The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-10

The bulk of the shipment is undoubtedly for the
protection of bills maturing the other side The
small amounts sent out are for private matters.
We understand that certain lawyer in Albany,
heretofore ir good standing among politicians and
Spectators of that city, has commenced a suit
against his Wall street broker to one thou
sand dollars lost in stock operations Cases Of this
kind are extremely rare. Gambling in stocks, like
betting elections, the turf &c, is forbidden
by the laws of this State, but it is sanctioned by
public opinion. Gambling debts are called debts
of honor" and are held peculiarly sacred among oil
classes. 1t is seldom that an operator becomes so
nsensible to the good opinion of gentlemen that he
can demand his money back after it has been once
fairly lost.
The exchanges at the Clearing House to-day were
&l2 ,901 OF, and the balances s759,957 Of.
It is announced that Mr.. Andrew Carrigan, re-
ceiver of the Mechanics Banking Association, will
be prepared in the course of few days to pay the
remaining fifty per cent of the outstanding claims
against that institution.
The Metropolitan Bank has called for payment on
the 22d inst. of the remainder of the subscriptions to
its increased capital stock.
At meeting Of the associated banks at the
Clearing House this evening, resolution was Of.
Clearing House shall be paid IN specie which
resolution, if adopted, would essentially have been
resumption of specie payments. The banks voting
in favor of the resolution were:-
Commerce. America. Manhattan, Merchants.
American Exchange, Phoenix, National, Fulton,
Chemical. Greenwich, Leather Manufacturers,
Broadway, Mercantile, lrying-H.
And those voting against IL were:-
Mechanics, Union, City, State, Republic Metro
III. ,taf Ew
change, Ocean, Butchers and Drovers, Chatham,
Peoples Hanover, Citizens, Nassau, Market st.
Nicholas. Corn Exchange, Park Commonwealth,
Oriental, Marine, Atlantic-24
The other city banks were not represented at the
meeting.
The amount Of capital involved in the present
financial revulsion exceeds perhaps three or four
fold that involved in any previous similar movement.
In 1897 when the last great collapse in credit oc-
CURED, the foreign trade OF the United States
considerably less than half of the present aggregate
and at that time II was enormously inflated. The
whole Of the American trade with Great Britain up
to 1897, and at that time, was carried on by three
private banking houses in London known as the
three w's--wild. wiggin and Wilson. These were
three separate and distinct concerns, all engaged in
the American trade, and giving credits TO importing
houses on this side Of the Atlantic. When the re-
yuison occurred and the banks Of the United States
| suspended specie payments, about the only effect
produced in England was the failure Of the three
houses above named. The amount involved on the
part Of the three Wa was not over twelve mil.
lion Of capital, and such was the utter rotenness
of these houses that the application 10 the Bank
of England for relief and support in their diff
entities was never for a moment entertained by the
managers Of that institution. The refusal was i'm
mediate, and the failures at once followed The
United States Bank at that juncture in affairs
sent out its agent TO London TO take the place
made vacant by the failures referred to, and to Of
ford the necessary facilities for carrying on our
trade. II was not long, however, before the United
States Bank got into difficulties and also applied to
the Bank Of England for aid In this case Il was az
promptly and decidedly refused a. In the other, and
the same results followed At that time there was
| comparatively small amount Of European capital
| involved In American affairs. We had no railroads
Of consequence no very large State debts no govern
ment debt, and very little indebtedness on the part
Of the people except In the direct way Of trade
The financial revulsion, therefore, ths followed
years Of local extravaganza and speculation had no
| effect Of q corresponding nature In England or on
| the Continent. 10 was confined almost entirely TO
our own limits. very different state Of things ex
| lists at the present day Now financial revulsion
in the United States shakes the great banking inst
tutions and the great private banking hosses
! of Europe to their very foundation. "
| has brought about a state Of affairs in the
Bank Of England more critical than that insytu
ton has ever before experienced II has forced the
bank into suspension Of specie payments, event
that never before occurred In England during period
ofpeace and plenty. In 1887 where the amount Of CAPT
tai involved in American affairs was tens Of Millions
is now hundreds Of Millions and there is hardly at
this moment aprivate banking house or large CAPT
talist throughout Europe but ths Is in way af
fected by the financial revulsion this side Of the
wste We are in debt to Europe three or four hun
tred millions Of dollars and long as we kept our