New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-06-02
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Frsm Cur Own Correspondent.

Pago. Bacon & Co. again suspended payment on
the cd inst. The steamer for Panama left here on the
morning of the LIST, and the steamer from Panama did
not arrive until the evening of the same day. she hav
ing probably been purposey detained that no inter-
ference on this side would be made with shipments of
specie on the LIST inst. Eery on the morning of the I'd
inst attachments 10 the amount of about 100000
were made upon the house aud paid to the Sheriff.
The doors of the Lank were partly opened to large
crowd and closed finally Mt noon greatly to the disap-
pointment of hundreds of persons. The whole sum
paid by the house was about 100000 An assignment
has been made by p, T. Il Co. to secure the mer-
chants who on former occasion had become sureties
for The payment of drafts which had been sold to en-
able the house TO resume OF course, its affairs will
now 90 into liquidation.
During the past six months throe of the most prom
nent banking-houses in this city have failed-Poge
Bacon & Co.. Adams & Co., and Burgoyne Il Co.
These large failures suspensions rs they arc called
and rightly called when you consider the poor fell
lows from whom they have taken all they had to
stand upon, have had depressing effect upon trade
and the fictitious prices of real estate. But the chief
causes Of these failures now very apparent, even
TO a large portion of this community.
Page Bacon Co. have been popular bankers ana
largely accommodated their customers. Payday here
is ON what Is called steamerday, the day prior to the
smiling Of each mail steamer, which Is one the ls and
10th of each month. On these days merchants and
others without funds have been in the habit of giving
checks on the banks-I mean overdrawins their ac-
conn,s-,o tho amount of SIS 600, $4,000 $4,000
each on n single day. II was generally understood
TINT these overdrawn checks were to be paid OF be-
fore the next steamer day, and interest computed Tor
the time the bank held them unpaid 1t will be readily
i. NQrv
unsafe mode Of business. Most Of the banks have had
large sums Of money on DEPOSIT, which they have
been anxious TO loan at our high rates of interest.
Three per cent per month have been the current rates
But this money has been loaned to persons who
have taken all the risks and uncertainties OF this fuc-
tuatng market where benost sagacous ard thorough
business man never knows whether or not no has
purchased an article cheap dear until it has been
sold and he has got the proceeds of the sale In his
pocket. There bankers therefore have been nothing
more nor less than spectators pretending TO loan their
own money for Interest, but in fact hazarding the
money of their deposors in all sorts oil wild ana recA
less ventures. This is plainly seen IN the case OF
Adams 4 Co., who have thousands OF dollars oil assets
tbst are not now and never were worth fartbing.
Much of Page, Bacon Co.'s assets VIII turn OUT the
same wsv. MANY of the merchants who voluntced to
sustQIn the cTetlt OF tDe HOurc ~ tiCh
were favorites of p, b. 4 Co and fourished from
bank accommodations. Burgoyne 20. had ieSs oil
this management than the Others, but 1t Is SAID tha'
thew were too creduous to prosper IN this LATITUDE.
banker TO be successful here needs decided charae
ter with a sufficiet knowledge of men and things TO
say YES or no as circumstances may require. man
of different stamp will soon go to the wal.
Now these Bankers have "cavei' what do the
shrewd people Of the East think of the costly service
of plate in Broadway to be presented to Mr. H. OF the
finn of p B. Col Who pays SIS, 900 for this plate
1t is said the merchants of San Francisco as test
nonial of respect &c. But is any person 30 shallow
ss to suppose that the merchants OF this city would
give SIS 900 to banker because he had loaned them
money at three per cent per month Nonsense.
| Thee men are pets Of p b. & Co., who have had
| large accommodations and expect more. They WIZ
paw for the plato whenever =. B. * Co. will give them
the money to do it. And p. b. L Co. will pay poor
dcpositors when these plaemen pay their notes. which
will not be the case with all of them venture to say
in tie year ls55.
OF q similar character are all "plate" operations.
California is no doubt rich country; but people here
are not so cursed rich 10 be constantly trying 10
give away all they have for nothing. What is the
motive to present the Agent OF the Nicaragua steam
ship Company with a service of gold plate valued al
$1,000 Steamboat agents are not generally supposed
10 be the most intellectual in the world, or TO DC
possessed Of the most generous impulses or tne
broadest philanthropy. Who are the ho"6res tha'
are moved by some mysterious power to iork over
5000 for such purpose Who furnish supplies To-
receive round salaries and have choice pckngs irom
this Company OF course they don't subscribe any,
thing for this plate. Oh no They can't be suspected
Of doing anything of this sort. The whole matter
simply "a tesf,m0niol Of respect :"
The present low prices Of provisions in this ci''
compared with the New-York prices, is most snsa
lar and unlock editor contrast. Superne -four Is SOLO
for 60 the bbL potatoes for 90 cents the bushe am
meats and vegetables at New-YOrk rates Green peas