The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-04-19

furnishes no good reason why you should
not now, manifest for them that approba-
ton Of conduct, which you have repeatedly
given them.
Your opponents may hope to take cour-
age from your present lukswsrmness and
to meet you hereafter, with some prospect
Of success.
Suffer not all expiring faction to catch
even at straws-and if it be now weak or
too contemplate to show its head, teach
this faction, that it has nothing to expect
from the future-it can gain nothing from
repose, and contemplate as it now is, so
contemplate, it will, hereafter, be found 20
be. Leave this faction to full fruition OF
all it can derive from its denuciations Of a
Treasury order not rescinded or repealed,
and which we hops not soon to see repeal
ed, to oil the contortions and pangs
which their fancy stock Spectators and air
built cas,les have created for them.
Leave them to oil the consolation they
can derive, from the attempt to crush with
their sxecrslions, the sainied patriot now
reposng upon his laurels, at the Hermitage,
or the unainching democrat, who fills the
Executive chair.
CoMMERcIAL.-Ther has been but little, if
any, amendment in commercial affairs dur
ing the last week. The accounts from
New York on Thursday last represented
matters rather easier, but subsequent ac-
counts bring news of more failures and co n
linued difficulties. Since our last we have
heard of several heavy failures in Boston,
and others in Taunton and Providence.
The Chelsea Bank, near Boston has
broken, and a committee appointed by the
| Legislature of Massachusetts, to investigate
its affairs. The following extracts from ar
tic,es in the New York Herald, will give
our readers the best view of the state Of af-
fairs which we can lay before them:
SATURDAY, April 18th.
yesterday more failures were announced.
a large house in Broad-street, engaged IN
the cotton trade, and another large house in
the domestic commission business in Fine
street, were both announced, besides many
others too small To notice.
Stocks are down probably as far as they
will go, unless some of them should 90 out
of existence altogether. Flour, cotton, and
provisions have to fall full 80 per cent.
Real estate is on the Decline On Wednes-
day last II sale was made by the Bleckers of
some property out at Union Square. 1t
was lot 25 by 100, situated on the Fourth
Avenue, between 18th and 18th streets,
squirting towards the square. A few months
ago $4,000 had been offered for it. On
Wednesday it sold for $500, of which
$1,000 remain on mortgage until 1889.
This indicates the course prices are taking
The revolution is beginning also to spread
around the country. Most disastrous news
was received yesterday from Providence g.
Boston. Several large manufacturing hous-
es and establishments in that region have
fallen. We heard the names, but what's
the use of giving names' The failures
which have already taken place in New
York are quite sufficient to pull down twice
as many round about the country.
The Chelsea Bank, near Boston, has
broken up. This is the beginning of trou-
BILE among the banks. That institution had
in circulation Sl02, 900 of paper to $IlOO
of specie. If this is a specimen of many Of
the New England banks, they are as rotten
as old horses that have lain in the sun for
week at the close Of harvest.
1t is feared that the revulsion will visit
the great manufacturing system of New
England. The grca, outlet for the produc-
tons of that district is New York. Here is
the centre of all their monied operations
the south their market. If, therefore, New
York should be broken down, the manu-
featuring interest of New England will be
severely affected. The failure of several
large houses here in the Newark trade, had
a prodigious effect on that town. Will not
the same effects follow the same causes in
New Englaudl Then again, if crash
should take place among the New England
manufacturing establishments, can their
banking establishments sustain the shock 7
From the Developments already made in
Boston, many of these banks have been
conducted on the most speculative princi-
ples--mere paper mills to sustain rotten
houses from tumbling 20 pieces. In En-
gland manufacturing interest has been built
up on the same principle. A conclusion in