The New York herald., 1847-12-29
The Approaching Financial Crisis In the
United States.

We have stated on several occasions, the rea-
sons which induce us to believe that there is a
financial crisis approaching in the United States
"a crisis which may cause general suspension
OF the banks throughout the country, similar to
;aa, which we experienced IN 1887; and mat, from
.ee action of certain causes, both foreign and
domestic, that result, without some mitigation
IN some quarters, may take place IN the course OF
twelve or eighteen months, more or less. we
described the causes thus producing this Crisis
the condition and current of the foreign trade,
by which the specie Of the country Is still drain
ing from our Golfers to fill up the Bank OF England,
and the probability that it will continue IN the
same direction in consequence OF combination
for that purpose, by the great capitalists OF
England and France, to get back the specie
they gave US a year ago for breadstufs.
Another of those causes we described to spring
from the continuance OF the Mexican war, the
little prospect of peace, and the necessity OF still
further large expenditures in that quarter, de-
mandng specie, to a certain extent, TO carry
them into operation. Those causes acting toge-
ther on the money market of New York, and
other large cities, are, In our opinion, sufficient,
in the course OF year or more, to create
crisis, and, ultimately, bank suspension
These views, the facts and reasoning corrobo-
rating them, have been taken up by several of
the commercial journals, and commented upon
in various ways. Some denounce them, and
ssme admit their correctness; but one of the
most curious comments we have seen Is that
contained in our respectable contemporary, the
Courier g. Enquirer, of yesterday--a commen-
! tary denouncing in one column, and approving
in another--thus exhibiting the double aspect of
entertaining two opinions in one day, each op-
posed TO the other, and thus neutralizing both.
! From the money article of the Courier 5r En-
ouirer, which is said to be written by man OF
| some talent, but Of little common sense, we find
the following
With these views we can conceive Of nothing more
or mischevous than arc cles such those In
the YORK Herald Of day predicting the overthrow
Of all banks soIp.ge ofspecie payments and gene
| raj confusion and run.
We do not indeed suppose that consdersts people are
at all moved by any ements from such quarter
unhappiy panic and cistrust may be propagated and
rsner mischsvous by other thau considerate people
and opinions se these, printed in newspaper which u
every where hawsed about will fad those that may ex
Assuredy the business condition Of this country
sounder than at present general wealth never
SO great or so widely ddrsed 1t Is our own fault II W.
permit aoio, proh ate, add very possibly interested
predictions Of coming disaster TO shake us from our SO
briefly OF action and security Of condition,
SO far so well but we happen 10 hnd In the
same journal a complete reiutaton of those ri.
dlculous views put forth in the money article
ana here it is;
| What Boston Is to New England, New York. more
than any other city IN the linton TO the United States
It's nsrcal I'D aancia centre, and the point OF at.
tack fsom the foreign exchanges which are alone the
orRiu OF serious disturbances OF the currency How
shall g0psrn os,ipes rHticipds and duotd The
d6ieuiss which pronnd s in the present and pro,pec-
! HDs posfp,e Of eGdns?
Ia the r,t plaev have the commercial policy Of the
nation az expressed In the tarf OF l5ao as the leading
aut of confederation next the expenditures OF the
Mexican aud then the SUIT Treasury as disturbing
causes - merci,l affairs Let consider them Ia
| tbs order Of their influences upon the currency: -
The sub. Treasury buugling attempt to Introduce
obsolete ideas again in practice To use metal as cur
rancy IL ridiculous would be to return TO carrying
! the mails between New York and phiadelpha In open
wagons, through storm aud mud once In twenty 'foui
hours Th. government propose TO inorease the qusn
| uty Of meta 10 ths co DEy. This " vel we Neh'