Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-09-30

THE, SUSPENSION IN PHILADELPHIA.-A letter
from Philadelphia, written ON Saturday, ssys;'
The excitement produced by the Bank sus
pensions yesterday has been extensive. Almost
immedi2tely upon the announcement THAI ihe
Bank fPennsylvania had eeased oPay specie,
the Girard, Mechanics, Commercial, Farmers
and Mechanics, Western, Philadelphia and 9th
err Banks were beset by anxious note,holders,
demanding specie In an incredible short perl
Cd of time, the tide Of emigration flowed into
the buildings of all these concerns, and the PAN
ic became general. The police were stationed
about in the different Banks, to prevent any
regular outbreak. Speeches, arguments, exola-
nations, INQUIRIES and denunciations were rife
upon the prevailing topic. Some funny scenes
were enacted in the crowd One rough and
powerful looking fellow, evidently from the ru-
raj districts, went about fourishing bag OF
gold which he had Just obtained for some notes
which he happened to present in time.
At meeting of Bank officers held yesterday
afternoon it was resolved that the payment OF
specie for the notes or other obligations OF the
Banks should be suspended this morning, ana
that il is therefore understood, that whilst all
our Banks will be open for business as usual,
coin will not be paid out. This course has very
wisely been determined on, with view 10 sus-
tain and, indeed, to save the business communi.
ty. Properly viewed, it is measure OF sell
protection in which our citizens are all inter-
ested.
THE SUSPENSION IN BALTIMORE. The Baltl-
more American of Monday, referring to the
Bank suspension in that city, says:
The immediate effect of the suspension on
Saturday was to brighten the aspect OF CONNER
L.. H. han
stantly prevailing for the past month. The
price of money fell from 2 to l-2 per cent
end an advance OF prices occurred at the stock
board The disasters that threatened the ousl,
ness community have thus been arrested, and
the general feeling among the merchants was
one of approval of the course adopted by the
Banks.
According to rigid construction ofthe char
ter of our Banks they forfeit their corporate
franchises by the suspension, but inasmuch as 1t
has been general and was invoked by an ma
voilable necessity, to disregard which would
have pioduced the worst results, there will be
no hesitation on the part Of Legislature in taking
any action that the contingency may require.
RAISING THE CENTRAL AMERIoA.-The New
York Post says that negotiations are 60
inc on between the Boston Submarine ArmoI
Company and the underwriters OF the Contra
America, to raise her hull, which is supposed to
| lie in about % fathoms water. The specie II
her alone would furnish ample inducement toi
the experiment. it her position can be accurate
" fixed, and that it can, is probable, from the
fact that Captain Herndon was reported to have
given her position to the vessel which refused &c
come to his relief. Should the work be under
taken promptly, there is thought to be reason
able chance of success.
1t is now positively known that DIR. Tate, o.
Virginia, has been appointed Sixth Auditor OF
the Treasury, in the place of Col. Phillips; anc
James Madison Cults, tather-in-law of Senator
Douglas, has been appointed Second Comptrol