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to the 3d inst., has arrived at this port, but brings no further tidings relative to the ill-fated steamship Aretic. Bank Failures in the West. CINCINNATI, Nov. 8.-The Bank of Circleville and Clinton Bank at Columbus have failed. The following bankers in this city suspended payment today: Smeed, Collard, & Hughes, and Ellis & Sturges. A heavy run is now making on the banking-house of T.S. Goodman & Co.
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Banks Reported Failed. Private telegraphs received here yesterday morning announce the suspension of the Bank of Circleville and the Clinton Bank of Columbus. In relation to the truth of the reports, as regards the first named Bank, we submit the following letter which appears in yesterday morning's Cincinnati papers:
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BANK OF CIRCLEVILLE, November 6, 1854 MESSRS. EDITORS:-The course pursued towards our notes by the Bankers of Cincinnati, Chicago and Cleveland, will drive us into suspension. We have not a single dollar in circulation but what we are able to pay. There was no just cause for their action; the best Bank in the Union may be forced into liquidation by such a course. (Signed,) H. K. LAWRENCE, Cashier. With reference to the Clinton Bank of Columbus, the report must be without foundation. The charter of the Bank having expired its circulation has nearly all been redeemed, and its other operations have been closed. A private association is doing business at Columbus, under the name of the old Bank. but it does not, of course issue notes. The solvency of this company has not been questioned, as we learn from a resident of Columbus, who left that city yesterday. We also learn from one of our own citizens, that he had a check cashed at the office of the company, yesterday morning at 11 o'clock, and that, at that time, there were no indications of a run or a failure. We have referred to the rumor, however, for the purpose of giving the above explanation.-Sandusky Register.
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Money Matters. Ellis & Sturges, one of the most extensive Banking Firms in Cincinnati, broke, Nov. 8. Their liabilities amount to $1,000,000, and their assets $1,400,000. Mr. Ellis died shortly afterwards of disease of the heart. Smead & Co.'s Citizen's Bank, and T. S. Goodman & Co., brokers, have also failed. The circulation of the following Banks is secured by U. S. Stocks, or Ohio State Stocks, deposited with the officers of State : Sandusky City Bank ; Union Bank, Sandusky Bank of Geauga ; Canal Bank of Cleveland City Bank of Cleveland; City Bank of Columbus; City Bank of Cincinnati ; Commercial Bank of Cincinnati; Franklin Bank of Zanesville; Mahoning Bank of Youngstown : Seneca County Bank, Tiffin ; Western Reserve Bank, Warren ; Bank of Commerce, Cleveland ; Bank of Marion ; Champaign Co. Bank, Urbana Franklin Bank of Portage Co., Franklin Forest City Bank, Cleveland Iron Bank of Ironton Merchant's Bank of Massilon : Miami Valley Bank, Dayton; Pickaway County Bank, Circleville; Springfield Bank ; Stark County Bank, Canton. Bank of Circleville has suspended, but its assets will be sufficient to meets its liabilities. Clinton Bank of Columbus is safe. The charter has expired, and its affairs are in process of liquidation. The Cincinnati Commercial of Wednesday morning has the following in its monetary columns: State Stock money, of all States is generally refused here, and some Bankers reject the notes of the Commercial Bank of Kentucky. The notes of the Miami Valley Bank are not taken. Business of all kinds came to a stand-still r to-day. Nothing of consequence was done owing to the unsettled state of money affairs. The rates of exchange are very unsettled and it is hard to give quotations.We believe 1ª premium was the regular t rate asked by Bankers, but the buying rate was nominal at 1 premium. The Indiana Stock curreney has disapO peared; it being unsaleable, except at a very heavy loss, since the last edict of Auditor Dunn. The question all are now ready to ask, in e this crisis, is, what money is safe ? which is hard to answer. The general impression is that the old Kentucky, Ohio. and Indiana State Bank paper is safe, if anything = is, and it is probable that there is not much danger in holding it; at the same time this is a good time to pay the taxes, and bankable funds will do it. P. S.-It was rnmored last night, (9th) that the Canal Bauk of Cleveland had a failed. How much truth there is in the S report, we know not.
