The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-07

nst .aSn opn.,acuon has been steadily going for
quently although commerce ali kinda vas In son.d
ana sea.s wnsn the crisis Vas first prophsssd
compass Let the same policy bs steadily pursusd snd
although each man In business viii be compelled to sus
tain loss Of income he will escape all danger of inso
vency.
That the want of currency aids to commsrc. has not
been the Of the past failures Of the present
panic, may fortunately be demonstrated On the Qsth
Of August ls46 when the bullion In the bank at ts
highest point, and when II universally proclaimed
that the then amount Of circulation SUN ,isnt TO
render the expenditure Of some two three hundred
nots on thu 10
Since that time have degree feonrae
tion which all commercial transactions have undergone
has been almost unprecedented while at the time
heavy fall In prices has taken place both these cir
cumstsncss being such to vast reduction In
the monetary wants Of the public. Conourrenty, there
with what has happened the circulation might have
greatly diminished, while money might still have
gradual rise in the rate of interest from ~ up or
per cent; and consequently increased economy In the
further Ia. existed to enable the puSo
on their operations with greatly decreased amount.
Yet in tho face Of all this what has been the aotn.
tent OF the reduction? Less than million and three
quarters has been It's entire From TINA when the
currency OF the country In state Of plethora down
commercial energies threatened with extinston sole
from the want Of due facilities the vAstiea has ab-
solutey been smaller than In former times een Wit
messed In the changes OF few months Nay, nore the
difference Is actually not so great the 10th
Of June last, when Consols 49,. when semmeroe
was much LEES contracted when prices q s articles
higher At that eli 9s7 goo sufaeed for our
wants, and We have now Els 7i2 900.
1t is plain, therefore that " the existing circulation
were really available for the OF the mercantile BODY
there would be surplus instead OF deficiency and
that money would again be not much higher than III.
per cent When under these circumstances We hear a
cry for reien and an assertion that reduction Of one
million and three. quarters In the amount Of our pro-
mses to pay is too great in ths fce Of reduction
nearly eight millions or that is the extent to which
gold has dminished In the by which those pro-
mises secured let not be deceived the par
ties for whom the camor Is raised and by whom all that
trhf ha p.laAru
and manufactures must further decline the pressure
have already endured must be outdoDs by what IL yet
come but therei limit beyond which IL will not be
borne, and all that do is to wait patiently until
that limit Is attained The least In an oppo
site direction would constitute the first step Ito be fol-
lowed by many rapid ones) on the road to national
bankruptcy
At meeting just held Of the creditors Of De Jersey
Co. Of Manchester statement was exhibited show.
for f345o00 Amongst the assets are-goods ihpped to
Russia, 800; eonsisumsnts 10 Russ, E6s,2oo;
claims on houses In Germany 300 oonsignmsnts to
Germany E7,200; amount to be received from Mr. Hol-
zauer U partner of the firm at Mosoow fl5oO0 Stock
fl0,50O; mills in Rochdae. f20,000 and various
amounts duo to the house f42 l00 or the liabilities,
f26i0o0 is upon aoceptanoes f5i7O0 for yarn, not
tinoty understood that Msssrs De Jersey Co. not
partners in any way with Thomas, Son < Lefevre and
tis.cory of pAymsntn fall by Instruments Of per
cent per month In four months, therefore, the firm It
may he expected will be In Q perfectly sound
and independent position
The affairs Of Messrs saudersou Co are winding up
satisfactorily, only fasOoO Of bad bills having appeared
yet amongst the assets f725 900 Of bills have
OF already out of fi,725OO0. The estate Of Messrs
Reid Irving Co. Is to be wound up under the nspso.
a hone q. hs,d ont that d,y;dsnd =, Az .hiia ~
pound will shortly be declared.
meeting of the creditors Of Lya, Brothers & Co,
OF the house in India meeting their payments IL 10
pected that the London firm will pay about los In the
pound The creditors of Messrs osborne have consent
ed to receive lis in the pound in periodical instaspts
THE COMMERCIAL CRIsIs.-BRunELs, Oct l6-The
creditors Of the house Of Lagnee have met at the
proposed to grant provisional delay to the house,
the creditors unanimously entertained the petition and
agreed to the proposal.
AsrwERr Oct. I5.-Ths public journals are much o.
cupied with the financial crisis which certain Journals
attribute La socets Generate and others to the banks
of Belgium We shall not enter into the details Of the
accusations brought against either the one or the other
Of these establishments but avoid remarkipg
that the crisis far less intense In Belgium than M y in
France ENGLAND and several place. in Germ:sy; for
dearth the first and principal cause OF the pertur
arose in London by the failure Of more than twenty
houses, OF which Of the first rank II 1t be
that the great financial establishment. such The
bank Of Belgium and the Societc Generals
else considerable influence the public credit,
must attribute 1t to the conduct Of those two
establishments that the crisis among US Ia not
IT. as an act Of prudence the banks Of Belgium and Ss
Socec Generate have rerained from dscounting they
them by the great Of England and France
II was rigorous obligation which they compelled
to adopt under pain of compromising their
tence In making these observations less dis
posed approve OF the notifications which It u pro-
posed to to the conditions OF the existence and
the operations Of these great banks Of the country In
order enable them to render greater service to
and manufactures; and We shall gladly hall the
moment when 1t shall be possible to realise these anne
iorstons.
Monetary Affairs.
From the Liverpool Albion
The pressure for money In Liverpool continues una
bsted and though comparatively few failures have taken
place. fear troubles are not by any means
Gatn rtn1 igl trfv utaAv ehA
American Chamber OF Commerce, lay for signature In
the Exchangeroom and received the signatures Of
vast body 81 merchants and ship owners We suhjon
a copy OF the document We understand that highly
respectable deputstion will forthwith proceed with this
aud Importance to the representation, OF the
they have formally requested MIR w Brown, NJ r. for
attend them the presentation OF the memorial to Lord
John Russell. We understand that Sir L. Birch may
possibly have arrived from the continent In which case
the honorable baronet viii ao accompany the deputa-
" 10 the Right Hon. The Lord John Russell, First Lor
Of her Mejesfy's Treasury.
"The mem rial OF the undersigned bankers srchants
traders and others inhabitants Of Liverpool
"showeth That your memorial its beg respectfully to
your Lordshp the present dePlorsble
dtiou Of the trade, commerce. and manufactures OF the
country and The imperative necessity for such immed
relief IL may be In the power Of the government
to afford Produce Of every description Is only salesble
in small quantities, and at an enormous sacrifice. Bills
OF exchange and the most valuable secufiier are un
convertible iuto cash. even at great except
in the most Insignificant amounts Foreign orders FOR
produce and goods cannot be execute for want OF the
customary facilities for disposal Of bills drawn against
| them Confidence Is ali but anDhilatcd md the cur
repcy Of the country in great measure withdrswn ana
| boarded.
combination Of causes this lamnable state OF STAIRS
has b.cu brousht about crisis of unparalleled severity
exits and your memoralists b'ev- tina 1t In In the
power Of the to aay alarm and restore
nd.ncc b. coming 10 the relief Of the commercial
and nsnufac uifng classes by temporary advance
the credit OF the csuntry Your memorialists believe
relief IL .Hmuch