New-York daily tribune., 1857-09-29
FROM PHILADELPHIA.
THE BANK DIFFICULTIES.


Correspondence Of The N. Y. Tribune.
PHILADELPHIA, Monday Sept. %, 1857.
1t is very extensively believed in thi, community
that the late suspension by the banks altogether
premature, not being warranted by their condition
or that of the business necessities of our people.
The banks have acted without concert with each
other, pulling different ways, and if not quarrsing
outright at least refusing to adopt any harmonious
course of proceeding To show how persinaciously
they refused to act in concert, it need only be
stated that on Friday evening they agreed in
general COZ rerence to suspend on Saturday but that
all notes of S5 should he redeemed IL coin.
Yet when Saturday came, this agreement was
violated in various ways, every Bank seeming to
treat it with contempt. Tue Mechanics, South
wark and North America paid their circulation in
full as fast as it was presented. This stupid course
reacted most disadvantageously on men who came
in to draw deposits in the shspe of 6vedOllar notes
to pay of their workmen. Their checks were re-
fused payment but marked good, and hundreds of
families had to 20 without dollar of their usual
Saturday supply Of wages because no notes could
be had to pay with-One set of men demanding pay
ment Of the very paper which the other waS IN vain
<ndeavOriDg to obtain possession OF. Under such
system this all paper currency must rapidly dis
appear from circulation.
Tie came disagreement among our banks above
referred to was continued in ther operations to-
day Some Of them paid out their notes, but in less
than an hour ceased to do so The North America
Bank refused to pay either notes or checks, though
on Saturday she paid every note presented. This
want Of concert betrays lamentable want Of head
among our moneyed institutions. The people witness
it with modification, but bear up under tho incOn-
vr,iences il entails upon them with cOmmeadable
patience. Several Of our banks discounted largely
to-day.
The Easton Bank, which holds $9O, 900 Of United
States stock has forwarded the scrip to Washington
for redemption. l hear of other large amouuts
taking the same direction 50 that the millions now
locked up in the Sub Treasury in fair way to be
removed TO the vaults of the banks and there will
be but little surplus revenue for the next Congress
to quarrel over. They will be much m, re likely to
be called on to debate the propIiety Of general
bankrupt law.
Our moneyed men are watching with great interest
the effect Of your General Banking Law in pre-
venting run upon the banks. If your institutions
escape it, it will be wholly due to the pubic conf
dence in currency which they know is secured at
the State Treasury. You have every reason thus
far 10 be satisfied with the sOundness of system
which our Legislature rejected.
1t is not doubted that the Legislature about to be
convened will relieve the banks from the pen ,ltes
they have incurred by suspension. That body has
been very indulgent to bank applications when there
was NO pressing emergency like that now presented.
The Trenton Banking Company and the Mechan-
ics' and Mayufacturers' Bank of Trenton have both
continued specie payments on circulation and de-
posts. They have had no run upon them. and on
Saturday received 100000 in gold from The Man.
haitian Bank with the assurance that all they needed
could be had These Banks will not suspend. The
two banks at Burlington have both suspended,
though they continue to pay out their own notes.
Already the people Of our city are realizing the
folly of having parted with their s. notes during the
run of last week. A scarcity begins tc appear, and
br ,kers, who on Saturday cried down the New
Jersey notes to 10 per cent discount have this day
gone over to the New-Jersey Banks to obtain sup
plies of their small bills to meet the public demand
which even now begins to show itself for them. The
probability is We shall BE- Overrun with the small
notes Of the neigh Lborng States.
The suspended New-Jersey banks which have
accepted charters since lo4S are now by law
deemed 10 be insOlyent, and any creditor or stock
holder may apply to the Chancellor for an injunction
and the appointment Of receivers. The process for
closing them up is a very summary one, and prob
ably some twenty of them could now be wound up IN
dOuble.quck time il any one hostile to the system
thoseht proper to adopt the indicated BY the
law.