Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-02
TILE CRISIS.

Suspension of the Banks al Cumberland, Nd. AMI
Winchester, pa.-Thc District of Columbia BANKS
-Pennsy Erdntd legislature Sugge5tOnS o. ne
Philadelphia Press"
We continue to-day our detailed accounts of tho
troubles in the financial world. Leaving our specia'
ard regula. Geographic dispatches to announce the
latest news In regard thereto, we subjoin By mail
many facts and suggestions that cannot fail to DO Of
interest at the present moment:
SUSPENSION or MARYLAND BANKS.
Immediately on LEARNING OF the bank suspensions
in Baltimore, Oh Saturday Last, the Cumberland
Bank of Allegany and Mineral Bank Of Maryland.
both ut Cumberland, Nd also determined upon u
temporary suspension. The Civilian rays:
The President of the Cumberland Savings Bank is
temporarily absent, therefore that institution is doing
business 10 its usual way. The action is not based
upon any weakness of the banks themselves. They
are in the very soundest condition, aud perfectly sol
vent. Ii was done merely to protect themselves, as
they would be called to cash drafts from the larger
cities, and various other sections, without the prlVi-
lege of an adequate reciprocation.'
There is very little or no excitement III our city.
The action of the banks is endorsed by the com.
munity.
DISTRICT VI COLUMBIA BANKS.
Tuesday all the banks IN Washington determined
not TO redeem their issue tf any size) In specie ut
present. So says the Star, but the States announces
that The banking. houses OF Riggs g. Co. and Chubb
g. Co. are paying their liabilities in specie. The Bank
OF Commerce, in Georgetown, 1t IA also stated, VIII
hereafter act in concert with the non-paying banks.
To-day and t tomorrow the Government employees at
Washington will be paid their month pay in specie.
The Union very properly suggests that they be paid
in dollar and two.apd.a.ha!f pieces. Such q course
will prove \ great relief to the business community
there.
The Star says the interest to be due on the stocks
Of Washington city on the frat OF October pro1imo
will be promptly paid at the Bank Of Washington,
in specie, on demand.
rs. G.. .:..... .r yy-.l:I. .~,;tnr
with the house of Pairo & Nourse, succeeded in at
taching Sl2 00O of the r property In Minnesota
before il could be assigned. Other depositors have
gone to Kansas to lay attachments.
THE VIRGINIA BAHKs.
1t is stated that the Virginia banking law provides
that, upon the formal Judgment OF Of the
suspension Of specie payment'by a bank OF that State
IL must be put into liquidation. 1t il euppo.ed, how.
ever, that The coming Legislature will relieve them
from the penalty.
The Bank Of the Valley of Virginia at Winchester
and Charlesiown suspended specie payments on Sa'
turday last.
Some Of the merchants and others of Alexandra
have signed q petition urging the banks there to sus.
pend altogether fer the present.
The Chrls'iansbu. < Montgomery county. va Star
Gays that during the last six weeks the brokers have
drawn $4,000 in specie out of the Branch Of the
Bank of the Valley there.
1t has already been mentioned that the citizens Of
Wheeling held a town meeting on Saturday evening
on learning Of the suspensions in Philadelphia and
Baltimore, aud requested ihs banks there to suspend
specie payment, The reason for this request is thus
spoken Of by tbs Wheeling Times:
1t was rullored on tho streets on Saturday after.
noon that Il ruu had been made on our bank, by
brokers and bankers from abroad, and that Pittsburg
men had made boasts Of having taken from our midst
the very respectable sum of twenty.Sir thousand dol.
lars az gold! Ii was also understood that parties
were in town by the late trains Of Saturday with ad.
di,ional demands tor thirty thousand dollars in specie.
and with the prospect thar additional demands for
torty thousand more would be here on Monday MORN
ing; tins at once opened the eyes of our people to the
necessity of prompt measures 10 arrest The injurious
consequences resulting from the faciious course of
outsiders, and the opinion seemed to be general that
the banks owed i; 10 the large manufacturing and
mechanical interests OF the community depending
upon ;hem TO pursue that course which would best
enable them to afford the largest accommodation 10
their support. Hence, q very large meeting was con.
vened, in a few hours, which seemed 10 be actuated
BY one object, that object being to request the banks
to suspend specie payments until such time as they
can resume with safety to our manufacturing interests.
Our banks arc abundantiy able TO sustain any
shock which (actlous men, With wicked ends IN view,
may be able to briug against them but the iner-
chants, manufacturers and business men Of the city,
ioreseeiug the disadvantages under which they would
have TO coutcr6, under existing circumstances, and
being anxious to retain the large amount OF specie
now in the bank vaults for home uhe, have stepped
FORWARD, OF their own accord, 10 request Tue P!tsi-
dents and directors Of our bank. to suspend until the
mouey market becomes easier aud confidence Is ro-
stored.
We know not what course these having charge If
our banks will pursue. They may prefer 10 20 on,
and redeem their notes in gold, rs heretofore, and
thus show to their enemies abroad the strength. so.
liG;tY and amp!itcde vi their iuuudGt on.
EXTRA SESSION OF THE PESSsYLvASIA LEGISLATURE.
The following Ia the proclamation Of Governor Poi.
lock calling au extra session Of the Pennsylvania
Legislature -
Whereas q serious financial rsruIsiou las occurred,
re-ultiug in The Suspension Of specie psymsuts by the
banks u this aud ether States Of the upiou, aud the