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After adverting to those facts which clearly show that produce brings about the average price that it has done fir the past five years, what becomes of the allegation that it has fallen from 25 to 50 per cent., or, to use the hnguage of one of the memorials from Northumberland county, “the farmer and mechanic have not only been threatened by the aspect of distress in which the commercial class of our citizens has been involved, but a diminution in the value of their products of 50 per cent. or more, has taken place?” &c. When this sentence was penned, there may have been * temporary depression in the market; for those honorable, intelligent, high-minded men who signed that memorial, and with whom I have been intimately acquainted for twenty years, would not place their names to a paper which they did not believe to be correct; but I am happy to find that their forebodings of ruin have not been realized, and that the prospects promised to the farmers, at the housing of an abundant havest, have not been blightel, but that they can and do obtain a fair and adequate Price as the reward of their industry. With regard to the assertion made by the friends of the bank in Lycoming county, that “hundreds of citizens are thrown out of employment,” I beg leave to read an extract of a letter received a few days since from a highly outle business man in that county. It reads rtis: "Mr. Webster stated that the memorials from Muncy se: forth ‘that great distress and scarcity of money pre*iled in this part of the country; that the price of produce, of all kinds, had fallen one-fourth; that hundreds of our citizens were thrown out of employ! and that times, instead of becoming better, appeared to be going from bad to worse.’ These statements were so gross and palHoly false, that every person cried out, shame; and even the bank men almost blushed when they were pointed out * them. The facts are the very contrary. The prices of produce were, at that time, as good as they were a yea: *šo. Wheat was selling at near $100; rye, 56 and 62% **; oats, 31 and 33; corn, 50, &c.; and some of those *" who signed these memorials were selling flour at * 50 per barrel, and as for our citizens being thrown out "employment, there is not the semblance of truth in it, *the whole neighborhood can testify. I do assure you that it is false, and i ought to know, having had hands *Played all winter, and i know that any person who wished to be employed during the winter, was not at a loss *Thongst the farmers. Such gross exaggerations have done the bank party more injury than all the efforts of their opponents.” o: great pains have been taken by the advocates of ti * "ammoth bank to induce the farmers, the merchants, **nufacturers, and, in fact, every class of the commu: "", "believe that they were ruined and undone beyond edemption, and that nothing short of the downfall of Jackson and his administration could save the country from bankruptcy, and the people from utter destruction, !" read an extract from a piper, which the men of all Poities, alias, the opposition, will admit to be good autho* * it never has been suspected of any particular friendship for the administration. I allude to Bicknell’s Reporter, printed in Philadelphia. On the 9th instant, it * the following language: “To Tixks.—While the excitement continues in relation to the Bank of the United States, the public dePoles, and the currency of the country, we must be exPected, from week to week, to say a word as to the times, with regard to the money market, and the condition of the business generally. It cannot be questioned that the "oney market is easier at this moment than it was sixty ** ago. We may mention some facts in proof. The Pennsylvania loan of $726,554 44, which, from a pressure "the money market, Messrs. S. & M. Allen were unable Vol. X.--262

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to pay, has since that period been taken by another
house in this city. A Baltimore loan for a large amount
has also been taken on favorable terms. We have heard
of no failure for any considerable amount, either in Phil-
adelphia, Boston, or New York, for the last thirty days.
The notes of our best houses are more readily discounted
in bank, and paper that sixty days ago flooded the mar-
ket and was offered at two per cent, a month had dis.
appeared from the broker's change. In short, the shock
has in a great measure gone by—the storm has spent its
fury, and there is comparatively a calm in the money
market. We do not mean to say that money is more
abundant, or that good paper is readily discounted at the
usual and legal rate. Far from it. We believe there is
as great a scarcity as ever, but most of those who were
in delicate circumstances, who were not prepared to
stand a sudden and unexpected crisis, have gone by the
board, while others have contracted their business, gather-
ed up their strength, and paused until the panic has sub-
sided, and the sunshine of prosperity and enterprise
bursts forth again.
“The Western business, too, that is, the business with
the West, has been unusually brisk the present season. A
great number of merchants have visited the Atlantic
cities——have bought largely and paid liberally. We con-
versed no longer than yesterday with one of the most
extensive wholesale dealers of Market street, a first rate
business man, and one, too, who has made an immense
fortune in the trade with the West. “Well,” said we,
• Col. P. how is business with you?’ ‘Never better,’ he
replied. “Since I have been in Market street, more than
sixteen years, I have never been so occupied as during
the present season. For the last ten days I have been
unable to eat a dinner with my family, and have frequent-
ly been compelled to remain at my store, packing up, un-
til 12 o'clock at night.” “Indeed,” we exclaimed. ‘It
is true,” he added. “But, for all this, money is scarce——
very scarce, and it will continue so until the panic passes
away, and confidence is restored.’
“ . And when will it pass away, and how will it be restor-
ed?’ we asked.
“He took off his hat, drew his chair by our side, and
said–- “Not until the newspapers and politicians cease for
menting excitement--cease throwing into circulation sus-
picions and speculations as to the credit of this bank, and
that bank——not, in short, until confidence is restored be-
tween the Government and the capitalists of the country.
The war between the bank and the administration has
been a sad one for the people. I do not take sides with
either. I believe both have acted unwisely, foolishly; but
both are human beings, and influenced by the weakness
and prejudices of human nature.” - -
In this article we have the truth without disguise, that
the panic is caused by the newspapers and politicians, by
circulating suspicions and speculations among the people;
that business was never better in Market street, and the
Western trade unusually brisk, and, in fine, that the shock
has gone by, and the storm spent its sury.
The course pursued by certain politicians here, reminds
me of an anecdote I have heard, in relation to the effect
of panic on the imagination. -
To ascertain whether conceit would kill, certain physi-
cians (not senators) entered into an agreement, to try
what effect they could produce on the mind of a sound,
athletic man. in passing him every morning, one would
commence with the exclamation, “Sir, you appear ill to-
day.” The next would accost him with grave looks, and
declare that “he was sorry to observe his health was on
the decline.” A third would assert “that he had *
symptons of disease of a malignant character.” An
thus, “going from bad to worso,” he man actually took
to his bed, lost his health, and finally his life...Thus it is

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