The Express.
London, England, 1857-10-26 00:00:00

UNITED STATES.

SPREAD OP THE BANK PANIC.

FURTHER DISASTROUS FAILURES.

SEVERE COMMERCIAL PRESSURE.

The Arabia, Royal Mail steamship, J. Stone, com-
mander, arrived in the Mersey last evening, with
105 passengers and 1,400 dollars in specie. She left
New York on the 14th inst. with the mails from the
United States and British North America.
The steamer Atlantic has been detained for a
week ; she passed a steamship, supposed to be the
Vanderbilt, bound west.

The news by this arrival is of great importance
to the commercial community, it being reported that
the ship has brought an enormous quantity of re-
turned dry goods. The money panic had come to
a crisis.

The state of effairs is thus described in the New
York Courier and Inquirer of the 14th
. . .

The bank• of the city of New York, by their officers ',am-
bled at the Clearing Roues last night, resolved to suspend
specie permeate this morning, and appointed a committee to
proceed to Albany and request the governor to convene the
legislature to confider the necessity of enacting some law to
give relief in the present financial emergency. They also
resolved to make the most energetic exertions for tho resump-
tion of epoch payments at an early day, and recommended
that no dividend' be made to stockholders until such reinter
tion. The cause of this action on the part of the banks was
a severe run upon them, which commenced yesterday morn-
lag, and continued throughout the day, compelling during
its progress many of their number to succumb to its
pressure, and placing before the remainder the certainty
of the wee fate, in the certain renewal of • run still
more severe to-day, to ease they opened their doors
to admit it. Never, Indeed, In the financial history
of New York was there • more trying and exciting
time then yesterday. For week. the merchants of New
York had fallen in numbers, like go many sacrifices, in the
Wambold of the banks, beyond whose iron "ors carfata no

sespenes to theft spiel.; yesterday a multitude, like a
ernfteirme meg, came down on the bank& themeelvea, and
dim in tarn within the doors which they had
inhowiered to ban so strongly. flow far the latter wee
ligitiosto result of the former, how far it was in actual
MOW of the former, we leave for the reader to determine
far Waalf with the antecedents of the run of yesterday
Wm. him. We need not describe this run in its
outward features, each ens ONO the picture though he may
not bare been In Wall-street or In the neighbourhood of
the up-town banks—a street crowded with two distinct
dames, the one thirsting for gold crowding in huncloda
the doors of the banks, and forming long lines op
the step and through the halls, with uxlona faces, and
hands nervously clutched over their checka and drafts, crowd-
ing and jostling, and the other, the lookers on, crowding the
side-walks, joking and wondering how long the banks would
stand the run—ouch was the picture. Betwe• the dietremea
of the merchants who have been called upon to pay when
they had nothing to pay with, and the almost ',total destruc-
tion of confidence among the poorer classes et the p•,.pte,
there were chaos and confusion throughout the city. Early
in the day there woe a aimulteneons run upon the several
beaks, of the city, we believe without a mingle exception.
The Bank of New York, the oldest in New York, one always
liberal to its customers, end especially so dotty; the late
contraction, payed out its specie manfully until about one
o'clock when deemed and payed nothing but bank notes and
certified checks for the rest of the day. The Leather Mann-
torturers' Bank payed oat also until about noon, when it also
stopped, although ninety thousand dolls,, in specie
were duo Wit on its exchange coconut in the Clearing Ileum,
but which could not be obtained. ea so the run pro-
gressed; one after another of the bank ceasing to pay
specie, and paying batik notes instead, or closing their doors
entirely. The following is the lid of the tanks inapended
yesterday. There were repot t& of other', but this wit believe
comprises all.

Capital. Ciro'allots.

