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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Mar 07, 1838
Page
3
An extract from the London Bankers Circular dated January 27 argues that a bank's influence should align with wealth and aristocracy rather than democracy of numbers. It cites the Bank of the United States as an example of immense power and prodigious political influence.
In October 1838 Wilson Shannon of Belmont County appears in context of Ohio governor candidacies. The piece notes a condensed report style and presents banks' standings as reported by the banks themselves due to room limits.
Extract from auditor interrogatories shows assets and liabilities with total 568 893 50 and mentions bills discounts notes of other banks and specie. Statement explains cause of suspension due to decline in cotton prices and foreign debt, leading to increased demand for specie and banking runs. authors blame broader economic depression and state that suspension was necessary to protect reserves.
The May 8 and December 4 1837 statements list stock at 100000 dollars, circulation 360993 00 and 248608 00, profits 10147 60 and 12397 06, deposits 77206 98 and 21684 98, with assets and items including real estate and bank relations. It notes questions and answers, stockholder figures, and details about loans, specie, and notes. A fatal duel in Washington ends with the death of Maine Congressman Jonathan Cilley after a rifle duel with Kentucky's William Graves.
Financial note reveals additions to capital totaling 60,000 dollars from 1832 to 1837 and a 2,000 dollar dividend in 1837 paid in Ohio, withcknowledgement by Notary Public Lewis Vail. The Canton Bank signals resumption of payments tied to Specie Circular repeal amid sharp editorial critique of its honesty and political motives.
A recent summary notes the Federal Whig vote in New York declined by about thirteen thousand from the prior election while the Democratic tally rose by more than forty thousand. The write up asserts the Democratic victory signals a public shift away from bribery and corruption, with the Democracy sweeping expected wins. The closing line mentions the Engineering Academy at West Ty something with a misread figure of 08,000.
The piece denounces the current Ohio legislature as a grand inquisition targeting officials deemed sympathetic to Democrats or critical of banks. It alleges vast public funds spent for party ends, criticizes the Auditor’s bank references, accuses Medary of coercion over a state printing contract, and condemns the Board of Public Works for hiring 28 Democrats. It notes investigations into Senator Bates and a Supreme Judge accused of constitutional violations, while lampooning political consistency.
Matthew L. Davis, signer of the above piece, suffers little sympathy from Federal brethren. A New York Journal anecdote shows party view of him as a minor yet contentious figure. Davis once claimed he could provide key evidence in Aaron Burr’s Hamilton case. When summoned by the Coroner, he refused to answer, was imprisoned for contempt, then finally swore and said he knew nothing, ending the matter after a week of town talk.
The Pennsylvania General Assembly approved a resolution urging Congress to postpone the Sub Treasury Bill and to oppose any similar measure. It calls for separating government money handling from banks as fully as possible, praising Van Buren and Democratic leaders while noting a federal Senate majority and a long debate over the issue.
The Pennsylvania Reporter condemns bank money influence in the legislature. It cites hotel and hotel lobby activity, a dissenting member swayed by bank directors, and overtures to a Democrat to support amendments. A resolution seeks names of bank cashiers and agents in attendance at Harrisburg to probe the influence.
The Evening Visitor, a quarto paper published at Zanesville by Mrs Phillippa W Ball, is commended for its quality. The piece notes Ball supports a large dependent family and urges young readers in the West to support the publication to improve minds and aid future usefulness.
In the House on the 28th ult Mr Fairfield moved for a seven member committee to investigate the cause and circumstances surrounding the death of Hon Jonathan Cilley late member of the House. The panel would have power to send for persons and papers and sit during sessions. The resolutions passed and the committee was appointed. It is hoped a thorough inquiry will reveal the whole truth to the public.
Mr. Clay rises in the Senate at one o'clock, recounting sleepless nights and fervent prayers as he pleads against a painful measure. He invokes historic orators and declares his defence of the country, lamenting perceived contrasts with a recent House of Representatives speech.
In a Baltimore Republic letter, the writer denounces Henry Clay for profane outbursts in the House and pious cant in the Senate, labeling him morally hypocritical and urging the American people to judge him for scandalous behavior and sham virtue.
Treasury reports notes issued up to March 1838 amount to $9,518,946.62 under the October 12, 1837 act. Returns show about $2,430,260 received in duties, lands, and debt payments. Levi Woodbury, Secretary of the Treasury.
Telegrams from Detroit Toled o and Sandusky papers recount rumor of Malden seizure with 200 Royalists and 17 Patriots killed, while urging decisive action or disbandment. Reports note a cannon heard at Point au Plait, and a Black sentry jailed after Askins death near Detroit. Toledo Blade voices limited Patriot confidence.
The Lexington Intelligencer reports a Senate bill reducing bank liability to six percent when demanded for specie and authorizing small bills and post notes for a year after resumption. The measure, likely to pass the House, raises questions about contract obligations and whether the state can alter note terms. Globe.
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