Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-10-24

u III Ute HJJEE OF TFCEHB EFEUTHs OUT ETEETgDH dp-
p~roaches, and these events SO stagger attention
that the public mind thinks Of but little else.
NEW yoRK, October IS.
One other Of our new banks, the Wool Growers,
suspended yesterday. Il is a bank Of but small cir
~culation, and the bilI-holders are amply secured BY
the State. They who say there was no run upon
The banks here have thus a practical confutatioD.-
The bills Of this bank being sold By the grocers and
Others at only half per cent discount, to take up
notes in bank, when outofthe-cily bills were Two
or three OF five per cent. discount, the consequence
was, that the brokers threw them directly UPON the
bank for specie, and the bank could not stand the
run. The banks Of the city, however, ore srm as
a whole.
What panic there was is over. The excitement
is rapidly subsiding, and people are discussing and
calmly viewing our position. Indeed, there is more
cheerfulness in the street, and stocks have now all
vailced for two days. U. s. Bank sells to-day at
70 and 80. North American Trust has also gone
up. Corporation bonds bearing interest sell at o..
Treasury notes are at par, and 4 per cent. premi-
um. Notwithstanding the controversy that appears
in some Of our journals upon the suspension, there
is, without doubt. the fifmest determination upon
the part Of our bank officers TO maintain specie pay
ments to the last, and in good faith. There are no
failures Of Importance, but the demand for money
is great, and the pressure severe.
A controversy Of some general Importance pro-
misses TO rise up between Ex-Governor MARCY and
Hon. N. r.. TsLLMADoE. The Ex-Governor de-
MES " by authority" in the Albany Argus, that he
ever encouraged Mr.. TALLMADoE 10 oppose the
Sub Treasury scheme. The Evening Journal insin-
yates that Mr.. T. will take up the gauntlet.
The Tammnny men Of our city meet tonight to
agree upon their city Assembly ticket. An attempt
is making to prescribe all men who are directors of
incorporated institutions, or who are stockholders,
as "no democrats and what will be the result in
their nominating committe is mewhat doubtful.
The ultra Locofocos, who are for a ticket without
such stockholders, have fifteen out Of the seventeen
wards Of the city, but two wards of semi-C ~onsefva.
tive Tammany men generally have head enough to
outwit the whole tail Of the other fifteen, and to oh
tain an agreeable ticket. The presumption is, they
will succeed as usual. As a preliminary, they have
turned out Of his post the editor of the New Era.
Mr.. LOCKE, who was too l~ocofoco. and put semi.
Conservatives in.
New YORK. October 16.
Whatthe many south of New York are daily look.
ing for, a suspension OF specie payments by the eli.
ty banks, Las not taken place, and, from appearan-
ces out Of doors and in the city, will not. The sky
looks brighter to-day in favor of continued iesump-
ton than it has for any day during the week past.
At Boston all is well, and, cost what it may, the
banks there are determined to remain firm as long
as the New York banks pay specie for their notes.
The New Hampshire press speaks in the same con-
fdent spirit Of the New Hampshire banks. Oflhe
New England institutions, the Rhode Island banks
alone have followed the example Of suspension
The Wool Growers Bank here is the only city or
State institution which has yet suspended. There
are but few bills upon this bank in circulation, and
the bileholders are all so fully secured that the bro
kers buy the bills at a small discount.
The most important item of news | have to send
you to-day is an arrangement with the banks, which
will lessen the difficulties connected with our for
eign exchanges. The banks here have agreed to
draw on London at 100 for ninety days, and at
l093 for sixty days. The best banks in the civ
have entered into this arrangement. | am told,
too, that an agent of the BARIsGs is in the city,
who has promised the credit of the house to the
banks here for a million of dollars, the money to be
a fund for tie banks to draw upon. The offer will
be declined, 1t is said. for the present, although ac-
cepted if necessary to prevent the shipment Of spe-
Gle. 1t is hoped that the -four and other grain
shipped to Europe, and in the course of shipment,
will now prevent the expectation of specie.
Stocks, too, are frmer to-day-anoiher good
sign, and one which may be depended upon in such
times as these, though not always. United States
Bank stock sold to-day from 80 cash to 80 on time.
All other stocks sustained themselves, and every
thing, | may say, wears a brighter appearance than
for many days past. | speak but comparatively,
however.
BILL JOHNSON, the I" pirate patriot" "he-
ro," Tor whatever he may be called " of the Thou
sand Isles" has made his appearance in Court a.
gain. He was brought before the u. S. Circuit
Court at Albany yesterday. He is under the kind
care and keeping of the U. S. Marshal, who DO
doubt will have both eyes upon the adventurer.
New York, more than ever, now is the theatre
of interest. The banks in New York State, in New
Jersey, and in New England. will be governed by
the banks here as to the important result whether
or not they will suspend specie payments.
New York, October II.
The Providence Or. l. banks have voted TO sus.
pend-lf IN favor, a opposed, and , divided. Let
tiers irom Boston speak of the intensity Of money
pressure there. The merchants have had a meet
ing, and expressed Their inability to sustain them.
selves in the present severe contraction of the cur
rency. They call upon the banks TO discount, and
they call aloud. Boston. it seems from all we hesr.
would be grathed if New York would but set her
an example of suspension.
The banks are determined to go on, and TO main
tain specie payments. Many of them unquestiona.
bly, have the ability, perhaps all, If a good spirit
prevails between bank and bank. They discount
none, OF course. They pay out each others bills.
when they have them, in preference to their own.
Their line of discount, it is probable, was never so
low. In the mean time, the pressure upon the
mercantile community is horribly severe. One by
one a failure takes place, but there are no alarm.
ing failures. The frmness OF the mercantile COM
munity thus far is amszing, but how long they can
stand this pressure is problematical, There must
be heavy failures unless the banks can discount
mercantile paper, which is promised, however, aE
ter The Liverpool sails. on Saturday; but i. is doubt
ful whether the banks can safely comply with such
a promise in the present condition OF the curren-
cy.
Stocks have sustained themselves pretty well to-
day. U. S. Bank opened al 83 and left Off at 80
"a hall per cent. lower than the closing sales last
evening. Treasury Notes to-day are selling at a
premium OF to ] per cent. A hundred thousand
dollars in specie left us to day in the Liverpool and
Havre packe's-foriy-,wo thousand for Havre, and
the remainder tor Liverpool, IL is hoped that the
heavy shipments of flour and other grains. with The
large shipments of cotton, win materially diminish
The amount OF specie to be sent abroad. The Liy.
erpool, no doubt. will draw hcnuiiu NM liz hnnL.