The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-31

dcultss Of Europe, but DO not conceive II possible
escape entirely tho unfavorabls influence Of the en-
barrsssments existing among the commercial classes on
the other SIDE The prime Of the ghtnsss fthe
London money market and all the evils growing out Of
such state OF things purely Of local character but
all the departments Of trade affected by it, and in
this 1t will probably extend throughout the CONNER
cial world.
1t Is fortunate for that wo are creditors of Great
Britain; that Independent in all our msrcan-
TIDE transactions with that country that we not
VOWED to that extent In the financial affairs Of the
United Kingdom, as In times past; that stand firmly
upon our own commercial platform supplying the nston
OF tho earth with the staff of e and the raw material
for covering their nakedness. few years since, the
slightest difficulty in the London money market
would have produced corresponding difficulties in
the principal money markets Of this country, but
within the last few years vast change has taken place
In the relative position of the two countries With
pdy increasing trade with Great Britain most Of which
IL in the additional quantity Of merchandise exported
from the United States find ourselves less intimately
less affected by any revulson In the nan
ces OF England than in times past Then were debt
ors aud compelled pay up any sacrifices, nowwe arc
creditors and demand whenever 1t required
Then dependence for manufactured goods was prn
oipay upon Great Britain, large portion OF the
home demand is supplied by our domestic manufacturers
by European nations, now they look to tho United
States in the event any great deficiency All this
been produced within the past ten years very short
time In the commercial history Of any other country but
this What will be the result Of the next ten years no
human being divine.
The embsrrassments existing In the financial and CON-
ercis crclss of Great Britain have been produced by
variety of the most important of which is the
Immense speoulstions going on in railway shares The
of drpxv
and invested in those works has completely
dsranged trade and led indirectly to the insolvency of
10y houses engaged in legitimate commercial tran
tions This thing has been hanging for long time
the financial world aud its weight Is depressing every
other interest and must itself explode spread
Ing destruction and devastation In every direction This
bubble has been inflated to draw In all classes and
Thousands must be ruined when 1t coapses 1t would
be well for all If 1t would at once-the the
better
There vast difference in the position Of the United
States and England The prosperity the former
was greater healthier while the latter almost upon
the of national bankruptcy Theformer is rapidly
progressing In every branch ofndustry while the latter
appears to have reached its culmnating point and Is
sh liking in the wind The Of the two nations
differ widely the characters Of the people and the
geographical location Of each.
The most important branch of industry in Great Bri
of we mi8ut cay principal cause Oh the vast
wealth and power of Great Britain Is the growth
extent of her 1t is the grand source Of her
greatness and will Of be cherished by that
government Notwithstanding all the expenditure OF
blood and to extend her commerce. to build up
markets for her manufactures In every nook and
of tho world she stands but little In advance Of the
United States The Of this country is merely
an auxiliary it is merely secondary branch Of indus
try compared with our great agricultural resources,
which for ages be the grand of wealth. We
shall before the lapse Of many years. eclipse all other
tons in the three grand elements Of wealth and power
commerce. agriculture, and manufactures In we
ready stand preemnent, and in the other two we
not far behind any other The world is already as
to nded at rapid progress, and shall ourselves
long and wond. at prosperity When these
three most important branches Of industry become
extensive that feed and clothe the whole world
and do the carrying trade Of oil nations, there will be
power upon this continent that will regulate the
DIAL and commercial affairs of both hemispheres and
spread the influence Of Its institutions the utterc
ar,ao NJ he 9TH