The Washington union., 1857-08-15
\ FINANCIAL CRISIS AT HAVANA.

Under date of August sth, the intelligent correspond
ent of the New York Journal Of Commerce writes as
follows
"It is nearly three weeks since my last and in that
time previously intimatcd in your columns we have
passed through financial revolution, but without the
fatal results which would have attended such crisis
and panic in any other commercial community that am
familiar with, owing to the prompt and intelligent
action Of General Concha the captain and COVER
Of Cuba who has shown that he is entirely compc-
tent meet any social emergency that may arise from
human action. In the early part of the past week 1t be-
gan to be observable by business men that our metallic
circulation being diminished as was to be anticipated
from the immense operations in stocks, merging all
other interests to the entire neglect of the imperative
industrial wants of the community. Under apprchcn
sons that quite natural with the retail trade OF
all branches, their deposites begun to be withdrawn
from several favorite institutions, which had been
placed high in the public confidence Last Saturday
the alarm general that on Monday rush was
made several Of the banks and in consequence, par
tal suspension occurred which swept away all the bar
rers that preserved the public faith General Concha
called to the Palace the representatives of commerce
and our wealth to advise with him the measures
cy to restore public confidence, and to meet the great
necessity for our circulation Without going into
mtve of the preliminary propositions and their discussion
ii due to the captain to say that bis views on
certain suggestions made adopted and have resulted
in staying the cvilsavng thousands from ruin and
city from bankruptcy The Spanish Bank is made the
implement for the work the people of wealth have
forward and subscribed millions than needed to
the advances relief, llst
ming So $50 2OO commission appointed to ascertain
the condition of the four institutions which have been
pellei to suspend report favcrably and the Spanish
Bank allows them certificates of dcposte drawing INTEREST,"
for six months or longer periods as may be necessary to
the maturity of their assets for the immediate set
tccn of deposc accounts in all amounting to So 0OO
900, hereabouts and this Saturday morning people
taking the certificates instead of specie while many
continue their dcposes if nothing had occurred and
the panic is there will not be half dozen failures
growing out of the revuson, and those OF persons who
have been mprudcny inv sting in stocks at fctltous
valuations. do not the institutions which, from
or ignorance of banking principles, involved this
community in the recent commoton as they are not ne
cessariy associated with your commerce, except the
Ware House Company OF Regla under the management
Ct Fesser which must have large exchange balances in
the United States and Europe This banking house will
go on with The aid of light loan from the Spanish
Bank. Their assets found to be ever S9O0D,000,
with productive property for security and their liabilities
less than So 600 600 Without assistance they will take
up all depostes less than 000 and with it meet all
gagcmcnts at l. 2, 81 and months. The arrangements
have given general satisfaction and the relief is already
perccptble."