The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-29
c U 8 A..


The Money Panic Heavy Rum ON the BancO
Espanol-The Crisis Passed and the Panic
Considerably Diminished, sc.
HAVANA, Dec. %. 1860.
Owing 70 the great excitement which prevailed for the
hast few days. apprehend the received of
In the United States will have been considerably exag
gerated II So need not say will aggravate the evil
prove douby injurious 70 the interests Of both coun.
riea Allow me- therefore, 10 give you few more de-
sa 10 enable your readers make their differences
from facts The Banco Espanol did not for q moment
finch fr Fridays pressure The Offices and courtyard
were completely crowded during the whole Of that day
The total amount paid out was about $640 900 In gold
and $l60 600 in notes, in all $500 000 which consd.
ored pretty large amount In this country With Wow
% establish order, regularity and fairness it was
soon found necessary give each claimant number
that everybody could be paid In his turn. The appli
phcants Increased rapidly IN consequence OF the
Of the other banks that towards the close Of
the day the directors considered IL advisable TO hold
board, attended by the principal bankers merchants,
propretors and planters with view to provide ag ainst
further contingencies The meeting was held the same
evening on the premises Of the bank, and although
motives TO justify any want Of confidence
towards that establishment which few hours panic
seemed indicate there alternative but TO meet
the situation by the adoption OF extraordinary measures
70 aay the restlcssness prevailing and 10 give salts
fncory account behalf Of the interests at stake IL
Was accordingly settled that the essential object that
the bank should proceed In Its operations heretofore
adording the trade It's assistance far az might be
legitimate and reasonable under the actual situation
and that should limit itself In exchange
Of their notes for gold at the rate Of s26 900 daily
then proceeded TO the palace TO inform the
Captain General OF the resolutions passed. unanimously,
and 70 ATTAIN his appreciation. THIS was at two in the
the Intendent Of Finance immediately admitted the
committee and after few appropriate observations IN
reply General gave his full consent offering TO do
everything that conduce to the aeoraion ofthe
situation far was within his province. In cons
quence OF what passed the bank held board yesterday
aurday morning and after being agreed in the adop
ton OF what agreed upon the night previously, the
directors repaired TO the palace 70 communicate this
resoluton the General After short conference with
his Exceilency the directors notified their wishes in
whiting and the bank then formally authorized to
limit the exchange Of it's notes during the next four
months ensuing 70 the amount OF S25 600 per diem
proceeding In It's ordinary operations rs heretofore by
paying in notes and accepting the same form In their
i IL said that the bank will avai the full extent
81 iasuing bank notes Its privilege extends 70
<: s;ssS sas M SS s:a ssy@.a. ssss
morning In the ordinary way. Between this bank, the
PsRco dc Concrete and the Banco de San Jose, an on
easement has been made 10 exchange all notes and
account current This win facilitate operations and
sImphfy them IN imitation Of the New York Clearance
Tho director Of the Havana Savings Bank has offered
20 extsnd the maturity OF oil notes falling due provided
70 confirm the prorogation. not only with the view TO
ave heavy protest charges but 70 AVOID the stringent
On the whole the panic Of Friday-for II was nothing
)sss-has considerably diminished, and in . very few
esys We VIII propeoy nave Iorkousn al ABOUT tne
money crisis. The banks provision had an excellent
effect for however small the extent Of ~ specie pay
wsFe people could help acknowledging that
was perfectly eound whep she could meet the emcrs
moment though they wiz ShoetIy % % Ma NS~
There has already bss6 heavy decline In E6fopean
exchanesa Sterling cgu4 % had yesterday q sixteen
Per cent premium. cansncy on New York, ai short
s4nA sold Ct twenty three per cent discount
Ibe sp9g ~ xsS looked liale more buoysnt 81 the
NE following ssssssls Er,sd yss.srasy:-rss LIB.
cry, frgm New. 0yisans, the Manhattan, from New
yost and the starS and stripes, from Philadelphia
Jbevs twenty three perncus n prison on susption
81 being engaged II the murder Of MA and - the pro-
cHsnKs appertain 10 the Marine Department thor win
never b an end 70 this mysterious case
vessls nom PAaadelpHia ere rr subjected 10 quar-
autine merely because the Spanah Consul ~ that port
sese not choose 10 certify 10 Captain 0Gner thai
they have much right TO be sxsmps - those from
eay olh0 port In the United States The Board OF
ealh oontemplasss sbolishing quarantine vessels
non Jamaica and s. Thomas.