Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-15

m q n n \ M A Il X r. II.
Saturday, July 10.

The United States evidently the top Of the first bllow Of
returning prosperity Congress will discreey The
revulsion commencing its fatal career in England WIN be
hesgnal for the reconstruction In this hemisphere The dis
which afflicted the commercial world have been
alike both continents having reached the bottom
first, win first feel the effect ofa change.
condition Of things England and among the large
commercial cities in Europe phenomenon in the his
tory ofcommerce
In addition 10 the London large failures
place in Hamburger in Paris and In several
cities OF the continent The breaking up Of the Amer
Houses Lendos will also the bankruptcy OF large
masses in all the manufacturn: towns OF England
The producing these effects, both sides OF the At
Ianic idesiicaL -
On accession Of the wing party power in England,
opposition made TO the renewal Of the Bank, which
without compromise, embracing the
ton Of numerous progeny Of joint stock banks In every part
OF England United States similar opposition spring
ing similar the interest OF private state bank
er the renewal OF the United States Bank The
National Bank In England renewedsurs vetoed and
destroyed The flood OF banks In both
but greater and wider in this country, as there was
national bank check them singular fact that the
joint England and the state banks in this
try though nomnaly passing by different names In truth
the in effect and in operation.
The banks here affected TO redeem in specie on demand
English joint stock banks redeem in London paper
which, in practise, amounted to the same thing
While public confidence remained, the sudden increase Of
paper money, nom'nay redccmabe in specie did NOT pro
ducc any material injury. Its evil effects required time To
maturity Based this system Of currency the for
egn and domestic trade OF both hemisphere during
the years 1884, 49, and g. beyond former example in his
tory The extension Of the foreign trade among all
cia nations pace with the stimulus furnished by the
raj banking systems That species Of currency, which crcu
between nations, called foreign bills Of exchange increased
equal with that Of the internal currency OF bank
notes.
In this things the Bank Of England old institution
OF hundred years sanding perceived tina, general ur
bance had been caused In prices values. and the foreign
changes by momentum OF unusual power That
stution has always been conducted by practical
vonaes; and hence the their famous series OF
TO check general speculation 10 1885, In
try national banh just then forced OF existence
and all restrictions taken Oft the action Of
pouring ourrency-snd that Of legislatures
creating In England under general banking Law,
the stock system increased with rapidly
bank The Bank Of England nerposed check
to the career OF the system, nonay founded spe
Gle basis, but fact bubble hemisphere
pberc The first of the great evuon the shocks Of
which yet beaving throughout world developed
In England gradually reached this country and produce
the crisis that began with the Joeph ended with the
pension Of specie payments That reached
Europe and producing It's natural effects throughout the
whole commercial frame Of society the other side Of the At
lanc NFwN
We therefore anticipate terrible things In Europe.
probable however Bank Of England conductedoa
sousder principles joint stock banks may interfere and
save portion Of the commercial system o. hst country The
Of commercial Misrepresentation and complete confusion IN
which we find ourselves United States docs not appear
to ers, England They must face terrible crisis but they
have In existence, capable and Wiling W
their foreign and domestic trade In this country
have no such nspon and hence the continued prcss
ton and confusion OF commercial affairs long snef the crisis
over.
~, rs.c,v clear that the failure OF ouses In Ham
b.,vh On The continent been produced BY the compulsory
az the Bank Of England renus o. the specie
=, ,hr great mart of world when the bsnk OF sngfsnd
found that they could not the spece IRON ns eesny hey
drew i, from the cossinent
I, 4 evident from Of the causes which led 70
mis- revulso kstibe catastrophe nssvosdsb The United
stste having no national banking Institution Conducted %
sie, principles science the nrsso feel the effects o. he
revolution and win be the get ont Of the depression
c.ud by vecu. and expanded system Of state banking and
foreign exchanges In England the government and the ma
,ieusl hank &C, aesberand consequence win be able 10
recover from the earthquake rapidly Here whAop,be seton