The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-20
The Mutations or CC~aasasrss-Rn Indications or
Approaching ChAA0ss

The Mutations or C0>a,snsrss-Had,cataons or
Approaching Changes.
The rapid and continuous spYesd Of CONNER
cial distress over the whole of Europe, in spite
of the efforts made by nsiional banks and 60
veraments to arrest 1t, is amongst the signs of
the times that deserve to be carefully noted.
The suspension of the Bank Of England charter
was the panacea which, according to financial
empyrics abroad was TO cure the evils caused
by the influence of our own endorsements.
This, with the aid of other precautions adopted
by the Continental governments, would, it was
thought, speedily allay all cause for alarm.
Well, the Bank charter has been violated. con-
trary to the opinions and advice of all sound
financial thinkers, and the French and other
Continental governments have done all that
lay in their power to allay the, distrust which
has rapidly diffused Itself amongst all classes.
Still the panic is spreading wider and wider,
like malignant epidemic, carrying misery and
humiliation to commercial credit. in its
train. Instead Of things getting better, they
are rapidly getting worse, not only in
England, but throughout the whole Of
the Continent All the great centres Of
commerce are profoundly disturbed. No.
man, however strong his commercial posi-
ton, considers himself safe, and houses that
have hitherto enjoyed the unlimited confidence
of the public have fallen under the ban of sus-
picion. In Hamburg, according to the last ac-
counts, the failures were arriving SO thick and
fast that business was altogether suspended.
Financiers are 80 accustomed to take purely
economical view Of commercial disturbances
like the present, that it is no wonder that the
remedies which they prescribe should sometimes
turn out failures Thus, in England it was
thought that the suspension Of the charter and
the extension of relief by the Bank of England
to few of the leading banking houses would
have the effect of easing the position Of the &C.
condary establishments, and of gradually re-
storing confidence amongst the commercial
classes generally. What is the fact? In Great
Britain the middle class firms are failing by
thousands, and credit is almost wholly annhi-
lated. In France there is reason to believe that
things are in an equally bad if not worse con-
dtion-although the precautions taken by a
despotic government to gag the press and
to make matters wear the best aspect
possible render it difficult to arrive at the facts
From the general tenor of the adviccs that
reach us from all quarters we are compelled to
arrive, with the London Tines at the conclusion
that European commerce is rotten to its core.
There are organic arrangements, like diseases,
so desperate that no remedies or palliatives can
al nj
convinced, is now suffering under the influence
of a malady of this nature.
How else are we to account for the wide
spread calamities caused by the reaction of onr
own disasters? Here we have already tided over
the worst of our troubles, satisfied that we have
been more frightened than hurt, and cool and
comfortable, all things considered. We feel
that we have youth and vitality in our favor,
and that it will not take us long to recuperate
from our temporary exhaustion. How, then,
does it happen that the oontrecoup of mis-
fortunes which exert only passing infu-
ence over US, should shake Europe to its
very centre, and plunge it into the depth
of distress and dependency in which we
now behold it! People may attribute
the deep-rooted CONSERVATION now prevailing
abroad to excessive speculation undue expan-
sion, vicious banking, governmental extrava-
gance, or any other of the fallacious causes that
present themselves to the superficial thinker.
The philosophy of the thing, however lies within
q simpler and more arbitrary compass than any
Of these reasons.
The commerce of the world is continually
shifting the theatre of its operations, and the
evidence Of history goes to establish the fact
that every mutation of this kind must lead to
more or less of general disturbance. Thus,
when the Jews were the only bankers of Europe,
each religious persecution which drove this peo-
pie from the scenes Of their commercial activity
was followed by universal distress and suffering.
In the same way, when the commerce Of Venice
and Genoa was transferred to the Hanse Towns
and Holland, the change was marked by con-
comitant disturbance in the financial relations
of European countries. So il was, also, after
each succession Of violent measures taken by
England to assert her commercial supremacy
and to absorb the trade Of the world
Who can doubt, from the evidences of deep
seated disturbance and Reorganization which
are now presenting themselves in the CONNER
cial relations Of Europe, that we are now in the
midst Of another Of those great changes which
transferred the trade Of Tyre and Carthage to
Italy and Holland, and thence to the insular
Western communities? DO not all the facts
Transporting both in Europe and here tend to
prove that the trade Of the globe is gradually
taking this direction, as the great commercial ,
centre whence both hemispheres are IN future
to be vivifed and fedg
Pr,nIIc PRINTING CoRRrrTInNs-A FAMILY