The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-27

Yet LOrd CreOrpe Dcntlnck, IN the House oil
Commons, asserts that the crisis in England is
but beginning there. At all events, it has left
behind it most terrible scene of ruin and devas-
taton. 1t appears that the number of failures is
over two hundred and fifty, and the amount for
which they have failed, nearly twenty-five mil
lions of pounds sterling-$l25 ,OOo, 0oo-and the
greater part of the failed houses were utterly rot
ten. The aggregate amount OF failures In Eng
land, may be stated to be over three hundred Ole
merchants, and probably as many OF small er
| ones, involving an amount OF between two and
three hundred millions of dollars. The j epre-
citation in stocks, in property, in produce of all
kinds, is estimated to be equal to the national
| debt-viz. 800 millions sterling.
This terrible devastation has beesA brought
about by the action ofthe capitalists Of London,
| and the Bank Of England. They gre still en-
! gagged in the same purpose-of dim inlshng the
! prices of cotton, corn, and othcE staples, and
also of throwing vast quantities OF goods into
the United States, for the purpose of drawing off
| our specie In London it is expe cted that fifteen
| or twenty millions of dollars specie will yet
| be taken from the United States.
| With this extraordinary course Of policy among
the capitalists of London, the position of finan-
cial affairs in this country, in connection with
/
interesting. Immense loans will be requir ed by
| the American government, to continue ne wnr
in Mexico-for there is no prospect of Acace
These loans will come out of the mon ey markets
Of the large cities, in funds furnish ID Nv can;,al
lists who own deposits in the 'oe.oks and of
course, the banks will have ulir ,telv 70 nav and
take these loans, at the same me that tho drsn
specie is going on from thi' country into ENGLAND
Bst,ceen too such infue ares il nil he miracle n,
zoe haze already state if the banking institution,
| o. mis cou""yc@ maintain their soiuency, and pay
the'r deposits IN paper and specie, according to
ia"' lhe'e must be some relaxation somewhere
Either LIE American government must abandon
the treasury system, which deals entirely on the
, principle of specie paying, or the banks must
suspend. There is no alternative. We may look
at it as two drains on the vaults of the banks
the one produced by the policy of the Bank of
England, and the other caused by the action of
our government, and the treasury department, to
supply funds tor the Mexican war.
The danger of the suspension of our banking
institutions is increased from the fact that there
ls larger proportion of paper currency-mean-
ing by that, bank notes, deposits, and promissory
notes of all knds-to the specie in the banks to
sustain it, than in any other country in the world
This is roundy asserted by Sir Robert Peel, in
the House of Commons, when speaking of the
English crisis
In such dangerous position to the CONNER
cal business and banking institutions of the
, United States, it will be very we'll for the mer-
chants, manufacturers, bankers, and all classes
connected with commerce and currency, to pause
. and enquire what is best to be done. Yes-what
is to be done! First sell to all the world for cash,
and nothing else-then reflect.
? TIE PRESIDENTIAL Contest BEGUN. - The
! friends of General Taylor are now distinctly in
e the field, ahead of all other politicians and all
: other candidates
> We have alreadyg the reply of this distin-
guished man to the letter addressed to him by
Mr. Muhlenburg. under the direction of a State
convention in Pennsylvania. At that State con-
vention resolutions passed nominating
Gen. Taylor for the presidency, and that nomi-
nation General Taylor warmly and cordially
accepts; and he is, therefore, in the field, dis
tincty and positively, as u candidate for the
next presidency.
But this is not all. We see by journal of
Pennsylvania, that State convention of The de-
mocracy is called to meet at Harrsburgh, on the
eighth of January ensuing, for the purpose of no.
minatng an electoral ticket, pledged to General
Taylor lot tne next pTeslueHCy. j MS cohVen-
f ton may also probably nominate Vice Presi-
dent while they select electors; but whether they
do so or not, they will probably indicate some
mode of action by which all other friends of
General Taylor, throughout the country, may &C I
in concert on the subject.
This is a most important movement. 1t is the
first distinct movement for General Taylor in
the North-sprngng up, too, among the de-
: mocracy of Pennsylvania, who are a class of
men who never put their hands to the plough
and look back-who never double up their fists
unless they mean to strike blow-who never
strike blow without making a knock down.
and who never knock down without drag out
and glass of grog on top of it. The democracy
of Pennsylvania were the first IN the field, de-
termned, positive, and obstinate, for General
Jackson, and General Jackson was made Presi-
dent. This movement is, therefore, douby and
trebly important, from historical recollectons, as
well as from existing symptoms. We shall
watch it with attention-we shall send corps
of reporters to IIarrlsburgh, during the session
Of the convention, and give full and authentic
report of all its sayings and dongs; for we be-
lIeve that this movement will stir up the political
elements throughout the whole country.
Where are the friends and supporters of all the
other candidates! Will not the admirers of
Gen. Scott in this city, come forth and show their
hands 7 Will they not show some symptoms
of existence in New Jersey7 General Scott is
great mana noble fellow. He has got over his
"hasy plate of SOUP admirably; and if nothing
should grow out of the rumors from the camp, by
ne arrest Of Generals Worth and Pillow, he will
yet probably occupy the white house; but ac-
cording to appearances, not until after General
Taylor has had his turn in it, As to the other
candidates of the politicians and statesmen, as
they are called-the candidates of the organised
parties, and the corrupt and rotten national con
ventions--ihey may talk and spluttcr, but they
will hardly be heard of when the people are