The Sun.
London, England, 1837-05-01 00:00:00

UNITED STATES.

PHILADELPHIA, APRIL B.—The money markets and com-
merce have not yet recovered from the disastrous effects of the
panic. No failures have occurred in Philadelphia, Boston, or
Baltimore, since I last wrote ; but in New York several mer-
chants in a large way have gone by the board. The truth is,
they have traded to an extent so far beyond their means that
they no general measure of relief, such as the noble plan of
Mr. Biddle, President of the United States Bank, could save
them. I believe, however, that we have passed the worst ;
and I emphatically repeat, that none of the old and respectable
firms that have been known for steadiness as well as enterprise
have failed. Neither are they likely, for they have prudently
avoided not only all the bubbles of the day, but all connected
with them. The transactions of Saturday last, amidst all this
turmoil and trouble, are worthy of note. There is no dis-
puting the fact, that in New York and the South, and,
by a natural consequence, in every part of the Union, the
distress amongst traders is greater than at any period since the
war. In Mobile and New Orleans it is dreadful, and the
effects will conticue to be felt until after the next crop of cot-
ton—a long time to look forward to. Accounts have been re-
ceived this morninr, which state that Reynolds, Marshall and
Co. have undertaken to carry on the business of Herman and
Co., at Orleans. If true, this will greatly relieve the South.
The other great firm that has failed there is Brander, 1114 Ken-
nie, and Wright. The flat-boatmen who arrive at New Or-
leans from Kentucky, Illinois, Indiana, Arkansas, and Mis-
souri, will receive nothing but specie in return for their pro-
duce. Intelligent merchants and bankers at New York, who
give utterance to their sentiments through Colonel Webb,
editor of the New York Courier and Enquirer (himself a man
of sound commercial knowledge), are of opinion that the panic
is at its last gasp, and that accounts by the next packet to
England will be of a more cheerful complexion.
A dreadful accident has occurred in the Illinois river by the
concussion of the two steam-boats Tishihva and Wisconsin.
The former went down, and all the passengers were drowned.
The number is uncertain ; but twelve ladies of respectability
are known to have perished.
The ungovernable passions of the Southrons have given
cause for a dreadful if not a double murder in New Orleans.
Mr. Naylor and Mr. Brounagh quarrelled about some mer-
cantile transactions, met at Bishop's Hotel, and 'fired loaded
pistols at each other. Naylor died from his wound on the
spot, and Brounagh is not expected to live. As Naylor was
expiring he faintly inquired, " Who is dead?" Some one an-
swered, " Brounagh." " Huzza, huzza I " exclaimed Naylor,
and instantly fell back a corpse.
Mr. O'Connell's speech, denouncing the slavery of the
United States has just arrived in this country. With some
it has excited indignation—with others joy. It is a strong me-
dicine, and will have its effect. The question under discus-
sion, you may remember, was Mr. Hoy's motion relative to
Texas. The Americans are of opinion that Lord Palmerston
made noble reply, and that the British Government have be-
haved with great propriety in the matter.
PHILADELPHIA, APRIL 10.—NO more failures in Philadel-
phia, Boston, or Baltimore. In the two latter cities, real
estate has suffered no decline as yet.
In New York the failures continue : several houses went on
Friday and Saturday, the two principal being that of S. and
M. Allen, and St. John and Co. Their joint debts and lia-
bilities are said to be equal to those of the Josephs. The
stoppage of the latter firm will probably draw several Pearl-
street houses into the vortex.

Mr. Bennett, of New York, editor of the Herald, celebrated
for the vigour and accuracy of its " Wail-street and commer-
cial reports," has made a calculation by which it appears, that
up to Friday night the failures, during the present patlie in
that city, were-
-5 Foreign and Exchange brokers, for Dollars 15,000,000
30 Dry goods jobbers 15,000,000
16 Commission, shoe, and clothing houses
28 Real estate speculators 20,000,000
8 Stockbrokers 1,000,000
6 Miscellaneous

93 Total. Total
Intelligent merchants believe this statement to be about correct.
It is a singular feature in this crisis that, with the exeiption
of one very small country bank, which has merely suspended
payment for sixty days, not a single American banking insti-
tution has failed! I do not refer to such concerns as Josephs',
that was a private firm, but to banks founded on the publiclsnd
general principles of American banking.
I repeat, that up to this moment none of the old and pru-
dent houses have failed. The murrain is confined to such as
were too speculative. Let the London, Liverpool, and Bristol
merchants rest satisfied and assured that if their transactions
are with the long-established and respectable firms who are
contented with a fair trade and legitimate profits, such were
never more firm than at the present time.