Article Text
NEW YORK, Sept. 1.-Beebe & Company, extensive bankers, have suspended. The excitement in Wall street is greater than ever.
15492. Beebee & Company (New York, NY)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- private
- Start Date
- September 1, 1857
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
db924c65
Response Measures
None
Description
Newspapers report Beebe/Beebe & Co. suspended payment on Sept 1, 1857 (often spelled Beebe & Co.). Multiple dispatches subsequently state the house resumed payment (reports around Sept 4–8). Articles attribute the suspension to large loans on stocks (bank-specific overextension). There is general panic and runs on several banks in the same days, but the sources do not clearly describe a depositor run specifically on Beebee; the firm appears to have suspended and then resumed, so classification is suspension_reopening. OCR variant: articles use Beebe & Co. or Beebee & Co.; I use the provided name Beebee & Company.
Events (2)
1.
September 1, 1857
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension attributed to large loans on stocks/overexposure (reports explicitly state suspension owing to large loans on stocks).
- Newspaper Excerpt
- Beebe & Company, extensive bankers, have suspended.
- Source
- newspapers
2.
September 4, 1857
Reopening
- Newspaper Excerpt
- We learn ... that a dispatch has been received ... that the house of Beebe & Co., of New York, had resumed payment.
- Source
- newspapers
Newspaper Articles (14)
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MORE SUSPENSIONS-PANIC IN WALL STREET: New YORK, Sept. 1.-The Mechanica' Banking Association and Beebe & Company, Bankers, have suspended. The suspension of the former was caused by a defalcation of one of its officers, to the amount of $70,000. There is a panic in Wall street
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Bank Failures and Defalcations. New YORK, Sept. 1.-The Mechanics' Banking Association closed their doors this morning, in consequence of the defalcation of one of the officers to the amount of $70,000. There is almost a panic in the street. NEW YORK, Sept. 1.-Beebe & Co., extensive bankers, have suspended. The excitement in Wall street is greater than ever. UTICA, (N. Y.,) Aug. 31.-The loss of the Ontario Bank by the defalcation of officers is ascertained to amount to two hundred thousand dollars.
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BY TELEGRAPH. NEW YORK, Aug. 31.-Cotton depressed; middling Orleans 16; upland 151; flour $5,80 a $6,00; wheat $1,98 for Southern white; mess pork $25,75; lard declined 1: bacon 13a15 for sides; whiskey 26.]c. RICHMOND, Agu. 30-In the Presbyterian Convention resolutions were adopted which substantially declare that nothing can be made a basis for discipline in the Presbyterian Church which is not especially referred to in convention as crime or heresy. NEW YORK, Sept. 1.-Beebe & Co. have suspended. The excitement on Wall street is greater than ever. An officer of the Mechanic Banking Association has been arrested as a defaulter for several thousand dollars. The Association has closed doors in consequence of the defalcation. J. H. Prentice & Co., hatters, have failed. There are rumors of the failure of two or three dealers in breadstuffs. Almost a panic exists. LATER.-The run on the banks has subsided. The banks have more specie than ever. Mrs. Ounningham has applied for habeas corpus to be admitted to bail.
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BANK MATTERS. NEW YORK, Sept 1.-Beebe & Co., Bankers, suspended. Excitement on Wall st. greater than ever.
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LATEST NEWS More Failures. New YORK. September I To-day is the most exciting one Wall street has seen vet. The Mechanics' Banking Asso ciation has closed its doors in consequence of the defalcation of one of its officers to the amount of $70,000. Beebe & Co., bankers, suspended payment to-day J. H. Prentiss & Co., extensive hat manufactures failed, and Adams & Buckingham, banker and dealers in flour are reported failed. The Erie Railroad Company is paying its interest to-day. Money is very stringent. There are heavy runs on several Banks.
