The herald., 1837-05-12

deiphia nave suspended specie payments The Balt-
more banks much to their honor have refused to
follow the lead Of the New York and Philadelphia
banks,and to violate all the rules of right and wrong
Nothing new from New Orleans or Washington
New ORLEANS, May 4.-THE TlmEs-We have
no particular alteration TO notice in the money mar
ket. N failures of any consequence have occurred
for the very best of reasonsthere is nobody left to
fail ''
One of our heaviest cotton shippers, Theodore Nj
c;olet' merchant OF emmence shot himself yester-
day. He was instigated to the deed by The present
commercial embarrassments, his business being Sc
riously affected.
From the commencement Of the disastrous and
unprecedented pressure which for the last six weeks
has pervaded our money market down 10 the present
tune, we have endeavorcd 10 give impartial state
ment OF times, Of the crisis and Of the causes which
led 10 It. In so dong, we have but fulfilled what we
honestly considered our duty public journalists
Whether we have created friends or foes by our
course we know not, care not. Some of the bank
directing monopolsts and SPECTATORS and their i'm
mediate friends and partlzans, would doubtless have
been much better pleased had we allowed them and
Their rascaues to pass unnotlced-but this has ne-
tner been our intention nor our practice. We have all
along asserted that money scarce-that conf
dence between man and man was lost-that business
OF all Kinds was prosuated-and we defy any man,
or set OF men, to gainsay or prove untrue our asser
ton, otwhstanding some two or three of cur city
journals, have gwen out the idea that money
plenty ever and that the panic was brought about
BALTIMoRE, MAY l0h.-MoNEy MATrERs.-The
following notice was handed TO yesterday for pub
lcation
"Baitin,ore, 10th May ls37.-We are authorised
by the banks of this city respectfully 10 inform the
public that they will continue to pay specie for their
liabilities
In order that our readers, both in and out Of the
city, may understand the of the above publica-
ton, we subjoin The following explanation;
A meeting of the Board OF Trade was held in its
ol,a ,har in tho xphm cIrYr min for
the purpose of taking into consideration the embar-
rassed condition OF money alters and of devisng
such measures hight afford relief 10 the mercan-
tie and trading community in the existing crisis Af-
ter discussion, preamble and resolutions were adop
ted by considerable majority OF the Board, the lat
ter of which recommended a suspension, for three
months, on the part Of the banks, of payments of
specie all liabilities over five dollars.
After the Board had concluded its sitting, the re-
salt was communicated TO q numerous and rcspecta-
BILE meeting Of merchants and other citizens assem-
bled in the ronnda of the Exchange, wko confirmed
the proceedings by an unanimous approval.
Committee of the Board was charged with the
duty OF communicating the proceedings 10 the Presi-
dents of the several Banks, at the earliest hour yes
terday morning, which was accordingly done. In the
course of yesterday after due consultation among
the directors OF each institutions the determination
adopted by the banks to continue TO pay specie
as usual and consequently 10 decline compliance
with the request of the meeting referred TO above
Potriot. t.aK
PHILADELPHIA EIay ll.-Public Mecting.--At a
very large meeting of the citizens of the city and
county of Philadelphia held at the Exchange, last
evening, Benjamin w. Richards, Esq was called to
the chair, and Gerard Ralston, Esq. appointed Sc
cretary.
On motion, committee was appointed to draft
solations expressive of the sense OF the meeting;
whereupon the committee retired, and subsequently
reported the following preamble and resolutions:
Whereas, this meeting has been apprsed that most
Of the state banks Of sister cities Of New York
and Baltimore have refused to redeem their paper in
gold and silver and whereas, have also been ap-
priscd that arrangements are now making In dram the
specie from the vaults of our banks with view 10
foreign expectation, thereby depriving them of the
means of redeemng their domestic obligations TO eur
prudence and policy, every consideration Of selfde-
fence, demands that this calamous result should be
averted, Therefore resolved
That this meeting recommend TO the different bank
ing institutions OF the city and county of Phladcl
phia, if they deem the measure indispensably neces
sary, to suspend specie payment at present, and until
such prudent apd precautionary measures be adopted
calm consideration of the existing crisis requires
Resolved, That this meeting recommend 10 the Sc
yera banking institutions Of our city and county, mu-
tual forbearance 10 and confidence in each other.
That they the notes of each in payment of the
liabilities due TO them; and in every way endeavor TO
give confidence and assurance TO our fellow citizens
of the safety and solvency of banking institutions.
These resolutions having been read, were by accla
nation unanimously adopted, and the meeting ad-
journed.- Enquirer.
II. MAJ meeting Of the Officers and Directors Of
the several Banks Of the City and County OF Phlla
delpha, held at the Exchange on Wednesday eve
ming, May 10, 1887,
Thomas Sparks Esq, was called to the chair, and
Jacob Firth was appointed Secretary.
The proceedings Of the meeting Of the Merchants
and Czens, held at the Exchange in relation to the
suspension Of Specie payments having been presented
and read, Committee of ONE Officer from each Bank
was appointed to prepare preamble and resolutions
who retired and after some time reported the follow
ing, which was adopted.
Whereas, under the peculiar circumstances in which
this community finds itself placed by the suspension
Of specie payments by sister city OF New York,
and whereas, the existing state Of the balances be
tween the cities which weud cause certain abstrac
ton of the chief part Of specie basis, much OF
which could never be reclaimed, and whereas, the
measure has been recommended ry large meetings.
of citizens TO the proceedings OF winch puoHcIty VIII
be given i'm the morning-thereforc
Resolved, That this meeting recommend tempo
rary suspension of specie payments rs measure
which however painful will he less disastrous to the
community and In stitutions OF the city and county
than vain attempt 10 continue its payment IN the
present state OF things.
Resolved. That in the mean time the notes Of oil
the Banks will be received at the different Banks as
usual in payment OF debts and in deposit
On motion Resolved That the proceedings be pub
lishsd and signed-Ibid
CeuRr or SEssIoSs.-Thursday, May il.-Befo-e
the Recorder, Aid. Benson and Randall.
David G. Hansen was put upon his trial Tor Rrand
larceny charged with rob. jng his room mate, w IN.