The herald., 1837-04-10
The News OF the Week

has been OF the highest importance Not since the
last war; in 1872 has such state Of excitement been
seen In Wall street. Each day it has presented
crowd OF anxious, solcitous wondering faces. stand
ng opposite the great Trinity, and looking eastward
down Wall street, 1t has looked like hive OF pees, III
a state ofprodiglous commotion from Monday III "a
turday.
In the early part Of the week we had news from
Liverpool and from New Orleans of the worst posi-
BILE character IN commercial matters. In consequenIo
of the financial measures of the United States Dain'
the last week closed with an easier feeling, but only
for brief time. The disastrous accounts OF more
failures IN New Orleans, and great excitement aioVei
the southwest, began the terror afresh IN an street
Added to this the continued depression OF American
produce in Europe and the spirit of our commercial
mel almost sunk within them. Accorungiy since
Monday each day has been followed with iresh diso!
der and wider reaction.
In our Wall street Reports will be found full and
complete history Of each days proceedngs-proceed-
ings that will be remembered IN the annals OF TINS
country for years 10 come.
The whole attention Of the country is absorbed IN
the commercial revolution now gong onward ike the
rushing waters of the Niagara TO the terrible rocky
crescent, frowning above the ocean that has swept
over II to the abyss below.
Our foreign news politically, has been unimporant
We are so much engaged IN our monetary affairs hat
we care nothing for the political matters OF other ma
lions. England appears to be IN the mdstofa similar
revolution 10 own. The whole nation from seato
is affected with the disasters brought on by
long peace and great art fical growth OF the COM
mercal system.
From Mexico and Texas We have no news OF any
interest The truth is, we are entirely absorbed with
our own affairs, and particularly with the pecunary
exigencies of the city,
The excitement throughout the city is immense.
All ordinary mental action is gone. We move by I'M
pulses, fits and starts. The great commercial reyo-
luton in the higher ranks OF business IS beginning 10
reach the lower. Large manufacturers anG master
builders turning their work people out OF employ
Probably three thousand persons will be thrown idle
this week. Many Of the clothing stores and boot and
shoe warehouses which have failed, will creare great
distress among females and families employed IN the
manufacture OF such goods for the south and west
In Newark, we learn that almost one half OF that
once hourlshlng town has failed, and an immense
number of aborng people and operatives are thrown
out of employment.
The effects of this reaction beginning to show
themselves in other relations of life. The failures
which have taken place will break up many domestic
establishments Furniture of all kinds is advertised
for sae-houses and stores thrown back upon the
hands Of the owners-and the revolution appears 70
be spreading into every relation of private and do
mestc life High prices of provisions slowly be-
ginning to come down. Flour, cotton, real estate,
have all fallen from 10 to 80 per cent.
The disasters of commerce are not confined 10 the
counting room TO merchants and clerks. Such
hurricane now is blowing will soon affect every
class and every condition. During the last three years.
the most luxurious and expensive habits had been in
troduced ins every rank of society The simple man.
and tastes Of former days had entirely Ned. For
ten years past two thirds of the fashionable classes
incomes The revelation now comes and the ch ange
will be bitter in the extreme. Those who rode i'm
riages must now take 10 foot-and those who dined
at a'cock and sat two ours the most deli
cate wines, will have do as do eat broiled chick
en- and think delicious with simple glass OF porter.
During the week vast preparations have also been
making for the election which begins next Tuesday
and continues three days. In many respects this will
be the most important election that ever took place in
the United States. We are now in The midst Of a
terrible revelation IN commerce, business and social
life The question that next week will decide is whe
ther similar revolution has not been maturing in
political affairs Three four parties in the field
and party attachments may yet affect the result-but
in thought, in opinion in feeling in views, there
only two great divisions among men Of the present
day. set of men have rsen up TO power who have
determined TO destroy all the commercial institutions
Of the land In this city they partly called loaf
ers-partiy democrats. They have arrayed them
selves against the whsle history and experience of
the past Apparently divides on the question of the
banks; but that question out of the way fresh
ones, sprinsing from the same iapulse, would be
made. An organic revolution throughout the nation
9 in progress. Let us watch It's deveopements Even
at this moment we are the brink OF fresh alarms.
The government and its party have declared war on
commerce, and the question IT, whether the banks
in body will suspend specie payments, or the mer-
chants all break. We are rapidly coming TO this
alternative. Look out.