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THE FINANCIAL TROUBLES IN NEW YORKBANK DEFALCATION AND STOPPAGE-THE FAILURE OF BEEBE & Co.-New York, Sep. 1.There has been great excitement in Wall street to-day. The defalcation of the paying teller of the Mechanics' Banking Association is stated to be the cause of the closing of the doors of the bank, though the Post of this evening learns that its affairs have been critically involved for some time. The bank had been running behind at the Clearing House, and committees of conference decided yesterday that it had incurred the penalty of exclusion. This, of course, was equivalent to its public discredit. The Commercial says that the paying teller is in custody at the bank, awaiting the result of a thorough investigation which is now being made. The accused denies that he had any guilty knowledge of the embezzlement and treats the matter apparently, with indifference. The suspension will cause inconvenience to depositors only, the circulating notes which have been taken on deposit by several other banks and brokers generally being abundantly secured by State stock. The Evening Express says the liabilities of the paying teller are not known, the directors decline to meet the obligations of the bank. Beebe & Co., who failed to day, were heretofore regarded as one of the staunchest houses in the street. The suspension is owing to large loans on stocks. It caused great surprise, and the feeling on the stock exchange, was one of unsettlement and excitement, with price irregular, but everything on the decline. The liabilities of the Ohio Life and Trust Company are now stated as certainly over six millions of dollars. Several of the banks to-day acceded to the f loan of $600,000 to the Erie Railroad Company, which enabled it to pay the six months' interest on its bonds. There are many rumors circulating unfavorable to city banks, but they are believed to be false. r DECLINE OF STOCKS AT THE SECOND BOARD. --New York, Sept. 1, P. M.-Everything fell off at the serond board this afternoon. Illinois Central bonds declined 31; Reading, 2; S Panama 2; Cleaveland and Toledo 21; Michigan Southern, preferred, 5; Erie 1. to John Thompson, the suspended banker, has made an assignment. The ramored deficiency in the accounts of the Mechanics' Bank isthree hundred thousand dollars. The Clearing House this afternoon voted unanimously to expel it. The liabilities of Prentice & Co., fur dealers, are very large. Breese, Kneeland & Co., locomotive builders Jersey city, have also suspended. The banks have reduced their loans the past fortnight 5 millions. The deposits decreased in the same time nearly 8 millions. The money market is very tight. ronore. The
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More Trouble in Wall Street. [From the N. Y. Express, of Wednesday.] Renewal of the Panic-Heary Defalcation and Seceral Failures-The Mechanics' Bank Association Closed its Doors-Arrest and Discharge of Teller Van Blareom-Great Ezcitement. Wall street has been in a state of more excitement to-day than for any period during the summer. A panic has taken possession of the timid, and the feeling. passes from one to the other with all the force which such a state of things is naturally calculated to awaken. The immediate cause in the suspension of the Mechanic's Bank Association, one of the officers of which has been found faithless in the discharge of his duties. The liabilities are not known to a certainty, and until they are known the Directors decline to meet the obligations of the Bank. With the previous feeling in the street in regard to some of the country banks, such an act as this was calculated to produce the natural effect we have seen. The suspension of Beebe & Co., owing to their large loans on stocks, is another cause of the panic. An attempt to increase the panic by the Report that the Erie railroad would not pay the dividend on their September Bonds was answered by the positive payment of them at noon,"at the Manhattan Bank. Those who for purposes of evil and to increase the excitement had calculated a contrary report because they wished it to be true, of course were disappointed, and such will now set their faces in some new direc tion, to propagate mischief. Though confidence is a plant of slow growth, it is most rapid of all growths in its decline. On accasions like these, when tens of millions of dollars are in danger of being sacrificed almost daily from a mere panic, it is time for solid, intelligent business men to arrest the evils of