The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-15


Braganfa.
The Commercial Relations between the
pnit-d States and Great Britain.
The recent failures which have taken place in
Great Britain have exhibited pretty clearly the
position ofthar country, compared with this, and
the condition of commercial affairs in each
England stands now in the same position the
United States occupied ten years ago.
In 1897, we experienced a revulsion in our
financial and commercial affairs, which swept
away hundreds Of mercantile houses, and spread
ruin and desolation throughout the land We
had been running riot in every species of specu-
lation for several years previous, and everything
had become so expanded, that collapse came
upon US with terrible effect. Most of those who
survived that crash were serious sufferers, and
with difficulty weathered the storm. 1t was more
than three years before commercial affairs began
to exhibit signs of healthy recovery; the i'm
provement was at first very slow, but it was upon
q sure and sound basis. Our entire financial and
commercial system had been destroyed or annu
led, and il became necessary to build up new
structures of this kind, aud to start again upon
new foundation The banking system had become
completely broken down, and hundreds went out
Of existence. The darkest day was experienced
in 1s4l; since which there has been steady i'm
provement, and we now have better banking
systems than ever before known. During the
past six years there has been a steady, but not
too rapid, increase, in the banking movement of
the country, and greater prosperity exists in
every department Of trade and commerce than
has been known for many years.
When go many failures occurred in this and
-. r ~. IL. laL. - e
which to foreign houses was so large, the tone
of the English press towards the United States
was OF the most outrageous character. Our mer-
chants were called pack of swindling specula-
tors, who managed to get hold of immense
amounts of British manufactures, without the re-
hottest intention Of paying for them, and the ma
nufacfurers of Europe were cautioned against ex-
tending to the merchants of this country credit
for any future operations Contrary to the ex-
pectatons of these libellers, our merchants paid
up noby-much better than even we expected,
and few years suficed to establish the credit of
American houses abroad upon frmer footing
than ever; and this credit has since been faith
fully maintained.
After lapse of ten years, the commercial po-
siton of the two countries has become changed.
Great Britain is now bankrupt, while the Uuited
States stand upon the highest pinnacle of con-
mercial prosperity. We are large creditors of
the world, and the merchants of Great Britain
owe US millions upon millions, which, we fear,
they will never liquidate. 1t would not exhibit
a very charitable or Christian-like spirit on our
parts to retaliate, and apply to the bankrupt
chants Of the United Kingdom the epithets ap-
piled to us under similar circumstances, and we
forbear. We pity them, and can afford to be
lenient. We are satisfied with the vast differ
ence which ten years-a short period in the his
tory of any nation-have produced in the posi-
ton of each country, and can let our enemies
rail on to their hearts content
According to the accounts received by the last
arrival from Europe, it appears that the failures
in the United Kingdom amounted to about ten
millions of pounds sterling, equal to about fifty
millions of dollars. We estimate that the credit
Of those houses which h, We failed, previous to
their suspension, was equal to at least ten mil
lions of pounds, OF fifty millions of dollars
more, making, in the aggregate, one hun
bred millions of dollars, which is equal to SO
much actual capital lost to the country
These houses traded entirely upon this credit;
for il appears many OF them had in reality little
else, and parties on this side used this credit to
Bills Of credit on these houses have been freely
purchased at large price, and some of them
have proved bad enough. 1t would be well for
houses in this country purchasing letters of ere
dit on European houses, particularly English, to
make the same Investigations into the standing
of the concerns on which the letters are given,
~ are required of them when the letters are
given. This business has heretofore been too
much one-sided affair the security has been
all in the favor of the English bankers, while
many of these bankers have been for years pre-
NOUS rotten TO the core. This business has been
conducted upon wrong principles, and we trust
our local importing houses will learn from the
experience OF the past six months, that the whole
system 10 Of the most defective nature.
wonderful and extraordinary change has come
over us within the past two years. The rapid
~ with which we have progressed in all the ele
ments of national wealth, has astonsh US
our most sanguine anticipations have been sur
passed, and we are unable to form any more cal
euations relative to our destiny-that it is great
no one can doubt. All we have to do is TO 90 OIL
in the course we have, for the past FIVE years
pursued so successfully, and no fears need be
entertained for the future. We are in the righl
track, and If we do not get on too much steam,
there will be no danger Of an explosion. We
cannot but contemplate with much pleasure, the
position, In the commercial world, we are des-
lined TO occupy, and the immense influence we
must exert upon the people and the institutions
o. o'her countries, as our resources become de-
veioped and the beauties OF cur form of govern
ment become more generally known.
SOUTHERN IvAvEL.-Thc number of Southern.
es at present in this city lie, we believe witbou,
aprecedent, and although many leave eyerv dav
there 10 hardly any perceptible diminution' w.
understand that the splendid steamship Nor,be,.
ner, as well as the Southerner leave here every
every Saturday, with their full complement Of
passengers. Every berth Of the first mentioned