MAY 19, 1834.] Lycoming county (Pa.) Memorials. [H. or 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 Phillanguage 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 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 calin 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 am happy in delicate circumstances, who were not prepared to le 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 price as the reward of their industry. thus: 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 "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, vailed 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 extensive wholesale dealers of Market street, a first rate For the last ten days I have instead of becoming better, to be going from the present season. bad to worse. These state, appearede so gross and pale unable to eat a dinner with my family, and have frequentthe bank men almost blushed cried they were pointed out til 12 o'clock at night. Indeed, we exclaimed.rce It pably faise, that every person cried out, shame; and even ly been compelled to remain at my store, packing up, une to them. The facts are the very contrary. The prices is true,' he added. But, for all this, money is scores of produce were, at that time, ago. Wheat was selling at near $1 00; rye, 56 and 624 away, and confidence is restored. good as they were a year very scarce, and it will continue so until the panic passes cents; oats, 31 and 33; men who signed these memorials were selling hour at ed?" we asked. corn, 50, &c.; and some of those "And when will it pass away, and how will it be restor $5 50 per barrel; and of employment, there as for our citizens being thrown, said--Not until the newspapers and politicians cease fothat it is false, and orhood can testify havide assur hands picions and speculations as to the credit of this banke as the whole neighborhout the semblance de assure you menting excitement--cease throwing into circulation and employed all winter, ought to know, having person who that bank--not, in short, until confidence is restored be. loss amongst the during winter, was notions The war between the bank and the administrate with wished to be employed during the winter, was not at a tween the Government and the capitalist ofnistration has have done the bank mesmor such granate efforts been a sad one for the people. I do not "He took off his hat, drew his chair by our side, and of their opponents." As great pains have been taken by the advocates of both are human beings, and influenced by the weakness the mammoth bank toe been taken by the merchants, and prejudices of human nature ut either. I believe both have acted unwisely, foolishly; but manufacturers, and, commu In this article we have the truth without disguise, that asty, to believe that td, in fact, every class of the coeyond the panic is caused by the newspapers and politicians, by demption, and that there ained and tundownfall of circulating suspicions and speculations among the people Jackson and his administhing shorted the the country that business was never better in Market street and the bankruptcy, and the ratiople from utter destruction, Western trade unusually brisk, and, in fine, that the shock a paper, which the men of all has gone by, and the storm spent its fury. Iill read an extract from P d P never haben, will admit to be particular me of an anecdote I have heard, in relation to the effect polship for the administ suspected lude to Bicknell's of panic on the imagination. other printed in Philadelphia. On the 9th instant, it To ascertain whether conceit would kill, certain physiion to the Bank of the de- athletic man. excitement continues in what effect they could produce on the mind of a sound, The course pursued by certain politicians here, reminds Ses the following language: "THE TIMES. While the re cians (not Senators) entered into an agreement, to try sites, and the curre the United States, the public ex. commence with the exclamation, Singapooks, and In passing him every morning, one would ched, from week tency of the country, we must times, day." The next would accost him with great was on th regard to the week, and the of declare ney market is cally. It cannot be questioned that the symptons of disease of a malignant charactually took business generallyoney market, and the condition of the decline." A third would assert "that he had strong The thus, "he was sorry to observe his health going from bad to worse," the man ys ago. We may mention in proof. tnsylvania loan of $726,504 some facts, frora pressure to his bed, lost his health, and finally his life. ThThus it is the money market, 26,554 44, which, from a pressable with some of our M. C's (not M. D's.) They "cry VOL. X.-262 |