The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15

Broadway, lmporten' and Tfadsrs' saos and Lsssher.
Marine, 1radssmen's, Aeahanios Aerchsnts', Bank Of
North Amerca, Leather Aaauac:ure Cv, Bank Of Anne
rca, Merchants Exchange, Irving Markss and Seventh
Ward banks are doing their usual business, except ths
they do not pay out specie they al hsd sudden rush
early In the morning. which was answered with shssr
notes. and subsidized According 70 ths decision Of tho
Supyems Court Judges, tney ssai solvent the cnem
oal paid evsyythiDg gold, with worth i've per cant
premium over city notss Some Of the banks received
heavy specis dspoGs ssterday, and things look much
clearer wan street. exhausted !tssH with he excitement
Of Tuesday. Les n hope VIII never be repeated.
INCIDENTS AND SCENES AMONG THE MER-
CHANTS ON CHANGE.
One q The rss escs Of the suspension Of the bAnis
and The substitution of currency no longer convertible
into specie Il the win Of The holder was put Up the
prices Of produce
On the Corn Exchange, four advanced from 10 to Is
cents per barrel wheat from TO csnts s1d from
70 o<ns per bushel. Provisions alone remained unset
lied and dull, from the apprehension long augment
ed supplies.
Tne course or the banks continued TO be vigoroury du
cussed and opnicrs 70 be divided tho sabec' wo
IN Yessrd 70 Tho numerous emedks sugsored ~ 10
tho ultimate ISSUE Of the whole anS.Y.
mo alleged course OF the banks u the Cisring Eouse
10 demanding specie balances from each other
demned by many persoas and the opinion expressed that
their balances shcald be adjusted in their own bills
sha, their bills xood enough for the merchants
they should be considered equally good for an,they
some OF the banks refused to open accounts with
merchants who hsd hs day before Withdrawn their dc
posi's rhe merchants, however, had no difficulty In
opening accounts &; oster Ing buttons.
Wall stree. quiet, snd the crowd not mnoh larger
than any ordinary business day. Kuos Of business
men, however, might be abou. the corners dscuxrng
the uuususl sate o. affairs
The banks we're freely cepsured by many mes.
chants for ha,!ng held ont promises OF expansion,
waiie ct the same time perseveripgly engaged In
carrying on . very severe contraction They hAf,
for some weeks before the panic, contracted by
many millions, and after their sudden action had led TO
many failures OF parties with age ssse they hsld cot
the Idea that they had gone FAR enough and would there
aner give relief by Increasing their loans, nsesd OF
which they each week continued to mako larger 5Ouzsc
tons This they freely condemned Others again
defended the banks and argued that their conduct had
been forced upon them thai they could mt safely
pand, and were hence compelled 70 pursue he course
Trey had adopted
meeting OF merchants wn called, 70 be
held G the neschsna' Exchange as az P
n though generally unknown u The Corn Ex
change between IL and 12K O'Clock. me notice frs,
came out publicly n the evening papers, which
published much before the time fixed for the meeting
Neverheless, including those who necessarily assemble
there about tha. hour On business there pretty
large laiherng TIE To.unds Of the Exchange q tie
worst 10 hear 70 be found In The city, asd 1.
difficult 70 understand whs. either says ZEN
fee. dsnnt, however oud the voice. Under these c.r-
cumstanoos, all nlpgs Being cut and dried, resolutions
aud all, Tie meeting wss held, - reported In another
place. The rsou,.ons no: sAifaotory 70 larss
number Of merchasn who considered he too irdenrise
and not strong enorgh. largo number also dssenssd
70 ne resolution st leg and endorsing usqussaesy the
course Of the banks; and could all present DISTINCTLY
and unsers.ooi The resolution they would very likely
have voted down. II was reported thAs some OF The
pre mnens ps5es Who voted for Tie resoii Of CONC
dcDoe the basks, hsf he day before shown their wsai
OF confidence BY Withdrawing Specie frcu tssr vauas
After The adjournment Of the formal meeting tie o-dnsr,
business OF 'onasse vm resumed, though much .zisr
rupiod by knots OF merchant earnestly engaged 10 ds
cussng The merits tf financial affairs and remedies pro
possc for relief and whether asytnns ssoua oouid DO
done by the Legislature 70 get sfoand The constitutional
difacxlies OF the case.
The influence exercised by Ne Of uncor ren.sIe
currency aho impaired LIE 10 the GROCERY srade
and there WAS toms more nquirns for both sugar and
oOuee. WtA inCreeseu sao3 N VIC formor Frekno 70
uveipo we're also some mer The day ciosed without
nc! Tents or importance each apparent oofng CO. Tor
what day hight bring 10th
THE SUSPENSION IN THE COURTS.
coHsULrsrios o. rEs JUpsKs OF rHl rIssr AND
sfcosD JUDICIAL nIsrRIoTs % THB svPRsnn
coCsr-So INJUNCTION TO n GRANTED IxCGrr
vHIBB PRkuD AYpBARs, srC.
ne Supreme C,urt yesterday morning was densey
crowded. and became ,srert that The monetary
clnis mai broush, than usual number OF rsercssd
parties before cur .udcial tribunals.
Was understood thai on he previous evening Judge
Davies had on applications bis private residence granted
temporary ,pjuncaons sss,ns. the following bauks:-
The Marine Bank, The Sank Of New York,
Uuzsps' BAnk, Tho North River Bank.
Merchants Exchange BAnk,
rbsse ipjunoiions this mcrning dinolved. ne
Judgs OF The hrss and second udos dsrics Of tte So
pseme Coun met IN consultation with closed Doors 70
Ahs INTO cosideraon shsuld 10 adopted by
them regard the rYoeui condition os NE banks IN
case further appca Ions shculd made 70 them sor In
,uBcoons
The following Judges were presesi'-
FSr,t D,,r,t. Sscc~d DssrTz
wbhAm Muhell, aehh Snug,
james Rosever, Inc,en B'rdseye,
Henry Davies, EnoU
Thomas W. nerke,
Charles A. Peabody.
b pnderstood thai in NE ooupe Of ther Consultation
The judges were OF opinion that sdmlsd Of grave doubt
whether the osuse IN section OF article OF he oonsr
.uuon prOhblrns NE psssase or any Au sancnonns, In
any mssncr directly ndreo he suspSnsicn Of specis
ny men, By any perscn, soeiaon or corporation sains