Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-07

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The prospective state of affairs in the SOUTH for the
three months full Of hazard. The turn affairs have ta
In England cannot but be highly prejudical to the
ouhern interest With very large crop Of cotton just
coming forward the prospects of speedy sale to be
uddenly or Notwithstanding the large crop of last
the stocks the European market the fore par
bf August, showed no accumulation. The markets for
m ufactured gools had been dull for year. and il
itursl suppose that the markets Of consumption had
become nearly exhausted In Great Britain very great
consumption had taken place in of
the gh prices Of breadstus which had deprived the
classes ofthe fsuying manufactured goods
indirectly had deprived many Of them of work. This
had caused accumulation OF merchandise in the hands
OF the spinncrs, which shipped to this country
AM to Europe sell at prices few months Of stag
An, trade had supposed given time for the stocks
10 be cleared of Such has been the in this country
o great extent Last spring the financial horizon began
clear u2 and until August the sy mptoms Of returning
iemaHd for goods becoming evident. There
some prospect of raising of the blockade OF Buenos
kyres and reopening Of that raie At the time
hey easy and low. Under these Giro
spnnes bought freely and their manufactured goods
have accumulated The face Of affairs hal suddenly
changed. The waIlke attitude Of France has produced
panic which has checkc the return of business activity
IN the manulacturing districts and cheek the pur.
Of until the have csasel TO act This
o. the time when large crop is not only coming to
IN, the banks Of the soa,h depend upon the active
expected be furnished by crop enable them
70 resume will have disastrous effect The present state
bsthngs will undou.t,ily SON pass away and leave
lear Geld for animated trade than The popu
alton gland with cheap breadstus will their
bowers Of consumption an the panc having passed
rom the continent money will again become plenty, and
demand sor I'm ,lish goods revive. In the mean time
however, the soeks Of Cotton must greatly accumulate
Al have great influence upon prices throughout the
year
The events rhe past two years have been full OF in
ucon the grea, question Of the restriction system Of
and in her with other countries Up to
si the absurd navigation act originating under the pro-
ell OF the odious features OF the
b. lgish stem which had been rgdly persisted in mp to
that time The United states the first power in whose
favor that nc, modified. The results found high
beneficial and led to the gradual abatement Of other
odous restrictions among which the dcspotic Law
that no skilled artran should leave the kingdom. This
abolished first 1915 and the mechanic restored to
The privileges Of freeman. The worst rect OF the for.
MGR irpolitc System is tho laws as they exist
ne deficiency Of the harvest Of England in 1899 TO the
xtent Of 10000 qrs conyuscd the commercial word-
the people Of England nearly sioocoooo directly
aud indirectly at the time vast surplus Of bread
staff was living in this county excluded from England to
largely indebted by the operations Of her fuc-
tusting tariff The population Of England about 25ooo-
coD Of people The authorities compute the eonsump
ton Of wheat a. eight bushels each person per
Under the present system the first effect OF scar
y to raise the prices from ten to 1ss per quarter
before foreign wheat he imported The importation Of
Foreign wheat slight reduction, but average
remain throughout the year los per ar higher than
The crop Is average one, was admitted
Of duty IN this form direct Of 81 600 Is laid
bsa labor and wages for the benefit Of the landed propc.
The abstraction Of coin from England pay for the
grain scarcity Of money and rise Of prices in
hr article. fully equal in proportion 10 that Of wheat,
The rise inhe prices ofbutehers meat vegetables butter
81 will average 2os for each Individual This added
10 the rise in wheat makes tax Of f3iooo 600 falling
NJ N labor anil wages in consequence Of the corn laws
This enormous in its turn is mtc ately distracted
hon the Of the people TO purchase MANUFACTURED
ool This leads TO the discharge Of large ber
cmpoy anil docreasel demand for the raw materials of
mahufactuTc.
This chain Of circumstances grows Inevitably ont of the
duty on corn. we turn 10 this county VIC find that
large proportion ots interests agricultural and that
urn pas, two years the production has been greatly
hyperion TO the wants Of the community. The country is
his time overlosiel with produce for which there
l. n, market. The inevitable rcsui, Of this state Of
Ihiags will be 10 discourage production People will
rot continue their capital IN Improbable business. We
err indebted largely TO England, AMI have greet nbuu.