Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-10
MO N Ely MA IL X e II.
Friday. .unnR n d.

Friday, June 10.
The news from England beginning to bevery alarm
mg Yesterday had several arrivals in succession In the
early part OF the day several days later intelligence
celved sufficient affect the MARKET and the general
ieeing IN wall street The application of old American
mouse iorurther aid alluded Yin English news
reny reported to be the Barng others thought Otherwise
Whatever house species panic is beginning to
be generated by from across the water The high
credit given United States bank bonds and others is begin
ming disappear from the English market The continued
accumulation OF bad news from this side upon England
shock the confidence of the London capitalists in that
species OF security" as they call il.
The newsreceived yesterday and confirms the
account we gave OF the true condition of things England
Every additional arrival will only to widen and strengthen
these views Already the reaction in the China trade fun
activity in the London market What condition. therefore will
we be in by the time they hear of the general suspension
specie payments this country as that deporabe
event reaches London the panic in American securities
complete The general bankruptcy of the Uued GO
vernmen the State governments every bank, and
Oh he commercial interests will open the of European
capitalists the deplorabe condition affairs in this country
ii the accounts the 9th OF April outraged BELIEF what
will the accounts up the 10th of May do. The naura
consequence will be total and complete humiliation Of ali
American credit in Euope-a shock the moral and
ca sense of the old world that will take half century
DEEM II is idle TO say that couple of years. crops
can retrieve charactert viii not do it. AT the beginning
of the revulson owed Europe fully sl0OO00OoO in goods
merchandise gold silver rail road iron, and all the commod
read companies, and the merchants That
amount cannot be paid in years-and half Of
will be paid ALL On these European
dashng out into all kinds of extravaganza eating drinking,
building riding and carousug. Our European creditors will
be shocked at the recollecions Of the last six years.
In the midst of this state of things the trade of whole
world equally dasing onward into panic We do
how the Bank OF England survive the hurricane Up
ten days before the suspension specie payments
Try, the confidence in the banks unmpaired The very
moment that fdence began give way then did the real
panic commence Such viii be in England. All the old
rangemen habits duties engagements will appear 10 20
forward Till sudden panic seize upon the London Change
generated by trivial cause-hen whole will 60 by the
board in few days.
the Bank of England and the whole commercial system OF
London can ssrvve the accumulation of disorders all
trang upon that devoted point then will believe that our
faherand deserves the empire of the whole earth
sand years We VIII strain every eyesqupt eye and ain
gazing for every packet that arrives these shores eghted
with most important indeed.
Meantime what is Situation at homer During the last
two weeks we have been calmly subsiding into species
iethargy The cash business of the city still vigorous as far
asgoe but general commerce has nearly ceased All our
mercantile streets and deserted Money is plenty
per cent but lew want IT, and those who have lend
are chary Of the securities The banks are standing still
curtaling-conracRg The business the canals Dolly
dwining Every symptoms indicates duness deveo
ping ITSELF The the North river have
Their daily upsan event before known in history
sfNew York The public rapidly disappearing
po IN the seaports and the land offices in the In three
months the whole internal trade of The nation probably redu
ced per cent and the foreign trade least per cent
let there are IN this country the elements OF prosperity in
abundance We have'a fine soivast quantities rio land
an acuve industrious people-a large Of principles
around the countryand nearly gold and silver
10 form The basis OF system OF currency and exchanges that
woud revive manufactures agriculture internal trade
IN one year Why then il not be done Why will sen,-
be shrewd people, throw away their signal advantages
reyuson in England and France, may lead revolution
boosed and confusion because their population outnumber
their productive acres Not here. There room and op
portunty TO make tie United the richest and bappie
Country on the face ofhe EARTH Why is Party
sp-mean, miserable party sp-steps forbids us the
use our reason and our faculties The step the reno
waiting to discard all party peudce and to organise
our internal exchange and commercial SYSTEM by the creation
81 NATIONAL BANK, with fifty hundred mil lions of
capital There specie enough In the country 20 form the
basis Of such an institution When bank went into one
raj on they only required millions We could by offering
good charter TO capitalists bring into nmed action twenty
millions Of specie al least This the first STEP the rest is oh
vious enough.