NEW SERIES. No. 15-VOL. IV.} BALTIMORE, JUNE 5, 1819. [No. 15—Vol. XVI, WHOLE NO. 405 THE PAST-THE PRESENT-FOR THE FUTURE. PRINTED AND PUBLISHED BY H. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE, The editor of the REGISTER regrets that some matters of moment, with a needful relaxation from business, have caused his absence from home at this particular time-but he hopes that, as he is seldom from his post, even for half a day, any imperfections that may exist in the last or present number will be excused by his generous friends, in the belief, that with more vigor, the customary routines of this work will be henceforth resumed and continued. He intended to have returned in time to prepare and arrange the present sheet, but circumstances of considerable interest to him, and of some also, perhaps, to his readers in general, have prevented it. THE TIMES AT BALTIMOR, &c. The editor's absence from the city, when the last REGISTER was published, prevented a notice of certain occurrences connected with banking, which caused a great excitement in Baltimore; and has made no little stir in all parts of the United States, in which we have beard that the accounts had been received: and as the editor has not yet returned home, his narrative of facts must be divested of those particulars which some might desire to have, or the nature of the case seem to require. Things were bad enough, no doubt; but if the half of what is said and believed in the city [Philadelphia] wherein this is written, were true,-nay, if it could be true, we should have a comically distressing tale of it, indeed. into persons of high blood, and the sons of respectable citizens converted into knaves of rank-through speculation, and the facilities of the abominable paper system. For several months past there had been a gradual lopping off of those putridities of the social body in the eastern cities, while in Baltimore there were very few failures, and all were astonished at it, the fact being known that many of our citizens had spe culated very deeply, and suffered a full proportion of the general disadvantages of trade, &c. But so it was that, of good will or of necessity, they helped or stood by one another, and parried the blow aimed at them. It was believed, however, that many could not do otherwise than fail, while a hope was enter. tained that others, by winding up their own affairs, might avoid absolute bankruptcy, if their accustomed facilities were not too suddenly withdrawn. Among these were many honest and honorable men, who had, nevertheless, been too weak to resist the temptation of making great fortunes suddenly, or else implicated in business with those who had yielded to such temptations. Every thing, however, looked very gloomy--the banks, in self-defence, retired their accommodations as much as they could, and the excessive demand for it, made good bank paper, passing as money, extremely scarce. In this state of things, Mr. McCulloh was suddenly dismissed from the cashiership of the office of the bank of the Unit A brief retrospect seems necessary. Every one ed States in Baltimore, and the alarm became genewho thought about the condition in which the Unit-ral. Without diving into the right or reason of this ed States was placed by the excess of the paper proceeding, or noticing any of the numerous and system, the rage for British goods and neglect of extravagant reports connected with it, the state of government to protect domestic manufactures, with any society must be considered as excessively bad the decline of the shipping interest and commerce when it can be so much affected by the removal of generally, was positive that a time of unprecedent- a single man from office. But this removal was reed pressure in money matters must take place. Wegarded as an index of the course which the bank of told the people this, over and over and over again, the United States meant to pursue-as shewing a and recommended economy and the consumption of determination, at every hazard, and at any cost, to home productions. Some laughed at our lugubri-retire the extensive facilities or accommodations ous tales as the visions of an enthusiast; others ac- theretofore granted, and its feeling penetrated all knowledged their truth, but not feeling their classes of the community. Several great houses effect, jogged on in their old way-a few agreed stopped payment, and it was openly said that many with us inextenso, and provided, as far as they could, others must fail; confidence was lost and those who against the evils which they knew must come, had money would not part with it. Every thing was just as certainly as that explosion will follow the ap-at an awful stand, and most persons in extenplication of a coal of fire to a cask of gunpowder. sive businesses seemed as if half stupified with apFor several months past the pressure grew hea-prehended danger: the alarm was increased by the vier and heavier. Great sacrifices of property, of sudden resignation of Mr. Higginbothom, cashier every description, took