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

sion of payment Messrs Gowan and Marx il will be
remembered were the contractors for the recent Cuba
loan. The failure of Messrs. Bell and Grant is espe-
cialy regretted. The latter gentleman was looked up
on as the model of English merchant prudent, cir
cumspec yet generous and he was subscriber to and
strong supporter of most of the charitable institutions
| III the city.
| The failure of Messrs. Bell and Grant is far more
important English interests than the downfall of all
the Others This house stood at the head of the home
| trade
The Journal des Dcbais of the 9th of June gives
clearer insight into the matter than even the English
| papers 1t says:
/ The commercial crisis, predicted, is becoming
more aggravated in England. The transactions of En-.
! gland with the United States, carried through
the agency of five extensive banking houses which have
been embarrassed more or less by the deporabe stua
ton of their in the United States Three
Of these houses We're deeply involved. The Bank Of
England has assisted them at different times, during
some months back being, however, guaranteed In
consequence of remittances not arriving from the Uni
ted States these three houses found themselves again
obliged to ask assistance from the Bank of England
and this last time they endeavored obtain il without
giving guarantee to the Bank, by only partly qua
ranteeingit After long and stormy discussion the
Bank of England refused it by majority Of thirteen
eleven. In consequence ofths the three houses of TIL
Wilson 4 Co, I. Virgins = Co, and G. Wildes x
Co. have stopped payment Their failures must neces-
sariy that of others. This is serious
Tor the entire commerce OF England.
The London Courier in long TRADE defending the
Bank, and trying make light of the existing difficult
ties winds up by the following important and prophetic
admissions. That they the point of being fulfill
ed, no who has watched the of affairs
doubt M t.f ~
There be no question that destined again
through the cycle described by Mr. Lloyd III his
pamphlet We shall have auiescence-next improve
ment-growing contdence--prosperity- excitement
overtradng- nvulsion-pa Observation-Disclosures
cy and ruin-again ending in quiescence 1t pretty
certain that the ensuing period of quiescence and
prosperity will be half heightened the last
The Of and the Incentives to, overtrading and
absurd improyidcnt specuatons have been exceeding
ly multiplied during the last three four years and
would be the intention Of all parties that moth
ing whatever Should be done the influence
Of these but that they should be left without let
or hnderance OF sort spread their roots and scat
ter their poisonous seeds all sides II the ounda-
tions of commercial and manufacturing pre- emf
be gradually sappedifal men be not driven
from trade who have sixpence to lose and oar 1ner-
chants be converted into a herd of desperate gam
bers-it certainly will not be from any want Of essla
tive encouragement"
In the House of Commons the I'd of June, inn
portant and extraordinary debate ensued. Sir G. Sin
clair surprised that day fixed for the discus
sion of the budget. He expressed his firm belief that
the country the verge of bankruptcy and argued
that if something not done protect the manufac
turing interests there would be t revolution. There
be issued Of pound sterling cried he,
and the country DO fortified by other asures
she will sink m -eU
Lord John Russell deprecated such language.
Mr. Richards supported the motion Of Sir g. Sin
clair, Ito fix day for taking up the Budget in clear
and common sense speech.
In the house the 9Th ultimo the order of the day
being for going committee the poor laws Of Ire
land Mr.. Atwood rose to move an amendment In the
course of his speech he anmadverted severely on the
4 .l.,lo, A H. Ill
language.
lie did not know what the noble lord would deem
calamity Ii the clouds opened and swallowed up all
London the noble lord nigh, consider II calamity
IL he himself escaped aud If in six months two mil
lions of families. many of them as respectable a. the
noble lord himself had been plungcd into state OF pau
persn and distress that might be considered calam-
~ One third Of the population had been thrown out Of
employment and therefore he felt IL his duty intrude
upon the house. Hon. gentlemen might say that they
were not answerable far the ccnsequcnces of impru
dencc or ndiscreton but he Mr. A. denied that the
men had been guilty OF any mprudcncc or
indscrcton. The unhappy merchants were not To
ruin had been brought upon them by the
bad laws adopted 10y the house. which had compelled
them purchase goods price, and topay
for them il another Of things. They were com
PEELED purchase Is. and pay for II by sell
ling the Adj Ii was the same with sugar, to-
bacco, and all the other great articles OF trade. The
GorerameH BY their bank lars q fe1 years ago. raised
the price Of ali commodities Merchants obliged
to 90 on and when tho gold all leaving England
they compelled the Bank contract their issues, and
the consequence great and ruinous reduction IN
prices which had caused the rum Of hundred mer.
chants Of London thousand manufacturers in the
try, and millions of the starving population He
cndeavorng prove himself tho best friend To- the
country by advocating the happiness Of the great mass
of the population He defed all alarms but he said |
that all the merchants of London and Liverpool and all
other places were tarred with the stick which had
ruined the one hundred merchants which had already /
filled n was the system which had defrauded and
ruined and almost killed two late all honorable mem
bers of that house Messrs Msjoribanks aud Oswald,
and IL would ruin many The honorable member
proceeded say that IL England had been paying the
proper price to America for her and tobacco
America would be able TO pay the seven millions
which she owed. He convinced that ruin was
spreading widely among the London merchants and "
ministers did take the subject of the present com
nercal difficulties into consde Grafton, the consequences
would be fearful He then referred TO the state Of
America and said that in New Orleans the losses were
estimated 900 millions of dollars or 40 millions ster-
ling Tho merchants had been compelled 10 sell their
cotton a loss of 800 per The Insurers were ma
king per cent for their money, and II most la
mcntablc that England should be delivered up ~ the
hands Of the Backwoodsmen. "a laugh)
We find in the London Standard, that the drafts
drawn by all tho banks in Canada on the American
houses are 70 be protected. smith, Payne Smith in
,orvene for the Montreal Bank The Bank Of British
North America FOR the Bank Of the city Of Montreal
Glvnn Mills Halifax Co. for the Bank of Upper Ca
,oda all Tho I ondon Joint Stock Bank for the Com.