Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-09-04
More TTouble il wal Street.
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fFron tie X 7. ExpEess, Of WeanesdHy.I
Peas,sql 81. The Pant eagy Detaledti0n and
Ssrsral Fa7ures-Tze NeehGaieS Bank As-
soeiqtion Cgosed IL Doors-A,Test and Dir
ehqy0s Of Tsllsr Tdn4 ByareoBs = Great r. r
eitemsat
Wall street has been in a state of more excite
ment to-day than for any period during the
sunnmey panic has taken possession OF the
timid, and the feeling passes from one TO. inc !.
other with all the force which such a state Of
things Is naturally calculated to awaken. me
;ry,siiate cause IN the suspension Of the Me-
cbanic's Rank Association, one Of the officers OF
yyhieh has been found faithless in the discharge
of his duties The Liabilities are not known TO
a certainty. and until they are known the DIrec-
tors decline TO meet Gle obligations Of the BANK
with the previous feeling IN the streetin regard
10 Some Of the country banks, such an act as
this was calculated to produce the natural effect
We have seen. The suspension Of Beebe d 70,
owing to their large loans on stocks, IS another
cause Of the panic.
An attempt tn increase the panic by the re
mort that the Erie railroad would not pay the
dividend on their September Bonds vras answer
ed by the positive payment Of them At noon, at
the Manhattan Bank. Those who for purposes
of evil aud to increase the excitement bad cal.
culated a contrary report because they wished
it to be true Of course were disappointed, ana
such will now set their faces in some new dlrec
ton, 10 propagate mischief.
Though confidence IS aplant OF SLOW growth,
it is most rapid of all growths in its decline
On aecasions ike these, when tens of millions
Of dollars are in danger Of being sacrificed al
most daily from mere panic, tits time for sol.
i'd intelligent business men to arrest the evils Of
the loss by breasting the storm. The danger IS
one Of fear rather than any real evil There IS
as much real value and as much money IN the
city to-day as there was half year since, and
vet millions Of dollars have been swept by the
board in the space Of few weeks. Only a
restoration of confidence can check the calatni-
ty, and sensible business men should unite to
accomplish this.
One effect Of the present excitement has been
10 bring thousand Of abScntees to the city. We
observed many Of our leading business men on
Wall street to day, and among those who have
been at their country homes and the watering
places for the summer. At one time, two or
three hundred people were congregated opposite
to the Mechanics Banking Association building,
attracted by curiosity, hut there seemed to be
no excitement beyond this, and more OF good
nature and philosophy than one would naturally
expect If the Banks, Bankers and citizens will
but do their duty one toward another, by allow
ing a manly confidence and caution to go hand
in hand all will soon be we'll
OxE O'CLocE.-A better state OF feeling ex-
lists. The Bank of America, Phoenix, Manhat-
tan, Union, North America, New York, and the
Banks generally are redeerning the notes of the
Mechanics Banking Association. This is a step
in the right direction. The notes are equal to
gold, based as they are on the large premium.
which exists for State Stocks as security, and
any sacrifice of such property is cruelty to the
holder
THREE O'Clock p u.-There is meeting ofthe
Bank Presidents as we go to press, to counsel to-
gether as to the best means of strengthening
their own position and giving relief to the com.
munity. 1t is stated that the City Banks stood
ready yesterday to loan the Mechanics Bank
ing Association any reasonable amount Of re
lief ifthe condition Of the Bank warrantedit. A
COMMITTEES, appointed last evening to examine
the condition Of the Bank, made report unfavor-
able to further aid, considerable relief having.
been already granted. The redemption of the
bills, however, was this morning agreed upon.
The Banks have received large Deposites dur
ing the day and paid out very large amounts in
bills, and not much more than usual in coin.
We observed at three o'clock in the leading
Banks very large numbers both Of depOsiters
and Of persons receiving money. For twenty
years there has hardly been buster, or more cx-
citing day i'll Wall street