The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-06
NEWS BY THE GREAT WESTERN.

| which they formerly expressed has vanished. and
confidence has suddenly taken the place OF despair
| Inc loud war note against England too, is sunk
INTO the. thlnnest treble, and "peace" with this
country Is the watchword with many Of our trans
Atlantic contemporaries. As specimen of the
new style OF writing which the American Journals
are now pleased TO adopt, we take the following
rom the hrst leader OF the N1c York Herald of the
-sh OF April, which may be looked upon as a de-
nocratic organ OF influence. Mr.. James Gordon
Bennett, the editor OF that Journal holds forth in
this style -
This country-this glorious land-has at length
reached the bottom We have touched the solid rock-in
commerce, currency, politics, religion, virtue demoral
cation, folly, charlaanism, and good sense From this
day forward the march OF the republic will be onward
and upward in every element OF civilization and sound
economy.
"Our negotiations with England are making great pro,
gress and every symptom indicates long lasting, and
honorable peace. Our difficulties with Mexico do not
look SO fair but the Mexcans be thrashed into de-
cency In domestic politics we are in very interesting
state For the first time since the revolution have
President making the experiment OF governing the coun'
try without party but simply trusting to the principles
orcommon and rectiude of free people This has
produced confusion in the action of Congress, and
caused some dscredit to the public hnancesbut things
will yet right. The next presidency is three years
oand little be said OF the result of the present
| of parties.
" In and currency there can be no mistake
In the greater portion OF the country the rotten banks
have been closed and things adjusting themselves to
specie basis The bankrupt law hes less effect than had
been anticipated The srcsjn is promising great
hopes are formed fthe coming crops The whole active
Is
basis Congress will unquestionaby pass u
Jaw, increasing the dues-but the embarrassed States
cannot recover in many wears The great state of New
York the first TO lead the way in resusciacn Of public
credit, AID the principles of honestly
This change is far too sudden 10 last The Anne
ricans must not suppose for a moment that the
people Ia this country can be deluded by this 6" go
ahead" sort of language. The first step towards
the progress of the United States in civilization and
sound economy" IS a restoration OF their mercantile
credit Until that be reglned which is lost, all talk
about America having touched the solid rock in
commerce and currency is perfectly idle and use
ess That restoration, must tell our friends over
he water, is not to be accomplished without sacri-
noes on their part, and not until the various States of
The union have proved. by clear, honest, and de-
ermlned action in their legislatures that due pro-
vision has been made for payment of the interest on
their public debts First of ALL the Federal Trea-
snry must be relieved from its existing insolvency
Until the credit OF the government be good, that of
the nation must be below par, and to that end every
body knows that loan must be negotiated in the
European market. President Tyler may get mil
lion or two of dollars at home but he must come to
England for his wants, and he looks to this market
Tor Ia or 10 millions OF dollars. The Americans
know very well how to 6 work the oracle !" and as
| they have wares to sell John Bull, at present hev
take special good care to bring them forward with
all the puff and plendor which display themselves in
| The above quotation from the pen of Mr. Gordon
Bennett II will not succeed. On that Mr. Presi-
| dent TYLER may faithfully rely The American
federal loan will not be locked at by London CAPT
tallss, until .he States of the Union eyince sound
principles OF faith towards their public creditors
under subslstlng engagements. No house in the city
darrs take upon itself the responsibility of ntrodu-
eng American scrip 20 Inc notice of their fellow citi-
zens, under existing circumstances. We care not
how great or powerful any firm may be the attempt
would fail, and could only terminate in the defeat of
those who should be foolhardy enough to come for
ward with the proposals. Congress may repeal the
land DISTRIBUTION Act if they choose, and increase
the revenue of Customs, although there is not much
appearance that either new tariff or a repeal of
the Land Bill will pass this session. But whether
they do so, or adjourn without passing any egis-
laiive measure regarding either point the PEOPLE of
this country will not be induced to subscribe to the
federal loan until the citizens of the United States
turn over a new leaf, and tax themselves suffi"
ciently to equallze their revenue and expenditure.
The acceptance of the federal loan is the key
note TO be struck as test and until that scrip pass
current IN Europe, the utmost exertions of the citi
zens OF the United States 10 regain their credit
VIII be Intellectual. They may run up their faver
as those of New York, Ohio, and Pennsylvania,
are so low that we cannot doubt that they have
fairly botemed; :" but in respect OF The General
class OF American securities, they must all remain at
men lsresuscitated. Auxiliary to that object, and
indeed, essential TO It's success, is the expulsion of
all the paper of the nsovent banks, and the esta-
bl!shment throughout the Union Of sound system
OF national currency upon uniform specie basis.
1t Is all stuff to write about things adjusting them
selves to specie basis" The voluntary system
will never bring about the benefits of sound
rency IN America Decisive comprehensive legis-
atlon must be adopted to enforce the change, and
Congress must exert It's sovereign power "to coin
money and regulate the value thereof" as specially
vested in that body by the constitution in order
compel the local legislatures TO abandon their past
Vicious system OF banking - London Morning
Chronicle
AMERICAN LoANs.-The New York Herald, of
the 18th ult.,' received by the Britannia steamer
Yesterday, paper which has obtained considerable
celebrity in the United States, for the attention il
pays TO monetary affairs, contains the following.
We feel it our imperative duty TO warn English
capitalists against Yankee money-hunting
trends, who are about TO make a regular descent
upon John Bull Private letters state that brother
in law of Mr.. Forward the present Secretary of
the Treasury, will shortly sail for England with a
view to negotiate the new United States loan.
most OF vultures are coming over from individual
states on the same sort Of Grand so that pretty
| sharp lookout need be kept on these gentlemen,
and we shall take to give notice of their ar
rival After the experience of the last few years.
persons will deserve but little pity if they allow
| themselves to be caught in any such trans The
| American papers state that some portion of the
| government loan has been taken up in America.
but we are assured from undoubted authority thai
| such statements and rumors are wholly incorrect
and merely made that the bait may be more readily
| swallowed in England. Whilst on the subject of
| loans, we may advert TO rumor that has received
| some counenance IN the city, TO the effect that
| LORD Ashburton has committed himself to the
| American government, so far to offer them his
influence IN getting portion OF the new State loan
taken up in England. No credit is, however, at
ached TO the report amongst respectable circles for
| these valid reasons, that II could form no part of
his instructions the accredited representative of
his Sovereign and country on the one hand and on
| the other II would be an impeachment OF his cha
racter for sagacy and prudence, if he overstepped
these bounds with the existing feeling running SO
strong against American inveslinots OF, account of
| their open and avowed violation Of faith After
| what has already occurred what guarantee can be
aot be repudiaed and thrown overheard in the mex,
session of Congress The highest service that can
be rendered the Americans is to allow them TO rest
| tor a time at least upon their own resources that
perseverance in industrial pursuits, and not upon
gambling speculation, which is certain to be fos-
tered and encouraged so long as by any species of