The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-28

dss the city banks obtained - This business Is no.
Only s.luary IN lie p6uense tbs currency but Il Is
pr able q the parties engaged L. Yesterday $50 600
wsn, a up SsS 0a, Dusss ,, MEG w lend
have TO hear The 'ax inflicted on them by the use Of de
pre- csted currency. There good by the six
bapks ~ the middle Of tho State sud MOI oom
pl with requirements OF the 'aw, out their crca
son q, par ibs city tho interior bang notes ca ne
be rome e Excuse for them but il Epo vn snst muns
Of directly from she banks, and regularly
discounted ont through the agencies existing here for
Dur pose. The discount varies from "a 10 per cent,
ch ptic.A u heavy Ioss the usefs OF IL. rho
on cunt pays many debts every week The inisror ner
chant who brings With him banksbs aonsy 10 pay mis-
old bills npds TO his proht exchange for unourren
which the cannot fuse andshopes 70
wisn his n.ghbor Not being bahkaoe, ne sends to the
ker ready ine next customer, To go the
The rounds The iosx sustained In this way I'm
mense they show wisdom In their eort to break up
the traffic, BY driving II home
IFrom the Pnisdeiphis Press, AuEvss y
The fsiore of the Ohio Life and Trust Company 0oa
uDues u elliott much Com mont and speculation. II now
generally underfsood tnat g suspension Vas The ocuse
cue bce Of fiiile pt certain Westerp rail
roed oompsuies similar endesvor, It Will DO reo,lleo
ed carried down the pEc-y house Of Page, Bacon Go
Kusrebdng in every direction the home on OF Ohio
Life and rrus, Company located at Cibcnnsa, stood tho
received wat accession 10 It's depu.es. From tns ur
instance incood to estimate Va baoiies II The
hisness nsur- named viz (; I cocoon
We stated few days ago that banks could only strength
e themselves BY coatr action or loa1s but there fla
tn e attending ibis hich die aiude 20. Smaa-
peuusly with coslraeaen Of Discounts 10 ma 70 -ng
down Of deposi, bsances and while money
Hrh gent without e1rhordiDary reason, tho caplrsc
soos nearly equal The les here obh gs1ous
must be met and borrow can't obtain money Trom
The banks, they viii from the hanss' depcsors Neigh
Dor leans naghoor friend on friend. On August 8,
ksrs-l'2 mui,ps Moaey tightened end their loans
contracted for three mocihs, when they stood 1o3
rihiors-a reduction of line millions The depo
cites during this time de -llrd millions Ga the
OF August, 1857, the Ne~ York banks again touched
the higher, Discount bps this lime I22 GOO 900, KOS
oS to hom 100000 on i Msy by grs IA increase
Bnt tine iacrea,e 10 deposits IN thai period bit
oeczeas certsn regular, copsaut From 900 .hs
deposits sunk 81 600 COO oaly when the July dividend
ssslled tue oepDs; line for the momen, there any
break in The regularity Of the decline.
Tn little three months he loans have In Toised
oo Of dola,s hus uIaccoun,ed for The specie
ed ali the time nj nearly the Bgcres aad ths
circulation .hoSs little fIouston. All this shos Tia.
loans on CAL and perhaps ON time have been male 10
parties operating OF New York. other gse The deposits
would have increased 9TH the pansion.
The question is neither the Nes Yorx banks
not recall their funds his hour Of Tney ~S
their debtors La every quarter they may perhAqs, DO
Gene borrowes The prospect Of RETURNS rom Inc Nes
from satisfactory The Ohio Lie and trust buspess
will the bankers there nusbsDd ,her resou
Bostoa believed 10 he IN good and safe cnaucia posi-
ten and Pm adelphs Is certainly taus sluR ed Tnere "
doubt 'hst can respond 10 all the demands that
DO made upon by New York, without inducing any
on the part Of the banks caonsoe to dls
the business community. 1t will tie well for New York II
her demands IN other qusrten are - promptly met
SUSPENSION OF BREWSTER 4 90.
