THE FARMERS' REGISTER. 



189 



all the Banks of Georc;ia oucrht to suspend immedi- 

 ately the payment of specie."' 



Sales of the United States Bank stock in New York 

 (on 24th) opened at 22.i and sunk to 20. [Cour. and 

 Enq.] In Philadelphia it sold at ,'a;20 at fiO days. Same 

 day exchange at New York at the following rates of 

 discount : 



" On Boston - - - par to J 



Philadelphia - - - 4 to 4^ 



United States Bank - 14 



Baltimore - - - 4 



Richmond . . 4 



Charleston - - -3^ 



Savannah - - - 5.^ 



Louisville - - - 8 



St. Louis - - - 8 



North Carolina - - 4 



Cincinnati . - 6 



Augusta - - - 8 



Mobile - - - lO.i 



New Orleans - • 7.j" 



New York Express. 

 Strange that the notes of the " specie-paying" banks 

 ol Virginia, and North Carolina should be 4 per cent, 

 below par ? Unluckily for the banks, the prices of 

 exchange and of specie vMlnot lie. 



SUMMARY OF NEWS FOR MARCH. 

 ( Republished from the Weekly Farmers' Register. ) 



Petersburg, March 6, 1841. 



Philip P. Barbour, Judje of the Supreme Court of the United 

 Stiites, died suddenly at Washington on the night of the 2-lth 

 tebruary. 



The Journal of Commerce says that a lar^re number of the 

 colored persons who einisrated from Pliilndelphia a few months 

 since for the island of Trinidad, have returned, and brinjj an 

 unfavorable report of the condition and prospects of those who 

 remain. 



Extensive Swindling. — Sylvester's Reporter publishes a list of 

 152 banks whicli have failed, and swindled the community out 

 of at least .f38,000,000 



The Grand Jury at Baltimore have found a presentment 

 against James L. Hawkins, late cashier of the Franklin Bank of 

 Baltimore, for abstractini; ,$100 683,78, the property of that insti- 

 tution ; and a bench warrant issued for his apprehension. 



A. M. Carter, discount clerk of the Farmers and Mechanics' 

 Bank at Baltimore, is reported to have fraudulently made use of 

 seven thousand dodars, belonginir to the funds. 



The New York American thinks there is a growing disposition 

 in that city to include banks in the bankrupt law now before 

 Congress, and says it is not surprised at this, "for many of them 

 have provoked the forbearance of an honest community almost 

 beyond endurance." A writer in the Journal of Comiiu'rce en- 

 dorses this opinion, and says — "Many merchants of this city, 

 who last year opposed it, now approve it ; and simply because 

 they know of no rule of equity which should absolve a bank 

 from being compelled to pay its honest debts, any more than an 

 individual merchant. And the full conviction of any bank that, 

 if it did not ))unctually pay its debts, it would be wound up, 

 would most effectually put an end to all the wild and ruinous 

 expansions of the banks from which the country has suffered so 

 much during the last five years.'" 



The bankruptcy (that is the discovery of it,) of the bank of 

 Gallipolis, Oliio, has exposed a plan of swindling transactions 

 unexampled even among banks. By enormous issues of notes, 

 beyond the means of redeeming, farther than to preserve enough 

 credit to trade and cheat upon, — the credulous bill-holders will 

 lose, as is supposed, some .$200,' 00. But if detection had not 

 come too soon, and cut short this gainlul business, it would 

 have been greatly increased, and immediately, as arrangements 

 were made to issue notes for a million of dollars more. 'I'he 

 President, Cashier, and other conductors of the bank were a 

 few individuals from New York and New England. " None of 

 the citizens" says a letter to the Ohio Statesman, "of the place 

 have ever had any office in the bank except as diiectors, each 

 of whom, it is said, held stock to the amount of ten dollars. On 

 the 25th ult., Farrington t'lhe then president nnd proprietor of 

 tlie bank] was arrested on charge of obtaining iiionev under 

 false pretences, and held to bail in the sum of .$500. " On the 

 29th ult. he was again arn'sted on a charge of uttering and pass- 

 ing forged notes of the bank of Gallipolis, and on examination 

 was held to bail in the sum of 100,000. which he was unable to 

 give, and has been committed to the jail of the countv." 



