The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-10-14
DAILY DISPATCH.
WEDNESDAY, MORNING. OCTOBER H. 1857
THE FINANCIAL CRISIS.


ported suspension Of the Branch Bank of the Valley
| ct that place, and says:
No Bank can make better show than ours. nor
u the profts Of any Bank In the country larger
from the statements We were permitted 10 exam
Inc. the prohts show an average OF about 13 per
cent per annum, aud We learn that the assets this
day. will show $l35 900 and above the liabili-
ties and yet this institution has been run upon by
brokers from Richmond, Petersburg and Lynch
burg, and We regret to say, even by merchants
from the latter place. The Board of Directors aud
officers Of this Bank are business men, liberal in
their dealings, and have always supplied the wants
| Of the community when in their power, aud we
earn that in five years operation, not single bad
debt has been made or a dollar lost. =
We copy the following paragraph from the Alb
| ingdon Democrat:
The branch of the Exchange Bank In Abingdon
continues to redeem all its bills as fast as they are
presented, and it Is perfectly able to meet all its
liabilities Ii has not the slightest idea of suspend
ing. There has been nothing like r,a, on the
Bank. 1t Is going on pretty much in its usual
course. Its note holders may, and we trust will,
feel perfectly secure. They have nothing to fear
rESSEssEE.
The Memphis Eagle and Enquirer Of the sth
inst, says .-.f
The exchange and monetary market, generally,
Ia still greatly depressed, and though affairs yes
terday were thought by some, to have improved
We confess our own inability to discover it, and our
opinion is that the future prospect is anything but
enc 'uraglng. still we hope not. This state of
things has affected business very unfayorably du-
ring the past week, and for some of our leading
articles it has been almost impossible to get offers
Cotton drags even at its present low price, and the
prices of other articles are almost nominal
1t is confidently hoped that the coming week
will exhibit improvement in all classes of trade
We sincerely hope it may. Private accounts were
received yesterday that the 0coee Bank previously
reported suspended, had failed
UNITED STATES STOCKS.
to the action of the Secretary of the Treasury In
disbursing from the vaults large amounts of spe-
Gle, which have gone into the banks and into gene
raj circulation, says
| "The Secretary determined to 20 to the extent
that the law ard due regard for the interest of the
| government would dmit. With this view he has
| continued to redeem the outstanding stock. un.
I'll there only remains about half million which
he is authorized under the law to apply to this pur
| pose.
| whether the banks have responded in their ac
tion to this and other specie facilities which have
been afforded them, by giving their customers
proper relief in the way of loans, &C.. is n ques
tion upon which we will not pronounce a prema
| ture judgment. The first duty of the banks ia Ia
their billholders and depositors, but at the same
time the protection of their customers, where il
| can be done, is essential to their own interest II
the customers of bank break, and are unable to
meet their liabilities, the bank necessarily follow,
| in the wake"
| LABOR AND MANUFACTURES.
letter from New York, all uding to the aspect
of things there Saturday evening says:
"a great many workmen, mechanics and clerks
| as.they got their weeks wages, were discharged
The New York Hemp Company's factory in East
Brooklyn, which tp.oys over 400 hants aud hal
been running on short time stopped altogether las
week. One well acquainted with the cigar manufac
ture in the city, gives 1t his opinion that 3Ot
| cigar. makers are now thrown out of employment
The stetedores and long-shoremen are almost en-
| tirely unemployed. A long and solemn string o
| idle carts and cartmen was visible on saturday
| along South street, where they generally bu
sicst. About two-thirds of the journeymen in the
job and book printing offices have been also turned
| off. The same may be said of the bookbindsrs
| hat and cap makers, dress makers and other occu
patons. This is the result of necessity, as their
employers do not realize money enough to pay
| their weekly salaries.
