New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-15
THE EFFECT OUT OF THE CITY.
(By Tslssrsph.l


GENERAL BANK SUSPENSION IN BOSTON.
BosToS, Wednesday, Oc.. IA, 1857.
Alta meeting Of our Bark Presidents this morning.
general SUI pepson of specie payments was agreed
upon.
Bosros, Wednesday, Oct. Ii-lOs. m.
The representatives of the Associated Banks of
Boston met at the Clearing. House at 81 O'Clock this
morning. Franklin Haven Of the Merchants Bank,
and President of the Association, called TO the
chair WIN. Thomas Of the Webster Bank was
chosen Secretary
Remarks were made by Waldo Flint Of the Eagle
Ba,k; by Thomas Lamb Of the New-Engsnd Bank;
BY C. w. Cartwright of the City Bank, and by Al
pheus Hardy of the Granite Bank.
Under the present excited state of public feeling,
and the embarrassment produced by the suspension OF
the New-York City Banks-the Boston Banks being
unable to draw their balances from them in coin, and
being subject to drafts from the New York Banks for
con-it was deemed advisable to suspend specie pay
ment for the present.
Another meeting will be held at the Clearing House
at IL o'clock TO take into consideration the expectancy
of paying specie for small bills.
Bosros-l2i p. m.
The Massachusetts, Bank continues to pay specie.
The Bank meeting. to consult upon redeeming email
notes with specie, will not take place until O'clock
Bosros, Wednesday, Oct A-S p. m.
The Bank Presidents, at their meeting this after
noon adopted the following preamble and resolutions
In considering the course taken by the Banks this
morning suspendiDg specie payments, we are leo 70
the conclusion that it not matter OF mere expe
diepcy. growing out of the fact that the Banks OF
New Yok, Philadelphia, Baltimore, and the other inn
portant cities had set them the example put meas
urs of irresistible necessty-s necessity imposed on
them not merely or principally on .ns IF tser oumer
ous debtors 4 is obvious that the banks couid mol
continue specie payments without Gaining On .nen
debtors to pay specie and although the great mass
Of them are in possession OF large properly uei W.
ability TO pay ia specie is certain, and an attempt 70
enforce il would end in ruin. In their tall AZ the
laborirg classes of the community must De lnvoixet
They would be thrown out OF empoylnent anu tae.
families thrown out OF daily bread rs W d.o a
the so consequences that these measures nave oesn
adopted The Committee recommend, therefore, Ine
adoption Of the following resolutions: =.
Ts. the P5s:s5s :h. b Continued
der such notifications the Clearing House '"'
Resoised That there snali DC fe'u'n :" 'P'NO ~
The resolutions were unanimously adopted.
There will be another meeting OF tho BANKS TO-
morrow morning at O'Clock, to discuss SONS oi 'n7
miner details Of the present financial pohcy.
Ths ap1 ouaeenent of the decision OF the boe'on
banks to suspend specie payments was wei! received
On Change the measure in view OF the circunstsnces
be ny deemed advisable.
TIE news spread with great rapdisy throughout the
NV but did not cause as much excitement as was an
tcpsted Lower prices ruled at the Stock Board, and
the market was quite unsettled II is probable that
the suspension will exterd throughout New'EngAnd,
with few exceptions.
The banks Of New-Bedford, Fair-Haven, worcester
end aher principal towns have suspended.
AtNsntucket and Lowell the banks continued 70
DAY specie through the day.
At Portland the Bank Directors met early In the
dsy, and voted to suspend.
The crisis appears to have been met everywhere TO-
day with entire philosophy, and with no exhibition o.
excitement.
The Boston banks will pay their Distances 81 inc
Clearing House in specie usual so that the susp'n
sion merely amounts to the suspension Of paying wv
gold over their counters. x-h;ch
The Pacific Mills corporation, at Lawrence, =.
J. Wiley Edmands of this city is tresauler ~.
/ suspended. Mersrs. Little, Alden & Co.,
goods importer, are also reported suspenasa 70
A published card Of Messrs .. " 1v ,hs;- naner
proposing to their creditor, renewal Of .hea psp
for ,ix months, "a i. natures, has met WIN ,""rs
,e.ncrss. Their notes and acceptance as
amount have already been sent IN 'sr tes'..
ia. attended cosnsctisn Of tbs urn win