The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-09-28

~
Mechanics Bank, the Philadelphia bank and the
Western Bank
The Philadelphia Bulletin Of Saturday afternoon
says:
The Bank Presidents have been in consultation
this afternoon, and although nothing definite has
been done there is to believe that they are
about to take some steps which will have the effect
to restore confidence.
1t wilt be observed that the suspension of specie
payments here has been followed by like move
ment in Baltimore. The Farmers bank of Reading
has also suspended. The only other bank in Read
ing is the Branch of the Bank of Pennsylvania
which of course suspended with the principal bank
The Union Bank chartered by the last Legislature
has not yet gone into operation.
All the places in the interior of the State from
which We have any accounts. are following the ex-
ample of Philadelphia and there can be no doubt
that by this time every bank in the state of Penn
syva = his suspended specie payments
Stocks have been brought to complete stand
by the money panic, and prices, with one or
two exceptions, are completely nominal. The
only transactions were in Reading Railroad, at
2aa23lE and City Skies at 81. The rate in New
York is Is, but this had very little effect here.
there are no transactions between the two cities in
consequence OF the unsettled rates OF Exchange
The Money market, ii anything presents blacker
aspect than ever Confidence appears TO be lost
and the run upon the Banks for the precious me-
tails has been accelerated in consequence of the
nouncement that all of the Baltimore Banks have
gold and silver for s. notes, but not for of
higher denomination. They also receiving GER
tined checks on deposit but nothing else. The bro
kers refuse to discount paper, and are demanding
heaFy shave Tor exchanging specie for current city
funds.
The report that appeared in the New York Ex
press, and WAS copied into one or more Phade phia
papers, relative to the of the suspension of
H. j. Levy & Co., of this city, is entirely untrue
That suspension WAS caused solely by the fact chat
their notes maturing in October are very heavy
and they found it would be utterly impossible TO
raise money in the present condition of things
rather than incur heavier liabilities they suspend
ed Every one at all familiar with things here is
quite aware that the assets of the house very
greatly exceed the liabilities The circulation Of
naseess runors like that of the Express is very in
furious, and il is to be regretted that thew sbeud
be SO eagerly taken up here
IN tlihes IKo the present, We must make much
VI Whatever good news we have and il is a satjsfac
tlon 10 announce that Gov. Pollock has issued his
- Ia SHI announcing that the Commissioners
u .ne sinking Fund report reduction of the State
deot lor the last three years. through that source
vi one million, fortytwo thousand eight hundred
snd .' a, ntty-seven dollars and sixtyfour cents.
| t,pf-''o' This has been accomplished by the
purchase of State stocks at the market nric md nv
| 1919, 1882 and 1853 "N'A 'He laws Vi
!he BANK OF North America 10 paying all its
| NOTES. na'ihg received specie from New York last
| evening. and represents having now more in thai
certifying checks A"0' "'e
Inc ioiiowlng banks pay specie for fyes: Com
| herciai Philadelphia, Manufacturers and Mecban.
les, Farmers and Mechanics paving snecie for tans
NoitatrA Liberties and Western paving fiyes. IN
cases OF necessity. ' "
The Bank OF Pennsylvania, and City Consodator
| Bank pay nothing.
=. All the Banks are certifying their checks except
| sne uirard, which ID now suspending business en-
tirely.
Safe Ranks are refusing to receive deposits.
Additional excitement has been produced by tn
accounts from Baltimore this morning
The Tradesmans Bank is paying everything
checks and ALL
Private advices say that the Banks of Readn
and pittsburg have suspended
The Southwark Bank continues to nav all it
oiiis. Tho hensington Bank pays f5's only.
