, 1860-11-26
The New York Banks--Ths Rolfef
Measure.
fE-.+, TN-.a nd

The New Fork Banks--.Ths RolIei
Measure.
From the y. r. T1ms., adj
Tic associated banks Of this city hare fol
lowed up their action Of Monday, III the dlrec::
tion Of relief, By further and moro general
promptly and boldly By unlimited Ez'anston;; or
BY an expansion limited only By the Legitimate
wants of their dealers. To this cnd they have
virtually resolved to make common their
stock ofepecle; now about twenty millions;
and II, with the exchanges everywhere In favor
OF New York, at home and nhroad, the public
want the specie, simply because they distrust
Its continued existence with the banks, they
can helm themselves freely to 1t, without refer
cuce to the particular bank In which their de-
posts nrc held. AL will pay while the sum
total lasts. and If the sum now in hand, Eand
which is likely soon to be increased from Eng.
1and,) BE- insufficient TO answcrthe demands Of
the suspicious or iucredulous, they will all 60
down to.ct her, and with the satisfaction Of ac-
commodatiug, to the last dollar, the reason-
able wants OF every solvent dealer, mud tile It,
climate rcquisiit'ns nf the great trade OF fli6
city. The plan Of relief, or mode OF meeting i
crisis, though new to this country, Is the ui'-
cumstanccs, Of the National Banks Of England
and Franco, and the REASONS which 1nlpc1 II !"
success, with the exchanges all right, are, IN
the present sound condition uf Il trade simply
orcrtakeu By panic perfectly Irresistible And
for one, wo have littic question Of its wisdom,
II carried out, as We lave every reason tD bc-
licve it will be, with the sanlc boldness Of ac-
ton and uuanimity Of purpose as we'll Us lnu-
tua1 good faith, which inspired it.
The meeting Of the Danks this afternoon
was general one ut the Merchants Bank. un-
der a printed, Informal proposition to expand
the line Of Iuans and Discounts with reference
to the wants Of tfle business community, to
:sn unlimited extent, If need bc, to Insure thu
removal Of panic aud pressure, anu without
reference to the a,nount Of sp e;c ',eld ty all
together, or any one Bank separately. That
Is, if in extending The Discount lire s Or 10
per cent. beyond lis Present aggregate, tue
debtor Banks Mt til: Clearinghouse should
run short Of Specie i'll their own vaults, tn:
balances may be settled ty Clearinghouse Ger
the assets ef tile Bank applying to the CONT
mittcc Of the Association for this acco,nnula-
tion-these certificates, the total Of wbicl, is
first named rs live millions, 1,a;ein1 tie
ssnlc as Specie, and tllr Specie itself being paid
upon tlcln by any Of tho Banks applied fc.-,
where the outside dc1ua1ld requires it, t!1t,s
making common stock IF all the Specie held
by the Association.
OF course This arrangement contcnI'latcs
tic abandonment Of all arbitrary standards Is
to the proportion Of specie which each Bank
shalt hold to IFS liabilities. The Banks ho!slin:
LII! most moderate per ccntaTcs Nlll be cs-
teenlcd in season like the present equally stron::
intrinsitaily, aud, perhaps, more liberal and
enlightened than others, ii such there shout:
ae. who designedly attempt to parade h:@hc:
average The per eentagc OF tho whole si'cc;e
stock on each weekly statement, to the tota;
deposits 1T Bank, for thcncxt few weeks, until
the crisis is turned, the public will be wclccn.
10 examine, to cTitic:st, TO question, and iii
IoUbtfnl) 10 punish by the immediatc with.
dr.twal Of their deposits. Tie experience OF
81 proves that after the gold Is drawn it buys
no more Of the wants If life thar, the secured
notes Of or a check upon the Bank. b.. il i
different conclusion Is arrived At III the pr:st:.r
emergency, 1hc depositor can help himself 4s
long as the gold holds out, and with his neigh
bo:s take the consequences afterwards.
We desire to express no hasty opinion OF
confidence as IL how tlis matter Is to work
Its Success i'll London AMI Paris, in seasons OF
trial. has. We believe, been invariable--crr-
tainly in tue English capital. But, como Whit
may, this much we do rejoice at, that lie
1,a,lkcrs Of the city Of New York llnvc made
their association Il real anil substantial unit,
re6olyin. lflat j. Is better, If need be, to g0
down together, and in advance Of general 1acr-
camille Bankruptcy, which different course
might entail, III The effort TO arrest the panic
ly expansion, rather tl,an seal their own folly
aud sha1nc by breaking in the process fc,u:l
contraction,