the loss by breasting the storm. The danger is one of fear rather than any real evil. There is as much real value and as much money in the city to-day as there was half a year since, and yet millions of dollars have been swept by the board in the space of a few weeks. Only a restoration of confidence can check the calamity, and sensible business men should unite to accomplish this. One effect of the present excitement has been to bring thousand of absentees to the city. We observed many of our leading business men on Wall street to day, and among those who have been at their country homes and the watering places for the summer. At one time, two or three hundred people were congregated opposite to the Mechanics' Banking Association building, attracted by curiosity, but there seemed to be no excitement beyond this, and more of good nature and philosophy than one would naturally expect. If the Banks, Bankers and citizens will but do their duty one toward another, by allowing a manly confidence and caution to go hand in hand all will soon be well. ONE O'CLock.-A better state of feeling exists. The Bank of America, Phoenix, Manhattan, Union, North America, New York, and the Banks generally are redeeming the notes of the Mechanics' Banking Association. This is a step in the right direction. The notes are equal to gold, based as they are on the large premium which exists for State Stocks as security, and any sacrifice of such property is cruelty to the holder. THREE O'CLOCK P. M.-There is a meeting of the Bank Presidents as we go to press, to counsel together as to the best means of strengthening their own position and giving relief to the community. It is stated that the City Banks stood ready yesterday to loan the Mechanics' Banking Association any reasonable amonnt of re lief, if the condition of the Bank warranted it. A committee, appointed last evening to examine the condition of the Bank, made a report unfavorable to further aid, considerable relief having been already granted. The redemption of the bills, however, was this morning agreed upon. The Banks have received large Deposites during the day and paid out very large amounts in bills, and not much more than usual in coin. We observed at three o'clock in the leading Banks very large numbers both of depositers and of persons receiving money. For twenty yoars there has hardly been a busier or more exciting day in Wall street.
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New Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. New Orleans Money Market. CRESCENT OFFICE. No. 70 Camp street, Thursday Evening, Sept 3, 1857. S Our usual daily review of the money market has been suspended for a brief space of time, because we have been absent on our investigation of the line of discounts of the banks in the neighborhood of Cat Island, Pascagoula, Bon Secour and other localites. We have to report that the discounts, though liberal. have not thrown those several banks out of line. This is a much more favorable report than we find to-day regarding Northern Banks. If we were to credit all the reports which have been flying about for three days, it would be supposed a mighty revulsion in the financial world was approaching. But all we hear, all we learn, and all that we are likely to learn, has origin in the suspension of the Ohio Life Insurance and Trust Company, which from all accounts was conducted on something of the harem scarem order. There is no doubt, as we remarked last week, that the affairs of this Company embraced a broad space of country. But is it not time that a stop should be placed on those half-and-half Banks, which are located in one place and have offices and agents in another. We should even begin to doubt the solidity of the Ajax of Louisiana, if it established offices in Paris and Threadneedle street. As this Ohio Company has gone the way of all absorbing and wanting-to-do-much associations, we trust that hereafter its failure will not be forgotten. The latest failure of note announced as having taken place in New York, is that of Beebee & Co. We have every reason to believe that this suspension is only temporary. The head of this firm has always been deemed one of the most cautions and prudent men of the age, enjoying the most unlimited credit in financial circles as well PLS in every other. The house of H. B. Merrell & Co., of this city, have had transactions of the heaviest kind with it. But no one here will suffer by the stoppage, as Merrell & Co. did not receive deposits nor draw small drafts, and