The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-06
THE FINANCIAL CRISIS.
symptoms

THE FINANCIAL CRISIS.
The business of New York city passed through
the dreaded ordeal of Saturday last steadily and sue
cessfully. Two or three large failures occurred,
which produced sympathizing crash in Boston and
one two other places but the results Of the day
are generally regarded favorable to early res
toration to credit and confidence. From the money
article in the New York Evening Post of Saturdays
issue we make the following extracts
The feeling of the stock exchange not Of total
depression 1t received shock in the
ment Of the failure of Clark, Dodge, Co.. house that
has been supposed to stand above casualty This firm
has branches in Boston, St Louis, Philadelphia New Or
leans and other cities. Its operations have therefore
been very much dependent the facilities of exchange
the entire blockade of which doubtless the sole of
their suspension They have surplus OF over two mil
lions of dollars.
The failure of Hutchinson Tiffany, & Co ; of Powell,
RamsdeI & Co. of Newburgh of the Powell Bank, the
Hudson River and Farmers Bank of Hudson, has been
announced yesterday and to-day. Other banks OF the
smaller and more extended class are reported clean
list cannot be made up until the smoke clears away We
shall then probably find that there has been no little ex
aggeraton of caamies and that the error of the
ket have been greater than its real losses.
Up to noon to-day the payment of bills discounted
has gone on and progresses with usual regularity and
auetness The general tone of conversation in the prn
cpa banks is quite confident Indeed, there is an APP
parent subsistence of the apprehension that has been grow
|
be attended with great difficulty The more moderate
dealers exhibit unexpected readiness and strength
Thequotatonso of to-day not explainable by any
mercal rule Some of the best stocks in the country fall
like lead in vacuum, and of the ancies the
| rise.
Virginia 6's and New York Central 7-per-cent bonds
gain each per cent Illinois Central bonds and the
| stock five, above the lowest prices of yesterday
| 2, D. m-We only confirm the above, as 1t relates
to the payments at our different banks The strain Of the
market severe and probably reaches its height to-day
1t seems to general impression that the credit of
our merchants will emerge brightly from the trial No
apprehension of important failures entertained and the
day promises to close with an approved feeling
A meeting of the merchants of Boston was held in
that city on Friday last. 1t would appear from the
proceedings that the mercantile and banking credit
of Boston is to be maintained at all hazards, and
without reference to pecuniary sacrifices. Boston
correspondent of the Journal of Commerce furnishes
the following brief but interesting account of the
meeting
this day at H. a. m, in the Merchants Exchange, and
continued for hour and half. The object Of the
meeting was take counsel together to what is best
to be done in the present condition of monetary affairs
The vast Exchange filed to overlooking, and many
could not gain admission to 1t at all The interest and
excitement great as ever knew at any political
meeting in the highest political times and yet
prevailed in all the decisions OF the hour Hon. j.
| Thomas Stephenson made president of the
blage He assisted by several vice-presdcnts and
there were three secretaries The meeting called by
committee of influential merchants that had been APP
pointed in preliminary meeting yesterday.
The speakers the president, Hon. Caleb Steson,
of Braintree director in the Shoe and Leather Dealers
Bank; Hon. Vim. Sturgis venerable and recently-re-
tired merchant; Hon. George Upton, James Lawrence,
| esq., Mr. Pierce, of the firm of Pierce & Bacon; Hon.
| Amasa Walker of North Brookfeld; and Mr.. Ebenezer
Wheelwrigh All the speakers agreed substantially in
their remarks, and took sober views with
| of he two VIII mi
other subjects well in their advice to the Boston
banks to suspend specie payments But their unsound
theories had influence with the strong minded mer
chants whom they addressed. On the contrary, the
meeting almost unanimously favored the sentiments of
the other speakers who maintained that the banks ought
not to suspend specie payments and that they should
discount to their solvent customers to the utmost of their
ability they urged Also that merchants should stand
by one another and that they should aid each other
in every possible way that the banks should stand by
the merchants and that the merchants should protect the
banks.
Perhaps the speeches that most weighty and inu
entail with the meeting those of Messrs Steson
Sturgs They abounded in noble and encouraging senti
ments Mr.. Stetson urged the merchants of Boston,
well the banks to maintain the honor of credit
New York sustaining her honor. He said he would
sacrifice oneha of his property and give the rest to the
poor rather than have the banks fail to redeem their
promises and rather than have Boston lose her weearn
| ed honor.
The following appears in the Raleigh North Caro-
lna) Standard of last Saturdays issue
ave learn that Mr.. Mordecai, the president of the
State bank left this place "Wednesday evening for
Richmond, Va, where he expected to be Joined by Dr.
Wright president of the Bank of Cape Fear for the pr
pose of comforting with the heads of the Richmond banks
on the present condition of monetary affairs The latest
| intelligence is that the Richmond and Petersburg banks
are standing firm, and the probability is they will not
suspend Our banks will no doubt be governed to large
extent by the adopted by the Virginia banks
! In connexion with the above, we would direct the
attention of North Carolina and Virginia friends
and indeed all our southern friends to the following
letter from Hon. Cave Johnson, president of the
Bank of Tennessee, to a committee of merchants of
Nashville, advising suspension of specie payments
by the Bank:
BANK TENNESSEE Sept. 49, 1857.
GENTLEMEN The officers of the Bank of Tennessee re-
ceived copy the resolutions adoped by the merchants
and citizens yesterday the Protection and Insurance
Office urging temporary suspension of specie payments
by the three old banks of Nashville and tmely aid to
their customers and debtors and thought their duty
submit them called meeting Of the board of directors
which was holden this morning in the Bank
The board unanimously of opinion that there
listed no necessity or proprety in the adoption of the
policy indicated in your resolutions by this bank.
The Bank of Tennessee is able and ready TO meet all
demands against it whenever and however made, and
would not therefore, be justified excused for refusing
payment of its notes when demanded.
With such abundant crops to be ready for mar
ket and commanding such high prices, the pressure in
the money market cannot fail to be of short duration