The Sun.
London, England, 1842-12-26 00:00:00

*ittontlXVition

SUN OFFICE Three o'Cloch.

The Message delivered by the PRESIDENT of
the -United States, at the opening of Congress,
refers to three subjects of considerable im-
portance to this country, as well as to America,
namely, the Boundary Line, the New Tariff,
and the total loss of credit brought upon the
Republic by the bankrupt and " repudiating"
States. On the last subject the PRESIDENT dwells
with great earnestness, and points out the disgrace
which overwhelms the country; but we regret
to find that he seems more distressed atthe results
than at the disreputable conduct of American
citizens, who obtained vast sums from Europe
to make internal improvements, and now, like
heartless spendthrifts, turn round upon the un-
Thrtunate creditors, and tell them to do their
worst. As a proof of the reckless and fraudu-
lent system carried on, he states that in 1831 the
total bank-note circulation was 61,323,898 dollars,
while in 1837 it amounted to 149,185,000 dol-
lars; having increased not less than 88,000,000
dollars (or about 18,000,0001.) in seven years.
Since that period there had been with-
drawn from circulation more paper currency
than was created during the five preced-
ing years, thereby causing a universal
panic, and destroying the fortunes of thousands.
In this state of things, by the decline in
trade, and a consequent diminution of revenue,
the public exchequer could not meet the ex-
penditure, and a State loan was resorted to, but
without effect. The "attempt was first made in
America, but not a dollar could be raised. The
contrast drawn between the credit of European
Governments which observe good faith, and that
of a new, wealthy, and powerful republic, which
can pay, but will not, is somewhat instruc-
tive, and we therefore give it in his own words:
—" After a failure to raise a loan in the American
market," lie says, " a citizen of high character
and talent was sent to Europe, with no better
success; and thus the mortifying spectacle has
been presented of the inability of this Govern-
ment to obtain a loan so small as not in the
whole to amount to more than one-fourth of its
ordinary annual income,, at a time when the
Governments of Europe, although involved in
debt, and with their subjects heavily burdened
with taxation, readily obtain loans of any amount
at a greatly reduced rate of interest." " But I
cannot conclude," he continues, " without ad-
ding that, for a Government which has paid
off its debts of two wars with the
largest maritime Power of Europe, and now
owing a debt which is almost next to nothing
when compared with its boundless resources, a
Government the strongest in the world, because
emanating front the popular will, and firmly
rooted in the affections of a great and free people,
and whose fidelity to its engagements has never
questioned,—for such a Government to have ten-
dered to the capitalists of other countries an
opportunity for a small investment of its stock,
and yet to have failed, implies either the most
unfounded distrust in its good faith, or a purpose
to obtain which the course pursued is the most
fatal which could have been adopted." This
is a lamentable condition for a great country
to be' placed in, but it is only a natural and a
just retribution for one of the most remarkable
instances of bad faith ever exhibited by a State.
Spain and other bankrupt States, it is true, can-
not pay either principal or interest, but they
have never adopted the " repudiating " system
now prevalent in that land of liberty.
The new tariff, we are glad to find, gives
little satisfaction, and the PRESIDENT, therefore,
recommends the Congress to take the subject
again into their serious consideration. " Extra-
vagant duties," says he, " defeat their end
and object, not only by exciting in the public
mind a hostility to the manufacturing interests,
but by inducing a system of smuggling on an
extensive scale." It did not.,require six months'
'experience to know these facts. In connection
also with this subject, he recommends the intro-
duction of the warehousing system, which has
proved highly beneficial in other countries, in
order to protect the market alike against redun-
dant or deficient supplies of foreign fabrics. His
remarks on this subject, as well as on the danger
of throwing all the import trade into the hands of
a few capitalists, by adhering to the system
of cash payments at the Custom-house, are of
some importance, and we therefore refer them
to the attention of those interested.

