Article Text
The Monetary Crisis. The panic that has prevailed in the money market for several weeks in the large cities, reached a crisis on Friday last. A heavy run was made on some of the Philadelphia Banks, which caused a general distrust, and before the closing hour had arrived, the most of the Banks in the city were relieved of much of their specie. Anticipating a still greater 'run" on Saturday, the Presidents of the various Banks decided to suspend specie payment. Thenews soon reached Wi!mington, and, for self-defence, the Banks there were compelled to adopt the same course. Several brokers from Philadelphia arrived in the Friday evening train of cars for the purpose of making large draughts of cein, but the hasty action and decision of the Banks knocked all their plans into " pi." On Friday night, at 11 o'clock, a messenger with latest news from Philadelphia, was despatched from Wilmington to the Banks at New Castle Delaware City, Odessa, Smyrna and Dover.He arrived in this town, about 6 o'clock, on Saturday morning, but intelligence had already pr ceeded h m several hours. Our Bank however, went on as usual paying out specie throughout the day but suspended on Monday, unti: Thursday (to-morrow). when the Board of Directors will decide on futi re operations There was no excitement in our town except What was occasioned by the Philadelphia news, and there was no need of our, nor any of the neighboring Banks suspending, but for selfprotection, against heavy demands of brokers, &c. The Banks of Newark, Odessa and New Castle, suspended on Saturday. They will discount and pay checks as usual in paper. In Wilmington therBanks have determined, in violation of the law passed last winter, to reissue their bills of a less denomination than 8; The law, they claim, is unconstitutional, -Daniel M. Bates, Esq., we learn, has given a written opinion to this effect, though Mr. Bayard holds a contrary opinion. A proposition to memorialize the Governor in regard to call ng an extra session of the Legislature, for the purpose of repealing the law, is being agitated. Such a step, we have no doubt, would be generally approved by the people. Anything that can be done for the relief of our Banks, should be done, and that speedily. The small-note law, while it is not desirable on the part of the people, is a great impediment to the Banks in the relief which they might extend at the present crisis.