The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-16
MOVEMENTS OF BREADSTUFFs.
NEWSPAPER ACCOUNTS.

New York. whiskey-Lah sales Il 2lC.
NEWSPAPER ACCOUNTS.
NEW YORK.
INTERVIEW or tbs GOVERNOR AND THE BANK
COMMITTEE.
From the Albany Journal, Oct Is
Hessrs Tleston, Knapp and d nhAr,, the committee ap
pointed BY the New York city banks, had IN inter Wow
vh Governor Krg end Lieutenant G,vcrnor SelJcn, at
NE s Gsr Kns p s, ns
OH Ct cur city banks and Genera Cook Superintendent
of.se Bark Department were prc'ens Mr. Nleson sfer
super, ION Of the city banks, informed tho Gorernor
thai bis committee we're instructed to ask
him to ccnveno the Legislature. me question, Ia
and practically, until 10 o'clock. when the Governor
pressing himsel atned With the opportunity Of oonfor
RIG with enlightened and experienced gen, ri
moment OF great public difficulty and ., impending gene
distress stated Inst the discussion Of the evening had
prepared to take any respo Siy that the discharge Of
his duly might involve, be was avera- to cali OF the Le
and apparent Is 70 obtain he sanction OF pubo sentiment
that though undetermined ~ 70 the coarse proper to be
adopted be would give the whole question shs. ooueera
tcn whch, Ia n Judgment, It's importance and the CON-
welfare demanded
IRs BANK SUSPENSION iNo ITS CONSEQUENCES.
From The Albany 10 irrs, Oc. Is
Tho allure or the banks Of thl etAe TO main ain specie
ray ens places them In fifteen days by process and
In twenty days By another should creditors pressed
the hands or tho Fapk SdpeYtn endout,
and thence judges dee II 10 be their duty 70 ao In the
hspds Of TeceverS In this condition all their business
furccns ruspencei These sriuseu, pvovisions and
this summary proceeding, are presumed to be founded
either upcn the actual Insolvency the fraudulent acts or
irert tens Of banks. That any comfortable number Of
banks would be thus proceeded against ID not at all
probable But yet their exposure and liability to such
proceedings would neoes ary paralysis them ALL serving
In effect 70 deprive the cimnsny Of tie fac ues usually
derived from banks bile In suspension.
Another confequeno:-and . moAt startling cossequence
is, that when ,he notes Of banks come 10 the Depart
1upc rdouk
rea 70 the redo npon Of .hsii crculssou For sssss
such securities win bring and how tho pr seeds Win
20 towards redeemng The circulation, remains to DO
Again, by provision CT The bank law, referred 10 re-
ocsnzeo the bonds and mortgages deposited in me Do
partnen such mortgages become duo whom the bank
z p pss 30 sond . .os s dn
pntment, are due and ooflectabe his day.
THE DRY GOODS rRApH.
From ths New York Independent, Dot. Is
fhie trade shovT no Improvement On the contrary,
collections have altogether ceased from the wes are
gr,wins worc from the south. s,me OF The shoesals
store, and others Arc rysg 70 move Them BY putting
down prices and selling In 'stail
s
lion .ses have ceased The s thai doing !: for CASH
me retail trade experiences nome Of that activity usual
The setting In Of the fail season. unusual economy
prevails In the community, rendered Unavoidable from
The want OF money. Money smay be alb andsni, but II
does ros circulate. II stasnaies and suoh useless
THE SUSPENSION ACT or 1887.
From the Albany Argus, Oct 10
70 Consider he exsups Avs spobse - ong Ssss.,n
their present suspended condition. viii bs Interesting
the public 70 know what vM dcre in Ike emergency In
1887 We therefore crpy Of length all tho Important
lions Of that Ac give an abstract OF hofo not appcs
BILE 10 The present state OF g. must DO borns mind
that any lcs's alton 70 be adopted The present time
must be fsmod in reference 70 inc fIo wr provisions or
the constitution which did MOI eEiss In 1887
The hg.l.turs shall have no poxss % pass any Law
sDSs "as ~ n1y or
And also In reference that clause or The ooustus,ou
Of The United sAes which says that mo sats shall pass
any law impair Ing he obligation CT o'nsrscn."
moslacsiou Of existing .;rinrss, prov pro1soa. for
winding up banks which nn 70 pay specie.
s Eve. y. l l:.s s limited 70. :s Z: only
specie twill be no easy matter 70 sevt.s relief lav.
Suspension Of specs pay ments.u The banks must be
modeaie In thsr demands and prudent in tue ltgslaon
Nhoh they seek, and russ much 10 the forbeanos orhs
rbe suspers,on Ct 1857 was pss.ea on the ls,h Of
certain provissns Of u =, ard ior o.her purposss.n
fhe aSt section wN - foilovs:-
FEC Iye,y pro, sisn O lay 10 Force recurring Or suh,
. ,si = '.s.sT zine cc,Ss Ss.,
y sss 3 ~.
, "a. ,sc,y. IN gIs., o dSs z
ibis act and arsns which Iruncon granted
ne lasi clause vss modified ~ subsequen, act, AZ
not 10 Apply ito any debi due fom bank 10 another ,"
Section provides that coss ha DO recovered only
suih sgsns indivlduak and takes avay the priority In
The courts OF suiis against the bsnts
Section sne amount CT circulation which esch
sc No such corporation shan directly indirectly divide
-! d.isend. is,.r,. p!os. .ss.y.i shall =
Session prosSn me a1 rc% .sas 'fS pss:
section requires mos,hly statements 70 be made and
ssouoos enc reais to The "sarc,y Fund.-
Section whstsndg provisions o. toe act requires
The Bank Com ruionefa 10 take prompt and efficient
steps 70 fore the charter ssd .ind up ,hs conoerns Of
every bank which ey shall and 20 be ii dangerous or
SEQ 10 me 40, 70 'ccntinus In force for one year,
rHS LAW corcKRsIve rms SUSPENSION or Birxs
From the albany Journal, Dot. IA
the creditors Of those banks vhos suspssd Inc ,easnU
ton Of hsr circulating noes 10 specie Is prsfersnce b
FOR The bin holders These are lu. under the care and the
Department rne other creditors, lenders Of currency or
coin, depositors, correspondent bsr and holders Of
juc gments 80 &c are sent In crowd 70 the courts Of
We begin way down. with our constitution, 70 throw
,s. 70. "osns paper pon.y part q our iands
notes circulating mtrey shall be individually res pona
bic 70 the smount o. their stock for ali M debts rhis
law 10 suspend tho paym OF specie by any person or
association issulnx bark notes II also gives the bill
hoineru oi an niolvenp bank preference In payment
over al Other creditors Anr anE these three pro VI
rors The contribution requires or the Legislature 70 pro
vide ample security for the redemption Of all bank notes
Failure refussI 70 redscr ther notes nay be made
By our banks si two different plsccsher counters
and tbeir agencies The remedies for eaoh different
thc demand for specie be refused n the counter be
tween The hours Of snd three the holder OF the notes
may have them protested In she packase unless procss
be waived By the bank and The cs Of the mont
admitted In writing mis- protest, OF Admiration In wrsns