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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
May 31, 1837
Page
2
A defiant defense argues that merchants and speculators caused bank suspensions to shift losses to the public. It asserts that bank note devaluation funnels millions from depositors and creditors to speculate, loading hardship on soldiers, workers, and taxpayers while pushing for further depreciation to aid speculators.
From the Globe a letter reports Mr Biddle and Mr Adams conspiring to restore elite control through a bank governed currency. It cites Biddle’s 1825 rescue of the banking system, warned of over banking, and calls the plan a sovereign, saving power to fend off popular government.
A critical examination of Mr. Biddle’s actions as the Bank of the United States faced pressure from specie circulars and overexpansion. The piece argues that Biddle pursued expansion to aid bankers and foreign creditors, denying overtrading and criticizing debt to foreigners, while linking bank failures to his policies and to broader national suffering from depreciated bank notes.
The American Sentinel praises the community for quiet, orderly response to a sudden currency disruption that unsettled workers, noting broad readiness to uphold the law and seek rights through legal means amid national tension and debate over democratic governance.
The passage asserts that the system works, though imperfect in excitement and suffering, and that the last week proved its efficacy. It emphasizes the public’s civil liberty grounded in law and order, praising democratic republicans for their commitment to popular government and the practicability of their principles.
In The New York Evening Post, the scene in Wall Street on the bank stoppage day is described with Whigs triumphant, praising the crisis as a path to a national bank. Editors and citizens celebrate the Specie Circular effects and the political shift, while noting Whig planning and responsibility for the turmoil.
A Hartford Times critique contrasts paper money with hard currency, arguing bank notes are flawed and promises aren t backed by specie. It ridicules the “gold humbug” and favors the Jackson administration s stance against Biddle s bank policies, asserting the public should prefer currency issued by the people over bank credit.
In New Orleans on May 16 the Citizens Gas Merchants Consolidated and Association Banks redeem all notes in specie and accept deposits at other city banks. The Union Commercial and State Banks pay specie for $5 and $10 notes, with $20 and $50 to follow after redemption. The Improvement Bank offers $5 specie, and Mechanics Louisiana Carrollton Atchafalaya Canal Orleans and City Banks prepare to commence specie payments tomorrow.
The Globe reports Mr Biddle halts payments at his bank, cuts notes ten percent below par, and promotes change tickets to buy up specie for sending abroad while urging American debtors to accept devalued bank notes and shin plasters. The piece accuses banks and corporations of pressuring local workers to accept lower value payments while the British lender is paid in full.
The passage condemns bankers for paying duties and postages at ten percent below specie or its equivalent, arguing it violates law and defies public authorities sworn to uphold it. It cites Mr Webster as a constitutional authority who would explain the legal crime in the first over act.
An associated press editorial convention has been scheduled for Harrisburg Pennsylvania on July 4. The event will gather editors and writers from area newspapers to discuss current issues and share recommendations.
A Florida census law moves toward state government formation. Reports mention Missouri salt springs with strong medicinal claims, lavender oil as a moth killer, and a German professor predicting 100 years of mild winters. London rail arches may house cottages for the poor. Boston imports rye at auction prices.
An 1850s New Orleans Bee report details the Ben Sherrod fire near Natchez with about 150 lives lost from nearly 200 aboard. Captain Castleman saved his wife and two children. many crew perished. Survivors credit Captain Jones of the Columbus for rescue, while the Alton carried more drowning victims. Names of saved passengers and crew listed. missing child reported.
From the Velasco Herald, May 18, via New Orleans Bulletin, a rumor claims Santa Anna is restored to power in Mexico and Texas independence is acknowledged. Reports say Mexicans arrived at headquarters with a flag of truce and official papers. Captain Joseph Powell reportedly moved toward Houston with the papers and several Mexicans in tow.
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