The Sun.
London, England, 1834-02-21 00:00:00

Thepossible consequences of the crisis in the United States
to this market continues to be a subject of much discussion
and some anxiety in the City. A view of it will, therefore, be
useful in letting the public, as well as the initiated, know
something of the real state of the case. In general the impres-
sion is that the quarrel between the United States' Bank and
the Government is the sole cause of the panic, but this is an
error; it merely applied the match to a heap of combustible
matter accumulated by over-issues of paper money, and a long
series of other injudicious banking operations. One fact
alone is suffic:ent to show this, when it is stated that one esta-
blishment, the United States' Bank above-mentioned, increased
its issues of notes between the end of the year 1830 awl the
month of February in the year 1832, from 42,000,000d5. to
70,000,000d5. Within that interval a mania commenced in
New York, Boston, Baltimore, Philadelphia, and the other
large cities of the Union, only to be paralelled by our own
bubble-year of 1825. Rail-roads, canals, and banks were,
however, the favourite objects of speculation. In August,
1831, a prospectus was issued in Philadelphia for a new
bank, with a capital of 4,000,000 dollars, when,
such was the eagerness to obtain subscriptions in it, that
men had their coats torn from their backs, and women
(for they also partook of the mania) fainted from the extreme
pressure of the crowd. At this time no names were given, no
list of directors for the new bank was published, but the sub-
scribers were to ptit their names and the number of shares they
wanted into a letter-box in s house fixed upon for the purpose.
On this occasion the subscriptions amounted to 40,000,000 of
dollars, that is, to ten times the capital proposed to be raised.
With the additional supplies of paper, however, from the
United States and other banks, all went on smoothly enough,
till the removal of the Government deposits from the former,
and the subsequent differences, compelled the whole of them
to contract their issues suddenly to an enormous extent, and to
call in the greater part of the outstanding engagements with
them. This was the commencement of the crisis. Nothing
was heard on all sides but the complaints of ruined speculators,
making up their accounts as well as they were able, and meetings
of directors of the different bubble companies to make arrange-
ments for winding up and abandoning them. Next began the
action of this state of things on the solid and substantial un-
dertakings with which the Union abounds, and on the ma-
nufacturing and mercantile interests. Money bad become so
scarce that it was not to be had but on the ruinous terms of 2
or even 3 per cent. monthly, in consequence of which all bu.
siness was paralyzed. Men of real credit and substance pre-
pared themselves to weather the storm by shipping off what
goods they possessed to England and the continent of Europe,
in order to obtain specie in return for them, at the same time
sending out orders to stop all purchases of manufactured and
other goods in this country and elsewhere. Bills on London
were so scarce that they fell from 8 or 9 premium to par—a
circumstance which has not occurred for 20 years before.
Besides these, large amounts of subscriptions in the stock of the
different states of the Union have been sent off to Europe for
the purpose of borrowing money on that security. In fact,
there are no means of raising money abroad which have not
been resorted to. The calculation of persons conversant with
American business, is that specie to the amount of from
25,000,000 dollars to 30,000,000 dollars must be imported into
the United States before affairs can be restored to their natural
level.

This is the exact state of the case, according to the best in-
formation current in the city, as regards-America ; and the
point debated among our capitalists is, whether England can
supply her share of the sum required, without deranging her
own money system in a serious degree. There arc men of
good judgment and dispassionate views to be met with here
who maintain that she cannot ; that a material depression of
the foreign exchanges will he produced by it; and that the
Bank will be compelled to contract its issues, with all the train
of consequences which usually follow, and with which all
moneyed men are sufficiently conversant. We consider this,
however, a mistaken notion, at least in the degree to which
it is carried, and that this arises from overlooking the consi-
deration that the UnitedtStates will obtain supplies of specie
from France and other European countries beside England,
and that even from Mexico large shipments of dollars may be
made, which will have the advantage of being nearer at hand for
that purpose, and the sum distributed will form an unimportant
drain on the London market, where money, it should be ob-
served, is more abundant than has .been the case for a long
time before. Still it must be allowed that it is extremely pro.
per to direct public attention to this subject, which will be of
some service, if it only checks the mania for speculation in the
foreign funds which now prevails at the Stock Exchange, and
which must suffer great impediments at this moment, even by
an increase, otherwise'immaterial, in the value of money.
There are other considerations connected with the crisis in the
United States, regarding its action on our manufacturing inte-
rest, by whom it may be more seriously felt ; but on this part
of the subject we meet with conjecture chiefly, and no approach
to accurate information. The actual transmission of specie
hence to the United States is not believed at present to have
exceeded 1,000,000 dollars, of which 500,000 dols. have been

. . . .
sent by one leading capitalist, and the remainder by other
houses.— Times.

IRISH TITHES BILL.

(From the Times.)

The Bill of Mr. Littleton proposes to substitute a lend
tax instead of the present tithe system, and is to take
effect from and after November 1, Mt. The tax to be
collected on those who at present pay the composition, is
to be collected by the Commissioners of Land Revenue,
and is subject to the same mode of collection as the quit
rents in Ireland : the advantage to 'the landlord consists in
being relieved from the vexatious system that has so long
been complained of in that country—the advantage to the
clergy in having a secure payment, with a deduction pro -
pottionate to the risk and uncertainty attending tithes.
The value of the tithe seems to have been fairly taken by
making it dependent on the value of land in the different
districts of Ireland ; and as it is proposed that the tax
shall be redeemable, and as soon as may be converted
into land, it is intended that the value of each 1001.
shall be p- rp:tuated in land of the value of SOL The
questiL n is one of great importance, and if the amount of
tithe is to be collected at all in Ireland, the present plan
seems a fair one in reference both to the tithe.payer and
tithe•owner. To those, indeed, who contend that tithe
should not be collected in Ireland, this Bili cannot be ac-
ceptable; but the people of England will never consent to
sacrifice so large a sum, which, if not brought to the ac-
count of the state, will go into the Irish landlord's pocket,
land must be eventually paid by England. The plan is
a good one, but good only as it affects the collection of
an impost due to the State and not at all as affecting the
future appropriation of the revenues to be collected. The
abuses of the Irish Church,—the sinecure parishes,
where no duty is done, because there is no duty
0 do,—the parishes in unions, without a Protestant
parishioner or parish church,—and the p irish
churches, built for the squireen's family, and not
fiequented by any other individual, are, thank God, not
affected by the Bill ; and i! the Government do nut shortly
take up the question of appropriation, the House of Com-
mons will not do their duty to their constituents, if the
whole question is not brought before Parliament. But in
furtherance of this most desirable object, this Bill should
first pass into a law, anti the Members of England and
Scotland, unacquainted with the details of Irish church
.buses, should be in possession of the report of the Com.
missioners, and of some most valuable returns moved for
tt the close of the last session by Mr. Stanley, Member
for Cheshire. When these reports and returns are before
the House, it is clear that an hour should not be lost in
exposing the abuse and remedying the defects, by making
a different appropriation after the death of prevent