The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-24
TIL & r EPLlES
TIE n I'll & y
THE
London, Liverpool, and Manchester
Newspapers,
NEW YORK HERAL
ON THE
Financial and Commercial Prospects Of Eng
land and the United States.
| From the London Times, Dec. %. ]

From the London Times, Dec. 25l
There IS something quite sublime In the spec
tacle presented by our cousins at New York. 1t
is seldom that we find the flush of the conqueror
and the gravity OF the sage so gracefully COM
bned. Having Just subdued Mexico, or, to
speak more correctly, having Just got some six
or seven thousand men into the city OF that
name, and about as many more In certain other
cities and positions of that remote and difficult
country, the fellow-citizens of Washington and
franklin recur with increased zest to their re-
! publican sPeculations, and gravey predict the
downfall of Old England and her various usur-
pations. Reserving for themselves all their
hopes, they give us the benefit of their. fears
There are good many proverbs. domestic, sa-
cred and profane, which admonish the prudent
to look at home, to cherish their own glass
houses, and to direct into their own doings
little Of that sharp-sighte dness which we are too
apt to think intended for the instruction and
correction of our neighbOrs. Whether these
proverbs are still remembered in the United
of Poor Richard, it is not in our power to say;
but we apprehend that in the long run it will be
found that such maxims have not lost by time, or
by passage across the Atlantic any of that truth
our forefathers.
If the rest of the world is admitted to decide,
there is, after all, a very strong family likeness
between Brother Jonathan and John Bull. We
both claim imperial attributes without very much
caring whether our pretensions are entirely pa
atable to the rest of the world We both consi-
der ourselves fully entitled to elbow our way
through the great crowd of nations, wherever an
opening or yielding set OF RIBS may haply be
found. We both moralize very abstractedly, ex-
cept when some particular interest suggests the
necessity of practical views. We both spread
sails to prosperity, as if we had the secret of
its continuance. Once year, at least, we both
stake Stock and get up satisfactory account
sumo on trifling redundance of wealth or of
power to make plunge into the future without
looking before we leap, or counting the cost.
Yankees and Britishers are much the same for
all this We laugh at them and they laugh at US.
Both, however, will do well to bear in mind this
odious family resemh ance. Monkeys are dis
gushing because they are only too like the hui
| man kind. Whatever the Angl0-Saxons and
| Anglo Americans find to reprove in one another,
| it may do them good to remember that there is
something very like 1t In themselves.
With the most cordial and unaffected condo
lence, the Neto York Herald has been recount
ing all the disasters, difficulties, restrictions,
vices, and infirmitles of this unhappy nation
Foremost in our misfortunes, 1t puts the Bank OF
England, bill brokers, and Jews, whom it as
sumes to be all in a confcderacy with the minis.
ter to play fast and loose with the industry of
this country. We do not know where the
Transatlantic Mentor gets this view of the case,
and still more so on perusal of the artlcle that
the whole of the mischief consists In the vlclss-
tudes of wealth and poverty, without any refe-
to the particular authors or causes OF huc,u-
dtlOu. FOuI OF I'VE yCdlo oiuCc, VIC Auu OH iii
mense accumulation OF money, more than we
knew what to do with. Our pockets and our
commerce were equally bursting with money.
In fact, money went begging The trade s; an
with my money % ''Do you wish to invest or
to speculate 9'' said the banker At first in
vestment was preferred The money, however,
deposited by him in the Bank of England, or
with some broker. Commerce was thus gorged
with money. The streets Of London were
almost paved with gold. Wicked Queen
Nab, in the disguise ola Lomb ard-stre broker,
went about tickling the fancies of young and
old merchants and tradesmen. "Why don'tyou
extend your business little +! / can help you
with few thousands as low as per cent land
you can make 10 per cent by the use of them"
When commerce was saturated, and really there
was nobody who could take more money into
the regular channels of trade, then came rail-
ways. The rest is briefly told Railways, llAe
certain tabled q hem of voracious celebrity,
ate up first the tradesman's balances, then the
deposits OF the Bank of England, the broker, aud
''Ihs Jew" till capital was gone and when the
unhappy merchant came to ask tor renewal of
the accommodation once really thrust upon him,
| he was per force denied Such is true aud SIM
| pie account of what the Ne,o York Herald rep
resents as great public nuisance, In the shape
| of a national bank, aud vile conspiracy OF bro
kers. 1t acknowledges, to be sure, with con-
slderation for which we cannot be too much
obliged, that causes beyond our control have
| had some little share in our disasters. Famine,
u ',
have aggravated and fastened the effects of our
| Imprudence.
Now, granting all this, we beg leave to ask Of
our Mentor, what sort OF example does he furnish
| In his own somewhat analogous career =! Is he
| prudenty and piously backward to catch up the
| l!usory offers OF fortune Ga the contrary, the
| Union Is Just the most 'go-ahead" country in
the world, aud IS not at all ashamed to be so con-
| sldered. For proof OF 1t we need 90 no further
| than Mexico, or than New York, and the very
street and house where the article before was
| written. We neyerread anything more sef-de-
| ceptive, or which showed so utter and immediate
| iorgetfulness and insenslbiity, on the part OF
| the preacher, to his own celebrations. 1t is not
| the Pharisce and the Publican. 1t is something
even more absurd. The Pharlsee of New York
| moraiZes on the sins of us poor Publicans, and
| the next moment does the very same, showing
| the same rash confidence In a prosperity that
| may not endure, and resources that Heaven may
| any day suspend or altogether deny. After about
| the most melancholy torbodiDgs Of our fate that
| ever were CALCULATED in out of Bedlam, the
| NeW York Herald, by way OF not even leaving
| hope at the bottom OF our chest, says-"Wc can
not conceive a more terrible state OF things than
what exists at this moment IN Great Britain, and
| we look upon any attempt to improve them
| weak and ubortive, compared with the pth and
| extent oi the evils experienced Aad then,
turning to IT'S own more fortunate soil, II grace
The financial affairs of every state in the Union
daily improving. and the general government has no
thing in the shape OF debt likely to depr,c ste the
market value OF it's stock q permanent investment
We have debt of about fifty millions Of dollars With
revenue rapidly increasing We have an income,
| and above ordinary annual expenditures, large
enough to pay the interest puolc debt Of 200 mil
lcts Of dsars Eighteen months OF have increased
only ~ millions Of dollars 10 months more
OF would not add onehalf o, that to the
present debt Our financial aud commercial systems
bss d upon the soundest principles and while
In the midst Of OF Invasion every element of in
dustry in every section Of the Union In full acyity
our commerce is rapidly Increasing immigration
tnues to be uninterrupted the sales Of public lands
continue large and the most healthy prosperity exists
In every department Of business Compared with this
What spectacle Great Britain presents to the
DIAL world We rich and she Is only poer
put upon the eve Of revolution, which may bot
some OF hei Institutions, aad destroy macy OF
sources We hold within limits the greatest and
most important elements of wealth In the world Our
cotton and corn will at all times and the precious
metals OF Europe. which will how In from the East;