Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-05-12

10 80.


\ - "a
tTrom our Evening Edfita.l
.< Foreign Correspondence Of The herald Y = IN .
LrvxRrsoL. April IT. 1855.
n Yesterday being sundsxuegs wss. q
course no business IN our market and M sales, per m
nexed particulars are 20, 500 for the days
Although the sales are above an averasjnsek vet he
imports being very lsrgeabove 600 for the wesk<
have again quote adeclne Of g per h. on Ameri-
can descriptions under fair quality. fhe higher suah-
ties Of American, account OF their great arcty are
rather dearer and you will fluid that there is nearly Id
per Id. betwif the prices Of fair and good fair In
East India Brazil, and Egyptaa, we have change to
notice Today we have had very fiat narket-the
sales being only 1900 bsles Our imports from America
Spectators here have, in general, been wefuly de-
ceved in their calculations. Few. II any, anticipated
that Cotton should toppe Down Ia to lad. every week
since st January; that now actually 80 per cent
lower than the OF the year, al
though our sales have attained the large average Of
100 900 bales month Now there has been no lack
Of demand What is this great fall attribuable and
wherein have calculations failed Simply IN this we
never dreamt since the interruption which had taken
place in commercial negotiations, and domestic ex-
changes in the United States that Cotton would come
forward in such great abundance, or even u did, that
it should fall the hands OF three four houses
here, who should force il upon the market rather
who obliged TO convert into money insartsy. Our
imports this year have been unprecedentedly hrge-
10000 bales than TO the period last year.
From exclusive sources Of information, enabled to
give you the quantities of American Cotton which some
of large houses have imported which have been
consigned TO them since Is, January last to date.
W. J. Brown Co. sssos
Iiumphr IS Bddle HA9I
Barring, Brothers Co.. 32,4U
MoyneuI, wi,uerby 4 Co. 1850
- is2s4
All these houses are free sellers and put the Cotton
the market landed with the exception Of
Humphries Biddle, who say they determined not
to sell at the present low rates am told that this firm
expect before the LIST July the enormous quantity Of
10000 bales be consigned them and doubt ifthey
can keep such large quantity bank; even although
supported by the Y. s. Bank, or T. even they had the
ability the attempt would but reco upon hemselves-
II B. are new house. and have not ACQUIRED the er
perencs that the Browns have earned and paid swell
for tool But considering the position in which the u
S. Bank is and the necessity lin order to keep its credit
good both sides the Atamc oft resumng specie
payments simultaneously with the other banks this
Cotton muat also be thrown into the market and
converted into gold Now the question which presents
ITSELF is, when will the market healthy aspect
Some spectators seemed to think that prices had
month age reached their lowest ebb, but wrote you
per packet of the LIST March that conceived from isd
cations which presented themselves in the commercial
horizon, there would be Improvement until the end
Of May, beginning Of june when. BY that time, spin
and manufacturers will probably be encouraged
with the prospect of their warehouses being relieved Of
part Of the large stock Of goods with which they are
cranmed. Ia this hope am confirmed BY the events
Of the last few weeks. We are now sending spece
in payment Of the produce shipped by you. About
lo00,00o have thus been opportunely which will
arrive at time when your banks going resume
and hope will support them in the attempt; Tor il il
ridiculous suppose that, until the banks who can re-
sumo do 80, and separate themselves from the rotten
raplnoncers who either won't can't that confidence
can be or the snoHetary fabric placed upon
any thing like secure basis. When this event Ia cor
summated, so devouty TO 5s wished credit will then
expandcapital willie from its concealmea,and.
natural consequence Of his trade will revive The
commerce Of the two countries win again fow in it, L.
climate Instead Of god You will then take
manufactures, as, by this time your jobbers mus. be
very bare indeed This shipment Of specie thea we
mus: look upon as good ssn in itself and the natural
effect Of the balance Of trade being in favor OF New
York. 1t Is quite Of different nature from Andrew
Jsskso.s forced import ofspece, and we mustPiy The
imbecy OF some alsrmists hsrs. and laugh al the
folly OF some Of the Wall prints who agine that
il viii be followed by the same evils must OBSERVE
passan that OF these editors seem TO know as
much about the science Of trade and the philosophy Of
commerce they know about Nsesss's Principts :
II is melancholy think that the United States with
her vast resources and New York in particular should
be crippled by the mad vagsrss e ioceoeo nan
ciers. Such revulsion Of commerce a hat under
which you laboring. must Of eourse have had
most pcrnicoss effect upon England also, from t~ir
samess connection, sad yet Liverpool has almos.
caped compared with New York the last from
which are truly dcPlorsble why Is thisf How IA Il
Mr.. Van Buren,, tla England suffering and groaning
under the despotsm Of large chartered bank has no
after such relapse, In the vaults Of this bank
and the other joint stock s hundred
millions OF dollars in specie, and how 10 il that money is
plenty the Stock Exchange, at per cent? What can
the heard-hcartcd. wrong headed. locofoco wish
for convince him Of the folly Of his pasA
system. And yet even nov, there seems want Of
management among yourselves. ssme crying out
for banks, Others for II ALL for mme-
date resumption others for iade6nc rcssnpsion,
and then we have Mr.. Bidde thwsrssg the New York
banks and the Board Of Trade attaching the Phenix
Bank. What Is the effect or al this confusion Let
the state Of your domestic exchanges the qses
ton. Instead of banks, ysu onion Of Coz
6dence among those that now exist union Of co,h-
dence with the public. and unisn OF CO operation
sno~g the banks. Mr. Biddlc has Prey game % play
with his gigantic ccsfon spcculafions. The plot 4
thick enDg and there will BE dsnsssnenf sosn. VIII
the merchsnts submit have their es~uGry ruined or
their trade FRUSTRATED either please Mr.. Van Buren,
or CRAFTY N. Biddle, Esq.l Hcxs psvons.
OR weather hss cen quite s4usy, and blowing from
the for the aA few dsys wis litte prospeet &C
change 20 that DO no, think The tseks VIII sail be-
fore Wednesday Thursdsy. and " 90, shallkeep my
letter open to add the latest particulars regarding the
market. .... Y. .Y.A........-r s ~.
18th April, ls3s.--The st. Andrew arrived on SUM-
day, bringing intelligence to the 25h the unsatisfactory
nature Of which, combined with glncmy accounts from
Manchester, have again hsd . bad influence in
market For the last three days our sales do not exceed