The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-04-10

COMMERCIAL AFFAIRS.
MONEY MARKET.


tensions entertained relative to the expected ad
vices and there was no disposition exhibited force
Sales in anticipation Of the steamers arrival The re-
suit Of this feeling was limited sales and almost com
pets suspension of business at the boards for day or
two. Early on Friday morning tho Warrington was
tsegraphsd, and the anxiety for her papers became
most intense The complexion of her intelligence was
not generally known until after business hours; and 1t
not until the next day, after private letters had
bsen delivered and digestsd that the effect Of the
really understood. The political acc cunts ct FIRST
absorbed public attention, and tho public mind was
SO much carried away by the immense progress
made in all parts Of Europe, in republican principles
that every thing else for time lost sight Of The
revolution which had taken place in the financial affairs
Of the continent is nearly general that in political
matters; and although the latter will ultimately work
out the salvation of the people at LARGE the former will
not be attended with favorable -eus to individu
ais. The revolution In political and financial affairs In
Europe has been have in fact grown
out Of each other they have been so intimate y
nscted that the evils of have produced evils in the
other Thsimmense financial Systems of the
on the continent, and of tho United Kingdom Of Great
Britain, have been established for the purpose Of
dstipg tho political systems which have from time to
time been adopted by the different monarchs The ss-
tablishment Of the Bank Of England, Bank Of France
continent tbs result Of financial operation
connected with tho government or grew out Of some
loan of money to the king at the time 1t is well known
that the Bank Of England established to support the
national credit Previous to the creation Of that in
stitution, the government of England experienced
daily the greatest difficulty In borrowing money; the
most enormous rates Of interest paid and every
was resorted to for the purpose raising funds
Every effort by no successful and at times
the greatest pecunary distress prevailed To remedy
these evils, and relieve the from the
and sxtortioners banking institution called tho Bank
Of England formed and Its original capital raised
by subscription, and loaned to the government; and
whenever any additional amount was required by the
government Increase Of the capital of the bank
authorised, and ct once taken. Such WAS the com.
msncsment Of the Bank Of England, an institution
which has, since Ifs formation been the Of more
financial and commercial distress ndivdua lbank
ruptcy and national taxationthan any other in
the world and 80 long Yields the immense power
at present possesses its existence will continue the
to the commercial classes of Great Britain which II has
ever been.
All the great national banking institutions on
the continent have been created for . purpose
similar to that which called the Bank Of England
into existence, and they have ever been 20 init
mately connected with all the financial operations
gsthsr; and ID question, which Is likely to be the
most thorough and complete the political or the imam
cal revolution Of Europe The financial operations of
thsos governments have created such immense debts
have entailed such enormous taxes upon the people,
have abridged ssnsby the rights Of the masses and
have 30 intimately connected these banking establsh
msnts with all the cations Of trade and commerce.
that revolution sweeping away al these things must
give shock to public and private credit nom which it
will slowly The debts OF those governments
which have already felt the effect Of political revolu
tion cannot be provided for after the system upon
which they have been created, and upon which they
have been sustained has been destroyed and IT, there
fore, probable that they will be repudatsd There Is no
help for IT. the people cannot, they would
tain these debts; they will and It extremely dini-
cult to meet even the current expenditures Of the
new government formed, or about being forme
without raising immense sums to pay for the int
rest immense debit. Amidst the complete dsstrue.
tion In public and private credit, will be almost i'm
possible to look back everything must DO directed to
the uture the past must take Of ITSELF and long
after the political revolution has become porised
after ordsrs restored and the shall have
commenced movDg-the financial revulson will be fslt
in its full force. All the old sysems and the old houses
must pass away and order of things grow out Of
the revolution. The difficulties daily experienced in
France in raising funds to carry the provisional 60
vernmen evidence Of the dangers attending such
Q tremendous revusion in the financial affairs Of any
country Under the government Of Louis Philippe the
public finances were spparenyin condition
individual credits sound and confidence was e.
tablished upon solid basis political revolution of
less than thirty days progrss has swept away every
vssge Of this apparent prosperity and from the colleo
ton of rost taxes and prompt payment Of ell
dues to the government 1t is impossible to collect
psBditures Of the government Of the people.
We form idea from this of tho utter annhi-
laion public and private credit and ofthe progress of
the financial revolution In France. folly think for
moment that the debt Of that country will be scknow.
lodged by the when the finances are
utterly dsranged and the ability Of the people to pay
taxes Is 70 limited Whatever may be the wishes, or
might have been the original intention the people or
the provisional government there is alternative no
possible help, relief. but reputation asthoroue as
complete As took place during the previous revolution in
that country This will not be confined France; but
every European government must, their political
principles become republicanised relieve themselves
from the burdens of their debts by population There
is people upon the face Of the EARTH having the
power In their hands, that will burden themselves
with the debts Of the monarchical govern.
msnts under which they previously existed 1t is an e.
tabshed maxim, that generation cannot legally
pine anothsrcannot create debts by which the soil is
taxed and future generations compelled to pay both
principal and interest," and such principles hold good
In republican forms Of government there Is certainly
foundation for the population Of debts when revolu
ton sweeps away . government, and the people e.
tsblsh government Of their Everything goes with
the crown. Debts made with kings cannot be binding
upon the people, particularly when the people have
been represented and va shall nnd such Reputation
Of debts IN Europe will relieve the people Of the bulk
Of the burdens they have for ages had Weighing upon
them. There must be clean sweep there can be no
healthy beginning under the new order of things
These revolutions have by means been confined to
Europe. Wohsve experienced them in this country but
they have bcen comparative mild what Europe has and