205

191
1837 13th 5 mo The pressure of the times still continues with little or no abatement; the failures in many places have very much increased of late; in New York the number is nearly 300, and in other places they are numerous, but not quite equal to New York. A large Committee was appointed at a Meeting held in New York some time back to wait on Van Buren the President to see if nothing could be done to relieve the distress of the people, but the President did not incline to do any thing that the Committee were authorized to propose, which refusal appears to affect the community very much, they believe if he wants to listen to the voice of the people, measures might be adopted that would very much relieve the gneral complaint. There has gotten to be so large a number of the people destitute of employ, consequently destitute of Bread that a general murmuring s publikly made, and some violent measures threatened to be adopted. The Banks in New York are so run upon, that they have concluded to stop specie payments. Providence, Boston, and almost throughout the United States have adopted the same expedient; what effect this may have, time alone will prove, it is generally believed it will produce some benefit, by bringing a greater amount of circulating medium among the people.
15th As it is fully ascertained that specie payments are suspended by the Banks at present, the Directors of the Banks in this place thought it advisable to follow their [???]. Accordingly the inhabitants were convened to take their advice, the Town house was full to crowding. The resolutions taken in Boston wee read to suspend specie payments. it was then agreed without a dissenting voice that the Banks here do follow the same course.