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THE MINNESOTIAN. SATURDAY MORNING, NOVEMB'R 4, 1854 GREELEY AND THE SLAVE TRADE.-We copy acharacteristic "correspondenca" to-day from the New York Tribune, in which a gentleman from Mississippi made to feel that he had as well left the editor to pursue his accustomed avocations. Any one, whatever hissentiments and opinions may be, cannot fail to enjoy a hearty laugh over Greeley's reply to his Mississippi correspondent. WOOD MEASURER.-The City Council should Immediatelyttake steps to secure to citizens a fair measurement of wood. There is nothing sold in St. Paul in which "gouging" is so apparent as in the measurement of wood, as at present practised. LIQUOR PROHIBITION.-The popular vote In Pennsylvania upon [the] Prohibitory Liquor Law decided the question in the negative by several thousand majority. BROKEN BANKS.-We have receivad information that on the day the steamer Royal Arch left Galena, the house of Corwith & Co. threw out the notes of the "Clinton Bank of Columbus "Bank of Circleville. Ohio Bank of Kanawha, Va :" "Bank of Hallowell, Maine Ship Builders' Bank. Maine ;" "Rockford Bank Maine," and all the Free Banks of Indiana.The impression in Galena was that the Bank of Hallowell was good, and that its notes would be redeemed at par in a few days.-Democrat of Thursday. We caution the public not to be hasty in sacrifising the paper of the Free Banks of Indiana. Nine-tenths of them are amply secured by the pledge of responsible stocks, and their notes must be redeemed in a short time at less sacrifice than the brokers are now willing to bargain for. The Maine Banks, it appears, are suffering under the general panic,but we should hold on, if possible, until we hear directly from that quarter. Persons here, well acquainted with the affairs of the Bank of Hallowell, ondorse the opinion of the Galena bankers, that It will be "all straight" in a few days. P. S. Since the above was in type, we learn by gentlemen direct from the East, who arrived by the War Eagle that the reported failure of the Bank of Hallowell is without truth.This is confirmed by the following telegraphic despatch, which we find in the Galena Advertiser of Monday NEW YORK, Oct. 28. The Bank of Hallowell has not suspended. The Advertiser of Saturday further says A report was yesterday circulated in the street, that the Bank of Hallowell, Maine, had suspended. We have seen a despatch from Hallowell, stating that the report is false.The Bank has not suspended, but is believed to be one of the most solvent institutions in New England. There is but a small amount of the money in circulation in this country. It has not been thrown out by the Bank of Galena but is taken as other New England currency. When the editor of the Minnesotian will publicly and positively deny that he had anything to do with bargaining off Mr. Bassett before election, then wewill give him the name of our correspondent.-Tmes. We are not in the habit of responding to such discourteous and irresponsible calls as the above, but for the sake of gratifying a whim of our neighbor's anonymous correspondent this one time, we will again "publicly and positively deny" that we ever "had anything to do with bargaining off Mr. Bassett before the election," or after the election, or before or after any other election that has ever happened in this or any other country. We have known Mr. B. some three or four years, but never claimed to own him, or any part or parcel of interest in him, or in his lands, tenements, hereditaments, stocks or property. With all our sins, we believe "Hennepin" and the Times are the first to charge us with dealing in a species of property which no one here recognizes even in "niggers," to say nothing of white men, and honest, straight-forward Whigs at that. But in all seriousness, the Times may call up its witness whenever it chooses. We are ready. FOR THE WINTER TRADE.-John R. Irvine & Co., it will be seen, are out with a display of their winter stock through our advertising COlumns. They have everything in their line of trade that a wholesale or retail dealer may need and all wishing to purchase will not find it out of their way to give this extensive and well-established house a call. The War Eagle arrived yesterday af ternoon, and will leave for Galena this morning. It is doubtful whether we will again see this popular packet this season. The War Eagle brought about 200 passengers yesterday. Among them were a large number from Maine, including several prominentcitizens of that State, who now have their eyes and interests directed in this quarter. The sedate and respectable Baltimore American, in the course of a reply to a profligate assault from Mr. Pierce's administration paper, the Washington Union, thus truthfully and foreibly limns that precious concern We cannot but feel that in replying thus SCriously to the allegation of the Union we are assuming an unnecessary and not an altogether reputable task. That paper is a libel upon American journalism, and its assertions are utterly unworthy of attention. Deprived of the subsidies by which it is bound perform the
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Dec. .1,859,863 Dec 2,489,965 Inc.4,318,778 Inc. 15,988 By reducing the wheat to flour, the quantity of the latter left at tide water this year, compared with the corresponding period of last year, shows a decrease of 2,134,804 bbls. of flour. The circular of N. J. O. Davis, of Cincinnati, gives the following review of the money market of that city for the week ending Wednesday evening, Nov. 8, 1854:The past week has been one of varied and intense interest in monetary cireles. The failure of some banks to redeem in coin all the presentations of their issues has given rise to many vague and uncertain rumors-confidence is undermined, and there is nothing but confusion in the general appearance of our currency. From the varied rumors we select some that have the most appearance of reliability. Some of the banks of Ohio and Kentucky had a short time ago enlarged their circulation. This, in some circles, created distrust, and a consequent run on these institutions. The Bank of Circleville has been compelled into a temporary suspension, although the cashier, H. K. Lawrence, Esq., states that there are ample means to redeem every dollar. The notes of the Clinton Bank, Columbus, are thrown out by some of the brokers. Parties connected with this bank state that it is all right. The notes of the Commercial Bank, Kentucky, are doubted by some and those of the Miami Valley Bank, of Dayton are thrown out. Much of this is undoubtedly the effect of panic, but its influence is all the same on the business community. This morning, in consequence of the serious illness of Mr. Ellis, of the firm of Ellis & Sturges, it was deemed advisable to close their banking house. A previous report of the death of Mr. Ellis had created a panic among the depositors, great numbers of whom have thronged the street during the whole day. Following the close of this house, the Citizens' Bank, owing to its intimate connection with this firm, closed temporarily. Subsequent to this, a run was commenced on T.S. Goodman & Co., and under the intense excitement of the day, they deemed it prudent to suspend operations till public opinion had time to become settled. There can be but little doubt but that the assets of each of the above houses will be amply sufficient to secure depositors. S. W. Torrey & Co. are withdrawing from bnsiness, and have left with another house the means to pay their depositors, finding banking at this present Chae too profitless and perplexing. The discount business of our banking institutions, owing to the unsettled state of everything connected with money or confidence, is reduced to almost nothing; honce, we quote very few regular transactions. Outside rates range from 1 to 3 per cent, with no. disposition on the part of lenders to touch anything but first class paper. Since our last issue, the November payments have become due, and it is a gratifying proof of the general preparation made by our merchants, that with few discounts there have been few failures, and these confined to small dealers. Sales for the week-32 shares Columbus and Xenia railroad stock, 93c.; 72 do. Ohio and Mississippi railroad stock, 47 36 do. Covington and Lexington railroad stock, hypothecated, 47; 55 do. Little Mami railroad stock, 97%; 24 do. Eaton and Hamilton railroad stock, 33%; 33 do. Cincinnati, Hamilton and Dayton railroad stock, 78; 38 do. New Albany and Salem railroad stock, 33%; 64 do Cincinnati and Chicago railroad stock, hypothecated, 14; 25 do. Marietta and Cincinnati railroad stock, 33; 20 do. Cincinnati and Indianapolis railroad stock, hypothecated, 44: 85 do. Cincinnati, Wilmingt m and Zanesville railroad stock, hypothecated, 40; 38 do. Indiana Central raiiroad stock, hypothecated, 54; 75 do. Ohio and Mississippi raïlroad stock, 47½; 90 do. Little Miami railroad stock, sold East, 97%; 85 do. Cincienati, Cleveland and Columbus railroad stock, sold East, 100%; 75 do. Cincinnati, Hamilton and Dayton railroad stock, sold East, 80½; 200 do. Indianapolis and Cincinnati railroad stock, sold East, 45; 30 do. Little Miami railroad stock, sold East, 98; 30 do. Cincincinnati, Hamilton and Dayton railroad stock, sold East, 81; $10,000 Marietta and Cincinnati bonds, sold East, 91.
