, 1866-02-02
AnERICAN CREDIT IN ENGLAND.
A liverpool N~rchantT~ae. 6. lasuo with
the Los,3an Tt,nen

10 Ire Editor Of tho London Daily Ne,1,.
TL9 commercial community OF Iysrnoo1
haye been somewhat askontshed bY she All.
cles In the London TINES Of yesterday and
to-day IN reference to Cur trade With Amer
ica. The Timts iEaufGes In DEMONSTRATIONS
ments to America Of goods, for which, - the
wlite. by Implication asserts, the Americans
caurot pay; and to give plausibiltsJ TO his
veraicu f the state Of The account, ho entirely
ignores the IaIgc shipment OF cotton nom the
United States to Great Britain.
In yesterdays Tlses find the following
"Tte tunard steamer this week has brought
no spccic, Yet Is known that the shipments
Of goods to America during the past as well
as the preceding months, wern on = scale
larger than has been witnessed for mluy Year,.
while the receipts OF produce thence hare still
been singularly SMALL No" there can %
no question that the shipments Of goods To
large indeed, but It Is also equally true that,
never at anY other period were tbs Americans
less Indebted to this country for such goods ::
Tor upon due Inquiry from most u9 onr prtucf-
pal hrns connected with the United States,
hnd the same answer: IAN our orders eK-
for By sterling bills when sending the order"
From what source OF Information, therefore,
does the Tnnt*s derive isa idea OF rnsh and ax-
tsaEagant credits to the Americans!
The Times Is equally at set as regards tho
shipments Of produce fronl from the United
to show that, while We hare been supplying
Them with vast quantities Of goods, which
The exhausted stocks In the Southern States
absolutely necessitatcd their taking, they In
retu1n have been sending us but small sup
plies Of produce, and that cYeu shipments Of
gold to this country have entirely ceased
Your contemporary entirely omIts from ita
~af Nr3 3Nff MT rfC C1ft trft Has
during the past thsee months iron. America
to this country, which haTe been 10 large
TINT at the present prices current they arc
estimated at thirteen millions OF pounds ster-
1ipg-a sufficient sum to exhaust the Bank u
England If it had to be paid for In gold
Perhaps the Times writer will, after placing
this Cts. .000, geo to the credit OF tho American
patlop, begin to think that, as the whole csti-
mated value Of our shipments to the United
States for the i1rst eleven months Of 1StR5 was
not more than nbout Elt, coo 900, tho Amert
CAN people cannot, alter all, be owing us so
very much, and as 1t Ia also estimated that st
present prices for cotton they will be able to
Spare at lcust els 000 eco worth more of cot
ton during this year, think the feeling Of
panic which the Thnt, l. endeavoTing to pro-
duce Is quite unwazranted by the true position
Of affairs.
The Times speaks most deprccatingly as to
the danger Of the public In Europe Investing
In the United States dya-twcnty bonds. Those
who remember the warnings which the same
PAPER bestowed upon the Germans when they
were largely investing in them at thirty-eisht
to forty, and reflect that English huyera have
been glad to purchase from shem at sixty
eight, know how to appreciate the warnings
OF the Times on financial questions.
How the IIsex can perceive coming risc
in Amet1ca in the rate Of Exchange Of ten,
twenty, or thirty per cent, With recent md
prospective shipments OF cotton from thence
Of the ya1ne OF e::0, COO, Geo sterling, an quite
at loss to conceive.
Throughout these and former articles In
the Times there has been manifested bitter
ness Of feeling toward the American peop1e
and nation which ls much to be deprecated
The 1ippant manner In which 1t insults
kindred nation, with whom our business con-
nectiops are OF such glsnutic proportions, by
insinuatins that they will repudiate their re-
sponsibilItfcs, Is in my opinion unworthy Of
snch journal. and entities it to the condcm-
nation Of all thoushtlul honorable men.
3pofogizfnS for trespassfng SO much upon
your space. / amr &C.,
Az ENGLISH MERCHANT