Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1822-07-06
DOMESYIC.

The Boston Evening City Gazette, of
the 9th inst. takes occasion 10 say, that
" within few weeks past, there has ex-
listed, and there does exist, in this COM
munity, vast deal of individual distress
for mo ley, in consequence OF extensive
calls upon the several banks in this city
for specie. These calls have compelled
the back to demand immediate payment
of their debtors for such notes as have
fallen due. In many cases such com
pulsion has been attended with extreme
hardship, and has required numerous in
dividual sacrifices" This is not the only
intimation we have seen to this effect;
and we have reason to believe that mo-
ney is almost as scarce at this moment
in Boston and New-York as il is in this
city, where, as all article of circulation
and exchange, it has in great measure
disappeared.
The scarcity Of money has not been so
severely and generally fell, at any time
within our knowledge. 1t must be tenn
porary, however. One of the signs of
the approaching reflux is the fall of ex-
change on England, which is in some
degree accounted for by the following
article, which we copy from philadel-
phia paper:
Extracts IF letter recently received
from an intelligent american, nozr in
England, dated Ahril %.
"You will find by the Parliamentary
proceedings, that the government is al
last compelled to give up Peel's bill, the
Chancellor having minated that he
should probably this week propose
measure to enable The Bank Of Engla land
sill to pay in one pound notes, which
were declared illegal by Peeles bill, in
May, 1928. This is enough to satisfy
any one who has watched the effects OF
that bill and the conduct Of the Ministry,
that they find it impossible to perseyere
in that measure, and that the flood gates
of paper money will be again opened
the consequence must be an immediate
rise in the prices of every thing here.
Iron, Copper and all the rough materials
Of the articles made in this neighborhood,
will start first; provisions next; labor,
which has been very much reduced,
will follow and you will find that hence
forward we shall be buying on rising
instead Of falling market. The prices
of cotton, tobacco, &c. will also rise, and
this will bring down exchange with you,
assisted by the return Of the gold which
has been accommodating in this country
for three years, which will be driven out
again by the paper money, and will re-
urn 10 other countries, to increase the
quantity Of the circulating medium, and
raise prices there also. A season Of
speculation and apparent prosperity is
about 10 revisit us; trade will grow very
brisk again; the credit system will re-
vive; banks and bankers, both here and
with you, will lend money freely; bust
ness paper will wonderfully increase
in quantity, and, being easily discounta-
BILE, will cause menstrous addition to
the circulating medium, and, as said
before, will raise the prices Of every
thing. There appears at present to be
some misunderstanding between the
Bank and the Ministry but when these
lovers have got over their pouting spell,
and made up their minds to act in con-
cert, which they must do, for neither
can stand without the other, we shall
know wha. the plan of proceeding is;
and, it paper is resolved upon, he that
sees the consequences, and can take
advantage Of the market before prices
rise, will make money. Iron has al
ready advanced littIe,"
James Lloyd has been chosen by the
Two houses Of the General Court OF Mas
sachusetts to fill the vacancy in the See
nate Of the United States occasioned by
the resignation Of H. G. Otis.