The herald., 1837-04-25

BY the packer snp ueorge w ashnstoh we ha'eao-
counts from Liverpool TO the oath and London 10 the
23d ult Read and ponder.
Private Corespondencel
LONDON, March 22d, 1887.
/ am told by those who are in business ulal
no idea be formed of the great pressure here 10
prevent failures, you will that the Bank OF Eng
land has again come forward TO relieve the American
houses-but | fear that unless Cotton and other
American produce should rise, many suspensions
must take place Some time since, the American
Houses had 20000 o00t Of paper afoat-now they
have about L. 000090 Many houses are severely
censured for their great extension without Gore capi-
tai Every thing Is state OF suspense, and, I'll
the effect of the present state Of things on the United
States is known here, nothing Of any Importance
will be done All depends upon the ability of
the houses in America to meet their engagements
here What will be the effect in the United States
Will be partial, ana affect only those il particular
branches Of trade will there be great fall in pri-
ces stocks, lands, &c? these the questions which
puzzle the best informed, and for which we must wait
AT least sixty days to reselyed-anxious days
they will be to many.
The American merchants have joined in bond TO
the Bank of England whereby they have obtained
relief for the present emergency.
An agent Of the Bans OF the United Salcs was IN
London, and actively engaged in facilitating the
arrangements on foot The Bank Of the United
States IS Authorized to draw Immediately for f2-
Q00009
1t is understood that the George Washington
brings hacE ooS protested oS 0n'y TO the amount oA
The British forces under Gen. Evans, in Spain, had
received severe check on the l6th and been com
need 10 retreat 10 St Sebastian, with loss OF about
1000 killed and wounded, as admitted by Gen Ev-
ans ii his despatch. Gen, Evans had advanced IN
Hermann and was preparing 70 assault that place.
when the Carlsts attacked hum.
The blame is thrown upon The Spanish troops, act
ing in concert with the British, and still more uPon
Espartero who allowed large body Of Carlists 10
gain Hermann, and reinforce the GARRISON. Ihe Car
lists were much elated by Their success. Their loss
in the engagement was also s.yere.
The pregnancy Of the Queen of Portugal was pub
lcly announced on the 2Gthoi February.
The bandit Schubry, who had committed such
ravaees on the Hungarian ironuer shot himself about
the first of March, being desperately wounded IN an
engagement with party OF liulaIis
The cc!eb ated Able dc Pradt IS dead.
LoSpox, March 23.-MoNEy MARKET.-The eager
ness which the Bank Directors manifest on all occa-
sons 10 throw the entire blame OF the crisis INTO
which we have been brought, upon the American
merchants is any thing but credllahe 70 them, and
is very far from producing the effect which they IN
tend by il. Such sophlstry IS too shallow not TO be
seen through at once by our merchants generally.
That the great discount brokers were tho medium OF
operation, and threw the first temptation IN the way
of those extraordinary transactions which were at-
tsrwards entered into they ore ready enough 10 con-
cede but they know perfectly well Al the tlgle
that the means for doing this were furnished by the
Bank Directors who issued, OF course the very bank
notes which were employed on terms easy as 10
drive both parties the temptation. They reflected
as little upon the consequences as the merchants
themselves did, but with less excuse, because they had
the whole circulation under Their view, end better
materials for forming a correct judgment than other
could possibly have access 10. Now that the
difficulty has come on, and that they have secured,
they imagine, their own position, they indulge in
insults upon those whom their own perhaps mu-
tua faults, have placed al their mercy.
The Bank Directors held another sitting today on
this subject but - presumed very much 10 relate 10
matters of detail; the principle upon which assistance
is to be given being conceded, there only remains the
consideration Of tho quality Of the security offered.
II must not be too hastily concluded however, that
great perplexiy may not alse from THIS source
Times.
Ii NAV be imagined how urgent and important the
matters are winch have recently engaged the atten-
ton ef the bank directors, when is stated that they
were assembled in dellberalion upon them during III;
greater part of yesterday. The result far II has
been allowed 10 ranspire this morning is that all the
assistance desired by the American houses has been
giren ute condition that 0uthe parties directly or
irdircctynterested rouid join in girRg security ~
the bank against i0SS which, Hndor all the circun,-
stances, there caunot we should Imagine, be much
danger of This will Of course depend ia a material
degree on the manner ia irhich he.engagemenis an
tered into bv TIC merchants Of he United States ,rih
the houses In question fulfilled but 50 much So
idity has been faund 10 eriSt among them in all ca.
ses Of difficulty tchich hare occurred HERETOFORE that
there Is Hle fear Of Her sustainiHr their charSster
on the present occasion. The criss in which this ceun-
try is involved should, however, carry very nstruc-
tive lesson with IL since II shows that the greatest
property and resources safeguard against dan
ger If the trading Is carried in extent beyond what
those resources will legitimaely bear. The I'M
mediate difficulty for which provision required 10
be made and has It j. understood been actually
made this morning, out transactions connec-
ted with banking drauphts rather than the regular
commercial business, IN which IL is obvious that dis
appointment must, If possible be more injurious TO
or dit and more mischlevous in its effects, than
transactions of any other description As yet il may
be said that all is we'll but there is PERIOD which
cannot be a very short ono, of danger and anxiety
still 10 be passed-Ibid
Every measure adopted by the Bank OF England in
regard to commercial matters, IS natu. ally watched
with the greatest anxiety al this critical period,
but as every thing connected with that establish
ment - involved IN much mystery il is at all
times extremely difficult To arrive at the truth =
Respecting the recent application for asssiance by
certain parties connected with the American trade Il
s stated by those who have the best of obtain
ing correct Information that the Bank has engaged
20 advance the sum required about f500,000 on the
same conditions were imposed on those houses in
the same business, who obtained loans OF the begin
ming OF the month, namely that persons in the city,
OF undeubted means should become collateral seci-
nty; but whether this has been complied with does
not appear. Nothing but the most pressing embar-