The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-01


gress OF the Bank Revolution.
We received yesterday afternoon highly important
Information, showing the progress ofthe bank revu-
sion, which has now decidedly set in upon Phila.
delphia terrible state of excitement prevails in
that city, which will no doubt soon prevail in Balti-
more Mobile, New Orleans. and every other suspen-
ded city" in the land These events the natural
suits Of the dishonesty of the financial classes-her
errors and their rsgueres.
We annex such extracts as are important, refer
ring readers the postscript in this day. paper
for the events that took place In Philadelphia yes
terday.
From the Philadelphia Chronicle of yesterday
Rus ON rHE PENNSYLVANIA BANK.-On Saturday last
the note holders Of ths Bank Of Pennsylvania, COM
menced upon that institution, which kept up
until the time Of closing the doors wthout abangn the
least from perfect flood The cause was that several
not ALL as has been enormously satedof the Banks
refusing receive the notes Of the The
first movers in this step the Northern. Liberties
the Mechanics and the Commercial The Farmers and
Mechanics, the Moy smensing and the Penn Township
received the notes of the Psnnsyl vana Bank through
cut the day.
At the time Of closing the DOORS we were at the Penn.
sylvsnia Bank where great crowd Of persons had
gregated both IN and abouthe building, but all left by
the bLlding at the time Of closing, had their notes
changed and departed in quiet The Bank stood the
dsy on which the interest on the state loan Should he
paid. the institution would contiaue TO redeem, but,
fortunately, under present circumstances it is consid
cred advisable not to redeem any of the notes and
the Pennsylvania Bank will, doubtless remain cosed
today.
This information obtained last evening and would
caution the public holding notes the Pennsy lvania
Bank not to make hasty sacrifice, the sars of the
institution present favorable condition.
The interest on the State debt which becomes due and
payable tomorrow at the PeDnsylva Bank, will not
be paid will be allowed to 60 by default for few
days and then paid One of the for deferring
this payment is the very heavy premium specie-l3
cent-and the interest must be paid in specie
A meeting of all the banks was held ON Saturday
evening" at which 1t was decided to receive each others
notes ON deposte, etc. Had this determination existed
for the past week. the present state of affairs would
have been experienced
The Directors Of the Pennsy vaus Bank were to hold
meeting last evening, (sundsy) but the conclusion to
be arrived at assured, would not vary from that
mentioned abovethe bank not to redeem its notes, and
the interest the State loan remain unpaid for the
present This interest amounts to eight hundred thou
sand dollars.
From the Philadelphia Timesl
RuN ION THE CAMpES BArx.-NIcE WAY OF REpgEMrro
NorEs-As matter Of history. we record the following
fact. There the State Bank at Camden, on
fee in church Alley, and whole streams OF old women
rough looking countrymen and damaged speculators,
observed pouring into the banking Office anxious
to get rid Of their "Csmden notes." at all hazards So
dense the crowd inside that far from ones having
time opportunity to look at the notes you received
you were hustled out without exactly knowing at hch
end of his person your head was fixed.
THr FAHNERs' AND MrcHSlcs BAsK.-This Bank was
the first Saturday last to throw out the of the
Bank Of Penpsy lvanis and refuse to receive them
deposte although the time she indebted to
the latter in the sum Of ninety thousand dollars
From the PhilAd lphia Chronicle
THE BASx ExcIrsMssr-lHE CRrsis Saturday was
another day OF excitement in Philadelphia Explosions
and rumors Of explosions among the 6nanciers,
the order oil the day. and tho theme Of
every corner and meeting place, and among all classes
the inside Of those Banks which enjoy least public
fjence crowds Of pesons assembled urged by curiosity
notes Paaic snd excit, msnt fed by different rumors
was the consequence every body expecting the Bank
doors to be closed but happily all were disappointed,
for that day at least they continued to do busn
til three O'Clock.
They must he wl'uly blind to the signs of the times
who do not that tho crisis OF Bank fnancering IL
fast coming upon The most ndulgent and forbear
ing Of citizens have lost all In them and
beginning to be convinced that procras,inson and
delay only makes them instead Of better Their
high-handed rule Is past federation the conduct Of
several Of them within the last few days has been
tempble, and well calculated TO excite the strongest
Indignation against them. An insuhed and plundsred
community faded and worn out with palations, de.
Their violated rghts Thedays Of worthless Banks are
numbered, the fiat Of the people has gone forth, the
Institution that does not perceive the fatal revelation
from the Pniladelphia Enquirrl
Az IMPORTANT BASx MIkriNa The BANKS Of the city
and county Of Philadelphia assembled BY delegates
ganiyed BY appointing
J. REED, Esq. President.
Thcrs were in attendance 9, delegates from the follow
ing institutions:
The Philadelphia Bank.
The Nee hapics' Bank
Farmers and Nice hancs' do
North America do
Commercial do
WeSern DO
Penn Township do.
Msnufscturcrv' and Mechanics do.
Southwark de-
The folio wing Banks were not represented, in conse
quence Of not having received timely notice - |
The Bank Of Northern Liberties.
The Moy amensipg Bank. IS, |
The Kensington Bank.
On motion of Mr. Dundas, of the Commercial Bank, |
arrangement the follow ing effect agreed upon
10 the decision Of the respective Boards at
oisl meetings 10 he held this morning
l. The Ranks issue their notes CIV of
the denomination Of $40 and upw ards.
other.
Balances be settled weekly or oftener NJ the or