The Express.
London, England, 1857-11-28 00:00:00

AFFAIRS OF THE UNITED STATES.

(MON OUR OWN CORINSPONDINT.)

NEW YORK, S TURDAY, Nov. 14.

Our financial world is settling back to its repose,
and the Arabia's news yesterday brightened up
everything. Two impressions are now left deeply
upon the community. The first is, that the imme.
diate cause of all the mischief which has been done
was panic-sheer panic ; the second is, that it has
administered a salutary and much needed check to
the headlong impetuosity of American enterprise.
Americans do not know how to do things by halves,
nor even with moderation. As a young and
vigorous nation, we have all the faults that belong to
youth. The desire to grow suddenly rich has been
the dominant feeling of all classes. Prudence, dis-
cretion, and good judgment, cannot prevail over the
superabundant qualities of adventure and extrava-
ganoe. It requires some sudden check, some abrupt
event, to divert the public mind from its accustomed
channels of thought, to arrest the avalanche rush of
the million. It is twenty years since anything Tike
this state of things has been witnessed. But this re.
vulsion will not last as long, or b 7 any means prove
as fatal to individuals, to corporations, or to states,
as the great crisis of 1837. Then we were without
railroads or telegraphs. Agriculture was neglected,
and the surplus wealth of the country, and in fact
nearly all its currency and its credit, were
absorbed in land speculations. Breadatuffs rose to
famine prices, and we were importing our wheat from
Europe. There was scarcely any gold in the country,
and our imports far exceeded our exports. The whole
banking system of the United States went by
the board, and State repudiation followed, over-
whelming us in calamity at home and disgrace
abroad. But now the case is entirely different.
There is an unprecedented abundance of breadstuffs,
and of all the fruits of the earth. The prices of the
accessories, the comforts, and the luxuries of life have
fallen from one-half to three-quarters the prices
which ruled one year ago. There is more gold in
the country than there has ever been, and at least
twelve times more of the precious metals than there
was twenty years ago. In the mean time, our ex.
ports are exceeding our imports, and very greatly so
during the present season. The English steamers
now bring us gold by every arrival, and must con.
tinue to do so for some time to come. The banking
system of the country, although smitten with the
Simoom blast which has swept over the nation, is
sounder than it ever has been. The general em.
pension of the hanks was on the part of most of
them a matter of salutary precaution rather than of
stern necessity. This is the view taken of the matter
in London. A run upon the Bank of England, or
all the banks of the British Empire, of twenty-four
hours, might compel them to adopt the same expe-
dient. The destruction of confidence broke up the
whole system of exchange between New York and all
other places on the Continent. All sorts of business
that could stop were arrested; and yet the country is
rich. _ _ _

The granaries are loaded with their burden, and
little or no individual suffering has yet attended this
wide-spread appearance of calamity. If our im-
ports should fall off during. the next six months as
rapidly as they have during the last thirty days,
the surplus coming to us in precious metals from
Europe would settle the question of our European
indebtedness. But these imports will not fall off
permanently, nor will this stagnation continue. It
is an impossibility that the vital powers of this re-
public should be effectually chilled up to their very
fountains by a mere panic. Nor can any long-con-
tinued results spring from such transient causes. But
the nation has received a mast healthful lesson in
economy, retrenchment, and reform. Stocks of all
kinds are rising day by day on 'Change. Many
companiees that were supposed to have lost heavily
are declaring their usual dividends; the paralysis is
passing away, and gradually, but surely, tho
country, its enterprise, and its business, are putting
on their usual look again.
The New York papers have been filled for a week
or two with apprehensions of bread riots and dia.
turbanees from the unemployed classes; and the
alarm became so great a Jew days ago that the
United States officers in the city telesraphed to the
President at Washington for a military force; and
lieutenant-General Scott made requisitions from
neighbouring fortresses and arsenals for troops, and
some of them were actually stationed in the
Custom-house. But it was nothing very serious
after all. A few thousand men out of

