The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-22

10 leave gwen 10
The bill
Some further business was disposed Of, and the House
adjourned al quarter to II O'Clock till Monday.
AN ENGLISH VIEW OF THE AMERICAN MONEY PANIC
ADVANTAGES AND DISADVANTAGES OF THE EVENT
from the london Chronicle, Dec. 81
From America have received by tho last mails many
away together with some very satisfactory proofs OF that
assertion the shape OF considerable specie remttances
The Arabia which reached Liverpool Sunday, brought
1890 ,000 exceeding in this consignment, the
whole quantity of bullion transmitted from this country TO
New York during the monetary crisis in the United States
The 'normal relations" Of commerce between England
and America as the Nxw York HERALD remarks,
resumed. Even the very date Of that
resumption is fxed-namely, the 18th OF Novem-
pension Of the Bank act Of which the mercantile embar
the other side Of the Atlantic the pri
mary cause Since this cause is now removed, may
Justly hope that the troubles themselves Will TO
end As the disturbance, however, has spread widely
only in England but over large portion Of the Euro
Continent time must necessarily eiapse before
matters their usual course. Even when the
storm has ceased the sea strewn with wrecks aesting
the severity Of the byaone gale
Tue 10 their character our American Relatives hare
become reie,ed from their home difficulties than they
tegin to look oroand to fit is not possible to turn their
and other peoples misfortunes to profitable account
When the commercial pressure was az its worst, even,
there were many ingenious advisers ready to sug-
gest that ut idcs Of all ranks must be left without
employ men There would be splendid opportunity al
fo ded for hlbusteLlng enterpr The hint somehow,
does TO have been taken But in regular com
mercial way transatlantic contemporaries eagerly
sprospecting" upon the chances that this crisis Will IN
the end, turn to their advantage terrible shock has,
they observe levellcd multitude OF great mercantile
houses has shaken credit and created wide chasm in
The general system OF trade America has doubt sui
tered as much as other countries But the time for
rebuilding arrives the States will they Calculate take
start the rest OF the world Concerning the reso
ration shaken credit, the American journalists very
prudenty say nothing but they feel assured that the
shouses" whchhave tumbled down can be set up again
much quicker that side of the Atlantic than on this
because they have much more recuperative energy
One of the leading authorities on commercial matters
locks forward 10 very extensive and permanent conse
qqences resulting altogether to the advantage OF .he
United States If accept its conclusions the
crisis has inflicted reparabie blow upon the mercan.
tile PIE emnence of the old country The suspension
the Bank act which was just announced by telegraph
aGvces when the Arabia sailed interpreted by the NEW
YcRK HERAIp into iauru OF the whole monetary and
currency system of the British empire certain to produce
the most wide and lasting effects" England y adds
cctemporary, Wil have to go through the struggles
attendant on resumption 81 SPECIE payments u.s.
manent, though not so Immediately striking, as
those of the panic" The struggle will also be
more protraced and severe because England does not
possess the that exist with in
surplus crops of cotton wheat and other productions of
vast fields and varied climate In the end the mer-
camille public of the States consoed with the prospect
that 'much of the superiority OF Englands commercial
system will pass away and pass into the hands OF younger
rivals this side OF the Atlantc-among other reasons
because while the country itself does possess the
yast " so her great merchant firms who have
been FRUSTRATED by the Storm do enjoy the recupe
ra,ve energy OF their elastic rivals in America TO whom
crisis in every half dozen years appears only
matter of course, and who make no more ado about
Our Yankee contemporary however, seems to be going
rather too last America we may admit possesses IN her
boundless territory and ''vared climate certain re-
sources which England cannot boast II the question
of bare subsistence the United States could
doubtless find ample food for their whole population
while the dweers narrow confines must be put on
short allowance. But have not reached that point
Meanwhile, though We have surplus crop of wheat or
cotton England nevertheless possesses producing pow
er and manages fabricate articles for which she finds
customers and from which she derives profits far out
riyang in extent the sresources Of the United states
Ia - 10
have fallen during the crisis maHAot be so readily re
hsbitaed in England as they void have been in Anne
Partly from the greater strngency of our laws,
partly from national habitudes the firm that has
failed to meet s engagements finds II difficult and some
times impossible TO recover its forfeited credit On the
other side OF the Atlantic there is little difficulty in the
matter. All past transactions seem painted out by the
summary process of bankruptcy, and the whtewashed
trader business with unmpaired
The NEW YORK HERALD may call this recuperatve ener
gy, and really possesses quite as near resemblance
10 the sound and stable enterprise by which British
chants redeem their credit recover their losses the
g honor OF gambling fraternity does to common
honesty. On the whole, however, we are inclined
prefer the slower and safer operations employed TO
build the damaged edhces Of British commerce to the
rapidly 'recuperatiye processes by which our transa
antc rivals reconstruct their mercantile houses Of cards
Even If certain well known firms may pass away there
is no reason believe that the they
conduct will emgrate to the United States the
NEW YORK HERALD cumplacently supposcs. The bust
remans-or so much OF II as our enlarged expert.
