The New York Herald

The News from Europe—The Oregon Question.

The advices from Europe have had a tendency to depress business. Everything remains in a very quiet state, and no one knows what course to pursue. We can but anticipate more unfavorable news by the next packet, which will not be due for at least a fortnight; and until her arrival, there must exist an apathy and uncertainty, both in political and commercial matters, anything but desirable.

We have received no political advices sufficiently definite to have any influence upon the movements of Congress. If there has been any inclination in the minds of any members of the Senate to put off action upon the Oregon question, until after the arrival of the steamer, there has been very little gained by procrastinating. They have no more data to work upon than they had before. Very unfortunately, the arbitration correspondence did not arrive out until just before the steamer of the 4th inst. left Liverpool, and those who were anxiously waiting returns, giving the effect of the refusal to arbitrate, have been most seriously disappointed. It is possible that the notice resolutions or the compromise resolutions, may lay on the table of the Senate some time longer, before they are finally acted upon. There is evidently a disposition among those members of the Senate in favor of compromising upon the Oregon question, to wait the receipt of decisive accounts from the other side, in relation to the recent correspondence between Mr. Buchanan and Mr. Pakenham. Another fortnight can be very easily consumed in debating the question; and when so much depends upon the action of the Senate in this matter, it may be perfectly justifiable to delay final action as long as possible.

We publish to-day an article from the London Times, in relation to a compromise the two nations might agree to, without sacrificing a particle of the honor of either. The Times of the 3d instant published the news received by the Patrick Henry, but made no comment. Other papers, however, particularly the London Standard, had commented upon it in the severest terms. The Standard is the organ of the Government. The fact that arbitration had been flatly refused, was known. This tedious affair appears to remain involved in as much mystery as ever. After all the debate and correspondence on both sides, and in both countries, the question is, probably, no nearer a settlement now than it was twenty years ago.

While there exists a disposition on the part of a certain party in Congress to keep this question open, until it can be disposed of properly and decisively, there is another party desirous of keeping the whole affair open for years. The leaders of the war party having taken a position for the whole of Oregon, wish to rest there; having placed themselves before the country as champions of its rights, they have no wish to be deprived of the benefits of that position by an amicable, or any other settlement of the question. It would be doing the States some service if the British government would adopt decided action, and bring the difficulties to a crisis, in some shape, at once. It would be well if England would take it out of our hands, give the notice, declare its ultimatum, and then, at the end of the twelve months let circumstances regulate future action.