The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-29
TIE FINANCIAL CRISIS.
>NneNo~rN~~~~~~oNo-Nr1
SUSPENSION uF THE Providence Banks.
-~>eNca-n~o-a~-.r~eey~No~o~
Call for an Extra Session Of the Penn
sylvanla Legislature.
~o-o.o-(Noo~-oec~>1~so~-0~~
Condition Of Affairs Throughout the
Country,
TIE FINANCIAL CRISIS.
THE PHILADELPHIA BANKS

THE PHILADELPHIA BANKS.
vH1 PINl sUIAL rkUUB.ss IN PH .LADsLPHIA--
vSR6s 0R"wIsa WORSE AND WORSE wEy THn
soyERsos DOEs NOT IssuB ELS PROCLAMATION
r:uADn rsiA ooaREsposDAsr
PnLApERHA, sept c8, 1857
daxncsl matters we're bs wd.rtDg Friday and per
pesing Saturday they absolutely astrsctng today
To 90 suYe there ere the co-ds about sne banking
Aosses mat snero were Friday and Saturday, for the
o~stuen:s of tao~e excited oro~astne holders of ave
enc ten dollar sils-have generally received equ
v4sens for their notes. and since that time they have not
es.e troubled with fesh supplies Of bank paper for tia
en- seearAy have been forced to initiate the
amps OF the panks and tho saving funds and uspead
May poor znsn compelled Saturday to obtain
saeedful supplies for his family credit or do without
hiss he reQrrd repeat this class Of note hocers
aave been got rid Of about the bank doors, and
be streets and The people who now take
sCve part 10 the of the extraordinary position
n AGsrs,sre the bushes meu sho have Des Drought
. ossd Rock, and -ho anxious for the result
tagpnphed 70 you late on saturday night that Cover
pollock hal beer coseed With the pre- ideos CT the
psnhs, and ihsi he bad nsimated willingness to
sps meeting ~ ne eisaiure for the Of
egAxss peDsion, that sne proclamation would
D. made public this morning. During yesterday the
,ao ,o,s uornirg the proc looked FOR 1t
sppe and during the forenoon the docuEent vas
ssl,ossly o,ksc FOR Why dia DOT appear was mys.
s~ry ~bch hap be In my 70 solve. The
aoyerucr II = particular friend OF Mf. Toonas ALI
saAe President Of the Bank Of P-nnsy sylvaniA. che
Aser You Win reooleot, nrst sugurAtod the suspen
81, , OF specie psy For this sct (vDob has Ence
epsvey imsaien) poor Peunsy waaa ~ss cut
D., DER ,is,er psnss unc h notes certified onecks
s aos received 10 oerost The s,s,e deposits are ken,
Bank OF Pepnsv snia, and this reason lacked by
ennship Of the Governor to- ard Mr. Alhosne, de
m ed sxceliency 10 do mat he ooua for die.
e~eas,xa bank he bas made h . con titl0n VI Ms
snlLg p,nc for . pscia sesson tbst ths Bank
ssks ana treated a though had never saep from
yra To this hard condition the ptesiders OF tae otoer
&aks demur oct the 30 yerno- ARM and ote' as the
ptli H. ibey viii be compelled s,ao~ IT, for wth,u,
na sps Aad s-nt0n OF the suspensions,
". banks viii 81, DO IAa out upon their backs,
,,ld, da sT rhe Pr ic,mation ~ili be issu.d
morrow Mig ans the 9Th or October viii bs the ime
oved .or the mbing Of the Legislkure 81 this
urs- ,ne will win for himself tho tharss OF all
b, owp ,he OF lns Bsnk u Penn ylvanA or vho
have bouges ny ~ sper osoouDt Of twenty nve oer
srrs
os.k. been coudoctes though their Affairs
cxaged by Z parcel Of rhtliren Things have Dsen
iaUe undops again eithout Judgment; he
s>oks would iose her aSd determine . course
asa had the oaos separated would
n opon his orr hooE and marsxe hi" sfai-s -hcut
gard the arrangements previously deter mined upon
futs rant OF Unit beautiful, illustrated this
~. chen he han old ery thug netev ske,tersome
hem charging tner r 10y every honr aud adding
- I~rpextss oiatrscsions sith wnico svefy bus
sesa ~aa beset
eas Bark - Nor,h America FOR ustauos opened With
aYored deter nipaton TO redeem nge dollar notes In
,p.eis, and mark ~ checks ".sood" Before eleven
s..os changed its tAsscs BY refusing to pay notes OF
an, Aoars and up Yards Al hts troe ,ney refused 70
rei.e checks At all 4 be ecw that amount 5abseq aenty
s.y n.rssa re. eheeE sooa. o.ls. my aoas.s' md
Amer,cs prr.uinx this yacillatiIg ard 10
80 suspepscn excited ,ch surprise, - 1t is tn. od
ana IN the counsry, sno has htner, borne An un
- aa he'd ,epu,aa n During Friday and saturday
temed oil is circulation lbai enere'
sank m Penn .ylvaDa, anodgh In do per disGrsce
ss .ay or va sister ins ,oa,n, came srsily mi
rnsg, and paid iis Ave oo' Ar notes ~iih spscie
NJ Pp ei,fta Bspk siso refused 70 pay specie st eli
~r.sdr vii h n mott
,,ss rso ;heiy ave oosr bits vish Specie aud sishe
aeo snsi- aepos'crs cnecs or paid them "i.h no O.
