Columbus Democrat., 1840-10-03

the constitution and TOD the Douf pJltuc o. lls Z
ble-bIood. Look now al Kentucky! What .
spectacle does she present Nothing is to be /
seen but boundless eXpanse of desoiauon -
/ Wealth impoverished, enterprise checked, COM 4
merce at stand, the currency deprecated, all
/ that vas promoliye Of ndy dual wealth, and all
\ that was Indicative Of State prosperity and ad-
yapcement, plunged into the great vortex OF lUe'
medisbe involvement. What incentive, now,
has the armer to industry and exeriionl How
fruitless would be the effort Of the merchants Ia
raise hom their torpdy the fallen energies OF
the State
=" A writer in the Kentucky Gazette, quoted by
Niles on the 9Th Of October, observed Slaves
which sold sometime ago. and coud command
the most ready money, have fallen TO an made
nuate value. 4 slave which hires for 50 OF leo
dollars per annum, may be purchased for 900 or
400. 4 house and lot on Limestone street, for
which $4,000 had been offered sometime past,
sold under the officers hammer for 81 500.
house and lot which, am Informed, was bought
for $1,000, after 5000 had been paid by the
purchaser, was sold under amortgage for $500
leaving the original purchaser (besides hs advan-
cesl $4,000 IN debt A number Of sales, which
excited al the same time astonIshment and pity.
have occurred in this town. Comparison oflocal
sufTerings should not be INDUCED in, but am told
that Lexington is less afflicted than almost any
other part of the State"
Bankruptcies for large amounts were OF ire-
quent occurrence. Mention is made, among O.
Tiers, of the bankruptcy of a merchant-taIlor in
the little town of York, Pennsy lvanla, who failed
for the sum of eighty -four thousand dollars.
} " / his was, indeed, an important affair in a
town containing but three or four thousand in
bablants but it sunk into lnsgniicanCe when
compared with some of the failures in the large
cities. so extensive were these among the
merchants of the cities east of Baltimore, that it
seemed to be dsreputabe 10 stop payment for
t less than 100000 dollars the fashionable a.
mount was flom TO 100000 dollars and the
tip-top quality, the support of whose families had
cos, them from to 10000 dollars a year, were
f honored with an amount of debt axceedng 500,-
coo dollars, and nearly as much as a million OF
dollars. The prodigality and waste Of some oI
these were almost beyond belief we have heard
that the furniture of single parlor possessed 1--WE
, cannot say beionging) to one of them, cost 40,
: 600 dollars. So it was in all great clties-dash
n dash dash-venders of tape and bobblns trans
formed into persons Of high blood, and the sons
{ Of respectable citizens converted into knaves o
} rank-through speculation, and the facilities 0
the abominabe paper system"
IL am told that one merchant, who lately fail
ed TO the eastward, yet lives in house for wblcl
and its furniture, he was offered 100000 dollar
t: in real money and refused it,"
f. Scenes Of speculation are revealed and re
IS vealIng that sober people had no idea of. Thei
? efec, penetrates though all classes of society
. The day-aborer feels it,and suffers, because vi
HghAyer could sign his name prettily, and there
20 BY cause his paper to pass through some of tn
y, Banks The farmer who improved his plantatio
lie by building costly dwelling on credit, is com
$, PEELED to sell both farm and dwelling to pay III
y, "a debts incurred in erecting the house Ia pipe
- wine, or a Cashmere shawl compels some mel
N chants to stop payment | have heard of on
ID man, who failed for more than $5O0,00O, who's
ly private wine vault, as il stood at the time of hi
le bankruptcy was estimated to have cost him 81
600. This is said to have happened in the sobC
e city of Philadelphia.
Twenty or thirty years ago, if man fal|e
; for 100000 dollars, the people talked as fearful
N about il as about that time the old women did {
,e the iulflmen of Loves prophecies who had d.
aI termined that the world should come to an Ell
nj before the close of the last century. But no'
Il. through the blessings Of the paper SYSTEM, III
va facilities which ii afforded, and the speculation
n. it nourshed, it is not decent for a man 10 blea
pir for less than 100000 and if person would
no thought respectable bankrupt, he ought to ov
,e' two or three hundred thousand or more. Ifwi
nv this extent of credit ii should appear that he ht
as not been worth one cent for twenty years, al
4 80 L. r. c.lz
es so much the better 1t is evidence of his qua
ties as fnanCier. And if, out Of other people
money, he has given his wife $4,000 or 600
is dollars, it shows his prudence in providing f
ia, his family
rt q" The Federal Gazette Of the 18th insta
no contains SIR solid, formidable columns of adv
10 tsements, by order of the commissioners for &C
the ferriug the benefit of the 'nsoIvent laws of NJ
or. ryland-in all about sxty-whlch gives the nan
,dv perhaps, of nearly one.thrd of the persons "
new going through our milp JUS, at this time
de- several of whom are those that lately couned tn
sis, affairs by hundreds of thousands, or by milit
moi OF dollars who erected palaces, and furnish
them with degree Of nlagnfcence superior
that which many German princes asplred 10
the ,cho still hre IN splsnid afluence, and indu
/. to themselves IN The most luxurious riands-th
Of wives anu ch'luten, OF some k'nd reIal'Ve' nav
Of been made rich through their swindlings If
fac. people,"
ted This sagnaon in business was not confined
one anu po' ~ ioI4 e'gh' SesiS alie'
" that agriculture and commerce anguished TO an
T, IN paralleIed extent In a speech of Mr.. Clays p
ired lshed in les Register VOL 26, Pages S77 S7s
find the following graphic description of the col
who ton OF the country at that period:
that In casting our eyes around us, the most prom
!, ent circumstances which fix our attention, and c
90" Ienge our deepest regret, is the general dist
o'0 '' which prevades the whole country. Ii is forced
3d. on us by numerous facts of the most incontesl
o in character. II is indicated hy the diminished exp
of native produce; by the depressed and redu
LhL nLlr Grn.1A h.. lira,r