The herald., 1837-05-18

The express mail brings letters from our various
private correspondents of the highest importance
Congressi is neutrality-suspicious. are meeting-banks
breaking-cvery thing in confusion Read and re-
fleet.
Correspondence OF the Herald
WASHINGTON May l6, 1927
faint ray of light is beginning to dawn on the
gloomy condition of our country. President Van
Buren, has issued his proclamation calling an early
meeting of congress in September next 10 adopt such
measures as the exigencles OF the nation demand.
How mortifyng TO be thus obliged 10 retrace his
steps and publicly to acknowledge his folly and that
of his associates IN bringing the country into state
of ofbankruptcy In any other government, such men
would lose their heads, and deserve TO do But it
is never too late to do good, and il is the part Of WIS
dom 10 correct error. His predecessor would never
have done il, but wsuld have persisted in wrong, if
the whole country had been up in arms. The bank
ruptcy of the pet banks in other places enragcd
the government here, that they swore in their wisdom
risk The wlseacres have still 10 learn the rudments
of finance. They thought that they could keep
bank, with capital of about $500 000 and loans 10
the amount of near iro millions in a condition 10
she'll out specie while all the other banks had been
obliged 10 suspend payment. The absurdty of this
attempt demonstrated this morning by sus-
pension Of specie payments by the Bank OF the Me-
tropos notwith standing the bluster Of the admins
tralion and the public and solemn pledge OF the pre-
sldcnt directors and cashier Of that institution The
Bank of Washington, finding il not good TO stand
alone, has followed sut and now we are all adrt
again. The corporations Of the cities of this district
| talk Of issuing their shin pnslers" of the demo-
minatons Of one and two dollars, to the amount OF
ten or twenty thousand dollars each to serve as
change The Secretary OF the Treasury has issued a
notice in reat on to the depostes and the payment Of
merchants bonds which is 10 be suspended I'LL after
the meeting of congress on the first Monday i'm Sep
rcmber next. curious exhibition of tickery was
made yesterday to Keep up appearances in the Me-
lropolls Bank. The president would give his check
| for fifteen hundred or two thousand dollars TO one of
the mlnions Of the bank, who presented the check
and the specie was very slowly counted out by the
teller, consuming IN the process about hour and
half while the legitimate note holders had 10 wait tll
the operation performed. After he had received
| the money in his bag, he would secretly slip round
TO private door, and reieposite the specie he had
obtained. This scheme was practised the whole da y
when il was concluded 10 suspend payment which
| was announced this morning. The agony is ever for
the present, but the community greatly alarmed
at the appearance Of things here. The butcher the
farmer, meal seller, &c refuse to take any thing hut
specie, and the specie has almost entirely disappear
| 3D. as If by magic Some at loss to know what
do for bread meat and other articles Of sustenance
for though they have bank notes they cannot get the
necessary articles of consumption for them. An
honest tar who had just been paid of in your city
with the notes of pet bank there had occasion to
visit Washington, and yesterday presented his notes
to the pay teller Of the Metropolis Bank for specie.
He was told that he could not get it. and that his
money would not be received. He hurried off mme-
Ol the NAVY, WHO He was
extremely sorry but could do nothing for him. De-
termned not 10 be thrown of in that way, he hasten
ed to his excellency the President of the United
States; and the President like the Secretary, was
extremely sorry, but could do nothing for him. The
honest tar became indignant and not having the fear
of Martin before his eyes, he cried out "damn your
sorrew, sir, | want my money; your sympathy ~
not worth sous raarhee to me; it's the specie
wants and, blast your eyes, the specie III have by
hook or by crook"
New ORLEANS, May g. 1887 10, A. M
Great things are in preparation. You must know
that the French Banks, viz: the State the Improve.
ment, the Planters, and the Citizens, are deadly op-
posed TO the twelve American Institutions, viz the
Canal, Gas Light, Commercial, Atchapaaga, City,
Mechanics, Carroton, Orleans, Union, Bank Of Lou
isana, Merchants, and Exchange Eorstall, Presi-
dent Of the Citizen, has said, that he will break the
American mensers-that he dares hem 10 discount
dollar. Now IL is in contemplation among the di.
reciors Of the American Institutions TO join hand-in-
hand make common depository of their specie, set
tie up every day, but no, 70 draw specie for their