14011 s.
1. Merlon& issbongs
2. Ocean

3. Nardi Diver

4. Irviai

6. et llWlr
_

& Mime 400,000 151000

7. Market

600 000
L Krim

0. TM Tosiimmes Br& BOO,OOO 22*,000
10. Th• llskisis awl Drams' Book 800,000 Ir,oou
11. n 0 Loehr gamorlacturrero' Book 000,000 220,000
U. Tb• Bank of New York 2,523,0(00 342,000

13. 7—ha Cheiben Hark

14. TM New York Szehasp Bask 120,000 112,000
16. Belre Had Bank

16. Bank of the Blab of N.Y.
17. Broadway Book 1,000,000 212,000
IL Animas Beak

19. Peophrs Bank 412,000 107,000
Keay et the banks that sesintaheed themselves kept open
their deep well Lae in the afternoon so no to give all a
ahem* to pt their spade. Among thee; were the Bank of
America, the Bank of Commerce, and the Bank of tho Con,
matewealth. The Bank of America paid out some 160,000 dole.
is specie, the Beak of North America 85,000 'kis., the Bank
tithe Commonwealth 90,000 dots., and the payment stymie
. . . .

In alms about in this proportion of their t;lities stremeth.
TM flassimaei of the Maxine Bank, we are Informed, was
arerled by a any do main el their friends, some of whom
obtained a writ of injunction upon their procsedin' go. This
I wilt come on for trial In its regular course, without my sow.

pawl= of vitality or of its elLtor ; and when at the and of
the trial the bock chows it. Dona atreogth, it may rector

►miner without forfeiture.

The ram wpm the banks was at first mural, by a hw DM •
hoiden; sal If they had boa @eaglet there would have been
no solar eau. On estartay, for inetanoe, the directory of
the East River Bank East u usual for diecounting, and there
was no serious run upon it until the middle of the day. The
bank wanted twenty thousand dollen only, in coin, to sus-
tain themselves; and, in this emergency, applied to several
large beaks down town fur sedate/roe. These latter tutted
of 'asking a common cause with the weaker ones, are dote-
mined to break the latter in order that they may retain their
own presumed strength. The Fast River Bank sad the
Bowery 111111 k should both lame been aided by the stronger
►anks, as a matter of public interest ; for it cannot be denied
that oak Wien precipitates that of others by occasioning a
In. at ewairleste.
On Monday the apprearbes to the several banks ware filled
wit► sager depositors and bill hoiden., and the Orocen*
Balk exhausted its specie funds end sou slued its doors.
. . . .

This, too, wan unnecessary , if the other banks had rendered
soutane and thereby quieted the sideline:et. la s matter
of this kind, of goad distrust and dread, the basks of the
city should hove mods comma come, end suatethed each
other ; but by allowing cos ar two to fail, they emoted dia-
trod of all. Even had this enures been wetted, and tho
whole body of beaks stood together sad made • common

•
fond of their epode, th question whether they could have
gulden:ad the persistent ran. &fore yesterday the demands
wen mainly eonfinvd to bi&holdere ; but this morning the
depositors seemed disposed to move in a body and claim their
fund.

There is wo difficulty in laicism these deplorable results
Immediately to tho vacillating course of the Mtn (with mine
few hotionrable and praisewort by eaceptions), and indirectly
to a combination of unfavourable forage tradeand of entound
Making. We panted oat, two or three weeks age, the then
preadlieg causes of dieconamt smog ear merchants, who
wan tbee suffering es will as now, hem en injudicious cur-
tailment of losaut—the treat of harmony sad conidatency in
the teammate of the Make, and the issamaty Meting for •
resemble eagasion of heiM lame to those having payments
to snake.

At a maths. of bomb a for days aftenrards, all them
Chimp were oneoeded ; and some meunmes was giros that
ea maw of Imam equieehmt to Ave pr cent. would
promptly take yams. The mere pewees at this extension gem
vest Mid the amt day : aced had it hem named in good
bilk by every bask In Me city, n helices that one-half of
the subsequent empeuelsee mamag our merchiutta would
bare beau averted, se well as ell the bulk failures in New
Trek end out of It. - -

We speak the easflmrta of the tank conweetedel own-
inanity, when we use this language . sad we repent whet w
bra frequently rid is thew column; within the pent these
weeks, that the banks wwweentray isertlicai the inteehasto;
red in doing this, Wry set only weekend thenwelvese bat
gradually examparated d useallmis r a brig. Ws raw
of the can Ira been tor by arid it or kr* bar