The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-09

~ sryvr.sDt Fire Insur 1000 Co.,. 100
S Esna Fire irsmancs Co.................,... Satw
AT the ssco1d board Ia, m1k,s ives lower throughout
vKSnM 6's fel CIR per cest Illinois Csatri bonds
American Exchange Bank 8; Pssk Sank, Q; pennsyyao,s
Coal Con psDy, q IIinoh Central Railroad, 81 VIZ vsude
aid nlssssipp, Il ResdiDs, Dss .ase ma Hadsos, Il
New Baven and Hartford 3; Erie, y TIA principal fsasuve
Of tho market 70 Day the great dsus In bark ssnos
Tho fAn has been enormous The banks must be heavy
losers By the humorous heavy failures.
The Sheriff walked into the ofce or the Mi wacs and
Mississippi Railroad Company this morning. seized all .hs
books and papers, looked them up be sae PIT key
u biz pocket and walked Off leaving astonished
individuals TO find out u their Iesurs what all
Tho company appear TO b. Just nov in bad rsy
re failure Of Bowcp. MoNamee Co., silk merchants.
va snne uncod this morning Having largo capital and
imnense nominal 'oes, this house has struggled
along, determined I, 60 possible Ut any slcraos;
but We country collcctons from $40 0Oc day having
vrn DOM TO j. at about no hing as ALL was found cite ~
impossible, under the present state She aoley Arxs.
70 pay both sides Of the bill any I'm ger anu asy
two sinoe became apparent TO the snsi
temporarily pond. me house shows se IND eFsand
asurrlus Of 81 and PROPOSES paying 10 Fab n
| 81 al and interest The immediate and direct or
tts suspension the utter confusion IN which the d.
maatc exchanges OF the country a. shis ment IN
vofvsd. rhst ca'omer the West write they have
the funds in hand to pay their duo here but ths
| Ia impossible TO get exchange .; any prcs.
We understand that hessrs Harper Il Brothers, book
publishers, fndg 10 consequence OF the dsorSsnized
state u the domestic exchanges that they could not effect
collie cios from their country customers without runous
lcas, decided to day to suspend pay until the internal
Of the country shall DO again such footing
that debts due In the distant cities DO made available
n New York. We have to bssve that the
OF The firm exceed IL Liabilities BY upwards OF million Of
dollars.
Proposals. for loan Of 81 eco were Advertised for
By the Water Comm ssione or Brooklyn in August last
purtuant to sol of the New York Legislature ps'ssd
February H. 1887. The bids have been opened
day 81 O'Clock NJ al the oioe OF Corning 90 So
Wall street; but no bids n oil forthcoming. Tho
terms OF the loan six per bonds OF the CITY OF
Brooklyn and the terms Of payment cash for tho whole
smcrnt offered, twenty per cent 10 csh- Eeniy per
cent payable November 1851; treuy per cent payable
December \, 1857; twenty per cent, payable January q
1868; and twenty per cent payable February ls5sshe
purchaser 70 pay oil accrued interest the bonds TO LIST
OF October, and the frs, payment coAs
raj security for tho fulnment OF the contracts.
rhe merchants OF sost N and Phu.del phlA hws held
meetings TO take into the condition OF nsnca
end commercial affairs ard devise ways meaps TO
alleviate, and possible remove, tho At exch OF
these meeting speeches made by Yera OF lead
Ing merchants, and general opcicn ,resied t,A the
worst OF the revuon was over. There the matter
ended Tho pressure goes on the banks pursue steadily
the policy first estA srhe3, failures take Place daily The
scarcity Of monty not relieved and steadily pro
crossing towards the point whore all financial Revelations
nvraby land All sorts Of remedies proposed for
the immediate removal o. al dinc ales but
10 be popular, In theory Pablo meeaugs OF the
chants do NOT amount 70 much In such mes these.
careful examination Of the list OF directors In banking
institutions viii show that these M nsyed
managed BY our leading merchants. There u hardly
PROMINENT merchant In the CITY who IL nos director In
somo hank and their best judgment broaGht 10 bear
upon tho moat important questions OF the day, oonnecsi
with the present aldou, In day consultation In the
different bank parlors the OF the banks 10 Mo
result OF the private oonsultauons OF these mes,
ard whom this y considered, We must lake the
speeches and tbs suggestions OF the Same parties,
when In public, with great deal OF allowance. Az aos
speak louder than words the action Of these very In
the bank pAro should BE- taken before their speeches
public meetngs which really mean nsthing, and IN
funded 70 aAy for The moment any undue excitement A,
for the banks, do not no. any sensible mAnho
any no& utterly regardless OF real The
city, and OF the vast importance or sustaining these oat
inssrests-csn Tor moment 6nd fault with the couse,va
I've policy these nsitusions COW pursung We have
only to lock u the city Of Philadelphia and city Of Bal
rmore TO srs the vheripg, bHghtng, terrible eness Of
learn such lesson ~ csa never be forgotten. Every
sound business man, every having heart true
welfare and prosperity Of bis native adopted CITY, every
having shs least PRIDE In The prosperity, cred ana
growth Of the city In which he Ives must bs willing 10
submit 70 the most serious sacrifices 70 preserve the fair
fame and good OF thai city. We doub: that
the people Of Philadelphia ana Baltimore tsdsy would vii
npgIy have sacrificed one half The commercial
munisy 70 have preserved the public credit and the
character OF their banking institutions rhey
how much thsy have Lest, and what q long, tedious,
difcun matter WI u DO 70 res,ors them again 70 tser
forser position viii, u The best take ycar, and
again the banks OF philadelphia recover wha. they sp
parensiy 90 indirsrenny parkd with rhoy muH hero
acr rank very low In the scae Of credit and hays o s
DO scr ard nnuen In The nnAne world The psoplo Of
that city keenly feel tho effect Of We bank ruspenson and
JUSTIFIED In the expression OF such sentiments ~ were
uttered II tho public meeting Of ozsnss few DAYS since
There . oisss tf people In this State who would gladly
see banks suspcnd-v Who selfish enough 70 look
solely o their individual pockets perfectly regardless OF
public character public credit rhsy are Voc naros
bouips upon private interests and do not 70 under
stand hat the prosperity, growth, strength wealth and
position or the city, great financial centre, win be
tanned and guaranteed BY preserving ne cssdn Of
our banking Institutions han In any other way No ssor
nces are 700 grcai 70 accomplish this great onso We
nov in the position Of besiegcd city, and the question
vheher city and the great buh Of psopls and proper
~ In shall be preserved By The sacrscs Of few lives,
or whether NE whole stall be given up 70 phge asd des
true ion Ths few Inst fall In dsfsnos Of oharaSssr
and our cYedn, NE asaaoAi and commercial metropolis
OF Uron viii be maryrstc NE general cause n must
be 20 In ali cntsss and struggles for great pr Ecips,
whether Of political, financial com asrcA mature We
have no particular regard for tho banks Our ympsihss
do mot taks that direction. Upon ths contrary, loos
upon them useless dangerous institutions sad any com.
muaisy much better on without them. We have op
posed time and again their policy, and u The proper time
shall doususa do again ,nths and aths 400 when
shsy were expanding the rate OF and two millions
loud denuncaiions, and predicted Just what has sInoe
been rsalireL We are not 81 all friendly W the ssutps
interest," and desire 10 have scsbnsto 10 win them IN any