The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-24

From the Nea0 York Times, Oct Is.
New York Money Market--The Day At.
ter Suspension.

New York Money Market--The Day At
ter Suspension.
WEDNESDAY,, Oct. ID.
The new order of business through the
banks of the city of New York, rendered ne
cessary and convenient by the stoppage of
specie payments yesterday, was inaugurated
this evening by the following proceedings at
a meeting of bank officers held at the Clear
ing House.
Eesolued, That we will take, at par, notes
Of Banks On the State of New York, secured
in the Bank Department, at Albany, and
also bills of each Safety Fund Banks as may
be designated, from time to time on deposits
from our customers only, and in payment OF
notes due our Banks, respectively.
That We will receive, or pay balances, at
the Clearing House, in such notes, the same
being counted, developed, tied and sealed,
with the amount certified on the parcel.
whenever the sum shall exceed 81 900 pro-
vided the same be certified by an officer APP
pointed by the Clearing House Association.
1t will be seen that they recognize the
notes of all the solvent banks Of the City and
State of New York as part of the basis of
what are to be known, in ordinary dealings,
as Current Funds. These and the certified
Check of the bank dealers, payable in Cur
rent Funds as well as Geld and Treasury
drafts, at the option of the bank, holding eli
ther Or all, will be employed in the adjust
ment of the daily balances growing out of
the inter exchanges through the Clearing
House. The Bank of America will continue
to hold the key to the common vault in
which the specie of the Associated Banks is
held, and represented by certificates, and the
Metropolitan Bank, it is understood, will be
made the common depository of the country
bank notes, belonging 10 the Association, and
these also will be represented by certificates,
The new arrangement will extend to all
Country bank paper secured at Albany, and
to such registered notes of the old Safety
Fund banks as the Committee of manage
ment on this subject-aided by the expe-
rience of the Metropolitan system-shall des-
ignate.
The effect of the suspension upon the ex-
changes was not fully seen to-day. The steam
er's mail closed before twelve o'clock and only
a few transactions, and at very irregular
terms, were made on London. We heard of
a few thousand pounds at los per cent. and
of other quotations at 1O5 per lO7, banking
names. And a few produce bills, with the
shipping documents attached. were done at
par, but whether to carry out previous en-
gaoements or not, we could not ascertain
The relief to the market, however, is very
decided, and the improvement in the rate on
the street, and not because of the apprecia
ton of gold, as compared with current funds.
Gold could not be sold to the Brokers better
than from la24 per cent premium, and there
was only limited market to supply Custom
House wants and Il few of the banks eXhaus-
ted their supply before three O'Clock yester-
day. Several considerable parcels were re-
turned on general deposit to the banks, free
of premium. Most parties are disappointed
at this Indifference in the market. AS in 1887,
gold went to l3 per cent. premium imEiedi-
ately after the suspension. a close survey
of all the circumstances attending the pres
ent case led us to anticipate yesterday that
gold would be worth in the market not ex-
ceeding to ; per. cent. The advice by telc-
graph that 81, 250, eco is now at hand from
California, and the general conviction to-day
that the daring Of the past few days on the
banks was from no popular attachment to gold
or distrust in our New York paper curren-
cy, but the sudden withdrawal of confidence
and mercantile sympa thy with the City Bank
management, no doubt influenced the dizziness
of the market. And this will continue, un-
less the Southern Banks, particularly at New
Orleans, hold on to the specie basis, and gold
be required for the purchase Of cotton, or the
general aoption Of New Y Ork State curren-
cy, as bankable funds, should greatly enhance
the value of foreign bills.
The Democratic Exchanges will continue
unsettled or i,nmovable only few days lCn-
ger. On the near cities very little was done
to-day. Philadelphia and Baltimore appre-
ciated to 96a9S. The Pennsylvania Legisla-
ture has afforded the relief asked for by the
banks in that State. They have until the
sec nd Monday in April next to prepare for
resumption. The act provides for weekly
statements by the city banks of Philadelphia
and Pittsburgh, similar to the New York
practice. 1t also equalizes the currency Of
the State in all banking operations, and it re-
quiles the depostors to the credit of the
Commonwealth to be made specie for the
payment of the interest Of the public debt -
The telegraph announces general suspension
throughout New England.
The Discount market, except in Bank, has
not yet taken shape. There was not much
prime paper offering to-day. The failures
since Monday have fallen off, whether from
actual relief, or by reason of temporary eX-
pedients to live over few days in the hope
of relief, it would be difficult to say. We
are almost sure, however, that several impcnd-
ing heavy failures have been thus far avertcd,
The cessation of such disasters for a few days
more will, from the present opinion among
the discount brokers, bring down the rates on
good paper very materially. The sense of
relief from panic, if not from dear money, is
quite general.
The Sub-Treasury balance is down to So
ISL 1851. The reduction would have been
greater thus far in the week but for the with
holding of several large drafts by the Saw
ings Banks. AS these institutions resolved
this morning to pay only in City Bank notes
hereafter, they will probably now rc-invest
the proceeds of United States Stocks in 9TH
er securities.
The Bank of Commerce yesterday seemed
unmolested by the run, and was so reported
in our notice of the Wall street scene. But
we hear to-day that the quiet draughts made
upon the Specie reserve of the Bank amount
ed TO about 100000. This reduced the
sum left belonging to the bank below $780,
OOO There appeared to be little or no run
on the Corn Exchange Bank yet we hear
the amount drawn out before 3 o'clock was
100000. The old Fulton Bank did not
stop before o'clock, as rumored in the street
The bank of the State and Republic,
were run pretty low, before the closing hour.
There was a hot pursuit after the gold in the
Metropolitan and American Exchange, an
idea obtaining that they were weakened by
the country bank redemptions. Both held
out, and the American Exchange, on the
show of figures in the evening conference,
had about 100000 left.
The more remarkable feature in the bank
run in Wall street yesterday was that the
old Bank of New York was the first to give
way. This announcement alone would have
rendered A continuance Of payment By the
other banks, another day, impossible. The
bank exhausted its Specie, but had S4,O55,-
coo resources against $l,47S,0O0 deposits
and circulation left Included in the former
are State Stocks in Albany to the value of
S3SO,196. The bank goes on as usual to-
day. The liquidation of deposits in few
weeks is over so per cent. OF the amaunt due
TO dealers in August.
The German Vote in saltwater.
Tn the present campaign the Germans of
of this city and county did nobly. More than
hree-tourths # them voted the straight Re-
publican ticket They learned from sad eX-