Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1857-10-07
The Financial Crisis.

The monetary crash, 50 long feared and
predicted, is upon the country,in all its crush
ing fury. CONSERVATION and alarm, prevail
every where, and Brokers and alarmists are
making a fat job of it. This distressing state
of things has been brought about by the sus-
pension of specie payments by the Banks Of
Philadelphia, followed by other Banks, super
induced by a general want of confidence, ow-
ing to the many and large failures of extern
siVe business houses in the Northern cities.
We make no pretensions to financial skill
and foresight in such calamitous times, yet
we can but agree with those wise ones who
predict the present monetary difficulties
must prove transient and temporary. Indeed
had general confidence prevailed, so as to
have prevented the run upon the Philadel-
phia Banks, no suspensions would probably
have occurred there. And it is positively
asserted that those Banks which have sus-
pended are perfectly solvent, with scarcely
an exception, and will be able to resume
whenever the rush for specie at their coun-
ters is discontinued.
"a w" OAh ouu ~ 6hAtdhi o0thho
. still continue to pay specie for their own
5 notes, and this must nave the effect of lessen.
t ing the distress of the times greatly, and of
: restoring confidence.
The Banks CT Baltimore have all suspend
e ed, and also all the Rhode Island Banks. The
Banks of Western Virginia have nearly all
suspended but those of Richmond, Peters
burg and Norfolk still hold out. and are deter
IS mined to pay specie, unless they be forced to
y suspension in order to prevent all their spe-
Il Gle being drawn out by Northern brokers.
in There nave been heavy suspensions of Ban
i'll kers in St. Louis, No, Kentucky and Ten.
pc nessee, and the money market is in ute
b. confusion.
us The only suspension in North Carolins
has been the Farmers Rank at Elizabeth
City /; concerning which the Pioneer Of thu
We Doth September, of that place, says:
The board Of directors Of the Farmer
ho Bank have resolved upon a suspension c
M specie payments. This action has been rer
,ur dered unavoidable by the failure of the bank
north of us, and the certainty of a run upo
the Bank. This decision was taken la;
ers night at a meeting of the board. 1t wa
BUR pretty generally circulated on yesterday tha
ev a suspension had been resolved upon, bt
the news created but little excitement, as IL
step seemed to be one that, under the CT
cumstances, was Unsuitable. Holders Of ii
mi Bank need feel under no apprehension {
.ars regards their sa ETY., as we understand tt
suspension is but temporary.
day we learn that Mr. Mordecai' the fres
dent OF the State Bank. left this place
Wednesday evening last for Richmond, Va
where he expected to be Joined by !
Wright, President of the Bank Of Cape Fel
Gar for the purpose of comforting with the hea
- of the Richmond banks on the present con
suaI ton of monetary affairs. The latest int
gence is that the Richmond and Petersbu
kinq banks are standing firm, and the probable
the is they will not suspend. Our banks "
Agri- no doubt be governed to a large extent
tate. the cnurse adopted by the Virginia banks
will Mr.. Mordecai has returned. The res
it. Of the conference was, not to suspend.
ling. The latest news from New Y ork is n
loda- encouraging. The authorities OF the prll
pal banks of the City have held a meet
err and have resolved not only to continue p
took, ing out, but to extend all the aid they
very to their customers and business men. T.
e the specie is increasing. and no large expo
'cted, tons of the article have been made for
last few days. The independent treasur
!, the also disbursing at the rate of some two
lions per week. and the hard cash thus p
Esq, ed ot will prove of much service in arr
to de- ing the panic. In addition to this, a (
fornia steamer was expected on Thursda
Fair. Friday, with a considerable amount OF e