Rutland Herald

CHAPTER IV

From the Globe, the Government paper.

"There is no procedure which honest men should resent more.

The cry of pressure for money, when it is in greater abundance than ever before, is like a cry of famine in the midst of a most plentiful harvest. Some injury may be even in such times to those who have nothing to eat but it can be only those who deserve to starve, because they have earned nothing."

COMMENT

Distress among Manufacturers. Our enterprising manufacturers, say the Haverhill Gazette, are compelled to curtail business and diminish their hands on account of scarcity of money and high interest. We hope they will begin to see who are their friends, and whose party plans are leading them on to starvation and ruin. President Jackson's experiment has stripped the business men of their means, till they can no longer employ the mechanics, while it has enabled the capitalists to shave notes and grind the poor at the rate of 2s per cent per annum!

The last number of the Lynn Record contains fourteen Assignees' notices.

Business of Lynn. The scarcity of money has had its effect on the shoe dealers and shoe business in this town, as it has on business in other places. This with other occurrences, not connected with it, has caused a considerable number of failures, and temporary suspensions from business, but nothing in proportion to the rumors afloat in the neighboring towns—nothing which will permanently injure the business of the place. Indeed, scarcely any great business in the country is more stable, and certain of affording comfortable living to all concerned, than the shoe business; but even this will be attended with its fluctuations—its days of prosperity and days of adversity. And when the business is prosperous, some of those engaged in it, will overtrade, making no calculations for a change of times, which is sure to follow.

Many of those who have assigned their property within the last six months in this town have done so to gain time to arrange their affairs, so as to prevent interruption of business and sacrifice of property.

The recent great failures in New York, embrace a number of extensive shoe-dealers, and affect more or less, many of the manufacturers of this town, who have sent on a delegation to ascertain the state of things there, with power to make such arrangements as may be for the mutual benefit of the parties in future.

The principal cause of the great failures in New York, is owing to the irregularity of the arrival of their remittances. In consequence of this, many have been obliged to stop business for a time, but it is hoped that some, at least, will resume payment shortly.

Great Financiers.

E. P. BLAIR
BENJ. F. BUTLER
MARTIN VAN BUREN.
THOMAS H. BENTON.
REUBEN M. WHITNEY
AMOS KENDALL.

"BETTER CURRENCY."

Money four per cent a month, and scarce at that. Safety Fund, County Bank notes, selling with difficulty in the streets.

Domestic Exchange broken up—transfer of money almost impossible.

Banks in the country as thick as grasshoppers—Government propping them up to save its deposits.

Capitalists made princes—business men made beggars.

An augmentation of the number of banks from 329 to 677, being an increase of three hundred and fifty seven besides 157 branches.

An extension of the amount of bank loans and discounts from $200,451,214 to $509,892,661, being an increase of upwards of three hundred and ninety millions of dollars, a sum only twelve millions less than the aggregate of the increased capitals, circulation, and deposits.

Twenty-six (State) mills, and two (Territorial) grist mills, grinding out new banks every year, at the rate of 15,000,000 in Missouri, 5,000,000 in Virginia, and 5,000,000 in Missouri.

The most excessive bank issues—based on the withdrawal of the salutary check of the United States Bank—deluging Louisiana and Mississippi with the very Rags which the administration promised to drive from the country. In Mississippi the people appealing for the passage of the Relief law—after the old fashion of Kentucky. In Hinds county Mississippi, more than ten thousand suits have been brought, and the citizens have petitioned the Governor to convene the Legislature for the purpose of passing a relief law.

"BETTER TIMES."

Many of the people of Mississippi in the clutches of the Sheriff. The Governor calling the Legislature together.

The people threatening rebellion to the laws, if the sheriff touch them.

Cotton selling for six cents a pound in New Orleans, impossibility of sending money to New York.

Post Notes, Bonds, State Stocks, &c. &c. the order of the day. The Legislature at Albany tinkering.

Mississippi and Alabama rags given to Mississippi and Alabama merchants to pay debts with in New York, with no funds here to provide for them.

Over banking, with failures for millions in New Orleans—failures for millions in New York, failures every where.

An enterprising people tempted into enthusiastic exertions for the development of the resources of the country and then broken down by a Treasury Circular, and the threat to take the specie out of the Banks to the Mints.

The Government frightened for the safety of the deposits—breaking down the merchants of the sea board and of the inland too, to fortify the pet banks of the West and South-west with specie.

A suspension of specie payment endangered—the Government provoking it.

From the New Haven Herald, April 10.

THE PANIC.

The great panic makers at Washington are beginning to see the results of their experiment, and honest, industrious and deluded working men are beginning to feel it. From every quarter of the country we hear the cry, "Help me, the ballot boxes cry, "glory!—glory!"—Prejudice and Camillus, or I sink"—while at the same time the voice from Party are stronger than Truth and Justice and Principle and Bread—and the "dear people," like lambs led to the slaughter, still

"Lick the hand just raised to shed their blood."

Our city presents a melancholy sight this morning,—the effect of the government experiment upon the national currency; the gold humbug of salaried politicians, and the veto of the "greatest and best" upon the renewed charter of the U. S. Bank. The panic, like the darkness of Egypt, seemed to be felt. Shops that had glittered with the blaze of business, in the full tide of success were shut up or half closed. The working men—so dearly loved and regarded before election—were standing idle about the streets. Men who are useful and faithful laborers, and could earn their ten to fifteen dollars per week were turned out of employ, and met each other with the anxious inquiry, what are we to do? Families, who before had the prospect of a comfortable subsistence, are deprived of their means of support, that gold might be made to run up the Mississippi in silken purses, according to Thomas Humbug Benton, and to fulfil the denunciation of Andrew Jackson, that "men who do business on borrowed capital ought to break." Several of our manufacturing establishments have stopped; and more have discharged their journeymen and curtailed their business, in consequence of the want of funds and the precarious tenure of the times. The loss of labor merely will be immense, for there is no resort to render it available. Whithersoever men turn their eyes, the same prospect awaits them.

The burning siroc pursues no beaten track, but is found every where alike, blasting and destroying the fairest prospects and the fairest hopes. Yet it would seem as if the very sufferers loved it, and will go to the polls to add fuel to the fire that is consuming them. Well, we can't help it; "when it rains let it rain;" and those that immediately suffer may console themselves that it will "feel better when it is done aching"—and when the fever is over and a plethora begins to come on, they will find a new set of political Sangrados will be ready to bleed them again all for love; or for fear some monster should employ their substance in honest enterprise, instead of using it to purchase patronage and rotten boroughs.

Effects of tampering with the Currency. The fact that something like five thousand laborers were discharged from their employment in this city on Saturday, for want of money to pay them, the Globe denounces as a political measure as follows.

"This is the Saturday before the city election!—How industriously does federalism ply all its vicious principles, to make every panic contribute to its political ends! They are like wreckers, who, when they find a shivering crew thrown helpless on the shore, strip them of their clothes, and make spoil of all that the wave has spared.

"Five thousand laboring men turned out of employment

on the Saturday preceding the election, and their re-engagement to depend on the sort of ticket they put in! When the people are thus robbed of their votes, what have they left!

Well, Mr. Globe, an election will close to-night, and we venture to predict, that five thousand more will be discharged on Saturday next. Before the orb of May, it is calculated that thirty thousand laborers will be discharged, for the same reason, viz: the want of money.

As there will be no elections to be affected by these further discharges, will the Globe be so good as to conjure up some other cause? Of course it will carefully eschew the right one—the war of the government upon the commerce and currency of the country.—N. Y. Com. Advertiser