Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-09

savannah mas mol escaped from INC pre-
vailing pecuniary distress and the planters
have resolved To hole back their Cotton Tor
better prices. A Macon paper Of the l4uh
says:
"Rumors Of failures are thickening upon
us, and difficulties not yet realized, arc dali
" anticipated. We have a large stock OF
Cotton on hand, aud money is very scarce.
Moreover the planters are not disposed TO
sell. This policy on the part Of our coun-
try friends is incomprehensibe Under
the present pressure it is requiring 100
much 10 expect the Merchant to hold on
the Cotton advanced upon, when the Banks
will not discount dollar"
Office ofthe ~. Orleans True finer.
Wednesday, April 10,
TIE MONEY hugs are in
a moody Stiffness. The disease is working
its way into the vitals of the body pol
tic with an awful rapidly. Its progress is
silent, but certain. Nothing under hca-
| ven canavert the calamity from breaking up
the fountains OF credit in toto. They once
| destroyed, we shall be able 10 begin on
fresh ground and firm. We shall be able
10 commence The new edificesUn the loun-
| dalton Of capital.
We SAW yesterday a bill of exchange,
! drawn by merchant Of Havana. with
! four endorsements upon it. The drawer
and two Of the cndorsers had failed. This
! is an anomaly in the commercial word
| We can have some idea Of the immensely Of
! the credit system, when ii is anown that its
! operations have been extended 10 n Span
! ish town that few years since would have
laughed at the idea OF paper negotiations.
1t is now rumored that the Government
] Ipg rprpuflu nrfarAb f,n nppOgttp Houl.c n
stop paying specie the moment there is a
run upon lhem-lhai i has the prior claim
and will be first satisfied.
The failure of Yeatman, Woods & Co.
will carry more immediate distress into the
| West than any one OF the suspensions that
have yet taken place. Their house cccu-
| pied a high ground in the confidence of
millions Of plopln. The result vii, be ruin
Gus in Tennessee and Kentucky to the poor.
| Their notes make mp almost one third OF
the circulation in Tennessee.
A constant drain of specie is going on
in Mississippi. Every species of produce
is mere drug among the people Of that
State.
The Levee presents distressed appear
dnee. But few steamboats, are lying at our
wharves, and every thing wears more the
| appearance Of midsummer than the acivi-
~ Of April.
MORE Fatal Results FROM THE Pres
URE.-THE GREAT CANAL THREATEEED =
The gentlemen who had undertaken to
! build the new aqueduct across the Gennes-
! see, have, as we learn from the Rochester
! Democrat OF April 2lst, given up their con-
tract and stopped thee work. No money is
TO be had. On the 10Th, the For1carders at
The same place representing the sixteen re-
| gutdr lines Of canal boats, resolved not TO
start a boat on the canal until the banks
| gave substantial financial aid. They can
not get along with ten day dscoun' s.-M
Y. Star.
o. A draft for $4,000 drawn by An
drew jackson, President Of the United S.
dc fdcto, in this city, was, as we understand,
protested for non payment The Old Gen.
expected to receive 5 cents for his cotton
and so valued upon his factore here. Cot
ton at cents only pays 80 cents in the dol
lar, the balance would have TO paid by one
OF those who dei Is upon "borrowed CAPT
tai, and who as he Gen. said "ought TO
break"-to avoid which he no doubt allows
the draft 10 90 back 10 be reduced to lis
proper size 10.
Correspondence Of the Baltimore Chronicle
ST. LOUIS, Mo. April 49, 1887.
We begin TO feel the pressure here. On
Saturday our largest Auction house was
protested for $S0oO though they have NOT
stopped, and we hope they will ge Through.
Several other houses were protested, but
there have been no actual stoppages.
Business is not SO brisk as il ought to be
at this season Of the year, which is accoun-
ted for by the scarcity Of money. The cry
every where appears to be Hard times =
| No money
We look forward with great anxiety Cor
| the State Bank to commence business,
which il is supposed vii! he in all June.
| Mr.. Smith, the president, has eff cted an
arrangement with the Secretary OF The
/ Treasury similar 10 that made with the
/ Stale OF Alabama, by which the Secretary
agrees 10 purchase 5000, 600 Of the State Of
Missouri bonds. The sum, together with
! the private subscriptions and the States
| portion Of the Surplus Revenue, will CON
stilule capital sufficient to relieve our
/ present wants.
The Rochester Democrat says al
/ though Rochester has perhaps less t. fear
| from the pressure than many other cities, il
| has most mischevousIv affected her pros
perly. We have been assured, by those
who have the best opportunity Of knowing,
| that plans for the erection OF at least FIVE
/ HUNDRED BUILDINGS HAVE
! BEEN ABANDONED on account of the
existing endorsements Let this fact lie
borne in mind by our mechanics and labo-
rcrs, when their children are crying for
| bread p
From the Brandon Telegraph.
SHEARlNG TIME.
| Respected Friend Editor WHEN ]