The Sun.
London, England, 1829-01-10 00:00:00

AMERICAN PAPERS;

In consequence of the strong easterly winds, the
Britannia packet ship, from New York, arrived off
Liverpool, had not been able to get into that puff.
The Leeds steamer, from Dublin,. had been along-
side of her, and brought up the letter bag. The pa-
pers are to the 17th ult.
A report hsd reached New York, that peace had
been made between Colombia and Peru. The ac-
count comes by way of Jamaica, where they had re•
ceived letters from Bogota of the 23d October.
These American Papers have brought us a docu-
ment of considerable importance, which ac( ompanie I
the President's Message, and was laid by him, with
others, for the consideration of Congress. This
document is the Report from the Treasury. 7---
Though usually confined to the financial operations
of the year, it is extended, in the present instance,
to those of the three preceding years, and to their
results. We shall give a brief outline and summary
of the whole.

Rush, by whom, as head of the Treasury, this
Report is made, commences by confirming the state-
ment of the President, that the' Revenue of ISkB
had exceeded the estimate of Congress, while the
expences had not one-beyond' tfie lfinittepre-eribed
by law, with the exception of those occasioned by a

greater 'reduction of the public debt than had been
anticipated, in consequence of a surplus in the Tra-
sury arising out of the increased receipts. He very
justly observes, " that it is 'amongst the highe:it
duties of a nation, faithfully to keep to its pecuniary
engagements, and that there need be no better de-
monstration of its pecuniary ability, than when it is
seen to pay off with promptitude and. punctuality its
funded debt." He then states, that in 1825, the

amount paid on account of the debt, was 12,099,044
dollars, not, however, wholly out of' a surplus Re-
venue. In 1826, there were paid 11,039,441 dol-
lars, all from surplus Revenue. In 1827, 10,001,583

dollars, from a similar source ; and in 1828,
12,163,566 dollars, also from surplus Revenue, mak-
ing for the four years, 45,303,642 dulls., 30,373,188
of which had been applied to the reduction of the
_ _

principal, and 1030,414.5 to the payment of the in,
terest. He also states the important fact, that the
whole of the reduction operated on the part of

principal which bears the high interest of 6 per cent.
-s not astonishing, therefore, that, as Mr. Rush
" whatever the considerations of public

:ells us,

policy may be that have made the rapid extinguish-
ment of the debt a favourite object with the nation,
the public creditor regards it individually as a hard-
ship to be paid off."
By an Act of Congress passed in 1817, a Sinking
Fund of ten millions of dollars, applicable annually
to the payment of the interest and the redemption
of the capital of the debt, was established. That
Act, which only began to operate in 181 S, bed, pp
to 1825, never received its full execution, from Ma-

bility on the part of the Treasury. • But since that
period, the deficiency has been entirely made up 10,-
the excess of annual payments, and no arrears Fe-
nian at present due to the Sinking Fund.
The total sum paid since the cemmeneement ,of
1818 to the close of 1828, an account of the debt,
is
.146,6(39,773 dollars (36,667,4131. sterling), of
which 88,831,108 went to the reduction of the
cipal, and 57,835,661 to the payment of interest.
" Facts like these," Mr. Rush justly tells us, " at-
test the true character and value of a :Sinking, rued.
which can only be effectively such, when income
exceeds expenditure, and a clear surplus front the
former is steadily applied to the diminution of die
Debt." This is the principle on which the future
operations of our own Sinking Fund are to be COI..
ducted, and as the flourishing state of our Revenue
now supplies us with a yearly surplus, our progress
will, we doubt not, become as regular and as satis-
factory as that of the United States.
The next points on which the Report touches are
the state of the funds and the amount of the im-
ports and exports. " The Stocks of the United
states," we are told, " keep en elevation above
par, indicative of the high credit of the Government,"
The three per cents. in particular, are favourites
both at home and abroad, because they are the hiet
to be redeemed. Since 1821, their price has ranged
from 80 to 85.
The importations into the United States, during
the last four years, amount in value to 350,202,469
dollars; the exportations, during the same period,
to 337,202,426 dollars ; the balance in favour ,of
foreign trade is, therefore, 13,000,013 dollars. It
may even be considered greater, for the experts of
domestic produce and manufacture amounted
only to 233,690,035 dollars, and the remaining
101,133,391 were re-exportations of foreign com-
modities. The imports and exports for the four
years preceding 1824 were much less considerable,
but maintained a similar proportion in favour of the
foreign trade.
The receipts into the Treasury during the last
four years amounted to 97,957,559 dollars; the
disbursements to 95,585,518, of which 14,000,000
were expended on internal works to benefit the
country, and unconnected with the civil, military,
or naval establishments. The receipts and exr eases
of the four preceding years were also considerably
less, but much more nearly balanced. The positive
increase of Revenue during the period ending with
1828, exceeds 18,000,000 dollars, and is said to be
derived wholly from the Customs. The average in-
crease of income in every year is estimated at
upwards of twenty-four per cent., while that olthe
expenses is only 10 per cent. The augmented con-
sumption of foreign articles during the same time
averages 18 per cent each year.
The shipping of the United States is believed to
have increased during the same period; but the re-
turns were Hot sufficiently correct to speak with pre-
cision. The whole mercantile shipping of the
Union is estimated at 1,50,000 tons, while in 1818
it was only 1,200,000.
The Report then descants on the prosperity of the
country advancing rapidly ill all its branches; and
dwells with particular satisfaction on the benefits
derived from the services of the Bank of the United
• States, in the collection of the Revenue, and the
payment of all the public charges. It also bestows
high praise on the judgment with which it confines
or enlarges its issue, so as to restrain excessive spe-
culations or to relieve scarcity. After pointing out
the undertaking of great national works, it closes
with a statement of the estimated Revenue and
Expenses for 1829, similar to that given by the
President in his Message-23,140,000 dollars the
one, and 21,640,000 the other, leaving a surplus on
the year of 1,500,000 dollars.
New YORK, DEC. 16.—SAIUGGLING.—It is as•
signed by the Secretary of War, in his Report, as
one among other reasons for re-establishing the mi-
litary posts upon the northern and eastern frontiers
of the United States, that the purpose had been
avowed from high authority, and large preparations
had accordingly been made with the view of smug-
gling goods from the British Provinces into the
United States. Hence it is deemed necessary, on a
frontier so thinly settled, that a force should be at
hand to aid, in case of need, the civil authorities
against any forcible attempt to contravene the laws
of the Union. While we applaud this aed every
other proper and reasonable precaution to uphold
the supremacy of our laws, while they are laws, we
cannot but view the very necessity that has led to
the adoption of the measures now under considera,
tion, as bearing strong testimony against the policy
which requires to be taut upheld.
CUARLESToN, Nov,. .B.s-eCo7roN.—lu uplands
the business of the last.week was fair. The receipts
were less than for a fortnight pi,esaouse and the artier
des being sold generally as soon as landed, bases
the stock now in the market very light.