New-York daily tribune., 1857-09-29
n beth cies Wis relief stoois roes saa the rae oi
inters II IN tom "A 70 &c e cent % ~.

interes, en trom ~ to 36 y cent 20 ~.
From TAe ARGsy Ercsisg JIxTsaL
In our older osBk. We have eIPen-acsa, capSo"
| and honest frAnc,eIs st the hein-hc saCiefs "n'
hsye esried their Institutions snd N h-f cu,tcmen
tb1oUsh stOTms snd psDies, snt wE0se JcdSn-nI anI
| fidelity may be relied tn Dor.
Nor Is any thing 20 be fsa-,d from the Banks more
recently .stsbli,Hec, snd conducted oy Young men o
| approved character who were educated and dis
| Clip ined in reliable schools.
Our Banks therefore, cd snd new, are in the frs
place. strong in tner resources, and sale IN the
character of their business. They are ithercrpped
embarrassed 0y losses or by suspended or doubtful
debts. Like prudent mariners, they cons llted he
| fiscal barometer saw the storm gathering took il
sail. made all snug, and will ride out the gale ir
safety
| From The Roche,.er Denord.
Thus far cur commercial hrAs have stood hrm and
snd be eve they will be a)e 10 sustain themselves
The Banks have avoided gettpg into deep water and
are safe from the storm, il people act Wisely. We do
not knC that in any gency they will be unable
| to sustain their position fully.
From TIE philadelphia Bapeta.
Az EXTRA SESSION. or TIE LEGisLATuRE.-We
have The satisfaction OF announcing hort .uvely to-
day that the Legislature OF Pennsylvania vii be sum-
uCned 10 meet in Harrisburg on Tuesday, October o,
10 adopt .ucn measures as may be deemed expedient
for the relief of the banks IN their present ANOMALOUS
condition Whst these measures may be, we are not
prepared 10 say; but the fact that there S 40 effort
making 10 correct the present evils has Al the effect
10 inspire the public with a little coDf ie0ce. Gov.
Pollock in actirg SO promptly in the emergency, i,
entitled TO the thanks OF the community.
The wsrt of concert Of action among the banks has
LED 10 many inconveniences ard has bad the effect of
placing some Of them in false position. On Friday,
alter the discrtdtIg OF the Bank OF Pennsy ylyanla,
sId ITS consequent Suppression, there wac no under
sfandirg 10 what course was - be pursued.
Some of the banks soon began to decline paying
checks and only certified them. Information
reached the Commercial Bank, about III o'clock,
that institution had adopted this course, and
that pans was, Of course, obliged TO do the same
But il appears that the bank OF which they
bad head did not refuse to pay all checks, and thusa
discordant action the result. Now we learn nom
good authority that the Commercial on Friday
morning creditor bark 10 an amount exceeding their
entire circulation and was prepared to meet all de-
naDds made upon it. Bu. on learning that the other
bar ks certifying checks, they were necessarily
obliged 10 adop. The same course. Again, at toe
meeting Of bank ofiieers Friday evening" il was de-
termned that there should be general suspension on
Saturday. But some Of the banks did not do So
while the Commercial ard Others acting in accordance
Eiih the agreement, were prepared to suspend.
There thus dscoIdant action again, and now each
bark is acting independently. The eirculstion OF the
Commercial very small and its ability TO redeem
the whole Of il is undoubted
There was but meager busness done at the Stock
Board this morning, and fixed prices for any de-
sciipiop. The Money market continues in very IN
se., state There is no selling mercantile paper on
the street, and the banks paying out neither
specie nor notes. the only business being transacted is
by certified checks. The announcement that the
Legislature has been called together TO sdopt some
10 relieve the banks fom their present trou
bes has impaired more confidence bu still the great
est disust prevsils Coin daily becoming scarcer,
owing, in great measure. to private boarding. which
always attends period Of panic.
From The Pittibwsh Chyosicls.
Three of our own Danks-the Ezchsr &c, Merchants
and Manufacturer, and Citzens'--have, in view OF
all the circumstances Of the case, thought wsest as
sprudentia and precautionary measure to adopt FOR
tha yNlsa nf
nents Our other banks may, possibly be recessita-
ted 10 follow their example. Tne Bank OF Pittsburgh
decides against any suspension whatever. IL IA con-
sider.d by our most discerning and experienced bank
that it is by far the best and indeed the only pru
dent course, under the circumstances, that could be
pursued. All cur banks are unques,lonahly solvent,
and ockhoders and depositors perfectly secured
and need be under no apprehensions.
The Western Banks may, possibly, be obliged to
follow in the wake OF the Philadelphia ano Pittsburgh
BaIks. There large amounts 10 the West due our
banks and merchants on exchange, but the parties a.
those points are unable TO obtain coin or Eastern
change with which TO pay these liabilities. The sim
pie question presented itself whether the Banks
should continue paying specie or cease discountiog
thus driving our and manufacturers to the
wall, ,r else, by timely suspension, protect them
seves and the business community depending on
them.
From The Nee Orleans Croeeni
Under the daily accounts received by telegraph and
mail Of high rates OF interest being paid Ia Northern
cities, with daily feiures and suspensions there has
been reaction market which W as observa-
bic today in some circles leading 20 higher rates of
interest being paid than for long time past and re-
fussls Of loans on the very best of securities.
TIE exchange market continues to can in favor of
buyers, with the exception of Bask checks on New
IGIk for which the Banks obtain per cent prem.
Outside there sales OF sight drafts at a pre- n
with tmDess evnced by drawers. There
also purchases by dealers of sight, at a premium,
and three days without grace a, par in fact there s
every shade Of rates for sight and short sight, say one
three and FIVE days sight, from par up to the Bank
rate OF per cent. Sixty days sight wss taken at
81 discouDt- extreme rates being ffom2 23i discount
lrg was taken for AL drafs at II 07, and good z
with some bills OF lsdipg drafts being closed at and
below. Francs heavy at 5.3505.2Si. All 10 all, ex
change is goIg down, aud when it will touch bottom
dep.rds on the capacity and resources Of Northern
bankers and exchange dealers, 30 If they have any
thing for this purpose in the way of gold might
well be coming this way at an early day. Sterling
Of high grace has been sold this week IN NewYork al
per cent.
Condition Of the Banks of this City for tss GEEK ending
Saturday Sept 10, 1857: