The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-25
philadelphia Correspondence.
PHILADELPHIA, Feb. 20, 1871.


Our monetary affairs still shrouded in darkness,
and the most keens GIFTED nancers can scarcely see
Their way out Of the labyrinth in which we are invov
ed The memorial Of the u s. Bank TO the Lepisa-
ture you have No one can complain that il was
not sufficiently humble and supplicatory--it was in
iac' IN some parts oft, but prose paraphrase Of
:" Pity the sorrows of apoor old man"
IL states facts which show clearly that the Bank has
mol only mad her own burdens to carry but has also
had to carry the State herself upon her back and thai
the weight thus imposed upon her has done mucl, to
crush her to the earth
No measure ofrelief has yet passed the Legislature
and il doubtful whether any such measure will re-
ceye the signature of the Governor He. poor man
is IN aquandary and knows not which leg to dance on
He knows very well the ultra measures Of the De.
structlves n-burners, some call them would
bring ruin and devastation upon the State but he dare
not recommend or approve any Of relief to
the community and Banks, lest such an act should
bring down their wrath upon his head, and he should
lose Their support. On the other hand there is por
ton of his party who have something at stake and are
therefore opposed the ultraism of the Desructyes
Among these ale the men who have been lately read
NNoNo
sdre rather than destroy; these are the Dallases the
Names, the Hays, &c. Things have come TO a
strange pass when Geo. Nj Dallas, the very apostle
Of urasm, is no longer considered an orthodox Loco
toco! Where We shall end, time can only show
One thing can consider very certain, however which
Is, that Judge Banks will be nominated as the Whir
candidate for Governors and that let Governor Porter
dance upon which leg he will or attempt to stand still
and do nothing he will be defeated by large majority
next fall
Y. ,. Bank Stock is selling at about 25 What it
Is lnirinscay worth no one knows Much has been
done IN that institution within few years past which
no one can justify excuse. Ii seems to have taken
upon itself to become insurer ofthe specuatons of
certain iavortes besides furnishing them the means
with which TO carry on those speculations Instead
of accommodating the merchants, manL ac,rers, and
mechanics OF our city and State might have done,
and thereby PLACED them and herself in such position
OF strength as to have been but little, comparatively,
affected by the blast that has swept, and is still sweep
ing the country, she closed her hands to thou
sands of these and lavished millions upon few fdror-
ties. To sail this folly, is but to apply to il a very
mild term; were stakeholder, as am not, should
be disposed perhaps to apply harsher term to such
management.
But this, though deeply censurable, does not Justify
the bitter hostility manifested towards the institution
by the Wall Street Brokers' their allies the Desiuc-
tives and their organ, the Journal of Commerce-an
may add the Bears of our own "Agerine Coast.
II this warfare affected only the guilty, few woult
complain, but it brings ruin and misery upon thou
sands, many Of whom widows and orphans, who's,
deep distress would excite the commseration of any
| one not scared as with hot iron.
The second trial of Eldridge will commence or
Monday II is doubtful whether he will be convicted
not because there is not evidence enough and of the
most positive kind to prove his guilt, but because
in the last trial. the minds of some one or more of the
jury may be SO warped by prejudice and hostility
against all corporations and particularly against banks
that in them they cannot iciH not be convinced that
two and two make four when these corporations are
any way concerned or attempt to prove the fact
X. Y.