The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-24

a, ths silbs OF ihs West End Of that motIopolisa
ws are persuaded that another and a fresh a,
tempt will be made by the great spectators o.
Europe to control the American staples of al
kinds, TO initiate their own currency, to buy III
everything at low prices, keep il for awhile, raise
the prices, and the sell out, either to those who
feed the starving population of Ireland, or to
those who employ the idle population of Mau-
chester and the other manufacturing districts,
at equally high prices-we mean corn and cot
ton, sugar, tobacco, and everything produced in
this hemisphere, subject to the same influence
and the same action.
The position of the money market, and OF COM
mercial affairs in Europe, at the last dates cor
responds precisely with the views we have al
ready given The specie in the Bank of Eng land
had reached twelve millions, and was rapidly
increasing. II will soon touch its highest point;
and then will commence the movement of specu-
laton, unseen at first, because the great fnsn-
ciers who will originate and carry it into opera
tion, work under ground, up to a certain point.
In this position of affairs, the best advice to be
given TO agrculturists, planters, and traders of
this country, of all descretions is to sell the ir
respective productions as fast as possible in the
rising market, and by no means to sell for credit.
According to all appearances, a great change
will be gradually produced in the mo-
ney affairs of this country. Whilst the
specie was going to England in one drain, and
TO Mexico in another, we aroused the attention
ofthe country, and told them there was danger to
the banking institutions and unless they took
care, that suspension was inevitable. These two
movements, it would appear by the most recent
accounts from all quarters, may be soon arrested
IN mid-career; and some faint intimations are
given out, that they will be turned in exactly an
opposite direction. If the great Spectators OF
London enter into the movement to purchase
our great staples-our bread-stufs, corn and cot
ton-the specie will soon come in this direction
again; and if the American government persists
In keeping possession of Mexico, holding its
mines of gold and silver, and collecting
Its revenues, as 1t appears it has directed
General Scott to do, then the specie of
that country will also flow in this direction,
or, at least, sufficiently so to stave of the neces.
sity of making very heavy expenditures in that
country. In such combined state of things,
growing out of the new causes enumerated,
there uiH be more danger of an initiation of our
currency, than suspension of the banks. The
spirit of speculation and extravaganza will spring
into existence, instead of spirit of depression
and bankruptcy; and in this condition of affairs,
the specie clause, the hard mos ey system, ought,
by all means, to be persevered in by the govern
ment of this country, in order to save the ma.
ton from the sad consequences of speculation,
imitation, and extravaganza, all going together.
The London journals give come intimation OF
this object, springing up in the minds of the
spectators; and the best policy for the American
merchants, traders, and planters, is to sell at
existing prices, and sell only for cash-and for
Congress to preserve, at all hazards, the specie
system of the Treasury.