Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-15
10. l 3 D Z.


The climax OF the Financial rsvulson was reached yes
terdsy, by the general suspension of the banks through
the country The announcement Of the failure OF
Of banks in New York city the previous day prepared
the public mind for what to come, and when the
telegraph announced few minutes after ten O'Clock that
the Boston bonks had determined to suspend no
surprised and every thing on very much usual
The Presidents nj the Worcester banks we're
vened at the banking rooms of the Citizens and al
though there was no panic aud extraordinary demand
for specie the following resolution was passed:
Whereas Intelligence has been received that the Banks
IN New York. Boston and elsewhere have suspended spe
Gle payment,
RssOlUsd That the Ranks in Worcester suspend forth
wish and that it be recommended this meeting that
the Beard of Directors OF each Bank be called together
and pass vote of suspension.
Accordingly the Directors Of the several banks passed
the necessary vote and before all the banks except
the Worcester refused redeem their bills in specie The
Worcester Bank did not suspend for the that there
was not quorum of the directors in the city, and of
course the necessary vote could not be passed.
AT Boston there considerable excitement in the
early part of the day consequent upon the publication
the intelligence from New York. and the opening of the
banks was postponed hour later than usus in or
der that the bank officers might have time for consuta
tion as TO the course that should be pursued.
meeting of the Bank Presidents was held at quarter
past nine O'Clock, at which all present. and it was
Resolusd That in consequence the suspension of the
New York banks it eSpedent that the Boston banks
suspend.
The question was put and the resolution was passed
UNANIMOUSLY.
The meeting then adjourned to O'Clock, when Sc
res of resolutions embracing the for the above &C
ton were adopted.
comparison Of the fotngs of the weekly bank state
ment Of the Boston Banks with these the statement for
the previous week, exhibits the following results:
Oct. s. Oct u.
Capital Stock. $S1 $50 900 $3l 900 600 No change
Loans and discounts. 40 9S5 4S9l3O64 De 4O287l
specie in Banks..... 2,5629s0 26ll4o2 u.,.7S5l2
Due from other Banks 6,1l26O2 6l25i leo In 1855
Due to other Banks. 320I,SI7 24G454 In. .SS 63T
Deposits 1851 4I6 134s9SsO In AIS 464
Circulation .-..... 6,2S7,67S 6355OO2 In. 81 324
AT New York, yesterday the banks which had sus-
pended the day before by the advice Of council resolved
on qualified suspension They have determined to aus.
pend the payment of specie their counters for the
time being, but otherwise to their regular bust
ness operations including such mutual advance of specie
from bank to bank, as be required meet the laws
Of the clearing hluse, and escape the constitutional
interdict against an absolute suspension.
The suspension has Gained down the feelings of the
community, and the tone of banks bankers, merchants
aud indeed all classes, is decidedly more cheerful
citizen of Worcester, formerly of st. Louis, who is
now on visit to the last named city gives The following
doeul account Of the of business and financial
affairs at that place;
You can have conception Of tie state of things
here-I thought it bad enough in Mass tchuaets and ia
New YORK, but it nothing to what It is here for adj
don TO The hard times have currency or rather
We are cursed with an ifredeemable currency There
never having been but bank here until about the mid
die OF August, all, or most of circulation was of Iii.
nos, Wisconsin, or Nebraska bank bills but chiefly of
ulhos Ihese latter banks are numberless, all small
and founded on State stocks principally Missouri bon is
Since the failure of the Ohio Life and Trust COMPANY
dlsus has begun here these bills have not been redeem
ed by the banks that issued them and the delay in max
ing tue Comptroller of Illinois sell the stocks makes
everybody refuse them but still there is million of
that currency here Now when our private banks refused
TO taket (our banks being prohibited from using it.
became worthless. In this state Of things there no
moving OF the crops to make exchange the East and
so none to SELL If there exchange there is no money
to buy with. II had to one thousand dollars to
Massachusetts should be compelled to send the coin y
express, and as nearly every express company is under
protest. you Judge of tn. safety Of that mode have
known some gentlemen who ha sent special messengers
70 make pay ments with coin, there beng good bills to
be bought Heretofore all our exchange has been sold
oy private bankers; in his senses would buy
bill OF any of them Five Of them have ailsd and the
balance been run upon for all their dep sits
IS really dreadful now, and looking worse Most Of
our best houses have been protested because their pay
ments were to be made East there was no exchange
ana no money but currency Add to this that their five
private banking houses have shut down on over two mil
mons OF cash deposits and cash assets in weeks AMI
AID again. that our German population (of which there
are Aeyens five thou and the city and county have
drawn out every dollar Of their money in specie and have
MD it up in the ground and in cellars and YOU will then
understand me when tell you it impossible to get ex
change When the banks here get any exchange thew
will sell it to bat their customers and il woud not
surprise if every Western note discounted in Woreea
ter, should go to protest"