The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-20

Inc ltallan papers. yours, truly, anu In great
haste.
PARIS, ian. 20, lS4S.
The State of Commercial and Financial Affairs in
Europe-1he Difficulties in the american
Army, &c. &c.
The Bank of England and the London bank
ers, create the same difficulties in the CONNER
clal affairs of England, as did the United States
Bank in those of the United States. The bank
Is a great gambling machine, which controls
both commerce and ministers in England; and
the great bankers of Europe cooperate with it
to produce distress in the commercial commu-
nifty; because, from such a condition of things,
they experience immense profits. A crisis has
passed, In technical lanRuage-that is, the bank
has ceased to crush the business community for
the present, and those persons only now fail
who have been so injured by Its past operations,
as to be unable to recover from the shock
This combination of stockholders are now
turning their attention to the United States; i'm
porting specie from that country as fast as pos
banks and merchants, and, consequently, the
price of produce and exports. They are pre-
pairing the way to buy, and to import from the
United States; and, by restoring the credit of
ropean prosperity, to sell again at immense pro-
fits in these countries Ii to be regretted that
the power of this moneyedEnglish monster is not
limited to England, which gave 1t existence, and
continues its being, and that the merchants, and
banks, and people of our own country, are more
or less affected by its gambling operations. Eng
land, and other parts Of Europe, need our pro-
duce, and must pay for it, if our people are able
to h old on upon their stocks until the point of
necessity arrives. England paid last year one
hundred and sixty-fve millions of dollars for
breadstuffs imported, and, notwithstanding the
crops Of last year, very considerable part OF
hor ,Iofrn oil tho Tpo
land, are suffering from want Of food. Import,
she must, or her population will starve to an ex-
tent that may, cast shade upon her humanity,
and endanger the existence OF social order among
Any one can see, at glance, that the United
States can raise and export their produce to Eng
land cheaper than 1t can be procured by England
from her own people; and that, for the future,
the grain of the United States will find mar,
kst in England; and that there can, hereafter
exist only temporary Interruptions to our trade
IN American produce. at remuneratlng PRICES.
How far the people of the United States will be
made to suffer from the present operations Of the
Bank of England, and its allies OF stock obbers,
remains to be determined; and the coming cri-
sis will tend to develope, in some measure, the
comparative commercial strength of the two
countries.
The recent large failures at Vienna have
created some anxiety In Paris and London; but
it is to be hoped, that the effects of them will be
less extensively felt than ut first anticipated
There have been also some heavy failures in In.
dia; and, among the rest, the Union Bank, which
have fallen heavily upon many English families
and deprived others of their all. In Europe
people suddenly deprived of their property, have
not the recuperative power which exists in the
United States; they sink under the stroke, and
seemto feel that there Is, for them, no hope fol
the future, and that they must Immediately take
and occupy a lower place in society than theil
former one, and resign themselves to the evils
which are so severely felt by the European poor
or by those with very limited means. Here
shero arc more people than neans; .wrth us
more means than people; and man OF energy,
struck down one day, in the United States,
rises up the next In some new business or POSI-
ton, and the past is forgotten.
The recent notice which has reached Europe,
of the difficulties between our gallant officers of
the army, has created feeling of profound re-
greet and sorrow among the friends to our country,
and all deplore an event which may tend to affect
injuriously the reputation OF the army, and d.
mlnish the admiration which all feel for their
gallantry, and unexampled achievements. All
the papers unfriendly to our country, copy the
letters and proceedings, and give them the great
est publicity In Europe while the pages OF his
tory, in which are written their mighty deeds,
and heroic achievements, are not referred to,
and all disposed of with the least possible noto-
riety. How sensitivey an American feels for
the honor of his country, and his country g
glorious defenders, when residing abroad, and
especially among the European nations Our
country is a republic-our enemies stand ready
to revile us and the friends of our institutions
moan over any event which tends to bring DIS
credit upon government or people, whose exam
pie has reflected so much light upon Europe, and
tended so effectually to modify the worst fes-
lures In the most absolute governments in these
countries.
The diplomatic controversy between the Eng
lish and French cabinets, is pretty severe, over
the affairs OF Greece and the English charge
the French minister with being the author of the
despatch to which Lord Palmerston made so
caustlc reply. OBSERVER.