consequently there is nothing due to poor people or rather small depositors. Any inconveniences arising from it will fall or those who are well able to bear it. In fact, we heard late this evening that Messrs. Beebee & Co. would resume forthwith. Notwithstanding the many untoward accounts which hav been received the past three days. our own money market i very free and easy. Long paper was discounted to-day at th rate of 9 per cent. for A1, and some good at 10. Exchange was almost at a stand still. Very few buyers unless at 2@2½ per cent. discount for the best of bills. Th Banks sold small sums to customers at 1 per cent. prem., whic is an advance of a quarter within the week. Sterling is flat and very dull at 8%@9%. Nothing doing i francs. Stocks of all kinds quiet, very quiet. In regard to the recent troubles in some railroad connection is in New York, the New York Enquirer, of the 27th ult., has tl following: The fears of some parties have led them unnecessarily make severe sacrifices in their securities-many have parte with railroad shares and bonds, under the impression that if tl id world has not come to an end, the railroad system has. It wi m be found, however, upon inquiry, that the railroad system is full vigor, and constituting largely to the prosperity and grow of the country. We could dispense with banks and their it mense capital: but the country could make little or no progre without railroads. It is stated to day that Messrs. Jacob Little & Co. have su pended on their stock contracts, in consequence of the inabili of others to take up stock sold to them. It would be well if few tailures of this kind led to a stoppage of time sales e stocks: and also on produce. Much of the evil existing in tl an financial world arises from the merely speculative character the purchases and sales. at It is a public misfortune at any time, and peculiarly SO no that a few iliterate and ill-conceived, and evil designed public bt tions are issued which mislead their readers. A paragraph the following effect found its way this morning into the colum or a respectable cotemporary: of A. Nicholas says: All the following bills were refused 1 the brokers: Bank of Kanawa, Virginia ; Farmers' Ban Wiekferd Bank Bank R
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SUSPENSIONS, FAILURES, ASSIGNMENTS [From the Independent, Sept. 3.] The following are the reported failures, assignments, &c., for the week:Crawford & Darforth, Concord, N И., suspended. Jefferson Ktowler, Man chester, N. H, filled. Benjamin A. Smith, Boston, Mass, suspended. Mechanics' Banking Association, New York city, waspended. Beebe & Co, bankers, New York city, suspended. Atwood & Co., bankers, New York city, suspended. J. H. Prentice, hats, New York city, suspensed; liabilities large, but a surplas of about $600,000, and will undoubtedly soon resume. Adams & Buckingham, flour, New York city, suspend. ed; have large surplus, and will probably BOOD resume. Williams, Stevens & Williams, New York city, failed. Ja. & J. O. Secor, founders, New York city, suspended; liabilities large-offer forty cents secured. John Thompson, brower, New York city, before reported, has assigned to Platt Adams. Goldsmith & Gutman, cloths, New York city, suspended; liabilities said about $100,000. Chambers & Heiser, New York city, fatted and Msigned. Henry Antler, clothing, New York city failed. Louis Wusterman, furs, New York city, failed. John Allen, New York city, falled. J. L Wycoff, Williamsburg, N. Y., failed. John W. Bates, broker, Troy, N. Y., suspended. Reciprocity Bank, Baffalo, N. Y., suspended tempora. rily. Hollister Bank, Buffalo. N. Y., suspended. Swartz Iron Works, Buifalo, N Y., assigned. Wm Flanagan, Buffalo, N. failed. John C. Crosby, Buffaio, N. X., assigned. Drury & Monell, Delphi, N. Y., falled. W. & H. Dollman, Salima, N. Y., failed. W. I. Coyler, Ouylersville, N. Y., suspended; Habilities said about $90,000. Shephen Childs, New Hartford, N. Y, assigned. Harvey Pierce, Essex county, N. Y., assigned. B ceze, Kneeland & Co., locometives, Jersey any, N. 3., suspended. Relph Lee, Camden, N. J., failed. Noam & Gaddis, Hightstown, NJ, alled Jacob Sline, "D G.,' Philadelphia, Penn., fail d. chark & Do, Trement, Penn., failed. Flatas & Lohman, fancy goods, Bakinrore, Maryland, failed B. Wallack, Baltimore, Md., assigned. Thereton & Ely, Louisville, Kg, assigned H. Harmon, Marion, Ohio, assigned. Robert & Moffait, Cincinnati, Oalo, assigned. Casper Bess, Dayton, Ohio, failed. Wm. Ward Easton, Obicago, III.. suspended. signed. Adams & Herrick, New Bedford, III., falled and m. J. B. Smith, Urbana, IH., sold out. James I. Lyell, banker, Detroit, Mich, suspended. Burne & Wheeler, Signaw City, Mich, failed. Reibschilds & Bro, Muscatine, Iowa, failed. S. T. & R. Largley, Gallipolis, Ohio, reported some time since as suspended and assigned, have obtained an exten-
