The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-29

waiting with great impotence to receive the
next news from England. At the last accounts,
the position OF the Bank of England, and of
commercial affairs generally, was extremely in
teresting, as regards their connection with the
progress Of trade in this country. 1t is believed
that the tide had turned-that no more specie
would be drawn from foreign countries to Lon
don, and that the amount accumulated in the
Bank of England would be used to stimulate and
encourage trade
The next news from England will either con-
firm or dissipate these expectations. Our own
belief is, that some little revival may take place,
in consequence of the change in the current of
specie; but that there will be great languor and
inactivity for some time, and that every effort that
may be made by the commercial people of Eng
land to revive prosperous times, will be more and
more attended by occasional relapses and panics.
England has great population, limited area
of soil, aud newly made competitors in the mar
kets Of the world, not the least being the United
States. She is in bad way. The British Par
Lament has been degenerating for many years,
and legisating only for West India negroes,
London stockholders, and ambitious Jews, for
the last fifteen years. Her ministry is influenced
by the same interests. Her taxes are onerous;
her debt equally so. In everything connected
with trade, navigation, manufactures, steam,
electricity, and all the improvements of the age,
the United States can accomplish more, in less
time, than England could ever do. We are
young, full of blood, energetic, enterprisng, and
enthusiastic-she is old, loaded with debt, OPP
pressed by stock jobbers and Jews, led away by
negro enthusiasts, and her very life-blood is
pawned for centuries to come.
We expect, by the next arrival, to hear of some
little revival in trade and commerce, but no.
thing permanent, or any decided amelioration
that can last any length of time.
OCEAN STEAM L1NKs-The Cambria sails to-
day, from Jersey City, at IL o'clock, for Hall
fax and Liverpool. The mails in this city close
at ten o'clock; but the postmaster of Jersey City
will receive letters up 10 quarter of an hour
before the sailing of the steamer. The Cambria
is the first regular British steamer which has
arrived here from Liverpool and sailed hence.
Hereafter, we shall have one once month at
this city, and once a month at Boston, making
their arrivals, throughout the winter season, one
per fortnight.
The British North American line may now be
said to be the only successful line of ocean
steamers yet organised. The English establish
ed line, and sunk a great deal of money in it,
between London and New York, of which the
British Queen and the President were the prin-
cipal boats. Another line Was established be-
tween Bristol and New York, which, with
the exception of the Great Western, also
turned out a failure, like that of the Lon.
don line. The French more recently attempt
ed the same thing between Havre and New
York, which has met with some diasters, and
also turned out similar failure. Even the Anne
rican line between this city and Bremen, must be
admitted now to be failure; for the first vessel,
the Washington, appears to be entirely unfit for
steam navigation, although she may be very
beautiful in other respects.
We have had, therefore, two English, one
French, and one American line of ocean steam
ers-all failures. None seem to have succeeded
blu: the Liverpool line, composed of vessels built
on the Clyde, with engines constructed in Glas-
cow. The Scotch line, as it may be distinctly
called, is the only line that has succeeded per-
manently on the Atlantic. The blunders, and
errors, and miscalculations OF the English,
French and American lines, would fill columns;
On the other hand, the prudence, caution, skill
and enterprise OF the Cunard lne stand out aloof,
and must be admitted by all.
But we do not despair yet, on this side of the
ocean. Mr.. Collins is now engaged in preparing
a line of large steamers to run between New
York and Liverpool, which, we believe, will be as
cautiously constructed, and will be eventually as
successful, as the Cunard line but it will be q
year, at least, before any of his steamers will be
traversing the ocean. In the mean time, the Gu
nard line will make, and will deserve to make,
money. They have glorious harvest before
| them.
MOVEMENTS OF THE PACIFIC SQUADRoN.-We
have seen private letters from California, dated
at Monterey, October 9th. The U. s. vessels