
entertain, strong apprehensions in relation to our
banks. I have free access to several of the most
discreet and intelligent managers of these institu-
tions, and I have not found an individual among
them who has expressed or experienced the least
anxiety on the subject. All consider anything like
alarm ridiculously idle, and confined to the weak -
minded.

You will notice in the journals which accompany
this letter the latest accounts that we have from.
the seat of war. Rumours continue to reach the
United States of a pacific character, but they have
in reality, not the shadow of a foundation in truth.
The Mexicans are becoming daily more malignant
towards the United States. The hanging of de-
serters, and those who have violated their parole,
produces no effect but the desire of revenge in the
living. Ido not wish to examine this subject in de-
tail, and therefore refer you to the newspapers of the
day; they contain all that we know in relation to the
war and the movements of the army.

There is no doubt the Administration are heartily
sick of the war, and would 'gladly creep out of it if
they could; but such an attempt would heap upon
them shame and disgrace mountains high. The
immense loss which the country has sustained in
killed and wounded, with the additional conidera-
tion of an accumulated and accumulating debt, is be-
ginning to attract public attention. When General
Jackson retired from public life his pride and boast
was, that during his Administration the whole of the
national debt accumulated in two wars had been paid
off. Only a few years have passed away, and one
of his successors (Mr. Polk) has illegally and
unconstitutionally commenced a war against
Mexico, which, in eighteen months, has
emptied an overflowing treasury, and created
a national debt of nearly one hundred mil-
lions of dollars, with a certainty, if the war continues,
as it doubtless will, of adding to it an incalculable
amount. And all this distress and misery is brought
upon the country without producing any effect upon
the enemy, of the slightest prospect of conquering
a peace. Such is the difference between the states-
men of 1837 and 1847. What will be the situation
of the country ten years hence no thinking man dares
to inquire.
if the Administration succeed in inducing Con-
gress to grant all it requires to carry on this war
successfully, they will accomplish more than I believe
they can accomplish. Many of their adherents, how-
ever, appear to entertain the most sanguine hopes
that the President will succeed in all he wishes, and
that the effect will be, first, the complete prostration
of Mexico, and then the annexation of that country
to the United States.

The presidential question is exciting the whole
community. The question who shall be our next
President occupies almost exclusively the attention
of nearly every politician in the nation. It is too
early to hazard a decided opinion. It is certain,
however, that all parties appear to fear the influence
of Mr. Clay, which may produce a combination
against him.

A GENEVESE TRAVELLER.

—Times.