Grand River times. [volume] (Grand Haven, Mich.) 1851-18??, 1854-11-22

most of our readers ere this, that the money of
the Indiana Banks is at present uncuffent. The
cause Of the difficulty with the banks Of that
State, and the influence exerted by their suspen-
sion upon the banks of the neighboring States,
may be gathered from the fact that the Indiana
Free Banking Law allows the banks thirty days
to refuse payment of coin for their notes, giving
a chance, perhaps, for over circulation; but the
Free Banking Law of Illinois compes the banks
to redeem their notes on presentation This
naturally operates to prevent forced circula-
ton, and to keep the bank issues of the latter
State within the bounds of the Legitimate wants
of trade. Illinois has business population
equal to that of Indiana, and while the banks
under her free banking law have circulation
of $l,2OO,OoO, Indiana banks, previous to the
late suspension, are said to have had circula-
ton of 100000. But an opinion prevails
quite extensively among business men that In
diana money will soon be current again, and we
would advise our readers, who are in possession
of money upon banks of that State, not to sac
rifce thereon. Ina few weeks the bills of most
of the banks will doubtless have al free circu-
as formerly.
In respect to the banks of Illinois and Ohio
we publish for the information of our readers,
as regards their future prospects, the following
statement taken from Chicago paper of the
10th inst:
THE BANK EXCITEMENT OVER
THE BANKS TO RESUME.
Yesterday, we are happy to say, our streets
were quiet. 80 far as we could learn the run on
the Banks is over, and unless some new cause
of alarm should arise, we have reason to hope
the crisis is passed. Business is moving along
as usual, and seems to have returned to its orig
inal channels.
Among those who understand our general
banking law, there never has been any dstrust
of the Illinois Banks. That the people may have
their confidence treasured, Hon. p. Maxwell pub.
fishes the following:
TO THE PUBLIC.
The undersigned feels called upon, at this
time of monetary excitement, to make public
statement for the benefit of such persons as are
not in the way of being correctly informed as to
the value of Illinois bank bills of suspended
Banks.
Every Bank of this State, under the General
Banking Law, has deposited with the Auditor,
in the hands of the Treasurer, good interest pay
ing bonds of the several States, to the full a.
mount Of every dollar of their own bills; and
all registered money is equally secured, one
Bank with another. Those that have closed
their doors have in no way deprecated the secu-
rity for their bills they are of their full rdlue
noac-but cannot command specie until the Au-
ditor disposes Of their bonds or securities ac-
cording to law, which is required to be done,
Immediately, at which time due notice will be
given and the bills redeemed in specie. No sac
rifce should be made on Illinois bank bills what
soever--not even suspended Banks
p. MAXWELL,
Bank Commissioner.
Chicago, Nov. Is, 1854.
In this connection it gives us great pleasure
to say that we were assured last evening by one
of the prOprietors Of the City Bank, that they
expect to resume business on Tuesday next
We also heard, but not officially, that the Union
Bank will resume in few days.
The directors of the Merchants and MechaH.
les Bank also publish card this morning
which looks to an early resumption of business.
These facts will tend to strengthen public conf
dence.
Abroad the prospectsare improving somewhat
In reference to the Farmers Joint Stock Bank at
Toronto, we find the following card in the Buff
falo papers:
The agency of the Farmers Joint Stock
Bank in this city being unable longer to sustain
the protracted run upon this Institution, would
beg leave to notify all parties interested, that
the bills of this Bank will be fully redeemed in
real estate at fair prices, otherwise, as parties
may agree"
The Ohio Statesman says: To show how
little the credit of the notes issued by the Free
or Stock Banks suffer upon the failure of those
banks issuing them, it is but necessary TO state
that the notes of the City Bank of Columbus,
the Miami Valley Bank, and the Canal Bank
of Cleveland, will be received for taxes and
for all public dues, as the State hold indem-
nifty for the present and all future contingent
cies."
On the whole we have reason to hope that
the worst is over. Let the system of contract
ion and paying debts 60 forward. Let all act
with prudence and energy, and the community
will ere long be relieved from its present finan-
cial embarrassment! MI
TERRIBLE CONFEDERATION AT LocKPoRT, N.
T., FROM THE EXPLOSION OF CAMPHENE.-A
very destructive fire occurred in Lockport, N.
Y, Nov. I'd, from the explosion of camphene
lamp, in the old jennings Hotel, Maine street.
BY this accident two churches, three hotels,
three grocery stores, besides two entire blocks
and several wooden buildings in the immediate