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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Oct 04, 1837
Page
3
From a January 27 London Bankers Circular the piece argues that banking power aligns with wealth aristocracy rather than democracy. It cites British papers and U S banks, noting Draining specie, government pressure, and the Bank of the United States as a model, amid Whig and Tory commentary and a Portland celebration remark.
A fragmentary report describes demands for specie payments at state banks, notes payable in specie, and stockholdings. It cites a party named Bounp in a capacity related to futures or promises, seeking a large controlled balance to grant credit in gold and silver, with denominations no less than five or ten dollars.
The article notes renewed calls to recharter the Bank of the United States with factions mobilized in the east. It mentions Samuel Jhonson as an agent near His Majesty's Court in London and predicts favorable treatment for mercantile interests from the Philadelphia Inquirer and an implied Bank of England influence. It also reports Grove Academy’s closing exhibition with student orations and praise for the institution’s prospects.
The Democratic electors across counties and the nation are urged to guard against misrepresentation of the currency plan advocated by the democracy. The piece predicts Bank and State monopolists will roam crossroads and villages, plying their calling for their masters from now until the election.
A Jefferson County address argues the nation faces a banking crisis caused by mismanaged banks and calls for Democratic reform. It contrasts the Bank party Whigs, endorsing gold and silver as currency, bank stock liability, strict note suppression, and quick specie-resumption to curb over-issues and protect the people.
A letter addresses political backers and editors over Kilgore’s nomination. It accuses the opposing editor of misrepresenting facts, defends Steubenville whig strategies, and insists Kilgore was the regular whig nominee while critics push democratic rhetoric. The writer condemns secrecy and urges the opponent to reveal his name in future replies.
A national bank issue prompts petitions nationwide. the Committee of Finance reports against granting the prayer. Mr. Clay offers about sixteen amendments to reverse the resolution, declaring the people demand a bank as relief and warning of upheaval if denied. The House votes 33 to 0, and the Senate 15 to 31 against, marking another rebuke to Federalism.
Due to election excitement we cannot fully attend to correspondence. We will publish essays soon including A Revolutionary Hero and Lines by the late Giteear Gay. Reveries No 1 by Euvorvs will appear in the next Union. Leaf from my Scrap Book is declined. Ohio is under consideration. Several valuable correspondents have been secured to enhance the paper’s literary stature.
From New Orleans dates the Commercial Herald reports a citywide business standstill due to an epidemic whose violence grows daily. Interments reached seventy five yesterday as physicians warn the fever’s spread surpasses prior years. The frost is the only hoped relief. In finance, specie sits at five and a half percent, British bills sell at seventeen premium, banks cut rates but lend on solid new notes, Genesee flour sells at nine dollars, and cotton markets show steadier activity.
Import and export figures listed for New York covering September 11 to 16 totaling 106,850 dollars in specie imports and 25,036 dollars in specie exports from September 10 to 26. An additional entry records New Orleans specie imports on the 6th and 7th instants amounting to 115,139 dollars.
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