The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-27

toral colleges OF the Know Nothings. The reign
of rowdy conventions, free liquor, and hired
DULLES, is at an end. So let it be.
Progress OF the Revulsion-More Trouble
Ahead.
The Pacific brought us batch of CONNER
cial statistics made up in London to the end Of
the year 1854, which indicate far more clearly
than mere words the real condition Of the
worlds commerce at the present time Not
America alone but England also has long been
allowing the glittering promise Of Australia
and California hurry her into excessive specu-
latiOn and social extravaganza; during the year
just closed, both have been suddenly arrested
by the untoward accident of the war. For
several months after the declaration Of war,
the trade of Great Britain showed no perceptible
change; merchants had given their orders be-.
fore the commencement of hostilities ; many
believed that diplomacy would restore peace;
large falling off in the exports was noticed in
the trade returns This decline has continued
to increase ever since; the returns for Novem-
Der show falling off in the exports equal to
nearly ten millions of dollars, being at the rate
of $4,000, 900 per annum. The imports have
not fallen off; on the contrary the consumption
of foreign articles of food has increased, pro-
badly in consequence Of the large demand for
the troops sent to the East. Now, what does
this indicated Simply that England, like this
country, is importing more than she exports,
and running into debt to foreign nations, in
stead of keeping them in her debt as heretofore.
There is one great difference, however, be-
tween the position of Great Britain and the
United States, which must be borne in
mind in viewing this new attitude OF
the former the United States have
generally kept the account square by sending
bonds and stocks to Europe in exchange for
woollens and hardware Great Britain has
never sent her securities here, aud is not like
ly to do SO. The consequence, therefore, Of
Englands assuming the position of debtor in
stead of creditor will be far more serious to her
than 1t would be to US. For the present, it is
obvious that the difference between her exports
and imports must be made up in bullion and
accordingly we find that the Bank of England
has lost ten millions of dollars of coin. Should
the decline in her exports continue, and in all
human probability it will, fearful crisis is I'M
avoidable, and suspension Of specie payments
by the Bank quite certain.
But though the suspension Of specie pay
ments might save England from being drained
OF her last sovereign, it could not remedy the
disastrous effects Of diminution of exports, in
volving as a matter Of course q diminution
in the production of manufactures Some of
the men who will be deprived of employment
may find bread by enlisting, but this resource
will only help few, and there must remain
vast mob of human creatures to be thrown des-
titute on the world in consequence Of the COM
bined effects of the war and the over specu-
lation of the past few years. Nothing but
some miraculous interposition ofProvidence can
fave England from speedy repetition Of the
scenes of famine aud distress and riot so often re-
corded in her annals. The masses do not see
this. Blind to every consideration but the ma
tional honor, they are ready to sacrifice every
thing if they can only whip the Russians and
thus it is that, however plainly statesmen may
discern the perils ahead, and ministers sigh for
peace, they dare not propose it in the present
excited state Of the public mind, and must re-
sign themselves to be the victims of disaster
which they cannot be permitted to try to avert.
How will these disasters affect us In the
first place, the demand for our cotton must de-
cline, and the price fall. All the advices by
the Pacific concur in prophecying declining
market; II seems highly probable that most of
the shipments of the new crop will make . loss.
So much for the effect Of the decreased exports
and consequently decreased manufactures in
England.
1t Is quite clear that with fresh English and
French loans constantly in the market, there
will be but little disposition to invest 10 Ameri-
can securities. The French treasury offers the
new l.2 per cents at SO; and the chances are
that within few weeks consols will again rule
at the lowest point touched last year, namely,
So. Should any disaster occur in the East,
still further fall may be expected, During the
wars with Napoleon, consols fell to Sc. Sup
pose they touched 60, what chance would there
be Of British capitalists taking our loans at par
when they can get their own securities at forty
per cent discount, and French rentes at very
little moreg Is IL not certain that the Ameri-
can securities which have been placed in Lon
don for sale will be returned on our hands, as
large lot Of them were by the last steamers!
At home the prospect is not more encour-