New-York daily tribune., 1857-09-28


IL reference TO the four coupons to 0e sunehoe'ea
BY the bondholders for stock IN the Company II n
proper here 10 remark that none OF he kolng oeoSN
Of the road held by either Of the MORTGAGE nnSe.
which the bonds OF the Company are issued snd tnst
it is advertised for sale under the Chafel MOTT
gage.
In the event Of the sale Of the road under fore
closure Of the lss Mortgage, and q purchase OF me
came by the boL dbodsrs they would be subjected to
an ou,lsy Of come $500 600 in money Tor the purchsse
Of the necessary equipment 70 run the roed ana some
$3.50 Geo $500 00O 70 put the road IN ORDER while py
this plan and concession Of two years interest On
their ps.t they keep the property together, and save
gre at Delay and long litigation, which would attend
legal proceedings TO foreclose the mortgage
The Committee believe that they can safely est
mate the earnings of the Road at $5 600 per month,
for the next twelve months, $3.50 oSe
Less operating expenses. 80 per cent 'sJ...... 5000
p.a., from. sn E 1. ss B1e. t: 5: pail: on the several
Mortgage iso"V
Under this compromise the Road would stand the
Company as costing $2l 200 per mile.
Tie Albany Argus of this morning has the following
in regard to the country Banks of this State:
"In this State we have system OF currency that
defes all pressure or panic. The bll-hoders are se-
cured Ist by specific pledge of State stocks; I'd, by
the individual liability Of the stOokhoders Sd, by the
preference given them by the Constitution oyer all
other creditors; and 4h by the provision which for
bids the legalsaiion Of specie payment The policy
of the Banks in redeeming their circulation has added
much to this security; though the danger s that the
vacuum in the circulation will be filled by the bills OF
adjoining States, of inferior value So far as the bill.
holders Of Banks in this State are concerned they are
as safe human foresight, and rigid laws, and state
faith can make hem The only difficulty is that the
Banks do not put forward their circulation with suf-
cient boldness. There is an absolute demand for a
circulation Of twenty millions of paper money in
this State which must be met by own institutions,
or will be supplied from less responsible quarters
The deposors in the Banks are also secured oy the
liability of the stockholders who the Constitution,
Art, VIII, M, declares shall be individually re-
sponsibe to the amount of the respective share or
shares Of stock in any such corporation or associa
tioLs"
The Phladeipkia Ledger says:
"The dstrust that has pervaded stock and fnsn.
cal circles for the last fortnight considerably
heightened yesterday, by announcement early In the
day that the Bank Of Peansylcdnta had suspended
payment meeting of the Directors was immd-
stely convened and the business of the Bank ceased
The following notice was then publicly posted
BHk o. r.SssfLy.a phll.dslph. sept q is1.
specie payments he Board DIecor ...gIs all
otherwise, that no los, can pO.sibiy oeeg
By order and on sa 9 IL s0id 4 PsI
The effect Of the stoppage by the Bank OF Penn.
sylvanis is spread like wldfre, and almost immedi
atey run was made on all the other banks, which
was continued up to the hour Of closing-3 oelock.
There had been meeting in the morning of the Pres-
dents of all the banks in the city the object Of which
was to unite on some general course of action and to
agree to stand BY each other in that course. In this
very important purpose the conference was unsuccess
ful, having adjourned without coming to any con.
cuson each officer returning to his bank to carry it
through the day the best he could The effect of the
suspension of the Pennsylvania Bank was sudden and
fierce Lines of drawers were formed at the several
bank counters extending entirely across the banking
room and in instances far into the street. At
the commencement all the banks paid all demands:
princip ally in gold About ii O'Clock, the Grard and
the Commercial ceased paying their deposits, but con-
6nued the redemption Of their bills up to the hour of
closing All the other banks paid both their crcula-
ton and their deposits up to o'clock. The demand
was principally on deposits the circulation of no cne
of our banks being large Indeed, it is quite small.
One of the banks that We heard of, paid out about
$3.50 600 in coin; two others, about 500, 900 each;
another $500 and fourth about 500 600. In all,
about 81 500, 900 was paid out. The run seemed to
be very equally distributed. Last evening there
another meeting of Bank Presidents, at which, after
thorough consideration of the question to stop to go
on to-day it decided unanimously to suspend,
that We are now reduced to an exclusively paper cur.
rency. is greatly to be hoped that the suspension
may but temporary, and those controlling the banks
very sarguine that the moment the excitement oc
have luled little the banks will be able to
Confidence however, at present is 90 much shattered
that it is utterly useless to attempt it, The bank:
the mselves to some extent, psrtake of the general
distruh though glad to say that the officers of
several of the country banks were in town. and freely
offered every aid in their power to sustain the city
banks in the run.
at was remarkable and highly creditable feature
Of the extraordinary excitement yesterday that there
was not the least expression Of angry feeling 1t is
true all seemed bent getting coin for their bills and
checks but all expressed sympathy for the banks and
a wish for such return Of confidence as would enable
them to 60 on. .
"The Bank of Pennsylvania is understood to be
largely debtor to the other banks, but il should be
membered that it has paid-up capital OF over one
million eight hundred thousand dollars, and holds
more than double II at amount Of bills receivable.
The circulation is comparatively very small and the
deposits within the last two or three weeks have been
drawn down very low-About three hundred thousand
dollars having been paid out In com since Monday.
So that there seems no to doubt the very posi-
tive assertion of the Directors that the bank will pay
all its liabilities principal and interest," in very short
time Holders of the bills, in view OF this promise,
should not become unnecessarily alarmed, and part
with them at sscrihce. Inc psnA ieei very
sapguine that the institution may soon be put In opera
ton again. and that will resume its place IN puohc
ccnfdence-and 50 all hope.
"The unsettlng of business with the banks kept up
the same uneasy feeling that has prevailed Tor week
or more against the Saving Funds Quite run was
made on the Sxpenny Savings, which promptly pad
ont 10 its last dollar and it is said will connue To
pay as fast il collect in its assets. consd-
cred abundantly good for all its Liabilities The Stste
Savings we understand contemplate similar course
the of assets and the payment of depOsitors.
"It is understood that application will be made 70
the Governor for the call Of extra session OF the
Legislature with the view Of atordng rehef TO the
banks from the penalty of forfeiture OF chater I'M
posed by the law of 1850 Several Of the banks how
ever are not acting under the law OF 1850, namely:
the Pennsylvanis Bank the Farmers and Mechanics
Bank, the Philadelphia Bank, and the Western Bank.
Tie Philadelphia Press says:
"We are glad to know that several OF the leading
banks hare ,es0red 10 take smm<dsqte steps Prepdra-
to,v 10 resumption. When we reflect that all the
great interests Of agriculture are in condition OF
prosperity We cannot but hope that the present gloom