The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1860-11-24
rur FINANCIAL CRISIS.
..-,,,, Action ol the New York Banks.

ot New York, at the Merchants
i% =, Wednesday, the 2tst of Nov, 1860,
b''',nnuine proceedings were unanimously
.acqed, via
g ts ex paEd their loans and discounts, and
go s,hs rense ot iScjiItabnF the sett leme {
- ~. o.x'bans as bst cen the banks h Is proposed
.aft hSuK N the Clearing House Association
aM =. 4. opiIoa. deposit with a committee OF
rs' h,,,rs-to ba appointed foF IN ai purpose
4 tfF,n,Its hlis receivable. United states stocks,
",1ory notes o. ftecss , oi l tue State OF Nes
i ot,S,,Tzed % ,ssue thereupon to said cposit
= aas@ts fefihos,es of depsstt hearing interest
- - pec cent. per Hnnhtn. az denominations of
sF'sStsn fAoussvd dollars each, as mav be de
re VA ~ an Ssount equal 10 seventy Ave par
"si g. Se.Ilsment Of balances st The Gle .rins
seq f,r a per!cd ct thirty days from the date
affe' irT-rs hat PER- 4 daily. IN the came pro-
.@'' ,s nc, hesF 20 tHe aggregate amount o.
1'..I..S,sr IN ances pad st the clearing house. -
t"..tstsst xhich may aocTus upon these cert f.
tafb,saN at tue expiration Of ihe thitt, DAYS
tl'.S oned smuns The banks which shall have
t'ttem daring that tine
-. nsne1. ~ 81, bC he by tAem in trust as
-. eep sit pledged !of the redenlpt.u Of
s.FFts-t,f,Ales ISSUED taersafoh.
80. somCI.ttee shall be s0thoTiz sd 10 exc asnSe
80" - n. II SAID securities Tor an egus. aI!ount
- ~, 70 be approved by Them, at the request
", ,..sfsvsstsnz bsns, and shall have power Ia
q. ,Vtsrsnai secuTlt, either nv an eXcaauga
increased amount, At their discretion,
- 's,,rut Ot ceTt'h which Tins Commit
~ ~ issae as above, snail not exceed Ave mil
: tu. AIS. ,,,, -,
= Eosss Association when assented TO by three
I.sr,-s ot lls members
"a. >, iarfh "a this SEreement, the spscie h. long
,,,a ass c.s TED bSn as shall De cons d red and
- oogaiuoa isnd for mutual aid aud lro-
go, Rns the Committee shsli have power to
= -, Js lgs same 5s assessment or otherwise.
- his paEplse statements shall be made to
IAN tee Of the condition of each bank on
al uPa-
S.tal baslness. which snail lie sent with the ex-
\ ..csss 10 The Manager of the Clearing House
,rs-..giGS tbA following items, VIZ
y loans al discounts.
4! Deposits.
{ f6sG osr.Rcates
ift,sss.h Tha, after the Ist Of February next
.r.r raak IN the Clearing House Association
~, nave on hsnd. az ali times, IN specie, an
.r-r,1t eqdsl 10 one-lourth OF It's net liabilities
I'D sat Bank whose specie shall fa.l bsiow that
---,7rfnD ghsi. not MAKE loans or discounts unit [
- p6..iIaE j, rs-estatl shed and We, as mem
- If he CiearInE House Association, agree
,-a,ves. not continue To exchange with any
,,s.eneu,s thatI: hss vlol> ted TINS agreement.
i The Chairmsn appointed the following named
rsgfAueu as the Committee:
Noses Tsy.ur, Of tue City Bank.
i y Huwss. OF the PARK Bank.
AS Fraser, 81 the Seventh W ard Bank
C6ls 7. LeFerch' OF the BANK OF New ork.
F.HoozER, Secretary,
This movement OF the Banks is generally
.2proysi By the press OF that city. The Times
say.
