The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-11-25
The FOREIGN News we published yestcr-

Ihk TVhEioN NE"s "o Puohoh0u yS's
day dissipates the pleasant prospect Of early
restoration of confidence in prices md tYads
in this country, with which we have fatter-
ed ourselves for . week or two past. Our
earlier prediction Of general financial re-
vulsion throughout Europe, is likely to DO
fulfilled. The frmness with which the Eng
lish hoGses received the first shock of our
general suspension, led to the belief that
they were more invulnerable TO the casual
ties Of trade than We had supposed. But it
appears that though they met the blow with
. bold and resolute determination to resist
it, tho effects Of it were wide and ir.
resistible. The relations Of the two coun-
tries have become so intimate, and their
commercial intercourse 80 extensive, and
their interests so interviewer that they arc,
commercially, almost one people. England
must be brought to the same condition that
we are. There as here, it will not be a state
Of general bankruptcy and insolvency-for
the assets of debtors will exceed in value the
amount Of indebtedness-the representatives
OF wealth in tie form Of credits and debts,
greatly exceed the convertibility Of the
wealth on which they have been based, but
the wealth is abundant and real, and the re-
suit will be suspension Of payments only.
The difficulties, there as hore, will bo confn-
cd to the commercial classes and those con-
nected directly with commerce. The land
ed interests and the capitalists will not be
seriously affected, because the chief indebs-
edness will be finally paid either in money
or property. The substantial and durable
interests of neither country are to DO moro
than temporarily affected by the revulson
1t will prove but slight application Of th'
brake, to check the dangerous speed Of thu
car of commerce, and bring it under tho con-
troll of prudent conductors.
The Bank of England will protect herscl
ut the cost of her customers. She may no
suspend specie payments, but she villa
the only other alternative suspend business
stop all loans and accommodations; enforc
the collection of her debts; reduce her lia
bilities, and heave too, with furled sails til
the passage of the storm. When she stop
her accommodations, the vast credits, which
she affords to move the commerce Of tn
world, disappear; and the effect is, as if hun
dreds of millions of metallic currency wer
annihilated. Commercial payments will be
come at once impracticable. At home, tn
first and severest effects Of the virtual sus
pension of business by the Bank Of Englan'
will be felt; but its disastrous influence
will rapidly spread themselves through Eu
rope, and their reaction will be felt in Eng
land with increased force. The price Of cot
ton and breadstuffs will be forced to the low
est point at which they can be extrscte
from the possession of our producers. Cot
ton and food, England must have, under an
state of her commercial and financial affair
but she will not buy excePs ut the loves
prices, till her immediate necessities comps
her 70 purchase. The prospects of main
tanning even present prices Of bread m
meats in this country is discouraging.
On the continent, the state Of fnanci'
affairs worse than in England. There
less wealth; less financial talent; less moi
oil and commercial integrity, which is II
firmest basis of credit; and there has been
more inordinate and reckless spirit Of vii
speculation-led on by the French Empcl
or-than in England. The reaction of I
general revulsion upon this country wi
be to depress prices still lower, and prolor
our own restoration. Instead Of reasons
hope for better prices, the European new
leads us to fear that the lowest prices Of o.
great staples have not yet been reached.
p. s. The intelligence by last evenings to!
graph confirms, in Q forcible manner, G
above views.