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DEBATES IN CONGRESS.

PART IV. OF VOL. X.

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 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 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. bursts forth again.

A

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. 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

thus:

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business man, and one, too, who has made an immense fortune in the trade with the West. Well,' said we,

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'Col. P. how is business with you? Never better,' he

'It

Mr. Webster stated that the memorials from Muncy set forth that great distress and scarcity of money prevailed in this part of the country; that the price of produce, of all kinds, had fallen one-fourth; that hundreds of replied. Since I have been in Market street, more than tizens 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 bail to worse.' These statements were so gross and pal- unable to eat a dinner with my family, and have frequentpably faise, that every person cried out, shames and evenly 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. of them. The facts are the very contrary. The prices is true,' he added. But, for all this, money is scarce-opproduce were, at that time, as good as they were a year very scarce, and it will continue so until the panic passes cents; oats, 31 and 33; corn, 50, &c.; and some of those cents, wheat was selling at near $1 00; rye, 56 and 62; away, and confidence is restored. $5.50 per barrel, and as for our citizens being thrown out men who signed these memorials were selling four at ed?' we asked. "He took off his hat, drew his chair by our side, and of employment, said-- Not until the newspapers and politicians cease fothat it is false, and I ought to know, having had hands picions and speculations as to the credit of this bank and that it is the neighborhood can testify. I do assure you menting excitement--cease throwing into circulation suswished 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

loss amongst the farmers.

Such gross exaggerations

And when will it pass away, and how will it be restor

have done the bank party more injury than all the efforts been a sad one for the people. I do not take sides with

The war between the bank and the administration has

of their opponents."

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believe both have foolishly; but

In this article we have the truth without disguise, that

the mammoth bank to induce the farmers, the merchants, and prejudices of human nature." engmeat pains have been taken by the advocates of both are human beings, and influenced by the weakness the manufacturers, and, in fact, every class of the commurity, 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 from bankruptcy, and the people 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

ses the following language:

To ascertain whether conceit would kill, certain physicians (not Senators) entered into an agreement, to try

"THE TIMES.-While the excitement continues in re- what effect they could produce on the mind of a sound, ion to the Bank of the United States, the public de-athletic man.

In passing him every morning, one would

A third would assert "that he had strong

sites, and the currency of the country, we must be ex-commence with the exclamation, "Sir, you appear ill toth 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." business generally. It cannot be questioned that the the decline." ys ago. We may mention some facts in proof. The thus, "",

going

And from bad to worse," the man actually took Thus it is

ennsylvania loan of $726,554 44, which, from a pressure to his bed, lost his health, and finally his life. the money market, Messrs. S. & M. Allen were unable with some of our M. C's (not M. D's.) They "cry

VOL. X.-262

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