The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-20


Has the turning point been reached In the pro.
gress OF the revulsion in England and France Z
These are Important questions, requiring the
cool heads Of practical men, as well as the COM
prehensive combinations of philosophical haan-
ciers, TO give an answer TO.
The impression made on our mind is, that
things have touched bottom very nearly, if not
quite. The currents of specie and bullion, set
ting in from distant points of the commercial
world TO London, may continue to flow in the
same direction for several months to come, until
the amount in the vaults of the Bank of England
shall have reached fifteen or sixteen mill
much as 1t e, reached in any period of the high
est prosperity BY the last steamer from here, spe
Gle went to ngand; blythe steamer ofthe present
month, our Impression is that specie will also go.
Still, 1t seems 10 be rational conclusion to be-
lieve that the bottom of the panic has been
reached-that the turning point Is at hand; and
that all the great financiers and spectators who
originate, control, and bring about these revul-
slons, are now preparing to enter the market
with their hands full of gold and silver, and
everything else, for the purpose of buying cot
ton, corn, and other articles of commerce, at the
existing low prices.
The great spectators of London-the Barings.
Rothschllds, and others-who understand and
control those great movements and huctua-
tons in financial and commercial affairs, may
probably have made their arrangements, and
already sent their agents to this country,
to scatter themselves in every direction, and
to purchase our breadstuffs, cotton and other ar-
Giles, in anticipation of gradual rise of prices
rise which will be brought about in Europe,
through the Increase OF specie in the Bank Of
England, the return of confidence, the prospect
OF greater Increase, and all those measures
which tend to produce period of prosperity
and high prices.
If these views be correct Eve shall not saw
they are absolutely so, until we receive further
accounts from England) but if they should be
correct, the present condition OF commercial af-
fairs may ripen itself into movements, in comb
nation with the occupation of Mexico by our
government, which may create period of pros
periy and high prices, in less than six months,
aud bring about an enlargement of our currency,
well as an indulgence in every species of enter
prise, activity and speculation such course of
things would relieve us of all the difficulty now
threatening our banking institutions by the drain
ot specie from this country to Eogland, and
the drain that would soon come on them by
the addition of new loan from Washington
Sucn, indeed, would be fortunate crisis for
the administration in negotiating a loan. The
rise of prices, and the revival of CONNER.
clal activity, springing from the increase OF
specie in the Bank of England, and fresh issues
OF currency, breeding speculation there, would
remove all obstacles in the way of loan, and
postpone TO another and more convenient period
any danger of suspension to our banking insti.
tutions.
These are the most considerate views we can
form on the last news from England. To con-
firm them, one way or another, we must receive
additional intelligence by another steamer or
two. 1t is probable, however, that our sanguine
community will indulge In the more favorable
view of affairs, and that efforts will be at once
made to revive the prices of cotton and corn,
and to spread the idea OF additional prosperity,
from the favorable prospects coming to us from
the other side. This feeling seemed to pervade
Wall street yesterday, and to operate in some de-
gree on the minds of STOCKHOLDERS and we
would not be surprised to see the same impulses
applied TO other articles and other subjects OF
speculation. A great sale Of real estate, be-
ongng to the late Henry Eckford, will take
place to-day, being property situated in the SIX
tenth ward OF this city, and within the range
OF the Improvements of the day. The prices
which this property will realize at the sale, (or
PARTICULARS, and the name of the auctoneer, see
the advertisement in another column) will test
the opinion of operators on the recent news, as
FAR as regards real estate and local improvements
in this city.
We are certainly in very important crisis OF
commercial affairs. For some months things
have been menacing, and in the highest degree
threatening difficulty to the banks, and derange-
mentt 10 the financial concerns of the govern.
ment. From onr intimate connection with the
commercial affairs of England and France, and
the extraordinary control which the operations
of the banking In4titutions of these countries
have on our commercial affairs, we watch with
intense anxiety every breeze that comes across
the ocean, breathing any thing new or fresh, on
the prices OF cotton, breadstuff., interest of mo.
ney, increase or decrease of bullio on and circua-
ton, or any thing else.
For the full solution of these mysterious com.
merclal problems, we wait for further advices.