Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-15

ImpOrtant from Boston,-Great Financial
Excitemsnt s-Failurc Of Rotten Banks.
Under our Wall street head will be found precise
and scientific account of the recent financial dlfficu
ties and excitement in Boston. We advise every body
TO beware of eastern paper money-and eastern spe'
culators. There is most damnable and atrocions
roguery afioat among the banks. As specimen OF
the management Of one OF the Boston banks, take
the following from the Boston Courier OF Saturday
last, and other papers of that city
1t is rumored that the Collector of this port has
paid noat as bounty money to fishermen, since the
first of January forty thousand dollars Of Common
Eesm Bank bills, and that the most of those bills
are now in the hands Of the recepents. IL IS further
said thattwenty thousand dollars of this money is
IN the hands of the fishermen of Marbehead and that
from fifteen to twenty thousand is IN the hands OF
the hshermen of Gloucester.
There is a story told in State street, the truth OF
which we cannot testify to, but It is probable, TO this
effect. A person came from Cape Ann on Wednes-
day, with Bounty certificates, amounting IN the
whole to about five thousand dollars, and, after tel
ling the Collector that il belonged TO different ndlvl-
daals who did not wish useit until spring, he asked
for Treasury notes, that he might have something
safe 10 lay away. Mr.. Henshaw replied that he
was only authorized TO pay out current bank bulls,
and accordingly drew check on he Commonwealth
Bank for the whole amount The check was paid
in the bills OF that bank and those bills are now IN
BUBBLE BuRsT.-The Commonwealth Bank, II
seems has stopped payment the pet bank, the depos-
lie bank, the darling bank of the Custom House, the
bank that was thought safer than the bank OF the
United States. Eheu The house founded upon
sand has come down, and great is the fail theresa
Heaven aene knows what an amount OF suffering
this event will cause. II cannot, however, but be
very great. Put not your trust IN prnces-Put not
your faith in the administration of the United States.
One thing more remains to be said illustrative of the
fir IF he in BOSTON.
Since The first of this month the Custem House
has paid in bouAtes to the fisherHen, dhuHdred thou
sand dollars, all bills of the Commonwealth Bank.
The poor men must lose all this
Will Mr.. Collector David Henshaw tell us that he
not aware of the impending calamity, and that
he did rot intend to cheat the poor fishermen for the
benefit of the pet. If he does shall not believe
him, nor will any one else. A stigma is fixed upon
HIM which time cannot wash away. We wish he
could tell u.s. too, what amount of the public money
in the shape of depostes and custom house bonds
IN the custody of the Bank. o, how are the mighty
fallen! Tell II not in New York, publish II net IN the
streets of Philadelphia, lest the uncrcumcsed wings
rejoice lest the sons of the enemies of Mr. Van Bu-
rem triumph
BANKs.-The Fulton Bank came near sharing the
fate of the Commonweath-wc understand that
they gave security.
The Mechanics Bank is looked to with a suspicious
eye The Banks are totterng. Beware how you
take their bills. Few are SAFE
One poor widow woman was in State street this
morning, with fifteen dollars on the Commonwealth
Bank-her all-weeping piteously: A young girl
who works for -, has lost her whole years
work-one hundred dollars-all on the Common
wealth Bank
Will not our wise double-payed Legislators do
something TO the poor, who will be the greatest
sufferers by this edition of the South Sea Bub-
ble.'-Erenins Nears.
tbs also stated that nearly the whole capital of the
Commonwealth Bank has been borrowed by four OF
its directors-that their worthless-and that
many other Banks are 10 the same predcament
The atrocious policy of general suspension of spe-
Gle payments is now seen through. II was to cheat
and swindIe the community by the additionaissue OF
miserable rags. The good, solvent, well conducted
banks can now resume-bsi all the bad banks ought
TO close their doors for ever.
In this city we have heard such stories Of our Com
mercial Bank as would make mans hair stand on
end. The community will not suffer this state OF
things TO continue longer.