The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-09
New Forh Correspondence.

NEW DIRK, February D, lb4l
The new Philadelphia suspension engrosses all
thoughts in our business circles. need not say that
his disaster Is regarded by the great body Of
sderate and rejecting citizens with unmngled sor-
row. They look upon it precursor of a general,
return to suspension south Of the Delaware far Us
Resumption has been attempted and of protracted
prostration the part ofhose which have not united
in the late unsuccessful but gallant effort Ifthis sus
pension seals tho Pennsy lvania Mammoths overthrow
she will be by many bereavcd for the galantry Of
her last struggle than for the wisdom of her preceding
management.
The general feeling is one of apprehension for the
prospects Of business generally and Of sadness for the
widows, orphans and helpless ones Of slender in
come who unfortunate to own stock in the
United States, or indeed in any Bank hear little
exultaon the Monsters downfall, except from
those doubly renowned conduts Of malignant Loco
Focolsm, The Sun and the Journal Of Commerce.
The latter is, as usual prominent in ferocity Atthe
conclusion of It's leading article this morning it de-
sends from the submity ofncendiarism to the depths
Of Financial quackery and detected fase prophecy.
After abusing Mr.. Bddle & Co. to its hearts con-
tent falls back upon its daily exhibitions Of sagacy
throughout the last two three years and gravey OBJ
serves
1--WE are glad to find that the other Philadephia
Banks at length determined to cut loose from the
" monster, and act upon correct principles. There
Is other ray in ohict their affairs, and the affairs
" Of their CITY, be retriered 1t would have been
" far better if they had taken the stand at the
time ofthe second suspension. But they right
no,D, and we hope they will hold TO their position
at all hazards In the stand they have taken their
efforts are identified with the public good and we
trust they will be sustained by the beraity of all
good citizens"
The italics in this display of financial acumcn
mine; the wisdom is all the Journals The most
significant commentary possible is the subsequent
nouncement, in Postscript TO The same paper, that
these sagacous and ctprnciped Banks either all
did yesterday, all must to-day, suspend specie pay
ments This what almost any body but mole-vsag
ed Loco Foco must have foreseen. The Philadelphia
Banks probably better able to stand the
brunt alone than at any time since 1887. But you
might well talk of the walls of building adher ing
to correct principles" in hurricane after the roof
had blown off, of the smaller Banks Of Philadelphia
resuming or standing without the great one On the
contrary, if these Banks had made
with the United States, and r if our Banks and bro
kers had not been for the last dollar they
could draw from her. the Resumption might have been
maintained and all gone well Now
There is of course perfect panic in the Stock Mar
ket. U. S. Bank shares opened this morning at B.
and closed at SO ID, $50 shares sold All other
Bank stock fell off, far there any change Har
lem Railroad was the only stock that improved, and
this from special cause-a union Of interests between
the Harlem and New York and Albany Companies.
OF course this will stop where it pleases.
Foreign Exchange to-day, and may be quoted
8 "a 9. There are no rates at all for Southern
80 900 Philadelphia sold at Id discount
on Baltimore 3, U. S. Bank Notes bought by
brokers at 10 or IL l-2 per cent. discount; when
customer looks rery much frightened some of them
ask 25. Other Philadelphia notes sell at 5, but
there very few of either sort here.
From Lockport, we have attempt to whcwash
the Lynchaw demonstration against Mcleod into
very peaceable, orderly affair, and outage at all
am not persuaded to like such order
Our Court of Errors have decided that the Alder
men Of this City have prescripve right to sit as side
Judges in the Court of Criminal Sessions, which had
been disputed under law passed last winter, The
primary decision made b6 tie vote repeating
refused by is tos
$4,000 Indiana Bonds sold here to-day at IS l2, l-4i
65, Such is the universal tendency.
Our Markets slightly affected by the Money
panic. Cotton, which has been lively, is dull of sale
at the current rates to-day Canal Flour is abundant
at S4 81 l-2. Howard street and Georgetown at IS.
Southern Corn down to so cents for Sc lbs. Wheat
and Rye hardly asked for,
Yours HAROLD.
T5sTur TtpprcANor Gum will meet nj the