The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-04-12

alton that wealth, avarice and cnpdhy shall
never wrest the reinS Of government from
the hands Of that industrious portion Of our
population, whose intelligence and integrl-
ty constitute the true wealth of every free
Icommunity.
MONEY MATTERs.-The situation Of af-
fairs in New York during the past week,
has been Of almost inculculable and unpre-
cedented calamity to business men. Many
houses, of undoubted credit but few days
since, have been obliged TO suspend pay
mcnts, in consequence Of the impossbility
of negotiating paper, which in ordinary
times would command IA ready sale.
Numbers who have property of various
kinds and of vast amounts, greatly exceed
ing their liabilities, heing without the grand
requisite, cash, and being unable to obtain
it, if at all, except upon terms and rates Of
interest, runous if continued for any time
five and six per cent a month being charged
on first rate paper, and in some instances
one per cent, per day have been paid
have concluded that in justice to themselves
and their creditors, it will be eventually de-
cidedIy for the interest of both, that they
should stop for the present.
The New York Herald of Saturday last,
paper whose Wall street reports are con-
sdered the best of any in the city, has the
following account Of the number and esti-
mated amount of failures in the city since
the present crisis began:
3 Foreign and Exchange brokers, Sl6yOoO,00o
30 Dry Goods Jobbers, 100000
l6 Commission Shoe g. Cln'hine Houses, 1000 900
% Real Estate Spectators, 2OOv,wv
Stock Brokers, 100000
Miscellaneous, 2,5OO,OOO
| 80 aggregate for New York, $6O,oOO,OOO
This estimate is taken from full lists of
every failure by name which are kept in al
most every private office in Wall street, and
almost by every private individual. Ii
shows in remarkable degree the extent of
the calamity, and the progress of the dsor-
der only for New York. We have not emu
merated the cases in New Orleans, in Phil
adcphia, in Richmond, in Mobile, in Buff
falo, or elsewhere, the accounts of which are
coming to us by every mail.
The first blow was struck by the failure
of the grea, cotton houses III New Orleans.
This carried away the Josephs-and the
Josephs took with them large portion of
the dry goods and commission dealers
/ al. Al. Il
as it was called, from the United States
Bank, which appears only to have given us
ease for week or ten days-hardly so long
With the present week the revolution again
made fresh start and since Monday prob
ably two thirds of the above failures tool,
place. During the whole week stocks have
steadily declined from two to five per cent
per day. Yesterday the U. S. Bank stood
firm, but U. 5. Bank post notes were sell
ling at one per cent above the nominal par,
which is equivalent TO two and half per
cent per month. Commercial paper is un-
saleable, as usual. Fancy stocks are ten
to twenty per cent lower than ever they
were. Stale Bank fell six per cent at n
single bound-being now quoted at %.
! The large stock brokers are heavy losers hv |
the reaction in the stock market-the loaf. !
ers droll enough are the gamers. During
the week, probably $50 notes lay over and
have been protested at the different banks. |
Such is the history Of yesterday. Now
in this condition, is there any prospect of
a changel We will state the whole truth |
There arc three classes Of opinions. First
one class are confident that we have seen
the worst, and that from this week forward
commercial affairs will mend. They be.
lieve that the disorder has seen its wors,
and that 100 failures throughout the conn,
try, embracing Sl0O, ,OOOO, goo, will be more
likely TO relieve the pressure than a finan-
cial measure of $4,000 by Mr.. Biddle
A second class state that we have vet 70
hear from England. They argue that the
worst IS yet to come. Tie vibrations he.
tween New York and New Orleans pro-
duced the present crisis. When they heard
IN New Orleans Of the situation of New. !
] ork, and in New York of the situation of /,
New Orleans. the fury Of the disorde, in. !;
creased IN both cities. Now the question s :
VIII similar result follow in England when :
they hear of the recent events hereP II =
the American houses in England can stand !,
the accounts going out to them from this \
country the crisis may have passsd-if ,bev n