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Dec.1,859,863 Dec 2,489,965 Inc.4,318,778 Inc. 15,988 By reducing the wheat to flour, the quantity of the latter left at tide water this year, compared with the corresponding period of last year, shows a decrease of 2,134,804 bbls. of flour. The circular of N. J. O. Davis, of Cincinnati, gives the following review of the money market of that city for the week ending Wednesday evening, Nov. 8, 1854:The past week has been one of varied and intense in. terest in monetary circles. The failure of some banks to redeem in coin all the presentations of their issues has given rise to many vague and uncertain rumors-confidence is undermined, and there is nothing but confusion in the general appearance of our currency. From the varied rumors we select some that have the most appearance of reliability. Some of the banks of Ohio and Kentucky had a short time ago enlarged their circulation. This, in some circles, created distrust, and a consequent run on these institutions. The Bank of Circleville has been compelled into a temporary suspension, although the cashier, H. K. Lawrence, Esq., states that there are ample means to redeem every dollar. The notes of the Clinton Bank, Columbus, are thrown out by some of the brokers. Parties connected with this bank state that it is all right. The notes of the Commercial Bank, Kentucky, are doubted by some. and those of the Miami Valley Bank, of Dayton are thrown out. Much of this is undoubtedly the effect of panic, but its influence is all the same on the business community. This morning, in consequence of the serious illness of Mr. Ellis, of the firm of Ellis & Sturges, it was deemed advisable to close their banking house. A previous report of the death of Mr. Ellis had created a panic among the depositors, great numbers of whom have thronged the street during the whole day. Following the close of this house, the Citizens' Bank, owing to its intimate connection with this firm, closed temporarily. Subsequent to this, a run was commenced on T. S. Goodman & Co., and under the intense excitement of the day, they deemed it prudent to suspend operations till public opinion had time to become settled. There can be but little doubt but that the assets of each of the above houses will be amply sufficient to secure depositors. S. W. Torrey & Co. are withdrawing from bnsiness, and have left with another house the means to pay their depositors, finding banking at this present time too profitless and perplexing. The discount business of our banking institutions, owing to the unsettled state of everything connected with money or confidence, is reduced to almost nothing; hence, we quote very few regular transactions. Outside rates range from 1 to 3 per cent, with no. disposition on the part of lenders to touch anything but first class paper. Since our last issue, the November payments have become due, and it is a gratifying proof of the general preparation made by our merchants, that with few discounts there have been few failures, and these confined to small dealers. Sales for the week-32 shares Columbus and Xenia railroad stock, 93c.; 72 do. Ohio and Mississippi railroad stock, 47 36 do. Covington and Lexington railroad stock, hypothecated, 47; 55 do. Little Miami railroad stock, 97%; 24 do. Eaton and Hamilton railroad stock, 33½; 33 do. Cincinnati, Hamilton and Dayton railroad stock, 78; 38 do. New Albany and Salem railroad stock, 33%; 64 do Cincinnati and Chicago railroad stock, hypothecated, 14; 25 do. Marietta and Cincinnati railroad stock, 33; 30 do. Cincinnati and Indianapolis railroad stock, hypothecated, 44: 85 do. Cincinnati, Wilmingt >17 and Zanesville railroad stock, hypothecated, 40; 38 do. Indiana Central raiiroad stock, hypothecated, 54; 75 do. Ohio and Mississippi railroad stock, 4736; 90 do. Little Miami railroad stock, sold East, 97%; 85 do. Cincionati, Cleveland and Columbus railroad stock, soil East, 100%; 75 do. Cincinnati, Hamilton and Dayton railread stock, sold East, 80½; 200 do. Indianapolis and Cincinnati railroad stock, sold East, 45; 30 do. Little Miami railroad stock, sold East, 98; 30 do. Cincincinnati, Hamilton and Dayton railroad stock, sold East, 81; $10,000 Marietta and Cincinnati bonds, sold East, 91.
