New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-11-24
NETWORK DAILY TRIBUNE SATURDAY, NOVEMBER o. 1860

Tvs determined precautionary measure TO enable Vie
hank, expand and thus aid usiness men
and 20 prevent sy Of the wild Of 1884, The oansssfe
bile We regret Tia, Il soud have beeu thought for
ne banks Of Phadepha follow the example o. those
e baltimore Washington and Virginia, trust It may prove
advantageous and bring 70 brighter prospect laere
has been bat little excitement attending h n'pen'o '"'
Contrasting most singulary with the panic OF 1871
| The Bohim0rc PofrIOf Of last evening says:
The suspension OF the Baltimore Banks resolved upon lgt
evening l. measure which ho~e'er much We may ss Sa,
could this mercantile community and themselves from
be suspension Banks of Virginia whence large share
Ct the of payment 20 or traders comes renders is
already pressed upon Banks by the action Of that political
party which always been their enemy and the enemy Of
will be advantage taken of this necessity 10 enlarge upon IRE
deiasbe paper and that this step simply temporary mean.
Of protection against ruin BY tbs, party which now carries out
s threat 10 in because It &. shortly elected from rule
community the relief and extension which the measure permits
| The Bdhimorc american remarks:
Our banks told in the strongest position and have
hitherto cuaed their accommodations only for tho purpose
time. There real scarcity Of money real change IN the
value Of substantial securities yet for the las; TWO OF hee
day has been next to impossible TO negotiate oa upon y
so Of security. very e addition 70 the burdens very
short delay IN this relief peuIe would nave uo ., ood
would have beer secured.
The Patriot explains the reason of the suspensions
! in Baltimore AZ follows;
The pension Of the banks Virginia whence large share
9th payment traders I'M, step
already pressed upon banks by the action OF that political
!
commercial credit inevitable We have every hops that there
viii be advantage taken OF this ece.iy 70 enlarge and ex
ten poary means OF by that which
carries on, It's threat TO ruin because 1t to be shortly
bsE have already to-day granted to the mercantile com
Dispatch from Baltimore, dated last night, states
that the banks yesterday discounted TO the amount Of
nearly a million Of dollars. The merchants gene
rally relieved.
IN, h.. ~ he on hero a
meeting Of the merchants of Richmond at which the
| following resolutions were adopted:
l. That unprecedented political condition Of the
country Of the present spread and increasing financial
the dictate Of wisdom and prudence that the this
commonwealth suspend specie payment in time to diminish or
That In order thai .uch suspension of specie payment shall
result in any material relief and the people it should
continue long enough to allow the banks to discount 70 s
| agricultural, and general business accommodations
The Boston Trareler, of last evening, has this
paragraph:
The Providence Journal says that owing to The syuaton in
Ne that some Of the other printers have for
reduced their production. The market Tor prints
Monsy mskst ,ses are naturally very limited but we have no
doubt that trade will revive and that the works empOrsr
end that me market viii be the better diminishing the pres
| entsuPlly.
ne chicago Tribune remarks
Parties here believe all the banks in the State
viii uouuty respond the additional securities
b XII. vii be perfecy good deposits Of exchange and for
rot bills Illinois and Wisconsin Banks will pass from
hand to As the bills Of the banks thrown on,
here no rate ha. been fixed upon them Till the securities
put up something definite is known about them we
presume they will in day OF two ebough. by the brokers q,
from fifteen 10 twenty-five per discount The latter figure
| the highest any one would offer to-day
Annexed il an extract from the message of Gov Con-
way Of Arkansas:
h I me r. '7 he Sf include ffS " @ the the Of
the othe proceeds Of the sales Of the public lands
tween the United and this State from Jan 1s4l to Jan
l. 1860 and so include. s5ol2 6 which had accrued to this
State under the acts Of Congress to appropriate the proceeds Of
tue public lands approved sept ls before this act wa. mod
hed and the distribution the lands fund TO the several States
suspended by the Tariff act Of aug 90 1872 These two fund,
were Treasury of the United States aud applied
T % WI py sss. 81 IS ps OF tbss bonds 900
sod by the Real Estate Bank Of the State Of Ar
ofArksnsss
The Select and Common Councils of Pittsburgh, in
order to protect the home creditors Of the corporation
in view of the numerous suits pending against the city
for interest on Railroad bonds several of which are
TO be tried the present term Of the United States
Circuit Court have passed resolution directing the
MAYOR TO execute and deliver 10 Thos. BLACKWELL
John Russell and John b. Murray, a mortgage upo1
any or IL of the real estate belonging 10 the city OF
Pittsburgh for a sum exceeding 81 5000 IN trust
for the benefit of the legal holders OF municipal obi
cations certificates heretofore issued for purposes OF
city loan. water loan, work, az the same are now
registered or set forth in the book Of city obiga
tons" in the Controllers Office. The Mayor al once
under proef legal advice, executed the mortgage not
wthstanding a formal protest from John H. Hampton
ESQ., who "a attorney for Messrs. Oelrich d Co. OF
New-York holds coupons from bonds issued by the
city 10 various Railroad Companies, amounting t.
Il Geo. The result of this mortgage will be to leave
be payment Of railroad obligations revenues denyable
only from direct taxation. The municipal bonds are
older than the railroad bonds and the effect of the
action of councils if it have any legal effect at all is
to make the holders of municipal bonds preferred cred
| tori over the holders Of railroad bonds.