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the cause that forced them to suspend dis counting, being removed, a relief can now be extended 10 a suffering people, by relax ing their o ders for curtails, as well as by suitable aids through discounts. But besides the foreign demands for spe. cie, the recent fires in New York and in this have made a relief of the, all their terms, sufferers, city under call for the for at least one miliion and a half of dollars. This is an addition to the previous pressure. The calamity required to be met--but the Banks could not meet this additional demand, except at the loss of just that much of specie to the country. There is great relief at the bottom of this suspension. Let the people regard it in its true light, and it will be every where applauded. The means required for rebuilding our burnt districts, both here and in New York, can now be had-and this will be to set thousands of mechanics and working men to work, who must otherwise have remain ed idle." The question will naturally be asked, What effect will the suspension in Phinaphia have upon the banks in this city and and in New England? There is a in pinions on difference State this point. A correspondent of the Journal of Commerce says : " The natural and necessary effect will be relief to all other places, and especially to New York, whence Philadelphia has takken large sums for export and otherwise by the sale of Post Notes, which must now cease. 3, e The effect has been to compel the Banks of New York to contract their enS gagements and place themselves in a position of positive safety, and thetr deposites and circulation are so reduced that with ; about four million dollars in specie they are ; beyond the reach of any contingency. N The export demand for specie has been e more for the wants of the Bank than for the regular trade, and as our crops are near at of hand, and the amount due abroad small, we look fora gradual amelioration in the money market, and a feeling of increased confiof dence and security." n In its notice of the susspensions by the Philadelphia Banks, the Philadelphia Senti. nel, an Administration paper, makes the e following remarks: " : The opinion has been gaining ground in for some weeks past, that it was expedient o 10 resort to this measure, in order to prevent extensive failures on the part of our mer. f chan's and truders, which would ultimately n prove disastrous to the community as well as to the banks. Experience seems to n have shown the correctness of the opinion f entertained by the directors of several of our banks, that the resump ion of specie pay. d ments was not prepared was premature, for it. and The that consequence the country has been another suspension in Philadelphia, f which will probably be followed by a!! the banks in the Uni n." " The situation of y t h se corporations is truly embarrasing. had DO course 10 many of and They their customers, left oppress but ruin the whole mercantile community, or suspend specie payments and throw themselves on the miercy of the Legislature. They have chosen the latter alternative. and if they act in the sp.rit of liberality they may rest satisfied while the representatives of the People will assuredly embrace the opportunity now presented radically to reform the banking system, and correct existing abuses, they will y not wantonly do any thing to injure fair and well-conducted institutions. e NEW YORK OCT. 10. The excitement in Wall street and its suburbs is prolonged but the banks have bravely stood the run which has been made it upon them. Oa comparing accounts yesterday, they found they had $4,000 000 of il specie 10 their vaults, and, unless their large e depositors draw upon them-men who e seem to be most interested in their soln vency-it is hardly possible for the Public, even if disposed, to drive them into a suspension. They hold their heads higa pay out cheerfuly, and even discount some, and 11 IS the general opinion that they will weath. er the storm. Stocks to day have fallen, but not so much as was to be expected. e The United States Bank stock has been disf posed of at 93. After all, there is no great panic.