employment assembled in some of the public
squares, and some inflammatory appeals were made,
chiefly by squads of European emigrants of 1848.
They gave expression to the Communistic Socialism
and Red Republicanism of the German and French
revolutionary school. But it all ended in talk. They
were joined by large masses of the idle and the
vicious, and after a lew ineffectual attempts to get
up a disturbance, they gave up the affair as a bad
job, and dispersed. Without doubt some ten or
fifteen thousand of the working classes of the city
have recently been thrown out of employment; but
such are the provisions of our public charities, that
they who are actually suffering are those who will
not apply to the authorities for relief. The savings
banks of New York city make no report like our
other banking institutions, of the amounts de-
posited with them ; but it is well known
that at no period in the history of Ame-
rican banking has there been so large an
amount of deposits in the savings banks as
at the present moment. It is also believed on all
hands that before winter sets in—fur there has yet
been no suffering from cold—moat of the labouring
classes will be again employed ; for trade, and busi-
ness, and manufactures, are gradually resuming
their previous position. The disaffected among the
unemployed appointed committees to confer with the
public authorities, and these committees began by
demanding work as a right. On all hands this de-
mand was instantly and firmly denied, and treated
with derision. The Communistic principle is not
recognised in America by our system of govern-
ment, or by any department thereof, or by
any institution. Nor will it be, under any
circumstances. Bat the desire of the autho-
rities, and of the public, is very earnest that
every possible measure of relief shall be adopted;
and consequently, within a day or two, several
thousand labourers will be lint upon some of the
public works of the city. 'I here will thus be dis-
b,asements made by the Federal Government at
Washington in its works here and in the neighbour-
hood, and by the authorities of the city and State, to
the extent of several millions.

MACOMO IN PRTsON.—The once formidable Kaffir
Chief Magma, better known u Mecum°, is in prison st Alice,
for the offence of being found in the Cape Colony without a
pee When brought before the magistrate and charged, he
said, " I and my people have been in the habit of capturing
homes and cattle from thieves who have committed thefts
in the colony, and returning them to their proper owners.
I lately captured a horse which I knew to be the pro-
perty of Mr. Hartman, of Victoria. I applied to Mr. Lucas,
who was appointed to moist me in the management of m‘y
people, for a FM, as I wished to deliver up Mr. Hartman
horse end to see the old gentleman, he and I having known
each 'other fur many yeare. A pass was refused by Mr.
UMW. 1 then went to Commionmer Maclean' and asked
him for a peas, and told him the reason I wanted it. He raid
Mr. Lucas was the proper person to give me a pare, and told
no to go back and ask for it. 1 did not du no, knowior it to be
nealsee. Mr. Lucas and I are not on gond terms. I cannot
brook the treatment he gives me. I out an aged chief and a
great non, not inferior to Sendilli, and touch abler to mime
the Kaffir nation. Mr. Lucas is a boy i and the Queen
commission dues not always bring with R knowledge And
experience. 1 went end delivered up Mr. Hartman.' horse;
and when returning home, about two miles from the pre-
mises of Mr. Hartman, at Mr. Berry's, Cathcart Vale, 1
was apprehended and lodged in prison." The rnagiartlx
could not consider anything Maoomo said as an extenuation
—his excellency the governor might. lie (Macorno) wee
therefore aentenced to twelve menthe' imprisonment. He
wee then removed to gaol, and the next morning =rayed to
Graham's Town by an armed party of the frontier mounted
police.
TUE YELLOW FEVER AT LISTION.—Among the
pusengers on board the Tagus, which left Southampton yen
today for Lisbon, was Dr. Hobert 1). Lyons, who proceed"
to that capital for the parpow of investigating the symptoms
and 'tithe dreadful disease that ie now raging Ora
Dr. Dime is already known to his profession and the public,
by his able report on the pathology of the disputa of the
army in the East, and is folly qualified foe the task he hiss
undertaken. The government of France has already rent
two commisaioners invested with the authority of a national
mission to investigate the circumstances of the epidemic. The
'Welsh government has not yet moved in the matter.