The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-01

news Of financial troubles in the East, but
with an occasional ray of hope, looking TO
wards clearing away Of the heavy cloud
now hanging over the country. New
York appears to be gradually recovering,
so far as her bankers are concerned; but
with her merchants. the trouble ia not vet
over.
The locus OF attraction, at latest accounts.
was Philadelphia, the staid old city Of the
Qaakers. with reputation for commercial
and monetary strength equal to any city on
the sea.board Under Philadelphia dates
of the 18th. il is announced that the old
Bank Of Pennsylvania has suspended specie
payment, by resolution of the Boar Of
Directors. The President says that the
suspension was cansed by run against it
and its losses by recent failures of dry goods
men. He says, also, it will be only tempo
rarily, and the capital is untouched But
not only was this old firm Bank in trouble.
The Girard, Commercial and Other promi.
nent Banks, on the same day, had decided
not to honor any checks upon them, until |
o'clock of the day, but were paying ont
specie on their s. and $40 bills. The Iii
rard Bank holds the funds Of the CITY, and
the Bank Of Pennsylvania those Of the
State. There was very heavy run upon
she Auy ssals, as a!ss spas, 'he Bankers,
and great excitement prevailed, and an al
most total suspension of business was the
consequence.
The latest and mos, important Philadcl-
phis failures, are those of LEVY & Co., silk
dealers; SMITH MURPHY 4 Co., dry goods
merchants; II. BENNEDIcT & Co, paper
dealers; and FAssErr & Co, very extern
sive house
Throughout the interior Of New York,
numerous failures are being announced.
In st. Louis, there was great alarm on
Wednesday, but happily, the next day it
had subsidized, and the business community
were feeling better. and congratulating them
selves, that they would escape.
So far the west has suffered comparatively
little; but the end is not over. Every hour
of financial disturbance in the east is fraught
with incalculable troubles throughout the
west. There has been bountiful harvest
gathered, and on the moving forward of that
harvest to the east Immediately depends the
financial salvation Of the west. As yet. the
only buyers for sixty millions Of bushels Of
wheat in the Chicago market, have been
from Canada, and they only to the extent to
carry of onesixte,h part Of this surplus.
The cnbarrassments in New York have
prevented the merchants Of that city from
buying up the grain and if these embar-
easements continue until towards the close
OF lake navigation the grain cannot go for
ward. and the indebtedness Of the west can.
not be paid. The west depends upon her
grain to pay her indebtedness to the east.
She has nothing else to pay with and this
grain must 20 forward Immediately. or the
east must wait until next spring. This
would be disaster much more fatal to the
commercial prosperity Of the east, than the
present difficulties. Speaking OF this snb-
iect, the Ch,cdgo Times remarks:
BIT to forward grain u the East reqires a
reliable market. Who can tell that an Eastern
con.ignee will be solyen; when the grain reach
es him This is a 'itsi question. so grca, Is
the uncertainty that the probabilities now are
that unless our grain be bought here by East
eru parties navigation will close and leave the
West unable to discharge It's debts, and the
East demanding its money by forced proceed
ings Ia that hour strong indeed viii be the
men who can bear up against the storm. "
the West would escape the awful pressure Of
sdca ali huaf the gram. ssaSf go tSS EdFd bs;sTf
IA. close Of narig dt,Oa. The only means, then,
Of presery alton, the only mesns O! a'ertiDg IA
terrible calamity In the Northwest. i Tor our
Eastern creditors tn come hither and buy cur
grain at our doors. That they mast do 20 pro
tect Themselves against a postpone ment Of
their claims TIL spring, and that must lie done 10
enable the West 10 ship i's grain,
The New York Tr,bune holds the same
views, and is urging capitalists to buy up
all the wheat that ia offered for sale in the
West, tina, it may be shipped 10 Europe,
and general relief be experienced