The communications respecting the late treaty
with England, and the slave-trade, are generally
satisfactory. A squadron is to be forthwith or-
dered to the African coast, to assist England in
putting down this abominable traffic, for main-
taining which an annual vote of 250,000 dollars
is proposed. A similar arrangement by the
other great Powers, the PRESIDENT justly ob-
serves, could not fail to sweep from the ocean the
slave-trade, without the interpolation of any new
principle in the maritime code. The only other
subject of interest relates to the claims of Great
Britain to a portion of the Oregan territory on
the Pacific ocean, and though no difficulty may
arise for some years to involve the peace
of the two countries, he intimates his in-
tention of pressing a settlement of the ques-
tion at the present auspicious moment, in order
same light,
ligghrtouanndds of future collision. 'We
itt
nor u removet
ht
e thatBain Othltt theGovernmentwi
llvideifiwfctuhlety of
subject-
justing the Eastern Boundary line will be a
warning not to defer the settlement of this for
even twelve months.

As the time appointed for the opening of the
Parliamentary campaign draws on, the general
curiosity increases to ascertain the course of
policy that Sir ROBERT PEEL will adopt with
respect to some of those, great questions—such
as the Corn-laws, for instance—which are now
engrossing public attention. But nothing oozes
out to enable us even to form a guess
.on the
subject. The Premier, never at any time re-
markable for his communicativeness, is as close
as wax ; . and his subalterns also, taking
their cue from him, are all as stubbornly
taciturn as if they had graduated in
the school of HARPOCRATES. Meanwhile, though
we may be in doubt upon other matters, and
utterly in the dark as to whether or not the
Right Hon. Baronet will play fast and loose
with the Corn-law question, on one point, at
least we can be in no possible state of dubiety.
It is as " clear as mud"—to quote one of the
late Lord CASTLEREAGH'S felicitous tropes—
that we have all got to pay an Income-tax,
which is an addition to our stock of Christmas
pleasures, for which we feel we can never be
sufficiently grateful to our respected Premier.
How long we shall be left in the full enjoyment
of this luxury, we cannot of course undertake to
say ; but we should imagine—judging from what
we have hitherto seen and felt of Tory legislation
—that unless we resolutely declare our minds on
the subject, and convince Sir RoBERT, by a strong
popular demonstration, that the Income-tax is by
no means a Christmas-box after our own hearts

—unless we do something of this sort, we should
imagine that the Income-tax will not only be
continued for the full term of five years, but much
beyond it.

The intelligence from Madrid is to the 17th
inst. General VAN HALEN has been superseded
in the post of :Captain-General of Catalonia by
General SOANE, and General FERRAZ, Inspector
of Cavalry and of the National Guard, had suc
ceeded the latter as Captain-General of Madrid.
The Eco del Commereio states that GUTIERREZ
was to be removed, and M. Imo°, the Political
Chief of Valencia, was to be appointed in his
place as Political Chief of Barcelona. The
REGENT was expected towards the end of the
month.

The Three per Cents. were done on the 16th
at 21i at GO days, with the Coupons, and 201
without them, and the Five .per Cents. at 26 for
cash, and 26i 7-16 1 lat 60 days. On the 17th
the Three per Cents sold for 211 at 30 days, the
Five per Cents. at 261 for cash, and 261 1 I 11-16
at GO days, and the Certificates of the Debt
bearing no interest for 51 at 60 days.

We have intelligence from Lisbon to the 19th
brought by the Iberia steamer, which reached
Falmouth on Saturday. She left Gibraltar on the
15th, Oporto on the 20th, and Vigo on the 21st
inst. It is stated that the Government, by
adopting a system of strict economy, will be
able to make a reduction in the public expendi-
ture of 40,0001. a-year. The floating debt was
to be reduced, and the payment to sinecurists
diminished obout one-half. It was understood
that their MAJESTIES would participate in the
general views of economy, by voluntarily fore-
going 100 contos per annum. The Government
was very strong, as nearly all the late elections
had gone in their favour.