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Jones, the murderer of Cyrus Beebe, was brought to this city Sunday morning, in custody of officers Delavue and Gillespie, of Wisconsin, and lodged in jail. He was taken before the Mayor yesterday morning, but as important witnesses were to be sent for, the examination was postponed till o'clock this afternoon. The following are the circumstances connected with his arrest, and the confession of the murder, as related to us by the officers William Morgan, alias William Jones, and Samuel Jackson, were arrested some three weeks since, in Monroe, Greene county, Wisconsin, on charge of having robbed a farmer by the name of Hawthorn, of fifteen hundred dollars in gold. For want of proof, however, they were released from custody. The Sheriff of Greene county, not being satisfied with the result of the examination, and be. lieving them to be guilty, sent some thirty miles for Mr. John P. Delavue, a detective police officer, who, upon his arrival, introluced himself to the two burglars as a counterfeiter, and after succeeding in gaining their confidence, entered into arrangements for traveling with them as a partner in the business of robbery, &c. lie then left them at Monroe, under pretense of going to anoth. or State, to engage the services of a female to co-operate with them in the business of counterfeiting. Before leaving, however, it was understood among the police, that du and Jackson should Jones his absence, ring be re-arrested, and placed under bonds 80 heavy that it would be impossible to procure them; which was accordingly done. Upon Delavue's return nevisited the two prisoners in fail, and accused them of having "blowed on him," saying that be was suspected by the citizens of the town of being a counterfeiter. He then left them, and in the course of the day, passed off some spurious money, underwent a mock trial, was found guilty, and sent to jail in irons. He then wrote a letter (which he read to Jones) addressed to a friend at a distance, imploring himto come on immediately and bail him out. In due time his friend appeared, in the person of James Gillespie, (another detective policeman) who forthwith deposited the amount of the bail in the bank, received a certificate of deposit with which he released his friend from confinement. After which, Gillespie visited Jones, who was under bonds of two thousand dollars, and said to him that he bad only $1,500 in good money, but had enough counterfeit to make up the deficiency, which he would deposit in bank and procure a certificate as he had done for his friend, and thus release him, provided he (Jones) would go immediately and show him where he had secreted the gold he had stolen, and let him have $500 with which to redeem the counterfeit that he would pay in bank, before they it had to scrutinize time To very closely. this Jones readily assented, and having been released, accompanied the two officers at night to the woods, and pointed out the spot where the treasure was buried. It was during this walk that Jones divulged the murwhich and the of was first der intimaBeebe, tion that the two officers had ever had of the affair. Uponreturning to town with the gold they were intercepted by a number of police officers who had been stationed by direction 4 and seof two the after # officers, detective vere struggle, during which Delavue and Gillespie fired several blank shote, in order to e deceive their pretended companion. Jones was captured, and the other two made their escape.-[Statesman. f WHEELBARROW MAP MAN.