5278. Shawneetown Bank (Shawneetown, IL)

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bills (ot rather Barings for them) on Hottinguer might be refused, but from an apprehension of increasing the alarm that already exists, The accounts of the suspension in the U. S by the Liverpool, must create a great shock in England; and perhaps hasten the suspension of the Bank of England, if it be not already consuminated. The Cincinnati Gazette of the 20th, informs us, that the banks in Indiana, Illinois and Missouri, some in each State, have suspended, and others have not.-The State Bank of Illinois, and its several branches, determined to suspend, as soon as they received the news from the Eas!. The Shawneetown Bank has also suspended. The Norfolk Herald states, that the Banks of that Bo- rough "will rest upon their oars, until the Legislature shall give the word for action. We still think they do not consult their own welfare in this determination; for, the injury they are thereby inflicting on the community must surely react upon themselves. Judge May of Pe- tersburg is said to have given an elaborate opinion against any action by the Banks, which has determined the banks in that town to suspend operations other than those spe- cified by the law applicable to their case." In this state of things, whilst a portion of the Union comparatively small in point of territory, but most con- siderable for the extent of its transactions, embracing the greatest commercial emporium, still pays specie-and almost all the Banking Institutions of the rest of the Union have suspended payments; embracing particularly the mammoth Bank of the United States, with its capital of 35 millions, a large portion of which is tied up in unavailable funds, in cotton, State Securities and bad debts; whilst there appears no immediate, if even any, prospect of this great Bank resuming payments; whose stock has sunk down to 70 per cent.; whose credit is shaken both at home and abroad, and which it is known has been grossly mismanaged, and it is believed will never make good its capital stock, it is really a novel and almost refreshing thing to hear from the great West- ern Emporium, any whisper like resumption. We hail, therefore, with pleasure, even the following annuncia- tion from the New Orleans Louisianian of October 24th: "ANTICIPATED RESUMPTION-It is the opinion of well informed men that the banks of this city will be compelled to resume specie payments, should the New York banks continue to pursue their plan of redeeming their notes in cash. It is plain that the business of this city cannot long be carried on in a depreciated pa- per currency, while a sound currency exists in the great centre of trade. The losses sustained by all business men in such a state of things would be ruinous and not to be endured. The rate of exchange against New Orleans and in favor of N York will be in proportion to the difference in value of the currency of the two cities, and the consequent confusion and derangement of com- mercial business, are manifest to all observers We hope the solvent banks in this place will resume at all hazards and leave their weak brethren to shift for them- selves, To this they must come at last, and the longer they delay, the more excruciating will be the operation." # THE WHIG Humbug of the Day. Some of the Whig party presses must see how grossly the Bank of the U. S. has been mismanaged-how it was compelled by its own misconduct to take the lead in suspension, and how it dragged so many other Banks into the vortex-And yet these presses are laboring to throw a veil over this pet Institution, and to lay the fault of the present embarrassments at the door of the Administra- tion. Why, what a Magician must Martin Van Buren be! Is he to blame for all this overtrading of the coun- try; all this overbanking of the Bank of the U. S.? Did he make Mr. Biddle or Mr. Dunlap give all those ad- vances on cotton-and vest those millions in unavailable State stocks? Has he pressed upon the Bank of the U. S., and forced it to suspend? No man can pretend it- not even Mr. William C. Rives, who has charged the Administration with forming an illicit connection with that Institution-yet when it suspended, his mouth- piece turns round upon the Administration, and charges it with compelling the Banks to suspend. In a word, what has Mr. Van Buren done to bring on the present embarrassments? Take any theory, which the Whigs have invented. Is it the drain of specie for the Canton trade, to supply the place of Opium? Is it the short harvest in England, which has compelled her Bank to ship her specie to purchase flour? Is it the pressure on that Bank? or the pressure on the Bank of the United States, brought on principally by her own mal-administration? Surely for none of these is Presi- dent Van Buren accountable. In the present case, there is no specie Circular to abuse; no Removal of the De- posites; no run upon the State Banks for specic-no- thing which the Administration has done, that the Whigs can fairly lay at his door. Their clamor is all cant. Their denunciation is all for party effect. But we must do many of the Whig presses the justice to say, that they have not abused the Administration, like the N. Intelligencer, or its followers. Many of the Whig papers at the North attribute the calamity to the Bark of the U. S. Among these, is the N. Y. Journal of Commerce, which exposes the late Manifesto of the Philadelphia Banks and places the saddle on the right horse, in the following terms: "As to the recent suspension, the reasons are incor- rectly given The true cause of the Philadelphia sus- pension is the false policy of her Banks since the re- sumption They have been led on by the U S. Bank in a grand system of bolstering and inflation. Post notes and all sor's of kiting, shinning, and shaving, or rather getting shaved, have been the consequence, and bankruptcy the conclusion Why could not Phila- delphia stand, as well as New York? The difference results not from circumstances, but from policy. All the reasoning of the manifesto applies to New York as fully as to Philadelphia; and yet New York stands, and stands in spite of the greatly increased and accumulated difficulties growing out of the suspension at Philadel- phia. The strength of the New York Banks proves all the arguing of the manifesto to be fallacious, and that suspension there was entirely unnecessary, upon any other ground than their own mismanagement. The public cannot be deceived about this, however much the Bank managers may be. "The Southern and South- western States are more embarrassed than ever" Per- haps so; and the reason is, that the Great Regulator has been continually applying its bellows to them. They have followed the wrong policy of the great Bank of Philadelphia. While such a policy continues, the coun- try wili remain insecure It is indispensable for the pub- lic peace, for any sort of certainty in mercantile calcula- tion, that this policy should be put down. It has re- ceived its death-blow, and is now making its last strug- gle, by producing a suspension of all the Banks in Phila- delphia, instead of the bankruptcy of one." The Globe is rendering an admirable service by laying before its Readers the Kentucky Resolutions from the pen of Mr Jefferson, and the Resolutions and Report of Mr. Madison in '98-'99 They are the Law and the Pro- phets of the Republican Party They are the great Ele- ments on which Governor Polk's Inaugural Address is founded-and on which alone the Federal Government ought to be administered We shall as soon as possible imitate the example of the Globe, by a republication of the same Documents. To the Editor: "FAYETTE C. H.. Oct. 25, 1839. "In looking over a number of the Richmond Whig some time since, I discovered that the enlightened Editor of that paper had found out that Whiggery was making rapid strides in the Western part of Virginia! Now, Mr. Editor, as a convincing proof of the profound knowledge of your neighbor over the street, I will show or give you, for example, a small specimen of the rapid progress of this miscalled Whiggery Mr. Robert Thompson in this Senatorial District, composed of 7 of the Western coun- ties of Virginia, has beaten the Big General 6 counties of the seven. This will show at once what rapid strides Whiggery is taking in West Virginia This district, you will recollect, has been represented by a Whig for seve- ral years. I am of opinion, Mr Editor, that, in the course of 18 months, very few men in Western Virginia will suffer themselves to be called Whigs. Look at the Staunton Convention, for instance. Why it is one of the most complete failures I ever saw. I believe the county of Fayette was represented in the Staunton Convention by a gentleman from Ohio county. It was a fine thing that some person represented us there, as we could hardly start one from the county of Fayette." FOR THE ENQUIRER. Mr Rives' Speech at the Louisa Dinner. To William C Rives, Esq. [No. 4] The most farcical and ridiculous portion of your speech at Louisa Courthouse, is in my humble opinion,