The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-12
NEW YORK HERALD.
The Weekly Herald.

composed Of a complete digest of the affairs
the world, comprising the important news re
Gently received from Europe; the latest intorma
uon from the seat of war the great speech o
John Van Buren,, at Herkimer; the court MARTA
Of Lieut.. Col Fremont; the trial of Madan'
Restell; commercial and shipping intelligence
and a great variety of other matter.
This number will be embellished with cor
rect view of Monterey and the Saddle Mountains
as seen from the Bishops Palace.
The Weekly Herald will be ready al hihe
o'clock tomorrow morning. Price OF Genus pei
single copy, or So l2h per annum.
F~n.naa., pos,Saon OF the United States'
Nothing is more remarkable at the present mo-
man, than the contrast presented between the
6p.nc;a, sspect of England and that ofthe United
states Across the Atlantic, nothing Is seen
IN, bankruptcy, ruin, depreciation, leading
~ further panic, famine, starvation, per.
chance revolution. On this side the At
,an,;c every element of commercial life is
in full and natural activity. The country Is
happy and prosperous, even with the burden
upon its back OF a foreign war, calling Tor sup
plies more than those of the revolution-a war
demonstrating courage and capacity equal to
any thing that has been seen IN any war during
the last two thousand years
Such contrast between two commercial peo-
ple Of common origin, lineaments and character,
ia one of the wonderful things of The day. The
mind naturally enquiries, show is this so = To
answer such question is not so easy. Let US
try.
Every intelligent mind that can recollect the
financial and commercial progress Of this coun-
try from the year 1926 to the present day, may
find lessons of wisdom in this experience, OF
more benefit than all the volumes OF political
economy. or all the nostrums OF financiers, which
have ever been invented. From 1925 up to 1887,
the commercial and financial machine OF the
limited States was under the influence oil an eie-
uant ambitious, but unsOund man. we aiiuoe
TO the late Nicholas Biddle. The progress Oh
,hines during his time was onward and onward
credit was added to credit, paper to paper specie
was laughed at, gold was cried down, until the
whole fabric of commercial credit broke down
in 1887, in one vast scene of ruin
Since that time, sad experience has taught the
nation to adopt different policy, and to confde
less TO legislators and fnanciers; conduct which
more or less has been adhered to up to the pre-
sent day No doubt much opposition has been
made to the existing financial measures; but the
past experience has had, hitherto, more influence
than the spectators, and we ought to thank the
disasters of 1887 for teaching our politicians these
lessons of practical science. Nothing else could
have taught us, aid it is a teaching which mas
saved the national credit intact to this period
Who has forgotten the ridicule and abuse
which for a series of years was heaped upon gold
and silver, and the sub treasury, and all the prin-
ciples of a sound currency, that lies at the bot.
tom of success in real life, and are the best de-
fence against revulsion from abroad?
Commerce and financial affairs in this country
both state and national, have scarcely suffere
at all under the terrible hurricane which Is nov
blowing over England and all Europe. Tn
country is in sound condition, because, tor
tunatey, il is acting upon sound principles
currency. If the spectators, or fresh batcl
of financiers, should propose to the government
TO depart from these sound principles, we
trust that the common sense OF the country
would resist the tempter and overcome the
temptation There is, however, powerful In
terest in the specializing classes in this city
that would desire to create an Initiation o.
credits in order that they might avail themselves
of the revulsion in England and profit by 1t dur
ing its continuance. 1t Is proposed to do away
with the salutary principle of requiring every
bank to redeem its currency in specie, and In
,tead of that to create a general paper currency
,nder the guaranty of the United States govern
,,ent. In the present condition OF the country
snch a proiect is most dangerous, and would lea
10 the most fatal results. Nothing more fats
could be attempted The existing treasury laws
recurring specie in payment at the custom-houst
or treasury notes issued by the general govern
ment, constitute the only effectual saluta
nv check which we have upon the several bank
ing institutions throughout the country. Tn
spectators would gladly, if they could, inunda'
the whole land with paper money.
BY the sound principles Of currency now l
action in this country, we may be able to ava
ourselves of the devastations OF Europe, an
gradually to make New York the centre OF tn
soundest currency IN the world, both for domei
tic, as we'll as for exterior purposes. But II Coz
gress were to repeal the sautary regulations {
finance under which we now act, 1t would la
the foundation of scenes of speculation and II
Aation, such as in very short time would lea
to the same ruin as that which befell US In 81
mr. 10 such a revulsion as that which is now g
destroying in England.
A LETTER FROM HENRY CLAY-HIs OPINION
ON THE WILMoT PRovIso.-These are the time
which try mems opinions. The electlo
which is to take place next year, brings ever
one out on the great questions of the day. For
Al. h,.lo fron