The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-31


THIS produced more healthy state Of things Tor ths
change Ia the finances Of tho government relieved
The public mind of much OF the apprehension which
would otherwise have been experienced In the spring
oflS47 when this act was in full operation the supply
Of specie from Europe very great the effect up
on the money markets Of this country such that
large loans were made at a premium, and public con.
fdence became partially re-establshsd The exporta
ton Of breadstufs to Great Britain and France ex-
ceeded anything Of the kind before realized and
sur imporiations Of foreign manufactures increased
large per cent All the evils anticipated
of the war dSssseared the Independent treasury was
for the time loss sight Of speculative movement com
menced in fancy stocks an expansion of the currency
was rssorted to for the purpose of initiating prices for
our staple products and giving greater impetus to
shipments The greater the expectation of food to
Great Britain and the higher the point prices reached
the more confidence the public had in the permanen-
cy OF the apparent prosperity of the time The def
cheney in the harvests Of Europe considered the
greatest blessing this country could expere and it
was the opinion Of many that extensive and steady
markets fer breadstus would be the result of the
movements then going on. 1t was not for a moment
imagined that the immense amount Of bullion drawn
from England, in payment for the -four, grain and
provisions sent from this country would derange the
any embarrassments in the financial systems of Eu-
rope. Spectators in this country did not for q mo-
ment, dream that should feel the effect of
that arrangement in o vital point in the de-
probation in prices for most important ex-
porting sape-that it would lead to return large
portion Of the specie exported to this counryto the
flooding Of markets with foreign manufactures and
to the change from large balance of trade our ia
vor to u large balance against This foreign in
debtedness has not been created entirely by the
ments of merchandise directly by the depreciation
Of prices Of staple products the side but
to great extent by the large have incurred
by the numerous failures in all parts Of Europe We
have been obliged to remit millions of specie to meet
and protect bills Of exchange drawn upon tho proceeds
OF merchandise previously shipped sold and the
value absorbed in the immense liabilities Of ipsovent
houses This accounts for the present expectation Of
specie to great extent and also for the existing posi-
ton Of financial and commercial affairs in this country
The revusion produced by the drain of bullion from
the Bank of England for export and increased by the
suspensions which followed, destroyed the markets.
not only for breadstuffs, but for cotton The manu-
featuring districts paralyzed operatives thrown
out Of employment. and the panic became general.
Our export trade from these reduced to the
lowest limit, while foreign goods forced upon our
markets. and sales made at enormous sacrifices for tho
purpose of renting the proceeds in specie.
In the midst of this state Of things there came re
vulson Of another character but equally insdious
In its efects-equaly protrac ted in its operation We
anude to the political revulsion which has swept SO
rapidly the continent of Europe and which threa
tens to involve the old world in a general war When
this revolution commenced everything connected with
commercial matters in the greatest confusion
confidence gone prices for everything depressed and
the prospect for any immediate Improvement rather
dscouraging but it tn general impression that
the worst had been realized and any change be
for the better. 1t is hardly possible for more un-
favorable state Of things result from the political re-
vulson but it will tend to keep the markets of Europe
stagnant prices for everything to the lowest point
and confidence far below par. general may give
our commercial marine increased activity and 1t may
create demand for breadstufs; but shall suffer
by the depreciation in the value Of our cotton
than be Offset by the advant ages realized from
other sources.
with every nation in Europe affected very
riously by these things, and attribute the
barrassments at present existing and the difficulties
apprehended to the position Of European affairs The
idea Of the Independent Treasury Act being the prime
preposterousso utterly absurd hardly de-
moments notice; but it may DO necessary to
preserve the existing financial system Of the govern
ment from the attacks of the opposition IL is well that
the of the revulson which, within the past year
has bankrupted many and touched the pockets of all
should be thoroughly understood that the aim and OBJ
ject Of those who wish to throw odum upon the most
judcious financial policy adopted by this or any
other country, may be more clearly scen