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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Apr 04, 1838
Page
2
A lengthy parliamentary debate unfolds over bank suspensions in New York and Philadelphia, linking them to presidential policies and the contentious push for currency reform. Speakers argue about exchange practices, the impact on domestic prices, and the threat of financial ruin, with appeals to public memory and economic lessons from past administrations.
The American Eagle is published weekly on Market Street. Subscriptions cost two dollars per year or three dollars if paid at year end. No discontinuation for unpaid arrears. Advertisements accepted at standard rates. Letters to editors must be postpaid to receive attention.
A terse notice states action will be carried out at the Union Office on the shortest possible notice, with reference to a questionable percentage and unspecified authority. The fragment provides little context beyond the abrupt timing and official setting.
In the Twenty Fifth Congress the Senate debated the Independent Treasury bill with King proposing to delay a section to 1839. The vote split 42 to 9 in favor of the amendment, followed by a motion to strike the 23d section, which passed 31 to 21. Tipton offered another amendment directing treasury duties to be paid in U S currency or specified notes. Debate continued with support from Law and Hewes as to the amendment.
The Senate rejected a motion on Mr. Tipton's proposal by 22 to 30 and again rejected Benton's amendment as modified. Webster's amendment was rejected 37 to 14, then the bill was ordered engrossed for a third reading by 27 to 25, and the Senate adjourned after final votes and ongoing debates.
The French king recognizes Hayti as free and sovereign. Trade privileges between nations mirror the most favored nation. A definitive trade treaty will be ratified in Paris within three months. Indemnity fixed at sixty million francs to be paid in evenly escalating annual installments over ten years, with 1827 due immediately. Observers doubt further payments. Hayti appears risky for foreign merchants near payment dates.
In Akron, U S Marshall reports 6062,000 of counterfeit notes found ready for circulation but not deployed. The case includes 18 arrests, three prisoners, and seizure of plates dies and other equipment linked to counterfeiting tied to the Continental Bank of ...
The Washington Globe reports that in the Senate on Monday March 26 the motion to postpone the Independent Treasury bill until December was rejected 29 to 23. The final passage passed 27 yeas and 25 nays with listed senators voting for and against.
The bill to render the Treasury independent of banks passed by a narrow margin, with amendments debated. The piece argues for a strict separation of public money from bank uses, promotes specie payments, and urges gradual steps toward a constitutional currency while preserving the independent Treasury and limiting executive discretion.
The New York Era claims Mr Biddle opposed resuming specie payments and alleges collusion with New York banks to pressure Congress and the Treasury bill. The piece quotes claims that Biddle refused to support resumption until the Treasury measure was defeated, offering to substantiate if denied.
The Missouri Argus notes a local merchant offering to exchange Gold and Silver for United States Treasury Notes up to 31,000 dollars. A recent Illinois letter claims Gold and Silver are common in town and predicts shin-plaster currency will not appear. The piece contrasts Whig rhetoric with real currency, labeling shin-plasters as political folly and Gold and Silver as practical, with Democrats cited as proponents of paper notes.
March 9 report from New Orleans notes the bill regulating the banks, vetoed by Governor White and re-passed by the Senate, was brought to the House of Representatives. Twenty three members voted for, ten against. lacking two-thirds to override the veto, the measure failed.
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