The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-10-04

The Bank Panic Improvement an Stocks The Neto
MetroPolitGR Bank-1he Yacht Clubs Entertain
ment 10 Commodore Stepens- Fair Of Me american
IIlstitute-Pi Picture Of Wilmington Crossing the
Deiatoare-Ihe Officers of hs Searching Erpedi
tion-1he Neto Democratic OrgaR-Haymonies of
Democratic PGrty-A Pledge
New YoaK, October 9, 1851
The bank panic of yesterday, which, at the time
wrote, threatened TO involve the business commu-
nifty in very serious consequences, was allayed to
certain degree in the afternoon by a spirited CAPT
talist putting a hundred thousand dollars into the
hands of dealer in uncurrent bills, and telling
him To il in purchasing the bills Of certain State
and eastern banks at one per cent. discount. So
small an affair this had an immediate and ia
vorable influence; the rumor spread that an ar
rangement had been made for the redemption, or
rather the purchase, of country bills and the panic
Immediately began TO disspae-of such slight stuff
are panics made. This morning the feeling is bet
ter, prices of stocks have improved, and the brokers
generally are buying State money at one to one and
half per cent discount, which is about double the
usual rate. II is said and believe truly, that the
refusal of the large houses yesterday to purchase
country money as usual, intended 10 embar-
rass the operations of the new Metropolitan Bank,
which has undertaken to regulate all our banks
after the system adopted by the Suffolk Bank of
Boston. The brokers, however, made n wrong
move, for, by throwing their business into the
hands Of their great rival, they will do themselves
greater injury than their antagonist. There are
reports of some half dozen of our "wld cat"
banks having failed, but as there has been no Of
hcial announcement of the fact, from the bank de-
partment, it is hardly worth while to name them
This special panic has blown over, but the tight
meas of the money market remains, if not a fixed
fact, at least a very pressing one. Yet with all
the pressure and the tightening of the screws, it
is most gratifying fact that failures have taken
place excepting of firms that were nsolvent and ON
the eve of suspension before the pressure com
menced.
All day yesterday strange flag was seen flying
at the flag staff of the Astor House, which attracted
good deal of attention, and puzzled people not
little to find out what nation it belonged to- Ii was
blue birdsee, with yellow cross and white star
in the centre. Some supposed it Hungarian
flag, to indicate the arrival Of Kossuth. But il
proved TO be the flag of the American Yacht Club
the members of which were to entertain Commo-
dore Stevens to dinner in the evening. The din
ner took place, but it strictly private no one
being allowed to partake of it who was tainted with
newspaper liason. So, of course, nothing can
be said about it. II was hardly proper to honor
80 public the commodore, who had rem
honor be had done the country, with strictly pri-
waite dinner. different kind of entertainment
was anticipated. But the club had right to man.
age the affair to their own liking, and the public
are at liberty to get up different kind of tcstimo-
NAL in honor of the commodore whenever they
choose.
We are not likely to lack for shows during the
next month. The annual exhibition of the Ameri-
IN thp f,; ;ch
year of fairs, opened yesterday morning to the
public at Castle Garden; Healy's painting is on
exhibition at the National Academy; Powcrs's
Eve is in the city waiting for pedestal to stand
upon and receive visits, and Leutze's Washington
Crossing the Delaware is only waiting for its frame
to be done, when that will be added to the list of
popular shows. The greatest lions in town are
Captain DE Haven and his officers, to whom the Es-
quimaux dogs they brought home are only second
airy.
The new Democratic organ, the National Demo
crat, makes very respectable appearance, and oc-
cupies position of betweenity SO far as the two
factions of its own party concerned Its editor
and publisher have always belonged to the Barn
burner division, but will now ignore all divisions
excepting, probably, the division of spoils, which
they wilthave to wait some time for. Although the
Ratchet was professedly buried the other night at
Tammany Hall, and although the new paper knows
no divisions Of party, the divisions exist about as
markedly as ever, and the chances Of practical
coalition are quite as remote they were year
ago.
paper has been circulated within a few days,
and most numerously signed by Wings podging
themselves not to vote for any man, for any State
or municipal office, who was not opposed to any
further agitation of the subject of slavery in Con-
greas, or who would not support the Fugitive Slave
law s. X. s.