The Sun.
London, England, 1857-10-20 00:00:00

TDB UNITED STATES.

We extract the following from a letter dated
New York, October 6 :
" By the Arabia, arriving at this port on the 2d
inst., we get the comments of the English press
upon the extraordinary hurly-burly in Wall-street
a month since, when all New York was trembling
to know whether the banks would make enough
advance to the Erie Road to prevent its coupons
from going to protest. In the midst of such a state
of excitement one is apt to over-estimate minor
causes, to give them undue importance, and to pass
by the real sources of the trouble. Some of the
London journals seem to have had a similar capa-
city for error. One of your contemporaries that
usually assumes to possess peculiar sources of in-
formation about things upon this continent dwells
upon the recklessly profuse style of living which, it
says, forms so striking a feature of society in New
York, as the main cause of the financial troubles
that still surround us. That there is plenty of
free living here cannot be doubted ; but that the
usual style of living is recklessly profuse you will
be inclined to doubt when I tell you that there are
not ten men in New York (and I doubt whether
there are five) who spend 5,000/. a year. Men of
moderate means perhaps live nearer up to their in-
comes than do Englishmen in the same rank of
life ; and gamblers on the Stock Exchange here,
as well as in London and Paris, imitate at
a snobbish distance the manners of noblemen
of large fortunes. NO nation can claim exclu-
sive possession of the race of Huntingdons and
Redpatbs. Even the pious Paul and his sancti-
monious partners can be matched elsewhere. To
no such temporary and individual cause as this
is the recent and present panic to be attributed.
I do not think it was even brought on by such
causes. The . effect in the stock market was un-
questionably
gamblers,of expen-
diture
by tne ins
tcor
ee
ka sberdo
kb() yr s tahnedf roeuetdsoi
dme
who are, I fancy, pretty much the same ani-
mals the world over ; but to suppoie that they
could by their personal extravagance produce the
serious effects which we have witnessed in com-
mercial circles throughout the country is to give
to a small "boo" a prodigious effect upon a very
great calf.;
I need not dwell again upon the real causes of
the trouble. It is enough to say that everybody
now feels a little more cheerful. The manner in
which the New York merchants have passed
through a crisis that has diminished the value of
the best kinds of property 25 per cent., and of
some of the railway properties much more, en-
titles them to all credit. Up to this time there
have been very few mercantile failures. The
most important one is the old fur house of P.
Cheauteau and Co., which is understood to have
been largely interested in Illinois Central. In
Boston they have not bad equally good luck.
Some of the oldest, best established houses have
gone to the wall in the general destruction of
manufacturing property. The crisis has been a
fearful one ; the weak vessels have collapsed,
but the strong ones that have stood the shock
far outnumber them, and if we can get over the
difficulty of getting the crop to market, we
may hope that all will be right once more. The
best-informed bank directors look for a spoody
change for the better. Mr. Stevens, the heal of
the Bank of Commerce, writes to a Boston friend :
" Our banks are prepared and now ready, and will
soon be much stronger, for the wise action of liberal aid
to the community. More coin flows into the city from
all quarters—from Philadelphia, from the Wert, and is
already on its way from Europe.
" A California steamer is due with about half as much
more as there is in all Massachusetts. Some of our
banks have scarcely diminished their loans for two
months, notwithstanding their aid to neighbouring cities.
The large banks have expanded, and will continue to
expand. Oc the system of discounting mainly only
short paper they always have money to loan. When will
yours confine themselves to short dates and cease to
encourage the pernicions system of long credits—credits
ramified to the last degree, from which spring most of
your difficulties ? Our corresponding banks in Boston
era advised that we will not press them for their
balanoee."

The general bank statement for the week scarcely
justifies the strong tone of confidence that pervades
this extract. It shows the following changes from
the statement of the preceding week :

Doll4re.
Decrease of loans 1,855,931
Decrease of specie
Decrease of undrawu deposits
Increase of circulation 77,794

WRVIC OF AN AMERICAN SHIP AND
NARROW ESCAPE OF THE CREW.

SOUTHAMPTON, OCT. 17.
By the arrival at this port to-day of the captain
and crew (16 in all) we learn the particulars of the
loss of the Richard Anderson, Capt. C. E. Coffin,
and the narrow escape of all on board. The Richard
Anderson was a full ship, and left Rotterdam for
Baltimore on the 29th of August last. On the 23d
of September, when in lat. 44.9 N., long. 38.12
W., it was found that the vessel had sprungta leak
The water continued to increase for several

days, notwithstanding the pumps were kept going
coatinually day and night, and the crew got
quite worn out. On the morning of the 27th
moderate breezes set in from the south-west

which increased during the afternoon and even-
ing to a hurricane, and at 8 p.m. the main-
topsail was blown away. At 9.30 p.m. the ship
heeled over suddenly, and on going below it was

(3utid that the lower hold was-haft full of water

and all the cargo adrift ; the ship at this
time lying on her beam-ends. The main spanker
was brailed up and the forward sails set to try to
get the ship off before the wind, but they could not
get any cauvas to stand the hurricane. At 10.30
p.m., the mizenmast was cut away, and at 11 the
mainmast was also cut away. At this time the hur-

ricane was at its height, and the shin still lying on
her beam-ends, so that no one could get along the
decks. The ship rolled heavily, and the pumps
were kept going, but with very little effect, the
crew being nearly exhausted from their continued
labours. The hurricane moderated as the night

advanced, and the morning of the 28th opened With
fresh gales and squally, the ship still lying on her
beam-ends. The pumps were getting useless, and
the crew continued baling water out of the quarter
hatch with buckets,lbut could not get much on
account of the cargo being all adrift in the hold.
This was continued during the day, and at 2 p.m.
the gale abated ; but the vessel still made
more water, and was settling clown very
fast. At 6 p.m. the long boat was got
ready for launching. At 7 they shipped a
heavy sea, which carried away the longboat and
stove a second boat ; thus leaving them with. only
one boat. The ship was rolling very heavily to
leeward, and they had to cut away the foremast
(the only one left standing) to ease her. At mid-
night, the weather getting more moderate, the last
boat was got ready for launching, as the ship was
mate
settling down in the water, and pumps and baling
were rendered useless. At 2.30 a.m. on the 29th
the boat was got ready, and the second mate and
one man placed in her, but in launching hec she got
half full of water, and in passing her round the
slotestm; otfntaheotshheipr she
inan swamped,
rescued,and andthe
the
was
boat
righted. In this perilous condition they remained
till the following afternoon, when a sail was seen on
the starboard bow at 4 o'clock. They hoisted a sig-
nal of distress, and as it was getting dark showed
a light and burned a tar-barrel. At 7 p.m.,
they came within hailing distance, when the
crew of the Richard Anderson took to
their boat and went alongside the vessel,
which proved to be the bark Ville de
Fecamp, from the banks of Newfoundland. They,
were taken en board, and the sink;ng ship aban-
doned, her state that time leading to the expecta,•
Lien of her capsizing and going down in a very
short time. They left her in lat. 41, long. 31 31.
0' the 3d of October they fell in with the barque
Edward Parry of and for London, which took
them on board, and on the 16th transfexred them
to the Charlotte pilot-boat, of Weymouth, where
they were landed at 3.10 p.m. Thence they came
on to this place by rail this morning, and made ap-
plication to Mr. Thomson, the American consul.
The captain, we believe, returns to America by
the Arago steamer on Wednesday, and the crew
will be sent home the first opportunity. The Sir
Edward Parry is a South Sea whaler, and comes
home, we are informed, with 300 tons of oil on
board, after being out three year and