New-York daily tribune., 1857-10-06
,u,t,., m hs a.,as 10 y esnk Aest Of them, Instead

OF giving sdGtNSs rcfks, arc e1iIpn"e"s ~
cent Of their bi,is.
The affairs Of the Bank Of the CSpitol are in much
verse condition thsn Of first represented
Tie AlbaEy Argus does 10; Ike the declsion OF
Judge Hsnis in the Bank Gaze;
1" Instead OF draining the Bank Department 9i rs
securities il Is necessary thst they should DC
strengthened and fortified, 50 that We may have tue
cation Of financial system, IN an undouoted cur
rency. - o..
% they propose that the banks Of the State should
mutually agree to receive and pay out a. currency
all bills Of banks which secured by State stocks
By margin OF twenty per cent above the amour. OF
circulation. Under such provision the drain on the
Bank Superintendent. office Will cease, ana ne
securities will be given 10 reinforce those already
there. . oc- s...
banks made 10 restore specie payments. II was
adopted then under great incoI venences ana dioal
ties. The NewYork banks had Zone OF the machlnsgy
then in existence for managing the details OF the
scheme. Now, with the powerful agency OF the Me,
tropolitsn and E1charge Banks. OF N-w-fork, ana
the machinery of the Clearing House. there would oe
no difficulty in carrying il out. The city banks wouo
have 70 cooperate with the two regulating backs We
have named ard bear their proportion OF the money
Of the interior; and the balances at the Clearing
House would be settled in this medium.
"Will not the New York banks have 10 do some,h ,hng
OF THE kind or do worse Ii the State stocks are TO
be thrown upon the New York market, in parcels, oy
millions, TO bring whatever they 0lll fecn, VII iney
not absorb capital in the hands Of private holders,
who low discount paper. and will they not tempt de-
pO.tOrs to withdraw their money for the sake oi 50
profitable investment.
Is not some such system necessary, in order TO
euabe the peoI OF the interior TO get the crops and
produce OF the West to market
- Under the management of which we have spoken
the bar ks in the West might let out their currency so
to able purchasers 70 bring this crop to MARKET
With the money of any OF the banks of this Safe
the wheat could be bought in Chicago and forwarded
=, N. af which
ton 10 Europe.
The Chicago merchants it will be seen have effect
ed organization for the purpose Of forwarding and
d o. sing without charge commission, OF such pro-
duce as the farmers in that quarter may intrust TO
them TO be converted into cash in the Eastern mar
kets A capitalist in Buffalo has undertaken the same
good work.
Some resource must be found to set 10 motion the
current of trade now checked.
"The bankers of New-York to whom this proposition
will be made must reflect whether they will accept it,
or a worse contingency which 1t is not diicut Tor
them to conceive Of"
The Boston Post is very urgent thst the Banks of
that city should sustain specie payments. 1t says:
Although there were a number OF failures on Sat-
urday suspect the mercantile public in general got
through the day much better than they anticipated.
Almost all regular bank customers had their share of
the 10 y cent discount and easily lifted over the
heaviest pay day OF the month In the Street little or
nothing was done 10 money, ard as high as 5d6 q
cent nor th offered for short tune, with fair col
Street any terms, the numerous failures and num-
beress rumOrs having destroyed for the moment. the
little confidence that previously existed among lenders,
while most Of the latter have no considerable sums at
command, as they had fully invested their means as
general thing, in "prme" paper at 92 cent
month four OF five weeks before. The market. there
fore presents some apparently anomalous features.
Hard and high es it is, there less done at
rates above the bank figures than at present. aud we
may add, that never was there more money lent al o
= cent. Merchants in the line of business help
each other to the utmost from day to day at the legal
rate,
This month, doubtless, viii see much trouble and
many bankruptcies. where the maturing payments
are large but although collections almost out Of
the question: though very few pay anything but their
notes at bank, are inclined TO believe that even
our merchants and traders. We think the great ma
jority have passed the worst Of it, far as bank
ruptcy is concerned and there is nothing In the nsn
cal horizon to indicate that the banks will not be
able to aid this majority sufficiently to carry it through
the pressure in triumph.
ain discountng largely last week, the banks acted
manfully and, considered as unit, intelligently.
"0ur banks now stand firm, with greatly diminished
liabilities. From the beet private Information we have
every to believe that the condition of things in
Boston is even better than it is in NewYork.
A meeting of merchants held at Pittsburgh on
he Sd inst. Resolutions were adopted, declaring IN
ubstance that the suspension of our banks was solely
caused by financial disasters in other parts of the
country, and was dictated by sense of duyto the
business interests of the city the banks being solvent
and managed with urdoubted prudence and fore
thought. The resolutions recommended the Legsla'
ture TO remit the penalties Of the banking law of 1885,
but to fx period for resumption at an early day as
possible, and TO limit bank dividends to Y cent per
annum, and allowing contingent fund Of not 20
q cert Of the capital stock the surplus to nure to the
State.
The Cincinnati Daily Enquirer of Oct. 3, says:
THE general opinion of the fnanciers and money
operators yesterday that money matters had m-
proved and far could learn, by frequent in
auiry in the banking quarters the feeling is decidedly
better. The determination Of the State Bank Of Ohio
to continue specie payments, if possible, seems to
have favorable effect and many Of those who |
thought day or two ago that the Banks of Ohio In
diana and Kentucky would all be forced to suspend,
appear to have changed their opinion. |
d" The Springfield Bank mot the Springfield Branch |
OF the State Bank, has been enormously repored
all the other suspended Banks of Ohio except
we mentioned yesterday, the City Bank Of Cincinnati
and Clinton Bank Of Columbus taken on deposit |
by the bankers.
'" Eastern EIchange ranges from a. premium the |
latter the regular rate for sight drafts NewYork
and Boston. Those on Baltimore and Philadelphia |
are sold at20 03 premium; but the demand is light.
The supply better. Gold which the day before yes.
terdsy was disposed Of at 10 premium, can now be |
obtained of any Of the dealers at , premium.
"1he failure and assignment Of Hutch ngs & Co.,
of the Oldest and, believe the largest private
banking houses in Louisville, were announced yester-
day Their liabilities must be heavy and their fail. |
will probably be bad one, they have recently
been connected with operations foreign to their reel.
lar business