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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Mar 28, 1838
Page
2
The speech argues that banks align with government on fiscal policy, boosting profits when government relies on specie and taxation. Separation weakens bank influence, shifting power to taxpayers and consumers, with warnings about patronage, currency, and reform through a proposed bill versus a bill’s pathway.
The speech argues for a sound gold and silver backed currency over expansive bank issued paper. It warns that excessive and fluctuating paper money harms industry by raising prices, favors the banking sector, and undermines national prosperity. It claims currency stability supports employment, trade, and southern interests, while banking expansion fuels cycles of boom and bust. The speaker vows legislative action and confidence in eventual triumph of reform.
The Philadelphia Gazette criticizes Henry A Wise as a volatile congressional speaker who wastes time on passion and grandstanding. The piece mocks his past plots and argues public business suffers when he dominates the floor, urging voters to crush interruptions by party zeal.
Massachusetts legislature approved a measure tying debt default to charter forfeiture with a 263 to 61 vote. The Boston Globe notes this significant move in financial governance and banking oversight.
Fragmentary OCR notes mention Reeve Emin of SNae and lott O10, with unclear details. Readable text hints at a local item or notice but lacks coherent events or dates to form a complete summary.
Captain Higgins and the head engineer of the steamer Alabama were killed by a contingent of Indians while they went by boat for a gunning expedition four miles from the encampment. A wounded black servant escaped by rowing the boat to the opposite shore. Troops searched the river but found nothing. Colonel Pierce arrived at New River with his command and planned to move toward Fort Dallas on the Miami River.
The Commercial and Oriental Banks in Boston plan to wind up their business. Reports say the Commercial loaned $260,000 to one borrower, $140,000 to another, and $100,000 to a third. The Oriental’s capital is in question, and the Hancock capital ($500,000) is reportedly loaned to the president and two directors.
The Havre packet Louis Philippe carries Paris files to January 31 and Havre to February 1. Paris notes arrests of private hell keepers and forfeiture of 18000 francs plus furnishings to the state. Fires in St Petersburg and Wirtemburgh palace destroy all but duchess jewels. The Russian Emperor plans 20000 more troops to the Caucasus as Gen Yermoloff sails for Persia and China, risking a possible rupture with Great Britain.
Information from Fort Jupiter to March 7 states over three hundred Indians and about one hundred fifty Seminole negroes had arrived. Sam Jones and party are believed hidden on Everglades islands while Alligator and Coa cochee bands move in St Lucie swamps. Mickasukies head toward Wahoo and Withlacooche. Most cattle and horses are gone. Abraham says few negroes remain. Six artillery companies under Colonel Bankhead head to Key Biscayne to search Everglades. Major Laudevale with Tennesseeans and a 3d artillery company march from Fort Jupiter to New River. Lieutenant Powell of the navy to assist, forming a force near six hundred men. Globe.
Extract from a Guayaquil letter dated December 12 reports a Lima paper detailing a treaty between Peru’s protector and the Chilions expedition commander. The war is considered ended, with Santa Cruz threatening attack if terms were not met within four days. Chilians are described as hemmed in and unable to move without risk.
Fragmentary OCR mentions Shine Plaster Party and a bank bill in the House with a May 16 deadline for resumed payments. It notes Democratic support and Federalist opposition but contains garbled wording and unclear context. Names and precise entities are not confidently readable.
The Senate opens with petitions and reports before the day’s business as opposition charges panic in the chamber. Tallmadge attacks the administrations with figures and rhetoric, citing a New York voter remonstrance demanding public revenue shifts to aid banks and debtors, echoing historic threats against Jackson.
After banks suspended specie payments, directors resisted resumption citing foreign exchanges. Now exchanges are below par yet many Philadelphia banks resist, urging public pressure or legislation. Timely resumption is vital to prevent currency debasement and future distress, as imports rise from England and contraction risks loom.
From the New Era rhetoric labeling the administration agrarian infidel lo co-fo cos the piece mounts a defense of constitutional currency. It cites Washington Jefferson Madison Henry Webster Clay and Luther Martin to argue against paper money and for state control of currency. It recalls Webster and Clay warnings on bank power and taxation while framing opponents as Rag Barons.
A letter from Alexandria dated the 13th recounts Ibrahim Pasha’s levy of Syrian recruits. Nighttime raids on Saida civilians led to executions of armed men and extortion of old men for ransom. The American Consul’s servant was killed when attempting to claim a captive. Foreign agents call for an inquiry.
The Baltimore Republic notes a New York Gazette confession that Whig reform is imperfect and that scoundrels exist within the party. The piece argues Whig purity claims collapse as even the Whig press denounces its own ranks, signaling broader public skepticism of Whig virtue.
The Madisonian labels the Sub treasury bill a threat to the Republic and blasts Reuben Whitney’s bank scheme. It accuses Whitney of wartime exile in Canada and questions his patriotism while railing against the policy.
Detroit Daily Advertiser reports General Sutherland and a man named Spencer were captured by a guard while crossing ice from Gibraltar to Port la Pelle Teland on Mountay afternoons and sent to Malden. The item notes Sutherland is detained.
The Intelligencer notes a grand New York Harbor view as 63 vessels arrive since the sixth of the month. Nine ships, two barks, seventeen brigs, thirty-two schooners, and three sloops constitute the fleet, including twenty-one foreign-ported ships, a high-water mark not seen in two years.
Senator Tallmadge notes yesterday's Journal of Commerce published 241 new advertisements along with ships and steamboats, while more than a column of new type was left over for lack of space. The piece argues that business is not extinct here and goods remain on hand.
A Middlesex bank report by its officers indicates only one dollar and ninety cents in specie.
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