Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-10-31

NEw York, October 10.
A dense fog, which detained the Eastern mail
till two o'clock, was the cause Of some sensation in
the street. Have the Boston banks suspended?'
as the steamboat engaged in speculation ~ were
questions put and thought of-for there has been a
fear that the Boston banks would not hold out, and
that New York would have a shock on her Eastern
as well as her Southern flank. The Boston banks
are, however, firm. They are doing their best to
weather the storm, but il is not yet a settled con-
viction in mems minds that the risk Of suspension
there is over. The pressure on the money market
Is intense, ana the banks cannot relieve it. Fail.
ures are taking place, and there is no power of a.
verting more. They who are solvent there, and
need money TO meet their obligations, cannot get
IL. There is no relief for them at home. There
is no pay for them abroad but al frghtful sacriii-
ces.
The struggle of the banks aud the mercantile
community here is yet going on. Our newspapers
nearly all aver that the banks will hold out. What
ever honorable effort, mercantile principle, devo.
tion, and sacrifice can do, will be done. But one
class, the banks or the merchants, must soon yield,
for both cannot persevere. Failures must inevita.
bly, take place, many and important, unless the
banks, by next week, can extend their line Of dis
counts. That they can extend and sustain them
selves, amid the present agitation and want Of con-
hdence, is almost an impossibiity.
NEW lokhi October ~.
The Liverpool leaves to-dsy at , o'clock. but the
rain has poured down with so much violence that
II is difficult to get at the state Of affairs. There
has been an abundant supply of bills on London at
100 and 1904, and this has very much lessencd the
expected export Of specie.
U. S. Bank stock is from &c to 781. The pres
sure upon the money market continues to be intol-
eTably severe.
The Boston banks have taken strong ground, and
will not suspend. Ours will certainly maintain
their position unless there comes some unexpected
shock.
There is no city news Of interest. The domes.
tic exchanges are so bad that it is not worth the
while to quote them.
NKw YoRKS October 60.
The Boston paper, of yesterday speak in encou,
raging terms both in regard to the ability Of the
Boston banks to continue 10 pay specie, and their
determination to lend a helping hand to the mer.
chants by the extension of their discounts.
The New York papers, from tho lake to the city,
make no mention Of any probability of suspension.
They will be guided by the banking institutions
here; and if the majority of the city institutions
pay specie, they will do the same.
There was an arrival from Canton last night, the
ship Horatio, bringing news to the 14th of June,
6fteen days later than was received by the Panama,
which arrived here TWO weeks since. The news,
although but a continuation Of what has been before
received, Is very important. The British residents
had generally retired to Macao, and the American
consignees were hesitating to draw their vessels in
to port until some decision could be made with the
local powers. No business was doing AT Canton.
and none would be done before the departure Of
the Imperial Commissioner. 1t is the opinion Of
those who have arrived in the ship Horatio, TINT
a, the present time there are neither Americans
nor Europeans at Canton, and yet it is believed that
the opium trade win be prosecuted in spite. of the
Government aud its edicts. OF course, there was
great excitement with The Chinese in consequence
OF the suspension Of commercial intercourse. The
Canton Register Of the 18th June, speaks of an APP
Plication on the part of Captain ELLIOT to the I'm
perial Commissioner TO allow the British merchants
TO conduct their business at Macao. The epplica-
ton is received in bad temper, and the edict in re-
ply gives no promise Of consultation. The British
residents speak warmly of demanding explanation
and satisfaction tor contempt shown them.