From the Rochester Amerioan, August n
Naturally there 10 good deal Of talk and some censure
In res,i to tie assie lament OF this tiJ rn
AZ understand IT, the asss nment p,ovdesurst, ha,
the nsu' companies for whoa M Sfevster acted
agent should De psd-the liability amounting 10 ABOUT
So oCO
Next the widows and orphans aud those whose ca ms
appear be pressing 10 be psd and aslv, de-
posiofs generally No other creditors provid ed FOE
The Indebtedness, OF the m Is stated al $40 0oo and the
Na.e,s u 5000
Tba hia1 rausa M tha as,,sn mani nro
vdesfrs, for the ment OF the Insurance compsnes
The resop Of this ooviour Mr. Brewster hss for OYER
twenty years in this CITY, done insurance business
which beg nnipg small has increased Ill IL hAs rescued
large dimeB ionr This insurance Is bis only
busnees In bi, hands, and at be will ths
Of meeting The demands O. depo'tors, And that too, vita
on, making so long "t.il" A. irsqaeuy belongs 70 en-
barss ueok OF this nature We understand that this 10
the explanation Of the course adopted
fHK HERALD DENOUNCED poR DOING rrs DUTY.
From the - Louis Inieisencer
Tho eifgrspaic news yesterday advised Is thu the
!ong fought the Ser York socs boards bes~een
the buia" ano the 'bevs" had terminated IN favor Of
the "seas" Who have succeeded ,esns driving the
President, Edwin Ltcnhee 10 resign and csusing the
protes. Of lie paper OF the Michigan southern
stock broie cor pleely down by This result Is viii
hsrfy nRure sgsin for year or more among the ali
nero are ciro instances connected wish This result ina.
make truly unfortunate, and that lead overy humane
right hinkpg peryon 70 unhe.iiatpEi- hat the
thors Of this alamity the NEW YosK writer's ana
The financial dasters OF the Michigan southern Railroad
produce sensible efct hnsnszs Of the
try The road tss viii continue 70 oe ,an, 70 rsn port
passengers ard rsc, give oy neut ~ tborsands OF
persons and subseve the great purposes ~ iu conruo
top ve, heretofore rhe result Of he oreskos
down Of It's credit viii enly be TO change 10 o~Dership
from Get OF itas (he stocs der) W another eel
Gre bordholders) And 10 usuy Il will ,ubi
be found that large stock1oiiers also boEdhoier
aud 20 they lose IN or capacity they viii axe 10
IN . sale Of The read In another
Bat the miforuns ts 'hst among the sscekh,ders
1aSt lhnII IN nS
pbans and aged psriie rncse entire has been
invested In the az this read and ~ao depas
ed and do depend iey the div6enis Of thAs sosk
th,ir future ivirE 70 all aries the breaking
down Of tho credit Of this rUaj hnAvt casmt y n,
obAs.r ,us 10 them NJ II fire or nooi had ssea away
their al
ira all this ruin OF families and fortunes n. been
brouEh about by The unprpcped oourso OF Of socs
gamblers N VAL street. Mes York, VINO proDscly
esi In sicily hGussndb of the etocs IN the
1sd they tave fniret. They have sold u stock hove
vor by the million II dclisrs delivered futu'.
dsy and then sout invening the Al sirociaus si
fs,cay les IN regard N the Hd and It, ma
and the Nav YosK HsslfD they fasud wiling instru
circulate their fel.chcodr and n IS, iDay, sf.o'
month, q Jepctate deuao1u ihsY have accomplished
their and brought rui, and distress sboussnfs 81
trph vtdows sod aged pos'f who AN haze NJ hope
The rcsc, probasly, vas in some shat weakened con
toD and Ia directors nay tsye cone Sems inpru ieni
III pss befetDcfe Put ihas ai oos jrsay tbs
fa-e H. TO private aod IN p1sc Macy sood business
h passed through seasons of pe' ~hs ihs -off
had knnrn IN. veal mesa a. &c knew IT, he NJ gai have
been eaiy bahtrupsed. But lie, sons he recovered aud
became sbong again 80 Il might have Deeo Sith this
read
SUSPENSIONS, FAILURES, ASSIGNMENTS.
ltrom 1be lnae geades., susas'
me fso sing the reported failures, assgr ments
&C., for he week
G Bsts a % B i~ion, Mss,, rnrpspded; hsoilnes
,.id about ssottoo have been o'eres'sd largely In the
sugar usde
whitney 4 Kinds, sboes, Boston, Mas, failed; ns5iB
tee about $50 COO
Henry l. Ct.uberi lin, Palmer, ssss failed ssd lei
Osio Life Insurance. snc nut O,mpsnv, Nov York city
spd opcnusu, Cato, swpsussd; ~iih haoIuos u 10 said
~ 81 ,O6c 900.
JotD Thompson, broker aud bsns ncss rspor,e,, Me-
York city n. y, suspended
f1,her, Denny Co, brokers, Mes York oay, Y,
suspended.
Jsoo, Lrue Co brokers, New YORK csy, sus
pended.