The Sun.
London, England, 1842-04-21 00:00:00

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SUN OFFICE Three o'Clock.

The news from the United States is of treat impor-
tance, although not unexpected. President TYLER'S
Message to Congress, recommending a loan of twenty
millions of dollars to meet theincreasingembarrassments
of the Treasury, has excited a great deal of interest.
He informs:Congress that, after exhausting all the re-
sources of the current year, there will be a deficit of four-
teen millions of dollars. One of the measures which he
reconimends for increasing the revenue is to impose ad-
ditional import duties, framed with a view to the protec-
tion of American manufactures. It is lamentable to see
a great young nation like the United States adopting the
worn-out protective system of feudal Europe. Nor are
the proposed duties to be of trifling amount. In some in-
stances, which Congress are left to select, an increase of
import duty beyond 20 per cent. is recommended. Such
an increase of duty will be tantamount to a prohibition,
and consequently nothing will go into the treasury. To
' hope to derive revenue from duties which limit consump-
tion, is sheer stupidity.
The deficiency in the revenue of the United States is
not great, but as it is permanent, the PRESIDENT deems
it advisable to provide a permanent fund to meet it. He
enumerates the causes which have recently depressed
-American credit in the Stock Market of the world.
Among these he enumerates the unsettled condition of
the banks in several States—the vast amount of foreign
debt contracted during a period of wild speculation—and
above all, the dishonest and immoral doctrine of repu-.
diation of contracts solemnly entered into by several
of the States composing the Federal Union. The
PRESIDENT condemns the promulgation of such a
doctrine, as being calculated to alarm other nations, and
affix a stigma .upon the character of the Federal Go-
vernment. That any impression which it may have
made upon the minds of capitalists may not operate to the
detriment of the proposed loan, the PRESIDENT recom-
mends the pledging of the proceeds of the land sales to
defray the interest. "The most vigilant money-dealer,"
observes the PRESIDENT, " will readily perceive, that
not only will his interest be secure on such a pledge, but
that a debt of eighteen or twenty millions of dollars,
would, by the surplus of sales over and above the pay-
ment of interest, be extinguished within any reasonable
time fixed for its resumption." This is consolatory
news for the money-lenders. The following extract
from the Message of the PRESIDENT we recommend to
the especial notice of the Cabinets of Lisbon and
Madrid :

The first great want of the country, that without answering
which all attempts at bettering the present condition of things
will prove fruitless, is a complete restoration of the credit and
finances of the Federal Government. The source and foundation
of all credit is in the confidence which the Government in-
spires; and kist in proportion as that confidence shall be shaken
or diminished, will be the distrust among all classes of the com-
munity, and the derangement and demoralisation in every
branch of business and all the interests of the country. Keep
up the standard of good faith and punctuality in the operations
of the General Government, and all partial irregularities and
disorders will be rectified by the influence of its example; but
suffer that standard to be debased or disturbed, and it is impos-
sible to foresee to what a degree of degradation and confusion
all financial interests, public and private, may sink. In such a
country as this, the representatives of the people have only to
wilt it, and the public credit_will be as high as it ever was.

There has been a►:other row in Congress about the
Creole affair. Mr. GIDDINGS, an able and influential
Member. astonished the slave-holders and their friends
by moving the following series of resolutions, which he
afterwards withdrew, in obedience to the wish of the
House :