24 Aug 1841
Page 1
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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Aug 24, 1841
Page
1
In a late 19th century style sermon the speaker warns that surface fashion masks character. He defends a modest, dignified man with a humble cloak, arguing vanity corrupts judgment and true worth lies beneath outward dress and wealth.
In Gullgudgeon a bank firm Smoke Shadow Air-bubble Hop-the-twig & Co suspends payments causing a crowded scene of fear and anger. A reverend cites paper money instability while villagers mourn losses of savings and livelihoods amid widespread panic and blame.
The writer denounces bankers and brokers as modern robbers akin to feudal nobles and inquisitors. They profit from public credit, mortgages, and foreign borrowing while states tax citizens to cover losses. They claim these actions fund public improvements but amount to systemic plunder and bloodless theft through monopoly and deceit.
Senator Thomas H. Benton of Missouri delivers a long speech on the Loan Bill, praising Democratic unity, critiquing the previous administration's economy, and debating Treasury funds and projected expenditures. He references the 4th of March transition, Woodbury’s reply, and portrays the new administration’s finances as precarious, with Sharp contrasts to past budgets.
A historical report outlines finances in the first year of the new administration. It lists available treasury balance on March 4, 1841 as 646,803.12 dollars, bonds issued after that date, and projected revenues from customs lands and miscellaneous sources.
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