place, and many large mer-of the Union bank, a bank with a very strong capicantile houses as well as honest farmers and me- tal, always regarded, and it still is so, as one of the chanics, (dealing with banks and running in debt) safest in the United States. This resignation took Failed. So extensive were these among the mer place on Wednesday, last week. The editor left chants of the cities east of Baltimore, that it seemed Baltimore the next day-but he understands that to be disreputable to stop payment for less than while this state of confusion existed the branch 100,000 dollars-the fashionable amount was from bank made a demand upon the City bank on Fri2 to 300,000; and the tip-top quality, the support of day which it could not meet in specie-the report whose families had cost them from 8 to 12,000 dol-soon spread abroad, and a multitude collected to lars a year, were honored with an amount of debts demand payment of its notes. The doors were shut, exceeding 500,000, and nearly as much as a million and this, probably, increased the crowd and added of dollars. The prodigality and waste of some of to the clamor; Mr. Sterett, the cashier, resigned, these were almost beyond belief-we have heard and on Saturday, notice was given that the bank that the furniture of a single parlour possessed (we cannot say belonging) to one of them, cost 40,000 dollars. So it was in all the great cities-dash, dash, dash-venders of tapes and bobbins transformed VOL XVI. -17. would pay specie for its notes under $5, and many persons came forward and declared in the public papers that they would receive its bills at their no minal value in exchange for any commodities which they had to sell, without any advance of price, &c. it, when it is dear. Its plenty raised all sorts of While the City bank was thus beset, the Mechanics' property far above its legitimate value, and led to bank was in like manner besieged on Friday-the a degree of general extravagance in living, such as, run continued until Saturday about 12 o'clock; but perhaps, never existed in any country before-its every demand being promptly and liberally met, scarcity will depress property so much, that many the people retired from "the unprofitable contest," who owe one third of what they agreed to give a and applications for specie, either at this bank, or little while ago for certain houses or lands, must saat the City bank had nearly ceased. Very consider-crifice the two thirds to pay the balance yet due. able demands were made upon some other banks; This is dreadful, and will break down many an hobut the run was soon stopped by a free payment of nest heart. But it is the very principle of things the precious metals, and confidence in the Balti-to seek their level-almost every excitement of the more banks was more generally restored than could human system is succeeded by a correspondent dehave been expected, according to our last advices pression. And how can it be otherwise in the Unitat the moment of writing this article. If any thing should reach the editor before his return home, which he deems important for the people to know, in time to prepare and remit it for this paper, it shall be added in a postscript. ed States? Such has been the wisdom of our policy, that we have purchased of foreigners from 20 to 30 millions more than they purchased of us-and now the price of every thing that we have to sell is reduced 50 per cent. on an average-and foreign POSTSCRIPT. We have nothing to add, needful to goods too, are sacrificed for less than the half of be known at this time, except to say, that the run their cost. In the mean time, domestic industry is upon the banks appears to have subsided,and things paralized, and the interests of those on whom we to have resumed their regular course, as heretofore. should rely for safety, are prostrate. We allude to There has been some very "foul play" in this bu- the manufacturers and others who create and sussiness, which the editor, at a distance from home, tain the HOME MARKET, which is the only market cannot clearly understand; but ifit shall be thought | that can be relied upon. And it is just as reasonable useful to justice, a history of the transactions shall to expect that there will not be great distress in be published next week, regardless of any person such a state of things, as to affect to believe that or institution concerned in creating an unnecessary man may forever escape discase or death. This is excitement at a period when the coolest judgment not a new doctrine-we have preached it for years, of the people was required to meet the severest and at length it seems we are about to be believed, emergency that Baltimore ever experienced-but by the misery which our want of political and dothrough which, we have no doubt, she will pass with mestic economy has caused to fall so heavily upon honor, as when she met other enemies in arms. us. The distress throughout the United States will General remari:s. So far as the editor is at present informed, he will gladly