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Mar 19, 1834.]
(H. of R. After adverting to those facts which clearly show that to pay, has since that period been taken by another produce brings about the average price that it has done house in this city. A Baltimore loan for a large amount for the past five years, what becomes of the allegation has also been taken on favorable terms. We have heard that it has fallen from 25 to 50 per cent., or, to use the of no failure for any considerable amount, cither in Phillanguage of one of the memorials from Northumberland adelphia, Boston, or New York, for the last thirty days. counis, " the farmer and mechanic have not only been the notes of our best houses are more readily discounted threatened by the aspect of distress in which the com- in bank, and paper that sixty days ago flooded the marmercial class of our citizens has been involved, but a dim-ket and was offered at two per cent. a month had dis. inution in the value of their products of 50 per cent. or appeared from the broker's change. In short, the shock more, has taken place!" &c.
has in a great measure gone by—the storm has spent its When this sentence was penned, there may have been fury, and there is comparatively a calın in the money a temporary depression in the market; for those honora- market. We do not mean to say that money is more ble, intelligent, high-minded men who signed that memo- abundant, or that good paper is readily discounted at the rial
, and with whom I have been intimately acquainted usual and legal rate. Far from it. We believe there is for twenty years, would not place their names to a paper as great a scarcity as ever, but most of those who were which they did not believe to be correct; but I ain happy in delicate circumstances, who were not prepared to te find that their forebodings of ruin have not been reali- stand a sudden and unexpected crisis, have gone by the zed, and that the prospects promised to the farmers, at board, while others have contracted their business, gatherthe housing of an abundant havest, have not been blight- ed up their strength, and paused until the panic lias sub. ed, but that they can and do obtain a fair and adequate side, and the sunshine of prosperity and enterprise pr.ce as the reward of their industry.
bursts forth again. With regard to the assertion made by the friends of the “ The Western business, too, that is, the business with bank in Lycoming county, that "hundreds of citizens are the West, has been unusually brisk the present season. A thrown out of employment," I beg leave to read an ex- great number of merchants have visited the Atlantic tract of a letter received a few days since from a highly cities--have bought largely and paid liberally. We conrespectable business man in that county. It reads versed no longer than yesterday with one of the most
extensive wholesale dealers of Market street, a first rate "Mr. Webster stated that the memorials from Muncy business man, and one, too, who has made an immense set forth that great distress and scarcity of money pre- fortune in the trade with the West. •Well,' said we, railed in this part of the country; that the price of pro- "Col. P. how is business with you?' 'Never better," he duce, of all kinds, had fallen one-fourth; that hundreds of replied. “Since I have been in Market street, more than our citizens were thrown out of employ! and that times, sixteen years, I have never been so occupied as during instead of becoming better, appeared to be going from the present season. For the last ten days I have been bad to worse. These statements were so gross and pal- unable to eat a dinner with my family, and have frequentpably false, that every person cried out, shame; and even ly been compelled to remain at my store, packing up, unthe bank men almost blushed when they were pointed out til 12 o'clock at night.' 'Indeed,' we exclaimed. to them. The facts are the very contrary.
The prices is true,' he added. But, for all this, money is scarce-of produce were, at that time, as good as they were a yea: very scarce, and it will continue so until the panic passes ago.. Wheat was selling at near $1 00; rye, 56 and 62} away, and confidence is restoredl.' cents; pats, 31 and 33; corn, 50, &c.; and some of those ". And when will it pass away, and how will it be restormen who signed these memorials were selling Avur at ed?' we asked. $5 50 per barrel; and as for our citizens being thrown out
**He took off his hat, drew his chair by our side, and of employment, there is not the semblance of truth in it, said -- "Not until the newspapers and politicians cease fois the whole neighborhood can testify. I do assure you menting excitement -cease throwing into circulation susthat it is false, and I ought to know, having had hands picions and speculations as to the credit of this bank and wished to be employed during the winter, was not at a tween the Government and the capitalists of the country. loss amongst the farmers.
Such gross exaggerations The war between the bank and the administration has bave done the bank party more injury than all the efforts been a sad one for the people. I do not take sides with
either. I believe both have acted unwisely, foolishly; but As great pains have been taken by the advocates of both are human beings, and influenced by the weakness the mammoth bank to induce the farmers, the merchants, and prejudices of human nature.” the manufacturers, and, in fact, every class of the commu;
In this article we have the truth without disguise, that nity, to believe that they were ruined and undone beyond the panic is caused by the newspapers and politicians, by redemption, and that nothing short of the downfall of circulating suspicions and speculations among the people; from bankruptcy, and the penple from utter destruction, Western trade unusually brisk, and, in fine, that the shock I will read an extract from a paper, which the men of all has gone by, and the storm spent its fury. parties, alias, the opposition, will admit to be good autho- The course pursued by certain politicians here, reminds rity, as it never has been suspected of any particular me of an anecdote I have heard, in relation to the effect friendship for the administration.
I allude to Bicknell's of panic on the imagination. Reporter, printed in Philadelphia. On the 9th instant, it
To ascertain whether conceit would kill, certain physiuses the following language:
cians (not Senators) entered into an agreement, to try "Tux Tumus. -While the excitement continues in re- what effect they could produce on the mind of a sound, lation to the Bank of the United States, the public de- athletic man. In passing him every morning, one would posites, and the currency of the country, we must be ex. cominence with the exclamation, “Sir, you appear ill topected, from week to week, to say a word as to the times, day." The next would accost him will grave looks, and with regard to the money market, and the condition of declare that he was sorry to observe his health was on the business generally. it cannot be questioned that the the decline.” A third would assert that he had strong
And money market is easier at this moment than it was sixty symptons of disease of a malignant character." days ago. We may mention some facts in proof. The thus, " going from bad to worse," the man actually took Pennsylvania loan of $726,554 44, which, from a pressure to his bed, lost his health, and finally his life. Thus it is in the money market, Messrs. S. & M. Allen were unable with some of our M. C's (not M. D's.) They "cry
of their opponents."