policy has been entirely overthrown. Such is a general picture

of .., CAPITAL, 500,000 Dollars. the state of money matters in the American Union. We shall [5 Cents)

A crowded meeting of the merchants of New York was held in

the Masonic Hall of that city, on the 9th of May, to hear the re- 3. M. Moore, Cashier.

port of the committee appointed to proceed to Washington and tie embarrassments of the country. The following are the prin-

present a memorial to the President VAN BUREN on the cornmer-

eipal passages of the document.

*Doter and the index of our national prosperity, and whose fall will include the the unhappy condition of that city which has hitherto been the pro.

ruin of thousands in every region of our territory. We do not tell a fictitious

Lighted, that the noble city which we represent lies prostrate in despair, its credit Mighted, its industry paralyzed, and without a hope beaming through the dark- ness of the future, unless the Government of our country can be induced to ewe the respect which is due to our Chief Magistrate, and disclaim every haat- /relinquish the measures to which we attribute our distress. We fully appre, ton ioconststent with that feeling ; but we speak in behalf of a community which trembles upon the brink of ruin, which deems itself an adequate judge the present, is founded in ei tor, and threatens the destruction of every depart-.

anent of industry.

occurred in our local stocks, including those railroad and canal incorporations has fallen upon a community heretofore so active, enterprising, and prosperous; the error of our rulers has produced a wider desolation than the pestilence

EVANS has published his farewell " general order" to the Le- system which gave the first shock to the fabric of our commercial prosperity, '• every part of the edifice by the destruction of that useful and efficient institas :1

He annoutices his departure for England— upon passed by the meeting at the Masonic Hall. They declare-

" The Lieutenant-General sincerely regrets that the peremptory obligations " That the chief causes of the existing distress are the defeat of Mr. Clay's

every patriot. "

The Queen of Portugal has got a new Ministry, composed of In the mean while, a portentous storm was gathering. The

ANTONIA DEAS DE OLIVEIRA, Minister of the Interior and Ecclesiastical apology for that step—dealing thereby a heavy blow at the General Affairs, and Plesident of the Council ; Brigadier-General Rotten*, Minister Government. of War and (ad interim) Colonies ; CASTRO PEREIRA DE MISUEILA, Minister " In consequence of theft:there (f the Treasury or the United States to pay These men are said to be " moderate" in politics, in ability, and large claims upon the Treasury Banks which it is unable to realize, it has been great difficulty is want of cash. " The Government, through its deposit banks, having failed to meet its en- gagements, the Bank of the United States did not think it justice to Phila. delphia to continue specie payments. No news of any importance from France. A treaty had been " 1Vhenerer the Gorernment is ready to resume specie payments, the Bank concluded in Africa with ARDEL KADER. of the United States will be ready to cooperate with the Treasury in that

object."

The intelligence from the United States is startling. The The Directors of all the banks in New York, except three, held

entire monetary system of the country is deranged. Specie a meeting on the 10th of May, and it was agreed to suspend specie payments have been suspended by the United States Bank, payments. The banks of Baltimore, Philadelphia, Boston, and and almost every other banking establishment of the country, every other place from which intelligence has been received, and even by the Treasury itself, whose drafts have been protested : followed their example. There was an immediate inundation of the famous Treasury circular, by which specie only was to be paper money. Notes of a denomination as low as five cents, or taken for land, has been suspended ; the only funds received by twopence-halfpenny, were issued in Philadelphia. The following the Treasury in specie are postages for letters. The JACKSON is a specimen of this new currency—

Incorporated 036.

" Received by the PHILADELPHIA LOAN COMPANY, on deposite, from , a with interest, at the office of the Company, 34, Walnut Street.

May 13. 1S37. GEO. S. SCHOTT. President.

tale of wo : we: have no selfish or partisan views to sustain, when we assure cular—being, indeed, insolvent himself; for the Treasury was 4, We ask," say the memorialists, "your deep and solemn attention to Legislature of that State, when the last accounts were despatched, was employed in hurrying through a bill legalizing the suspension of specie payments for a year. VAN BUREN was alarmed by the course events were taking, and summoned Congress to meet ort the first Monday in September. He also relaxed the specie cir- directed to issue exchequer bills in payment of debts due by the

due to the Treasury. Bonds, or notes, were also to be taken for

Government, which bills were to be received on account of money land and duties, instead of specie ; and, finally, the depreciated paper of the New York city banks was ordered to be received at par at the Customhouse. Of course matters were easier, and

Similar bills, but for ten cents, were issued in New York. The

"(Five Cents deposited for one year.) " (Interest 5 per cent, per annum.)" prices rose after it was declared that bank-notes of Itti denomina- tion might be safely issued ad libitum. The New Fork Times says- " What has been done at Albany and Washington affords a gt arantee that suitable measures will be taken to adjust all the parts of the ew order of things to one another. The gloomy forebodings of a contest with the Govern- ment, and other great causes of apprehension, are thus removed ; and confidence, cheerfulness, and hope, are beginning to be reinspired. Men now hope to be able to settle their allure and transact their necessary business w:thout being overwhelmed with ruin. There never was such a time for the c:reulation if small notes. If any of the banks in Connecticut will send a pat cel of threes and fours, or if sortie of the banks in Massachusetts will send nuns and twos, we can assure them a ready exchange for city bills at par, and a hitter circula- tion than they ever had. Small notes are wanted extremely. Let us have them."

It may give some idea of the extent and intensity t.f the late pressure, to mention, that in 1814, when every bank south of Con- necticut stopped payment, the banks of Connecticut and Massa- chusetts stood their ground : now they have given way.