Northern Times.
Liverpool, Merseyside, England, 1857-10-20 00:00:00

NOTICI.

ELEcTzo-PLATS GOODS.—There are few-branches of art that more
perfection has been attained in than in this portion of our manufac-
ture, and the most beautiful specimens of spoons, forks, goblets, and
other table articles of the sort, may be seen at Mr. E. T. Hall's, of 23
South John-street, who, to his other branches of business, has added
a department for the sale of these articles, having been appointed
arnt to one of the first manufacturers in Birmingham. The designs
In these articles are beautiful, the quality very superior (nearly as good
as silver), and the price, considering all these, moderate to a degree.
An inspection of the goods will prove the above facts,—Northern
Times.
Te 3 Spoons ...... .. • • ......... 10s. per Dozen.
Dessert Do. .. . . .... 18s. „
Table Do. .... ....... • .. ........ 243,
Dessert Forks . ....
Table Do. ..... ........ .... ...... .... 243. II
Sent carriage free to any part of the country.

BOYS' CLOTHING MADE WITH GREAT TASTE AT LEWIs and
COMPANY'S, .Ranelagh-greet.

TIIE FINANCIAL CRISIS
IN AMERICA.

(Continued from yesterday.)
FAILURE OF THE BANK OF THE U. S.—THE SUSPEN-
SION OF FEB 4, 184 l.—Th's account was considered very
unfavourable. The depreciation of stocks was so widely
known, that a loss of several millions on the shares held by the
bank seemed inevitable. At the time of the report the sock
of the United States Bank was selling at about sixty-three
dollars per share, upon which one hundred dollars had been
paid. It immediately began to sink in value, and on the 4th
of February was selling at 45 dole 75c. On the 15th of
January the bank began to pay specie. Extecsive demands
were made upon its coffers, and there seems to have been
strong exertions resorted to in order to stem the tide. In
twenty days 6,083,321 dols had been paid in metal:ic currency.
The other banks of the city had also been subjected to steady
demands for silver and gold. In the same period they had
redeemed their notes to the value of 5,122,732 dole. The
heay.est rereure was upon the Philadelphia, Pennsylvania
and Girard Banks, each of which paid out more than a million
of dollars in coin. The city banks were going on in the
regular course of business, when consternation was occasion. d
on the 4.h of February by the announcement that the Bank
of the United States had again suspended specie payment.
The directors of the other banks met in the evening, an.
resolved to continuo the payment of specie on their liabilities,
The next day there was much excitement among note-holders
and before the banks opened crowds collected on the pavements
before them. The Bank of the United Stares peid coin on
their five dollar notes; the other banks paid all sums demanded
until late in the day, when the " run " was found to .be so
heavy that it was necessary for some of them to limit redemp-
tion to their five dollar notes. On the subsequent day the
pressure on the banks continued. Some of them still redeemed
their notes of all denominations, but whets confined their
payments to their' five dollar notes. A partial suspension
ensued. Specie was only paid on the five dollar notes, by
which means the difficulty in consequence of a want of small
change experienced during former occasions, was materially
obviated The banks resorted to the system of marking
checks "good " They received the notes of all other institu-
tions but the United States Bank, the absolute fa lnre of
which now seemed probable. An informal meeting of citiz ns
was called on the 6 h, at the United S a'es Hotel, which
adjourned un it the 9th inst., when George M. DaPas took
the chair, and Joseph R. Chandler acted as Secretary. On
that occasion Joseph R. Ingersoll, on behalf of a committee
appointed at a previous meeting, reported a series of resoitnions
They declared that the banks of the city, naming all of them
except the United S ates Bank, were " believed to bo in a
condition wh ch enabled them. beneficially to receive and to
render available to the people the contemplated relief and
assistance." John Miles proposed as an amendment "that
the bank.," ace., " were believed to be in a condition," &c.
The otj et of this was to embrace the Uni ed Sates Bank,
which was excluded by not being nsm..d in the resoles ion
which was reported. On its otoposition this was adopted by a
large majority, but considerable discussion then arose, and on
the quesion being taken on the amendm nt to the amendment,
it was lost, and the resolution as reported was then adopted.
The other resolu'ions declared that the banks endeavoured to
car. y out the resumption law, in consequence of which a large
amount of specie had been withdrawn from them. They-
suggested that the measures necessary for relief were a suspen-
sion of the statues penalties for omission to pay notes, deposits
and obligations, in gold and silver coin. A re-enactment of
the provisions of the Act of 3rd of April, 1840, relative to
dividends, was recommended. An arrangement was declared
necessary by which each bank shou'd be prohibited from paying
out other notes than its own. A committee of seven was
appointed to proceed to Harrisburg for tLe purpose of obtaining
the necessary relief and assistance. A meeting of " the
friends of equal rights," consisting of "the mechanics,
labourers, and other cifzens of Philadelphia, without
distinction of party," was held at the Exchange on the
11th. Peter Hay acted as president. The proceedings
expressed full confidence in the beaks, and recommended
such legislation as would strengthen and support those
institutions. They advised that all statutes which
authorised the forfeiture of the charters of the banks
should be repealed, and that the penalties for non .payment
of their obligations should he remitted, and the substitution of
such regulations as shou'd impose strict responsibility on bank
officers, and direct the ilives•ment of their capitals into the
channels of our own business and industry. The issue of small
notes of a less denomination than five dollars they declared to
be a remedy for existing difficulties, " recommended alike br '