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MORE BANK FAILURES. THE money pressure still continues in Cincinnati, and other Western cities.— We have rumors that several more banks and banking houses have failed. The Clinton Bank of Columbus and the Bank of Circleville have gone by the board, though it is thoughtthat their cir. culation will be redeemed. The extensive banking houses of SMEAD, and of ELLIS & STURGESS, at Cincinnati, are said to have failed. These, and other failures that have lately occurred, always incident to the paper money system, have already made their influence felt on every department of trade and industry. i We hear it said that the Furnaces of this vicinity have reduced wages, and fallen back upon the trade system-a term which the workingmen of this Iron region well undertand. The bank failures have very much reduced the price of pig metal, and consequently the profits of the business.Yet we are of opinion that it would be much better for the community if the Furnaces would continue to pay cash for labor, even at reduced rates, than it would be to go back 10 trade prices and payments. As a matter of course. the manufacturer must pay cash, or its equivalent, for the goods and groceries with which he pays for labor, and why not pay cash to the laborer at once, and let him purchase his supplies of provision and clothing where he can get them at the lowest rates. The present is an unfavorable time to reduce wages. Flour is now worth $8 @$9,00 per barrel beef, pork, and po tatoes in a corresponding degree. Yet such is the condition and immutable doom of the working men of this nation, while the monopoly of land and banking systems exist, Labor is a commodity thrown into market, and it must sell itself at some price or starve. It is subject to all the vuriations of trade and currency, its price regulated by the amount and value of currency in circulation, as well as by the law of supply and demand. The hordes of men employed on the public works that havedately suspended, are now seeking a livelihood in other pursuits of industry, they create a competition in the labor market and reduce its price, because the supply is greater than the demand. Every successive revulsion that the paper dynasty brings upon the country
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cases. Various rumors are aflost in regard to the sum about to re realized on these notes. They are quoted at 40 cenis to New York; has we should not advise any one to part with them. if they can avoid in at present for less than cents. Our impression is that they will eventually be worth that amount. shough we may be mistsken. The Free Banks of Indiana are quoted in New York at 25 per cent. discount. This is mainly owing to the course pursued by the Auditor of State of Indiana, and not on account of any depreciation of the stocks or securities. Mr. Dunn is severely, and as we shink unjustly censured by the press of Cincinnati and New York, for having issued the following circular. Had he acted otherwise we should have fell disposed to censure him. The only persons seriously affected will be those pests to society-money shavers-who were instrumental in depreciating and crying down the paper of these Banks, in order that they might profis by their fall. Many 01 these shavers have purchased largely of these notes at a heavy discount, had their notes protested, and now shey are in a desperate passion because the poor farmer and mechanic will stand jus: as good a chance to have his money redeemed as these brokers. But theshor pinches in another place. These scamps will be compalled to wait awhile for others must. do the their money same; but no honest man ought to complain if justice is done to the Banks. as well as the note-holders. Read the circular and judge for yourselves: OFFICE OF AUDITOR OF STATE. Indianapolis, Nov. 1, 54. To correct an erroneous impression. en termined by many persons that the holder of notes of the Stock Banks, having them protested thereby acquires a priority in the payment, the undersigned deems is his duty to state that such is not the fact. In case of the winding up of any Bank under the statute, the notes not protested, are placed on the same footing as those which have been protested, and a dividend of the assets will be made pro rata. Holders of notes should also bear in that the amount of the dividend would sentially diminished by the costs and protests, and expenses of sale of assets The undersigned has also determin in discharging his duty to al: the cre of ary bank which may be forced into liquid ation, he will not proceed to offer any of the assets of such Bank in the market until after at least sixty days' notice in New York. London, and Paris, so as 10 insure the largest and best price for the securities. and not shen, if. in his opinion, the ulimate interests of ail concerned will be promoted by a further extension. He is, also, authorized to exchange the State Stocks deposited in his office as collara eral by several of the Banks. at par for their circulation, when presented in sums of not " less than one thousand dollars. JOHN P. DUNN. Auditor of State. The Banks of Circlevitie. Clinton Bank ; of Columbus, Miami Bank of Dayton. and Canal Bank of Cleveland, is is said, have of tailed. We do not believe a word of is w We have more confidence in our bank ing system and our bankers. That some 0 them have be en compelled to suspend for , short time, owing to the unprecedented rur on shem by Cincinnati bro ers is undoubs d edly true; but that they will all ultimately re deem every dollar of their circulation, w h firmiy believe. il. The following dispaich was received il of Cincinnati on the 6thlinst,, from the officer in of the Bank of Circleville: is BANK OF CIRCLEVILLE. 10 Nov 6. 1854 MR. EDITOR:-The course pursued to ne wards our notes. by the bankers of Cincin ch nail, Chicago and Cleveland, will drive u n. Into a suspension. We have not a singl dollar in circulation but what we are able 14 is pay. There was no just cause for their ad tions. The best bank in the Union may b eld forced into liquidation by such a course.bis The public is requested to make no sacrific upon our paper, as the assets of the Ban ii. are abundantly sufficient to pay. all its lia bilities. All we ask is time to collect th nd debis due us. (Signed.) re, H. K. LAW RENCE. Cashier. The Clinton Bank of Columbus is now i à the hands of Wm. S. Sullivans, Wm. Den renison, Jr. and D. W. Deshier, as Trustees 11. who are closing up its affairs-its charte by having expired last winter. When its pa per was thrown out by the bankers of Cir ish cinnati and Zanesville, a run was anticipated ve but, at latest accounts none had suken place y. D. W. Deshier immediately went to Cincir nati to make arrangements to have the bill redeemed at par by one of the bankin rihouses there; but the failure of the hous sed (Ells & Surgess) prevented the arrange è ment. He advertised, however, shes h he was in the city himself, wish $100.000 #