We were shown yesterday a letter from Cincinnati stating 

 that quite a panic existed there, owing to the failure of the Bank 

 of Circleville, supposed to be another New York swindling 

 shop. Large amounts were offered for sale at ruinous rates of 

 discount. Brokers, however, refused to buy at any price.— 

 Hniaeling Timet, 



A large business is done in Boston in shipjiing ice for southern 

 ports. Last year :!!.0I I) t(ma were shipped from lioslon anil 

 (;hailcston. This year the exportation will proliahly amount to 

 40,000 tons, employing 133 vessels. Nearly all this supply is 

 yielded by two ponds. 



The propositions before the lower house of tlie MaHsacliusetla 

 Legislature to indemnify the proprietors of the Cliarlc.stowu 

 Nunnery, de.>-troy(!d by a mob a lew years ago, has b en iii- 

 deliniteiy postponed, by a vote of nearly five to one. The num- 

 ber against it however does not diminish the justice of the claim. 



We learn from Capt Collier, of the bark Ilobart fnim the 

 coast of Afiica, that all the slave factories had been broken up 

 by the British cruisers. 



The Madisonian, of Saturday, publishes the following extract 

 of a letter, dated, Halifax, I N. S.] ^eb. 19, 1841. "Several re- 

 giments have been ordered to New- Brunswick, and we are in- 

 formed that orders liave been sent from the home goveriinient to 

 the West Indies, to embark all the regular troops there for this 

 place; the Islands to be garrisoned by the militia. 



The Legislature of Ketitucky have passed a resolution offer- 

 ing a reward of ,$3000 for the discovery of the cause of milk 

 sickness in cows at any time wiUiiii live years. 



In the appropriation bill, some salutary reduction 

 and limitations have been imposed by the House of 

 Representatives, on the excessive indirect emoluments 

 of roUectors, postmasters, district attorneys, marshals, 

 clerks, &c. if4c. Some of tiie most Ibrtunate of those 

 officers have, recently received seveially from 10,000 

 to (SO, 000 dollars a year. This point of time, or turn- 

 ing of the political tide, when one party is just about 

 to go out of power, and another to come in, is the 

 most favorable juncture, to repress gross abuses, and 

 it has been now, advantageously used for that purpose 

 — and whatever may have been the motives, so far as 

 they go, the results will be excellent. An out-going 

 party, when surrendering the spoils to their opponents, 

 will of course be very willing to lessen the profits of 

 ofhces which thej' cannot expect to possess ; and the 

 in-coming party will be ashamed, so soon, to object 

 to reforms, which they had been calling for so loudly. 

 Either a year earlier or a year later, these salutary 

 reformations of abuses would be much less easy to 

 effect. 



An able letter from a Boston merchant to Gov. 

 Porter, on the condition of the Pennsylvania banks, and 

 his action thereupon, has the following passage. "A 

 suspension of payments in specie is a breach of con- 

 tract, a state of discredit and dishonor, which, if to- 

 lerated at ail, should be considered as a deplorable 

 calamity, the result of a dire neces.sity, and only to be 

 submitted to for the shortest possible peried. The 

 idea that resumption can be attempted too soon, that a 

 depreciated currency will cure itself, that any course 

 of trade will bring specie where its use is dispensed 

 with, are amongst the oft repeated fallacies, which all 

 experience confirms as such. The depreciation of a 

 paper currency issued by banks considered solvent, 

 arises wholly from its excess. The only remedy is its 

 contraction — its reduction in quantity." 



On March Sd., the legislature of Virginia elected 

 the Hon. Wn). S. Archer, senator of the United States. 



A prodigious croud of visiters, from all parts of the 

 United States, had assembled at Washington to be pre- 

 sent at the inauguration, of President Harrison, on the 

 4th instant. On that occasion, there must have been 

 assembled together more hungerers for, and expec- 

 tants of loaves and fishes, than had been at any pre- 

 vious time since the miraculous provision of them for 

 the multitude in the wilderness of Judea. 



Since our last report, United States Bank stock was 

 sold as low as $16, but since, the price has recovered 

 a little. 



Judge Peter V.Daniel, of the United States Circuit 

 Court lor Virginia, has been appointed to the vacant 

 seat in the Supreme Court, and Judge John Y. Mason 

 of this district, has been chosen to fill the place va- 

 cated by Judge Daniel. 



By last night's mail (March 5) received the " Euro- 

 pean," printed in Liverpool, Feb. 10, and brought by 

 the President steamship, which furnishes the following 

 items : 



Advices from Canton were, to November 3, gloomy. 



