The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-02
PENNSYLVANIA.
TIE PANIC IN PBILADKLPHIA.

ana Inc Aonon OF inc LeesAure should oe directed and
that 10 resumption ef specie payrens At the earliest
s,s - anxious . despe FOR this oousummssion
We know hey are Blu, these must be backed
BY suca acts their sincerity II the Legislature
ter It's ce'tan hat in .he % p1essns sent shat
tered condition Of credit cannot Jake place without very
large reduction 10 almost every department Deposits and
crcuston must como more nearly level with coin
AID other cash means for Tho payment OF debs. Unror
tun. ely We have very precise inform alton Of the pres
only up to November, 1865, nearly ear ago very
great change has doubt been wrsoght Ia their condition
sase hep when the eighteen city banks, including the
Bank or GerDsnto.n, had capital OF 92, t62 000 cir
Oh ion OF 1924 6 and deposits ST. 2lo immed
Ne nablaies s2s,i47,ae7. To meet this, hey held in
specie s3473,2so, or about dollars In Immediate
lsoi lilies 10 or cash Behind this however,
they heic SIS in bills receivable, their con ana
o. D sDs sscc ss as:s
resources would be abundantly equal TO al nabih.
ties Of circulation and deposits. If We take tho 20
se,,er esnavAo. Than they were thsn-,nas
circulation and deuosts muon less Hsw much the Ycac
action In financial affairs may have depreos,ed their pills
ali likely to in psn Their ensre .oyensy TOT. boios tho
case what should be d0ne2 The bAufn have forfeited
their ohsrss besides hsvisg susrcd .evorcly in credit
The Governor has convened the LegiAture and that
untl hs 1. sf January asndaoa INA. you i,cu
f,rnsh currency u Ill simes and In al smoonu redeem
able In ccin. This the banks can do only by gradual
TIE procesd ds 70 he payment Of their nabitss 10 re
srme the banks must attract much less attention In The
prenc eye Ihsy mos, 10. % =. "a Of cy .as our'oo. .,
things can be approach I'd In no ohef way aan by quietly
wihdrawing themselves - mucn - poaioie from busi
lime for resumption, for every step towards An
Increase must bo retrAood by correspon ting
senssmsp no doubt, nave pu, taer hands in vice and
ns necessities Of the banks compelled them 70 turn the
screws on them. The Consequence has been load oom
pant little relaJAu would no doubt be very agree
sbe, but what 10 The use -hen is known that The
must be put dosn them gsn II vas supposed that
resumption could be made By the banks in their present
expanded condition such relaxation soui be able;
bu, II carnot be- and therefore welcome tho report o.
proposition which reached u, on ,he street yesterday,
and whish, 70 our view promises earlier and more
reliable ption than any thing Jet presented 10 h
somelhog like sA the banks 70 put in the hands Of
Of heir respsc oitas good and ,stants bills
he he'd ss . tort OF trust fund and whenever . bank h
ing snd Increasing s ndeb eeness 70 the Others shsl
be charged Interest on tho eIcerssatcments Of the con
don Of any debtor ns,uon and addi,ioas security 70
be d. mspded by tho ccmmtee Whenever II is doomed
tqu,ste This IKE Restraining tho banks within
yroper limits, while n The affords protection
ssn q present aneees We have no
the details Of ihs pro oeed plan, out learn that soe
thing Of the nature hero stated.
there scarcely any uniformity In the action
OF the bsnts yesterday than previously. The
generally purued however, we think Va, ths payment
D
vsros and ave dollar bills par banks oct OF the city,
which uch banks have nate arrangements With
some Of the city brks 10 receive ,ner notss dspo
sIt suns under Eve folass arc paid n coln. Some Of
The banks are dsoounng moderaiey others ncne ~ all
ooIn 10 dsms nd, AID 10 largely dtah IN ct difference
between bank nos aud checks Of from four 70 ave per
cent New York exobapIem worth about The sssas dir
fererce
ehnsd Y, ana stats So ]. 10 The share market
1900 shares ,cld, prices ascsuaiOg widely. RssdiDs
Ia A-l.~
Pennsyvspa Railroad shares opened sok and closed a
40 Camden and Amboy Rab oad shsrts soid down io
co. NorTsovn Rsrosd and Harr Jrg Railroad shares
sod al 81, the former dividend on Hlnehii RsIrom.
Beaver Meadow Railroad and Morris Canal preferred,
escs improvsda fraction there nae or nshius doirg
sicra OF The ss reliable ShArscsr, 81 rates 700 high o
mention.
YrrLYcrAL rRospEcra
From The Philadelphia pennsy ivanan, 0a III
There feature in The apcct OF monetary Affairs
and buslness 10 almost completely n . stand in conse.
themselves the aered circumstances The progress Of
the Suspension IL watched with ertreme xsiy witn
and Is fssred of as Isast . years oontpuancs he
banks OF Now York, among other hopeful in1icaions
have wisely and ~ .hsy ten veil Afford 70 d. resolved
nH ory TO continue the msnl OF specie bat 70 extend
the line OF their modaiops the extent OF ab 5ut
three millions which, while wiu tend V assure their
"a so~s. ~, - ,as,v ~ s.srscos mo-
cessation Of the ccpuaceo Here, also, the banks are
dsposed 10 ertep to increase thei dscounss bu,
~ NpGe, Ueft u fsr Eo8 utploeh0n auOnf Hnem tuAn
In The community sn shat ru Aid ~heh they should give
business cannot therefore be expected rns suspeus
has caused much less alarm asd dstur Vance ss Tho
lest than might have been supposed. 70 far smb
orly Rhcde Island, Pernsy lvania, Delaware, uaryasd
Virginia, North oons, Tennessee and New Jersey, and
Ocnnscccut In part 10 not presumed that the Bostnn
banks sil suspend, and Jousvillc and unnanan have
thus far whsood the shock unharmed. Tho banks gene
rally Of he Sases sf ONO aad Kentussy win not, ns
presumed, saspsnd-cerainy not for time. Al Ncw Or
leans and g. Losis where leslsuon provides Tor an On
l1ged specie bssh, their banks will not Into the
m asure of suspensicn New OrlesnJ has sx millions IN
specie seanst circulation Of eight miliions ~ i,u's
has three mlous In ootn 70 meet mi'ed circulation;
but Illinois, Indiana and Wisconsin inflated
eir ~ nee bcng based SAte BINDS dsprea I'd
10 o per cent, iustsad Of g,d ant silver We notice
hat ne PAouyE Bank stn paying speeds on sl s la
bh lee, refusing 10 come into the Arrangements for
pension fhe eoes OF Al the ether banks 6 That eity
IN direotisE Tusress,ou, exprcssed the opinion thai
v@ recsusary 70 protem NE business In enabling
The banks 70 continue 70 discount local paper and on.
change, ard percnpiory Instructed The cashiers of ne
respective banks 70 resume payment f specie when an
las scsicn has been adopted By The Eastern banks.
CnTTTu ~ A p0T INA