The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-09-10
Correspondence ofthe Commercial advertiser.
By the Steamer Franklin.
LONDON August .

LONDON August 26, 1851.
A failure which has occurred of greater mag
nitude than any since the crisis of l847, is the
chief event since the departure of the last
packet. The house is that of Rucker g. Sons,
and its Liabilities are beyond G5o00OO The
firm We're produce brokers, and they have for
many years held high position in London.
The event was altogether unexpected, and has
created a great sensation. The result is very
uncertain, but as there can be no doubt that
the private friends of the partners would have
prevented their suspension, if the object could
have been effected by any reasonable sacrifice,
1t Is feared that they must have been engaged
In speculatons to large extent, and that the
loss will prove extremely heavy. Coffee is
understood to have been the article in which
they have been most deeply engaged.
DUNG the whole of the present year, the
prices of produce of almost all descriptions
have experienced an uninterrupted fall In cot
ton, coffee and sugar, il has been not less than
90 or 80 per cent. But as this fall has not
been caused by diminuton of consumption
there has been good and profitable business
for all parties except those who, in the face of
increasing cultivation, improved methods of
manufacture, and cheaper labor, have been
foolish enough TO hold large stocks in expecta-
ton of rise, instead of contending them selves
with supplying from day to day the legitimate
demand that existed.
Ii will therefore be understood that the pre-
sent failure, as we'll as those which preceded il,
both at Liverpool and in London, are not to be
viewed as indicating in the slightest degreee an
unprosperous or dangerous state of general af-
airs The community at urge have of curse been
benefited by the universal fall in pric s, and
those among the trading classes who have kept
to steady system have also benefited TO pro
poriionate degree by the increased transactions
to which the general cheapness has given rise
1t is only those who, instead of pursuing the
routine operations Of supplying the wants Of the
country from day to day, have preferred the risk
of attempting suddenly TO make or lose their
fortunes, that have been now brought down.
In every quarter trade and manufactures show
signs Of undiminished vigor, and, especially dur
ing the past fortnight the prospects for the fu-
ture have become still more favorable. There
never was n time when the opportunities or re-
wards of steady industry in England were more
distinct, or more easy Of attainment, and unless
something occurs, the warning of which is not
at present even on the horizon, there il no rea
son to look for any thing else than continu-
ance and increase Of this favorable state for at
least the next three or -four years. The impend-
ing troubles on the continent may doubtless
cause temporary uncertainties and confusion in
par ocular branches Of commerce, but the appre-
hension of Inconvenience in that respect is
greatly lessened by the experience of IS4s.
which has taught us that we have nothing TO
dread it we will only confne our attention to
our own a1airs.
On general subjects there is nothing new to
communicate. The feeling with regard to the
81 fha -, L..
is very general and decided, and government
may consequently rely on almost unanimous
support in any measures u ey may deem neces
sary No serious evils however are anticipated.
since the idle threats which deuded poor Smith
OBrien to his ruin, and their miserable termi-
nation are not yet forgotten.
II is stated that your countryman, Mr.. Hobbs.
has just succeeded in opening the lock of Messrs.
Bramah g. Co, on which he has been so long
engaged, and that he has claimed his reward of
Goo.
The complete triumph Of the America in her
race with the vessels of the royal yacht club has
been accepted here, you will see, with very
good grace, ard the details which have been
furnished by our papers, and which are ample
and exciting, will doubtless spread with rapidity
from one end of the Union to the other Ii is
the Anglo Saxon alone who can understand that
there is a blessing in being beaten, and in tn US
having the information forced upon him that
there Is in existence something superior to what
he had vet contemplated, and that he must con-
sequontly develope new energies, if he would
escape being left behind.
With this success of the America and the un-
paralleed voyage of the Pacific across the At
lantic IN the spring, you have earned glory
enough for one year, but to reflective minds a far
brighter and more momentous achievement has
been announced by the steamer which has just
arrived. The success of Captain Vanderbilt
and the Nicaragua Canal Company in over
coming. in little more than year and half, all
the I" insurmountable" difficulties Of the transit
between the Atlantic and the Pacific, in the face
Of discouragements and evil representations
which appear TO have been even louder from
their own counrymen than from US, is circum
stance which will do more than anything that