Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-04-27
From TIE BoAimo,e Gazette. .sprI 81

From the Boifimore Gazette. .fprL 81
From New York and from New Or
leans-the two great emporiums Of the
east and south-each mail brings nc.
counts or more failures Of mercantile
houses. all for large aggregate amount,
OF debts compared. with The failures Of
former days-and some Of them 70,
amounts so immense as 10 excite equal
astonishment and alarm, from the eyi.
dence thus afforded OF the unwarranta.
BILE extent to which the desire Of gain
has induced the business men Of our
country to involve themselves. The
speculative extensions of credit upon
supposed securities which have proved
wholly inadequate indicate q want OF
prudence, 10 say the least Of il. which
Is wholly inconsistent with the charac-
ter in that respect. heretofore maintain
ed by many Of the houses who are SO
extensively involved-and some OF
them. who were undoubtedly not mere
iy safe but wealthy. are now destined
10 sink amidst the extended ruin which
Is resulting from inordinate trading.
speculation. and mercantile gambling.
The report circulating here yesterday
OF The failure Of house Of high stand
ing in New Orleans, for the enormous
amount Of fifteen millions Of dollars is
confirmed by the New Orleans slips
received this morning.
The increase of the failures in. New
York is part Of the daily news, and the
papers received yesterday say there is
no alienation IN the money market
The news from the State Of Mississipn;
represents scene Of even deeper dis
tress as to money affairs, from the sa-
crihce Of property by sales under legal
process. to enforce the payment of
debts imprudently contracted, for the
purchase IN many instances, of the We
~ property thus sold. All this extend.
ed embarrassment. ruin, and distress is
now admitted TO be the result principal
ly OF ovERTRADING ON CREDIT TO a
most imprudent extent.
IL 10 very certain that failures and
endorsements in other parts Of the
United States must necessarily have
an injurious influence. which will be
felt generally; and here in common
wnh those commercial cities where
the trading and extension Of credit has
not been carried TO such extravagant
excess As to produce failures al home,
the connexions incident 10 commerce
may, indeed must, cause both incon.
venience and loss TO some which will
partially affect all, but in a mi.dsr de-
gree than in those cities where the
failures have taken place.
We are gratihed in being able 10
say from actual information. that the
Virginia customers Of our merchants,
who have been recently much in
creased in number. are contributing
greatly to relieve the pressure by the
Promptness and efficiency Of their pay
ments; in doing which they have given
evidence that they prefer paying in
specie, notwithstanding the inconve-
nience Of Transporting silver, TO the use
Of notes Of theY own specie paying
banks which ,afe here at discount.
- W
IcR1s'pSGds oTfhs National Tai,itigsAesr.
NEW YoRK, April l6.
/ am weary Of writing you bad
news. This day is as gloomy as any
that have preceded il, and glooraier
yet, for now the merchants have no
hopes. The late articles in the Globe
have cut off the last lingering hope