The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-29

y well known that all the Populations to the government
relative to the revulson could extor promise from
the Ministry to any distractions to return
OF confidence TO the adoption Of any to
Here the comm ercial classes from the panic which
proving sud until the interview between
Rothchilds and Lord John Russell there the ight
est probability " any interference the part the
vernment That interview lasted two hours and The
suit oft virtual repeal of the Peel Act The repeal
Of that act might say the modification Of that act
was such to relieve the great bankers Of London
who held large amounts Of government securities the
commercial and manufacturing classes not benefit
ed fraction by this movement the part Of the 60
vernment IL enabled thu Rohschilds and the Earrings
to realize Improvement Of three and four per cent
their securities and to raise money for the purchase of
more at the depreciation The whole operation
nothing but stock obbing affair from beginning to end
What can be expected from government. that is 70
connected with these capitalists that their interests
protected to the injury Of all others Or Of what
an institution controlled and used by these capitalists
for the advancement of their individual interests This
Is invariably the result of such system The existence
Of such an immense banking institution Is Of the
greatest curses any country inflicted with We
found 1t so here aud the people of England fast and
Ing out the same thing. We bought our experience
dear enough and the people Of England must pay the
same price,
The position Of affairs In Great Britain Is somewhat
similar to that experienced In the length and breadth of
this country In 1887 and somewhat similar pro-
duced the rsvuIson In both countries The Bank Of the
United States 1884 and 1885, pursued similar
to that Of the Bank of England in lsl5 and 1885, The
railway peculatons OF Great Britain resemble those
tered into by msny Of States In 1886 and 1887 and
We anticipate similar result The enormous imitation
In public and private credits exhibited this country
In 1884, IS and %, by the creation of immense State
debts and In the specuaons in every species proper
ty was the result Of expansion the part the Bank
of the United states and other banks unparraeled in
the history Of the country The result of this expansion
on the part Of the banks suspension of specie pay
msns in 1887 the part Of individuals almost universe
bankruptcy In the tsms year and the creation Of the
bsnkruptlaw wiping out about five hundred milons6
indebtedness and the part of the States reputation
and delinquency, and suspension Of public works. in
1889 and '40. An enormous depreciation in every
species of property imme distey followed this explosion
In 1887 and every effort made to restore confidence
and establish credits A revival from time to tms
was experienced, but It sckly and weak that 1t
could not be sustained In 1899 and $780, by
bosterpg and patching up things better times began
to dawn upon u.s. but it premature; they not
sufficiently healthy to sustain themselves and second
sustain the commercial credit Of the country answered
the purpose intended and the revulsion was finally su
ered to take its The creation of banks in
this and Other States to arrest panic and restore &C.
tvity and confidence, had not the desired effect and
the only alternative warto let everything touch bottom
and take new and proper start That point was reach
ed In s4l and SINCE we have been slowly and steadily
progressing In prosperity until stand stronger and
higher than any other commercial country in the world
The ordeal We have passed through Great Britain is
destined to experience There help for IT, all the
plastering and patching the and the Bank
Of Eogand can use, viii not prevent the revuson
running its own course Every attempt to arrest 1t will
only protract and increase Its ect and any relief ex-
tended In the way Of loans, increased issues will be
merely ofa temporary character, to DO followed by
more disastrous panic
1t is impossible to tell where the revulsion in England
will stop 1t must its race, and in 90 doing may
sweep away every vesge of the socis system Of
the kingdom. It may revolutionize the government,
destroy the nobility and work out reform In the nst-
tutions OF that country greater than anticipated
II may anticipate the more tardy movements of political
progress and bring about at state of things which
would not have otherwise been realized in century
The recuperave energies Of Great Britain are nothing
compared to those Of this country and they are by no
means sucient to raise her to the position she has
we had
public debit is true the States were heavily indsb
ed but that had nothing to do with the General Govern
ment. England has a debt of more than eight hundred
millions sterling, upon the interest which thousands
depend for their daily bread Whatever Affects the re-
venue Of the endangers the income of this
large class and the failure to pay the interest promptly
would ruin thousands The famine in Ireland the in
creased number Of operatives out of employment in the
manufacturing districts almost In starving condition
sufficient to create the most alarming approximations
reative to the Of peace and good order
The seeds OF political revolution are generated AMONG
starving people, they take root and acquire strength
where every thing else is dropping and dying We can
not conceive terrible state Of things than what
exists at this moment In Great Britain and we look upon
any attempt to improve them as weak and abortye
compared with the depth and extent of tho evil, e.
perienced.
The value Of merchandise imported into this district
and entered at tho custom house. excuve that sent
to the warehouse, and the amount Of duties on the
same, for the week ending the 2eth instant inclusive
was annexed
ComMERcE OF THE PoRr OF New YoRx-wExxLy In.
b"aSi s' GOOD. Sst s sss,s R ss sss
Total Merchandise. ssssl4ss 7ss7s Inc i.4,s9o
Duties received 1856. iss i s1s Inc Inc AL
This exhibits very curious result. With an impor.
taton of less than fifty per cent in dutiabs goods the
duties nearly hundred per cent more than for
the corresponding week in 1896 We shall be able
to show comparative statements under the same tariff
Stock Exchange.
$1,000 1000 Ire. Note',s. oc% ,o'h' Moni, Canal lo9s
81; s IS: s. = :: E 49,, f. s 4: ''' II: Il:
$4,000 do 7sh so do bpw 90