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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
May 08, 1838
Page
3
The London Bankers Circular argues that banking power aligns with wealth aristocracy rather than democracy. It cites the late Bank of the United States as exemplary, noting its immense political influence and status among chartered banks.
A partisan column accuses the Herald of misrepresenting Jeffersons views on a sub treasury and paper money. It reprints Jeffersons letter to Washington praising independent public funds and warns against monarchical influence, urging readers to apply the text to contemporary party struggles and executive patronage.
A speaker warns that concentrating power in the executive and fostering public debt risks destroying liberty. From Jeffersonian lines to accounts of tax shifts and paper money, the text argues the republic must curb executive means of corruption to avoid a drift toward monarchy, urging reform by the next legislature and public vigilance.
The passage argues that new members will follow existing principles, predicting continued practices and ease of manipulation. It notes a divide between temperate wisdom and likely geographic sentiment, suggesting no mortal can assure wise outcomes against more obvious paths.
The Union marks volume one under current editors with few discontinuances and a growing circulation in the Mississippi Valley. Editors thank subscribers turned patrons and announce soon town accounts for subscriptions, advertising, and job work, inviting new subscribers and collectors Amos Jones John Irwin George W. McCleary John Elliott James Mitchell William Duffield John S. Cook Charles Long.
The Hesperian or Western Monthly Magazine begins publication in Columbus Ohio at five dollars annually. Edited by W D Gallagher and Otway Curry, it features 94 pages and imitates the Southern Literary Messenger with pieces by Gallagher Curry Shreeve Yorick and Marshall. The issue includes essays poems and sketches on varied topics and praises the first number while urging engaging future issues.
Eastern papers praise the Sirius and Great Western for swift Atlantic crossings. Sirius left Cork on the 4th and arrived New York the 22nd in 18 days, while Great Western sailed Bristol on the 7th and reached New York the 22nd. The Battery parade observed a grand display as the ships arrived, likened to Lafayette’s reception. The piece notes U.S. credit for early steam navigation in 1817 and corrects a rumor about Ex-Governor Wolf’s death.
Fire completely destroyed the Upde grails extensive flowring mill on Short erees last Thursday. Losses estimated at fourteen to sixteen thousand dollars with no insurance. The report notes broader weather and market conditions, plus various items on agriculture, prices, and regional notices. The piece mentions Charleston conflagration and insurance limits, Texas politics, and liquor licensing changes in Massachusetts.
The Senate on Monday 23d passed the bill forbidding reissuing the late U S Bank notes by a 27 to 13 vote. It imposes fines up to ten thousand dollars and fixed terms of imprisonment for directors officers or trustees who repeatedly issue notes after charter expiration. House action may confirm the penitentiary threat as foretold by Mr Biddle. Ohio Patriot lists yeas 27 and nays 13 with names from both sides.
The Boston Advertiser notes a large influx of three million dollars in gold and silver into New York in a week and expects Boston banks to resume specie payments soon. If the legislature passes the bill, banks may be forced to resume for all small bills rather than a partial return.
A terse Ipsalation notes the Conservatives of Illinois have halted efforts, lamenting that the election in New York finished off the remaining vigor. Only about three hundred pledges survive, amid winter’s harsh toll and Frost.
The Albany Ev. Jour. notes banks paying their own bills and reports the State bank has resumed specie payments. The Boston Post and Newburyport Herald claim banks have received enough specie to meet demand and will resume specie payments soon.
In a Saturday procession on April 21, Newport observed a day of mourning for nineteen victims of the Moselle disaster. Broad Street and adjacent crossings were jammed as a vast crowd accompanied the city hearses and carriages to the public burial ground. The Episcopal service was led by Rev. Brooke and a later address by Rev. Sehon, with an estimated twenty thousand townspeople and neighbors in attendance.
The Boston Advocate reports a bank debate in the Massachusetts Legislature. It notes a conspiracy by leading federal politicians to block specie resumption and cites George Black and John C. Park on banking timing and Whig party motives during distress and panic. Virginia election news following, Col Banks elected in Fredericksburg district by 28 votes over Slaughter. Pittsburgh iron industry plans an iron steamboat, with Wheeling Gazette commentary.
The Conservatives plan a city meeting to nominate Henry Clay as a presidential candidate. Aligning with Clay’s supporters, the faction expects defections from Administration ranks to bolster its drive toward a National Convention and reform objectives.
The Merchants, Columbian, and North Banks have resumed specie payments in full and others in the city and state are likely to follow. The Boston Patriot expresses little doubt that this trend will continue, with banks persevering in returning to specie payments.
The Ohio Fund commissioners negotiate a seven hundred thousand dollar loan in New York on Ohio stocks to fund internal improvements at a six percent premium. The prior year’s loan carried 12.57 percent, a 6.57 percentage point difference. The piece questions the premium drop and notes stock price increases in New York.
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