The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-19

from Europe they will recoect that as usual we
furnished them the earliest and most compreRen
abstract OF that news, and in commenting upon II,
pointed particularly to the significant aspect which
the policy OF Great Britain has atterly assumed, as
well IN regard to her relations with this country,
to her domestic policy towards her disconnected,
and seml-rebellous subjects. In considering these
features as of great import and worthy of the notice
OF those who would be well informed upon the signs
OF the times, we took care to furnish our readers
with portion of the famous speech of the English
Minister in the great debate the Maynooth ques-
ton, which was carried in favor of government by
majority Of ii7. In this speech, he urges the not
Improbable contingency Of war an, argument IN
favor OF Cancellation, and in Specializing on the
good effects that to be expected from concla-
tion; we may, without IN over freedom of interpre
tation, regard him as marshalling in prospective the
appeased Catholics of Ireland, against the hostile in
habitants of this Republic.
AS to the question of war or peace, we have al
ready given it some space in our columns, and we
returned to the consideration Of those indications Of
British policy, that here and there shine through the
darkness Of diplomatic cunning, because it not only
Is Of considerable import in ITSELF but also because
it is incidentally connected with the relations be-
tween that country and this.
The debate on the proposed grant to Maynooth
College is one Of the most remarkable that has oc-
CURED OF late years in the British Parliament. 1t
has presented the extraordinary spectacle of
sweeping majority in the House of Commons, dsre
gardng the wishes of their constituents and in doing
SO, bounding all the restrictions placed by the
Reform Bill on irresponsible Legislation. 1t presents
the picture of statesman at once abdicating, as
1t were, the title he once glored in, the leader
OF the conservative party, and enouncing doctrines
and defending measures he has hitherto repudiated
We find Sir r. Pc ell in his new and singular atti-
tude, the antagonist of many of his old supporters,
but like an able general who abandons few cannon
to save batallons, he has not only preserved his
army and strengthened his command, but won the
confidence of numerous bodies of auxiliaries.
And what is the meaning of this novel and strange
TRANSMISSION of parties What will be the ultimate
results! Why, it is an unquestlonable proof that
the "pressure from without" which Earl Grey yield
ed to- has driven the other party and its able leaders,
notwithstanding their old sneers at its power, from
their position, and very strong evidence that old
things are to pass away, and the spirit of innova
ton TO work farther mighty changes in the institu-
tons, social, religious and Legislative Of Great
Britain. 1t is common subject of Wanting with
the English in general that their institutions are
characterized by stability. This is more plausible
than real Perhaps no country in the world has I'M
dergone more marked transition, or series of
changes during the last fftyyears. Aristocracy has
been curtailed of its power by the suppression of
rotten boroughs the franchise has been entirely re-
modelled, and monopolies crushed by the Reform
Bill; the old faction of Protestant ascendancy has
4. al. i =
civil disabilities of the dissenters, have been
abolished the old laws Of prescription and religious
disqualification have been exploded, and the popular
voice strengthened in many ways. None Of these
changes, however, were more strongly opposed, nor
illustrative of the tendency to change in that
| country than the recent concession to the Roman
Catholic clergy in the form of the grant of Ell 600 per
annum additional to Maynooth College This measure
is the deliberate act of the present ministry, and has
been carried through the House of Commons in the
face of the fiercest resistance of powerful body
perhaps the majority of the votes Of the United
Kingdom. This fact suggests one reflection that
is that the minister has been impressed with the force
of the necessity that consolidate and unite the
nation in anticipation of impending danger. As
we regard the success failure of this policy of the
British Minister as of the highest interest," we give
a very full synopsis of the debate on the Maynooth
grant. We believe, whatever be its fate in the
House of Lords, whether it be kicked out by the
Winchelseas and Rodens and the Reverend Bench
of Bishops, be carried by the bland eloquence of
Lyndhurst, the general orders of Wellington, or
combination ofpartes, such as has taken place
IN the lower house, the results will be ofgreat conse-
quence. Should failure ensue, Sir II. Peel inevitably
goes to the opposition beaches and Lord Plmerston
succeed Lord Aberdeen in the foreign office, and such
consummaton is hardly to be wished by the lovers
Of peaceful negotiation Tn the other hand, should
the measure receive the sanction of the House of
Lords it will probably be followed by commotion
among the fanatics of all religious dissenting bo-
dies, such as has not been since the days of the
Gordon riots. remarkable degree of asperity has
been evlnced by these classes already-they have
protested in the strongest terms against any conces-
sion to the Catholics; they have sent petitions in
IN unparalleled numbers to Parliament against it,
and one of their mouthpieces has broadly asserted
there, that her Majesty in ratifying the measure
would sign away her title to the throne. This is
strong language, and it is highly probable that it will
be followedby other sayings and doings of an ex-
treme character.
The WALL STREET FAILuRE.-The failure Of
the large house of Exchange and Stock
Brokers, in Wall street, has been the theme of ge-
neral conversation for several days in that avenue
Much philosophy morality and sympathy, and a mo-
dicum OF poetry, have been expended on the event
Up to the moment of the failure of this firm il was
supposed very wealthy, except ameng certain of the
knowing ones, VIII suspected from certain indca-
tons that all was not right At first it was believed
the misfortune was brought about in consequence of
some unfortunate and rash stock speculation but this
opinion has gradually given way to an impression
that the house has been in weak state for several
years past.
The whole affair is only pregnant example Of
how easy it is for persons in business to struggle on
from year to year, unpossessed of the elements of
strength, or capital, adequate TO sustain them in