Of American sovency will allow US to consider sound
though IN other hands The unle ~ not yet come when
England superiority commercial country is to be
Matched away by the youngest and most energetic
II such a catastrophe were arise from the present
mercantile affairs, the result would indeed, give
a heavy blow 10 ali our received ideas Of moral Justice
The United States would in that be found to profit
rt IN their own wrong Orr commercial d.ftcpties orr
,H1ted in the collapse n credit and scarcity u money IN
America The Bank of England was drained by demands
from the states from firms at home who deeply
implicated in transactions with that country. The large
houses whose fall the NEw York HERALD exults
20 much failed simply because their American debtors
refused to pay up This was the direct cause in which
,he mercantile embarrassment began. That embarrass.
mcnt still, unfortunately, continuing from
which indirectly can be traced to the same source The
frst English firms that fen into discus connected
scith TIE Ame1iodn trade. The firms which suf
erug connected with Hamburg and the Baltic ports,
where a degree OF distress has been occasiuned
greater than in England itself by the suspension OF remit
tar COS and al debts IN the United States
We odno believe that the community rhoe reckless dealing
hos ootdsoned the calamity should BE- the first to make a
fFott ont ~ the general misfortune
FINANCIAL PROSPECTS, OF FRANCE.
From The journal dies Actnnnaircs Uaris), Dec. ~
Tor our part we must again congratulate ourselves
seeing that country, W 10 the present time has
been slightly affected by the disasters In America,
England and Germany. II may be now predicted with
certainty that France will 90 through this trial
without any catastrophe We have a single failure to
mention and the lst Of December has passed of with
markabe facility regards the payment Of bills due at
that period The hrmness OF our situation s proved by
tie reduction In the rate Of discount by the Bank OF
France Far from that measure having affected the me-
a reserve the stock Of specie has increased during the
ast week II Is positively stated that the bank has not
ess than 2io o0COO, and there is every 10 be-
hcyc that the return will preses favorable results
| The general reduction In tho rate Of discount rs
only a question Of time and when II becomes
possinSt il viii inevitably produce considerable
activity IN business. In order TO be convinced of this
il only necessary 10 call 70 mind that but for the nan
cal undCrcap Which suddenly burst the United States,
the year 1857 would have been the prosperous
that could have been hoped for France thanks 70 the
abundant harvest which she has had Will have nothing
cIfend abroad but the contrary will from the surplus
~ exports have considerable Ia receive The price
81 ARTICLES q food IA every day declining All these ee
men's 81 prosperity Gully VAT Tor the restoration Of sead
other states n dcyee1e themselves, and produce
tier natural consequences We should al present,
iOos forward 10 serious Improvement, the ordinary
emtarrnstmerts ct the end Of the year not super
added the bad from abroad THIS state OF things
calls for great The part Of spectators, and
degree of prudence which : important no, TO depart
from.
Paris dec y Correspondence Of the London Tmes.l
Notwithstanding many favorable appearances, trade in
Parts is far from being in a satisfactory state, while the
number Of workmen thrown cot Of work al Lyons AMI
! ....,in -ilsA LIT tho