=. os- lhe depouie alton OF 1ve doars rhe Phitsde
specae paying sanE-disoouned 70 The extenI
Ss,si26, 600 tonsy.
npst financial are ,cco ming and unse,
and knows shat dsy -il bring forth TIE
rsae his morning brought exciting ne OF failures
on Me- York and sbs pobhc fever ~as in,reucd pos
ID to hereby. The question nov most rnoosed 10. viii
nc Ne. srk banks ruspendf there 10 great diver
scy opluion here upo3 The SUE scl
re brokers are mskirs good thing out Of ths panic
'ss, are busy bees, and the precious meals
pr cent premium, or the paper OF oar cisy al
snsy ospss al ieo per cent discoi ant Fhchever yoI
f-esee l saw q gentleman this morning ~ho paid
poker PER for tisoounsns large To- Of 1905
~onsy iunos for eim He received the brokers' chscS
s.na BE- ,s,o u for scld 10 tue s.ms broker aad
soosl shave OF ep oent that was osr'airy pretty
o brokers give s sso per cent o ,o' ,oss saSaaass cas
ssa Is scv Ten per cent premium
plurAprrPgA, Sept rs, 1857
rbs arc pursuing 70 day ,ha. ,hey
osrued on Saturday.
TIE Gir1rd BAph II paying ous spcoso on I've dollar
s, the Mechanics and south wark 90 all their Does
m. Bank d North Amerios suspended ssou. 1, O'CLOCK
ana suspenson ~il row probably become general
rwEsr o'c1ocK n.
me nechsn or Bank redeeus OF ove dollars
,sy
rpe following rspks slso reteem Gives o1ly: the Con
isusa,iou the Northern Liberties, the kochAn~' ant
Harn ~ hx tha and he
my.
ree Phisdeipbla Bank pas out specie but redeems
ahscss vvh iu own notes
oys o'oteT n
rec pennsylvania Rank nov paying out IL notes
ss cbscts, bu, refuses spco,e
-os sschsncs' and sspurs ssurcrs' Bank Ia paying
.vecis
al ,be bsnrs or The cty have changed their
the opeplng hour soDe OF them refass 10 csrufy
sAcrss but give due bills 70 deposis with other backs
& jos, rumorcd sbe street that the Goveser re
'ssIs so proclamation calling Tho Iegslsic,e so
r-&w, urles the Pcpasyivan,a Bank placed on par
vwA other banks, and her notes received on depo-i.
All 10 confusion and disorder, but Il 10 no, attended wh
As that has existed farmer days Of trouble
rv~y kind Of business Ia completely paraysed, and n
. impossible to make ooIleosions
Hsyr O'CLOCK, Pm
me s~oosm smsucu of the Governor .o convene an erus
y
no.rins he proclamation says'-
sneeesc, serious nnspos revukicn has occurred 70
hiug In sSe susp~nron n spene payments By the
ana ether safes, and whereas ths failure OF many
aug eaabshed Commercial houses 70 leading N toe de
ss ucsaon Il confidence aod 10 general embsrrassment
l, depso son vsds ard thfeAtenine 20 arec, dsas
p~1Iy the rsdt ef The uomnooweAlth and th~ great In
tssr.a interests OF the psope, ssi rcqa;rss mps
sflces, s1on W reieve the siarme ssd suffering
.ouaruniy, lhere'ore convene the Les'asture, 70
ne>i on the osb Of Octooer, and adopt such mes
sarss be prevent exisepcy rsQuires-egaiz,non
az tie suspansions believing that tie best
rN-csx OF the ssmmunity and the safe will be sub.
.~vued uereby. ~as sussessed 81 the meeting ~ the
assd hs evening. that vhere parties have notes rro
ed only because they refuse 70 pay other thsa 10
turc1cy s the duty Of the collecting bank Or agency
= have that facs made public ~ ise protest
The Presidsp Of banks have Agreed 10 restore th
Bank Of Ponusylvania Va position ss The clearing hosse
and 70 rocsvs ih notes ard discount beraly for their
srsomers Had this bees done there would have
bean no suspensions.
The Board Of reaae have de<ermned 10 call . meeting
fw prbac expression ~ various busisess interests Of
hs asy.