American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1845-02-14
Correspondence of the Philadelphia Po.t.I


Relief in The Money .Market-Stock Speculation
in full blast-.4 thar began Culpable mac
tirity Of Capt. Stockton Custom House Re
morals to-day-Van Buren, men Proscribed-
Subsidiaries, &c.
The relief offered to the Money Market by
the more liberal action of the Brokers, giycs TO
stock speculation increased activity. In this
city, as elsewhere, stock jobbers can always OBJ
tain discounts, when Legitimate bank paper is
but partially received or wholly rejected A
worse feature in the business of banking, can
not be conceived; yet 40 institution, imagine,
in the large Atlantic cities is wholly exempt
from the charge. The Report made by the
Committee Of the stockholders of the u. S.
Bank of Pennsylvania in your city some few
years since, developed extraordinary facts Of
this kind, and justly excited great indignation.
by comparison of dates, il was found that at
the time when your Market street merchants
were refused nearly all discounts upon unex-
ceptonable paper, or only meagre assistance
was rendered to the legitimate business of the
city, usurious brokers and extensive operators
IN fancy stocks were almost daily receiving
enormous discounts; and all this, as the assets
of the Bank have since shown, upon the very
worst possible security.
So long as the Banks in this city loan with
freedom, money must be plenty and the rate
of interest low. But the moment this begins
to be visible, stocks advance and tho specula-
tons at both Boards become heavy 1t is thus
that the Banks indirectly assist in bringing
about DISASTERS the loans TO Brokers are large,
and great numbers of mercantile men are dis
posed to invest every spare dollar in stocks,
and through the agency of subtle and unprn-
ciped stock operators, young mercantile men
get most numerically feeccd if they escape
absolute failure. In nearly every case Of bank-
ruptcy or dcfalcation in this city, if not else
where, lotteries, or what is of the same ques-
tionable character, investments i'll fancy stocks,
at the suggestion Of reckless, if not dishonest
operators, is the undoubted source of WIDE
spread ruin. Experience has no influence
Instances of immense losses and almost inevi-
table disaster, seem to hold out no terror. Ad-
monitor is of no use. Expostulation only
hastens the impending ruin of the victim. 1t
is 50 in this city. The same disastrous and
painful experience is realized elsewhere, II not
in Philadelphia.
The weather softened yesterday aud a thaw
began. The streets this morning are full of
slush, and day or two will bring runners TO
mud and paving stones. The narrow streets
will be worse than impossible, and already the
loWCl 5ICLlOlS vi tIlc lONu Oh the CIuSL anu
North Rivers are in state of inundation.--
Cellars are filling Oh every side, and rats, in
myrads, will be nncercmoniously driven from
their winter quarters.
Great complaint is made against that fancy
naval concern, the princeton" Capt. Stock
ton continues in port when he should be cruis-
ing about exerting himself to relieve suffering
sailors. 1t speaks but poorly of the efficiency
of the man as commander OF the goodness of
his heart, to be snugly RECALLING himself at the
Astor House, with his ship safe at the dock, ,
while commerce is jeopardized and suffering
seamen in perpetual danger, almost within
sight of his curtained windows.
have Just been informed of the sudden re-
moval, this morning, of 90 Custom House Of
ficers by Collector Van Ness. Nearly every
one of them are Van Buren, men, opposed to
"Annexation," favorite measure of the Col
ector and Mr.. Calhoun. Westcrvclt, an active
Van Buren, man, is the only name have heard
mentioned among the prescribed, but several Of
the empire Club" it is said, are among those
who have had to 'walk the plank" this morn
ing.
The Stock Market has declined to-day-be-
ing only its periodical fall every day succeed
ing rise. Penna. SIS declined l-4-Indiana
Bonds l-2-Farmers' Loan l-2-Norwich and
Worcester X. II. l-5-Long Island l-4--Sto-
nngton l-Reading r. R. rose l-4--Morris
Canal |. The market closed heavily.
1t is rumored that the american" is to be
united with the "Courer and Enquirer after
next Saturday. As Friday is st. Valentines
Day, this will admit of two days delightful dali
lance before the 'sannexation'' is consumma-
ted.
In business matters there has been but little
activity to-day. Cotton is more firm than yes
terday, but no positive advance. Flour--fair
Western is held at IS, but some sales have been
made to-day fraction short of that Sales of
country tallow are making at Tai l-2.
Virginia Oats, good article, is selling at 35c.
Corn is offered at Acc, but no buyers. Prime
Pork is dull at IS; Mess is fair at Sc. Beef is
firm; and lard selling at l-3. N. Orleans
Sugar is selling at 1-2a5 Lee; $50 hhds at
that price were taken yesterday.