Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-10-16
l. A L f S L n E w S
The Financial Crisis.

Detroit, Oct. IA.
In consequence Of the eastern banks, the
Michigan Insurance Co 5 Bank of Detroit dis
continued specie payment this +. NJ: other
wise its business will 90 on as usual
The action of the banks is almost unanm-
ously approved; meeting of the cities will
be held this afternoon at the City Hall.
Harrisburg Oct a.
The Gov. signed the relief bill and the
Legislature adjourned.
Boston, Oct Ii.
The Mass, banks continue to pay specie.
The bank officers met at ! T. NJ. to con-
suit upon the expediency of redeeming small
notes IN specie.
Troy, Oct H.
Under the advicos from n y. this a. IN.
all our city banks, IL in number, Suspend
ed specie payments. They are open, how
ever, and doing business as usual.
New York, Oct. II.
The aspect of affairs is decidedly more
cheering. Merchants. bankers, dc, look
upon the bank suspensions as a relief
Wall st. was comparatively quiet to day.
There has been a moderate run on the va
rious savings banks, but all demands were
promptly paid All the institutions in this
city but in Brooklyn, were obliged to close
doors. At last accounts the officers of the
n Y. Savings banks were holding a consul
tation on their future course. They pro-
pose to pay 10 per ct. on deposits.
The Bank of America and the Chemical
Bank cantinue to pay specie. The Manhat'
tan, it is said, is doing tie same, and it is
believed that other banks will follow suit
a partial statement of the specie paid yes
terday by our city banks, not including the
savings banks, foot up nearly two millions.
a notice was posted to-day at the various
banks which are enabled to do business,
stating that business will be continued as
heretofore, excepting the paying of specie
Checks will be received on deposit in the
payment ofnotes, and bank notes will be
paid and received as usual.
Many of the banks have still large amt
Of specie on hand Gold is selling by the
brokers as 4 and per CT premium.
At the morning session of the stock Board
it was resolved that payments might be
made in certified checks, and there was q
general rise in prices. At the I'd Board pri-
ces were tirmer.
At meeting of merchants this p. M, Jas
DTUH IL PIesiuiht, IL was TesoNtu tlat lIe
meeting had eutire confidence in the banks
of n. Y, and meet all their engagements
dollar for dollar, that it is their duty of the
banks and the merchants to afford every
facility for the movement of produce to the
Railroad; that the exigency OF the city de-
mands an immediate extra session of tie leg
islature and that committee be appoint ed
to wait uponthe Gov. to solicit his immedi-
ate action to that end. A com. of i was ac-
cordingly appointed ID which proceedad to AL
bany this p. m.
A meeting OF the officers of the several
Savings banks Of n. Y. and Brooklyn was
held this evening and resolved to pay their
depcsitors only in the notes Of the city banks
Several of the banks which closed yester.
day resumed today.
The Supreme Court Judges to-day held .
meeting and unanimously decided 70 issus
NO process against the banks:sxssptins ior
aotee givsnIA The usual Ssrm.
n asele. sfths nseeiae = shasos asss
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