The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-07-12
. COM M ERCIAL.
ERoM oUR ooMMERcIAL coEREsPoNDENr
NV Yonx. July 10. "a

at NKw Yonx, July 10, 1855.
When the commercial Of the Dutch began 70 wane
circumstances conspred transfer he sovereign
o the seas TO the English, whose mercantile character
abed them readily adopt not only the enterprise OF the
thrifty Holanders, but their answering and
promising integrity in all money transactions Ii easy
for shrewd people to understand notwithstanding the
bier descent Of their ruling classes that large commercial
operations could be based only the poounde confidence
epgendered by acharacer for prompnes and dealing
earned by long of prosperity About the
the government of the Commonwealth adopted that line
exasyenes in the naction of navigation and other
srctve laws eyelled at the trade Of the Dutch having
their object the development Of British trade From that
the commercial greatness Of England has been pro-
gressve BY Of the aid Of restrictive laws but
in their despite II has been favored by geographical
position Of the island the genius of her people, and the
credit which their commercial honor commanded During
the period Of time, about centuries system
national debts banking houses and the credit system gem
orally have grown together into almost fabulous magn
ude National faith supported by union of Church and
State in strong governments and the fund became part
Of the investments for growing capital In all that period OF
time up To 1913, British credit unshaken and bills
England current in all parts of the known world As
compared with the high credit of England the leading
writers Of that country slow over-scrupu-
ous in drawing inyidious distinctions against the United
States in relation to the failure of 1887 the succeeding
bankrupt laws, the suspension of several sovereign States
the soppage Of banks and finally the fraudulent failure
several eminent individuals The great famine of lS47 how
speculaon and involving the failure of hundred
firms in lS4s, shaking faith in British bills all the world
for the first time commenced change The frauds
OF Hudson illustrate state Of speculative greed in the
higher ranks of society always kept within the bounds
morality. During the last month two other failures have
Cured which indicate lower of commercial morality
among the highest rank Of British merchants and bankers
than has been indicated hy any circumstance America
The delinquent houses have stood at the head of the worlds
0verend Quincy, 4 Co. the first bill
n he md he naua of
regarded with than falls the most
persons in England That firm have been discovered
been paricpaors in fraud and felony through conceamen
in order to debt. In the failure Of Strahan Paul.
Bates still demoraizng affairs mani
fest That firm has stood hundred years, keeping pace
in business and credit with the development of Englands
commercial greatness They have enjoyed the confidence
and received the depoes in all that time Of the arstocracy
and landed gentry conducting business depose bankers
by discountng title deeds plate &c They also under
the firm OF Ralford Co.. navy agents. had 5000 de-
poses accounts with naval officers and they
guardians and trustees for families OF
minors, surrounded with implicit confidence and
oyed the reputation which two centuries Of prosperity had
conferred; yet this firm deliberately appropriated the
funds thus ntr,sted to their for afe-keeping pur
poses Of speculation for their profit They lost
holders, generally minors, widows, officers, and all who
trusted Them bcggared beyond hope, while Sir John
Dean Paul bart William Strahan, and Robert Muin Bates
arrested eons and committed to for their
crimes The responsible ir that for two centuries have
banked for the highest classes sent to Jail for enbezzle
The Of these things in England reflects
far lower grade Of financial morality among the merchan
princes Of the world than the public had been led
pec and its effect must be OF the branches of
British credit These persons did not put through sud-
den change OF affairs beyond their contro but because Of
their deliberate appropriation Of the money Of Others to their
own speculation for their profit. The large fortunes
they made by their regular business not satisfying their
greed enhance their gains they threw the risk upon
those who them whom they have left penniess
This description of fraud of growing nature and leads
to the conviction that class of be trusted with
the funds Others II they do not steal it outright, they
will gamble with it for their profit until it is lost II R
now very apparent that the degree of commercial morality
in Great Britain higher than in the United States.
The specie Of the banks Of France and England in
each month of the present year follows;