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made, breaks. All that's necessary is to look into them, and they bust up " instanter. The following private banking houses have failed since our last issue CINCINNATI--McMicken & Co., Smead, Collord & Hughes, Ellis & Sturges and T. S. Goodman & Co. These bankers all promise to secure their depositors, principal and interest, and claim to have stopped payment for a few days only. The most intense excitement prevails in the city, and a general run has been made on all the depositing banks. PITTSBURGH-Hugh D. King, banker, failed on the 9th. Great excitement in the money market. Burralo-Robert Codd's Exchange Bank gone. Commercial circles very blue. In addition to these private failures, we have the following Banks of issue, in which our readers are more deeply interested The Pickaway County Bank, Circleville, stopped paymenton Wednesday last. The Cashier says they were compelled to stop on account of the course which the Chicago, Cleveland and Cincinnati Brokers pursued towards them. He says, further, that the Bank will redeem every dollar of its circulation. Its circulation is secured. by State Stocks. It is worth seventy-five-cents on the dollar at home. The Clinton Bank of Columbus has had quite a run and is considered in a very precarious condition. It is refused on deposit here, and weadvise our readers to keep clearof for the present. The City Bank of Columbus, to the surprise of every body, stopped payment on the 10th. This Bank was considered one of the safest in Ohio, as it had a large amount of the City and Township funds deposited with it, besides the proceeds of the late State Fair. Its notes are secured by State Stocks. BECKEL'S Miami Valley Bank, Day. ton, has also failed. Mr. BECKEL is represented as being principal owner of several Turnpikes, is a heavy stockholder in numerous Rail Roads, and owns a large amount of Real Estate. It is said that he is good for all his liabilities. The notes of this Bank are secured by State Stocks. BECKEL also owns the Wayne County Bank, of Indiana, so look out for that ! The Canal Bank of Cleveland, went by the board on Thursday. Italso was one of the State Stock Banks. It has closed down on its depositors to the tune of one hundred and eighty thousand dol. lars It will continue to redeem its notes SO long as its specie lasts. When that fails, it proposes to exchange the redoemed notes for Stocks in the hands of the State Auditor. These Stocks will then be sold at par if they can, and the redemption of the notes continued. We here give a list of all the Ohio Banks whose circulations are secured by State Stocks in the hands of the Auditor. So long as our State Stocks are worth their face, the notes of these Banks will be good, break or no break. Bank of Commerce, Cleveland; Bank of Marion Bank of Geauga Canal Bank of Cleveland; City Bank of Cleveland; City Bank of Columbus City Bank of Cincinnati Commercial Bank of Cincinnati; Champaign County Bank, Urbana; Franklin Bank of Zanesville; Franklin Bank of Portage County; Forest City Bank, Cleveland Iron Bank of Ironton; Mahoning Co. Bank, Youngstown; Merchant's Bank of Massillon; Miami Valley Bank of Dayton; Pickaway County Bank, Circleville Sandusky City Bank Seneca County Bank, Tiffin Springfield Bank Stark County Bank, Canton; Union Bank, Sandusky City. Western Reserve Bank, Warren: The reader will perceive that the above named five Banks which have suspended payment, are included in this list. If any of our readers have any of the notes of these Banks in their possession, we would advise them not to part with them at much of a sacrifice. They are amply secured, and the Banks have only stopped payment because they are unable to pay their depositors. Let it also be understood that the above list contains all the Banks in the State whose circulations are secured by State Stocks, and that all others are doing business upon private capital alone. Let every man cut out this list and paste it in his hat. We would advise our readers to pay strict obedience to the Small Note Law. Don't tak a single dollar of foreign bank paper, if you would be safe. Ohio mon-
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More Bank Failures. It is pretty evident that the BANK of CIRCLEVILLE has gone down. A considerable amount of paper on this bank is soattered through this county. It is rumored that the Clinton Bank of Columbus has also failed ; this was considered to be one of the firmest banks in the State. The Zanesville Courier, says: The Trust Company and Messrs. Groesbeck & Co., of Cincinnati, and the Banks and Bankers of Cleveland, threw out the notes of the Bank of Circleville yesterday, and to-day the Banks and Exchange offices of this city decline receiving it at all, though it was taken by them up to last evening. As yet we have no positive advices of the failure of the Bank, but the panic will most likely create, if it has not already created, such a run upon it as will force it into an immediate suspension.We would therefore advise our readers to refuse it, at least for the time being, though it should not be confounded with the Pickaway County Bank, which is a State Stock concern, and is considered in a sound condition. LATER.-In the Cincinnati papers this morning, we find the following dispatch from the cashier, which will probably settle the matter, for the present at least. BANK OF CIRCLEVILLE, Nov. 6, 1854. Messrs. Editors :-The course pursued towards our notes by the Bankers of Cincinnati, Chicago and Cleveland, will drive us into a suspension. We have not a single dollar in circulation but what we are able to pay. There was no just cause for their action; the best Bank in the Union may be foroed into liquidation by such a course, (Signed,) H. K. LA RENCE, Cashier. LOOK OUT.-A dispatch from Cincinnati this noon informs us that the Bankers of that city this morning threw out the notes of the Clinton Bank of Columbus.
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CINCINNATI, November 7. The Bank of Circleville has suspended. The brokers this morning have thrown out the notes of the Clinton Bank of Columbus.
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Suspended Banks. A telegraphic dispatch was received by one of our Banking Houses yester. day to the following effect: CINCINNATI, November 7. Bank of Circleville suspended. Clinton Bank of Columbus not received. The first named Bank has had the breath knocked out of it about a dozen times-it is hoped that it is done for now. The Clinton bank at Columbus has been in a failing condition for some time-now it may as well wind up.Mo. Republican.
