New-York daily tribune., 1857-10-19

Oh bush a75.ia 4ongs, 1879.
Beef .ten.. ssli - ,SS5
Pork bbls 1e4 ss.,cs ss1 20
Butter ..................hs rs. Slp eS4f ~ go ~
Lard Ms 50 esS.' 81 ~ SIS1
Wosl. 5oesao 27t SEQ asaoss 30 1
Bacon. ...bs!.SSVsp |'S't'S~ ' "
The Albany Argus says:
at is understood that the Governor VIII moi, a.
least q. present and until the necessity more appa-
rent cal the Legislature together Indeed, the New
York bankers, who at first requested It, nave now
taken the opposite tack. and oppose 1t. IL sucn -
the detemii alton Of the Executive, We certainly hope
that all banks which conduct their business IN fair
manner, and clearly solvent will be allowed to pro-
ceed, without any attempts on the part OF any persons
to embanass them by legal proceedings.
"Public ndigr alton will set very strongly agansf
.nv penon who NAV institute ve1.tious prosecutions
a. time like the present The banks are only In the
sane condition Of suspension which chNscterles the
buriness community, and any snnoyances lnfcted
upon them will ebanass their customers ana ousiness
men generally Mutual forbeararce must be the feel
ing sud the rule and il will be highly creditabe to the
people of this State II shall be found unnecessary
to adopt any legislative remedies in the present criss
"We think there s occasion for bankers ana ousi.
ness men TO take courage and struggle on, and they
may reasonably expect that few months OF e1ertlon
will carry us into greatly improved condition. But
it muet not be suppoeed that we are to be rapidly re-
stored to prosperity. The causes Of the present
troubles lie too deep 10 be reached anu removed
except by q slow process.
"The remedy lies in general and vigorous effort to
reduce liabilities curta business and retrench eipen
duss We are like party Of sm SSO SsSs Ssso
drowned, and the only safety for the others is IN
Fastening toward the shore, where they can plant their
feet Inly on the bottom ard keep their heads above
wafer Let every man struggle for life TO 90 this, and
We shall rapidly approach condition of safsty.
"The banks should not for hour lose sight OF the
necessity Of return to specie payments q the earliest
moment Until that s done there Ia no real sOondness
and We are in state Of partial insolvency. The sus
ohn he n 0Yeathin4
ppe for the banks and business mss. As soon as
they have had time to rest they must rstsn to their
usual duties. After the Fall trade csosss business
will natural contract and the Winter vAi AFFORD an
opportur ty to bring the financial mschipsy seaan into
gear and enter upon resumption
Since the sbOve was in type ve have received the
following:
- ,y.ss..s t = :: S.s F.-i c.s,sss s.ss
"0IxfLaaIs, 10 obedience to your instructions,
we yesterday appeared before his kKoeilsncy Gov
ernor King at Albany, to presese your memorial and
enforce ycur views 1th regard 10 the proposed extra
session Of the Legislature. $50
"Tbe general scope and character Of the public
views then submitted to the Governor vi su1ciently
appear in the brief but comprehensive outline re.
ported in the Albany newspapers and copied this
morning in The public journals OF this city
We ceem il important. however, to add, that in
addition TO those brosder and general considers
tions we also submit in detail the legal technical rea-
sons necessary TO show that the insolvency OF banks
contemplated by existing aws and calling Tor the sum-
mary process Of Receivers and consequent suspension
Of their corporate functions was an actual pracuca
insolvency. IN the common sense of the term and not
merely technical or constructive insolvency. aroltra
ry inferred from mOmentsry or temporary delay IN
pay ing all their obligations in com, and tnst the cred
itors Of banks actually solvent might safely ana prop
ery be left in such cases TO their ordinary remedies by
suit at law.
1--WE deemed it important to show that this view OF
the had been explicitly and suthoritanVeiy est4o
lshed by the Supreme Court in recent decisions. ana
also to satisfy the Governor that those decisions had
been made in cases in Court actually arising and were
in 70 seDse voluntary or extra Judicial.
"Eor this purpose We showed TO him that, In poant OF
fact there had been three separate apprehension IN
functions and receivers against three different bsuks
pending before two Of the Judges Of this dis,ct-two
before one Judge asd before another; that those
Judges, having deemed the Applications Important
called in their associates o this and the second Jud
cial District for consultation, a. often done 10 d
cult and important cases; that the rssuk OF their de.
lbersiions wss decision by the too Jucges osfore
whom the applications were pending, osayng the no
tons for ipjUlctions and receivers. tte 61cia - 80
in accordance with the unAnnous opnioos at ell be
Judges present
As the community vas deeply coacsrssd ID ths
questions thus decided, the Judges very vtssiy aad
properly s:sa sSs pro % .nse
be publshed. In tAis they cid more then has bsse
often dcne By the Old C0ur fOF tAs Co0sc$a q
Errors and The Coan Of Appeen, via: 20: rssofu-
C0fo3
the prncpss sstt,sd h he csss dsdl6sd, ssa saoS
ttsn 70 b. fsposssd snd puelsAed.
Since ths annogpcsosnt Of these propositions,
Judge Roosevelt o u application made TO him for
as iniunc$cn cod fscsivs against the Bank OF New.
Ycsk hes dsaied ~ 0ocoo, end Is preparing, as We
unleevtas6, ID ssasoes h full Tor hls decision.
" Akss psssuokaG sAsss and other facts and views
10 IL 0esss.m, % fsspscruly asked Cor express.
SION hs opinion on the subject. He vss pleased TO
ray in arsser that he had 'stened with pleasure and
,n Re ta1 in hahs hsH af tha
lesdirg Barks OF the City OF IswYOrk, but that he
was not pre- pared Al present, to do than to hod
the question Of sn extra session In reserve.
:4ssSst -:4sS1t ! / ,SSs :Sss...-
The Pk.iadepkse Regtstev ssys;
There is this important difference in the srsosu-
soe Of spec3e payments by the banks aov end b 1850.
cent preuam. Coin WAs clipped out Of ths coustyy
by uhoos Of dollars, ali business uftAsiy pruc-
trated, and % continued until the rsts a sSchanle
was reduced 90 bw ~ TO render coin sAipmscn y
prchtabe. Il evestuslly, and mouths bs<cfs rssuno.
iiou got beoV par, and coin in smell snounb oa9e
10 this county Now, at the very ns of the pesssas
Suspension the rate of sterling e1chanes 6s0O pas
and coin is coming here by almost every srrive.
"1he country is also well flled with foreign Imports
so that there exists necessity for any very heavy
importators. We have also, Of sl the princp Il
staples great abundance, ready to 60 forward st the
trs ntimation of demand for them both facts guar
spteenng to some extent ths' the balance of trade
will coptipue for some considerable time in our favor
In these respects the present suspension fsvors
an early resumption than did that OF 1897. Then il
required some considerable time to come down to q
startng.pont upward, as regards the foreign e1.
charger.
Now. in our foreign financial relstions we staud
al right. There is nothing TO fear in that quarter.
The cue ston Of resumption, therefore, resolves itself
into one of purely domestic character It's sinoly
matter Of adjustment of liabilities among ourselves
and while we fear engthened depression of al husi.
ness We hope for an early resumption, and through it
will come the earliest relei rem our present enbar;