Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-08-02

Benmctps Lett0Tss
We received by the poteaess of Capt. Sebor, Of
the ST. James, another package Of Mr.. Benefits va
luable correspondence. We therefore commence
them toda We shall continue the Journal as
soon as the letters all published.
LETTER NO. XIX.
LONDON, 18th June, 1888.
write this by the St. James, Captain Sebor, who
has very kindly taken charge of any thing l may
have for home in New York
The multitude Of ideas, hints, incidents, and de-
scnptions which crowd upon me in this Babylon,
give me great uneasness. scarcely know what to
select 6rst-every thing seems interesting shall
send no leaves from my Journal by this opportunity,
although they are full of curious and interesting mat
tiers.
l do not think shall allow myself to form a full
opinion Of this country, Till shall have seen Paris
the manufacturing towns here, and even Scotland
and Ireland am busy night and day, collecting
materials for forming fair and candid opinion. The
three leading points Of men are commerce. society,"
and government. On these points think shall be
able on my return, to throw some new light. This
much is certain-every new feature here only makes
me think the higher Of the Institutions society, cha
racier morals, tone climate, and resources of the
United States. A discontented American has only
to spend few months in Europe, and he will retarn
perfectly cured.
Now for the news of the day-and first of the mo-
notary.
Our last accounts here from your side to the
9th May. These accounts have been seized with
avdity as every thing from the United States is.
The influence of the United States in every point of
view, on this country is widening every day. Where
IL will end who can tell? The rise of stocks, and
the returning tide of confidence in New York. have
caused rise here in United States Bank shares-net
much-but still rise. More American state secur-
ties are coming over but the agents de not bring
them freely int the market. The time has not ex-
actly arrived, but it is arriving every day.
During the last few days have received much va
luable information from the manufacturing districts
In the cotton and woollsn trade, it is generally be-
lieved that good deal will be sent to the u States
English account-bat not so much Of the hard ware
manufactures OF Birmingham and Sheffield. The
hardware line in the United States has always been
conducted better principles than those of the cot
ION OF woolen lines-hence orders in that line,
though very sparngly, are received on this side on
American account. But it is fact thar prices of all
kinds of goods are very low, and those who can
lay stock Of goods, will have the benefit of the
pected advance Since the revusion of 1897, the
ges Of labor have been decreased in consequence of
the scarcity Of work This fact forms Of the ele-
ments of The present low prices. But new fact, OPP
Grating also To decrease prices is beginning to be APP
pretended here. aude 10 a short crop. It's re-
narkabe truth that the crop, in consequence of the
great population, has most material effect the
home market, and ultimately the prices Of goods.
A crop less than an average one, will diminish the |
demand for manafs ctures for domestic consumption
and hence will increase the quantity to be forced on
the foreign market glut, therefore, will diminish
the price. AT this moment all the American buyers
in the markets here for goods suitable TO the fall
season. The cotton, corn, and money markets, COM
pretending London, Liverpool, Manchester, &c. are
more sensitive now than any other season Of the
year.
This is one Of the causes which creates the avidty
for American
In steam enterprise this land is making powerful !
strides learn from the best that the British
and American Steam Company-the same which |
sent cut the Sirius, and who are now preparing The
British Queen, intend have four vessels built in ~
York. part of the eompanys stock is reserved for
New York subscribers, and one Of the directors and
indeed the very father to the thought of Atlantic
steam navigation, will 60 out in that vessel to carry |
the matter into execution. Tellour freads G. Bergh,
Webb and Allen, and Brown and Bell, to get their
ron very prevalent here that American steam ships
mast come to London or Glasgow for their machine
ry. Now this idea wants to be put in better shape |
What TO hinder Mr.. Allare, Of the Hook, or Cow
ernsur kemee, Of West Point frem rvalling the Br |
tish in steam machinery II they set themselves to
the wsrk, heart and soul, they can make machinery
good, as strong as safe as the British
There 10 no mistake in the "go-aheadn principle of
American mechanical genius
The establishment OF ocean steam navigation 10 |
New York, and the situation and feelings OF this |
country beginning to create spirit Of perfect en-
tbusiasm in everyintellgent American who looks nc.
csratey at the facts daily developing before him.
Until the revulsion and the year without an order
which succeeded, the English merchant and capital
-, did not know the importance Of the United States
70 them. They are now beginning to estimate in
proper way The Bank Of England am persua-
ded, will never again make war on American credit
Indeed, an entire revolution ia growing up hare, IN re-
ston TO tho trade and resources of the United States
Hereafter we shall, by means Of the great cotton
crop and the markets we present for British manu-
features, also the crop Of state securities control TO
scertsin extent, the whole banking, currency, and
commercial movements Of England. The very cs-
adjustment Of steam lines will put them in our pow
er. From Their internal condition they have been
- ~. L..