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Clinton Bank of Columbus. Reports that this bank had suspended payments are prevalent. The bad effect of these have been counteracted to a great extent, by favorable reports of that bank by the Columbus papers-The Fact of the 10th inst., saysThe temporary excitement which prev ailed yes. terday in regard to the Chaton Bank, of that City, has entirely subsided. Its notes when presented at its counter, are and will be promptly redeemed in gold or silver. It has the stuff ready. 3335 Nature 20.9 It further remarks that the circulation of the Clinton Bank which was formerly $600,000, has been reduced to $250,000. There is no doubt of its ability to meet all its liabilities.The following gentlemen who will be recognized as among our ablest and wealthiest men, are individually liable as stockholders and private bankers for the redemption of all its notes Messrs. Wm S. Sullivant, Pres't., D. W. Deshler, Wm. Dennison, Jr, Joseph Ridgeway, Orange Johnson, Richard Cowling, Potter Wright, Adam F. Miller, Darius P. Wiloox, Wm. J. Deshler Cashier.
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CINCINNATI MONEY MATTERS.-The failure of Ellis & Sturges to-day, we have noted. There was a rumor yesterday, that the Canal Bank of Cleveland had suspended, but it wanted confirmation. The notes of the Miami Bank of Dayton were not received by the Banks. Indiana State Stock Bank notes have disappeared. The impression was that the old Kentucky, Ohio, and Indiana Bank paper is safe. Mr. Deshler, of the Clinton Bank of Columbus, had made arrangements to have the bills of this Bank redeemed in Cincinnati, as reported in the Cincinnati Gazette. State Journal.
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Financial Troubles at Cincinnati. (From the Cincinnati Commercial, Nov. 9] It is the true course to be coase vative conservative of an ex isting condition of things when the is no immediate prospect of change except for the worse; but when the worst has come, it equally the part prudence to look it fairly in the face, meet its vicisaltudes with fortitude, and to hope, through the that is wisdom 10 . taught reverses, by inaugurate more propitions future. It is useless attempt to conceal that we are in the midst of a financial revoJution; and although it is impossible at this moment the how and indus predict commercial entirely trial interests of the city are to be prostrated, there already enough to justify the most serious fore boding Like the traveller in Alpine regions, when has the been stirred of sudden atmosphere by explosion, who sees the avalanche sliding from every into and summit sensi : are dashing every valley, bie of shock after shock in quick succession, and moment the of an of the brings lapse every report other tower, or the toppling of another pinnasle. From turret stone, was the language of the curse and the prediction, and the measure of their fulfilment Like its edifices, the business interests of a city are builded together, and to great extent, support and hang upon each other. The flames of a conflashock the and to another. one from pile gration which one creates in falling tries the stability of all its neighbors. Besidestne numerous links which est interest is perpetually creating among business men of city, there is an aggregate spirit, sentiment and tendency in which all are partakers, and of extent 3 the some is individual reprewhich every sentative. The primary causes, to which the prehave for the natural the sequence, attendition time being produced their effects upon the popular of that the character events popular the past few days are the legitimate offspring. all and Ohio have developed a condition general bank bankruptcy, in the production of which it is difficult to say that one order of men have been more instrumental than another. That its features case in the of more are bankers private prominent than others, is the consequence of the character their business, full as much as of any especial error which they have committed. The disease perv pervides the whole system, choosing, perhaps, the weakes place to its ravages. has been observed for several days that the condition of pecuniary affairs has been growing more and more gloomy. Since the middle of last month, when several the banks of this city were foreed to suspend, although the outward manifestations of run upon those which continued to stand were suppressed, is is undoubtedly true that deposiand their ters funds, were prewithdrawing quietly paring for storm, while the banks were growing that was It known amounts weaker. large daily bills were returning from the East, protested for non-payment, and the reported failure of several institutions heretofore reported to be sound, in other the to divest of of the served parts State, public what little remains of confidence it had hitherto that FREE It several of known retained. our private bankers, departing from the line of legitimate basiin invested railroad securities, now largely ness, a melancholy state of depression, and in real 08 Date, whose tendency is the reverse of upward and no one was assured that the others had not equally ConfiIves involved similar themselves in speculations. dence was at an end, and the law of self preservation become peramount to all others. The social bond gave way before the individual necessity, and the became the rule of action, and must continue to be so for a time to come. The closing of the banks will have a tendency to give a rapid increase to the number of among business men of all kinds. The banks have turned the keys upon their money. They cannot pay, much less afford relief. Whatever may be the character and extent of the ultimate security exhibited by the bankers, the process of suspension will it and sequent render unavailliquidation able for an indefinite period. It has the charao ter of money, and become merely assets, whose value is jet to be ascertained. Still will not do pronour of d oed too sweeping an anathema against the dealers in money The business owes its existence, as well as its sins, to legislative error -error error-error that has had its influence over others, as well as thembut been have not selves. actors, only They acted upon. That course of legislative action which drove capital from the State, and deprived the businees community the counterbalance of its conserdisat: also vative influence, has placed integrity count -thrown obstacles in the way legitimate business- speculation the rule, instead of the exception, in trade, and struck staggering blow of let that mercantile the character at which, alone, would have been one of the soundest and most truly energetic of all industrial communities. But while the eky, in almost every quarter, looks dark and threatening, it will not do to indulge in despondency. Amid the first depression incident to such events, things almost alw sys appear worse than they really are. There an immensity of the Cincinnati in and of real wealth in elements Ohio, are young and energetic people, and time, the mighty mediciner in all human difficulties, will, in many ways, produce relief and compensation. Toe character of a people improves under misfortunes, and wisdom is learned in the hard school of adver in financial reform have our legis We may sity. lation, or we shall learn better to adapt ourselves to the tyrannical provisions of a system foreign to the popular character. Besides, men do not lose thei Identity; if they are men, they do not lose thei courage. There is glory in overcoming diffical ties; and strife against adverse