The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-30

hsye led 70 what We hoped would be avoided, but
% b. ss o s
hg Of e bank presidents held SATURDAY. morning,
ana tho resus was soon bnovn by 10
pend Immediately End entirely fpeoio payment the de-
tmoacD was 4, carried into effect and the result,
thoaga NECESSARILY productive OF some excitement and
deg C. o o.mns:. han sand have been To
sction has ss unfavorabe and favorable sspect the
fc,nef sadly Apeciabls and must make itself 70
olesrly f-l. That urneocssary 70 dwell on here.
consideration Of the later opporuue and necsssp
r. tho crss De table, the promps meeting y
IL viii eepr We Of much of IL terroTs, ON the
banks, vi Gil its features Of excitement and pano fol-
cSed. -heD ihefe institutions longer ab 10 de-
ienc ihen savas, oy forced auspsnsiou, ~ouid have
greatly afdad both " srA present and future evil indu
cco~s VI he On the other hand the bauks
no- 10 poiisn 10 roteos themselves and efficient
the probable dur alton or the suspension II wculi be
premature now IN ssprss an opinion. IL must depsnd
ttsasls upon '.ass. sss 70 be developed, resa!sns
spect financial STA - may assume throup hout the couD
NY We may however, safely nay that there II nothing
bring such hood ns dsa, ter wne Yed In 1885,
render the preseat difAcalsies permanent and
Darrsespg then and folio the suspen
OF speoe paw neus OF tho subsAn.a solvsnoy OF
banks the most favorable Cpl IN 10 entertained
5y Encre besi informed rney are not, We believe, 40
oaked OF any undue exra1s or legitimate tran factions
tbs seriously affect their solid credit This faot should
os kept in veS IN considering the present posioa aud
allowed 10 H ee In mug .iiug the fcsrs and reouk,ng
the aoo es o repors hai will now lind utter
anoe
The edse Ell. OF Of the suspens, on Saturday WIS
30 brighten the sspeoi Of commercial Affairs and relieve
he spprehtns constantly prevailing for the past
month rne price OF money fell from N 70 per sent,
fhe ldsters That threatened the business oommun,-
~ have thus been arrested, and the general feeling
sDopg the merchants Of approval or the
The following the action taken the meeting OF tho
presioeD OF he banks held Saturday morning at ten
BALTIMORE September Is 1851
msetrg OF the presidents of all the banks OF the of
IN moin Of johns Hopkins. the following resolution
heoved that the hanks of Philadelphia having suspended
@ Of ss ar se & Of s To-
III dec. rede under absolute conviction of the
i esy o. = which end The business Of viii
We Learn that the above resolution was adopted by
unanimous vote viii the exception of the Presiden. of tho
FSrner 81 her hspss Bank, who voted against
per sion that bank connuei TO pay specie for lie notes
the close Of bank hours We nave NOT learned what
course will pursue 'oday. On small cheeks 1t paid
OF her city bspks but several checks for large
amounts which mad prcvouy been marked good" Jared
better ihsn at Or or bADks
Although by The terms of this resolution the suspension
OF srecie uep was enre the banks mltgsted the
verify Of the far oossibc By payirg out
fptce in su,sll the whose wants
known Ia ihir way . considerable amount OF coin
tibuysed And Will be four OF conside able advantage.
The pressure Of the pension will be fe incon
ren,y In the small sales ana monetary transactions Of
daily life from the scarcity Of change 1t win occasion.
rhs may in . measure DO obvia,ed by tho banks
ohtI ene As fas - may be 10 her ower 10 do the
larger gold colns In circulation for dollar pieces
The prevailing opinion In which the most Intelligent OF
bank officers join, 10 that he suspension win bo bu.
temporary ana lhat early restoration OF confidence win
place s5Alrs upon more favorable footing.
Erhe secounn which We give ese~ here from other cities
will nf0n readers of the general position or Affairs
The New York nanls did not suspend Saturday. Al
Pbiboephia me excitement arising from the pension
continued and from various ohor quarters have
teligepce The progrsss OF the financial commotion
According rigid construction OF the charters OF our
banks they ferfct their corporate franchises by the
pension but inas hss been general and FSs In
voxed ny unavoidable necessi,y, IN disrc1o which
would have produced tho worst results, there wn 20
hesitation On tho part OF the Legislature In taking any
sciion thai the contingency may require.
