The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-02-14


A very interesting controversy is beginning to
exhibit its symptoms among the commercial sove-
Yeigns of Wall street and elsewhere in this city,
IN relation to the character and authenticity OF the
recent commercial and political intelligence from
England, as we'll as IN relation to Its permanent
effects upon the commercial markets of the world.
The sudden and extraordinary revolution in the
stock and general markets in Europe-informa-
ton of which the last steamer brought us-took ev-
cry by surprise. The frs, telegraphic despatch
es of these events, which were issued from our Of
fce on Sunday last, were doubted and rdculed
by several of the leading financers OF Wall street.
The intelligence, however, brought by the mails
next day, soon convinced them OF the accuracy OF
all the pews which Issues from our office. A new
course had therefore TO be taken by the doubters,
otherwise the bears, they are called, and there
fore an opinion promulgated, and insisted upon,
that the recent change in the markets of England
was merely the freak of the moment, which would
be efiaced by the intelligence to be brought by the
next steamer, which is expected in about ten days
hence.
These coteles of SPECTATORS nsisupon it that the
stock OF revolutions in Europe not yet
that there will be more eme1tes and instructions,
which will take place, and that the public credit
and commercial capacity OF the different States are
exhausted; that more revulslons and revolutions
must follow, IN some shape other, at an early day.
On the other side Of the question, there is a strong
interest here favorable to the rise and revival
OF the markets, and this party Is confident In the
belief that the late accounts will be sustained, &C
cording to all the appearances of political and
CONNIE rcla affairs on the other side OF the Allan
tic. The rise in Americas stocks Is justified
by the attention of European capitalists and others
beginning to be given to the permaneRcy of po-
htical affairs, and the development of commercla
enterprise on this continent. The singular adj
vance in British consols is also thought to spring
from the settled conviction the public mind
there, that the government i, about to place itsel
on peaceful footing, cut down Its expenses, and
foster the tranquility and peace of Europe In every
possible shape and form.
Thus stands the varied aspect Of public opinion
here, upon the commercial character Of the recent
intelligence. The controversy has begun with
considerable intensity, and that intensity Is in
creased by the vast amount of interests which are
at stake between the two coteries OF operators.
The prospect, certainly, at the last &C counts was
In favor of the markets in Europe not only sus-
tanning themselves, but OF rising little higher
Yet we know, from the experience of the last year,
how suddenly new changes and revuIslons, or
fresh revolutions, may break out in that quarter OF
the world. France appe ars now to be tranquil;
bat many fear 1t Is only the tranquility OF volca
no before fresh eruption The affairs of the Re-.
man States, the position of the Pope, the call he |
has made upon the great powers to replace him In |
the Vatican these things, may bring about Sc.
rious difficulties between France on one side, and
Austria On the other slde-dlfficultes which may
compromise the peace OF Europe at an early day.
On the other hand, the British government appears
to be determined to keep aloof from the confusion
and ENVIRONMENTS of the European Continent,
which ID favorable to peace and prices
All these views and probable events will have
effect upon the financial and commercial
world in this latitude. and will create additional
interest to ascertain the character Of the next in
telhgence from Engand-whether the markets
have sustained themselves there, on tie one hand;
or whether they have gone backwards, or whether
they have gone up, on the other hand