Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1857-10-16
The Monetary Pressure.

The suspension of Harper Brothers
is much commented upon. The New
York Courier and Enquirer says:
4" But we have no heart to dwell upon
a matter Of this kind. In the mercan-
- ,.ry.oly Vi rnIs city, the case has no
parallel and madness-absolute mad
ness-and the most egregious folly must
have prevailed at the Board of Direction
which perpetrated this nameless act. We
are quite sure that no failure ever took
place here which has excited greater, OF
more merited sympathy; while its con-
sequences totheir employees are such as
absolutely to make the heart bleed. And
all this has been accomplished in conse-
quence Of a panic pervading a Bank par
lor, and the President of Wall street
Bank lacking the necessary nerve TO
look in the facea weekly statement which
might present him in a less favorable
aspect than some neighboring Instit1-
ton"
The London correspondent Of the
New York Commercial, writing Sept.
25th, says:
g The accounts Of the crisis in n. Yorl;
still excites considerable anxiety among
the holders of American securities on
this side. Looking, however, at the in.
tensity of the panic and the extraordi
nary rates demanded even for the best pa.
per, the feeling is that the mercantile
condition of the country must on the
whole be very sound, since the failures
although numerous. seem by no mean;
to have been widespread or indisc1imi
nate. There is a disposition, therefore
to believe in the prospect Of an early
and steady, although perhaps not rapid
rebound, and hence the prices of Amer
lean stocks have not given way in the
same degree as at New York. The fate
of the principal banks Is watched witt
much interest by all parties, and if they
weather the storm, the confidence which
previously existed in their stability anc
management will be considerably in
= creased"
The New York Erening Post of Sat
urday has the following
! The meeting of bank officers an
f merchants yesterday resulted in nothin
5 specific or encouraging.
t Reuben Withers, Esq, President {
the Bank of the State of n York, ofere
;, a resolution that the banks should expan
e their loans five per cent. on their capita
G His experience as a bank officer, fc
+ twenty years at the head of one of on
s leading institutions, entitled any measur
d that he might propose to deliberate 7,
Y spect but it seems to have been vote
+ down in very summary manner.
d There is no unanimity Of purpose {
= feeling among bank officers Taken {
= a body, they always have been in
II state Of anarchy as regards any measul
y beyond the simplest workings of II
e Clearinghouse organization.
2. 1t is currently said that several of II
e strongest institutions who feel themselv,
lie well fortified against any probable enc
= gency, refuse to join in any plan of a
N ton that is proposed, and have signife
D that this is their final decision. If S
II they have assumed a responsibility tn
le must react with dreadful force upc
Y themselves for such resolution max,
ID combined and harmonious action imposs
re BILE.
- Joseph H. Corlies & Co., a we'll know
dry goods commission house, has all
" suspended. They are known TO be wor
IL three or four times their liabilities, al
ut went to protest from inability to procu
he some $1,000. 1t is to be presumnd tn
r. their suspension will be but tempcrar
Mr.. Corlies, the senior partner, has BEE
ID more than forty years in business in th
IL city, part Of the time as a member
lie the well-known Quaker firm of Corlit
=, Haydock q Co., and has always be,
- distinguished for his prudent busine
OF habits.
he Henry A. Colt, who has long been l
r. garded as one of our wealthiest either
h and whose business operations have be
very limited in proportion to his meal
ie was obliged to let his paper 90 to prott
yesterday for the want of some FIVE.
six thousand dollars. The character a
he extent of his liabilities beyond, has I
IN transpired, though no ultimate loss
likely to be sustained by his creditors.
-