SHB SUSPENSION OF SPECIE PAYMENT By THE
BANKS.
From the Baltimore sun, sept 20
The fAot thai the banks OF PnilAdephn would suspend
specie tAy Saturday announced In the Sun Of
Saturday morning. The eGso, OF this Antici
more the principal ofcers Of these nruions ha ,iax a.
,embed At an early boa on thai day. for tho purpose Of
deciding uniform course Of action. The process Of
dehbersiion was brief sod dec sve
Beyon1 this We learn that Dr. J. Hanson Thomas
Prcseert Of the ssrmers and nsrchspt1 Bank objected
10 the resolution and voted and proesled assnst Ono
e,hop, are Informed, though col,cdipg vito
the aloy not or eirally disposed 10 atvocste H.
Tne esng had not concluded upon ~ until aft,r
bspk hours, and In the interim considerable amounts o,
specie bac been paid out both note holders and depo
siiors. Afterwards In individual insarces various ANAL
sums and occasionally 70 large deposors for convenience
paying hands, 500 500 given out, and Il 10
sc 20 be The purpose Of the banks 20 coninue 10 do this
The Farmers and Merchants Bark continued 10 redeem
is througboui tue day and carsiny Ia entitled
public esicem FOR such effort segle handed 70 maintain
its position.
Thc Cheapeake Bank redeemed The ohecxs riyoa 70 tho
deegses 10 tue Grand L,dge Of Odd Fellows for tser per
diem and mileage, amer the hour OF suspenai,n, partly In
me checks ranged from sb 1u $50 70 $780, and Ia
she latter holders received sco gold
srcd Tho others In proportion down to s2D There wcro
In all sbou. ono hundred checks All tho oncr bsnks,
believe, redeemot their nves and tens presented until
they clostd st - O'Clock.
Thsre war; very naturally, considerable excltemen. In
The nuny upon she announcement, Of the ,en,on
but bougn the proprety the procecdings que,ned
by many and IT. alleged necessity often free controvercd
the fscs caused no smm There vas confidence In tbs
solvepcy or monetary institutions and questions
provoked by the trcumsarce referred mainly 10 the
venenos e trade and lie eec, upon the or The
ms savlngs tanks ~sre vhled by an unasuaI number
OF hsr crstou a nr for the purpose OF wthdra wing
sepcshs na' sp,n ,s. senns ,s mM msns soua oay
who bad Withdrawn their fan is restored tnem The
act Of vhbors~s, however, should be understood 70
forfeit The palm 70 The extra dividends
We not disposed Al this srt " advert 10 the evils
which have induced the present monetary oonvulon,
TO lhe validity Of sny plea for suspension Il
Ia calamity 10 be deplored, Is Incumbent upon All
n and forbea- 10 lock FOR speedy restoration OF the
nfSal monetary condition, or sonehing better hereafter.
RHODE ISLAND.
TIE REoDK ISLAND BAsKs-angrR POSITION AND
THEIR PhosPHCTs.
From the Providence Post, sept. -
The failure OF three OF the hun1rod bsakr of
hs stste, rather early 10 the present financial crisis
alt ourh iho derqucnu vers Rhode lsa0f banks
Other an In name. having been owned and mansged BY
paries o-esn 70 our STATE prompted here By sne hvn
credit the bsnrs or ins Sate have usy ero ed hsS
neen rsde the ground or rather y sc e0r Of New
York brokess ard other inorered parties TO cscredt
Rhode Island bsrts Tue fact that the banks whice had
failec 10 meet tN~r oorssous dosg busi
and hsd Western railroad bonds snd stocks used
give tn mprer, lcn tha, ch the securities generally
n ieau largely held by the banks Of the state Nov
undertake say, aod believe that facts and 0gares
In III that tha Or a.sta
srd cr,led 70 arre confidence thosc OF suy
1ae IN the zion. Tne hsbinis or the banks Of this