Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-21
VOLUME III.
English Opinions.

ilNofpOOl MAIL OF mat uale, III WHCH TIC hHieiCdH
merchants abused in terms OF unmeasured Sc
verify 1t has been intmated to US, that our readers
would like this article, and we have therefore
taken the trouble copy 1t. 1t will be founda "tckler
Its way but comes from Tory press Of the first
water, and on that account "leaves sting behind"
IFrom the Liverpool Mail Of June 81
Most of the readers OF the Liverpool Mail will reco-
lect that when so far back as the month of October
last, we called attention TO the excessive speculation
and precarous credit of certain American houses, we
ere styled alarmsts; and was urged that suffer
1 M. rty motives 10 influence views of mercantile
~ heidi, eHty. We do not refer to opinions SO old
rN confirmed by events, IN any vein of levity try
amph. On the contrary we lament that the none
tary concerns OF this mighty empire have been SO
v-etchedly conducted that the citizens of the United
States have been enabled by fallacious system of
credit founded upon Misrepresentation and monopoly,
TO rob the merchants and manufacturers of this
try OF sum not less than seven millions OF pounds
sterling! When we first preached the subject il was
done with the utmost delicacy and reluctance We
had no private ends to serve-no motives to crafty
but those which spring from respect for truth and
the nationality of our principles; but we never
theless branded hbellers, anxious disturb
mercia relations IN our Imaginary hatred OF repnbl
cans and their institutions. fouler libel upon us ne
yer was vented by party malice. We have no per-
sonal anhpahes to excite or keep alive any hostile
feelings What we have expressed on the subject of
international inducements within the last eight
nine months have been the sentiments of sincere
viction, without any reference the parties interest
scous that events much to be deplored, would show
who was right and who was wrong. On late occa-
sion, when Mr. Nicholas Biddle, of the United States
Bank, came forward so promptly and nobly TO re-
scue the American merchants from their impending
difficulties, we among the first to praise his
honesty and patriotism and had his fellow country
men been equally inspired by sense Of honor and
justice, we should not now have to mourn over the
disasters that have plunged thousands of families in
ruin, and made the United States land of wide
spread and universal bankruptcy. Unhappy for this
country there are fsw men Ike Mr.. Blddlc IN the y.
States. The government Is dishonest as well as the
people, Every demand which individual citizen
has, or fances he has, upon any foreign state is
bitrarly and insolently enforced and made public
question by the authorities OF the republic; but the
moment her citizens deeply in debt to Europe the
executive closes her doors against any equitable settle
ment throws impediments in the way and assists the
native in the delberatve and demorazlng act of rob-
bing the foreigner.
We use these words adviscdly We saw, aye twelve
months ago. that the people of the United States were
resolved conte gi cOute not to pay the debts they
owed to the English merchants and manufacturers
For saying what we believed were stigmased in
unmeasured terms by every banker and beggar who
prefers America and her bankrupt dealers 10 the hon
est trader and the institutions of England. Even
some bankers who should have known better joined in
the silly cry against u.s. and endeavored to prop sys
tenn which was rotten the CORE which protesting TO
be founded lnexbaustbe resources, had not shll-
ling To whilewash the wheels of arlstocratc cha
ROC and which in the name of wealth. which was
composed of empty figures in the ledger, was drawing
largely grossly, wickedly and dishonesty, upon the
credulity Of those bankers and the people of Eng
land.
We cannot help making this to a certain extent
personal questions for 10 tell the truth we have felt
IL. We did not choose 10 20 with the stream-we
did not court the vors Of fair weather and American
sunshine-we did not fiaiter those who trading
upon false credit and plaglng England Of the pro-
ceeds of her industrv-and for taking independent
a course sandered by the patriots of the
foreign faction, and sneercd at by the trimmers in
every home department. They, perhaps, enjoyed
their enthusiastically they praclised their malice
Bat how stands the case now! Where are the Illus
tratIve proofs OF our party malevolencel Where
the mighty and imposing houses whose OVERLOOKING
afluence even The Bank of England dared dispute!
Where indeed! We too cordially sympatbise with
the unfortunate TO answer the question IN formal or
explicit terms.
Let it be understood that although all our predic-
tons have been fulfilled even to the letter do
indulge in the result with any pleasure. On the con-
trary il is extremely painful 10 reflect that many
commercial firms lnsolvents and that such
multitude of innocent persons should be plunged in
comparative desituton. The people Of England most
nearly connected with the trade Of the United States
have no right 10 complain. They engaged IN traffic
with persons who are proverbldlly speculative, and
lax in their regard 10 covenants Nth their eyes open.
This IS not the first time that America has robbed
Eagland. II is part of her national policy to do So
The laws of the United States are ramsd for the pr-
pose OF swlndling Europe. Her law of preferred
is the grossest fraud upon foreigners that ever was
practised by nation claiming the rights of civil "a
ton Who ever heard in this country of dividend
pad by insolvent in the United States To an Eng
llsh credilorl We should like to have NJ. Crop
per's or Mr. Wilson's, or Mr.. James Browns opinion
on the subject. The fact is that the greater share
of all the wealth IN the United States Of America has
been derived from England under circumstances such
IA the present. when the late President Jackson,
down the retailer of rotten eggs wooden nutmegs
il compelled TO resort TO the liberal system OF stating
who are his preferred creditors"
Are we inluring public credit by these remarks
We DENY the truth Of the insinuauon. Had what
happened on Friday, taken place six months ago
Liverpool would have been in more healthy sua-
ton than she is at the present moment 1t is an in
deputable commercial maxim, that when the mini
mum OF pncc in staple articles, is reached the sooner
Il is reached the better. Had the Bank Of England
been graciou.ly pleased to sink the houses which they
propped in January and February last, few noto-
nous lobbers nd. ondon and elsewhere would have
suffered and in our opinion, most descrvedly suiered
but the propping system Of the Bank has only pro-
louged the misery spread wider the gloom, reduced
the value of property in every direction put OIL the
settling day. and made sugar, coffee corn, tobacco
aud every other article Of produce, feel the effects Of
the pressure upon cotton.
On a calm consideration some OF our readers, and
particularly the mercantile portion, will naturally ask
the euestlon-what has been the conduct OF the Bank
of England in this monetary crissl We take leave
10 answer that the directors have proved by Their con-
duct that they are totally incompetent to manage so
larre machine as that under their direction. In the