Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-02
The Pressure-Bank Suspensions.

of the moned institutions in Philadelphia.
In New York an improved state of feeling had begun
to appear and hopes entertained that the storm had
measurably blown over. On Thursday and Friday the
Banks had commenced discounting with considerable
liberay but the newborn hope and confidence were still
too feeble and too insecurity based to withstand this
new encouragement and the little that had been gained
in the first part of the week wholly lost before the
close and still worse state of things established that
word can be applied to situation of doubt and in
security.
A private letter now before US, from reliable bust
ness mouse in New York speaks of the pressure as being
fully equally in severity to that of 1887 That it can
be so long continued, fatal in its effects, no one
supposes for moment
The Pennsylvania Bank whose action is said to have
compelled the adoption of similar on the part of
the other suspended banks has capital ofa little over
one million eight hundred thousand dollars thas been
for some years the agent of the State of Pennsylvania in
paving the interest its domestic debt and suppose
in transmitting to London the amount required to meet
the interest payable there. What amount of State
money it may have deposit is not stated Its course
may for time, operate njuriousy to the credit of the
State which, as it is the most heavily endebted of the
States, may also affect all American securities.
In New York, considerable suspicion attaches to all
Eastern funds as well Pennsylvania, and, with few
exceptions the banks and brokers refuse to touch money
from distance, on any terms.
We fear that the Bank of Pennsylvania and the Cir
ard Bank are somewhat involved by matters above and
beyond the mere run created by temporary panic
The United States Gazette rather Obscurely hints
that the Bank of Pennsylvania succumbed in the effort
to sustain an interest in the mercantile community upon
which the present strngency bore with adverse fortune
in the midst of abundant assets and other papers hint
at discounts to irresponsible parties, the whole appearing
to amount to efforts to sustain certain stocks 1t is said
that the chief failures in New York and Philadelphia
are traceable directly indirectly to connection with
stock operations such having caused the suspension of
large Silk house in the latter city, understood to be
Levy & Co.
There appears to be just for experimenting
the general crash and continued prostraton which mark
ed the reyulsion of 1887. There be drain of
specie as there was then. Exchange is considerably in
our favor and gold cannot be shipped without loss
then the contrary was the case Now the crops of the
country coming forward will inevitably place the balance
still more in our favor while it is hoped that the panic
will prevent the terribly extravagant mportations of
fculties are now wholly domestc-thcy proceed from
arrangement rather than actual loss On the Northern
border of the Cotton States the crop of that staple will
probably be under average but in Alabama, Mssis-
sppi Louisiana, Arkansas, Florida and Texas, it will
be fair one, and upon the whole the aggregate amount
produced he equal to former years. at prices highly
munerative.
The cereal crops and indeed the food crops generally
will be larger than ever and will be sold at rates less
than have ruled yet sufficient to renunerate the produ-
Ger, and at the time permit the to live
besides leaving sufficient margin to allow of their ex
portation to meet the European demand, gradually In
creasng from year to year. and enhanced by the Indian
troubles which will provide considerably augmented
market.
But we question if the storm has yet done all its mis-
chief its force has been yet fully understood
Things even standing must yield to its violence
and stop be put to speculative enterprises The state
of things on the other side of the Atlantic plainly points
to still continued contraction arising out of revulsion
there The British press may figure out the reconques
of India without great financial disturbance, but CAPT
alists know better, and consos the true barometer
stand permanently at point below their average during
the Russian
The great speculative engine known the French
Credit MobiHier, the legitimate successor of Laws Mis-
sssipp bubble is rapidly colapsing and must burs
with the most disastrous efects-effects not withou
danger to the Empire itself Extensive as its ramifca
lions have been-copied as it has been in Vienna, St
Petersburg and elsewhere its going down must create
" crisis " of great severity.
The only way to get the thing straight with ourselves
Is to avoid useless panicto use mutual forhearance
to spend for time less than make to compensate
for having spent morethe real difficulty and in shor
time things will come round again, only, fear, t.
commence another cycle of expansion and extravaganza
to be followed by another day of reckoning, which w
will all persist in calling " crisis