0d502243Partial suspension, Full suspension
Other: Bank issued certificates of deposit (30/60/90 days) and staged payments: half in 30 days, one fourth in 7 months, one fourth in 12 months at 10% interest. Declined to pay checks in other than Miners' Bank notes prior to full suspension.
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The Bulletin of 9th says: "Yesterday was a day of consternation among those who were so fortunate(?) as to have money on desposite. The Perpetual suspended cash payments and gave certificates of deposites payable at 30, 60 and 90 days, to those who would not take Tennessee paper. The House of L. A. Benoist & Co., declined paying on checks any other than Miners' Bank, and this money has not yet the confidence of the public, sufficiently to be received as specie funds."
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MONEY MARKET. Friday, July 21-6 P.M. For sound slocks the market has been a little more firm to-day, and a better feeling generally prevails, from the fact, that nothing seems to retard the return of commercial activity but the want of a proper adjustment of the revenue laws, and also the conviction that Congress will not dare longer to trifle with the best interests of the country, or make its welfare subservient to party purposes. Kentucky 6 per cent stock improved 1} per cent ; Harlem Railroad rose 31 at the board, but subsequently fell back 2 percent. It is stated that the extraordinary opposition experienced by the great operator, from certain of the Directors of the Company, some of whom are possessed of but five shares of stock, has really affected his mind. With a vast fortune embarked in the Company, he finds the direc. tion composed of its creditors; men utterly opposed to its best interest, and opposed to every thing calculated to promote the ultimate welfare of the road, and consequently of that of the trading community of the whole city and State. Such a contreiemps is enough to drive a man of ordinary mind mad. Delaware and Hudson fell 1 per cent The applications during the morning for the Corporation 7 per cent loan, 10 years, have been to a great extent, and the whole amount was subscribed for before 1 o'clock.The Corporation has now all the money requisite to finish the supplying the city with the "Croton Water," and has borrowed all the law allows them. Nearly all the half million was taken for investment by institutions and individuals, mostly of the latter out of business. One hundred thousand by John Jacob Astor. The New York State 7 per cent, '49, enquired for at 101, and Ohio 6's, 1850, selling at 733. Treasury Notes, 6 per cent, par to 1-8 per cent premium. A bookkeeper in the Bank of America is discovered to be a defaulter to the amount of $15,000-probably more.He has absconded. Whose neglect is this owing to ? The Decatur branch of the Alabama: Bank has commenced paying specie at the rate of 30 per cent of the face of the notes presented, and the balance in the notes of other banks. One of the Bank Commissioners has published the following statement of the circulation of the Bank of Buffalo By the engravers' accounts the Bank has received blank sheets to $1,293,000 111,400 Blank sheets now on hand in bank, $1,181,600 $519,621 Notes signed;andjnow in Bank, 7,731$527,352 Do redeemed by receiver, $654,248 367,592 Mutilated notes destroyed as appears on books, $286,656 Notes to he redeemed out of safety fund, 287,812 Actually redeemed by Comptroller, Excess, $101,156 Presuming that the engraver's account is correct, the fraud must have occurred in entering false certificates of the amount of notes destroyed by burning Much confusion prevails at St. Louis in relation to the currency. The Miners' Bank of Dubuque resumed on the 1st inst., but failing to make any arrangement for the redemption of its notes at St. Louis, the notes are at a great discount at that point. On the 9th inst. the Perpetual Insurance Office stopped and settled with its depositors by certificates at 30 to 90 davs, to those who refused Tennessee paper. L. A. Benoist & Co. declined paying on checks, other notes than those of the Miner's Bank, which, from the above cause, were at a discount. This is a just inflic. tion upon those merchants of St. Louis who were silly enough to oppose the exertions of the Bank of Missouri two years ago, when it was striving to maintain a sound specie currency. The probability of the final passage of the Tariff bill, which has passed the House is very remote; but in order to show the result of the one man power," in the legislature-for there was setually but one majority for the bill as passed-we subjoin the following comparative table :A COMPARATIVE STATEMENT OF THE MOST IMPORTANT ARTI CLES BEARING SPECIFIC DUTIES AS IMPOSED IN THE BILL JUST PASSED BY THE LOWER House, AND BY THE ACT OF 1832, AND BY THE BILL PROFOSED BY THE COMMITTEE ON MANUFACTURES, AND THAT PROPOSED BX THE SECRETARY OF THE TREASURY. -
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knowledgments. VIRGINIA. Obstacles are thrown in the way of vessels trading to Virginia, in consequence of retaliatory laws for the uncalled-for war waged by this State against the Old Dominion. The law of this State, changing the mode of defining the rights of a master over his property has been pronounced unconstitutional by the Supreme Court. The whole of the abolition war waged by this State against the South, the fruits of Weed's pernicious counsel, has proved injurious to all parties [N. Y. Union. The "Last Link," between Fredericksburg and Potomac Creek, will be completed by the 1st of November. This will be an important consummation. At the end of the road there will be a fine harbor, the navigation to which is easy and free from the objections to Potomac Creek, the water of which has been frequently blown out to so low a stage that the steamer could not be floated. Above all, the gain will be the avoiding of the never too much abused "nine miles" of stage travel. Praise is due the company for the noble spirit with which they have struggled to accomplish this important object.-Alexandria Gazette. # MONEY AFFAIRS-Unusual Excitement. The anxiety which was manifested yesterday, by all classes, in regard to money affairs, continued to a late hour, and even at 10 o'clock large masses of people were in the streets in the neighborhood of the banking house of L. A. Benoist & Co. Curiosity, apparently, led most of the people there. There was no outbreak or violence of any kind, and we are confident that none need be apprehended. This morning, at 9 o'clock, it was announced that Messrs. Benoist & Co. were unable to meet their liabilities to their depositors in coin, and they accordingly suspended payment on all demands. Notice was given by them, that they would pay their depositors as follows: One half in 30 days, One fourth in 7 months. The other fourth in twelve months. The certificates to bear ten per cent. interest. We understand that a full statement of their affairs may be expected on Monday. Crowds of interested depositors, and many more who had nothing to lose by the suspension, were in attendance during the morning, but there was, we are happy to say, no exhibition of any violence whatever. Those interested are sensible enough to know, that nothing of the kind will secure them the payment of their money, and will of course abstain from it. [St. Louis New Era. July 9.