The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-06
Nows from Europc-Thc Panic Progressing
More SuspenslOns.

The advices received by the Caledonia are OF
the most gloomy character, and the panic was
rapidlv increasing. More failures had been an
nounced. and the revulson had reached some OF
the most extensive houses in the united king
dom. The suspension of the Royal Bank OF
Liverpool had created great deal Of alarm, and
II was impossible to form any idea of where the
movement would be arrested At the rapid rate
of descent realized within the past three months,
the bottom must soon be reached, and the panic
subside for the want of materials TO feed upon.
tbs announced, by telegraph, that fiity-five
failures have been reported between the depar-
lure of the Cambria and the Caledonia, period
Of fourteen days. We should Judge from the
repetition made in the list of names given by
this arrival, that many of the old suspensions
have been included in the last reports. At all
events, a sufficient number has been announced
10 satisfy any one that the commercial credit of
the country had been shaken to its centre. The
Suspension Of the Royal Bank of Liverpool is, in
fact, nothing more than the suspension OF any
large commercial house, and the actual effect
will be no more. The suspension OF one OF our
State or city banks, would have much in
huence upon the markets in this country,
as the suspension of the Royal Bank OF
LIVERPOOL W i'll have upon the marke of England.
The failures announced by this arrival
are no more than we anticipated. We
have all along predicted more suspensions; and
the next steamer will, no doubt, bring
another batch; but we have no fears that the
revulsion will have sufficient influence upon
the Bank of England, or upon the leading bank
ing houses of London, to produce any disastrous
results. The Bank of England is beyond the
reach of any crisis in the money market. 1t
stands as fast and as firm the government itself,
amidst the crash going on around it. Whatever
may be Its losses, whatever may be the cCndi.
ton of the banking department of the institution,
u suspension is entl ely out OF the question:; and
those who look for such an event, will be most
agreeably disappointed. The issuing depart
ment is SO fixed, under the present act, that there
is no such think as a suspension, so long as
the government securities are of any value;
in fact, the government guarantees the ls-
sues of the bank for certain amount; and
If every pound of bullion in the vaults of
that institution is drawn out of it, the circula-
ton cannot go below fourteen millions of pounds
sterling. We see by our accounts that the bank
had passed very important crisis in the revul-
slon--the payment on account of the Govern
ment debt; and it is highly probable that the
embarrassments of many houses became so great
during that pressure that they could not stave
off suspension any longer. The losses which
have fallen upon a large portion of the CONNER
cial community of Great Britain, must be inn
mense, and many of the failures reported by this
arrival, have, no doubt, been caused by the early
suspensions. The commercial classes are so in.
timately connected in all their business relations
that the stoppage or any number Of large houses
must inevitably lead to others; and so on, unit
the whole ground has been covered, and thu
connection completely dissolved.
All these movements lead to one grand and de
sirable result the determination of all thos
houses which have beer engaged in speculation
or operations beyond their means; and we can
not expect any improvement until the CONNER
cial world has been purged of these concerns.
The principal markets of Great Britain appeal
TO be in deplorable state. Under existing cir
cumstances, we could not have expected any.
thing d1srest The state of the manufacturing
districts forbids all hope of any immediate
change for the better in the cotton market.
As for corn, so long as the money markets con-
tinue SO stringent, we must expect to see the de-
preston in prices for breadstufis continue.
The RESULT OF THE ELEcrroN-TuR CAUSE
II 10 amusing to read the comments that
have appeared IN the wing journals con-
State. On perusing them, one can hardly
refrain from laughing at the absurdity of
the statements they set forth, and the causes
which they insist produced the defeat of the de-
mocrats. The wing editors vainly imagine that