The Express.
London, England, 1857-10-19 00:00:00

COMMERCIAL.

The arrival of the Star of the West with • million and •
half of specie had • good effect on the New York money
market.
The cotton market at New York is quite stagnant.
The market fur bresdatuda has improved on tho previous
trsineactions.

The pork market sive dull, sad to effects sale reductions
had to be submitted to.
No new feature to freight, can be reported; everything to
dull.

The Vanderbilt mail steamer Ariel, Captain Laid-
low, arrived at Cowes, on her way to Bremen, yes-
terday morning. She left New York on the 3rd
inst. She brought over 79 passengers. She cape-
rieneed the fearful storm which raged during the
early part of this month, and which impeded her
voyage. She met the screw steamer Argo, bound
for New York, on the 4th inst. ; the steam ship City
of Washington, bound west, on the sth• and she
passed the Indilana, bound east, on the 9th inst.
The aspect of financial affairs presents but little
change. The government office-holders throughout
the country received their quarterly salaries on the
Ist Oct., which in the aggregate amount to a consi-
derable sum, and add so much to the metallic cur-
rency in active circulation. A despatch from
Washington states that upwards of 700,000 dollars
of the public debt has been redeemed within the
past day or two. Some extensive failures occurred
in Baton on the Ist inst. The Supreme Court at
Albany has decided that banking associations have
the right to reduce their securities below 100,000
dela. by returning circulating notes, and the super-
intendent of the banking department has accepted
the decision, thereby reversing the practice of the
department. In consequence of this large amounts
of bank bills have been withdrawn from circulation
within the past three days. The financial pressure
has already extended into the far off and newly-
settled territory of Nebraska. Two banks, the Ex-
change Bank of Omaha and the Fontanelle Bank at
Belleriver, both of which were established within
the last twelve months, we learn by despatch to the
Chicago Press, see reported to be bad failures.

(Frets the Nor York Herald.)

Now Toni, F7IID4T, OCT. 6 T.Y.
Of all the gloomy days we have seen within the past six
months this has been by ell odds the worst. All the panics
previously seperieneed are as nothing compared with that of
to-day. The decline in stocks since yesterday has been
greater than yet realised in the more length of time since the
present revulsion commenced. At the first board to-day there
wee a most frightfhl stamped° sarong holden of Mock end
the beet on the list were daughtmg right sad lea. If
le • much lower depth for some stocks they willgooospketsly
out of sight. The lames realised meat be Mums% sad the
=amenity at large must be suffering lamosseely from the
02011 nows depreciation in market value. At the OM board
to-dov, Mimuri declined 2 per cent. • Erie Bonds, 1871,
, York entral, Ts, I; Merclui.nta' Bata,l; Park
Beak, ; American Recharge Beak, 3 ; Cumberland CM,
• Delaware and Hudson, 4; Pennsylvania Coal, 4; New
Tait Central Railroad, ; Erie, 13; New Haven and
Hartford, 2 ; Reading, 2 ; Michigan Central Railroad, 7 ;
Michigan Southern, 1 ; Illinois Central Railroad, 4i ;
Cleveland and Pittsburg, 1; °alma and Chicago, 6; Cleve-
DM end Toledo, 2; Chicago and Rock Island, ;
Mtlwaa-
hie and biiielesippi, 1. Here we have a fall ranging from
one-half to seven per oent. At the cleft yesterday no one
anticipated such a widow and sudden decline and no one
known but that a similar movement may be realised to-mor-
row. The sellers an those who, from actual necessity, ere
compelled to realise et any prier. The sacrifices are not
made so much by them who ere afraid of farther depreciation
as by those who went mosey and see disposed to sell any-
thing they possess to meet their current payments. This
ahem what materiel cur community is made of, end it Is
such material that has made this city the metropolis of the