The only article of interest in the Paris papers
relates to the occupation of the Marquesas
Islands, by Admiral THOUARS. It appears in the
Presse, and as it points out the object of the Go-
vernment in making a settlement in the Pacific,
as well as in other quarters, we give it at length.
"We perceive with regret," says the Govern-
ment journal, "in several journals a tendency to
depreciate the importanceof the new possession
acquired by France in Polynesia. Some persist
in stating falsely that it is intended to form a
penal colony there ; others state, what is known
to all the world, viz. that the islands on which
M. DURETIT THOUARS has planted our flag are
neither very large nor very thickly populated.
To the first we reply, that their supposition is
altogether gratuitous, and that the projects which
led to the occupation of the Marquesas are very
different from those of which they speak. To
the second we would observe, that the impor-
tance of a maritime and commercial position
does not depend on the extent of territory or the
number of inhabitants, When Sir THOMAS
RAFFLES thought of creating the establish-
ment of Singapore, that island was scarcely
inhabited, and half under water. The enter-
prise was thought ridiculous by some beaux esprits
of journalists even in England, where questions
of this nature are generally better understood
than elsewhere. These sarcasms, however, did
not prevent the establishment of Singapore from
becoming in a few years one of the most magni-
ficent entrepots of commerce, and from rivalling
with the finest ports) of India. In the present
day, the finest productions of the world are to be
found there; all nations have their interests and
their representatives in that place. It is one of
the most solid elements of the commercial power
of England, which has not- to repent of having
regarded as serious the colonisation of a patch of
land which had served only as the nest of about
a hundred Malay pirates. An equally brilliant
destiny awaits the Marquesas, if it be known how
to. profit ...by the: possession of them. They,
will infallibly' become one day' the entrepotind
,
market of all r9l34eSia. As a .maritime station
they have a valUe .which .has been appreciated
by the numerotui navigators who have visited
fronrseeking- to discourage the:Go-
vernmentiw. its•effOrts at -maritime exploration
and colonisatinti,'We••'Shall allow no opportunity to
escape of urgilig it to continue them, and of
offering (*assistance— If it be true, as is stated,
thatsevenGovernment vessels, two of which are
from the'island of Bourbon; .are at this motnept
eugageclin forming the bases of a great estabhsh.,
ment at Madagascar, we' sincerely approve of the'
project. Madagascar may become an admirable
colony. The resources offered by that country
are immense. The island is 050 leagues in length,
and. 110 in breadth.— It contains six millitinS of

inhabitants, and is separated from the African
continent only by an arm' of the sea. It is
certainly one of the-most important parts of the
globe. Now that the route of Suez is generally
preferred to that of the Cape of Good Hope,
the relation's between Europe and Madagascar
would be easy and prompt. This island pos-
sesses the finest port in the world, viz.,
that of Diego-Swarez, wAlich: is situated
at the north, and is capable of containing thou-
sands of vessels, and would be more easy of
defence than the port of Brest. As to its pro-
ductions, everybody knows that they are varied
and abundant. All vegetables common to warm
and temperate climates flourish there ; the
sugar-cane grows in a natural state, the vine
yields excellent grapes, and timber is abundant.

If we had an establishment on this point, Bour-
bon would no longer be to us a lost island in the
Indian ocean, and our trading vessels which
visit that colony would not be compelled,
during five or six months of the year, to seek at
the Mauritius, which is now an English posses-
sion, a refuge from the tempests which lash the
rock of Bourbon. Three French factories al-
ready exist in a corner of the island of Mada-
gascar. In 1820, M. FORTUNE ALBRAND founded
a new establishment on a small island at a dis-

Lance of three leagues from the eastern coast of
Madagascar. With the aid of a single companion
he achieved wonders. He cleared, planted, and cul-
tivated such a vast ex tent of ground, that, in 1822,
the French Government felt it right to send assist-
ance to this new colony. Unfortunately, these
efforts have been too isolated for serious results
to be expected from them. It is time to act with
more energy. If the reports in circulation as to
Madagascar, therefore, be true, we must congra-
tulate the Ministry ; for the affair will show that
they have the maritime and commercial interests
of the country at heart. On the other hand, we
know that at this moment there is organising at
Nantes, thanks to the zeal of a few good citizens
who have recently visited Madagascar, and ac-
quainted themselves with all its resources, a colo-

nisation company, which will be on a large scale.
We cannot too warmly approve of this project.
If, as we have reason 'to think will be the case,
the concurrence of the Government and the
Chamber should be applied for, it will doubtlessly
be liberally granted. People in France are be-
ginning to comprehend what are the means
which can alone create and maintain a great
maritime power."

