Shiner gazette. [volume] (Shiner, Tex.) 1893-current, 1909-07-29
mnen laws Werr worse

'ulIIlcultleS IN the present f1nan.
cial stringency will find much oil
interest in comparing it with the
conditions which prevailed dur
ing President Jackson's admins
tration. Captain Marryat, that
afmous sea story writer. paid g
visit to America at that time
when the panic was at it's height
Two years later he recorded
some of his impressions Of the
period in "a Diary of America. y
The New York Evening Post
Prints a portion of this Diary
with a few comments, from
which we quote:
"Ali the banks have stopped
payment in specie, and there is
not a dollar to be had," remarks
Captain Marryat of his first ex-
perience. II walked down Wall
street and had a convincing
proof of the great demand for
money, for somebody picked my
pocket.
1.-TWO hundred and sixty
houses have already failed, and
no one knows where it is to end.
Suspicion, fear and misfortune
have taken possession of the city.
Had | not been aware of the
cause l should have imagined
that the plague was raging, and
had the description of Defoe
before me-"
Captain Marryat did not fail
to notice and comment on the
characteristic American spirit
which was able to enjoy the hui
NOR of the situation, even at its
own expense, and in the midst
of disaster to lay plans for new
start.
"The militia are under arms,
as riots are expected" he writes.
"The banks in the country and
other towns have followed the
example of New York, and thus
has General Jackson'se currency
bill been repealed without the aid
of congress. Affairs are now at
their worst, and now that such
is the case, the New Workers APP
pear to recover their spirits.
One of the newspapers humor-
ously observes: All Broadway
is like unto a new-made widow
and doesn't know whether to
laugh or cry
There certainly is a very re-
markable energy in the Ameri-
can disposition; if they fall they
bound up again. Somebody has
observed that the New York
merchants are of that elastic ma
ture, and that, when fit for
nothing else, they might be CON
verted into coach springs, and
such really appears to be their
character.
"'They may say the times are
bad said a young American to
me, but I think that they are
excellent. A twenty-dollar note
used to last me but week, but
now it is as good as Fortunatus'
purse, which was never empty.
I eat my dinner at the hotel and
then show my tyenty-dollar note.
The landlord turns away from it
as if it were the head of Medusa
and begs that / will pay another
time. | buy everything that /
want and I have only to offer my
-twenty-dollar note in payment
and my credit is unbounded-|
that is, for any sum under TWEEN
ty dollars. If they ever do give
change again in New York it
will make a very unfortunate
change in my affairs"
In that day the importation of |
gold was slower and more diff
cult, and currency, it appears,
was not to be had, even at pre-
MUM.
Nobody refuses to take the
paper of the New York banks"
writes Captain Marryat, in de-
scribing conditions, although
they have virtually stopped pay
ment-they never refuse any
thing in New York-but nobody
will give specie in change, and
great distress is occasioned by
this want of circulation medium.
Some of the shopkeepers told me
that they had been obliged to
turn away a hundred dollas a
day, and many a Southerner.