The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-10-10
DAILY DISPATCH.
THE FINANCIAL PRESSURE

Ihe papers still come filed with interesting news
OF the panic The failure Of Fowle. Snowden 4
20, IN Alexandra, is the only one of impor
tancs in this State. The Alexandria Gazette Of
| yesterday says:
We regret to announce, that, yielding to the
pressure OF the times, the we'll known banking
mouse Of fowie, Snowden 4 Co., of this city were
yesterday compelled to suspend payment. They
viii at once go into liquidation, and make their
assets at the earliest possible period The an.
nouneement of this suspension caused great ex.
eitement on the street. Their assets we learn.
are ample to meet all their liabilities and leave a
| surplus They continue to pay all small deposits.
| correspondent of the Baltimore Sun saws:
At Alexandria the suspension Of the banking.
houses OF Messrs. -Eowle, Snowden 4 Co caused
much surprise and regret. They announce as fol-
| lows:
yielding to the pressure of the times we have
been compelled to suspend We shall go into Ii
quotation at once, and make our assets available
| as early "a practicable. Under ordinary circum
| stances We have abundance to meet them all. We
are paying our small depositors"
1t Is also understood that with the rapidly in.
| creasin9 demand of depositors the firm preferred
suspension to paying exorbitant premiums for
money. The figures are not furnished but such
has been the uniform integrity and prudence, as
well "a known wealth of the parties that public
confidence to great extent remains with the
house.
letter from New York, dated Thursday, says:
The total number of failures announced for the
last week, is one hundred and twenty-three.
Ihe amount OF grain board of vessels here
ready for clearance to Liverpool, is three hundred
and eighty Thousand bushels.
The payments at the sub-treasury TODAY wers
$2S20oO, ard the receipts Sl56,00
The Albany bankers have been in consultation
with the New York bankers to-day, to induce them
to expand sufficiently to bring forward the produce
from the lake ports. Unanmity of action was
however, found impossible, and the project failed
PHILADELPHIA
The Philadelphia American has the following
comments upon the policy of the New York banks
Thus far New York has avoided suspension by
resorting to policy of coercion to which the great
body of depOsitors were compelled to subscribe -
If any merchant attempted to draw specie upon
the right of deposit, his name was at once passed
from bank to bank, and every facility Immediately
denied him.
By this compulsory process, resulting from a
perfect accord among the banks, and in great
measure too much from customers dependent upon
their indulgence, power has been exerted which
has thus far prevented any adverse demonst: lion
on the part of the community.
Their own exhibits have demonstrated this all
along of late and the last quite AS strikingly as
any other. For example, the circulation and de-
posits of the New York city banks show an aggre-
gate OF <75s94 759, to be met by S1 400 Alb in spe
Gle. That is to say, if ''run ' were made to-mor
row, under the influence OF such panic Us pre-
vailed here ten days ago, the banks could not pay
in gold and silver but one dollar in seven Of the
demands that might be presented.
We will be told, of course, that they hold loans
and discounted paper amounting to hundred
and five millions which intended to protect the
sixtyhye millions due to depostors and the like
Such an exhibit, under ordinary circumstances,
would be fair enough, but when we know that the
pocket-books OF those banks are crammed with the
notes OF broken or suspended houses the so-called
assets become little more cquivocsl in their cha-
racter and substance If pressed to the wall. they
must suspend, just as merchants have done whose
wallets are filled with the same sort of promises to
pay.
1t Is no part of our purpose policy to discredit
the New York banks, but when u superior standard
of morality is affected, and superior claims to
credit are asserted day after day in the presence
OF such imposing facts, il is well that the public
should understand precisely how much value they
are entitled really to claim, and by what rule COM
psrisons should be instituted.
A dispatch from Philadelphia, Thursday, says:
Asnumerously attended mass meeting was held
here this afternoon by our business men, relative
to the financial difficulties. The call which was
signed by most of our prominent firms. was only
issued during the morning; but, being posted in
syery prominent position throughout the city at
tracted general attention, and notwithstanding
the short notice, large number Of persons had
assembled at the appointed hour. A number OF
speeches were made, and various views expressed
1t WAS believed that New York was the cause OF
all the present difficulties.
The New York Banks had expanded s7 900 600
in thirty-one days while an expansion of xl7 0O0-
900 in hve months broke the United States Pank
Becoming frightened, they curtaied in two months
$l20Oo,O00, sufficient to produce panic in the
strongest community. The condition of Iaboring
man was deplorably presented. Thousands would
starve If there was not immediate relief. Extracts
from letters from the largest manufacturers in the
country were read. Men implored aid for the pa v
ment of wages, or else they would have to dis
charge thousands Of hands. Notwithstanding it
was their own interest to stop altogether they
were determined to keep on if possible. The re
medy was in the renewal of confidence in the
Banks. Thus renew confidence, and all would be
brought about by a discontinuancs of the run on
these institutions, and not dspriving them OF the
ability to move.
OHIO.
TIE MART or EXCHANGE