The Chamber of Commerce of Marseilles, after
long deliberation on the projected customs union
between France
and Belgium, has come to the
following conclusions

The Chamber is of opinion that a customs union
between France and
Belgium can only turn to the
profit and aggrandisement of both contracting parties,
and must be particularly favourable to France. It,
nevertheless, expresses its wish that the union may be
of merchandise through the two countries. The
Chamber also speci
attended with matured measures relating to the transit
a
ll
y
recommends to the solicitude
of the Government the iron works and the manufac-
ture of steam-engines.
The Courrier de la Gironde announces a fact
which demonstrates to what distress the mer-
chant navy of France is reduced. g, The Navy
Board of Bourdeaux having occasion to forward
215 tons of provisions to Goree, advertised to re-
ceive tenders for that purpose, when five offers
were made at an average of from 19 to 25 francs
a ton. None of those offers having been ac-
cepted, fresh proposals were made, and the con-
tract was given to
the owner of the ship Suzanne
at
centimes the ton."
Wl5 francs
ialayces 4sLe
received the Paris papers of
Saturday, from which the• following are ex-
tracts :

STOCK EXCHANGE, QUARTER TO TWO O'CLOCK.•••••

Five per Cents. end of month, —f. —c.; Threes
78f. 700. • • -

The iWoniteur publishes the following Report to the
King dated 23d inst. from the President of the Coun-
cil :—" Sire, It is of importance to the dignity of the
throne of your Majesty, and to the authority of our
institutions, that the men who have rendered emi..
nent services to the King and the country, should
remain bound by their position as well as by their
duty to your Majesty, and that you may, on occasions
' when you think it fitting, call them towards you, and
avail yourself of the light of their experience. This object
is endeavoured to be obtained in all well ordered
states by the formation of a Privy Council, which,
without taking any part in the administration of
public affairs, or in the action or responsibility of the
King's Government, may be rallied round the Crown,
whenever it requires the advice of men of honoured
names, and nothing is more suited to promote the
interests, as it is to the dignity of the State,
than to insure to men who have served it well
in its most important affairs a position respond-
ing to the rank they have filled, and to which
the King may recal them. To be unmindful of past
services is ill becoming a great nation, and a wise
Government. They do honour to themselves by ho-
nouring with impartiality merit and devotedness in
their servants. The cruel experience in times past
imposed upon the King and upon France has excited,
under these grave considerations, the solicitude of
your Majesty's Ministers. The measure I have the
honour to propose appears to them a natural and use-
ful consequence of the law on the Regency. If the
King deigns to approve of it, I shall intreat his autho-
rity for presenting to the Chambers, in the course of
the ensuing session, such financial measures as may
be necessary for carrying it into execution.

" Marshal Due de DALMATIE."
This is followed by a Royal Ordonnance, in these
terms:— •

" Louis Philippe, King of the French.—To all
to whom these presents shall come, greeting. On the
report of our President of the Council of Ministers
and Minister Secretary of State of the War Depart-
ment, we have ordained and do ordain as follows :

"Art. 1. Those who have rendered to the State, in
high public functions, eminent services, may receive
from us the title and rank of Ministers of State.

