Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-02-06

had been under the necessity OF suspending
payment, and the alarm and inconvenience a.
mong individuals was beyond all calculation
bills were returning from every quarter, and
the acceptors and endorsers were equally in
competent to meet them.
Among the banking houses failed, we find
the names of Pole s. Co.-Williams, Burgess
s. Williams-Sir Claude Scott, Williams &
Co.-Everett, Walker, Malthy & Co.-Sikes,
Smith s. Co.-Selby s. Oliphant-and Sterling
& Hodsoll.
Several of these were agents of numerous
Country Banks, which in turn had in several
instances been obliged to stop payment, and
this had produced such ferment in the coun-
try that it had been,necessary at some places to
call out the militia to aid in preserving the
peace.
The Bank had raised the rate of disc cunt
from four to FIVE per cent. and had discounted
to the amount of nearly a million aday for Sc
veral days-yet the demand was undated, and
the difficulty of raising money continued with
out example.
A meeting of the principal merchants ofLon-
don was held at the Mansion on the 18th, and
resolutions were adopted on this subject, which
il was expected would allay the panic but it
seems by the stock exchange report Of the sue
ceedins day, that the money market was grow
ing worse.
London, Dec l5-The acceptances Of Sir
Peter Pole, Everett, Walker and Co. and
Messrs Williams are offered to be taken in the
city for payment of goods. Messrs. Walkers,
sen. anta. Jun. are with the Bank Directors, en-
deavoring to arrange for the resuming OF their
payments. Messrs. Wentworth and Co. will
do the same in few DAYS.
Smith, Payne and Smith, Barnets, Hoare &
Co. Jones, Lloyd and Co. and several other
bankers in the city, yesterday discounted all
their own acceptances that were presented to
them.
The drain of notes and specie for the coun,
try banks at this juncture is prodigious. One
provincial banker alone carried with him near
1900 900 on Tuesday evening, and tho few are.
Of course, conducted on the scale which would
render SO large sum requisite, yet it is sup
posed there is scarcelya single establishment,
from the Lands End to the Tweed, from which
applications for assistance have not been re-
ceived. Post chaises are arriving every hour
for the conveyance of specie, and are to be
seen regularly stationed in Lombard street dur
ing the whole OF the day.. II is obvious from
these facts that the Bank Of England is, for the
moment, called upon 10 supply nearly the
whole of the circulation in small notes Of the
Country Banks, and that their issues must be
very much increased within these few days.
1t is supposed, too, that the efforts made to re-
lieve the country have left London in manner
defenceiess. and has assisted much to bring on
the town failures which have occurred.
London, Dec l5.-Yesterday meeting was
held at the Mansion House TO take into consi-
deration the existing agitation in the city, and
to adopt such measures as should be deemed
necessary Only such persons as had been in
vited, were admitted. About so Of the most
respectable merchants were present. The LORD
Mayor took the chair, and stated the object OF
the meeting After some discussion, Mr.. Ba-
ring offered the following resolutions. which
were unanimously adopted
81. That the unprecedented embarrassment
and difficulties under which the circulation OF
the country at present labors, are mainly to be
attributed to general panic for whica there
are no reasonable grounds; that this meeting.
has the fullest confidence in the means and sub
stance of the banking establishments OF this
capital and the country, and they believe that
the acting generally upon that confidence would
relieve all those symptoms OF distress which
now show themselves in shape SO alarming
to the timid, and so fatal to those who are fore
ed to sacrifice their property to meet sudden
demands upon them, which ii is no imputation
upon their judgment and prudence not 10 have
expected.
d. That it having been stated 10 this meet
ing that the Directors Of the Bank Of England
are occupied with the remedy for state Of
things so extraordinary, this meeting will re-
frain from any interference with the measures
of the Directors of the Banks, who they are sa-
tisfed will do their duty towards the public.
"3 That having the frmcst confidence in the
stability of the public credit of the country, we
declare our determination to support 1t to the
utmost of our power.
A further resolution was also adopted, re-
commencing similar declarations in the coun-
try towns.
London, Dec l6--Siock Exchange, 2 O'clock
The appearance of the Stock Market is much
altered for the worse this morning, and money,
if possible, more scarce than it has yet BEEN
Exchequer bills 70 dis. Immense sales OF mo-
ney stock took place at the opening OF the mar.
ket; 3 l-2 per cents at SAL, and reduced to s54.
Reports are in circulation, that Ave or six coun-
try banks have suspended their payments, a.
monp them are two at Cambridge. 1t is conf
IDENTITY stated that the Banks refuse granting a
nv further advances on stock, and that pne and
two pound notes will be Immediately issued.
L.. i 81 l,,,, nod