The failure of the bonne of Pierre Chouteau, Jr., and Co.,
fur dealers, dic., was announced this morning. ilia is a
besech of the St. Louis house, one of the oldest bunco to the
sountry, and until very lately was supposed to be very
Aram. The feature of the present revulsion is that SOINI) of
ear oldest and largest mercantile concerns have been the
Ent to suspend.
The failure of a large beaker, railroad director, speculator,
&c., op the river, is reported. The party mend formerly
occupied a prominent perinea as an executive officer at the
Erie Railroad Cowpony, and was Indirectly involved to a
large extent in the Long Dock Company. Several importing
Interests at Newburg may suffer eardy by this suspentdon.
The Hudson River Bank, at Hodson; the Fernand Bank,
of Hudson ; the old Saratoga Bank, of this state; the Stark
Bank, of Vermont ; and the Bees River Bank, of lieseachu-
! nets, notes ate thrown out this morning, in addition to those
previously mentioned.
At the second board the market was on the whole lower.
American Exchange Bank declined Ii per cent. ; Reading,
If ; Cleveland and Toledo, I ; La Crosse end Milkwaukie,
New York Central opened at if, but fell immediately
back to an per mat., and closed heavy at that. There was
not much Wetness this afternoon, there being no buyers,
both from the want of means and the disposition. As •
thing, all of our railroad stocks are unproductive.
several
pretty certain that on the part of these corporations
there will be a genwal suspension of dividends, and
it will be years before the beet of them recover, and mawnii
sill newer resume. We have long anticipated nick • rand
and it is about being realised. This clew of securities
be unproductive for years. Bank stocks are settling down
about as feet as any other on the list, and the males are daily
incensing.
The position of 0127 banks is a matter for calm end serious
consideration. This month and the next is the time for our
heaviest payments, end we must look for such time in the '
iluancial world as have never before been seen or Imagined.
The hanks have a dangerous and difficult part to perform
during the next Wily days, and if they play it properly the
future will be full of hope. The resolution purporting to
have been passed by the managers of these institutions
amounts to Just nothing at •11. It woo only partially agreed
to, and not sufficientlz tote binding. t was intended
more for fancy than and it Is our impression that the
next returns will show that it has not been carried out. The
banks of Ibis city cannot expand and preserve their position
as specie paying institutions. Their only safety is in connec-
tion. The banks of New England must suspend. We down
me how they can avoid it ; but the banks of this city con
melds themselves if they will adhere to the policy they have
for some weeks pursued. Nothing else can save them.
Au eipansion would lead to an immediate drain upon our
specie reserve, and Mop at one. the current of specie sow
setting Into their vaults. An expansion would temporarily
relieve the community, but it would end in Mepenlielt of
specie payment. by the bank.. Better hundred, upon hun-
dreds of our merchaata should fall than our banks l en
It is a distrowing alternative, bat we see ao belirL4.
With our banks dm sad fined as "sae' paying Mantetions,
the country may recover from this revulsion In a few maths,
whereas a suspension of specie payments would ptuntrate
every important inbred, from which we should not MOM/
s years.
It is orated that the Partners and Citizens' Beak of Wil-
liamsburg, the suspension of which was noticed yesterday,
had 103,000 dole. on depeeit, and about 227,000 del.. dis-
counted paper in its possession, and that 226,000 dole. of the
laity is conaidered perfettly good, Dorian= have boon

mowed that they will not low in the slightest degree,
although they may have to wait a short time for their money.
We ore informed that the Bank of British ?Nth America
and toner Cvnadian banks hare ordered specie from Breland
in amount rather thee mil their exchange at present rates,
and it will begin to mire in two or three weeks. This is •
movo in the right direction, and we hope the example will
be followed in other quarters.
. . .

The merchants of Boston held a meeting to-day to
take into consideration the state of financial affairs. The
conclusion come to was that the banks must be sustained at
all haw& and at any saaifices. The resolutions will be
found under the telegraphic bead.

The exports of sA-Terfroar this port for the week ending
this day, and for the year 1867, thus far, were a. follows :
Total for the week, 10,321 dole.; previcaudy reported,
32,874,840 dole. 89c. ;• total, 1857, 32,884,861 dole. 89c.
The last returne of the bank' of this city, con with
those of the previous week, exhibit the following In
the aggregates :—Decrease in loans and discounts, ,988
dole. ; decrease in specie, 229,091 dole. ; decrease in circula-
tion, 235,493 doh. ; increase in deposits, actual, 933,068 doh.
These returns show a diminished movement in all the lead-
ing departments. The bank managers are punning a wile,
cautious, and ermeervative policy, and they deserve much
credit for the determination with which they adhere to that
couive. The contraction has already reached a very heavy
amount, and while many may be disposed to condemn the
bank. for this rapid reduction in their discount Thom it must
be admitted that in view of the movements among the banks
in Philadelphia and Baltimore it is well that the contraction
hero commenced in such good earnest. The wont la over
with the bank. of this city ; they have placed thieseshes In
a position of great strength, and are now, we believe, im-
prepable. The hanks of this city in particular are lust now
entitled to much consideration from the ttyy at=
They have Lone up ageing the great shock
the banks of other ties have toppled down like som2
lease bricks, and public confidence in them is unitep.
Under the present system of management this confidence
will be preserved. The above returns must be satisfactory to
ell parties interested.
WASIONOTON, OCT. 2.
The financial pressure is seriously affecting the public
revenue. The treasury receipt. het week amounted only to
660,2.57 dole.; drafts paid, 1,666,518 dole., draft, 'hued,
1,829,636 dole.; reduction for the week, 1,169,429 dole. But
a small amount of public debt MOlB to hand to-day, but a
' large amount is expected to-morrow. The Secretary of the
Interior has recently invested Dearly one million dam in
the state stocks of liliwourf, Pennsylvania, Illinois, North
Carolina, Tennesere, and Virginia, in trust for the various
Indian tribes. AU but fifty thousand dollars of that amount
has been drawn hem the treasury. The Present time was
chosen for the investment in order to contribute something
towards the relief of the money market, while 180,000 dole.
has thus bean reared in the transaction for the Indians.

