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 .2:1
inst., we get the comments of the English press
upon the extraordinary hurly-burly ie Wall-street
a month since, whet 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 undae 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 love is
upon the recklessly profuse style of living whicb, it
says, forms so striking a feature of society in New
York, as the main cause of the financial trouh'ea
that still surround us. That there is plenty of
free living hero 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 5,0101. a year. Mee 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 fortune!. No nation cm claim exclu-
sive possession of the race of Huntingdons and
Redpatbs. Ewen 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 preseht panic to be attributed.
I do not think it was even bought on by such
causes. The effect in the stock market was un-
questionably increased by the freedom of expen-
diture by the stockbrokers and outside gamblers,
who are, I fancy, pretty much the same ani-
mals the world over ; but to suppose 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 ev, rybody
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 ill 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 had equ illy good luck.
Some of the oldest, best established houses have
gone to the wall in the goner d destruction of
manufacturing property. The crisis has been a
feUrful 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 speedy
change for the better. Mr. Stevens, the head 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, frein the West, and is
already oohs way from Europe.
" A California steamer is due with about half as much
inure 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 c .ntinue to
expand. Oa the system of discounting mainly only
short paper they always have money to lean. When will
your.' confine themselves to short dates avid case to
encourage the pernicious system of long credits—credits
ramified to the last degree, from which spring most of
your difficulties ? Our corresponding banks in Boston
are advised that we will not press them for their
balances."

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

Doll tra.
Decrease of loans 1,855,934
Decrease of specie
Decrease of undrawn deposits
Increase of circulation 77,794

WRECK OF AN AMERICAN SIT IP AND
NARROW Eso APE OF NIB CITE

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 sprungia leak
csi7
The water continued to increase for several
doany
kitiwyithdsatyandalnridg thneigphzmpasnwdertehekecprtew gotgoirig
tn
quite worn out. On the morning of the 27 h
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 930 p.m. the ship
heeled over suddenly, and on going below it was
found that the lower hold was half full of water
and all the cargo adrift ; the ship at this
time lying on her beam-ends. The main spanker
was hi-ailed up and the forward sails set to try to
get the ship off before the wind, but they could not
get any caevas to sand 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, tire
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. Tile pumps were getting us•Aess, and
the crew continued baling water out of the quarter
hat.di with buckets, but 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
mere water, and was settling down 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 will 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
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 hee she got
half full of water, and in
passing her round the
stern of the ship she swamped, and the mate was
lost ; the other man was rescued, and the boat
righted. In this p?rilous 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 bailing 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 on board, and the sink'ng ship aban-
doned, her state that time leading to the expecta•
tiun of her capsizing and going down in a very
short time. They left her in lat. 41, long. 31 31.
On the 3d of October they fell in with the barque
Sir Edward Parry of and for London, which took
them on board, and on the 16th transferred 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
Tap-
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
Eiward. Parry is a South Sea whaler, and comes
home, we are informed, with 300 tons' of oil on
board, after being out three years and a-half.