The Express.
London, England, 1853-03-28 00:00:00

LONDON. MONDAY, MARCH 28.

Siote interest was excited in the course of last
week by the commercial intelligence from New
York. One large bank, the Ilanover, had received
assistanoe from four other banks, and two banks of
less importance had suspended their payments. Two
or three not isconsideruble bankruptcies were an-
nounced; the money mat ket was pervaded by a panic'
discounts were almost suspended, and the best bills,
when discounted, after the panic had somewhat sub-
sided, were not done at a lower rate than 9 per cent.
Monty, notwithstanding large arrivals of gold, was,
of course, very
.much in demand; and such circum-
atancta happening in the great city of New York,
with which we are now in almost daily communica-
tion, and have more extensive and intimate commer-
cial relations than with any other city. beyond the
bounds of our own Empire, cannot be without great
influence over our monetary and trade affairs.
There is no doubt whatever that to the present
time, or to a very recent period, the general trade of
our country has been conducted on the soundest prin-
ciples. Perhaps there never was a time when the
bankers had fewer bills of a doubtful or unsafe cha-
racter in their possession than now. Nevertheless,
so closely are all the trading nations of the world
now united—that we cannot be quite at ease unless
our neighbours be prosperons. Hence it is of some
importance to learn what we can of the financial
condition of our cousins across the Atlantic, as hear-
ing on our own present and future financial con-
dition.

As to the immense resources of the United States,
their vast crop of cotton now coming forward, larger
than ever was known, and increasing year by year
beyond the hopes of the European manufact urcrs—its
prodigious cert al product.. hs t are supply ingA ustral ia,
California, South America, and Europe—the immense
supplies of tobacco, spermaceti oil, &c., obtained by
American industry—there is no doubt whatever.
Neither is there any falling off in the yield of the
gold mines of California ; fur the last returns show
great and continued arrivals at New York, great and
inaw•ant coinage, and a more abundant supply of the
precious metals than before. But wherever there is
much wealth, particularly new wealth, there will be
gathered together great multitudes, eager to share
and enjoy and to dissipate it, from a desire to get
more. The population of the cities and towns of the
States has none of the long-descended and fixed cha-
racteristics of the mercantile classes of Hamburg,
Amsterdam, and London. Such a thing as a family
of merchants for two or three generations can
scarcely be known there. In Europe commerce
ham Leen the slow growth of centuries, and
has transmitted the rules, gathered by experience,
from father to son, from generation to generation,
for centuries. Amongst them there is stability of
conduct unknown to our fast-movement cousins, and
an abhorrence of bankruptcy, founded on the fact
that insolvency is the rare exception, and solvency
the rule and general c mditiou of the mercantile
classes in Europe, which does not seem to be shared by
those classes in Boston and New York,or in any of the
cities of the Union. The industrial resources of the
States are magnificent hclend European conception,
but it is possible that they may be diverted from the
just repayment of the advances that have helped to
call them into existence, or have supplied the wants
of those who have developed them, and may have
European creditors foe a long time unpaid, spreading
asson..at them the insolvency that may prevail in
certain dams in the Union.

It is remarked by a recent American writer of
some repute, that almost every mercantile man in
America has been at some time or other a bankrupt.
The statistics of some of the American cities con-
firming this view present a sorrowful picture of
the results of American trading. In Boston, the most
sedate and least speculative of American cities, ac-
cording to General DEARBORN. who was collector of
customs at that port for nearly 20 years. not more
than three merchants oat of one hundred ever acquire
independence. Other persons of equal authority say
that between 1800 and 1840 only five in a hundred
of ell the mercaatde classes of Bastes remained. In
that time they had all/ailed, or died destitute of pro-
perty. The bankers of Boston assert that of 1,000
accounts opened in 1796 only six remained at the end
of 10 years, and that the balk of the persons who
kept the other had died destitute of property or hod
failed. Above 90 per cent. of all the estates
which panted through the office of that city were
insolvent. Bank directors are amongst the most
substantial awn in the community, and in the old
bank of Boston, says Tie Farmer's Library, one-
this'll had failed in 40 years, and in the new bank a
stub larger proportion. The editor of the Massa-
chusetts States Record gives as the result of laborious
inquiries that 111 Philadelphia not more than one per
cent. of the best class of merchants succeed without
failing, and that not more than two per cent. of the
merchants of New York ultimately retire on an inde-
pendence after having submitted to the usual ordeal
of failure.
A contributor to the New York Merchanfe ifa-
pazine, a well known authority, states that but one
eminent merchant—and his death is still recent—has
ever continued in active Moines. in that city to
the close of a long life without iiergoing bankruptcy
or a suspension of payments. In New York not two
per cent. of the mercantile clams ultimately acquire
wealth after pawing through bankruptcy, and in
Philadelphim the proportion is still smaller. Accord-
ing to Paimer's Atmanack foe 1849 there was in
1811—

Bankrupts
Creditors
Amosot of debts 440,934,616 dole.

13,697,307
• put sPITIL peoperly Wai realised, instead of a
llefilsod of 10 emits, per dollar being paid, which
Alb valuatien would Am the prop ortion varied
SAM 1 Nut. in the Issimmris distnet of New York,
is 13 be the Nalhnuis being by far the largest
-4111disu1 Ia Oosessiisit the average dividend wan
'4l/221.above Mira asst each dollar ; in Mains,
it was half a cent ; in Michigan and
Ls, quinsr of a asst. ; in New Jersey, 4 cents.;
in Tensaw, 41 outs.; in Maryland, 1 dollar. In
Mississippi it was 6 tooth to 1,00 dollars; in Ken-
tucky. 8-dollars to 1,000; in Illinois, 1 dollar to
LIMO; in Pennsylvania, East Virginia, South Ala-
bama, and Washington, nothing at all. In Cin-
cinnati, a most flannelling town, of the active men of
business existing there twenty years ago, according
to Ait's Cincinnati Advertiser, not Ave out of 400
remained in business, or had done well With
sock facts to guide us as to the general condition
of the mercantile classes in the United States, who
seem to go a-bead much too fast; and knowing that
their condition in respect to England is that of great
indebtedness, we can but feel some little apprehen-
sion at the first symptom of a general tottering after
the rapid development of commercial prosperity in
the last few years.
According to the Courier and Enquirer of the 12th
inst., the banks of the city of New York showed, at
their last quarterly statement, December, 1852—and
it must be remembered that banking is regulated and
controlled by the States in America, and that mer-
cantile perm its are encouraged by tariffs and other
legislation a capital of 38,000,000 dollars,
and liabilities to the extent of 131,000,000 dol-
lars ; while the Bank of England, with 19,000,0001.
in its vaults, and 14,000,0001. of national securities,
shows only liabilities to the extent of 43,8:4,0001.;
so that, in proportion to their resources, the banks
of New York hare about three times the liabilities
of the Bank of England. The city of Now York.
possesses more than half the banking capital of ea.
whole State, which, by the last quarterly return wig
83,450,000 dela., with a total of liabilities for IA /be
banks of the State of 220,000,000 dots. IS must
this vast amount of liabilities there was only
11,500,000 dols. of specie in all the wanks, and
21,000,000 dols. of What are called cash
aeons, but which are not classed with spe-
cie. In the last iptarter the increase of
capital was nearly 3M00.009 dols., the increase