The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-29

Notwithstanding the decrease in the amount of
specie ON hand since the middle Of March, the
actual circulation the 5th instant was more
than twelve hundred thousand pounds larger, and
the reserved notes had become reduced about three
millions sterling The bank, at the date Of the latest
returns, not in such strong position az at the
close of the revulsion; still money more abundant
and the rate of interest much lower This change has
been produced by the political revolutions the Con-
tnent, and the agitation of political affairs in the
United Kingdom. The demonstration made by the
Chartists in London the progress of the rebellion
in Ireland, and the revolutions in France Germany
and Italy, checked the return of that confidence in
financial and commercial affairs essential to a
Enlistment of public and private credit and the Bank
of England and every other moneyed institution in
Great Britain and on the Continent became seriously
embarrassed by the danger which threatened the
existence Of the governments. There is very
little doubt but that the position of the Bank
of England would at this moment have been i'm
measurably better, had not the political revo-
luton the Continent followed so closely upon
the commercial revufion, as, at the time that COM
crisis ofthe revulson had passed things
slowly but steadily recovering, and this
mercial affairs would have been going again prosper
ousy. In all panios produced by arrangement of
dit systems there is end and soon as the bottom
have gone by the board and prices for property of all
kinds have become reduced to the lowest poins-there
Is the beginning Of improvement, and in very
short time more healthy and encouraging state of
things must be realized; but whenever revulson in
commercial matters is produced by revolution in po-
tical affairs such as that in progress it is i'm
possible to form any idea whom 1t will terminate,
what will be- the result 1t is regulated by laws
based upon precedent beyond the power Of any
fuenoe, but decidedly disastrous in its operation in
volvng the wealth and Of all the nations
engaged, restricting their ability to consume and
their facilities for production. Financial systems are
completely destroyed, public debts rapidly aug
mented, and revolution in every thing connect
ed with trade is as thorough as the principles In
volved in the struggle. 1t is this state Of things
which the Bank Of England, the Bank Of France and
all the moneyed establishments of Europe, have
contend against, and we know not when or how it
will. terminate. The political condition of Europe
is anything but encouraging, and the prospect
Is that it will be worse before it is bet
ter At present, only the smaller powers in
voved in war, which, Of ITSELF is not calculated to
do much harm but the danger Of drawing others inc
to the difficulty is great an SO long the ques-
ton is unsettled oruadecided there be favor
able change in commercial matters. Every one is
waiting the issue out of all patience with its protrac
ton, but able to safely long it remains
open. In the event Of general war throughout Eu-
rope growing out of the present position of things
may at once abandon all hope of any Improvement
in prices FOR our great staple and make
up our minds for moderate dema nd for all Of
ports, except breadstufs. On the other hand if the
clouds which darken the political horizon of the old
word dispersed and the bright blue sky of peace
and good will among all nations appears and extends
over them, must rapidly recover from the PROSTATE
position we have so long occupied and Immediately
put into active operation all the elements prosperity
which exist SO abundantly paricu larly in this
try Our energies have been long restrained that
they are strong and vigorous, and all want is
opportunity to bring them into action. al,
The commercial year ct New Orleans has nearly
closed. Up to the 10th of August, in each of the
past two years, the receipts Of produce &C., from the
interior, had been annexed = ~.
Md m