The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-10-16
Financial Matters.
New YoRK, Oct. II.

Our banks have resolved on qualified
suspension. They have determined TO sus
pend the payment Of specie over their count
ers for the time being, but otherwise to con-
tinue their regular business operations, in.
GLIDING such mutual advances Of specie from
bank to bank, rs may be required to meet
the laws of the Clearing House, and to e.
cape the constitutional interdics against an
ABSOLUTE suspension.
The suspension has Gained down the feel
ings Of the community; and the tone Of the
banks, bankers, merchants, and indeed oil
classes, is decidedly more cheerful.
A notice was posted to-day at the various
Banks which are enabled to continue bust.
ness, stating that business will be continued
as heretofore. excepting the paying OF specie.
Checks will be received on deposit, and IN
the payments of notes and bank notes, will
be Taid and received as usual. Many Of the
Banks have still largo amount Of specie on
hand.
Gold is selling by tho brokers at or s
per cent. premium.
Bosros, Oct. IA.
The Pacific Mills Corporation at Lawrence,
]. Wiley Edmands, Treasurer, reported sus-
pended to-day. Also, Little, Alden & Co.,
large dry goods importers.
Tho announcement of the decision Of tho
Boston banks to suspend specie Payment,
was we'll received on Change to-day, the
measure, in view OF the circumstances, being
deemed most advisable. The news spread
with great rapidity throughout the city, but
did not cause 90 much excitement as was an
ticipated.
Lower prices ruled ut the Stock Board
and the market quite unsettled. Iii proba.
bio suspension will extend throughout New
England, with few exceptions.
The Banks Of New Bedford, Fairhavcn,
Worcester, and other principal towns, have
suspended.
At Nantucket and Lowell, tho Banks con-
tinued to pay specie throughout the day.
The crisis appears to have been met every.
where this WY with entire philosophy, and
no exhibition Of excitement.
Tho Boston Banks will pay their balances
at tho Clearing House in specie, as usual,
30 that tho suspension merely amounts to
the suspension ofpaying gold at their count.
ers.
DETROIT. Oct. IA.
In consequence Of the suspensions in the
east, the Michigan Insurance Companys'
Bank in this city, discontinued specie pay.
ment this morning-otherwise its business
will 20 on rs usual.
The action of the Bank Is almost unaui.
mously approved.
A meeting OF the citizens to consider
monetary affairs will DO held this afternoon
in the City Hall.
CONCORD, N. H., Oct. II.
The Banks Of Concord have not yet sus.
pended.
The Banks in Manchester. N. H., and in
Lawrence and also In Methuen, Mass, sus.
pended to-day, and the Pacific Corporation
ofIawrcnce, was unable to pay Of its hands
in consequence.
Troy, Oct. IA.
Under adyices from Now York this morn
ing, all our City Banks, eleven in number,
suspended specie payment. They are open,
however, and arc doing business US usual.
PETERsBuRG, Oct. u.
The Branch Farmers Bank Of Petersburg,
suspended specie payment to-day.
The Virginia and Exchange Banks are still
paying specie.
TRENTON, N. j., Oct. IA.
Tho suspensions of the banks here pro.
duced no excitement. and there Is a favora.
BILE feeling towards the banks. They &c.
commodato the public With specie for
change.
There is some talk about converting the
Legislature to repeal or modify the strin.
gent law against bank suspensions.
BATH, Oct. II.
The Presidents and Directors Ofour Banks,
at meeting this evening, resolved to sus.
pend specie payments for the present.
BANGOR, Oct. IA.
At u meeting Of tho Directors Of the soy.
eral Banks in this city, held this afternoon,
II was unanimously agreed to suspend specie
payments during the present crisis.
The following resolutions were adopted,
together with ono expressing confidence in
the Suffolk system, and refusing to take bills
Of Banks not redeeming in Boston:
Resolved, that IL Is expedient for the banks
Of Bangor TO be governed by and act with
the New England Banks during the present
crisis, and continue to redeem In Boston as
usual.
There has been no run upon any Of the
Banks, and the greatest confidence Is felt by
the community 80 much %, that tho Banks
have increased the amount Of specie In their
vaults during the past week. The measure
has created no excitement, and II was adopt.
cd simply as measure of protection, in view
of tho snspension In New York and Boston.