The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-10-08

DAILY DISPATCH.
MORNING oCroppp "a,
FINANCIAL AFFAIRS.
EFFECT ON MASUFACTUR RERa

The National fntelligeneer asks why 1t ia t,,at
the Banks in Washington uadertake to denresitI,
Tue paper of such OF the virginia banas 90 contin
ue To pay suecie. For instance, the banks of EieI,
mond, Petersburg, Nerfols. and Lynchl.rg. stil
hoid out without suspension, and yet their nate,
are placed at : per cent. below those Of the n 4
pehued banks here There can he n0 sound re..
| son tor such sy stem Of shaving.
The report that the Northern Bank OF Njssis
slpp had suspended Is contradictol.
Tho Virginia and Tennessee Railroad C,ofnnzu,
nave instructed their agents and Cltce.s to taxi
| IN payment OF dues the Dotss of all tLe yirtiuiy
banks.
Tho owners Of the Bank Of Middle T.nncsse,
| have publicly pledged their property fsaid IN \,
very 'af'ihiel to meet all demands OF note hodor
| and depositufs.
| The Alexandria Na) papers notice djsapnrov
ingiy, the issue Ia that city of small notes f ia.
corporation OF AiexaDI ria bearing ficiitiou4 Jf.
10 give thehi niue age. The Sentinel says tile
exhibit more faults aud more blunders than car, ,t
found on another piece OF paper six inches by tn n
| Ibey are Just issucd ia Alexandria, Va 1851 hni
ara dated Alexandria, u. g.. io4t" They nre s.,r
ei by - j. Mccormick, Auditor" when that gen,
iitnlah was nos tie auditor IN 1916 nor until St.
Th"y profess to bc issued under the act at tn,
cotI'oIatI0n when the act referred to was PASSED
under the old charter, atd has years ago l,a-sed
away "I.h The old charter. They are in the form
OI dn. bill payable zen days after date and il
| deinahdabie at all subject The corporation To the
payment of eleven years interest.
The St Louis Republican states that in cnns.
Iu'nCe ot suspension OF thOHteau, {
| haile, The owners of the Iron Mountain IN iJis
souri,. orders have been given to Sion ouera ri,ts
mt the Iron Mountain, and that the numbcr of on,.
ratiye5 thus discharged will amount to 4so A,
l4aclede Rolling Mills, ia st. Louis. anl the coal
banks. the number is stated at 49D. good many
| Of these men have families and the nTosnac, a.
them rs well as for others, is gloomy one sDIes-
the price ot provisions, etc, should experience
! rapid decline.
| At Taunton. Mass, the tack factory of Ioxett
| Morse and the Taunton Tack Company's factory
have suspended operations, as has also the tac K
| factory OF >. Rhodes & Son. at Dehton Mass =
About 80 hands have been discharged from the
! works OF the Taunton Locomotive Coinuany fF,ir
| bank - ana those remaining put upon short time
| The manufactures OF Berkshire county Mass are
| nearly all of them either suspending entirely on
| working Oh short time
| The Cumberland Coal and Iron Companv have
made an assignment of all their elects This inca
| snre WAS adopted in preference to paving the ire
| seut high rates Tor money, Wherrwltl To meet
| maturing obligations, of which il is said the,
have out. "a. ltoating deht. contracted in the uu
chase ot boats cars, wharVes &c. some S2,toinD
They have due them, however, it is represented 8
considerable sum for coal. for which they have th,
parties notes, running four months, besides Other
assets, with which they calculated to meet theil
| obligations.
GOV. Pollock, of Pa, in his message TO the Iagis
latuIe of the State gives history of the state 0
Gairs, prevailing ill consequence of the suspension
| of the banks and says:
| l therefore recommend that the banks which mn,
be relieved from the penalties upon such suspension
by existing laws, shall he required To make q salts
factory arrangement with the State Treasurer b,
| which he will he enabled to convert the curren
funds in the Treasury and balances standing to hi
| credit i'll any of the solvent banks of the COmmoI
| wealth. INTO specie aS soon the same shall be
come necessary Tor the payment of the interest oI
| the funded debt. And further relief to tn
| community, aud rs Il condition of the release o
the penalties and f0reiures incurred il is respec,
| fully recommended that the solvent banks of tn
Commonwealth which paid specie tor all their Ii.
hiiIties immediately prior TO the late general sI5
pension shall be required juudCr such limitation
| and restrictions aS may be deemed expeGient.) {,
receive the notes Of each other continuing solvent
at par, in payment of all debts due, or to becosI
due to them respectively during their suspension
the bank or banks resuming specie payments to b,
| relieved from this condition.
For the relief Of the debtors, provision should bs
made tor an extension Of the time in which execu
ton on judgments may issue, and the period nov
provided by law for the stay of execution.
The ISSUE of relief or bank notes. of less denonl
nation than fve dollars, should not now be autho
| rised, nor should the Banks during their slispeu
| sion, be permitted to declare dividends exceeding
| six per cent, per ahnnm. The munsd institution:
| # the Commonwealth, IT il believed are generally
| in sound and solvent condition.; and if the mea
| suTcs suggested be adopted, the Banks will be
enabled To meet all their liabilities, supply cur
| fency adequate TO the demands of legitimate trade
confidence, aid aud revive every branch ofudustry
and save their creditors and the community from
| the bankruptcy and ruin, inevitably consequent OF
the intense pressure OF the present financial crisis
| The Ledger states that three eminent lawyers o
| Philadelphia, at the instance of the banks hav,
drawn mp very long bill to be submitted to til,
| Legislature. This bill does not provide for a full
resumption ut given day, bat for q resumption
first on the - bills, then Hes subsequently Oh
the 2os, and on--after which there shall be rt
bills issued in that State under the denomination
of So. on this the Ledger remarks:
This may do very well for the public. perhaps
and may be satisfactory to the city banks, that
make very little account of their circulation. But
such bill must expect to encounter the opposi
tion of the country banks that rely most theil
circulation fur their profits. Consequently, that
provision in the bill is likely to be defeated espe
cally at short extra session 1t also provides fOl
the establishment of clearing house, and the pull
lication of weekly Statements similar to those o
the city of New York.
In Baltimore, Tuesday, the rates for out of town
money were as follows: Virginia (0ld banks gene
rally per cent. discount. except Richmond aud
Petersburg, which are IL TO ,, Wheeling dis
Corporation OF Alexandria ., aud Virginia free or
stock banks 3 to 10; North Carolina banks TO IL
per cent discount.