receive from his friends be general. Hundreds of those who were considerat a distance the bills of either of the Baltimore ed as our greatest merchants, must become bankbanks in payment of debts due to him. They all rupts, and the British traders may be expected to are institutions of several years standing, were bot-lose from five to ten millions by them, in the pretomed upon good capitals, and, in general, have sent year, besides the sacrifice on vast quantities of been as prudently conducted as any in the United goods which they have shipped to order" in the States. We have no hesitation in saying, that they spirit of rash adventure, or with a view to destroy are as solvent as those of any other city. Nor will our home manufactures. But let us be encouraged -we are able to bear this trial, and good will come out The editor told a most respectable gentlethe local banks suffer more by the stoppages of our merchants, than the banks of other places have of it. done, in proportion to their respective capitals. man, at the head of one of the banking institutions Take out those who speculated in the stock of the of Baltimore, who spoke to him about his [the edibank of the U. States, the losses by whom will chiefly tor's] prophecies, he would again venture to prefall upon that bank,and the failures in Baltimore have dict, that the worst, though close at hand, had not yet arrived in the United States, and that then we been, or will be, of less comparative amount per- should have better times, for honest men would get haps, than others of the same class in any of our cities or large towns. The distress of dealing men into fashion, and that our solidly bottomed chartereconomical and productive men, instead of specu is general, and pretty equally felt in all parts of the ed companies would seek to do business with plain, Country; and it must be so, for like causes will pro-lating madmen and visionary schemers. The latduce like effects every where. We speak thus of Baltimore, not because it is the place of our home; ter classes, in many cases, allied to, or acting the but because we verily believe what we say-assur-part of precious scoundrels, have had their day of others should have theirs-and Mr. Jack-plane's ing our readers, if the assurance is required, after honor, in the vulgar estimation; it is time that the the manner in which the REGISTER has been conducted for nearly eight years,-that we would not daughter have as much respect in the ball-room, if it pleases her father to let her go there, as Mr. Note disgrace its pages by a wilful untruth, or express maker's or Mr. Land-dealer's. Again we say, let the an opinion in it which we did not believe correct, to save all the banks in the world from instant anni productive people, the men and women entitled to enjoy the good things of this life, be encouragedhilation. the day is near when they will triumph over the wretched races of various gamblers,-who, commanding a large portion of the circulating medium, have despised those who gave to that medium its degree of currency or value, beyond that of old rags. And this people, the sinews of every country, the true patriots of every land, will interpose and effectually resist oppression on well-conducted banks or well-disposed individuals, let it come from what quarter it may; and command that deference in the Many incidents like those which have happened in Baltimore must and will take place in the cities and towns of the United States. There is no help for it-it is the natural operation of things about which so much has been said in this work, and was to be expected with certainty. We have been inundated with paper money-we have compared it to a harlot exposing her beauties to tempt the people to sin. They imprudently borrowed when this sort of money was cheap, and must now return national and state legislatures, which the pride of Exports of the United States. Ashes, pot pearl Skins and Furs Pork Cheese STATEMENT OF EXPORTS-CONTINUED, Species of Merchandise. pitch Hams and bacon Horned cattle Horses Mules Sheep Letter from the secretary of the treasury, transmitting Hogs dozens 1.112 Poultry 3336 Indian corn TREASURY DEPARTMENT, JAN. 1, 1819. SIR-I have the honor to transmit a statement of the exports of the United States, during the year ending the 30th September, 1818, amounting in value, in articles of Barley Peas Potatoes Apples Domestic produce or manufacture, $73,854,437 Meal, rye do. do. Ludian Rye 19,426,696 120,020 30 600,2 15 263 Bran aid shorts $93,281,133 Ship stuff Do. Biscuit or ship bread Rice kegs 60,709 30.996 Indigo To the northern countries of Cotton, sea island. 8191 8,262,97 6,457,335 3.809,848 700 other 86,013,843 27,524,474 Europe, $1,554,259 1,081,424 Tobacco hbds 84,337 9,567,429 -The dominions of the Netherlands 4,192,766 3,022,711 Great Britain 44,425,552 2,292,280 Mustard WAX 10,566,798 3,283,791 Beer, porter and cider, in casks Flaxseed bushels 276,843 453,725 pounds 400 60 Hops 474,396 175,527 1,488 947 Lottles 10,23 25,590 0.425 316 310 |