The herald., 1837-04-03
From The Weekly Herald Of April III
News OF tie Week


been within day and half of trade by barter. For
nearly two days in Wall street the commercial com
munty were on the verge Of general bankruptcy The
evil is now blown over, but we yet uenlbie while we
record the iacIs.
Last week ended every one expected II would
with deliberate convection that the great exchange
houses of the Josephs here the Phillips Philadelphia
and the Hermans in New Orleans were gone for ever
These failures, with those IN Their train were probapiy
equal to thirty millions Of dollars. On Friday last
we had speck of brighter news from Europe put on
Saturday and Sunday threatening circular was re-
ceived from the Barngs ef London, the Wilson's ana
other houses engaged in the AmercaR trade annouhc-
ing their determination TO refuse all American bs OF
exchange drawn by houses on each oiher that were
branches OF the same firm,
This movement from England at once put tne pan
every private bill of exchange drawn IN wall street
on England. The situation OF the leading commercial
people can scarcely be described
Other points and evils made weight IN the crlsis
In the early part of March the U. 5 Bank had for
tilted tselfby drawing specie from New YORK; on
this day the Ist of April, several Treasury drafts,
PAYABLE here in favor of the South became due and
specie was demanded by those who held them. New
York was therefore in the attitude Of being demanded
to pay debts to England Of ten m,iLlions-to forty
the u. S. Bank with another million, to send TO the
south for distribution another mien-and at the same
moment to have her debts in New Orleans and the
southwestern States suspended or dehcient Tor hirty
millions or more.
By a strange concurrence Of untoward events, II
presented, at single point Of tme an accumulated
pressure money market OF MY mtHtois 81
twenty at New Orleans and ten here. Failure and
suspension were following failure and SUSPENSION Six
eight, ten per day began the week, but the reports
were even more numerous ,
In this state of things the leading merchants started
Cor Philadelphia ask the nterpestlon OF the Uuited
States Bank as the only institution that could save
New York and the Union from general bankruptcy
1t is true, the u s. Bank to strengthen It's own posi-
tion in March had aided TO concentrate the causes
which brought on the crls!s-but the government
possessing fifty millions of surplus, had contributed
much more, without estfying single throb OF sym
pathy for the sufferers.
The crisis demanded imm Mediate relief all would be
gon0. Mr. Bddle put his hat on his fine head OF har,
and with benevolent smle-for which hels peculiarly
remarkable-came to New York. Consultation was
held on consultation. Propositions were made 10
the Wall street government banks TO unite IN the
measure. 1t was proposed 10 remit taoo millions 81
specie England TO establish our credit there and TO
draw on the credit of the banks here for eight or ten
millions more The government banks here could or
would not comply. They were under under orders
from the Treasury Department to send specie 70 the
sputh for the purpose of aiding bank spectators
there Mr. Bidde had to meet The crisis alone, and
forthwith did So In this fresh dilemma the mer
chants determined TO take bold step, and forthwith
signfed to the usurcrs who controlled the banks that
general bankruptcy would ensue, If they did not act
Immediately. This menace accompanied with the
suspension of some of the best men in the city, fright
ened the three per cent Shyocks. They held meet
ng-Mr. Gallatn presided-and they came reluctant
ly TO the resolution discount at the legal interest
only and hdtf millions n dollars, but no spe-
cie This small allowance, however, had soothing
effect in CONJUNCTION with the measures of MIR. Bidde.
The panic was allayed for time, and the mercantile
community are yet on thsn legs for another thirty
ddgs thereaboutss
The crisis Of 1925, was nothing in panic and real
alarm to the present. Now the whole community IS
affected All parties and classes have contributed to
its vrulsnce postponemenl of the Say ofpaymen
is accompshed-bat no real relief can come but from
relucton-trom curtdiimcnt 81 business. Ifspecula-
tors in stocks lands, lots, flour, cotton or any thing
else on the strength Of the late measures will mady
90 on in the old career, and on the principles
they will again be brought up by such another crisis
in few months. We have been overrading. The
has stimulated and iostered by the action
of the surplus, overtrading mania Prices have
gone up beyond their vaue-they must come down.
and they are coming down.
Such IS brief view ofths most important week in
commercial affairs AT Washington there is nothing
doing. All is dead there as the lake of Sodom and
Gomorrah. In anotherquarter. another crisis is
ing on The political fever is rising TO its height
Three parties in the fied-one the offspring OF the
corrupiions and fanaticism Of the government.
The country banks have also to go through the
panic. Their general agent fell in the crash, and the
evil that may be produced from that quarter to the
working classes is ncaculable We have not yet
seen the worst Of this panic.
Fer fall history Of this most momenous week,
nsw escaping from feeble grasp into eternity, we
refer TO Wall street Reports, beginning another
page -
usual. Fashion and religion each quite busy.
SO were they when the Son Of Man came into the
world-and will they be when The Son of Man
will come second time IN all his glory the blue clouds
of heaven parting like flash Of lightning, TO open bis
way TO the valleys and mountains of this word-a
world which is rapidly coming 10 an end.
We have lust received the following by Express
from BALTIMORE, March 30 p. NJ.
The house Of Brown & Son here will suffer 10 the
amount of four hundred thousand by failures in New
York and Batmore-a flea bite 10 them.
D''s C''' has failed for q large amount some DAYS
ago. Gs't C''s has failed today-a young man of
the first responsibility and son.n-law of rich man
IN the south. Mr. M. Is director of several of the
first insttutions-euch the Bank Of Baltimore
Baltimore Insurance Port Deposite, and the Phila.
peIpha Railroad
The Cohens have sned the Josephs for fif,v ,bons-
and dollars. The notice Of the suit is posted mn n,
the Court House to day. signed by the Clerk of The
Court, the Attorney, &c. &C.
The city of Batmsrc will not be much of n sufIsro~
by the whrwind created by our quacks al the head
of the Government who have been AT war 40 Iono
with the commerce and currency of the country
In England has not the death of RohschiId had
some influence in the operations Of that concern in
transferring funds to the continent Rothschild was
reported be the great foreign exchange regulator in
his day. Since his death all the exchanges Of the
commercial world have gone TO confusion.
Your paper is read by the whole of the commercial