The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-28
THE RnvuLs1oM OF 1857.

auBfKNslOF OR SPBCIE PAYMENT BY TIE BANKS OF
PHILADELPHIA.
We are informed, upon the authority o. gcall,m N
presdent or or the CITY borks tnat no
fu meeting o. the presidents or al bsnks Of Phia
d,lphis held yesterday se noon, to inform the public
press that they had unanimously sgreed to end
their respective boards this morning Temporary
son Of specie Aymenr aud nso INA, nbo,her setng
will be held tas s'tonoon by the nme officers 10 devac
zach further m'au' ~ The exgsncy NAY demsnd.
Deeply We reg'e. TIA, the bsaks have copcluded
upon suspension, and deadly ~ we have favored 70 pro
dee ostor stats Of h'ns We have ac- duties TO dis
ph.'se 70 Ourselves, our feno~ ren snd scst city
and state The nra OF these duiei 10 20 sec
tnat no harm comes to erca, producing clss,cs
to the farmers, mechanics and sborep-and,
.s a. rot sa, s.n,. those cssrss.. and pas.a
the torrent snich sol Against oar inssIlu.
tons and interests from New York, New Easisnd,
profits cf banks but who always bear the burden Of
general bankruptcy, demand orr utmost voc,uds Rash
measures win harm them mos. The banks are st In .
oondcn 10 nfiict J1ry upon tho community. and while
many OF ttoe no have enjoyed svors Of those Inai
tu,ions viii escape the blow, yet will beavfly upon
content with the .osny rewards or hoaes ndusry 10.
bear this ainf fact IN minds tue course OF our
action upon tho present emergency
We are glad 10 know that several OF the leading banks
hsve resolved 10 take immediate steps preparatory
sumption when ve reeot that oil the great interests OF
ssrcahure are 10 condiaon o. p'ospcri ~e cannot bot
lively shor time and when vo remember the stringent.
laws sgsns susrenshn, ve may realize that tbs true
men,s before the Law ha, had time " opersc
Meanwhile friends, be OF good cheer DO no, give way
70 ncc nsdsrs,e action Bear and fo-bcar Thsn mo
FOR violent impulses.
Horn or SMALL DENOMINATIONS
We learn that hc Presidents Of several of the banks Of
this city hsve expressed determination 10 do all In their
power brig about general sumption specie pay.
men.s 81 early day We no tiey may suooeei Bat
vha may be their gercral pocy earnestly inrst
that imne edste measures DO taken 70 ieem In rpcce
all their notes Of small oil their
I'VE, and possbe all their tcn dollar bils The suspeo
sion ought not under any circumnanoce q, extent so
su all notes, snd there no necessity that should do
Before The ,un upon the banks yeied.y iss smouns o.
specie ln their vaults vas n.ary not guile, equal their
circulation. The former about - 5oo, 900, and tns
latter tboa stcto0o Bat yesterday nearly 5000 900
Of specie was drawn from them, large portion which
was received BY dsposItor, who had sbou $40 ooo 10
the banfs The contnuaur OF drain upon hem OF specie
By depcstos would speedily exhaust tser resources Bat
The policy Of our ., st ng banking s~r disoetmuatcs be
tween thsir obg redeem In specie thcr notes and
The baarccs due 10 dcposors and ~hsthsre are In bus
nees circles many vhc regard she late movement OF
rather benefit than injury, tnera h no saoh feeling 10
corsoe the great body OF nots holders particularly toso
vho have ANAL notes Of ~ $40, witch the fruits Of
their hard abcrs, and who III afford 70 hsvc the,
fore, be protected Il css very serious dif,ay
70 the banks 10 redeem her small rotas vhexhs N
does nos their nrst duty dne 70 their snail hold
VINO receive thsr Ssvo-s who c>nnoa afYovd
and should no be called upon 70 bear Me burden OF their
losses rhose Who hold Dres Of srso derom nations can
better vah for the general ptou which, ve hone
viii take place n early day bus protest afanss tbe
iaborng men, The mechanics the tnlng masses who s~rn
their bread BY me sves. Of their bros being Obliged 70
bear The trrnt OF exlv'iug difficulties we arc sss1ei
no4es In specie would DO highly scoepssoIe moveuent
and that would greatly tend 70 diash the dist, aud
pressure voich ~ be the neccssry consequence or The
present unfortanse oondton Of our monetary Affairs