Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-01-09
Political.
Correspondence Of Nat. Intelbgencer.
PHILADELPHIA, Dye. 10, 1893.

prevails in all classes Of our community
is without parallel, and likely TO be
without alienation. Noporton ofour
citizens is exempted, but few indisid-
uals who possess moneycd capital, and
who are ever enriching themselves by
the distresses of those who want and
must borrow. This state Of things is
heightened by a general distrust and
mutual want Of confidence: it is not
confined TO the body Of merchants: the
manufactures, mechanic, artisan, and
laborer, all feel the pressure. The
facts that might be stated to prove this
IS not a highly colored picture, are
numberless. That the great cause Of
the present distress, is the removal of
the deposites, is universally conceded.
The banks in this district held q meet
ing on Saturday afternoon last, to con-
suit and concert measures to avert the
universal bankruptcy which is now I'M
pending. In their consultations not the
s'igbte st blame was imputed to the Bank
of the United States: on the contrary,
the kindest feeling was manifested to.
wards that institution by the representa-
tives Of the different local banks there
assembled. They were obliged, how
ever, to adjourn without adopting any
measures calculated to relieve the pre-
sent distress; for the obvious reason,
that of themselves they could do no.
thing, and the present situation or the
Bank Of the United States precluded
any hope Of receiving any relief from
that quarter. The local banks are
determined to stand or fall by each o.
ther, and every man Of judgement ap-
proves Of this determination. A few
days ago one of our banks in the Nor
thern district of our city has had what
is called a run upon it, and the scene
was equally painful and ludicious.
People flocking in from all parts of the
country, presenting the notes of the
bank, and demanding specie; and
while the officers of the institution were
demonstrating with the holders on the
folly of their fears, it required the in
PREVENTION Of the police officers to pre-
serve order in the crowd assembled a.
round the doors of the banking house.
1t is said the Bank ofthe United States
stepped forward and sustained them.
One Of the banks in the city had a con.
siderable sum Of money deposited by
the subscriber. to q Rail Road Com.
pany at J per cent. per annum, pay
able on demand: the stockholders "a
greed TO withdraw a portion Of the a.
mount deposited; and, when the bank
was called upon for it, they proposed
the repayment in four instalments.
DO not suppose that these banks are
in any worse situation than our other
local institutions. Both of them are
believed to be perfectly solvent: but the
panic which prevails has returned their
circulation upon them with such rapid
ity, and diminished their deposites to
such degree, that they are unable 10
meet the emergency without being put
TO the inconvenience which | have
spoken of. The distress Of individuals
is even greater. Good paper which
three months ago would have been dis
counted freely by every bank in this
City, is now offered in the market dai.
ly, in great abundance at from Is TO
80 per centum; and the greatest diff
Guilty is experienced in obtaining money
even at these exorbitant rates in suffi L..
clent quantities to meet the current
wants of trade-in some instances the
most extravagant premiums are given,
and the only boundary to the extent of
extortion is found in the lberality and
sense ofJusticein t. ose who have money
to lend. Sterling Exchange has fallen
since 18th October, from to 81 per
cent, and unless speedy reliefis found,
it must go to par, and perhaps below,
to the impoverishment of the growers
of our staples, and the aggrandze.
ment of the foreign manufacturers and
dealers.
The charters of our State banks con-
tam provision that the Commonwealth
shall be at liberty to call upon them at
any period for loan at per cent. per
annum.
ltw was stated during the present week
at the board of one of the Banks, that
the State was about to require loan
under this provision. If this measure
be adopted, it proceeds from the de.
ranged condition of the money market,
which deters the Commonwealth from
creating new stock loan, as it is ap-
parent it would not now command par,
whilst for the 5 per cent. stock redeem
able IN 1860, issued early in the pre-
sent year, 1872 and ia was paid.
need not say to you how utterly ruin
Gus and destructive will be the conse
quences Of such movement, yet fear
1t will be adopted, as a new permanent
loan cannot be reSorted IN under exiSt