Edwardsville Spectator

BALTIMORE, MAY 28.

DISTRESSES.

We have several times adverted to the distresses of the day, and should feel timid in resuming the subject, were it not the paramount topic in all papers--in all places--and on all occasions. The famous South Sea scheme in England-the execrated Mississippi scheme in France-each produced in their turns the same terror, the same ruin, and the same distress, which our city feels at this juncture. The fallacy of our banking systems was never so obvious as now-and while we see our monied institutions on the verge of ruin-our wealthiest, and some of our worthiest citizens falling about us-their tributaries without subsistence, and their creditors without redress, we cannot wonder that so many rapid revolutions are made in our systems of finance and economy: nor can we be surprised that so many are stripping off the tawdry trimmings of dishonorable vanity, and mourning, though too late, that their pride has carried them beyond their resources, and has left them beyond the reach of relief. The gay crowd of fashionists that but yesterday were strutting in Market street, in all the pomp of haughty ostentation, are no more seen. "The streets are now thronged only with astonished victims studying their various modes of ruin or remedy. The sober reality has at last found its way to the toilette; wives and daughters now hear the story of distress, and are told that their gewgaws must be laid aside, that routs and plays must be relinquished; that industry must take the place of luxurious indolence; and that pride must yield to poverty, or the drawing room be exchanged for the jail. Our whole city presents an aspect of gloom which would hardly be equalled during the reign of pestilence; and, though we are far from wishing to give strangers the alarm, we feel a conviction that the shock of this period will carry us back with a retrogression more rapid than our advance, and will for years shroud many a face with mourning that has always been a stranger to care. Long will our industry toil in vain to repair this vast wreck of its efforts, and long will it mourn over our crumbling palaces before the work of redemption is accomplished.

MAY 31.

We observe by the Philadelphia papers received this morning, that the most calamitous reports have been put in circulation there, no doubt by interested speculators, with regard to the Baltimore Banks; in consequence their notes were greatly depreciated in that city on Saturday last, and some were selling at 30 per cent. discount.

We are happy to find as we anticipated, that public confidence is restored towards the banks, and that to-day no other calls have been made upon them than what is to be expected in the ordinary routine of business. The situation of the City Bank will be best understood by a reference to the advertisement of the new cashier, which we publish to day. Holders of notes at a distance may rest entirely easy, and ought to discountenance the false and exaggerated reports put in circulation by designing speculators.—Federal Republican.

The Philadelphia Franklin Gazette of yesterday, says-"U. S. Bank stock fell this fore. noon, on the arrival of the mail from Baltimore, to $94. It sold in New York at $95 1/2."

FROM THE FRANKLIN GAZETTE

The mercantile embarrassments of Baltimore have, it is said, exceeded, in extent and fatality, those of any other city in the Union. For these, we fear there exist some causes which have not been in operation elsewhere, and which were superadded to the commercial pressure throughout the country. What the causes are, we cannot at present undertake to develop: but we do not doubt that an exposition will, soon and completely, take place.