South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1837-05-20

AND NINETY. The catalogue was sWeiieo
last evening to the number of THREE HUN
DRIED AND FIFTY-TWO.
From the National Intelligencer.
The first O. the Deposite Banks to
give up the ghost is the Dry Dock Bank
Il in New York. The amount Of public
money in its custody was about two
hundred and sixty thousand dollars.
This amount may, we suppose, be con-
sidered total loss. It is small be-
ginning; but, it should be borne in
mind, It may be, and probably is, only
the beginning. Sooner or later, with a
Bank conducted as this Bank appears
to have been, (having incurred liabili-
ties for $780, 900 on capital OF 200,-
900, and having in its credits an item Of
overdra,os to the amount of $500, 0G0,)
this catastrophe must have happened.
So that the failure of that bank cannot
be by itself as great an evil as. the Bank
itself was. The only light in which
the incident is of serious Importance to
the country in general, is that OF the
forerunner of more or less general
failure ofthe weaker deposite banks,
whom the Executive Of the u. States
will have lured to their ruin by the
temptation of profit, not merely upon
the public money, but upon the addi-
tional credit given to them by their
known connexion with the Treasury.
New YoaK, May 10.
The Banks of this city, each and all,
have suspended specie payment! The
bankers met Last night, and deliberated
till late hour, when all but three re-
solved to suspend specie payment.
This morning the other three did the
same thing. The Common Council
being in session at midnight, the banks
making a representation to them OF
what was to be announced in the NOR
ming papers, they, in concert with the
Mayor, ordered out two regiments of
the military, who were on parade this
morning as soon as the morning papers
werein circulation. The cityis, there
fore quiet. There is no alarm. Wall
street has been thronged with great
crowds. The excitement is great, but
there are no 1iotous movements.
have some anxiety about the night, but
l presume the military will be kept at
hand. If the banks had not taken this
course voluntarily, they would have
been compelled to do it to-day, for the
run was universal, not only OF bill-hold-
ers, but of depositors also.
There is no doubt that all the Safe
ty Fund Banks in this State will now
suspend specie payment. Gold and
silver being at a premium, and paper
being necessarily the circulation OF this
great city, the State must inevitably
follow. ~
The Chamber of Commerce meet
tonight to deliberate upon the crisis.
The banks have agreed to send COM
mittee to Albany to ask for a suspen-
sion of the safety-fund law, which In
hicts upon them forfeiture OF their
charter if they suspend specie payment
80 DAYS. The merchants held NEE
ting to-day at the Exchange, and a
greed to stand by the banks in uphold
ing confidence as far as possible.
"Stocks have gone up of course from
five to ten per cent. People who have
money to pay are much happier, as
they can pay it now. There is no rea-
son why people should be alarmed, land
as vet they are not. There is conf
dence in the solvency of the banks.
Failures will cease in a great degree
after this week is over. hope the
Government at Washington is now sat
isfed with their EXPERIMENT"