Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-10-01
Financial Intelligence by the
--latest Mails.

= urday evening:
AS might have been foreseen from the
events Of yesterday morning, the Banks OF
this city have been obliged to resolve upon
a general suspension of specie payments
for a time. The excitement that existed
Yesterday has subsided very much, and it Is
honed that resumption may not be very
far distant. Most of the banks forfeit their
charters By a. suspension of specie pay
,,,ents: but there is some talk of urging the
Governor to assemble the Legislature for
the sake of getting some special action to
relieve them in this emergency. There is
mo particular inconvenience resulting as yet
from the suspension. In most of the
Banks specie is given for notes of small de-
nominations, and there is an abundance of
coin in circulation.
The Bank Presidents have been n cor
sultation this afternoon, and although moth
ing definite has been dcne, there is reason
to believe that they have ascertained the
views Of the Governor and are about to
take some steps which will have the effect
to restore confidence.
1t will be observed that the suspension
of specie payments here has been followed
by like movement in Baltimore. The
Farmers Bank of Reading has also suspen-
ded. The only other bank in Reading is
the Branch of the Bank of Pennsylvania,
which of course suspended with the princi-
pal bank. The Union Bank, chartered by
the last Legislature, has not yet gone into
operation.
All the places in the interior of the State
from which we have any accounts, are fol-
Loving the example of Philadelphia.
From the Reading Gazette Saturday
morning:
The suspension of the Pennsylvania
Bank became known here about i o'clock
Yesterday morning, and almost Immediate
ly q run upon the Farmers Bank was COM
Rnenced, which continued until about half
past 2 P. NJ, when it suspended payment
upon its checks and bills. Up to this time.
some $4,000 were drawn ont
From the Harrisburg Telegraph Satur-
day:
The suspension of specie payments by
the Banks in Philadelphia, is already affect
ing the Banks in the country. Large
drafts were made on the Harrisburg Bank
from, the. city, and some alarm being ex-
pressed on the streets, for its safety, many
note holders appeared at the counter this
morning for specie in exchange, and gen
eral '.run" was inevitable Undtr these
circumstances the Directors deemed it the
most prudent course to suspend Temporal
rily, until the panic had subsided, and ac-
cordingly declined paying out specie for
the present.
All checks are paid in notes of their
own or other Banks.
HARRIsBURe, Sept. 26.-The banks of
this place, Lancaster York and Reading
have all suspended specie payments. We
have no accounts from other places, but
the suspension will undoubtedly be general.
New YoRK, Sept. 26.-Despatches have
been sent to the South stating that the
banks of this city have suspended or viii
suspended. They are the work of mischief |
makers, whose swish was father to the
thought"
The idea of suspension has not been en-
tertained for moment. 1t is believed
that the banks are strong enough TO stand
"A still severer pressure. A circular is about
to be issued TO assure the public of this.
The banks are everywhere spoken of
with the greatest confidence. They can't
suspend and must either break or stand
erect.
1t is believed here that all the banks at
the South, except those of New Orleans,
will follow the example of those of Balti-
more and suspend.
From the Baltimore american, Satur-
day afternoon:
The additional features of panic impress
ed upon the existing financial pressure by
the occurrence in Philadelphia has led 10
what we hoped would be avoided, but still
feared must occur-the suspension cfspecie
payments by the banking institutions of
Baltimore. A general meeting of the Bank
Presidents was held this morning, and the
result was soon known by announcement
to suspend Immediately and entirely specie
payment. The determination was at once
carried into effect, and the result, though
necessarily productive of some excitement
and alarm, was as general thing received
with a far Crater degree of calmness than
could have been expected.
The immediate effect of the suspension |
this morning was to brighten the aspect of
commercial affairs and relieve the appre-
hension SO constantly prevailing for the
past month. The price of money fell from
D to II per cent. and an advance of pri-
ces occurred at the stock board. Among
the merchants generally the action of the
Banks was approved.
Although the suspension, by the terms
of tie resolution, is entire, some of the
Banks continue to sparingly redeem their
SIS notes. This however, was only done
in peculiar cases and merely to afford
change to their customers.
The prava;l:ng opinion among the Bank
officers is that the suspension will only be
temporary.
From the Philadelphia Press, Saturday
Before the run upon the banks yester
day, the amount of specie in thei: vaults
was nearly, if not quite, equal to their cir
culation. The former was about $780,
600, and the latter about 81, 100000. But
yesterday nearly sl,5oO,OOO of specie was
drawn from them, a large portion of which
was received by depositors, who had about
S2O,oO0,OOO in the banks. The continua
ton of drain upon them, of specie, by de-
positors, would speedily exhaust their re-
sources.