Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-06-14
ESEE.GN.
EUROPE.

EUROPE.
the anXiously expected packet ship Penn.
sylvania, Capt. Smith, from Liverpool arrived
on Friday, bringing London dates Of the oath.
and Liverpool of the 23th April.
The packet ships which sailed hence on
the 3D. of that month had arrived, and 1t will
be recollccted that they carried out ntelll-
gence OF the measures taken here, IN the vain
hope of arresting the progress of our CONNER
clal disasters, the most prominent OF when
was the issuing of Bonds by the Banks of the
United States. These had undoubtedly In
splred sangulne expectations IN England,
which to our sorrow, subsequent accounts Will
have disappointed. The high credit enjoyed
by the Bank of the United States in the Lon
don money market, is worthy Of remark, as 1t
also is; that from the accounts we give below
it will be seen that remittance of specie to
an amount we could we'll have spared, would
have relieved the commerce of England from
further embarrassment. This, and our cotton
crop alone, would have made a difference
in our favor of at least thirty millions of dol
lars.
On the whole, this arrival brings nothing
decisive. A large amount of protested bills
have been returned by the Pennsylvania. Ac-
counts have also been received by her of the
failure of one or two Liverpool cotton mer-
chants. The cotton marker appeared to have
acquired some firmness.
A French ministry is at last formed. Num-
crous paragraphs have fallen under our obser-
vation, stating that great distress prevailed
among the lover classes in France from the
inclemency of the weather, as we'll as the state
of the times.
There is nothing of material interest from
other parts of the continent.
n. Y. Cour. d. Eng.
LIVERPOOL, Saturday, April %.
The intelligence received last night from
New York, as soon as it became generally
known this morning, gave the greatest salts
faction to commercial men. The promptl-
tudc with W hich the Bank of the United States
and the Banks of New York and Philade phia
came forward to support credit, which had
received so terrible shock By the advices re-
ceivcd from Liverpool of the 4th March, is
the theme of universal praise.
liverpool, 25th april.
STATE OF TRADE-MONEY MARKET, &c.
The difficulties at present existing in the
! commercial world may be divided into two
classes those arising from the suspension of
commercial credit, and those arising from the
runous decline in the price of all articles of
produce, especially cotton and tea. The lat
ter though originally only consequence of
the suspension of credit, has now become a
cause of general embarrassment and extnn-
sive ruin, and 1t is so much the more deplcra-
BILE as il affects thousand who have been fol-
! lowing the regular course of their business
without ndul ging in speculation of any kind.
and nasmuch as it is in most cases irremcdia-
bic o"cn by the removal Of the cause in which
it originated.
During the last week there have been some
extensive failures, principally amongst the hol-
dcrs of cotton and other articles of deprecated
produce, The dead loss in most OF these ca
ses has been frightful. and in the present state
ci markets there is no reason to believe that il
had the parties been able to hold out longer.
We believe that nearly all the failures that
have taken place for the last fortnight, or that
are likely to take place for some time, have
arisen, oc,will arise from this cause. Rich
holders ofproducc may escape with the sacri-
flee of their property, but those who hold con-
siderable quantities of produce without realized
wealth to fall back upon, cannot bear up under
depreciation which no one could have antici-
pated or provided for.
LIVERPOOL, April 25.
1t gives us the greatest pleasure to be able
to state that the news received on Saturday
last, by the New York packet ships of the Both
of March and the lst of April (both of which
were purposely detained to the Sd inst.) has
gone very far to restore confidence in all per-
sons interested in the American trade, and to
remove the deep and settled gloom produced
by the packet-ship of the 24th of March
These two packets have brought in addition,
TOO, considerable remittances in gold and dol
lars, and several hundred thousand pounds
worth of the bills of the United States Bank,
which are as valuable and as easily negotiable
IS tie Bills of the Bank of England; the high
X gratifying intelligence that the Bank Of The
United States, tie object ofGeneral Jackson's
unTc,eHt;ng persecution, has come forward in
Tie utmost Heed of the mercantile classes, to
iiiol! them every possible relief and facility in
making rem;tances to England, and discharg.
ng their heavy liabilities to this country, and
Ia. IN the manner most convenient to them
selves. The Consequences of this arrangemet
Will be that the New York merchants, instead
of being compelled to buy private bills to be
RENTED to this country, which bills when they
arrive are scarcely negotiable on any terms.
will be able to furnish themselves with the bills
of the United States, andother frst-rate banks.
on reasonable terms, which will be discounted
without hesitation by every banker and money
broker in England.
STATE OF MANCHESTER.
We regret to say that tie very serious diff
ticulties which have been for a length of time
pressing upon the mercantile classes of the
country have at last begun to produce seri-
Gus effect upon the condition of the working
population IN this town and neighborhood, and
that large numbers of weavers and other
workmen have been wholly or in great part
deprived Of employment.