" Art. 2. No one can be appointed a Minister of
State who has not been a Minister Secretary of State
—Chancellor of France—President of the Chamber of
Peers—President of the Chamber of Deputies—Mar-
shal of France—Admiral—Ambassador—Grand
Chancellor of the Legion of Honour--.-First President
of the Court of Cassation—Procureur-General at the
Court of Chssation—First President of the Court of Ac-
counts—Procureur-General of the Court of Accounts
—Vice President of the Council of State—Governor
of the Invalides—Governor- General or Commander-
in-Chief of an army—Superior Commandant of the
National Guards of the Seine—First President of the
Cour Royale of Paris, or Procureur-General of the
Cour Royale of Paris.
"Art. 3. When we shall think fit to assemble a
Privy Council round our person, it shall be formed of
—First, Princes of our family, having attained their
majority in age ; secondly, Ministers Secretaries of
State in office; thirdly, such Ministers of State as we
shall call upon by special summons.
"Art. 4. Our President of the Council of Ministers
and our Keeper of the Seals, are charged with the
execution of this Ordonnance.
" LOUIS PHILIPPE.
(Countersigned) " Marshal Due de DALMATIE."
The Chamber of Commerce of Nantes has sent two
delegates to Paris, with an address to the 'Minister of
Agriculture and Commerce on the sugar question, ex-
pressing in terms equally positive as those of the ad-
dress from the Chamber of Bordeaux, on the impossi-
bility of a co-existence of home-made and colonial
sugar, and insisting upon the suppression of the first
with an indemnity.
The Madrid Patriota of the 17th, a Ministerial
organ, mentions the departure of General Seoane
for the head-quarters of the Regent, and states that
he was to be replaced as Captain-General of Ma-
drid by General Ferraz, but does not say that Ge-
neral Seoane has been appointed to succeed Van
Haien at Barcelona, although this is assumed by the
other journals. The Patriota gives the number of
troops in Catalonia at 40,000, and adds that the Re-
gent is doing everything possible not only to main-
tain order, but also to cast into oblivion the un-
happy scenes of which Catalonia has been witness.
The Eco del Comercio repeats the rumour of
the intended dissolution of the Cortes, and
mentions one that all the Government agents
whose zeal in the approaching elections cannot
be relied on are to be dismissed from office, under
a pretext that they were connected with the rebels
of Barcelona, and that the dissolution was resolved
Upon by the Regent without consulting -his Minis-
ters,-who are to be dismissed on his return to the
capital. The bare mention of such a rumour showed
the virulence of the hostility of the Opposition press
of Madrid to the Regent.
It is stated froM Barcelona, Dec. 17, that the Mu-
nicipal. Elections were to take place on the following
day.
The St. Petersburgh Gazette specifically contradicts
all the reports disseminated in France as to French
prisoners having' been detained in Siberia, and only
lately made 'their way back into their own country.
This article has been brought forth by the accounts
given in the French journals of the return of a man
named Simon Mayer to the department of the Moselle.
PARIS, DEC. 24.—The accounts from Barcelona
are of the •17th. The Regent was to make his entry
on the following day, and to set out four days after-
wards for Madrid, whither he would go by way of
Valencia. He had already engaged two diligences
for himself and his suite.

It was said that Espartero, before he left Barce-
lona, would grant an amnesty to the persons who are
still confined in that citadel.

The municipal elections were to take place on the
18th.- In a preparatory meeting M. Gobert had re:
signed the office of first Constitutional Alcade, this
choice not being agreeable to the Government ; and it
seems Van Halen has found no better means to hinder
the election of M. Gobert than to have him arrested,
on the pretext that he had figured in a club of ill-
disposed persons. The whole city is indignant at this
arrest. —Le Commerce, Dec. 24.
BOURSEL-Pents, FRIDAY, DECEMBER 23.
First Highest ..t..owest Last
Price. Price Price. Price.
French Five per Cents. 118 90... 119 05... 118 85... 118 95
Four per Cents. 101 ... 101 ... 101 ... 101
Threes 7B 65... 78 70... 78 60.. 78 70
Bank of France 3310 ...3320 ...3310 ...3320

Laffitte Bank 1,000f...1050 —lO5O ...1050
Belgian Bank
1841 1075 —lOBO ...1075 ...LOS()
Belgian Fives, 1840 lo3a ... 104 ... 103 i ... 103 i
Spanish Active. 24 ... 24 ... 24 ... 24
Passive
Neapolitan
Roman IO4A ... 104 i ... 104 ... 104