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1834 2mo The depression in business throughout the United States at this time is greater, and more appalling than at any former period since the late War. It is generally argued that our Government is the most free & the easiest to live under of any Government in the World. But we find it is not correct in all cases. When a nation becomes so corrupt & depraved as for the majority of the people to elect into the first offices of the Government, men who are governed & influenced by sinister motives, the Government is then in danger & the people in getting into confusion & anarchy. It is to be hoped the present aspect of affairs will not lead to that state of depresssion. The cause of this unparalleled suffering among the people of the United States & more particularly the mercantile part of the community is caused by the Deposits of the many belonging to the Government to be removed from the United States Bank to a number of local Banks in different parts of the country. It appears that U.S. Bank is not so distinct by itself, so but that, the Bank's throughout the country are more or less dependent upon it and the money being removed, the Banks in general can have no loan upon it. It has therefore had a wonderful effect on the money market, so that all the Banks have stopped discounting, which has brought this alarming distress on the people; it has clogged the wheels of commerce quite as much as when the late War was among us. A large number in different parts of the Union have failed & become ruined. Perhaps 100 have failed in Boston & 50 or 60 in New Bedford & more or less in all the towns throughout the States. Several in this place but none that brings distress on the people generally.