its convenience and s'mplieity." As many persons depended
upon their bank stock fur the means of support, it was sugges-
ted that permission ought to be granted banking institutions to
declare dividends not exceeding six par cent. per annum
during the suspension of specie payments. A committee was
also appointed by this meeting to proceed to Harrisburg, in
order to produce the proper effect upon the Legislature. The
offcers of the Bank of the Uni ed States memorialized the
General Assemble, on the 13th, for assistance. In that com-
munication they declared that they had honestly endeavoured
to comply with the requisition of the Legislature, by the act of
April, 1846, and had resumed payments and continued them
"against a combination of hostile interests, or what without
personal combination may have been equally effecnal, a per-
vading distrust stimu'ated into ac ivity by a part of the public
press in another State," until it had been shown " that no
efforts of the Bank could have triumphed, except such as would
have enabled her to face every dollar of her deb's, with a
dollar of coined silver." They adverted to the fact, that they
had paid to the State, on account of the bonus, since 1836, the
sum of 3,022,662 dole., and had also loaned the Common.
wealth 8,621t,000 dole., and advanced nearly 1,000,000 dole.
more to works of public concern in the State. These large
applications of capital, they averred, were severe burdens upon
the bank, and the institution was immediately afterward
called upon to redeem the loans in coin, by those who had be-
come possessed of portions of them. They asked a suspension
of the penalties which menaced the corporation, and requested
that, on the passage of whatever laws should be thought neces-
sat y for all the banks of the Commonwealth, the United States
Bank should not be excepted from the general benefits.
Whilst urging this leniency, the memorialists declared, " The
sufficiency of the assets of the bank to meet all her orgage-
ments to creditors, in the opinion of your memorialists, is as much
a master of moral certainty as that the assets of any bank in
this Commonwealth or elsewhere are sufficient for a like
purpose. f, through measures of folly or madness, all personal
secureties shall be annihilated, and real este° be made dead in
the hands of those who own it, the ca'amity will not be con-
fined in its effect s to the Bank of the United States, and,
unless they are so annihilated, the sufficiency of the bank assets
is morally certain."
PASS. GB OF THE RELIEF LAW.—The situation of the
banks of the Commonwealth at once engaged the attention of
the Legislature. A bill was passed by both houses, entitled,
"An Act relating to banks and for the better regulation
thereof." This bill was returned to the General Assembly
on the Bth of April, by Govenor David R. Porter, with his
veto. It proposed to repeal the penalties against the banks, and
to allow them to issue notes for five years, under five
dollars, to the amount of six millions, and to permit the Bank
of Vie United Stab s, to reduce its capital from 35,000,000
dols. to 14,000 dole. Another bill was then presed, entitled
" An Act to provide revenue to meet the demands on the trea-
sury," &c. This bill is generally known in Pennsylvania as "the
relief law." It provided for a loan by the banks (except the
United States Bank) to the state of 3,000,000 dole. in certain
air ounte, according to their capital, in Consideration of which
they were authorised to make the loan in their own notes,
of the denominations of five dollars and under. It also had
provisions for an increase of taxation and rea'iz Alen of revenue,
and that the provisions of laws in relation to increase of
interest and forfeiture of hank charters for non-payment of
specieobould be suspended until the Legislature should make
provision for the repayment of the relief loan. It also con-
tained a section permitting the Bank of the United States to
make an assignment. The bill contained specific appropria.
tions of the moneys expected to be raised tinder it for various
public purposes. This bill was alto vetoed, by Gov. Porter
on the Ist. of May. But it was taken up in both houses, and
parsed by a constitutional majority of too-thirds, and became a
law on the 4,h of May. Many of the banks of the State,
accepted the provisions of the law, and issued what were
called " Relief Notes" under it. Oners refused and paid
their obligations in specie, so that gradually, and without any
formal or concerted action, specie payments were resumed.
AITFIIIPT TO HAVE TBZ CHARTER OF THE U S. BANK
FORFEITED.—WhiIst the Legislature was debating the impor-
tant sul.ject of the condition of the banks, an attempt was
made to have the charter of the bank of the United States
declared forfeited. George F. Alberti made complaint in Feb-
ruary that he had made application to the Bank of the Ifni ed
States for the redemption in specie of two notes. Payment
was refused, and he made application to the Court of Common
Pleas, to make a decree against the institution, according to the
provisions of the act of 1840, The matter was argued with
great ability by counsel on both sides. The Court decided
that the act of incorporation of the tank, by which the institu-
tion undertook to pay a bonus to the State of five millions of
dollars, was a special contract. By the terms of that charter,
a refusal to pay a bank note subjected the institution to a
penalty of twelve per cent. After the expiration of three
mcn.hs from the time of refusal, proceedings might be
commenced to procure a forfeiture of the charter. The act of
1840 declared that after the expiration of ten judicial days
from the time of a demand of payment, the forfeiture might
be demanded. The Court decided that the latter act was, as
far as it referred to the Bank of the United States, unconstitu-
tional, and that the proceeding under the resumption act could
not be sustained.

►SHIPS CHARTERED BY THE EMIGRATION COMMISSIONEPS.—
The ship taken by her Majesty's Emigration Commissioners
on Thursday afternoon was the Rodney, for Melbourne
(from Plymouth), at 116 2s 6d per head—pesseug,re to
embark from the 10th to the 20th December.