circumstances ances is calculated to develope the noblest and best attributes of manhood. In the light of a false system we shall learn to place correct estimate upon true; and in view of the inevitable consequences of un sound practice, the value of real integrity will be more apparent. We Wo are are inclined to believe, from what we have been able learn, the that at the conc ition of monetary affairs in this city is not quite as desperate as was represented by rumor yesterday In times of and knows one how, reports originate, panic, grow with great rapidity. The stoppage of bank assumed, for the time being, to bea total loss to all its creditors, of all their claims. While no bank of loan and deposit can be expected to stand sudden demand for the payment of its liabilities, the business, when prudently and legitimately conducted is one of the safest description. Its char acter is such, and sush is the nature of its transactions, shat- unlike that-unlike a bank of issue- with many of creditors itors ultimate security is all that requir ed. So far as is a depository of savings, this security is by LO means to be despised, and is in sufficient. Its debts are represented by its bills receivable; and experience has hown that these, even in times of great pecuniary depression, constitute one of the safes species of property. These our banks, therefore, that have not diverted their than ther of the demands into channels means made, have in their tands the means, at DO distant day, to make final settlement with their creditors. Nor is this city totally unprepared for the approach of a financial collapse. S me have foreseen, and many have felt, its approach, and for months past much has been done in the way of retrench ment. Purchases have been light, tewer debts have been created, and the process of taking in sall preparatory to a storm, his been entered upsn by many. is true that much yet remains to do; but 40 trust the warning has been sufficient to reach the deafest has practice necessity mercan already In ears. some extent, instituted new rules of orbearance. Where the failure to pay becomes universal patience must be the rule, instead of the exception, as 16 is in better times; and the sooner the great law of mutual interest, which is the bond of business 80siety, is fully recogn recognized, the better for all. When the bottom DS. been fairly reached, the time to build will have arrived: and it is not necessary for us to say, that is all the mate ials for a brious structure, we have an abund nce. We refer to our sommercial columns for a more full detail of the condition of things as developed yesterday. From that it will appear that some the materials of which the panic was composed were of false. We have a-surance in the new whose charac ters and business ability have been customed to confide, that the Clinton Bank Columbus is ready and able to pay its issues on and there demand, reason the $ CI that zens Bank, Ellis Sturges, and Messre. Goodman have means to make their depositors safe. speak of these concerns without intending to from of the detract reputation ultimate of solvency any; and merely be ause our means informati have been more full in their cases than in others. the meantime is the duty, and for the interest incresse useless of to the of against all, guard present panic through the circulation of patiful reports. Lord Dunkellin's Capture-The Post Master General England. Your historical sketch of the capture of Lord DunThe correction. some &c. Marquis requires kellin,
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are received generally as money in business transactions. The Clinton Bank of Columbus belonged to the last named class of banks. More than a year since the Bank was closed, and business continued by its leading stockholders, as private bankers, under the style of the 'Clinton Bank." The larger portion of the old circulation has been retired. The new private firm are bound to redeem the outstanding notes. These gentlemen are represented to be men of the highest integrity, and of great wealth. It is believed by their friends that no circumstance can arise which will suspend the redemption of the notes of the Clinton Bank in coin. The fourth class are the branches of the State Bank of Ohio, which for capital and influence greatly exceed all others. There are thirty-eight branches. The State Bank of Ohio is considered in Ohio as the soundest institution in the Union, and for the practical working of its machinery, nearer the perfection of a banking system than any other. The mother bank, or Board of Control, so called, is formed of members chosen by each branch, who have power according to the capital of their respective branches. They elect a President and Secretary not of their own body. They are a corporation, but have no capital, and doe no banking business except to control and invest the safety fund of the branches, and to watch over, restrain and closemp delinquent branches. They have no power in the local business of the branches, except so far as may be necessary to protect the public or other branches from loss growing out of imprudence or fraud. They have and exercise visitorial powers of the most rigid character, and are authorized to take instantaneous control of a suspected or failing branch. A branch has no power to indorse over a note or bill once discounted by it. Such indorsement would be absolutely void. Any debt lying over forsix months is required to be charged at once to profit and loss, and if the surplus fund is not large enough to bear it, the circulation must be at once reduced. Reports of the most minute character are made quarterly, under oath, giving the items in detail of every liability, and all assets of the banks, with the names of every maker or indorser of a note or bill held by the bank. Monthly statements are also made of the general condition of the banks, and separate statements are made to the Auditor of State. The circulation of each branch is registered by the President of the State Bank, and can never exceed two for one of actual paid-up capital, and must be always supported by 30 cent. of actual coin in the vault or on deposit in New-York or Philadelphia, subject to sight draft. The branches are bound for each other's circulation, and this circulation is always a legal tender in payment to any branch. The condition of the banks, as shown by their quarterly report, August 1, 1854, was esfollows.
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The Western Banks, The Cincinnati Commercial states that in consequence of the pressure the City Bank of Columbus, Ohio, has been forced to suspend payment of its deposits. The Western Banks and Banking Houses are in a sail condition, and at Cincinnati gold is selling at five per cent. premium. The notes of the Bank of Kanawha sold at 25 per cent. d scount; Bank of Circleville at 50; Kentucky Trust Co. at 70; and Newport Safety Fund at 80. The notes of the Clinton Bank of Columbus were again refused at Cincinnati on Saturday.Indiana stock notes are selling at 25 to 30 cents discount. A note from the Treasurer of the State of Ohio states that the notes of the Miami Valley Bank, Cahai Dank 01 uneveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks will be received for taxes and all other public dues as heretofore. These notes are abundantly secured by the pledge of Ohio and United States stock in the offices of the Auditor and Treasurer of State, which stocks are still commanding a premium in New York. No bill. holder, he adds, need necessarily lose anything by Ohio stock paper.
