Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-09
The Financial Crisis In New York.

We copy the following from the Journal of Com
merce
New York has a noble duty to perform. When toe
many of her allies have surrendered quit the field she
the city of New York represented by her banks and
merchants Summoned to the post of honor She is cal
led by all that is due to herself her country and other
countries by all that is due to sound principles and
sterling ntegrityo stand her ground and receive the
shock of battle. And she will do it. Yes, and soon
the shout of victory will her endeavors. There is
no good reason why our banks should suspend. They
are now In an lmpregnabe position their business has
been reduced to snug limits their specie far exceeds
their circulation, which besides is secured by State
United States stocks lodged with the State comptroller
another shipoad of specie at hand there is lit
tie or no demand for it for shipment to foreign countries
immense crops of cotton, rice tobacco, -four &c, viii
soon supply abundance of foreign exchange impor
tatons will be checked in short the road tC
health although, at this moment, the sickness up
on u.s. Several OF our leading banks, the gnature
of their presidents encourage the merchants to expect
more liberal discounts sOOn No doubt the latter are
suffering severe and need relief The banks know ii
well, and will do what they can for them consistently
with the maintenance of their own position We can
reasonably ask them to do more thiaure ofsovent
houses is great calamity, though it is small in com
parlSon with that OF bank suspension in this CONNER
cla centre of the western world. Bear up then, hear
ties, little longer and you shall soon descry land and
when the storm is Over you will congratulate yourselves
and each other that you did not succumb but bore
"New York maintains her position firmly Boston
the commercial centre of New England will be encOur-
aged to do the same and with her large part of the
banks connected with the Suffolk Bank system. Even
II the Boston banks should suspend, (which do not
anticpate) the New Haven banks we are inclined to
think, will hold fast to their integrity They usually
keep large dpostes closely connected with us than
with Boston For the last three four weeks they have
kept the helm hard down. being determined to get into
an lmpregnabe position at the earliest possible moment
Money said by old residents to be more scarce there
than before the suspension in 1887. But as vet there
have been few failures.
of New York. and especially if New Y ork and Bos
ton, maintain specie payments without inching, Phila
dephia Baltimore and the South generally far as il
shall have suspended, will be oblgedsto resume at nc
distant period, or lose their charters The calamity will
thus be greatly abridged both in extent and duration
compared to what it would have been if our banks had
pusllanimousy succumbed before the first blast of ad
versity."
The Daily News Of Wednesday says:
Daylght at length daWns, and the crisis seems about
to pass away We heard of no further bank suspensions
yesterday, which Of itself a relief We have also
the satisfaction to that the city banks held
meeting IN the afternoon at the Clearing House. to dis
cuss the state of affairs and to consider how the banks
could best promote the interests of our merchants anC
their lost credit in financial circles Forty banks
were represented. The meeting took place at g. D. M
and continued till 5. The whole proceedings were of
very businesSike and harmonious character. It was
unanimously resolved that the parties present should rep
resent to their respective boards of directors to increase
their discounts, Win areek three per cent upon then
respective present lines of discount. This will give re
lief to the merchaOts to the extent of three millions
of dollars This action Of the banks will be received
with gladness throughout the trading community anC
will remove much anxiety from many a troubled mind
| In the nameIof our commercial community thanI
| the banks for this timely action.
lhe severe pressure upon us owing in part to th
sudden contraction of discounts by the banks doubtes
necessary eXpedient to protect Themselves but havn.
probably seen the worst of the difficulties and KNOWN!
their own abilities they show themselves ready to stcl
forward, and as far lies in therp power lend helping
hand But the weekly bank report published yeStcrdy
the banks show that they are very strong having cir
culation of $685. 000 and specie hand amounting
Sl3327 O0O nearly two dollars in specie for one of cir
culation.
Besides this relief rendered by the banks above
tered to, observe the sub-treasury is paying Ou
largely 1t paid to-day $871 ,3OO mostly for redemp
ton of public stock. We learn also that the Bowery
Savings Bank has sent in 81 100000 certificates of the
United States stock to be redeemed. This WILL there
fore, be paid in the course of the week. and will be sc
much capital added to the circulation The skies arc
indeed looking brighter
1.-The feeling in the street was much improved. More
confidence was shown, which will soon lead to tie re
sumption of business by the discount brokers. Th'
stock market has also improved. Exchange with the
South is relaxing little The currency of the State i
more in demand as that Of other States is anC
more suspected. The low price at which exchange OF
London is selmg-l00 to l05-must lead to a large
importation of gold in few weeks Sales of exchange
have actually been made at par 100 per cent. whcI
IS 4.44 cents per pound sterling. We shall weather tho
storm"
MIrCT tn, 4,o Nl,4l,r, o;ti -,