The New York herald., 1864-10-07
the PANIC IN THE WEST.
PRODUCE SPECUlAT0RS HARD PRESSED,
-~o~~~/>~~ns~>~~~~~~~~>~~>~
THE RUN ON THE BANKS.
H., &C., &e
Chicago.
from the Chicago Tribune, Oct, q 1

panic stricken As coon the banks opened deter
up all the forepoon afternoon il ev
IDENTIFY spent it's force and there wss increased Conf
Of depostors at lis door all day but as the sums asked
for nearly al small the bank able to meet the
were short Of currency and they were Obliged to nay
checks Tor large amounts ~ Eastern exchange, defer
their payment for day or two but most Of the banks
There signs Of weaks exhibited by any OF The
banks. Even those who were short o. sreeneacks.
other United states bonds, sufficient 10 pay every do
poslr two or three times over but the truth Is this
arunr has come them suddenly and uGex pected.y
that they have had time 10 get on funds from the
Eas aud "greepbacks cannot be manu- acturei here
they nave 10 wait TIL the express companies bring
them
On change the effect OF the monetary panic were
observable than anywhere else. lnere actually
demand for produce o. esy kind ana prices were
treiy nominal. Money could not be had any price by
those who wanted IT, and the buk or the merchants who
had large balances at the banks aguanimouslg refused
70 draw single check or Oil an order fcr grain although
by doing they could have made thousands dollars
Towards the cosc OF change the Boac q Tradc passed
the following resolutions
Resolved That FOR the present we vii receive csrtlae
that me ie adng ban., AMI bankers bc qcstt TO
designate such certified ohesss as they wi receive ee
Eesrei Tha, is the ,sesss Of this board tia, ia case
OF pan savn.s Institutions N solvent cooi'tion should
svs ihemse.es Of their harere1 rsLis By requiring no
An eiort rade By sever al institutions 10 sell East
exchange, ard It freely offered the street at
rore uid be disposed Of aud II II d4ubuli much could
have been sold at egeu nve per cent discount.
in the West. Never before fOuud 10 he impossible
10 sell exchange ou New York at a reasonable rate.
Another sink kelar eaure OF hi money pane Is the fact
that hilherto The n aiu difficulty his been With the
reucy aud the ebert mads by the public was to get rid
OF IT. Now II is the very oppcse-the great rush to
the faitn OF the people N greenbacks
There was large attendance on Ch.nge on Monday,
but owing 10 the Continuation OF The pspic 10 monetary
AFFAIRS very ltic business was transacted There was
strong effort the part OF hooes through brokers, TO
very scarce. the Transactions in produce q
tr1ng character. Those OF shippers aud eraa deal
in bank very generosity refused to check them out,
aud tcIegraphed their correspondents that IN the
present state o affairs they aid not Oil their or.
de,s. A. for the ecGiaors ttey entirely out OF
the market Not dollar could Le had at OF the dts
bouses and even the "sbeu persbent" gentlemen
who generally reap rich harvest 10 mea ike these.
completely run out They had no money. and their
checks worth than the paper which they
written on 10 buy provisions with to day.
Taking II altogether, u was the most remarkable day
ever seen .oG ns'ey e our ,Sa Sy dnnS 10
not be had al some price but TO Cay neither bankers nr
money brokers and "shsvers" had dollar to leod
Eastern exchange offered a. large discount. Uued
States bonds Illinois bonds city boads all we're Offered
at heavy discount for "srecubacks" bo, all TO no pur
or course in such state OF affairs the markets
almost completely at stand st, and tho quotations
values f'obody soid except those wbN honey
expression, chad their noses under the grindstorc"
lFrom the Chicago Times. oct, al
Any further run upon the the CITY will be
sensecss itself injurious to The public The rotten
have gone down they should have done aod
the Of all others TO their obligations
ought satisfy their deposlors OF their ability do
The has arisen chiefly from the failure or the West
Marine and Fire Insurance Company, and the cups-
bic conduct OF is officers conrecon there ith, and
should no, have survived the Sunday following that
affair. We confidently trust that the renewed excitement
of yesterday win not be continued 20 day,
1bc excitement largely subsded towards evening yes
terdsy save the Illinois savings Institution on Wash
ington street. Early 10 the morning the Merchspts,
farmers' snd Mechanics Savings Bank Clark street,
enforced IFS rue requiring sayings depositors 20 give
sixty days notice OF their inientiun 10 Withdraw their
deposits, which operated like charm. Tho Illinois
Savings Institution should done the same thing and
thereby indeed 10 ailsy the popular excitement Both
institutions notorously sound aud the emf
OF the rule could not have been construed any quarter
10 their prejudice.
We observe that announced ths parties connected
propose orssDLe bark upon the ruins q The old
one with the avowed object Of "Rranting accommods
tions 10 such desre their deposits with the de-
funct concern. This Ia singular proposition. Why do
not tho OF the defupct all OF whom
ricb--at once pay the dcposltors their duesf We sup
pose the object Of the proposed emept s 10 pre-
serve the charter OF The Western Marine and Fire In
suraDce Company for future swindine usce. 10 our
opinion the public should put ts heel upon the neck "
the movement There Ia appearance Of honesty IN H.
statement which the President Of the defunct concern
pether unsatisfactory, aud ought 10 be accepted by
Inc public We repeat, Why do not the OF the
defupct concerpa OF whom are richst pay their
deposors instead OF facrlrR with them 10 the manner
rroposedf This done, they might perhaps with some
deccpcy ask The public confidence ~ direction.