The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-04

TRorSLE AMONG The CATHOLICS There is q
Catholic journal published in this city weekly,
which is understood to be the property of Bishop
Hughes, and to be conducted by him and some
of the clergy Of this diocese. This journal has
contained for several weeks past, mixed up with
some theological letters OF Bishop Hughes, a
number OF articles of very curious chars cter-
extremely personal and iliberal in their nature
which have given manifest offence to the hig est
Catholic hierarchy in this country, In different
quarters OF the Union.
The Archb shop of Baltimore, and other dis
tingushed preiates, of the Catholic church In
this country, publish Journal In that city,
which seems to be conducted with good deal
of talent, picty, discretion and good sense. In
lhs journal, sanctioned by the Archbishop, and
great msjority of the Bishops, we find very
pointed censure of the manner IN which the
organ Of Bishop Hughes is conducted in this
city, expressed in disn fed but severe language,
and manlf silly poni,ne out to Bishop Hughes the
necessity of menolng his journal in certain par
ticulafs. Bishop Hughes is, undoubtedly, man
of origins genius, with much eccentricity for a
prelste Of the Catholic church, and the journal,
which Is said TO be published and conducted
principally by him, partakes of the same charac-
teristlcs. The narrow minded and illiberal at
tempts made by the Journal Of Commerce, of this
city, and coming from an extremely limited
clique Of religionists, never could affect the say.
ings or doings of Bishop Hughes in any degree,
provided his journal and his acts were animated
by the true spirit of the Gospel, and that of ca
tholiciiy.
The censures put on the Bishops journal by
al e L. IL -
strong aud pointed that we shall endeavor to
procure copy and publish it, so to let the Ca.
thollc public see the nature of the difficulties
growing in the holy American Catholic church
TROUBLES AMONG THE COMMERCIAL CLASSES -
Strong Impressions beginning to prevail in
Wall street, that the next six months cannot
pass away without producing considerable havoc
among large class of our merchants.
The balance of trade, which by the treasury
tables, appears to nave been against US for the
last two or three years, will not be much the
cause of this qualified revulsion, as the vast di.
mnution in The prices of all staple commodities,
brought round by the recent terrible revulsion
in Eng land and other parts of Europe. The
dIminution of assets caused by the diminu-
ton in prices of all commodities is tremen.
dous. This, of course, will make an inroad on
the capitals of many of our leading merchants,
and place them entirely upon the charity and Ii
berality of the banks.
Now what can the banks furnish What is
the prospect!
The prospectsare that the government, whether
we have peace or war with Mexico, will require
all the floating capital of the country, even
if no more specie should go to Europe. Money
will be scarce-capitalists will have every thing
in their own hands; but the active business men
who depend on bank Accommodations, will be left
in the lurch between diminution in their assets
and dim,nution in bank discounts. OF course,
such effects on the staple productions will reach
real estate, and other speculative operations.
The midd.ing and lower classes, however, will
most likely escape all the coming troubles. If
work should be scarce, or wages low, prOvls ons,
clothing, and every thing else, will be as low.
The country is predigiously rich in real produc-
ton; but our rich men are actually poor, and
| many rDem who drive nvreee, anu Iu,.v
nize the opera, and get up splendid fancy ballS,
will have to sing different tune before the next
Fourth of July.