The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-16

The financial hurricane has exhausted itself and
the reaction has commenced. IL was very percept
bile in Wall street yesterday. Stocks advanced, and
the banks are in buoyant spirits. Flour also ad
vanced- in fact everything is on the rise. There
has not as yet appeared any authentic announce
ment from the Governor upon the application Of
che banks for an extra session OF the Legislature II
Il pretty well understood, however, that he viii not
comply with the request of the bankers, as
il is considered that the action OF the Su.
preme Court Judges supersedes the necessity
OF any legislative intervention. There Is con-
siderable discussion TO the consequences OF the
suspension 20 the banks. II IL stated by an Albany
paper that by provision of the bank law, referred
TO and recognized in the bonds and mortgages de-
posted in the Banking Department as securities for
the redemption Of bills such mortgages become due
when the bank refuses to pay specie for its notes.
Six millions of dollars secured by bond and mort
gage in the Bank Department became due and col
lectable yesterday. Suppose the bills of the suspend
Cd banks are sent to the Department under protest,
and these six millions Of bonds and mor;gages-for
which the Superintendent can receive only specie
are offered for sale, how far would the proceeds in
the present state OF Affairs 90 towards rsdeeming the
notes.
The panic is rapidly extending throughout the
on the free banks and several Of them Obliged
TO close their doors. The banks Of Nashville also
suspended.
The steamship Vanderbilt arrived a, this port
yesterday morning with European advices 10 the I'd
inst tlree days later than those previously re.
oeive !. The news is unimportsnt. Consols had ad.
Yanced triae and ihe money market was quite &C.
tive. The American produce markets had under.
gore no change Of moment. Political affairs were
unusually tagnani. There Is nothing new from
India or China.
We have files OF Bermuda papers TO the 9TH inst.
They contain nothing Of interest. Rain had fallen
all over the island in great abundance.
Fernando Wood was re-noninated for the Office OF
Mayor OF this city by the Democratic Mayorllty
Convention, which met al Tsmmany Hall last even
ing. He received, on the first balo, ninetyfve Of
che oue hundred and eight votes cast
Tic Republican Judiciary Convention last night
nominated Alexander W. Bradford for Surrogate,
Deafeld Smith for District Attorney, and James H.
Welsh for Register.
The Democratic Naturalization Committee, which
commenced operations eight days since, have en-
rolled about 300 namcs thus for. They viii continue
In operation until the 18th inst, after which time
persons who arc naturalizcd cannot vote at the
coming election. This Is considered as doing very
slim business a. compared with the citizen making
Of last year. poor people have something else to
think Ct nov besides voting
James p. Donnelly, convicted OF the murder
Albert s. Moses, at the Sea View House. Highlands
OF Eavtsink in August last, was yesterday sen.
fenced 10 lie hanged on the sth Of January next
The culpri, previous 10 the sentence, made brief
address, In which be complained Of the unkini
treatment he received at the hands Of his nilor,
especially in being refused the use OF writing ma.
terials. and stouty protested his Innocence Of the
crime. lie exhibited perfect composure during the
solemn proceedings.
The Beard Of Supervisors met yesterday. Reports
In favor Of paying bills for fitting up court rooms in
Essex Market were adopted. The bills for refur-
nishing and fitting up the Supreme Court rooms
amounting 70 s4A3s, were laid. over. The bill for
fitting up the Tax Commissioners Office was ordered
10 be paid, az was also the SberinTs quarterly
bill, amounting TO s2,763. The Coroners
bin, for 3,s6i, was refer A com nu.
nicston was received from the law Department
In reference 10 the right Of the Police Commission
egs 70 incrsse the number Of policemen allowed BY