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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Feb 28, 1838
Page
2
The secretary reports estimated losses from past policy of depositing public funds in the United States and local banks. The document outlines the financial impact and potential safeguards, highlighting how government funds were affected and what steps may recover value or prevent further risk.
The Treasury report analyzes losses from bank deposits and depreciated notes, noting about 1.806 million direct losses from failed banks 1816 to 1836 and substantial uncertain losses from banks stopped specie payments since 1836. It details potential collectable sums, ongoing difficulties, and policy shifts limiting note acceptance to specie convertible payments.
In the Senate today Mr Buchanan objected to a set of Pennsylvania Legislature resolutions. They instruct Senators to vote for postponing the Sub Treasury bill to the next Congress session and to back a system separating public funds from banks. The move also expresses full confidence in the President. Mr Clay spoke on the Independent Treasury plan with bold, audacious assertions and threats.
From the Richmond Whig, the piece argues the present banking system cannot endure. It warns the public that reform is needed to preserve credit, oppose demagogues, and curb corporate privileges, while criticizing Federalists and urging bankers to stay out of politics.
The text chronicles mounting efforts by Harrison backers to secure his nomination amid rival claims by Clay and Jefferson party factions. It notes Western Pennsylvania sentiment favoring Harrison, fears of opposition attempts, and public demonstrations, citing the Crawford County Statesman and celebrations in New York.
The piece notes subdued coverage of the Clay Webster split over the Pre-emption bill. Clay opened the session with a bold bid to bridge between Webster and Eastern abolitionists, but the “God-like” wisps of strategy favored Western squatters, suggesting a shifting political maneuvering within the party.
Mr King reports that banks in this state may issue small notes if they redeem them with specie on demand. A fellow editor questions the advantage of the measure, arguing banks could issue large notes and rely on specie to supply small notes. The paper thinks this assessment is about half right.
A partisan article argues for radical banking reform, noting Democratic efforts and Federalist opposition in the Ohio Legislature. It details proposed amendments to the Quo Warranto bill, including bank charters, stockholder liability, and director accountability, claiming the current system is banked by the Federalists.
The New Era reports a shift back to Democratic support in New York towns, noting clear gains for the Democratic ticket in Rome Oneida County and Westmorland. It cites Montomgery County updates, such as Florida and Glen towns, where Republicans gain modestly yet Democrats secure most offices, signaling a move away from Federal influence and toward Democratic ascendancy.
A Richmond letter reports growing support in the state center for Mr. Lay's presidential bid. The Wheeling Times notes Harrisons's hopes fade and the Whigs aim to bury the Hero by backing Henry Cry, with Ohio and Kentucky mentioned in the context.
The Harrisburg report notes treachery among supporters, the fall election setback for Mr. Binpie's party, and parliamentary maneuvers over the Sub-Treasury issue. It records votes on postponement motions, a substitute by Mr. Hopkins, and a final split decision with 51 to 49 and 56 to 44 in favor of certain amendments.
From the British arrival at Halifax details emerge of the 93d regiment disembarking with Major Arthur in command. London papers hint at increases to Army and Navy to meet Canada threats, while cholera strikes Waterford and Carrick-on-Suir. Volunteers from Cork and Limerick join regiments bound for Gibraltar and Canada, as orders mobilize forces for Nova Scotia and New Brunswick.
The New York Whig House passed a bill granting banks unlimited shinplaster notes but the democratic Senate amended it to limit issuance to three years and demand payment in specie. The House rejected the amendment 88 to 27, and the bill rests in the Senate. The Albany Whig Journal decries the defeat as mockery and a blow to relief for lenders.
A clipping ridicules Mr. Wise for opposing the Florida War appropriation, labeling his stance as malice and waste. It questions the cost of his lengthy speeches, asserting his vituperative rhetoric may exceed the price of the war effort.
Silas Stilwell argues bank failures stem from favoring borrowers over lenders and notes seventeen banks in Ohio refused to reveal loans to stockholders and directors. He cites Granville Canton Wooster and Steubenville banks with large director loans, and says the Legislature may press for answers despite proxies and past inaction.
Mr McKinney, Detroit Theatre manager, gave the night’s proceeds to Dr Theiler’s widow and children. A Canadian refugee reports Theiler in irons at Toronto, eager to be hung for his cause, warns of his dubious fate, while radicals cheer as soldiers disperse a crowd and militia members ready for a cross-border landing.
In a dated account from Fort Mowitrie Sullivan's land the Charleston Mercury presents the circumstances of Seminole chief Oceola death after a severe quinsy. The narrative outlines medical attempts including bloodletting emetics and the role of a famed Indian prophet and doctor. A physician and assistant discussed treatment and the family's influence. The document is dated February 3 with Weedon as assistant.
The Mississippi Legislature appointed commissioners to examine banks report favorable findings and say banks are in a much sounder condition than anticipated before the investigation.
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