The New York herald., 1851-11-22

You will see that by computing interest on the
Two last items, the dividend arising from this
source Is mere than two hundred and twenty four
millions of dollars large part Of this interest Is
payable In London, and passes through few bank
ers, who the agents to receive and reinves 1t.
Those who know the value OF our cotton crop rs
medium OF exchange between this country and Eng
and, must see the power which the control over
the interest on the European debt gives to these
BANKERS In the regulation Of European exchange,
and how much these bankers are interested in main
taining the value Of the funds from which that in
terest Is derived II will also be seen that the great
er part Of this European debt bears an interest Of
not more than fsuper cent and follows that these
bankers, who were the agents OF those European GO
vernments the sale Of their bonds and of fund
holders for receiving and renvestng their dividends
knew that, If Mr.. Jaudon was permitted to estso.
lish In London . markat for the sale Of American
bonds bearing an interest Of Elk and per cent
The holders OF European three and four per cents
would sell out ana invest ia American six
end sevea per cents and they saw that Mr.
biddle could through the agency of Mr.
JsSdon, furnish American bonds sufficient to
absorb the whole value Of the Europeaa
debt, and they knew tha, the existence OF
these European governments whose agents they
were, depep ded upon the maintenance of thet credit
and that, therefore, the question presented by Mr.
Jaud0n's appearance 10 bondon, involved AZ the
same time the credit aud the d9ration Of the mo
psrchts Of Europe, anu toe business ami profits Of
he bankers who were their agents; and, therefore
hey combined to destroy the Bank Of the Unite 4
measures adopted by the bank for the sale Of Ame
ric an securities in the European market.
Had Mr. Bidde placed his State bonds with
these bankers, they could have regulated the quau
tity sold, and the price, and as they could nave
controlled the market and foEerei British oom-
merce, without destroy ing the bank or annhilsting
American credit II will doubtless be said by their
partisans in this country well In Europe, that
their ombination was the necessary consequence
o! Mr. Bidde's refusal to allow them one half Of
ore per cent commission, and attempting to build
up rival American agency in the European
market
In reply, I submit that my purpose is to show
that the failure Of the bank vas caused by q com
braton Of European bankers, who are the agents
Of the monarchies OF Europe, and that that combi-
ration originated in the necessity OF projecting the
credit Of these European monarchies, when brought
IL competition with the credit Of the United States
ard of the individual States Of America; and to
show that, as these bankers then mbined to des-
troy the Bank OF the United States, 10 will they
again combine, whenever II may be convenient or
necessary for them TO do so, for the advsnceme ent
Of their own private gain or ts protect the credit
or promote the purposes Of the monarchies vhom
they represent
More My pufpose is 10 shsw that the system OF
European credit constitutes the chief stregth Of the
existing European governments that the debt OF
these European nations represents the expenditure
heretofore made In wars and in the maintenance Of
armies and nsvies and prvilegedpersons, and would
have no value il the people were 20 refuse to pay
taxes Il ia, therefore, the fundamental policy Of
these monsrchioal governments, and ot tbe b,aksrs