All the banks have stopped payment in specie, and there is not a dollar to be had. I walked down Wall Street, and had a convincing proof of the great demand for money, for somebody picked my pocket.
The militia are under arms, as riots are expected. The banks in the country and other towns have followed the example of New York, and thus has General Jackson’s currency bill been repealed without the aid of Congress. Affairs are now at their worst, and now that such is the case, the New Yorkers appear to recover their spirits. One of the newspapers humorously observes—“All Broadway is like unto a new-made widow, and don’t know whether to laugh or cry.” There certainly is a very remarkable energy in the American disposition; if they fall, they bound up again. Somebody has observed that the New York merchants are of that elastic nature, that, when fit for nothing else, they might be converted into coach springs, and such really appears to be their character.
Nobody refuses to take the paper of the New York banks, although they virtually have stopped payment;—they never refuse anything in New York;—but nobody will give specie in change, and great distress is occasioned by this want of a circulating medium. Some of the shopkeepers told me that they had been obliged to turn away a hundred dollars a-day, and many a Southerner, who has come up with a large supply of southern notes, has found himself a pauper, and has been indebted to a friend for a few dollars in specie to get home again.
The radicals here, for there are radicals, it appears, in a democracy—
“In the lowest depth, a lower deep—”
are very loud in their complaints. I was watching the swarming multitude in Wall Street this morning, when one of these fellows was declaiming against the banks for stopping specie payments, and “robbing a poor man in such a willanous manner,” when one of the merchants, who appeared to know his customer, said to him—“Well, as you say, it is hard for a poor fellow like you not to be able to get dollars for his notes; hand them out, and I’ll give you specie for them myself!” The blackguard had not a cent in his pocket, and walked away looking very foolish. He reminded me of a little chimney-sweeper at the Tower Hamlets election, asking—“Vot vos my hopinions about primaginitur?”—a very important point to him certainly, he having no parents, and having been brought up by the parish.
I was in a store when a thorough-bred democrat walked in: he talked loud, and voluntarily gave it as his opinion that all this distress was the very best thing that could have happened to the country, as America would now keep all the specie and pay her English creditors with bankruptcies. There always appears to me to be a great want of moral principle in all radicals; indeed, the levelling principles of radicalism are adverse to the sacred rights of meum et tuum. At Philadelphia the ultra-democrats have held a large public meeting, at which one of the first resolutions brought forward and agreed to was—“That they did not owe one farthing to the English people.”
“They may say the times are bad,” said a young American to me, “but I think that they are excellent. A twenty dollar note used to last me but a week, but now it is as good as Fortunatus’s purse, which was never empty. I eat my dinner at the hotel, and show them my twenty dollar note. The landlord turns away from it, as if it were the head of Medusa, and begs that I will pay another time. I buy every thing that I want, and I have only to offer my twenty dollar note in payment, and my credit is unbounded—that is, for any sum under twenty dollars. If they ever do give change again in New York it will make a very unfortunate change in my affairs.”