The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-22
Financial Affairs.

We received, yesterday afternoon, New
York papers of the l4th and 18th. They
give full details of the monetary crisis in
that city-a crisis which resulted on the
l4th, in the suspension Of Is bank, and on
the 18th of the suspension Of thirty-two
banks comprising all the banks Of issue in
the city, with the exception ofthe Chemical
Bank.
On the llth, the following banks sus-
pended.
North River Bank: Trademarks Bank;
Ocean Bank; 81. Nicholas Bank;
Irving Bank: Butchers Il Droyers'
Merchants Exchange; Peoples Bank
New York Exchange: Bulls Head Bank;
Cuizen.' Bank; New York Bank:
Marine Bank; Leather Manufacturers
Market Bank; Ar,Hans BANK;
Chatham Bank: Broadway Bank
Speaking of the excitement in the city,
the Hrdld says:
AT an early hour in the day rr!mors were
rife that several OF the city banks had sus-
pended. and Immediately the vcnities OF
Inc uiitTtHt
fact of all the banks in the city, were sur
rounded with any ious and alarmed crowds,
whose excitement was no, nllayed by seeing
the olninous announcement on the door OF
the closed banks, This bank has been Su'.
pended.
Wall street in particular exhibited IL scene
which it has not presented since the terrible
times Of 1887. The banks were literally
bcseged not alone by those particularly in
tercstcd but by multitudcs of oilers and
alarnfsss I'a s:,ch an extent ai3 tbs reach
that the aid of the police had in some in
stances 20 be- called in to enable the clerks
to transact business. On the street the panic
manifested itself in thousands Of alarmed
faces, either passing hurrielly along from
bank to bank, or gazing in silent stupor
from the opposite sidewalks at the crowds
ascending and descending the steps of the
banking houses upon which the excitement
seemed to concentrate. II may be hardly
necessary TO say that much OF this alarm
was needless but when we look at the ac
tual number of banks which suspended dur
ing the day-irrespectiye Of the vague RI
mors with reference TO Others flying around
through an already over excited community
it is 10 wonder that the e1uanimity Of the
city should have been seriously disturbed.
In another article the HeraH of the same
datc,--the It'll says;
Considering the tremendous pr, ssure
brought to bear upon these banks, the
course is, perhaps, the best which they
could have adopted, But for the over
wheminy demands by mercantile dcp'slt0rs
OF the speculative and oyer,ra'iing class re
solved upon forcing the banks 10 an eXpan-
sion or suspension, this alternative Of
substantial Suspension Of specie payments
might have been avoided. The result, IA /,
is, will probably be equivalent to the direct
loss of Il hundred millions 10 the business
community OF this metropolis, from the IN.
evtahlc reaction Of this movement upon the
banks and the financial and commercial IN
ler,sis of the State and the Union.
Thus, in the interval To- th" meeting of
Congress and the several State Legislatures
our city, our STATE aud all lie states W III
be reduced 10 an irredeemablc paper currcn
cy: tor the example Of this metropolis will
doubtless To- SEIZED upon Immediately hy the
interior banks OF the STATE, and 10y the re
naming open banks Of all The other States
resting upon the faith and sol!dlty OF oar
city banks. Thus we approach the climax
Of the revni-ion.
On the evening of the ! .th. amectlns vas
held by representatives Of the various banks
at the Clearing House, al which the follow
ing resolution was adopted
Whereas. in Wow or the excitement prevail
ing in this community. and the fac, Of the nc
thai suspension % number OF the hanhs OF
this city,
R..or.d. That j, +. expedicm that the banks
Of this city suspend specie payments I" NOR
row.
a Committee was also appointed by the
meeting. TO wait upon the Governor Of The
state and request him 10 convene an extra
e-.ion Of the legislature.
In accordance with the resolution adopted
on the 18Th, on ,h' morning Of the ! ~, the
following banks suspended
America Merchant
Am. ~ ,hange. Mercantile.
Atlantic Metropolitan.
CIV Nassau,
Commerce. National.
Commonwealth. New Iofk County.
Continental, North Amefi'a.
Corn Exchange, Oriental
lYy Dock Park.
Fulton. Pacific.
Greenw Oh. th'hN
Iianoyer Reputir.
Imp. & Traders. >t's
Manhattan ~eyea'h Ward.
Mechanic. shoe and leather.
Mech aud lrtarf., niph-