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NEWS OF THE WEEK. The Western Banks. The Cincinnati Commercial states that, in consequence of the pressure, the City Bank of Columbus, Ohio, has been forced to suspend payments of its deposites. The notes of the Bank of Kanawha sold at 25 per cent. discount; Bank of Circleville, at 50; Kentucky Trust Company, at 70; and Newport Safety Fund, at 80. The notes of the Clinton Bank of Columbus were again refused at Cincinnati on Saturday. Indiana stock notes are selling at 25 to 30c. discount. A note from the Treasurer of the State of Ohio states that the notes of the Miami Valley Bank, Canal Bank of Cleveland, Savings Bank of Cincinnati, City Bank of Columbus, and all other Ohio Stock Banks, will be received for taxes and all other public dues, as heretofore. These notes are abundantly secured by the pledge of Ohio and United States stock in the offices of the Auditor and Treasurer of State, which stocks are still commanding a premium in New York. No bill-holder, he adds, need necessarily lose anything by Ohio stock paper. For the sake of keeping our readers posted, we extract the following list of suspended Western banks, from Thompson's Reporter, of Nov. 18: The Union Bank, Chicago, Ill.; the Bank of Napierville, Napierville, Ill.; the City Bank of Chicago, III.; the Merchants and Mechanics' Bank, of Chicago, Ill.; and the Farmers' Bank of Chicago, are said to have failed; also, the Mechanics and Traders' Branch of the State Bank of Ohio, Cincinnati, Ohio; the Sandnsky City Bank, Ohio; the Farmers' Joint Stock Banking Company, Toronto, Canada; the Bank of Circleville, Ohio; the Exchange Bank, Buffalo, N. Y.; the Canal Bank, Cleveland, Ohio; the City Bank of Columbus, Ohio. Seven more Indiana Banks are under protest, viz: Wayne Bank, Logansport; State Stock Bank of Indiana, Peru; Upper Wabash Bank, Wabash; Perry County Bank, Cannelton; Steuben County Bank, Angola; Traders' Bank, Terre Haute; Great Western Bank, Terre Haute. It is proper to add that a number of merchants of the city of Chicago, Illinois, have agreed to receive at par the bills of the banks of that city, which has had a good effect, but the excitement nevertheless continues, as the holders want specie, not goods, for their bills. The Union Bank of Chicago was owned by Forrest Brothers, and the City Bank, owned by Bradley, Curtis, & Co. The failure of the Mechanics' and Traders' Bank of Cincinnati is not of much importance. It has been in process of closing its business for some time past, under the supervision of the board of control. Its capital in August last was only $60,000, and its circulation $47,339. The deposits and circulation are paid without interruption.
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suspended within a few months past. For the benefit of our readers, in these times of bank suspensions, we shall keep it standing, and make weekly additions thereto: Lewis County Bank, of New York. Carthage Bank, do Milrose Bank, do Drovers' Bank, do Bank of Carmel, do Ogdensburg, do Exchange Bank Buffalo, do Patchin Bank, Buffalo, do Eighth Avenue Bank, do Bank of West Killingly, Connecticut. Bank of Ellsworth, Maine. Bank of Circleville, Ohio. Clinton Bank of Columbus, Ohio. Canal Bank of Cleveland, do. Miami Bank, Dayton, do. Woodbury Bank, Connecticut. Shipbuilders' Bank, Maine. Merchants' and Mechanics's Bank, Chicago. Union Bank, Chicago, Ill. Knickerbocker Bank, do Farmers' Joint Stock Bank, Buffalo, N. Y. Farmers' and Mechanics' Bank, Oswego. Farmers' Bank of Canandaigua. Farmers' and Merchants' Bank, Maryland. Merchants' Bank of Macon, Georgia. Milford Bank, Delaware. Merchants' Bank Burlington, Vermont. River Bank Connecticut. Cumberland Bank, Maine. Kentucky Trust Company Bank, Covington. Newport Safety Fund, Covington, Ky. Commercial Bank, Paducah, Kentucky. Trans Allegheny Bank, Virginia. Kanawha Bank, Va. Massillon Bank, Ohio. Ohio Savings Institute, Tiffin. Cochitute Bank, Boston. Elkhart county Bank, Indiana. Bank of Northern Indiana. Bank of Washtenaw, Michigan. Erie and Kalamazoo Bank, Michigan. Arlington Bank, Washington, D. C. Bank of Connersville, Indiana. Bank of Hallowell, Maine. Akron Branch, Ohio. Merchants and Trader's Branch, Cin., O. City Bank, Columbus, Ohio. Commercial Branch, Toledo, Ohio. Ashtabula Branch, Ohio. Napersville Bank, Illinois. Merchants Bank, Bridgeton. Government Stock Bank, Ann Harbor, Mich. Cuyahoga Falls Branch Bank, O. Licking Branch Bank, Ohio. Phoenix Bank, Chicago, Illinois. Du Page county Bank, Illinois. Bank of Ottawa, Illinois. State Stock Bank, Peru, Indiana. Stock Bank, Lafayette, Ind. Bank of Elkhart, Plymouth Bank, Fayette county Bank, Delaware county Bank, Logansport Insurance Company, Indiana. Indiana Stock Bank, Laport. Savings Bank, Cincinnati. Scituate Bank, Rhode Island. Wollborough Bank, New Hampshire. Bennington Bank, Vermont. Monsum River Bank, Maine. Bank of Ellsworth. Bank of Milford, Delaware.