The associated Banks OF this city have fol-
/ wed up their action of Monday in the di-
4 ration C.. relief, by further and more gene
"a movement, tlIs afternoon, for meeting the
+ti;f P'owFt!y atd 60!d!y " uaijmtfe8 expan-
ga or ~ an expansion limited only BY the
.@slunJie business wants of their Dealers
7. his eud they have virtually resolved to
i -gke common their whole stock of specie
-.T about twenty millions, aud if with the
,:,-auses everywhere In favor of New York
/. home and abroad, the public want the
ige,,e simply because they distrnst its con-
/ .laed existence with the Banks, they can
1s.p themselves freely TO II, without reference
| he particular Bank in which their deposits
So held. All Will pay while the sum total
.sE.s, and II the sum now In hand (and which
Aaely soon TO be increased from England,
re.Lsufiicient 10 ans Wer the demands of the
,usptclCus or iucredulOus, they will all go
.gwa together, and with the satisfaction OF
mmgdainE, to the last dollar the reason
st.e wants OF every solvent dealer, and The
-sumaie acquisitions OF The great trade OF
MS city. TINS plan of relief or mode OF
meeting crisis, though new 10 this country,
IS he approved and successful policy, under
SIN lar clrcums st3nces of the National Banks
tEagand and France aud the reasons which
lGIel il To success, with the exchanges all
!.sht are, in the present sound condition of a
'tade simply overtaken by panic, perfectly ir-
IN Of It's " lsdom If carried out, as We nave
every reason 10 betieYe IL will be- with the
s5me holiness OF action and unanimity OF
purpose, as well as mutual good faith, which
.Lspired II.
We desire 10 express 10 hasty opinisn or
aafdence as 10 how this matter is TO work
Is success in london and Paris in seasons OF
,-.sl, has, we believe, been invariable-cer-
,.aly in the English capital. But, come what
-ay this much we do rejoice at. that the
Ia kaT4 o hH 4 az NAU haN a.
'lel- Association real aud substantial uEit,
I-s-iying that 1t is better, If need be, to go
WI together, and in advance OF general
mercantile bankruptcy, which different
tGTse might entail in the efsJrt 10 arres 4 the
panic BY tx xpansion, rather than seal their Gwn n
oiy aud shame by breaking in the process OF
Iuri contraction.
The Courier and Enquirer says:
Cur commercial community, we think, will
bail with satisfaction the result of meeting
q bank officers held yesterday aflernoon.-
Had i been earlier, ii had been better but it
gynes 81 last. and brings with 1t reitef, before
$ 100 late. The only requisite in crisis
.ks this ls c0a fdsacs, and wise and bold ac-
Hln on The part OF our banks TO inspire it, 10y
expanding their operations TO the extreme of
f1-jT ability, and In such manner as will
aFJrd The greatest relief to the mercantile
tass, for whom banks are specially created,
iId nave their being. / is no time now for
btLks 10 hoard and thus cast down merchants,
O.. lle ground that thus alone they can stand
Nt themselves; bat 1t is a time for banks TO
give cut with liberal hand, in order that
e5,d merchants aud banks may stand up to-
ss.her. II is tme IN short, when banks
AbJu!d not be found wanting when they are
really wanted, and the resolutions above, on
sHt part ot the bank officers, show nobly a
"Hilugness and determination 10 meet the
resent emergency. We read in them that
NrW ioTB banks, and business at least, Will
8 NroGgh and survive the fire that secession
Sea panic politicians have raised about them.
. ~ prosperity unparalleled around us,
ere never has been any real occasion for
-4aociai panic. and we think this will be
fy'e1 10 oe so IN the effects Of the action of
t-9 bank Officers. While therefore, great
'r-!I !s Que 10 them for the bold and libaral
lUfee they have taken, the commercial CON-
.aLl'y Is 10 be congratulated on the cheering
E'ohise which IL gives.
New YORK. letter TO the PHILADELPHIA
L-dger says
the influence Of this action was very favor
Ho'y !eitiu the street, in the course Of the af-
'A2Ol, aAd paper was more saleable at low
ta'es' Philadelphia funds were quoted at
pot cent discount. Southern money, how
c2uta not be got rid of short OF 25 per
- win the exception of New Orleans,
""'en was done al 10. Illinois and Wisccn-
~ - ONO aud Kentucky, 10. The Stock
,-a' Aet a. the First Board was lower, but the
fGo7eu'hgs OF The bank meeting had the ef-
/" in prove prices at the Second Boald.
80 mo1"l'hs landing ali these favorable symp-
rbS' however, am bound in duty TO add,
I'D tne prevailing opinion among BANKERS
ueI chants, ls that there will be total
l,p hsioa t OF specie payments here in less
@L ,.uifty days from date-the great fact
Tr",t5s out that The cause OF all the present
,.tH 'e- threatened revolution at the South
soon. NV aiAo'y W DC soV i'u Va
Ae Baltimore American says commercial
- showed a much more cheerful aspect
Asisaay, after the suspension of the Banks,
o.. .ne Banks discou uted freely. IL adds:
zod bahx alone discounted over $50 600
rsu,ao e"o others slO0,000 each, and If this libe-
ws was vas carried out by the balance OF them
We snail soon have Ia note an sasv monsy
eysr At will likely be some days, how
lssr,s oe!ere entire confidence is restored We
VI strictly first-olass paper being sold