The Sun. — 1837-05-01 (London, England)

UNITED STATES.  PHILADELPHIA, APRIL B.—The money markets and commerce have not yet recovered from the disastrous effects of the panic. No failures have occurred in Philadelphia, Boston, or Baltimore, since I last wrote ; but in New York several merchants in a large way have gone by the board. The truth is, they have traded to an extent so far beyond their means that they no general measure of relief, such as the noble plan of Mr. Biddle, President of the United States Bank, could save them. I believe, however, that we have passed the worst ; and I emphatically repeat, that none of the old and respectable firms that have been known for steadiness as well as enterprise have failed. Neither are they likely, for they have prudently avoided not only all the bubbles of the day, but all connected with them. The transactions of Saturday last, amidst all this turmoil and trouble, are worthy of note. There is no disputing the fact, that in New York and the South, and, by a natural consequence, in every part of the Union, the distress amongst traders is greater than at any period since the war. In Mobile and New Orleans it is dreadful, and the effects will conticue to be felt until after the next crop of cotton—a long time to look forward to. Accounts have been received this morninr, which state that Reynolds, Marshall and Co. have undertaken to carry on the business of Herman and Co., at Orleans. If true, this will greatly relieve the South. The other great firm that has failed there is Brander, 1114 Kennie, and Wright. The flat-boatmen who arrive at New Orleans from Kentucky, Illinois, Indiana, Arkansas, and Missouri, will receive nothing but specie in return for their produce. Intelligent merchants and bankers at New York, who give utterance to their sentiments through Colonel Webb, editor of the New York Courier and Enquirer (himself a man of sound commercial knowledge), are of opinion that the panic is at its last gasp, and that accounts by the next packet to England will be of a more cheerful complexion. A dreadful accident has occurred in the Illinois river by the concussion of the two steam-boats Tishihva and Wisconsin. The former went down, and all the passengers were drowned. The number is uncertain ; but twelve ladies of respectability are known to have perished. The ungovernable passions of the Southrons have given cause for a dreadful if not a double murder in New Orleans. Mr. Naylor and Mr. Brounagh quarrelled about some mercantile transactions, met at Bishop's Hotel, and 'fired loaded pistols at each other. Naylor died from his wound on the spot, and Brounagh is not expected to live. As Naylor was expiring he faintly inquired, " Who is dead?" Some one answered, " Brounagh." " Huzza, huzza I " exclaimed Naylor, and instantly fell back a corpse. Mr. O'Connell's speech, denouncing the slavery of the United States has just arrived in this country. With some it has excited indignation—with others joy. It is a strong medicine, and will have its effect. The question under discussion, you may remember, was Mr. Hoy's motion relative to Texas. The Americans are of opinion that Lord Palmerston made noble reply, and that the British Government have behaved with great propriety in the matter.