The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-09-21
THE PANIC MAKERS.


We do not remember the time when the
e,.,;,gs or the community exhibited a more
a,,e,ish state in regard to the circulating me-
d;,m and moneyed institutions Of the country,
,h,o al the present time. That feeling is not
confined 10 certain sections or cities, but APP
Dears to be general. 1t becomes q matter Of
inquiry, in which all are interested, to ascer-
tain if there is any just cause for this general
ds,rust, and if so, If practicable, 70 endeavor
10 have il removed.
We believe there Is no good reason for the
alarm and timidity which now peryades all
classes. We feel confident that we are borne
ont by truth when we say, that ut no time in
the history Of the country have the farmers
been so well off as now--or had as large
sum, Of money laid aside as at present. For
the last two or three years every thing which
the farmers raised commanded exorbitant
prices in ready cash-the laborers, too, have
also received unusually high wages. Then
there can be no want Of money with those
classes, but on the contrary, they must have
their chests full. A panic, however, has
seized hold of them which is fully evident.
Who has contributed to create this panic
We answers set Of daily letter writers,
whose illusions for some time past have had
the effect Of spreading alarm and distrust
throughout the country.
Their principal theme has been the opera
tons Of the Stock Gamblers in Wall street;
as if they were a barometer Of the state Of
the money market for the whole country, or
even for the city Of New York alone There
was time when the prices Of stocks indica-
ted with-some degree Of accuracy. the album
dance or scarcity of money in the large At
,lantic commercial cities. Not so now
Most Of the stock operations now daily re-
ported, have no more to do with the state Of
the money market, than the bets between the
Jockes on race-course have; both being,
in my opinion, as now conducted, equally re-
spectacle.
ONe day, we are informed that u. S. Bank
stock has fallen five and one half per
cent in a few hours, and that all is confusion
and alarm in consequence, in Wall street
This, as was shown subsequently, had nothing
whatever TO do with the scarcity Of money,
but was the result of the schemes of the
Wall street Stock Jockies. The day follow
ing we are told all is calm again, and stock is
again on the rise. Now we ask, what do the
people at a distance either care about, or
wish to know Of these gambling operations,
any more than they do of those of any other
class OF gamblers ? None whatever. Yet
let us tell the writers Of these letters and the
proprielors Of the papers which publish them.
that they are the main cause of the panic
that now exists
OF all others the proprietors Of money are
the most timid people in that which relates
to it-they read these letters and are led to
believe, from their contents, that the Banks
are on the eve Of suspending specie paw
ments,o Of blowing up al:ogether-thosc who
have their money on deposite in banks run
and withdraw it, and in specie too, and
hoard it away-those having in their possess
sion the notes of Banks, do the same-eyen
the farmer who brings his produce to market
once or twice week and sells it for CITY
bank notes, goes and draws the specie for
the same, and takes it home with him All
'0Is' or nearly all, is caused by reading in the
papers the letters of their indiscreet, ill-ad.
'ised or simple authors.
lhls is no fancy sketch, but true picture.
IN our opinion the efforts of all the Locofoco
newspaper editors put together have not done
as much to lessen confidence and cripple The
Banks, as the letters OF the description allud.
ed to.
If they wish to disseminate information
that will be valuable and useful, let them
hereafter confne themselves to the general
news, foreign and domestic ; to giving the
prices of produce both at home and abroad
and be silent as regards the stock operations
OF the gamblers in Wall street, the Banks,
aud the exports of specie, and not continue to
a'afm the great mass Of the community about
SUBJECTS with which they have neither inte-
Fest or feeling.
INTERNAL IMPROVEMENT SYSTEM.
IN our last paper, we expressed an opinion
that, the ureat intaraets ond rr,s,o~;t,, c al.