Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1829-09-09


"This town and its neighborhond, which
were CONSIDERED as the richest, according top o-
nuIauon. in the Unired Staes, and, perhaps.
yet are so, have experienced very "hard times.
Many worthy and industrious and en.efprising
men. and lately regarded as very wealthy, nave
been compelled 10 make assignments oil their
nrooer,y, and seek relief under the insolven'
laws Of he s,ate-and yet, without e4cepton'
So far as | am informed, sustaining the char
.s,rr of honest men. The embarrassment Of
these and others, severely Effected The standing
of certain individuals of undoubied wealth, and
confidence seems to have been generally with
drawn from the manufacturers for iime--even
from the most pruden, and substantial oil them
From what learn, the staIe OF things az this
place, al Pawtuckei, sc. was very gloomy II
no, awful, three or four weeks ago, with IA fear
full looking at passing events, and more fearful
spprehensIons for those which were to happen
few individuals, in large business, being With
out the range Of the ruin that prevailed.
The panic that was fcl', exceedingly added
10 the amount OF real difficulties, and what APP
peared 10 have been the tcorSi state OF things
was thus encountered. But the people soon
began 10 rally ihtir spirits-the probable ex'
tent of The losses by nd, ldualS, gan to be as
cerrained-lhe BAT ks and monied men d'ScTinft-
mated beiween The Inembarrassed and lhuse that
were insolvenl; and, though business has not re.
su ned its former liveliness, confidence is re-
turoing, and the people are restored to con-
siderable degree of cheeriulness in being much
relic, ed Of their apprehensons Of The future
for there is great satisfaction in aiming the
erienf Of an injury inhc,ed-The pecuniary
endorsements that prevail here, were mainly,
and with few exceptions, we nigh! say, ex'
l,Si Of Inv
business, and ILL adj, ised accumulalioDs of Wa
ter privileges and other real estates, assisted by
| the reduced pric. of manufactured goods, and
a elut of the market for them. These are
things which must regulate themselves-snd
they will regulate themselves. And the pro-
per,y, real OF personal, chiefly remains for fu-
lure operations. individuals have deeply SUI
fered- excellent men have been cast from real
wealth, into actual povertv-but the busle and
business, thrift and industry of Providence and
It's neighborhood, will not long be seriously al
fected.
Every establishment remains in full opera
| lion and i, is no. expected that any will be
stopped, or al leas, for any considerable length
of time Adversely has taught wisdom, and is
bringing about reiormalions in theory as well
as practice Of The mos, wholesome character.
A.grea'er variety will be given to tie produce
lions Of the spindle and the loom and ven.
lure the opinion that a better business will be
done here within six months than al any time
within year or two past Men will speak Of
| hundred thousand dollars with more respect
than formerly, and consider well before they in
vest make themselves responsible Tor the pay
ment Of sucn sum; yet IN my opinion, The
general STATE Of society will be as comfortable,
though less apparently prosperous imam before.
e NJ S,uil no tran ta1f nr
and less on credits and the calamltics Of those
who have failed in their projects pursuits,
will serve AS beacons 10 guide and preser'e
their SUCCESSORS. Indeed-many Of the aes, in
formed persons believe that The evil times
through winch they have passed, however dis
tressibg hey have been TO individuals, will re-
suit in a general good. The industry Of the
people--their persevering spirit and good
habits, constituting capital more valuable
than Zen times the amount Of all that has been
lost-fully remainj The mills are all Standing,
and the water runs a, before the late emb.r.
easements; and, with all these, l regard il as
mex, 80 an imposijility TO keep Providence, SC.
in a de pressed state, unless because Of events
to happen in respect TO our relative condi'i ion
with the nations Of Europe And it is assert
ed that At he present very reduced price of
cotton clo,hs, because Of improved machinery
and increased economy, our manufac rurers, not
involved by debts, Can sustain themselves un-
Ill better times, and small advance in price
shall happen. Bu il is NOT pre- ended that, at
existing prices, tney Can do more than meet
their expenses An apprehension that the pro-
Visions Of The prrsen ta'lff may be dis urbed.
may have had some effect on the embarrIss-
mcnts fine manufacturers, but will alsv rem
der them some small service perhaps, in de-
ferriug he operation of newly erected works.
"ProvIdence HAS very much improved since
visited it ~ 1924. is present population is
estimated al 90 900. Many excellent buildings
have larely been pot up. The arcade is mag
nihren, slruc,ure. IL cost lage sum Of mo-
ney, which, bowever, am informed the pro-
prietors were well able TO spare. The invests
men, has MOI yet been profitable; nor has that
10 the Blackstone canal; noble work about 10
render much profit to Providence; and open
way into The interior of Massachusetts for
,aI 10 IF n fro, pait