-The Baltimore o American gives an account of a new method of surveying The "wheelbarrow man" is a surveyor busily employed in measuring the length and taking the course of roads, location of buildings, boundary lines of farms. &c., preparatory to getting up a map of the country. Dispensing with a chain, his wheel measures in a certain number of revolutions, exactly one rod on the surface of the ground. To the wheel is attached a clock-work arrangement and bands, and by inspection, the dis. tance from point to point is noted as herolls his barrow along. To the barrow is affixed a compass staff, and at every crossing and change of direction in the road, he sets his compase and notes the course. Then, this solitary individual, dispensing with the usual paraphernalis of chainmen, fisgmen, axemen, chains, pins and stakes, by trundling bis little machine around, will, in due time, present an accurate map of the country, show. ing all the roads, streams, mill, churches, school houses, dwellings, farms, with their owner's name, and also plats of our towns and villages, and this, too, ata moderate cost to the purchaser of the map. The The Atlantic cable was 11-16 of as inch in diameter-nbout the size of a dime. The outside is composed of 18 strands of small wire next is 0 strands of yarn next three coats of guita percha; inside of all are 7 copper WAFCS for telegraphing. The agregate length of smaller wires required in the manufacture of one mile of the cable is 126 miles. It weighs 1800 pounds to the mile, is quite flexible, and it was estimated to be strong enough to bear in water over six miles of its own length if suspended vertically. GENERAL CONVENTION OF UNIVERSALISTS.The General Convention of Universalists in the United States, will hold its next annual session in Chicago, III., on the third Tuesday in September, (the 15th day.) At the last National Convention, the Rev. E. G. Brooks, of Lynn, Mass., was appointed preacher of the next occasional sermon, and Rev. G. S. Weaver, of St. Louis, Mo., alternate. The citizens of Chicago have made arrangements to enterta n the delegates in attendance in the most hospitable manner. We hear that New England will be largely represented in the Convention. RESUMPTION OF Bases & Co.,- The Cincin. nati Times the 4th, says: We learn from good authority that a dispatch has been received in this city, at noon, that the house of Beebe & Co., of New York, bad resumed payment. This will relieve the Central Bank, of this city. Other dispatches announce that the financial panic in New York in is over. BANK OF FLORENCE.-A "run" on the the banking house of Cook & Sargent, Davenport, was made at the beginning of this week, on account of the report that the above bank
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RESUMPTION OF Bacas & Co.-The Cincinnati Times of the 4th, says: We iearn from good authority that a dispatch has been received in this city, at noon, that the house of Beebe & Co., of New York, bad resumed payment. This will relieve the Central Bank, of this city. Other dispatches announce that the financial panic in New York in over.
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Monetary Matters. Prepared Weekly by J. Jay Know & Co., Bankers, Phanix Block, St. Anthony Street, St. Paul. The Bankers, since the news of the extensive failures in New York, decline generally to increase their loans. Payments and collections are generally slow. Money is in demand on the best names at from 3 to 5 per cent. per month. Gold & Exchange is scarce, and many of the Bankers declines to sell, except to their customers. The Board of Brokers have advanced the selling rate of Exchange to 1½ per cent. We quote: BUYING. SELLING. Exchange on N. York, ½ per cent. prem. 1½ per cent. " " " " 1½ St. Louis, X " " Galena, " " ½ Chicago, " 2 Gold, Duncan, Sherman & Co.'s Foreign Fx'ge. $5 05 to the £ Land Warrants, 160s & 80s 03, 120s, 97 ets. The following Banks have recently been discredited: Canal Bank, Cleveland, Ohio. Seneca County Bank, Ohio. Norwalk Bank, Ohio. Rhode Island Central Bank. Tiverton Bank, Rhode Island. Farmer's Bank, Wickford, Rhode Island. Middleton Bank, Pa. Warren County Bank, Pa. Bergen County Bank, N.J. Kanawha Bank, Va. Sackett's Harbor Bank, N. Y. Reciprocity Bank, Buffalo, New York. Ontario Bank, N. Y. Hollister Bank, N. Y. Oliver Lee & Co.'s Bank, N. Y. Mechanics Bank Association, N. Y. Danby Bank, Vermont. The Sackett's Harbor, Reciprocity and Ontario Banks are Safety Fund Banks, and have no securities. The Hollister Ban k is secured by-Bonds and Mortgages $39,400 New York State Stocks 63,500 $102,900 Total Circulation $100,269 Oliver Lee & Co.'s Bank is secured byBonds & Mortgages $19,000 New York State Stocks 87,000 $106,000 Total Circulation $89,800 The Mechanic's Banking Association is secured byNew York State Stocks. $245,822 Total Circulation $242,981 Very little if any loss can fall to the Bill Holders by the failure of New York State Banks. In Baffalo the excitement has subsided. The Commercial of Buffalo says: There is a better feeling in money circles to-day. The banks are discounting in limited amounts for their regular customers. During the excitement in regard to money matters the past few days, operations in produce have been very much restricted from the inability and reluctance of banks to extend their nsual accommodations. Gold has recommenced to flow back from this city to New York, and is comparatively now a drug here. Yesterday several bags were returned without opening.