MEN stand on the corners in groups discussing
| the events of the day, and speculating upon the
probabilities of a change for the better the
worse. 1t Is agreed on all hands that a dreadful
winter is before US, and unless something be done
at once to relieve the wants of the mechanics and
working people thrown out of work, there is room
| for the most serious apprehensions
| NO less than e. girls have been thrown out
of employment in single branch of business in
| this city, the cloak trade. The suspension of the
hat bazaar houses of Jno. n Genn, will also cause
| the discharge of several hundred persons-Mr
G.. having between five and six hundred in his en-
| ploy.'
several of the manufacturing establishments In
| Newark. n. j., and vicinity, design recommending
operations this week. and will employ large por.
| tion of their old hands. Thisis encouraging.
| The "hard times are operating very oppressive
ly upon the poorer classes of people ut Elizabeth
| port, NJ }. A large number of men have been
thrown out of employment during the past three
| weeks.
The suspension of Willett Co, of New York
affects the whaling interests of New London to the
amount of 100000.
Messrs. Starr Il Underhll, of New York, who
have recently suspended, were largely engaged in
| the manufacture of hats, which were made in Bloom
field, Orange and Newark, n. j., aud Stapleton
staten Island. They furnished employment to
| about 300 hands, who are now thrown out of work
Their payments were from 81 900 to 81, 500 every
| Saturday
| In Bath, Me-, a considerable amount of ship
building Is going on. Several large ships have re-
| Gently been put into the water, and the keels o
others have been laid in their places OF late, Il
vessels have been on the stocks at one time
| Wages of workncn are low, ranging from IS cents
to sl.50 per day-mostly 81 per day.
! The New York Mirror of Saturday, says:
We saw yesterday, for the first time, a handsome
private equipage, driven by " colored person in
livery, with placard =" for sale" fastened to the
| side of each horse. There more carriages and
horses in this city for sale to-day than in
| the market at time before. One of our city
journals came out yesterday with nine columns o
wants. Articles de i,tre dress, furniture and the
| toilet, find a slow market. In one Of our mos,
| fashionable streets, and within stones throw o
| each other, friend of ours count the resi-
dences of five fashionable aud heavy business men
| who have failed. In one of our city banks, whose
stock short time since was above par no less than
| four of the directors have suspended payment
| MATTERS IN NEW YORK.
| New YORK, Oct 12.-The stock market is to-day
| in state of extreme depression. The feeling
among merchants is ono of great encouragement
but decidedly in favor of the banks maintaining
| specie payments.
| The bank officers OF meeting hold to-day de
| clared unanimously that they would maintain
specie payments at all hazards.
1t is rumored that strong efforts making by
| the Albany banks to compel the New York city
banks to suspend. and that the Governor expressef
| his Willingness to call an extra session of tbs
Legislature immediately, If necessary to meet such
an emergency. Among the resolutions passed b,
| the bank officers to day was the following:
"Resoiee'', That in the jndgmnnt.cf this meeting
| no farther contraction of loans is necessary MOI
| will there exist any obstacle to such expansion o
| them will afford necessary aid to bring forward
| the crops and alleviate the present commercial dis
tress, unless it shall he created by the demands o
| causeless alarm"
There is q general drain upon all the banks ir
various ways, but the only serious features Is thu
| inclination shown by depostors in some of the ole
banks to punish them for refusing facilities in the
way of discounts, by drawing their deposits.
| The street d unusually excited.
FAILURES IN ST. LOUIS.
ST. LOUIS, Oct. PA. j. MeCready 4 Co., dry
| goods dealers, have suspended. Also, Doane, King
| Co., and Collins Kirby 4 Co. The liabilities o.
the two latter are about 81 100000 each.
| MATTERS IN NEW ORLEANS.
| New ORLEANS, Oct. 1.-THE failure of Messrs
| Corning Co., of New York, will not affect the
Southern Bank. There rumors this evening OF
| some failures, but they are not authenticated
| Business is unsettled.
PENNSYLVANIA.
HARRISBURG, Oct l2.-Tbis afternoon an entire
new section offered in the Legislature in place
Of the first section of the present bill 1t suspends
the penalties incurred until January, 1859. and
permits dividends of per cent during the sus