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

The great increase in the amount of gold distributed
among the banks and the people of our country within
the last few years. worthy the fact that
this increase has not been accompanied by such an in
of bank notes. to maintain the former propor-
tions.
admitted that the circulation has considera-
bly, lessened. 1t is not large as it was in 1884, and
probably the proportions between the specie and paper
in the country are about the same now as they were
then.
The New York Herald says;
1.-The suspension of specie payment not after all this
alarm and panic such serious matter as 1t at first
appears. 1t is merely suspension of the circulating
notes of the banks The banks continue business the
and take in currency such as they pay out
in their current operations 1t must not be supposed for
moment the banks in reality any worse than when
they paid specie and received specie funds In payment
They are reduced to paper currency, and indie
pendent of some little local embarrassments in the way
of currency and change the fact will hardly be realized
few weeks hence The Philadelphia banks have, at all
times, been second third rate institutions Ihey were
the first to suspend in 1887 and last to resume is,
therefore, not at all strange that they should be the rs
TO go down in the present revusion. $3.50
A general bank suspension in New England would be
of greater importance, and attended with more dsas-
trous results There the paper currencyis prncipany
small bills, and specie is comparatively scarce, spe-
Gle suspension in New England is not at all Du
the contrary highly probable. In Rhode Island and
Connecticut it appears to inevitable The banks OF
these States fairly loaded down with bonds Of Wes
Railroads. Their circulation has been enormously
extended to make loans to Western railroad companies
and it is scattered all over the Western country
In Hartford and Providence, Western Railroad hnan-
ciers found plenty of money high rates of interest,"
The currency gwen in exchange Tor these Dehus Is no"
coming back in large lots and the probabyls tha the
banks of these cities will down by the run Inc hart
ford County Bank which has just failed, had capta
of $300Ol, and was likely to break up to the
last moment than any other bank IN Hartford or New
England. The circulation of all these New Lnglahd
Banks is large, not dollar OF when Is
Most of them hold less than IS in specie for every 500
of their notes circulation The whole banking system
the Eastern States is nothing more or less than circuit
and confidence The bllholders must have aith and so
long as that faith long may the system be sus-
tanned The West sending home this currency and it
must be redeemed In the absence of Exchange at the
Wes Eastern bank bills remtted and furtiei than
this distrnst has taken hold of that Section and the
bankers are buying it up for redemption."
NEW YORK CITY BANKs-PUBIiC LIABILITIES.
Bank note circulation. ...............' o,o'3,ool
IOgetner
In gold on hand ............... $l2556,lSb
State Stocks at Albany 0,ol4,ooc
Together equal to 90 cents on :, *l9,o!Uo24
Leaving to collect II cents on g. SAT, S55,203
Due from Borrowers. lVo'44,4zl
Resulting surplus. Observation-Disclosures. *ol'ooo,olz
The Philadelphia Banks have decided up
on the following measures
1. suspension ofspecie payments on all notes, large
and small
3 The prompt issue of their notes of the smaller
denominations, for checks and all other obligat
against them.
8. An increase of discount to their customers, with
the object Of affording immediate relief.
The Bank of Pennsylvania goes with the rest and
all are issuing their bills again, by arrangement.