PHILADELPHIA, OCT. 2.
Much diwatiafactlon is exprereed among prominent demo-
crats here in reference to the reading of a call just prepared
for • mass meeting to be held on Monday night in Indepen-
dente-square. The meeting I. to be a demonstration of oppo-
sition to the legalisation of bank suspension of specie pay-
meat. Some of the legal organs reuse to publish the mil,
'eying that their objoction Is not 'pima the meeting, but
against the inflammatory style of the call. It was reported
on the atrect aim afternoon and generally credited among the
brokers, that the Reading Railroad had failed to meet a note,
and that it we consequently protested. Mr. M. R. Wendell, '
the agent of the Middlearz Company, Bevy State State Mills
and the Now York and New England Narita ColnPll79
had made an assignment. Stocks hoary. P s, lauded
79; Reading Railroad, 161; Long Island , ;
Pennsylvania Railroad, 391.
ALBANY, Om. 2.
Circulating notes to the amount of 260,000 dole. were re-
ceived at the Bank department to-day, up to 6 o'clock.
About the name amount was received yesterday. flaperin-
tendent Cook yesterday released 150,000 dolt. worth of stack
aecuritiett, and about the name amount was released to-day.
A large pile of circulating notes yet remain in the depart-
ment uncounted, although work in the effete is kept up until
about 9 p.m. Notwithstanding the depression In stocks, the
half million loan will be offered by the Commissioners of the
Canal Fond on the Bth inst., according to advertisement.
Boeroo, OCT 2.

The meeting of merchants, to consider the tiLia-
cial emergency, wee largely attended. J. Thomas Berm-
mon, Esq., prodded. The meeting adopted the following re-
solution, ..

--tre;orved., "That in the present &agency every effort
should be made to support end protect the mercantile honour
of the metropolis of New England."
Resolved, "That as long ao new York maintains her high
and honourable position in sustaining public credit, the mer-
chants of Boston will sustain and maintain her honour, by
rendering all the aid in their power to continue their Liminess
upon a specie basis.
Resolved, "That the voluntary suspension of banks is a
great public calamity, and should not be entertained by
gentlemen of high mercantile honour, only In the last ex-
tremity."
Resolved, "That the merchants of Boston have undoubted
faith in the security and ability of the banks of this city to
pay all their liabilities in any extremity."
Resolved, "That it is the duty of the banks, as well as in-
dividuals, to render each other all the aid partible to carry us
through the preeent crisis."
Thu sentiment of the meeting was three to one against any
bank suspension. It is understood that the roe feeling Is
quite unanimous with all the banks of the state.
Six O'CLOCK T. X.

Money matter@ masks about the same. The general re-
pudianon of bank mtepension manifested at the meeting of
the merchants to-day gives more tone to public confidence,
bat doss not abed relief. The pre is steady, and heavy
business at the Brokers' Board is nearly suspended. florae
few railroad shares sold to-day. The failures reported to-
day are Parsons, Culler and Co., dry goods, and Moses Pond
end Co., stave dealers.
Drown. Morn. Ocr. 2.
The Monks redeemed their bills till Ai,
Air the usual hour of
closing yesterday. Today the run hes entirely ceased.
Lovisvu.kl,

A despatch to the Bulletin says the .13zel;nge,ibeiky-
Lawrenceburg and Trenton Beaks of Tennessee' have
suspended. The run upon Hunt and Co., of this city, ceased
before the close of loudness. They are considered aroug,
New ()Jamaica, Ocr. 1.
—Thee agents in this city of the Northern Bank of Kimissippi
were unable to redeem lta notes to-day. The money market
is feverish.