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Editorial
February 22, 1834
Republican Herald
Providence, Providence County, Rhode Island
What is this article about?
Editorial criticizes alarmists, including the Bank and opposition, for exaggerating money market pressures and commercial distress to serve sinister ends, contrasting an alarming letter from New Orleans with a local paper's claim of prosperity. (1834 context implied).
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THE ALARMISTS.
That there has been, and is now a great pressure
in the money market, and that a large pro-
portion of the commercial community has expe-
rienced great embarrassment, no one will deny.
Nor can any reasonable man doubt, that this is
the work of the Bank and opposition parties.—
There is as much money and means in the coun-
try now as at any former period—but the alarm-
ists have raised the hue-and-cry, regardless of
the mischief they do, to promote their own sinis-
ter purposes. Look at the following article,
from the Providence Journal, of Saturday last:
We find, in one of our exchange papers, the
following extract of a letter from a respectable
merchant in New-Orleans:
New Orleans, Jan. 25, 1834.
I returned here from up the river on the 21st.
and found dreadful times as regards money. A
number of our best houses have failed, and many
more expected to suffer the same fate. Should
the present hard times continue two weeks lon-
ger, at least one half of the heavy houses of this
city must stop.
Then look at the following, from the New-Or-
leans Bee, of Jan. 25, (the same date with the
above,) and judge which is correct, an unknown
letter-writer, or a public newspaper, printed at
the very place where so much distress is said to
prevail:
This city was never more prosperous; never.
That there has been, and is now a great pressure
in the money market, and that a large pro-
portion of the commercial community has expe-
rienced great embarrassment, no one will deny.
Nor can any reasonable man doubt, that this is
the work of the Bank and opposition parties.—
There is as much money and means in the coun-
try now as at any former period—but the alarm-
ists have raised the hue-and-cry, regardless of
the mischief they do, to promote their own sinis-
ter purposes. Look at the following article,
from the Providence Journal, of Saturday last:
We find, in one of our exchange papers, the
following extract of a letter from a respectable
merchant in New-Orleans:
New Orleans, Jan. 25, 1834.
I returned here from up the river on the 21st.
and found dreadful times as regards money. A
number of our best houses have failed, and many
more expected to suffer the same fate. Should
the present hard times continue two weeks lon-
ger, at least one half of the heavy houses of this
city must stop.
Then look at the following, from the New-Or-
leans Bee, of Jan. 25, (the same date with the
above,) and judge which is correct, an unknown
letter-writer, or a public newspaper, printed at
the very place where so much distress is said to
prevail:
This city was never more prosperous; never.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
Money Market
Economic Pressure
Commercial Embarrassment
Alarmists
Bank Influence
Opposition Parties
New Orleans Prosperity
What entities or persons were involved?
Bank
Opposition Parties
Providence Journal
New Orleans Merchant
New Orleans Bee
Editorial Details
Primary Topic
Critique Of Economic Alarmism
Stance / Tone
Defensive Against Alarmists, Accusatory Of Bank And Opposition
Key Figures
Bank
Opposition Parties
Providence Journal
New Orleans Merchant
New Orleans Bee
Key Arguments
Great Pressure In Money Market And Commercial Embarrassment Undeniable
Pressure Caused By Bank And Opposition Parties
As Much Money In Country As Before
Alarmists Raise Hue And Cry For Sinister Purposes Regardless Of Mischief
Contrast Between Alarming Letter From New Orleans And Local Newspaper's Report Of Prosperity