Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-08-04
Mr.. BenncH's Letters.
LONDON, June %, 1893.
ETTER M Wv


The accounts, commercial and others, from New
York to the I'd June, have produced very remarka
BILE effect on monetary and commercial men here Il
is now generally believed that the positive revival
the American trade will take place from this day
hsnceorth. Mr.. Biddle and his agents here are at
tanning great triumph against the Prejudlces attempt
ed to be excited by his rivals. The effect of these
events are already seen in the inactivity Of censols
and all foreign stocks. As the monetary affairs OF
the United States improve SO will capitalists here
withdraw their funds from European stocks, and in
vest them in republican securities. This feeling Is
expressed every day, both in private and through the
press. The great American agencies here i'll high
spints-The Barings. Jaudon, Lizardi &c. &c. The
same feeling will spread the manufacturing dis.
tricts. As yet few additional orders have come for
fall goods. From this and other circumstances, it is
very obvious that it will require at least six months
before the united commercial action Of the two coun-
tries gets full head way BY next spring we shall, on
both Sides be in the full tide.
In the time il is satisfactory to note the pro-
gress Of financial science as it moves along with the
impulses of trade. very important convention OF
the House of Commons is now sitting to hear evi-
dencc the subject Of banks and the currency for
1t 10 fact, that notwithstanding the experience of
this country in such matters, there are yet many un.
settled principles in financial science have very
fortunately had the Of receiving all the leading
points yet developed and my return, shall bring
such information on the general subject will be
Aishly useful in my money articles during the next
era of prosperity. From appearances it is certain
that Mr.. Bdd.e as one element-that Prime e. Co.
as the agents Of the Barings-and Mr.. Gallatin and
the oafers Of the Treasury, will form the great rium
vrate Of money power IN the United States for the
next ten years. An independent intellect placed be-
tween these persons and the great public is
ry. shall endeavor to create that if possible.
The financial inquiry here learn the true causes
Of the American panic in 1887. Connected with this
question there are many minor ones such as the
newal Of the Bank of Ireand-the power of the Bank
sfEneland-the policy of the joint stock banks, &c.
&c During the last few years. the Joint stock bank
ing system has been widening and increasing here
II 10 still growing The old private banks are gradu
ally merging in joint stock banks-and have no
doubt that in q few years there will be an entiro
change in the system and management Of the Bank
Of Eagland. To Americans these matters are doubly
interesting, because, hereafter every change in the
financial policy Of these banks will be felt acutey in
New York and its vaneas connections. The com
mercial intercourse Of the tive countries are drawing
closer every day, and unless our hnanciers keep
sharp con this side they viii be caught anawares
m inconvenient time.
The policy Of the Bank Of England and the capita
lists here, is to extend gradually credit and conf
deace to the American trade. There are, however,
certain men and interests joining in this policy, who
say do for short sighted and personal purposss-
AmoHe them class several Of these connected with
the Bank of Eagland. Having been involved in the
houses which fell either directly or indirectly, they
are anxious to restore confidence and revive trade in
order 10 get out with safety Alter this is accomplish
cd they may treat us as cavalicrly formerly That
the panic of 1897 was produced here by the Bank of
England is now certain. Great efforts have been
made before the Common's Convention to conceal
the facts which woud establish this delinquency
whether they will be successful know not. Time
will determine and probably we shall then know the
whole secret history Of the Branch al Liverpool. In
the meantime, the faancicrs Of New York must take
to re-eslablsh the coming era OF prosperity on
q sursr and better basis than the last.
Ocean steam navgaten Is still all the 70 here
This week the British Queen will depart for the Clyde
10 get in her engines. She will be ready for sea in
October. Several other companies are con templat-
ing the plan Of sendag steamers to New York. One
of the largest npanes in London is that called the
General Nsvgatien. They have al this moment Sc
vera fine ships at sea, and II the prospect brghtens
they csuld create q new line in fe weeks. II isa
singular fact, not yet known to the public that the
author OF the British steam voyages TO New York is
an American a native of Connecticut, and graduate
OF Yale College. He has been merchant in London
for several years Six years ago he laid before the
capitalists here his plan to establish Atlantic steam
ers. He net with many revcrses, but has at last
succeeded in the organisation Of the British and Anne
ncss Steam Company. The British and Liverpool
companies only followed by the force of example
have sfull history Of these movements which high
ly honorable TO Yankee enterprise. Indeed 1t TACT
that every efficient fnancier now in the American
trade here, " Yankee by birth. The British have
the csptalthe Americans the genius, and the enter
prise. Thus we 20.
alluded in former letter TO the arrival of John
Van Buren,. have learned lood deal more con-
corning his important nilsson mission il is
which will sslonish the democrats as much as il will
smusc the wings Of New York.
It's an b,pute fact that yosag Van Ruren arrived
here on 'ulstofy missen 70 me young Queen
on her Approaching coronaiion On the acc ssua Of