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MONEY K Thursday, May 11. The revolution's now complete-we have at last found bottom. For several days the banks have been driving before the gale till at last they had to succumb altogether and run ashore at once. Every bank in New York has suspended specie payments The three banks, the National, the American, the Manhattan which did not join the specie suspension league on Tuesday night came into the harness yesterday morning. A prodigious crowd gathered in Wall street and filled it full all the morning. We begin a new course from this day forth. Prices, values, specie, paper, stocks, goods, all are more or less disturbed in their previous rates. It appears that during the last two days, Monday and Tuesday, the drain of gold and silver on the banks amounted to $1,300,000. They have at this time in their vaults about $7,400 only. The currency now is divided into two streams-the one of paper the other of gold. They will vary from each other, in spite of the efforts made to make them equivalent dollar for dollar. The Board of Brokers met at the usual hour. Stocks, under the new aspect of things, rose from 5 to 20 per cent. United States rose to 102, being nearly 7 per cent above the rates of Tuesday. A resolution was offered by a member to make the contracts prior to the suspension, payable in the bank currency previous to that suspension. One of the members, whose name we have, got upon his legs-" Gentlemen," said he, " this is making an illegal contract payable in a currency that is also illegal." We understand, that, by another vote, the Board decided that the paper currency of today will be taken in payment of contracts. Can these wise ones make paper money, not convertable into specie, equal to gold and silver? The whole board ought to be shut up, and closed up, and nailed up. They have been one of the main engines to precipitate the present crisis upon us by bloating up stocks and baseless fancies. Stocks, like beef and pork, ought to be sold openly and above board. What right have a few venerable Jews, or Christians, with the principles of the holy people, to club together, call themselves a Board, and put prices on any man's property The thing is usurpation all through. We must open the Board of Brokers, and we hope to teach them reason soon. These are times to begin at first principles. Among the banks, business went on as usual. Generally all the banks took each others notes in payment of debts. There was a rumor that the Mechanics and the Fulton notes were discredited by the National and the Manhattan, but on inquiry we did not discover its authenticity. At the markets and in the daily transactions of life the bank notes are taken as usual.There is however a great deal of discussion and uncertainty about their ultimate value. The losses of the Mechanics Bank by overdrafts and brokers paper are said to be $1,400,000. Again it is believed that the government deposites will have the priority in payments to be made. Specie is already at a premium and it must continue to rise. Paper will be valued according to the stability and integrity of the managers of each particular bank. o'clock there was a pointless meeting of Merchants in the Exchange. James G. King made a speech, begging all to sustain each other, and particularly requesting every man to take the notes of every bank in the city. We presume there are few who would refuse. Even the locofocos will take as many of them as they can lay their hands upon. The banks began business on the new plan-but all is al present in confusion and disorder. Having violated their charters by an act of suspension, they are entirely in the hands of the legislature. Several of the leading members of the state government are here perish commerce and perish credit" for oncejust to see the issue of their principles and doctrines. Unless the legislature, by a specialact, sanction the suspension, all the banks can be proceeded against by the process of an injunction in Chancery, and shut up in ten days. At the end of nine days they may resume specie payments for one day, and then start again fresh for another period. Yesterday, a merchant called on the collector to pay a bond of $4,000. "I am directed," said the merchant, " by law, to pay this government bond into a specie-paying bank. There is no such bank in New York-what am I to do?" " Why, really," said the amiable Mr. Swartwout, " you must ask Mr. Price." " Well, but," said the merchant, "I have a claim against you for a debenture bond for $2,000. I demand the specie." To this the collector demurred; but the merchant insisted on it, as the specie circular was still in force. All over the city there is great difficulty in making small change. No Ibne will change a 85 note to take a half dollar out of it. Why will not the Corporation issue a few useful 75 cent, 50 cent, and 81 old style shin plasters? We believe we ourself shall have to set up a shin-plaster bank Little Wall street, and help the cause a little. We have more specie than some of the banksis and a devilish sight more capital than others. More specie coming into the country-we wish it would come here. $200,000 in specie arrived at Philadelphia in the bark Valparaiso, from Valparaiso. There are involved in this suspension a great many curious points of law and equity, and unless their position and solvency are fully placed before the public, their notes will rapidly depreciate as compared with specie. The notes of every bank are worth more or less, and if the movement is legalized, they may continue to be so for a time to come. The following is the statement of all the banks in this State: :Aggregate Statement of all the Banks of the State of New York, on the 1st January, 1837. RESOURCES
