The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1839-11-09
MISC E LII A N E 0 u S.
The FT0rd Times.

The attempts which have been made by the cot
tonocracy to counteract the laws of trade by for
cling up the credit of slaveholding institutions anC
the price Of slave grown products, has recoiIec
upon the commercial and manufacturing interest:
of the county with a fearful and desolating crash
And the end is not yet Our readers will remem
Der the CRY that arose in 1856 against the abo
iitionists in New York, Newark, Cincinnati, &c
for ieoparding our Northern Trade Well, after
the suspension in 1897, the debtors in the free
States set themselves 10 work with such fixed
determination to pay their debts, that in a year
their credit was quite restored, that they were
ready to do business again. on safe system Of
more limited trust. But the planters who are
good paymasters in good times, have no notion Of
putting themselves in any great inconvenience
about payments-when money is scarce. And al
the same time, the high pressure system of slave
ry hardly allows curtailment And moreover
it was intoerabe to the dignity of planters, that
their crops should have to fall in price, Just like
the products of the "white slaves" of the North.
Accumulation was thereupon formed, having the
threefod object, to keep up the price, of cotton to
resuscitate and sustain the credit of southern
banks and merchants, and to induce the slayehol-
ders to turn their trade to Philadelphia, instead OF
coming to be dunned for their old debts in New
York. The United States Bank Of Pennsylvania,
was the "great Regulator" to accomplish these
magnificent proposals.; the Cotton Circulars"
and conventions part Of the machinery. Things
went on finely for time, Philadelphia exalted in
her southern trade, and New York merchants
sighed over the desline of that important branch
of our city's commercial greatness. But one
day, it came out, that the United States Bank
could not pay her notes and when it "suspen-
ded" animation, so extensive had been its connec-
tons. that the whole commercial world has felt,
very much as man would feel were large tu-
NOR on his shoulder to be drawn out by the roots.
The effect on this city has been, to produce a
greater scarcity ofmoney, q more extensive COM
m 'rcia arrangement, than was ever known before.
The banks here have wisely resolved to continue
their payments, but have curtailed their discounts
to a very low point, and hundreds of merchants
who, few weeks ago, were in prosperous circum-
stances, are now making enormous sacrifices TO
obtain money. But the spirit of the savehol
ding demon is not yet humbled. In the midst of
the general dismay, no opportunity is lost sight of
to pay court to the saveocrary, or to Insult and
crush the friends of equal liberty. A curious H.
lustration of this spirit may be seen in the follow
ing statement of proceedings connected with the
meetings of the merchants to consult about the
means OF relief.
On the 24th October there was a meeting Of
merchants, manufacturers, aud mechanics at the
City Hotel said by the Commercial Advertiser to
be, probably, the largest of the class ever held in
this city, to hear report ola committee appointed
at a previous meeting, to confer with the officers
of the Banks to induce them to increase their dis
counts, and receive and pay bills of the Safety
Fund Banks Of this State at par The following
is the report by Colonel Stone, and of the re-
marks of one of the speakers, with some cor
rections, and it is worthy of observation, that
although most of the daily papers published the
proceedings at length not one of them, the Com
mercial Advertiser excepted, DARED to report the
alusion to the colored congregation as it was
made at the meeting. The reporters were afraid
it would seem, that correct report would scent Of
abolition, and, therefore, suppressed the POINT of
the anecdote in obedience to the dark spirit of
slavery that has brooded over the commercial me-
tropolis.
Mr.. Lewis Tappan addressed the meetng-and
said he to submit motion, that a committee be
appointed to make an immediate, request to the
Banks, that they will take measures 10 hold a |
Convention of all the banking institutions of the
city 10 the course of tomorrow, with a view of
increasing their discounts, and affordng such 9TH
er relief as the crisis requires. He said he had
listened with deep interest to the letters which had