The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-05-10
MONEY MATTERS


We copy from various New York paners ,be s,I
Joined paragraphs in relation to commercial affair
they contain all the information on the subject III,
we have been able to collect.
From the New York Herald.
Saturday, May 6.
The rapid and acsumulatng suspensions aston
Ish all. During the week as near as we can est
male sixty eight large houses have failed or suspeu
ded-principay jobbers-for an amount equal I
tHemy mHi0n Of dollars. Their assets are estima
ted at thirty malions, but many believe, that own!
10 the arrangement OF business-the fall of goods
the dullness of the times two out of ten will eve
pay 100 cents in the dollar. The whole number o
failures, up to this day, is 303 for New York alone
ofwhich 90 are jobbers
Monday, MAY g.
Revolution never goes backwards. Every impedi
ment placed in its way only gives it more fearful en-
ergy onward. Political agitation adds 10 fnaneia
panic. Accordingly, Saturday last was the most ex
cteaoe day we have yet seen, the effects of which
Will be experienced all this and the coming week
The announcement of the stoppage of the three
Buhao banhs-thc fall OF Cnited States stock below
par-the run or the Dry Dock Bank in Wall street
-and the failure ofweve or fifteen more commits
SION and dry goods houses, were of the events
that characterised the close of the week
The failures on Saturday, consisted principally of
OF smaller houses, brought down by the curtalInent
OF Inc banks aud the panic in commercial affairs
Banks now. so useful in beginning OF speculation
only produce ruin at the closing scenes. Stocks al
so continue TO fall-a except the rail roads These
are advancing. Capitalists are rapidly Withdrawing
Their bank depostes and placing them in rail roads
The revenues of ra roads are in gold and silver
their capital cannot waste-while bank capital IN
commercial paper is considered, in this revolution
merely of nominal value
From the New York Evening Pos, of Saturday.
The stocks to day show most singular state of
things u States, which is the great gun of Vhig.
gerry, and about which much has been said bv The
presses asa regulator Of the currency anI the ma in
stay OF the country, sold at the board for 9S-I
two per cent below par. Since the lst of last month
this stock has declined 81 per cent Mechanics
Bank had advanced from so to S. This stock
week back brought 1913
lhe iaIures yesterday were few in number and
unnnportant. Those Of previous days this week
were numerous and for very heavy amounts
From the n Y. Com. Adv of Monday evening
HaH Stred.-One Ootock-The excitement con.
uhnes IN Wal street and the peopleiyet linger there
IN crowds. Among tie caamities Of the dav i the
suspension of the strong house of John Ward e. 70
Like many others who have given way they have
suberabundance of means, but cannot command
them.
In order to illustrate the true state of tbncs ~.
state fact. Among the suspensions Of Saturday
was one for fifteen thousand dollars, 10 pay which
they offered the best securities for fifty thousand dol.
iars-hut could not obtanit. One ofour friends had
been obliged TO suspend with an actual bonafide
thousand uOlIar-- dSnI
with many others.
Stocks to-day are all down with the plon or Nev
Jersey and Utica Rail road. The former closed at
"a, the latter at l05 cash United States closed al
70, decline of 3 per cent Saturdays prices
Delaware and Hudson at 500 Harlem at 40; Bo,.
ton end Providence at S4 and Worcester al 76
The prospects at the south and west are as dis.
couraglng as they are here.
The Boston Atlas OF Saturday. says" The " eek
has passed away without any failures. Our ner-
chants sta nd the pressure with remarkable frmness
Dry Dock Bank.-The Commercial Advertiser of
Monday evening states that during the run on this
Bank that morning, meeting ofbank officers was
held, and al IL o'clock it announced tha, all the
Dry Dock bills would be promptly redeemed at the
counters of all the banks in the city This nforma
ton caused an abatement of the panic. .
LATE FROM ENGLAND.-By the packet
ship Hlbernia, arrived at New York from
Liverpool papers of that place to April lst,
are received-and by the Charles Carroll I
rom Havre, papers to march 18th. ::
The moneyed and commercial affairs =
have not improved. A promise has been ;,
made to sustain American houses. some ;,
lhlng substantial has heen done-but all =
predicted on the expectation of receiving =
'emittances from America, in gold and sill :,
Ter, by the next packet. Cotton is down
md affairs generally are by no means en-
In relation to the money market, the +,
London Times states the arrangements be- 90
wecn the Bank of England and that of the in
United States, is on the point, of fcompletion. 4,
t will make the L. States Bank. indebted E,
o England, instead of the houses TO whom
advances have been made.
The failure of Fry & Lightfoot, bullion O
nerchants, has excited great surprise, as to
hey had an excellent business /; they were
robably compromised in foreign exchan-
es. Bently aud & Co. is another large ni
allure at Liverpool. The English funds
re without any Quotations.
The Morning Chronicle has very strong to
nd apparently semi-official article, advo- pl
atlng the repeal of the duty on cotton. ar
fRANcE.-NinisIerialc changes were spo- tn
en- OF, at the latest date, March 29ih, and OF
al ocen leading topic of rumor and con-
ctare Tor some time; but nothing definite #
Gems to have taken place. fnl
General Damremount, the new commap- tn
ERIN chief at Algiers, had gone to Toulop a
hasten the preparations for the expedition
gainst Constantine.
1t was reported at Paris that the King ap
Prussia was dead. 70,
The condition Of the silk-work men At
yons was stillyery distressing, and caused
uch anxiety to the government. A sub ~.
.ription for their relief had been opened
Paris, which in two days amounted to
700 francs. last
SPAIN The defeat of the British aux. Cal
aries under General Evans, has been fol- unS s
wed by similar disaster to Espsrero,l elm
no, having advanced some leagues beyond QUO
,Ibna 90 o,at nj, tLa DIsf &c NJ Nar,I, by first