The Washington union., 1857-11-14
THE NEWS BY THE ARABIA.

The long and anxiousy y-expected steamer Arabia
has arrived at New York from Liverpool, and we
give in this evenings issue of the Uo, as full de-
tails of her news as eur limits win permit The po-
utica and financial intelligence by this arrival is
highly important and will be generally regarded on
this side Of the Atlantic az of satisfactory and
encouraging character. Delhi, after stout and
bloody resistance, has fallen and the English army
in India are now rapidly and eagerly assuming Of
fnsiye operations But II is in the monetary affairs
Of the Old World particularly those of England, that
our people are deeply and directly interested,
and the surface of those affairs we are disposed to
believe are of such nature as will produce, we
think, strong but temporary reaction in the now
pretty severely shattered financial circles Of this
country
The Arabia took ont the news of the suspension
of specie payments by the New York banks and the
hanks generally Of the whole Union, and no little
anxiety has since been felt here to the effect which
this intelligence would produce in a country which
has such great and intimate commercial and finan-
cial relations with our own The advices by the
Arabia dispel all present fears The English jour-
nalists instead Of resortng to the yitperatiye vo-
cabulary so much in vogue with them in 1897 and
1893. are disposed TO make light Of our financial
troubles and to understate the extent of the calamity
which has oyeraken us while surrounded with all
the substantial evidences Of national wealth and
prosperity In one breath they blame and they
praise the New York banks The banks, tliey
allege caused over-speculation by their expan-
sons. and they produced the crash by their
conactions; and for refusing to keep up their line
of discounts in the face of the gathering storm their
customers so thinks and says the London Times
did quite right in combining to make the which
finally closed their vaults and many of their doors.
Although these banks have showed, first, want of
prudence second an alarming want Of real capital
and third sad want Of good faith and ordinary in
egrity one London journal snstans the interposing
and shielding action of the New York judges in their
behalf on the ground that the emergency required a
higher law" than any known to, or recognised by,
the courts.
The Araba's news has already strengthened and
stimulated the stock market Of New York, and, as
the banks Of that city more strongly forti-
fed with specie than they have been for very long
time the upward movement in all classes of securi-
ties, except unproductive real estate, commenced
yesterday will, in all probability continue for few
days--possibly a few weeks But the evils and dis
tress inflicted upon the country by wretched paper
currency and radically defective banking system
too deep and widespread to be cured by the ad
vices no matter how favorable from Lombard street or
the movements, no matter how rampant and buoyant,
of Wall street. The day for stupendous specula-
lions in stocks real estate has passed by, and a
lesson taught which we hope, but do not expect, we
are free to confess will prevent return of all nfa-
ted speculative seasons with their shortlved folly
and extravaganza and their long-enduring misery
and dshOnOr.