The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-11-27
The Corn and Cotton SpecuIators-The Pro-
gress OF P:ioes-speeulation Exploded.

satisfactorily account Tor this sudden collapse In
tho market, in the opei atoms of these specula
tors There are many of our largest ships load
ing with -four, grain, and provisions of all kinds,
for Europe, both on foreign and domestic account,
and there appears to be no falling off in the ship
ments, Notwithstanding the inactivity Of speoula-
tors.
Shipments team new DO made upon more
favorable terms than few weeks since, and
decline Of a few shilings in tho price Of -four in
this market, would make the exporting business
decidedly profitable to what it has been for some
time past. II is our impression that those who
went 50 deep into the business at the top of the
market, will be pretty thoroughly used up, and
that those who are now engaged in the business,
will reap all the harvest. Higher prices for all
kinds ofbreadstuhs, not even excepting corn, have
been realized, than we shall again experience
this commercial year, and those who have part
ed with their supplies, (be they producers or
traders,) have availed themselves of an opportu-
nifty superior to any we can anticipate.
The deficiency inthe harvests ofG Britain and of
Europe generally, has been very much overrated
There is not that scarcity of the staff of life, the
thousand reports which have reached US induced
many to believe. The first effect of the statee
asnts in relation to the supply of food in Europe,
meet the demand for consumption, was such as
to initiate prices rapidly, that they soon arrived
at a point far above shipping rates. Notwith-
standing this sudden initiation in prices, and the
difference against US, compared with those cur
rent in England, shipments to very large
amount were made in anticipation of an advance
on the other side, sufficient to wipe out the exist
ing difference and pay profit These antcipa-
49, -, loo
completely ruined
As a general, and so far as the operations of
this season are concerned, we might say, as uni
versal thing, those who have been satisfied with
making sales in this market, have made the most
money. The speculation in breadstuffs is a bout
over for this and the business will, hereaf
ter, be condacted:upon more legitimate principles,
and be confined more to those regularly engaged
in the trade. The spectators, as a class, have
made about as much out of this movement, as
they usually do, and have bought their experience
at the usual price.
The speculation in cotton is based upon more
solid and substantial foundation. We are able to
get at the facts in relation the supply of the raw
material and the probable demand for consump.
ton, better than we can in relation to the extent
of the grain crops of Europe, and We have, there
The consumption of the raw material in Great
Britain, depends very much upon the price Of
breadstuffs ia the United Kingdom. There is no
doubt but that the consumption of cotton will
from this cause, be materially diminished, but TO
very limited extent, compared with the diminish
ed supply of the raw material.
Estimates in regard to the or p now coming in
as thick as molasses, but it would be well for
all those interested to be very careful about these
things, at this early day, as il is impossible to ar
rive at anything near accuracy. These estimates
range from eighteen hundred thousand to two
millions OF bales.
MEXICAN LETTERS OF MARoUR-By the last
accounts from Mexico, it appears that the gov
eminent of that country have issued three hun
dred letters of marque, and transmitted them to
Havana by the British steamship Tay there to be
distributed to persons disposed to embark in pri-
watering on the commerce of the United States
The Mexican government knew full well at the
time il issued these commissions, that none OF
their own people had vessels suited for privaieer-
ing, and to get the difficulty, they attached to
each naturalization papers, comforting upon all
who accepted them, the privileges OF Mexican
citizens. This was done an inducement TO
foreigners TO equip vessels and murder our citi-
zens and destroy our commerce.
We think it very likely tina, Almonte
viii be much Disappointed if he thinks
tha; those letters OF marque will be ac-
copied and used by foreigners. Privateering
is at best an extremely hazardous business, and
requires the greatest caution on the part of those
who engage in it. The law of nations is explicit
in requiring certain conditions to be followed, in
order to enhtle prvateer to be distinguished
fron pirate If these prerequisites are not
complied with, privateering Is nothing but piracy,
and all engaged in it liable TO be hanged as
pirates. Every foreigner who engages in priva-
teering under these letters of maraue and natu.
razation papers is, in the eye of the law, pi-
rate, and will be hanged as such, n. sure as he i.
captured.
In case, however, that privateers are fitted out
in this manner, there is but one course left for
our government to pursue, and that is to hang
every man of them. Ii would be well to issue a
proclamation to that effect Immediately, as
warning of what may be expected, and if, after
that, rrivateer shall be captured as no doubt
all would be, TO hang the whole crew, all
but the Mexicans, from the captain to the
cook. Let one severe example of this kind
be made, and we shall never be troubled
With them afterwards. The Spanish govern
ment has given us assurances that they will keep
strict watch on all their West India possessions
ana prevent, as much as possible, any vessels
from being fitted out as privateers in their ports
inns viii IN great measure prevent persons
from engaging in this business there.
STEAMSHIP GREAT WEsrkRN.--This fayor,e
steamship, under the command of Captain Mat
thews, sailed yesterday afternoon at two o'clock.