New-York daily tribune., 1857-10-23
Nsw1 1luk Dailu Gribm,te
LETTERS ON THE CRISIS.
WILL THE CANADA BANKS suspENDi

WILL THE CANADA BANKS SuSPENO1
couespu desoe Of The y. z. Thbuns.
ToRosro, Tuesday o.. 90 1857
Last EnuYeday, the Board Of Trade, Q ieb.c held
a very arge meeting, present Mesns. G,oo, wartel-
p.nceron. Nos3, Mc(;,e, Ls MesIrsr, s,.~ Mas-
sor. Macpherson, Da oOrd Paterson, MiRder, MAcksh
zie, Lesycrsh, Aou tain, sSd many o!hsr,-vic,-
pre,;cep, Sia,ard, Q IN, moer Of the Lsg.save As
sea,bly. in the chair-wnen Nj Joseph, seconded By
M, J.ff.ry. moved TO resolve in substance tha. the
mo,eyed ,1s,rutio,s Of CsDsis are in a mas: pros
o-yous coalition but that the scarcity Of cash. which
has eaused the American banks to cease to redeem
their Obligations 10 money WIZ De certain to drsw
k,pe amount Of the coin md bullion OF Canada TO the
lint, States: ard therefore the Board Of r~ie ua IL
ously r,auests the ba Ks OF Cansoa 70 Cease 70 pay
their debts in specie. The Board Of Trade 10 Mo
treal and ihe banks Of Quebec were advised Of the
above proposition and few residents have asked the
bal Ks for sp. Gle, and but q isW
Ne. ting, of B.Lk msosgers have been held to con.
,io.r The s1peder cy Of refusing to pay bsok debts
With gold and silser; ana moos 9' ,aao3'ooss ana
stock. k.iobbeis, of men doing much business with 70
caps or 1t to none, AMI OF gamblers aud brokers',
cry loudly for bank surpension because discounts ars
v. and notes past due held uLder protest Waat is
likely 10 be done!
on, cabinet az some call it, has met, aud opposes
bank suspension, bankruptcy, and non-psymsut OF
debt. / am for one, With them. Why should the
ba1 Ks suspend Will suspension regplste or eqdallz,
toe turtetcy VII IL nclp tduc NNl IL Eos 70 oi5"
holor.blf If the banks are able to pay
Tie failure Of your banks 10 COZ tnue to psy specie,
as sere, op will let lovee the gold for the use OF Ing
,no France ana Germany, 10 which couo RE Amer'-
can u erchants are probably inceoted Tney ows very
hre 70 Car ada therefore your pensions wi neither
lure our bauks taders. IL your bauks do not
REQUIRE god wherewlth 10 pay ih-it oepO-. O1o will
be the better able - buy ths ar'cl. from them.
O, Lic al value of n2 srts last three months,
At Toronto $6gS 1913 from the Unied States. We
send 1ou some wheat 400 lum Der, and great many
bills on London, wh-re We are perpefuay borro wing.
Your supper sion will raise the value OF our exchange
on England.
Your hundred millions year OF Federal revenue are
collected aro paid out ia hard cash. Oar seven mill
ior OF Colonial revenue loans 40, are rseeis ssd aud
paid away in the notes Of our chartered banks. H
thew fail and reduce the preVi1ce 20 barter our Gov
e,pme Mt ouPh at to abandon all come ,ton with
bsnbs and keepits treasure in real money.
Atthis port Toronto 20 yesrs since the annual i'm
ports might smoust TO S75 600; dur0g the last nine
months they amounted to 81 2ll 3is, showing de-
crease Of 81 l43 6j6 compsr-d 10 nine months
iup ports in 1856 Tue decrease in the ni1e mouths
revenue, as CON pared "th 1896 !, $40 9H Ihe de-
crease in revenue on the Great Western Railway Of
Csnada dulpg the the week ending on the 10th lust,
is $24 go ano yet the London managers are to auhor
ize large dvideuo!
The bsuks. en- told, will not comply with the re-
quest OF the Quebec merchatts, who must be hard
pusbed Freights 10 and their staple aad Lumbar
seDs at fuinous rates IN England. Bu'sal & 20 have
suspended. at Quebec, oslg u,llon, but there Is
silent De timer Ia the Enel-h Bsuk where their funds
lsy who can be msde retponsibe i, ia therefore pos
sible that they may soon resume. 0ther falaree In
the lumber trade at Quebec are mentioned.
Your State Coz sttution, presume, prevents sunh
Or. gate bergaIs as the follpwirg: Haniltoa City
bas sSld its bonds bearing six per cent of interest
5000, a. T7l for each $780, Many other orp'ra'
tot DO even more than this, and squander the pro-
cetos without blush of shame.
There are now eleven incorporated banks where
officers report monthly the last one beiog the Oatario
Bank at Bowmanville jast chartered and in excellent
bands Mr. Auditor LsDgton has just published q
statement showing their condition. on the average
during las. September. 1t is not sworn to, and may
be some what unreliable; but here il il in dollas: