Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-02-09

late panic has completely subsidized. We re-
gret 10 observe, that in almost every part of
the country great local inconvenience has been
experienced from the stoppage Of provincial
banks, attributable, no doubt, to the influence of
the alarming state Of things in the metropolis.
In many cases, however, II is pleasing 10 re-
mark, that The effects have been only of a tenn.
porary nature, and that well-grounded hopes
are entertained, that in the end the evil will not
he SO great as was at first anticipated. Still
much distress will necessarily be experienced,
and some time must elapse before the general
shock to public credit has been entirely over.
One good will, at all events, be pro.
duced-that Of convincing the public. that,
with the exception of very few instances, there
was no real ground for much Of the alarm
which was felt; while those who were unde-
serving Of confidence will be exposed to the
consequences Of their own rash speculations.-
The rumor which was circulated on Saturday
week, that an intention existed on the par, Of
the Directors of the Bank of England, to sus.
pend cash payments, proves to be without foun-
dation. 1T is true, that from the great demand
for gold. a scarcity was for a little time obsery-
able but arrivals Of large-sums from the Con.
%tinent, aided by the unceasing labors Of the Of
fcers Of the Mint, soon supplied all applicants,
and the amount now OH hand is more than ade-
qaate to every demand. The Bank has, through
out the week, been most liberal in their dis
counts, both of town and country paper; and
although tomorrow is a holiday, still the GUS
tomary rule has been dispensed with, and notice
has been given, that the Discounloiice will be
open as usual. Among the private bankers,
discounts are in general refused till after the
10th of January, a circumstance which has and
will produce great difficulty in the trading cir
Giles; but considering what has already occur
red, we think they are justified in preserving
themselves from the chance Of further difficult
ty, by refining in their hands large balances.
The payment OF the dividends on the 10th will
throw an additional sum OF nine millions into
circulation.
The Bank Directors have raised the amount
Of interest on bills discounted, from four to FIVE
per cent, and their example has been followed
by the East India Company, the Banks Of Ire
land and Scotland, and by all other establish
ments in which the lower rate Of interest had
been taken.
In London a public notice has been given by
Messrs. Williams and Co., that they are enga-
ged in making arrangements, with as much
speed as is compatible with so important a
measure, for resuming their payments, in few
days, under new and extended firm. With
regard to Sykes & Co., Everett * Coz, and Sir
p. Pole & Co nothing de6nitive has been done.
Sykes & Coz is said, are likely to pay lbs. in
the pound.
Messrs. Stirling & Hodsoll have issued a
Circular TO their customers, fully confirming
the statement which we made at the time of
their unfortunate suspension Of payments. 1t
is most painful to reflect, that honorable men,
long established in SO important a line Of bust
ness, and possessing property considerably
more than sufficient TO satisfy in full all de-
mands against them, should have fallen victims
to a ~senseless panic.
The following is a copy Of the Circular:-
"Slr-Altnough the recent general embar-
rassment of money concerns compelled US to
suspend our payments, vet, alter most careful
investigation Of our accounts, it affords US the
greatest qualification to be able to assure you,
we possess assets TO an amount considerably
more than sufficient to satisfy, in full, every
demand against US. We shall, Of course, use
every exertion to accomplish that object with
the least possible delay; and as the best proof
we Can offer that such is our intention, we beg
to inform you, that on Monday the sd Janua-
ry next, we shall be prepared to pay you one
third Of the amount Of your claim upon US
We regret that We cannot at present make a
larger payment, considerable parts ofour assets
not being Immediately available; but, with a
view to convince you Of the integrity of our in
t%enlions, we propose that the remainder of the
demand shall bear interest at 4 per cent. from
the LIST Jan. next, and anticipate, with much
pleasure, that We shall, within a very moderate
space Of time, make a further payment, and
shortly afterwards discharge every claim a.
gainst US. We return our BEST thanks for your
kind forbearanoe towards US, and remain, Sir,
your most obliged servants,
"STIRLING, STIRLING, & HoDsoLL.
"StraRd, Dec. 25, 1926"
s. -..EAgL-y.-s -
For Eveiykt.