The Washington union., 1857-10-02
THE FINANCIAL CRISIS IN NEW YORK.
We copy the following from the Journal Of Com

THE FlNANCIAL CklnlS IN NEW 1Ohh
We copy the following from the Journal Of Com
merce:
New York has noble duty to perform. When too
Iny Of her allies have surrendered quit the held she,
tbe city Of New York represented by her banks and
arrchants is summoned to the post Of honor She Is
allied BY all that is due TO herself, her country, and
other countries by all that is due to sound principles
and sterling integntyto stand her ground and receive
the shock Of battle. And she will do il. Yes, and soon
be shout of victory will her endeavon- There
4 no good reason why banks should suspend They
are nov iInpregnAble position their business has
been reduced to snug limits their specie lar exceeds their
circulation which besides Is secured BY State or United
states stocks lodged with the State comptroller another
ship-oad specie at hand there Is little no
demand for ID for shipment to foreign countries i'm
ense crops of cotton rice tobacco, -four &C., viii soon
supply abundance Of foreign exchange inportatlons
viii be checked; in short, the road 70 health,
although at this moment the sickness upon US
several OF leading banks the signatures Of their
presidents encourage the merchants to expect more lib
Al discounts soon No doubt the latter suffering
yerely and need relief The hanks know 1t we'll and
will do what they for them, consistently with the
maintenance of their position. Who can reasonably
ask them do the failure of solvent houses is
great calamity though it is small in comparison with that
Of bank suspension In this commercial centre OF the
western world Bear up, then, heartis little longer
and you shall descry land and, when the storm is
over you will congratulate yourselves and each other
that you did succumb, but bore yourselves in the
darkest hour like and like heroes
New York maintaining her position firmly, Boston, the
commercial Of New England, will be encouraged
10 the same and with her large part of the hanks
connected with the Suffolk Bank system Even If the
Boston banks should suspend, (Which we do not anc
patel the New Haven banks, inclined to think
will hold fast their integrity They usually keep large
detostes in New York and in many respects more
closely connected with than with Boston tor the
last three four weeks they have kept the helm hard
down. being determined to get into an impegnabe posi-
ton at the earliest possible moment Money Is said by
old residents be there than before the sus
pension in 1887 But yet there have been few fail
ures.
..I New York and especially il New York and Boston,
maintain specie payments without inching, Philadelphia
Baltimore and the South generally far it shall have
suspended win be obliged to at no distant pc
rod lose their charters The calamity viii thus be
greatly abridged both in extent and DURATION compared
10 what it would have been If banks had pnsillani
mousy snccumbed before the first blast of adversely
The Daily News of Wednesday says
Daylight at length dawns and the crisis seems about
10 pass away. We heard of further bank suspensions
Yesterday which of itself relief We have also
the satisfaction that the city banks held
meeting in the afternoon the Clearing House, to dis
cuss the OF affairs and TO consider how the banks
could best promote the interests of merchants and
recover their lost credit in financial circles Forty banks
were represented The meeting took place at 3 p m,
and continued till s. The whole proceedings Of
very husinesslike and harmonious character 1t was
unanimously resolved that the parties present should
resent to their respective boards Of directors TO increase
respective present lines Of discount This viii give
lief merchants to the extent Of over three millions
of dollars This action of the hanks viii be received
with gladness throughout the trading community and
will remove much anxiety from many troubled mind
In the name Of commercial community we thank
the banks for this timely action
The pressure upon was owing in part to the
sudden contraction of discounts by the banks doubtless
necessary expedient to protect themselves but having
probably seen the worst of the difficulties and knowing
their own abilities they show themselves ready to step
forward and as far lies in their power, lend helping
hand BY the weekly bank report, published yesterday,
the banks show that they very strong having crcu-
ation of g. s3s 000 and specie on hand amounting to
sls 32T a00 nearly dollars in specie fer one OF cir
eulatos
Besides this relief rendered by the banks above
rred to- observe the subtreasury paying out large
y 1t paid to-day SSH l,3o0 mostly for redemption OF
public stock We learn also that the Bowery Savings
Bunk has sent In ST. 900 certificates OF United States
stock to be redeemed This win, therefore, be paid In
the course of the week and will be somuch capital added
TO the circulation The skies indeed looking brighter
The feeling in the street much improved More
confidence was shown which viii lead TO the re-
sumption OF business by the discount brokers The stock
market has also improved Exchange with the South is
relaxing little The currency of the State is more in
demand as that OF other States is and more sus
pected The low price al which exchange ON London s
selling-l00 to l05-must lead to large importation OF
gold In few weeks Sales Of exchange have actually
been made par, 100 per cent which is A cents
per pound sterling, We shall weather the storm