— People having got over their fright of Saturday and Monday, the tide is now setting back. At the Manufacturers' and Traders' Bank, yesterday, for nearly two hours there was such a crowd there waiting a turn to deposit, that it was almost impossible to get through. We are informed that $80,000 were eceived in currency. The New York Courier of yesterday says: The pulse of WallStreet was a little quickened yesterday by the announcement of the failure of Beebe & Co., and J. H. Prentice & Co., the suspension of the Mechanics' Banking Association, and the arrest of its Paying Teller, Mr. Edwin Van Blarcom, for an alledged defalcation. There ensued, however, no fever of panic; before three o'clock the financial pulse become again calm, the above comprising the list of the day's misfortunes,-There were no more failures, there was not the least trouble among the other banks, nor reason to apprehend any, the bills even of the suspended bank were received as usual on deposit by the other banking institutions, and the financial day closed with no other feeling on the part of financial men, but that Wall Street and the great business world of New York still remained firm on their foundations, with a good prospect of continuing so, panic and "financial crash" makers to the contrary notwithstanding. This afternoon despatch from New York says: Wall Street and vicinity looks very cheerful this morning. The panic fever is over and Stocks generally have idvanced from 2 to 5 per cent. Illinois Central fs up 20 per cent. from yesterday and is selling 110. Money actively soughtafter and there are more buyers than'sellers, but first class paper on call is taken at 7 per cent., other ranges 9 and 12. The Tribune says: --One thing we have alrea prove by it-the security and strength of our State's admirable Free Banking Sy4tem. Under the old Special Charter system, with no securities except those in the Bank's vaults, we should have had twenty or thirty Banks down within the last week, and their notes now selling at sixty cents on the dollar. Now we have had but three or four small congive way, and of these only the one which is an old monopoly Bank will inflict any loss on the billholders.The Mechanics' Banking Association has been horribly mismanaged and is rotten to the core, but its notes are worth a hundred cents on the dollar. We have only to weed out the Mortgage feature from our Bank Securities and our system will be nearly perfect. Finally, we say urgently to the Farmers and the Country, contract your credits; Diminish your debts. This must be done. Be warned in time, (as our City operators would not be,) and avoid calamity by anticipating it. If you owe debts thatare due or soon to come due, see what you can most advantageously sell that will pay them, and close the matter up SO soon as may be. A few months ago, we advised the Farmers not to be persuaded that the New Tariffmust necessarily reducethe price
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expressed. Shortly after this, the of the cable gained upon frequently speed considerably o'clock the that of the ship, and up to 9 the latter was about three knots by the The cable was ranning out to five and three-quarter per and rate log. a-half of knots from five hour. The steam was then raised to 2,500 and weight, but the wind and sea increasing, the current at the same time carrying the cable at an angle from the direct line of cheek the ship's course, was not found sufficient to the cable. which, at midnight. was making two and a-half knots above the speed of the ship, in and sometimes imperiling the safe uncoiling the hold. The retarding force was therefore increased to about equivalent to 3.000 weight; and then again, in consequence of the speed continuing be than it would have been prudent By this rate, the cable was to a little short of five knots. to to permit. more when it parted- brought miles. the length paid out at that time being 335 Domestic Intelligence. The claim of Mrs. Cunningham to the estate of Dr. has been settled by Burdell, the title Surrogate's decision against her. A clear was decreed to the blood relations of the murdered man, on the ground that Mrs. Cunningham was never married. She remains in the, Tombs, waiting