New-York daily tribune., 1857-09-28

extended aid to some heavy commercial houses
which needed temporary help, and in doing so had
performed most beneficial service in important
quarters. But this liberal procedure was not imi-
tated by any other of our banks, and the conse-
quepce was that the Pennsylvania became debtor
to al the Others. They refused to unite in any
gem raj policy, and on Thursday the notes Of the
Pennsylvsnia were refused at the counters of the
otbor banks. Being thus openly discredited BY the
Others, run Immediately set in as soon as the
bark opened its doors at 10 on Friday morning.
This run embraced deposits as well as circulation.
Its effect was aggravated by the fact of heavy
demand for coin having been kept up for several
days previously, not amounting TO an actual run,
but to steady drain. Attacked in this way by
kindred institutions, and the fears of an alarmed
community, the bank closed its doors at 1 O'Clock,
and thus nsugurated the third suspension Of the
Philadelphia banks within period of forty-three
years. 1t is firmly believed that, if the proper de-
gree of fharmony had prevailed among the managers
of these institutions, no suspension would have taken
place.
No sooner was the fact known at the Bank than
the bulletin boards at the various newspaper Offices
spread the intelligence like wildfire over the city.
Crowds of people poured into Third street from the
uIsldDL vi lu6 CITY, duu bthcCt VO-
came perfect jam. No such scene has been
witnessed here for many years, probably never be.
fore. There was no agitation nor undue excite
nent among the crowd, the prevalent feeling being
that of anxiety mingled with curiosity to see what
was going on. No loud words were uttered no
denuncation. From this vast mass of people there
rodiated lines reaching to the counters of all the
banks, demanding coin for notes and deposits, and
the various applicants presented themselves received
their money, and retired 10 admirable order. This
scene continued until the hour of closing, and from
] to O'Clock the amount paid out in coin reached
nearly 81 100000. The run was very equally
distributed. Very early in the day the Girard and
Commercial ceased paying their deposits, but CON
tnued to pay their notes. Checks were marked
good and returned to the holders. The circulation
of all our Banks is small and it could all have been
paid had the Banks confined their payments to
circulation only.
After 3 O'Clock the city was full of all sorts of
rumOrs but general conviction took possession of
the public mind that the Banks could not with any
safety to themselves continue cash payments this
morning. meeting of the Presidents was held
at which it was unanimously resolved to suspend.
This determination was announced in all our morn
ing papers to-day and took one by surprise. The
events of Friday had rendered the step inevitable.
and all classes were prepared for it.
These occurrences became rapidly known through
out the numerous suburban towns and villages
Nnlcn suTIUuUu IHldutIpHld, anu tuis uioiuhS
vast number of anxious people flOcked into the city
by steamboat and railroad. AS if unwilling to be-
lieye the unwecOme tdings, they crowded the pave
meDt in front of and opposite to nearly all the banks,
patiently awaiting the hour for opening. All seemed
bent OIL getting coin for their checks and notes, but
there was no angry expression or feeling among
them. While admitting their disappointment they
blamed nobody but freely sympathzed with the
banks. Police officers were everywhere about, but
a.. obt fnra af thanl
to act. At 10 O'Clock the doors opened, but there
WAS no rush to the counter. Each one came up in
turn presented his check, had it marked GOOD,
while such as held notes were told that the redemp-
ton of them was temporarily suspended. None
turned away aDgri, even at this official denial, but
many fingered around to talk among themselves over
the new aspect of things and then quietly departed
There were numerous females among these assem-
blages. have seen three suspensions of the banks
Of this city but none where there was so entire an
absence of lfeeling toward the banks; and the dis
position TO sustain them ia general ald c0rdt. as
10 augIr the best results all round. This good feel
inc is materially aided by the large amount OF coin 10
circulation among the masses. rendering resort to
n dirty rag currency of small notes entirely un-
necessary.
About noon the telegraph announced general
suspension at Baltimore Pittsburgh Reading, and in
portions of New-Jcrsey. This news also was ex-
pected and though it added nothing u the general
excitement, yet it served to keep the great money
centers of the city thronged with anxious inquirers.
The activity of the telegraph during yesterday and
to-day was marvellous, and its value to the commu-
nifty shown to be indispensable. Hundreds OF mes
saees passed to and frO and the Offices throughout
the city were crowded with persons bearing mes
sages to be transmitted
The money brokers did a killing business all
through the day. Pennsy lyana County notes were
bought at ten to twenty per cent discounts New
Jersey at the same rates while some OF the brokers
would not touch them at any rate. In this depart
ment of business the confusion is very great. Hold
ers caught with small sums of country notes on their
hands are foOshly suffering themselves to be shaved
by the brokers at the most absurd rates. Their
offices in Third street are crowded with small
holders anxious to sell at any price the buyer may
choose tO offer. In short time they Will be crying
out for the small note circulation Of the nelghbOrbg
States.
All the various Saving Fund institutions have sus-
perded, without single exception. They found 1t
mpoe sble to realize on their securities In time to
meet their depOsitors Some of them have notified
their mortgages to pay mp, aud these notices cover
q very large sum. This sets to work new set OF
men to raise money in market where none is to be
had, and serves to increase the general pressure
Stock cOllateras are utterly unsuitable. Everything
l. i'm cottlsion-cOnfdence ls a thing OF the past.
Yet amid this general chaos of values, 1t is not ~
be denied that entire confidence is entertained IN
the ability of all onr city banks TO pay dollar for
dollar. Some of them are particularly strong Inc
position of portion who have accepted renewals "i
their charters since lc50 is somewhat peculiar.
They can discount no psper make no dividends, and
have absolutely lost their charters by suspendlng
In some of them the directors are liable for their
circulation But no one dreams of wiplDg the N out
of existence Gov Pollock is now in this city, a. l
write cOncertng an immediate call OF the Legsla-