Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-02-20
THE TIMES.
GREAT FAILURE IN ALBANY.
Regency ia trouble The Chief of III

In the Albany Argus received yesterday
we find the following startling and remar
kable announcement
1--WE learn with regret that owing 10 the
fictitious pressure upon the money mark
ct. produced by the nnprincipled course
OF the United States Bank, BgYJ. Know
Err, Esq. of this city, has been compelled
TO suspend the payment Of his debts for
short period. MIR K. was engaged in the
most extensive transactions; and concerns
OF such magnitude will require some lii
tie time TO adjust; but we are authorised
to say, with the utmost confidence. 10 all
his friends and business community gen
orally. that he will be able ultimately not
only to meet every demand against him.
but TO save 10 himself very large estate
| Thus we go. Benjamin Knower. men
toned in the above article, is well known
to be the "Ancient" OF the Regency the
| great chief Of the cable-and has been
/ for many years engaged in extensive spec
ulations in lands. wool, produce, houses,
/ hanks. stocks, sc. in almost every sec
| ton of the empire state. He is The further
in la,o Of Governor Marcy. and by his in
fuence il was that Van Buren,, Marcy,
/ Wright, SC. have risen TO power ia New
| York. MIR. knower Is man without
/ ducation&of great knowledge of human
nature--was originally haiterin AihaRys
bat, during the early contest with the re
vered DE Witt Citation, turned his atten
ton from the outside to the inside Of the
head. lie is the planner of the whole ii
nanc'al and political system OF the regen.
cy-the very balance wheel Of all their
operations for the last fifteen years. Ia
hostility TO the United States Bank, and
the present excellent currency Of the coun.
try, Mr. knower was one of the first, most
decided. and interruptions.
This blow will fall like thunderbolt
upon Senators Wright and Tallmadge,
and indeed upon all the collar men in Con.
gress Mr.. X. has always been devotedIy
attached TO the political fortunes Of MIR.
Van Buren,, and has now suffered martyr.
dom in the cause, and the least Mr.. Van
Buren, can do. under the circumstances is
to take him into the Kitchen Cabinet. To
be serious, we deeply regret The failure Of
any man extensively engaged in business,
! because others Of less capital and infu.
ence, honest and industrious men, are too
frequently dragged into the vortex; but if
any are TO suffer, we confess that we feel
! less regret when the authors OF the evil
! are selected out as victims, than when
those who have resisted the bad measures
of the Government from their commence
ment, are struck down from their places
of credit, power, and influence. II, how
ever, the very head and front Of the Re
gency cannot withstand the pressure of
the times, what is to become OF the swarm
| a. tka f.ta nC
York, who control the smaller organs oil
the Safety Fund System.-N Z. Eng
The tidings of mercantile disasters
and distress continue to flow in upon
us. We hear Of other important fai-
lures at Albany; and that announced
in the following extract of a letter from
a highly respectable source is Of still
greater consequence:-Nas- Int.
Extract of letter from Ne,o FORK, Feb g.
"The failure of S. ~ NJ. ALLEN,
which occurred yesterday, has produce
ed greater excitement in this city
than any event which has occurred
within my remembrance. From 3 o.
clock, p. NJ. until the lamps were ligh- |
ted, Wall street was crowded with
groups of citizens. The House Of S.
q NJ. Allen, it is understood, had "a
branches in different points of the Uni
ted States. Their failure will occa-
sion, in this city, more injury than the
failure Of any Bank in tire city, except
the Branch of the United States Bank.
The last exhibit Of the u. S. Bank has
taken the wind out Of the sails of all
who held that the existing pressure is
occasioned by the curtailment of its
discounts. hear distinguished Jack
son men say, that they believethe Bank
has gone as far as it can to relieve the
country"
The New York Daily Advertiser
Extra, of Saturday, announces the
failure of the important banking and
Exchange house of S. 81 M. Allen d
Co. in the following terms:
estate of the Money Market.-For a
few days past the money market has
been decidedly easier. Stocks have
improved, and there was evidently
better feeling. No failures of lmpor-
lance had taken place for several days,
and hopes were entertained that we had
seen the worst. At the closing of the
Banks, however, the public were as.
touished to hear that the extensive and
respectabIe Bankers, Messrs. 5. d. M.
Allen, had stopped payment. No tai
lure could have occurred more injuri-
Gus to the merchants generally, than
this. Their extensive operations will,
it is feared, fall heavily and extensive
ly. on not only New York, but every
. section of the Union. The amount oil
their indebtedness is not stated, but, II
IS said, it cannot be less than one OF
two millions-may be much MORE"
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