Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-09-28

K,
said payment e. De ASGELIs, Cashier
Other Banks have issued similar circulars.
Notes of the New Jersey Banks are received oy
the Metropolitan and American Excnahge L,
with some caution where the RELATIONS OF the
banks are known to be mainly with pennsylvania
instead of New York. ~ 81 ~ 4
The ALEXANDRIA BANKs.-At meeting Of
those responsible for the action Of the Alexan-
dria Val banks held on Saturday evening
last. we hear, it was determined to suspend
specie payments this morning
Virginia money was at three per centum dis
count in Baltimore on Saturday morning, and
the brokers and other spectators were eagerly
buying that Of Alexandria up. As-the Alex
andria banks paying specie-.hey could convert
that money into gold at four hours time, and
thus make from six to eight per centum by the
operation, they of course prepared to make
their appearance at the Alexandria bank-coun-
tiers this morning with nearly every such bank
note in hand that might be in Baltimore, New
York, Philadelphia, Washington or elsewhere
within reach in that time per railroad. Or, in
other words, they prepared to drain the Alex
andria banks Of specie to the end Of speculat-
ing in the pecuniary distress Of other commun-
tiles
As to permit that game to win would have
been, perhaps. to break half the merchants of
the town eventually, we think the banks have
acted wisely in the conclusion to which they
came.
The Virginia banking law provides that upon
the formal Judgment of information of the sus-
pension of specie payment by a bank of that
State it must be put into liquidation. The
step mentioned above was resolved on with
full knowledge of this legal provision but we
feel assured in the belief that the Legislature,
at its approaching session, taking all the cir
cumstance of the case into consideration, will
relieve the suspending banks of Alexandria
from the penalty.
FINANCIAL AFFAIRS AT HoME.-This morn.
ing, the Bank of the Metropolis suspended
specie payments. The following card, which is
posted on the door, will explain itself:
s'BANk OF THE MErRopoLIs
September 2o, 1857 {
90 In the confident expectation that the means
in hand, and those expected from other places
would be ample to enable the Bank to meet all
demands which might reasonably be expected to
be presented, the payment of specie was continued
throughout the whole of Saturday the 26th inst;
but the panic created by the susPending of the
was antici pated, the Board of rsustees are under
the painful necessity of suspendiug specie pay
ments for the present. They have confident ex-
peCtation of being able to resume in a very short
time, and, in the mean time, they assure the com
Inunlty that the resources of the Bank ample
to meet all claims against the institution, and
they assure the public that every exertion shall
be made to afford the best accommodations that
under the circumstances
- BY order OF the Board,
"THos. CARBERY, Pres't.
% Attest-RICH'D SMITH, Secretary
Our regret is that this step was not taken on
Saturday morning, as on that day it paid out
more than $4,000 that has probably already
gone abroad.
In Georgetown, the banking houses have
followed the lead of the Bank of the Metropolis
This morning, the Farmers and Mechanics
Bank was compelled to hold up in consequence
of the other failures to redeem in specie They
are still redeeming is at their counter and we
are assured by the officers Of that ns titution
that they are in condition to meet all demands
against them in a very few days. When they
suspended, their liabilities amounted to less than
100000, while their assets were upwards of
$500, 900.
At the Bank of Commerce they are redeemng
all circulation notes as fast as presented, and
also are paying to small depositors, but large
depositors are accommodated at 30, 60 and 80
days, with legal interest. The liabilities Of this
institution are less than those of any other,
being little above 500, 900, while their assets
amount to nearly half million.
The Washington Saving Bank pays all its
liabilities in specie, up to the letter of their
contract with depositors-that is, on the stipu-
lated week 3 notice of intention to draw. Where
preferred, however, they pay cash in city cur
rency.
The Bank of Washington still pays specie for
its fiye-dollar notes.
Thus all the note-issuing District Banks may
be said to have suspended. We take il for grant.
ed-for every person in business here knows
well that they are all entirely solvent-that
their issue will be received by all at home as
currency. Any other course would be suicidal
to the business Of this city. On the Ist Of De-
tober, nearly half 4 million of specie will flow
from the Treasury into Washington hands,
which will afford some relief. Yet the pres
ent state of the country's monetary affairs is
such that it will be whipped up and carried
elsewhere, instanter. So, it is absolutely neces-
sary that our District money continue to be re-
ceived here as currency or we can have none
other except that Of suspended distant banks
not known here to be in good condition as
our own.
Chubb Brothers say they will have to demand
specie for notes payable on foreign bank ac-
count until otherwise instructed but receive
city currency, Of course at par, on all notes due
them.
Not dollar has been drawn from the bank
OF Sweeny, Rittenhouse 4 Co. to-day except
in the usual way for legitimate business pur-
poses. On the contrary, their deposits are
larger, as we go to press, than at the close Of
business hours on Saturday last. This, we
presume, is owing to the suspension of the note
issuing Banks, and the renewed confidence in
their ability to meet the demand upon them.
The promptness with which they have sustained
themselves will be worth to them SlOO, 900 in
the next five years. If the community will re-
main uuiet money will in N fe " days seek in