The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-17

| 1 ne very extremes Of society meet OH this point
have been collecting every book and pamphle
published on this subject, and will bring with
me on the 4th of September, from Liverpool
every species Of information on the present crisis
In England-enough to enlighten some people
In the United States on the commercial relation
Of the two countries
In English politics there is nothing new. Tht
elections are over, and the result is in as mucf
doubt ever. The Queen is in Scotland-ths
nobility every where-the people no where. Tn,
Pope and the murder of the Duchess of PrasliI
occupy every tongue. For wonder, the Pope
has become singullrly popular in this Protestant
country-he is now the Conserved of observ
ers." A terrible steamboat explosion has JUS
taken place on the river-80 persons blown up.
LONDON, 2sth Aug, Is47.
The Commercial Crisis In England-The Bills
OF Prime, Ward q Co.
This is the last intelligence can send by the
Havre steamer, which sails for New York on the
3lst, in consequence Of tomorrow being Sun
day. Commercial affairs are still in very. excit-
able condition, and failures announced daily.
The non.acceptance of Prime, Ward s. Co.
bills of exchange has caused much conversation
in London; and many of the friends of that res
pectable house, express belief that some impro-
per influence has been exercised against them.
learn that James G. King, once partner IN that
firm, has been some time in London, making ar
rangements for the establishment and extension
of his new house. He is much esteemed for his
high character and business talents.
A large failure has taken place in Sligo, Ire
land; and the Irish dealers charge the Russell
ministry and the Bank of England, including the
London financiers, with deceiving the CONNER
cial interests during the last year, and OF causing
the present revulsion. Indeed, have been in
formed from authentic quarters, that the London
capitalists, in secret conclave with the Russell
cabinet, were the first to enter secretly into the
corn market last year, and to make vast sums OF
money by the rise in prices, while Lord John
RUSSELL in obedience to their plans, was increas-
ing the panic by his speeches in Parliament
| know it to be fact, that several of the large
moneyed houses in London sent private agents to
the United States to purchase grain of all kinds,
at all prices, long before it was known that there
was to be a famine or shortness in the crops.
This was early last year. When Parliament met
last January, the famine and the high prices
were in full action. But the high prices were
still further increased by Lord John Russell's
speeches in Parliament, and his exaggerated
statements about the potato rot. At the same
time he required loan of eight millions, which
was principally supplied by those who had the
management of the money market, and also Of
the early and secret supply of the famine
In April and May last, crisis similar to the
present, nearly took place. If such an event
had been permitted at that time, many of
the government spectators would have suffered;
l,,,, T IL Tobn nd tba ito1-
lists exerted all their power to remove the crash
from themselves, and to make it fall principally
on the American merchants, which it will now
do with fearful intensity. The Bank of Eng
land and the Ministry are merely the instruments
in the hands of the great capitalists. These per-
sonages, by their early and secret information,
procured through the government, avail them
selves of every change or condition In the
crops of Europe or America, to speculate,
and to make money. The high commercial
principles of the day are only the South
Sea bubble reduced to an ordinary system
AT this moment, the organs of the moneyed inte-
rest, the Times and the Chronicle, begin to speak
of ease in the money market. This is merely
preparation for an other bubble, either of low or
of high prices. 1t is just as likely not that the
whole exchange operations of the United States
may be broken down; and, with this movement,
the prices of cotton, corn, &c., reduced to the
level of 1887. When this depressing movement
shall have been fully matured, these houses will
send their agents and orders to the United
States, buy up at low prices, establish new ele-
ments, and then prepare for rise in the markets.
The British government, and the Bank OF Eng
land, are the mere agents in these speculations,
and are always subservient to the great money
lenders. Lord John Russell and his col
leagues, and also Sir Robert Peel, are all held
fast by the money aristocracy of London; and
their speeches, doctrines, Sc, are only the ema-
nations of the great spectators of the city.
These ideas are beginning to be understood by
all intelligent men, and hence the movement
begun against the currency system of Peel, which
is also that of Russell. The only check to the
moneyed interest in London is the vast and
growing railroad influence, which takes away
the capital that otherwise the large commercial
and loan peculators would use to ruin or depress
prices in the great articles of trade.
In the mean time, the American trade in corn,
at least, will have to meet great check If it
does not proceed further, it may be well. The
purpose of the large capitalists in London is to
bring back from the United States all the specie
when mas gone tnere lot the last year III ought
to be the purpose of the American banks, govern
ment, and merchants, to unite, and protect them
selves from the hostile measures of the Bank of
England. have much to say on these points,
which shall give on my return.
ARRIVAL OF THE FRENcH STEAMER UNroN.-This fine
steamer was telegraphed yesterday morning, at ten
o'clock and arrived at quarantine about twenty minutes
past twelve There she detained by the health off,
having board ten twelve passengers OF the Sc
cond cabin with the small pox.
The Union left Cherbourg the LIST instant at three
O'Clock in the morning. and after the four FIRST days met
with terrible winds gales etc. which pursued her till
Monday last appears that the tremendous hurricane
rain and lightning, which fell upon city on Sunday
last, strongly felt by the Union. The storm was
very severe The coal on board Of the Union with
little left from the last voyage was of very good quality