254 



THE FARMERS' REGISTER. 



that has done more to corrupt the morals of society 

 than any thing else— which has introduced a struggle 

 for wealth instead of the honorable struggle which 

 p-overns the actions of a patriot, and makes ambition 

 virtue— which has made the husbandman spurn his 

 cottage, and introduced a spirit of luxury at variance 

 with°the simplicity of our institutions." 



The " patroon war" of New York has been renew- 

 ed; 300 of the Van Rensellaer tenants have refused to 



^%hrMiiler's Bank of Clyde (N. Y.) has been 

 wound up by due course of law, its securities and 

 funds sold out, and the bill holders will get 90 cents in 

 the dollar. The stockholders, we presume, will get 

 i^othing. 



Saturday, April 17, 1841. 



The Acadia steam ship arrived at Boston on the 

 7th, bringing accounts 9 days later from Liverpool, 

 to the 19th March. No important news. From the 

 European (of Liverpool) of the 13th we gather the 

 following facts or inferences. ., , ^, , 



The expectation of war with the United States, 

 had somewhat subsided, owing to more full considera- 

 tion of the grounds of recent apprehension ; but pre- 

 parations for it were not the less going on. Every 

 voice heard deprecates and opposes war, but at the 

 same time all parties seem ready to meet it, if requir- 

 ed by the execution of McLeod. The prospect of 

 war had already operated very injuriously to the in- 

 terests of the manufacturing districts. In consequence 

 of tlie fear of disarrangements of markets, the cot- 

 ton manufacturers at Manchester had agreed to reduce 

 the time oi labor, by working their hands only four 

 days in the week. 



In our opinion there is but little danger of war from 

 the most prominent subjects of dispute— the trial of 

 McLeod, and the Maine boundary ; but very great 

 dan<^er from the illegal system of searching American 

 vessels, by British cruisers, recently acted upon, in 

 the African seas; and which unjustifiabi > procedure 

 seems to attract but slight notice in the United States, 

 and none whatever in England. 



The Marquis of Hertford owned stock in the Uni- 

 ted States Bank to the amount of £500,000 (near- 

 ly two and a half millions of dollars) which will be 

 nearly all lost by its bankruptcy. European capital- 

 ists will be very cautious hereafter of vesting in 

 American stocks. 



Both the land and naval commanders of the British 

 forces in China have been superseded — a sufficient in- 

 dication of their incapacity, and the displeasure of their 

 government. So far, the invasion of China is a fail- 

 ure. 



Madame Restell, who has for a long time been ad- 

 vertising, through the New York Herald, which was 

 of itself an outrage on public decency and morals, to 

 sell "preventive powders" or means to cause abor- 

 tion, has at last been charged with, and is imprisoned 

 for, an act of murder committed on a mother, when the 

 object was merely to destroy her offspring. The gal- 

 lows is too good for such a wretch, even if this last 

 mistake had not been committed. 



At the general meeting of the stockholders of the 

 United States bank. (Sth. inst.,) all respect for the late 

 authorities, for the first time, was thrown off, and their 

 names and acts strongly denounced. The report 

 adopted is of course more moderate and guarded in 

 expression, but still very severe. The resignation 

 of the President, Dunlap, and six or eight directors, 

 was announced to the meeting, and received with "ob- 

 streperous applause." An exculpatory letter from the 

 former cashier and European agent, Jaudon, was treat- 

 ed with signal contempt — and even the great Nicholas 

 Biddle, and the former directors generally, were cen- 

 sured in the debate, in the strongest and coarsest 

 terras, and reference made, for comparison and illus- 

 tration, to Dr. Dyott's case, and his present residence 



in the penitentiary. "How are (he mighty fallen !" 

 Since, letters in defence have been published by both 

 Biddle and Dunlap. The old saying that, "when rogues 

 fall out, honest men recover their rights," is certainly 

 not true as to banks, whether the banks themselves or 

 merely their agents be the cheats and thieves in ques- 

 tion. But, even as to the banks, the great and legally 

 licensed robbers ot the community, we trust it is now 

 at least true that when the rogues quarrel, honest men 

 may learn how they had been cheattd and robbed. 



The bill for relieving the banks of Pennsylvania, 

 which had passed the legislature by a bare majority, 

 has been vetoed by the governor. We trust that now 

 these banks will be compelled to remain confessedly 

 bankrupt, if they are so, and to meet the penalties of 

 bankruptcy, and all their obligations, as all individual 

 debtors would. If the government of Virginia had not 

 been a lar'>-e partner in the banks of Virginia, the like 

 honest and proper course would have been adopted in 

 this state. As it is, the banks of Virginia will be pro- 

 tected by law in every violation of law and of honest 

 obligation, as long as the impolitic and infamous part- 

 nership lasts, and until the existing system of fraud and 

 pillage cannot be sustained longer. The great and 

 only possible means for bank reform in Virginia, is to 

 dissolve the partnership existing between the banks 

 and the state. 



The New York Herald says — 



" The Virginia banks have again suspended for the 

 ' relief of the people.' The following is a statement 

 of the specie and circulation of the Bank of Virginia, 

 before and after specie payments. 



Bank of Virginia. 

 Dec. 28, 1840. April 5, 1841. Dpcrcase. 



Circulation, P88,.SS8 638,096 300,242 



Specie, 295,132 262,092 33,040 



Exchange Bank, Office at Richmond. 



Jan. 1.1841. April 1, 1841. Inc. Dec. 



Loans, 650,137 6.50,094 — 043 



Specie, 78,748 63,709 — 15,0.39 



Circulation, 229,975 149,465 — 80,510 



Deposits 184,500 208.460 23,960 — 



" The returns show ihat, under specie payments, a 

 most healthy reduction of a redundant currency was 

 going on. This loss of circulation was injuring the 

 profits of the banks, and the speculators and directors, 

 who owe the banks most of the loans, not being in a 

 condition to pay up, in order to allow the process of 

 curtailment to be carried out, the institutions came to 

 the conclusion to stop, and actually did so, with nearly 

 as much specie on hand as they resumed with — an in- 

 crease of deposites, and a discount line quite as high 

 as when they commenced paying specie. This is seen 

 in the return of the Exchange Bank. Such conduct 

 requires no comment. The people are to be cursed 

 and taxed by an irredeemable currency, because some 

 dozen speculators, that have possession of the funds of 

 the Bank, cannot repay it. If the business of the 

 Bank was perfectly under its control, its assets matur- 

 ing- in sound business paper, and promptly paid at ma- 

 turity, it could go on until doomsday without regard to 

 the movement of any other bank." 



j1 new operation hy a bank — The last indemnifying 

 bank law, has a new feature, designed as a pretence of 

 penalty on banks refusing to pay their notes, and of 

 pretended recompense to the note-holders thus depriv- 

 ed of their rights. This provision is, that whenever a 

 note is presented for payment to the bank which issued 

 it, and the payment refused, that the fact of such re- 

 fusal shall be endorsed on the note, with the date, and 

 signed by the cashier or some other officer of the 

 bank; and that thereafter such endorsed notes shall 

 bear 6 per cent, interest. Now this, whether as a pe- 

 nalty on the refusing bank, or compensation to the 

 wronged bank creditor, (or note-holder,) is so poor 

 and pitiful a remedy, that it was probably expected 

 that no one would require its execution ; and, therefore. 



