Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-09-29
LOCAL NEWS

"a FINANCIAL FIB.-Our city was thrown into
state of great excitement, yesterday after
noon, BY the announcement in the Bay State IN
der its telegraphic head, that the Suffolk Bank
refused to redeem the bills of New England coun
try banks. The story was discredited by some,
but in the excitable state of the public mind
upon everything connected with monetary af.
fairs, it was very generally believed to be true,
and knots Ofmen might be seen at almost every
corner, discussing the subject and specializing as
to the probable results of movement. so sudden
and unexpected, on the part of the ''great bear
of State street. Some of the knowing ones, think
ing it best to be certain as to the facts, before
making too great an cutlery, quietly telegraphed
to their banking correspondents in Boston, and
despatch was presently received from the Bank of
Commerce, stating that there was truth in the
rumor, and giving the officers of the Suffolk
Bank as authority for the statement, and SO the
excitement subsidized, and men went about their
business again as usual Some persons dis.
posed to blame our neighbor of the Bay State
very much but, we think, without cause, for the
despatch had every mark of authenticity, and
came over the wires in the regular way, from Mr..
Blanchard, the agent of the Associated Press,
having been transmitted by him, as it afterwards
appeared, under a misapprehension Of the facts.
While we are upon this subject, we cannot for
bear giving our readers word or two OF eau
tionI against being misled by any flying ru-
mors as to the condition of our banks, that may
add to the present excitement, or lead them to
make sacrifices upon any of the bills they may
hold. With regard to the Worcester banks, we
Al. 49,
no man need entertain any apprehensions as to
the entire solvency of all Of them, or of their
ability to meet all their obligations, dollar for
dollar, and the same may be said in regard to the
savings banks. Nothing could be more suicidal
on the part of depositors at either of these in
situations, than to withdraw deposits at such
time as the present, for they are as steadfast as
the everlasting hills, most of their loans being
based upon mortgages OF real estate, mostly in
this county, at a rate seldom exceeding one half
of its actual cash value. BY Withdrawing his
deposit each deposition not only loses his interest
from the time of the last semi annual dividend
but also his title to the surplus interest that is
added once in five years to his deposit, and which
would certainly accrue 10 him if the deposit was
undisturbed.
In the midst of this financial storm that is
sweeping through the land, and prostrating the
heaviest and heret ofore most successful and en-
terprising business houses, as well as those of
lesser means, it behooves every one to take it as
calmly and quietly as possible, to remember that
excitement and panic will not alleviate the gen
eral distress, and that the more quietly and ear
nesty each man can attend to his own affairs,
and the more hopefully he can look though the
gloom of the present to the brightness of the
future, so much the better will it be for his own
pecuniary interests and the good of the whole
community.