trial for the bogus baby business. It is reported that a proposition has been made by the heads of the Church in Nicaragua for Gen. Walker to return and take the helm of affairs. Handbills are circulated in the interior of and Tennessee, enlisting recruits for Georgia Nicaragua-$25 per month and 250 acres of land are offered to each man. The election returns from Missouri, show Stewart to be elected Governor by 334 maj. The election in Vermont has taken place; of course the republicans were successful. Mortimer Livingston, a very eminent merchant of New York, died at Staten Island. Rev. R. W. Griswold, the author, is also dead. Gens. Scott and Jessup have decided that the Utah military expedition shall proceed to its destination. Dr. Forney, of Penna., has accepted the post of Superintendent of Indian Affairs in Utah. Beverly Tucker has accepted the Liverpook consulate. Ten companies of soldiers have been sent to Kansas to replace those sent to Utah. The Conference Committee of Constitutional Convention of Minnesota, have at last agreed a report which was adopted in the repre- be sentative upon bodies. But one constitution will submitted to the people. 3 The Steamer Illinois, with 600 California the had arrived at New York, on was detained in were landed from a sick 3d, passengers, and persons quarantine. her, left Some portion Aspin- 18 of them having been sick since they since wall, and others having been attacked after the steamer left Havana, where she put in inciher unfortunate grounding. The trials dent to a prolonged passage, and the dangers this have passed through, have produced of these sickness they among her passengers. Some are of a doubtful nature, others present man cases resemblance to yellow fever, and a have and some a woman from among the number died. a financial panic has been in and existence other Quite several days past in New York failfor in consequence of a few stupendous numercities, which have resulted in producing scale. ures, of bankruptcy on a smaller off with ous cases Ohio Life and Trust Company led followed The for some $7,000,000; then mera failure suspension of some heavy banking Bank the &c., and a few country banks. 1st Sepchants, Association failed on the $70 000. tember, Mechanics' being previously robbed York of stocks. holders secured by New Hatch & The Bill deposit and discount bank of There is Langdon, Cineinnati, suspended. a large considerable excitement. as there are bank was involved of small depositors. The Co., of number in the failure of Beebe & New York. of Iowa have nominated Judge The Republicans P. Lowe, of Keokuk, for Governor. democrats, R. Hon. B. Me Samuels. excitement existed at Burlington, of Great consequence of the seduction W. B. a Vt., young in girl of fifteen years, by Rev. Southerland. NICARAGUA TRANSIT ROUTE.- We Costa are Rica, ina gentleman lately representative from of formed that Don by F. Pamayo: Washington, a new has got Nicaragua, for now the transit in route, signed Government, by the charter Directors of the Nicaraguan this subtwo him full powers to treat upon the chargiving Nicaragua will not recognize Costa Riroute at present. ject. ca. ter given No to appearance Harris & of Webster, an opening by of that State 7's, 1875, are selling conse- at 57 California Almost all stocks haveffallen the in week cents. of the large number of failures steamer. Little quence except previous cash to the operations sailing of took the place in Wall street. Erie Railroad Company, maturity, it seems, but The their interest at through Chas. Morgan. subsequently failed to pay succeeded in doing so We are Sept. 2d - P. M.- much better WEDNESDAY, be able to announce the and in circles. state happy of to feeling to-day, in Wall The street, absence of subsithe commercial failures, and the aimost much entire to quiet further rumors, has done yesterday, is dence of feeling. Our change from absence of public very marked, and there was an entire panic. that the worst is over, and the usual that It is hoped of confidence will not present financial disastrous a return effects which accompany a panic. BY THE PRESIDENT.-Hot Rio de APPOINTMENTS Kidder Meade, Minister to Brazil. Richard will leave next month for preJaneiro, instructions, which are now to being the negopared, His are important, commercial and relate treaty, and the tiation of of a new the rates of the high Carolina, Brazilian will reduction Mr. Rayney, of North Legation to probably tariff. be appointed Secretary of The Brazil. President has appointed Beverly Tuck-