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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, either in Phil. language of one of the memorials from Northumberland adelphia, Boston, or New York, for the last thirty days. county," 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 mar. mercial 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
We believe there is pial, and with whom I have been intimately acquainted usual and legal rate. Far from it. 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 am happy in delicate circumstances, who were not prepared to to 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 has subed, but that they can and do obtain a fair and adequate sided, 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. А 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 conespectable 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 2.3. Webster stated that the memorials from Muncy business man, and one, too, who has made an immense velilerin fikat great distress and scarcity of money pre fortune in the trade with the West
. Well,' said we, cided on this part of the country, that the price of pre-Col. P. "how is business with you? Never beiter, "he due tot all kinds, had fallen one-fourth; thal hundreds or replied. Since I have been in Market Street, more than intensi zens were thrown out of employ? " and that times, sixteen years, I have never been so occupied as during instead of becoming be from the
last ten I hele false, that every person cried
, Slames anale pen ly been compelled to remain at my store, packing , una puble persone. These statements were so grossando por unable to eat a dinner with my furnily, and have frequentto bank men almost blushed when they were pointed out to 12 o'clock at night. Indeed," we exclaimed." Ic e prodowe were, at that time, as con tus Key were pyes very scarce, and it will continue so until
the panic passes of mos The facts are the very conceramente pohe prices is true," he added. But, for all this
, money is scarce-Senior Wheat was selling ate na prosti osi hiyo, 6 and 624 way, and confidence is restored." cents; oats, 31 and 33; corn, 50, &c.; and some of those s6 * And when will it pass away, and how will it be restormen who signed these memorials were selling flour at ed? we asked. $5 50 per barrels 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 fo. that it is false, and I ought to know, having had handspicions 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. employed all winter; and I know that any person who that bank--not, in short, until confidence is restored be. have done the bank party more injury than all the efforts been a sail one for the people. I do not take sides with
Such gross exaggerations The war between the bank and the administration has As great pains have been taken by the advocates of both are human beings, and influenced by the weakness
either. I believe both have actel unwisely, foolishly; but 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; Jackson and his administration could save the country that business was never better in Market street, and the I will read an extract from a paper, which the men of all has gone by, and the storm spent its fury. from bankruptcy, and the people from utter destruction, Western trade unusually brisk, and, in fine, that the shock
Flies, 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 Reporter, printed in Philadelphia. On the 9ih instant, it friendship for the administration. I allude to Bicknell's of panic on the imagination.
I'o ascertain whether conceit would kill, certain physi*Tur Times. While the excitement continues in re- what effect they could produce on the mind of a sound,
cians (not Senators) entered into an agreement, to try ion to the Bank of the United States, the public de-athletic man. sites, and the currency of the country, we must be ex. cominence with the exclamation, “Sir, you appear ill to.
loss amongst the farmers. of their opponents."
the following language:
in passing him every morning, one would th regard to the money market, and the condition of declare that he was sorry to observe his health was on cted, from week to week, to say a word as to the times, day.” The next would accost him with grave looks, and Oney market is easier at this moment than it was sixty symptons of disease of a malignant character." e business generally. It cannot be questioned that the the decline.” A third would assert "that he had strong
And 13 ago. We may mention some facts in proof. The thus, " going from bad to worse," the man actually took ennsylvania loan of $726,554 44, which, from a pressure to his bed, lost his health, and finally his life. Thus it is the money market, Messrs. S. & M. Allen were unable with soine of our M. C's (not M. D's.) They "cry