The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-18
MR.. BENEFITS LETTERS FROM EUROPE.
LONDON, August rs, 1S47.
The Failures In Europe.

The Failures In Europe.
The revulson in the corn trade not only con-
tinues with undated ferocity but the desolating
principe is beginning to reach other branches of
business, more indirectly connected with the
importation of grain Failures are announced
every day, either in London in some other
commercial city. But the most startling OF allare
three that have been announced and COM
mented upon during the present week. LIST. A
large house for fl50,00O, whose senior partner,
w r. Robinson, is the Governor ofthe Bank of
England. I'd. Another firm for 100000, In
which the Consul for Belgium, Mr.. Castelmain,
i connected and, Sd, a lady of high rank of
the West End, the Marchioness of Ayesbury,
largely involved in stock operations. In addition
TO this, there is number of smaller failures in
Ireland, and others the continent. Probably
the aggregate amount of these failures, from the
beginning of the pressure, about three weeks ago,
nay reach fire sir millions sterling, or equal
S25, 000,0 900 to $50, 900.
Where all this is to end, no one can clearly
see, for the monetary system of England is tot
tering TO its foundation. The old conservatives,
and many of the radicals, are agitating warmly
for a complete paper currency, and the Danish
of gold and silver entirely from their inter-
nal circulation. The state of the times and of
mems minds are very favorable for an entire re-
volution in the financial system of England The
character of the new Parliament is very uncer
tain, and may be made favorable to any system
During the present pressure, and in the midst
Cfthe crumbliDg ruins of commerce, the Bank
of England, under its present system, receives
nothing but denunciation and hostility. The
management of the Bank is rendered entirely
subservlent to the large moneyed interests Ii is
generally believed that the failures which have
taken place will produce terrible work in New
York, and other commercial cities of the Union,
far beyond that Of lS39-40. By the next British
steamer from Liverpool, to sail on the 4th Sep
tember, On this vessel shall return) the guam
tity of returned exchange will be greater than
ever. II is supposed, by the moneyed interest
here, that this movement will restore the equili-
brium of the exchanges, and perhaps bring back
some of their specie to Europe but doubt this
result, unless there should be many orders for
English goods in the course of execution or pay
ment
The pressure and ruin, now taking place, came
very near TO head In April last, when the gold
and silver were at its lowest point in the Bank
II was delayed, at that PERIOD through some Sc
cret influence in the Bank, and in order to lei
certain interests out of the category. But now
the ruin is permitted to go on, and it will not
stop till its whole fury has been spent.
The railroads and the government loans have,
and will continue 10 receive, all the aid of the
Bank and the large capitalists, exclusive to the
foreign trade in corn, or sugar, or any other
staple. Accordingly, corn is continually falling,
and none can tell when it will stop. The crops,
everywhere in Europe, are most splendld-a full
average, if not more. In May last, corn was as
high zoos to HOS. per quarter, now it is Cos.
TO 65s nearly one-half decline Many believe,
in addition, that, before next January, corn will
be as low as 30 shlllings. At all events, the ter
rlble fall in the prices of corn, which is now
breaking up the corn merchants everywhere,
will, before next spring, break up half the
farmers in England, and produce revulsion in
he landed interest that may lead to dissolution
of the present Parliament, and the return of a
conservative, or paper money, government.
Commercial, financial, and political affairs,
are in a very excitable condition in England
and all over Europe. 1t should be the policy OF
the government, banks, merchants, and people OF
the United States, to take care of themselves
and to ward off the blows that are aimed at theii
progress by the falling ruins of Europe. fresf
war is now expected with China. The last &C
counts are very bad Connections, if not war
are maturing on the continent. The full crops
and fine seasons only cause reactions in society
and government.