THE SUSPENSION IN BALTIMORE
Ths suspension Of specie payment by the Phi
adelphia Banks and other banking institution
throughout Pennsylvania rendered it certai
that pressing demand would be made upon tn
Baltimore banks for coin, and henceforwar
that they would be called upon to meet draft
from Philadelphia and elsewhere, without tn
privilege of an adequate recprocation. The bank
Of that city with the exception of the Farmers ap
| Merchants, determined to suspend. The Patriot q
Saturday afternoon says:
At an esrly hour this morning a meeting of tn,
Presidents Of all the Banks in the city was called
held at the Union Bank, and after due considera
ton, resolutions were adopted, (the Farmers anC
| Merchants Bank voting against them,) agreein1
upon the cXpcliency of suspending specie nav
meut for the present. The fact of this determina
tion soon made known, and between nine auG
ten o'clock AL our banks ceased to pay out specie
The matter was accomplished with great ease and
unaninity: We record the fact with pleasure tlat
no made and no extraordinary excitement
pprc-ptbe. So decided and unshaken was the
confidence Of the entire community in the perfect
8. -, IL,
and ability to pay, that each person seemed to feel
that is was not only protection to themselves in
diyidaally, to the mel camille and business commu
nifty generally, but to the banks and to our future
financial prosperity, that all cheerfuly acquicscod
ia the movement Scarcely had the fact become
! known before more cheerful aspect could be oh
served upon every countenance, evidently appro-
batting the move, whilst general sentiment pre-
vailed that the crisis was past.
There is one fact worthy Of note. that the mer
chants of Baltimore have sustained themselves un
der all this pressure and panic to Ii remarkable ex
tent compared with other cities. They have beer
trading judicously for several years. and now tn,
stringency does not lind them CONGRATULATIONS
their soundness and stability. The banks. too, have
done their utmost to sustain the merchants, ant
this move on their part is one that must meet witt
general approval, for other expedient could pos
sihly accomplish the object under the extreme
emergency of the case.
There will be good deal of inconvenience ex
perienced for the want of small change, and w
would suggest that Spanish coin be again put into
circulation at the par value. This would remedy
the evil to considerable extent.
We would also suggest the propriety of the bank
issuing notes of the denomination of six, seven
eight and nine dollars. This would add greatly il
making up odd sums and in paying checks.
The resolution passed by the Presidents Of tht
different Banks this morning states in substance
that their decision TO suspend specie payments wa
made under absolute conviction of the entir
soundness of our Banks and of their ability to re
!, | rltr dat tha
the Banks will be carefully onducted lmpiici
reliance may be placed upon this statement. Those
therefore, who hold the notes of banking insti
tutions should submit to no losses, and feel per
fectly easy that they are safe and sure invest
T ment.
As to what length of time our banks will rema
in suspension We are unable to say. 1t is to b
h0ped, however. they will not act precipitately il
resumng thus giving others, and other sections c
the country undue advantage over them.
Our merchants and business men may now fee
at ease whilst with restoration of confidence the
may Justly look forward with hopefulnesss TO tn
/ future.
, The suspension of our banks involves an intr
cate question in reference TO the violation of thei
. charters under the new constitution This,
would seem, they have assumed the responsibilit
, of doing; but the same power which created, will
, | We are confident protect and sustain them In $
lust a cause, and in hazarding so much for til
general welfare of our entire community.
The same paper, in its commercial column, speal
ing of the effect of the suspension, says:
The suspension Of specie payment by the Bait
| more banks this morning has completely unse
, tied the money market. The move, however
seems to meet universal approval All have fu
Q ,nfidence in their entire soundness and ability u
, | resume at any time prudence may dictate. Their
was very little excitement, and no run upon then
The business community fully and entirely appr'
bate the course adopted by our banks. 1t afford
| relief all round, and has given decidedly moI
cheerful aspect to affairs generally. Money
easier but we are unable to give any exact rates
discount or street prices Exchange on the Mort
has advanced, but is greatly unsettled. Spec
commands a premium but no regular rates for
I'VE been fixed.
THR PANIC IN WASHINGTON.
The Star of Saturday afternoon, has the follow
/ ing
, This morning information was telegraphed to tn
, city that all the banks in Baltimore had suspende
| ar.scia naxmant CREATING a rln unAn those In tn