The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-22
MONEY MARKET.


counts they give Of the state of things in Enga nd
much more favorable than those received by the Caedo
MIA The list Of failures received by this arrival does
not include any very extensive houses and none con-
nscted with this country in such way a. to create any
apprehension. 1t will be perceived that the failures re
ported not confined to London Liverpool but have
bee pretty well distributed the Continent The
Suspensions In Leghorn have been the result Of spscus
tions In oorn at about the close Of tho season The
merchants Of that place into the movement at the
latest hourand the fall in prices has weighed them down
The failures now taking place those connected with
houses which Suspended early in the season. and they
must continue until up all who have been affect
cd in any way with the specuatons OF the day. and have
become extended be out their depth in panic
times.
When look at the entire list Of suspensions which
have been reported since the Of the
vusion and what small matter 1t is compared with
the aggregate number ofhouses engaged in commercial
pursuits there s much less for alarm than
nerally anticipated The whole amount Of capital in
voved in the suspensions not equal to two per cent of
the aggregate amount employed In trade and the sctua
eject upon commercial movements is extremely small.
The trade Of the world has not been arrested II has only
been transferred. The business Of suspended house
falls into other hands, and goes Ia the
The only real effect those failures have upon public
credit upon confidence upon fictitious capital; and
therefore upon the position Of those houses which have
so long depended upon the credit they have established
1t is the fact that credits have alone been the only CAPT
tai many houses supposed to be really rich to
carry their immense operations which has increased
the force and extent Of the usion and drawn those
who have, with moderate capitals, united themselves
with those having none OF all, into the Same
whirlpool. We expect continuation Of these fail
urer, and shall, without doubt, receive by every
but they have become general and common, that
very little alarm Is felt this side relative 10 any ssri
losses In this way. The only thing have to fear
is the depreciation In prices for important staple
productions We shall suffer some In this way-we may
suffer seriously. Our crops 80 large and the con-
sumption Of Of them in Great Britain great thai
must feel the elect revusion through
prices We by the advices just rsoeive cotton
had fallen about one cent per pound. This not only
affects the value OF the stock In Great ritain and
Europe generally, but the entire supply In the
United States 1t reduces the value Of the whole crop
which estimate at 94o 600 900 pounds about 50
This may be considered the the decline reported
and 1t Is by no means trinng sum- The loss Of ths
amount direct the Suspensions have been more
easily borne If the value Of our cotton had remained
firm Us we could have made up our loss but as
it is, there is remedy. We are, in fact, so much
poorer. There 10, however, q probability Of tho
aggregate value Of exports being largely increas-
ed by the advance in breadstuas to an extent far
beyond the depreciation in cotton. Upon the same
principle that the fall in prices upon surplus Of Get
reduces the value OF the whole CROP the advance In
breadstus increases the value Of the whole crop. An
advance of two shllings barrel Of -four would In
the value Of wheat crop ten millions of dollars
and advance Of three shipgs quarter Of Indian
corn would increase the value of the crop fifty millions
Sd,lsr iAaIt law Last
An advance in breadstuGs Is therefore, Of more mpor-
and advantage to the United states, and will
Offset very heavy depreciation in cotton High prices
for bieadstus in this country contrary effect
to that in Great britain 1t stimulates the consumption
Of cotton and increases the productvens Of our manu-
features The class Of ngricuturaists In this Union Is
Oh larger than all the others put together that
whatever benefits them has corresponding influence
upon all other interests and the prosperity Of the coun
try at large rapidly progresses In Great Britain the ma
nuturng cannot prosper under high prices for
breadstus II must be very unnatural artificial state
Of things when cot aud usy advance
the advance Of naturally leads to the depression
of the other The great and ruling influence in England
is the manufacturing interest while in the United States
1t is the agricultural interest which is the only real and
true basis OF the wealth and prosperity of any nation
These things show the basis OF the position these two
countries occupy in the financial and commercial world
they also show the resources each have to depend
upon in the great contest for the commerca
supremacy Of the world The industry Of a nation
which looks to another for the material to keep 1t
In operation be depended upon s the source Of
immense wealth. SO long as 1t can command the raw ma
sral and monopoze the supply Of the world but when
rival makes its appearance In the shape Of the country
producing that material and possessing within its
limits all the elements of industry the contest becomes
unequal and the result be pretty easily and correct
ly predicted
Tho commercial calamity which has overtaken and ar
rested the progress Of Great Britain must ultimately
prove exceedingly advantageous to the United States
We have been running the receive have had in
view the same objectand while in the height Of our
progress Great Britain atsrs her energies become
haused and the game is easily won by her antagonist
We have come into possession Of the entire cotton
ing section OF country In the world and In few years
we shall be able to control the movements Of the staple
and the value of It, New York will soon be the grand
distributing point and instead OF large stocks sccumu
lang In Liverpool for distribution to all parts Of Eu
rope IL will uate here, and be shipped direct to
the places Of consumption. This desirable result viii
be brought about by two causes the concentra-
ton Of capital at this point and the increase In the con-
sumption Of domestic nuacures Instead OF send
ing Great Britain any other foreign country the bulk
OF cotton crop shall merely send them the surplus
This will require time but the movement has already
such progress that 1t will arrive ut such result much
sooner than anticipated The progress made in there
things within the past ten years, has been such as to
arrant the predictions have r. corded That they
will be fully reslzed we have not the slightest doubt
The destiny Of the United states points to such result
In the midst OF there things cannot but feel that
the ruin which overtsken macy old and extensive
concerns In Great Britain IL terrible calamity and it,
effects must be felt for years perhaps forever The de
struction the commercial credit Of England will do M
more good than hurt but cannot but look upon the
throes and writings Of such nation, without extend
ing all the aid and comfort In power. This revul
sion may hasten onward and give great impetus to
our prosperity but did not require such impetus
We progressing rapidly enough for safety we were
steadily accommodating capital our population was In
creasns rapidly enough to dsvecpe our resources ana
L~t- ~.r~1s