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to a large extent, much to the relief of mereantile business. The Intelligenoer, of that city, says: Isaac H. Sturgeon, Esq.. assistant treasurer at this place, paid out yesterday $167,000 in coin. It is on Indian annuity account. But it will fall into the hands of Indian merchants as soon as paid over to the Indians on our western frontier, and thence find its way directly back to our St. Louis merchants Experienced parties say it will find its way back to our city, in thirty days from this time. An additional amount of $110,000 will be paid out by the subtreasury this week for similar purposes, to take the same course. The entire relief of the money market of our city may speedily be looked for. Causes, V8rious and powerful, are at work to bring it about. THE PITTSBURG BANKS. The Pittsburg Chronicle of Saturday evening says: Three of our own banks-the Exchange, Merchants and Manufacturers. and Citizens in view of all these circumstances of the case,tboughtit wisest, 48 a prudential and precautionary measure, to adopt for the present the same policy-suspension of specie payments. Our other city banks may possibly be necessitated to follow their example. The Bank of Pittsburg decides against any suspension whatever. It is considered, by our most discerning and experieneed bankers, that it is by far the best, and, in deed, the only prudent course, under the circumstances, that could be pursued All our banks are unquestionably solvent, and stockholders and depositors are perfectly secured, and need be under no ap prehensions. The Western banks may, possibly, be obliged to follow in the wake of the Philadelphia and Pittsburg banks. There are large amounts in the West due our banks and merchants. on exchange, but the parties at those points are unable to obtain coin or Eastern exchange with which to pay these liabilities. THE BUSPENSION IN PHILADELPHIA. The Philadelphia papers of Monday all comment upon the bank suspension in that city, and the effect it is likely to have upon business. They are, howev er, at variance as to the propriety of an extra session of the Legislature. The Inquirer advocates it as indispensable and calculated to re-inspire public confi dence. The "Press," on the other hand, remarks The Governor has undertaken a great responsibili ty in calling this Legislature together. He 18 the head of our State government. We have lost character throughout the Union by this last suspension of specie payments. Our good name is traduced and our credit assailed by the press in other cities. Let not Gov. Pollock dishonor himself by yielding to the projects of those who only seek their own ends and constantly forget the true interests of the State. The people will never consent to confirm euspension or to relieve our banking institutions, unless it shall be fully established to their eatisfaction that these institutions have done all in power to meet the demands that may be made upon them, and to comply with the laws. In this connection we cannot avoid the expression of our sincere wish that the honest debtors of the banks comprising the mechan ics, merchants manufacturers and active dealers, in this city and throughout the country, should be considered only next to the note holders themselves. It is believed by many sound thinkers of all parties that, in the present pr. sperous condition of the country, and the large amount of specie known to be in hands of the people, it is within the power of the banks, by a fair use of their credit and the means they have at their command, though it may be at a considerable loss to thein, to be able to redeem all of their liabilities, either to note holders or depositors, at no distant day. If this be SO, no sacrifice should prevent them from complying with their obligations. In view of the many sacrifices which have been made by individuals to maintain their credit with the banks, they should not besitate a moment to make equal if not greater sacrifices to sustain their own credit. If it be found that they have neglected or re fused this, they can claim no sympathy from the public, nor will it be accorded to them. Our banks must not forget that while for years they have been extending favors and lending money to their own friends at the low rate of 81X per cent per annum, of which we have had abundant evidence, beginning with the failure of the Lancaster Savings Institution and the Lancaster Bank, and ending, we hope, with the present crisis, there were hundreds and thousands of merchants, mechanics, manufacturers, builders and business men of all classes, who were paying enormous rates to maintain their credit with these very institutions. It will not do, then, under any circumstances to allow them to issue a de preciated currency for the benefit of their customers, (when they have means to prevent it,) to the great injury of the rest of the community. The Ledger says the extra session of the Legislature, which it is rumored is to meet Oct. Tuesday next-will have to adjourn on the 13th, the day of the State election, as the terms for which the members were elected expire. It may be a fortunate aircumstance, therefore, that the life of the Legislaturelis of 80 short duration. as there will be little time for demagoguism and idle vaporing. All the time will be required for action. The Philadelphia American strongly defends the call ing of the Legislature together, and says So long as the banks continued to redeem their circulation, as they have done notwithstanding the suspension, it was obvious that the notes they called in would not be re issued. and consequently that the community would be subjected to an invasion of inferior currency from neighboring States for the ordinary wants of daily life: thus not only depriving our own banks of their legitimate business, but introducing the bills of foreign banks, without any guarantee of their solvency whatever. and with which the people at large have no familiarity. The practical effect of such a policy would be complete suspension of all large transactions, and a virtual liquidation of our banking instions, besides imposing upon the laboring classes. Not able to bear the burden, serious loss nt upon R depreciated currency. The valca has visited us Id undoubtedly serious, calamity DUE it bears no comparison to that which was wit. nessed twenty years ago, and which was occasioned mainly by an inflated currency without any actual basis. There 18 not only no good reason why We should succomb to the shock, but there 18 in fact every reason why, after estimating our true position and resources, and the substantial products of the whole country, we should at once recover from it with renewed reliance and energy. The first step, then, is to re establish that confidence and credit which have been prostrated for a time under the paralizing effects of a monetary pres sure extending through all the commercial cities.This cannot be done while the banks are compelled, in self defence, to contract their circulation and to refuse discounts. Relief 18 impossible. 80 long as banks hold their present relations to the community, until they are protected against legal penalti in the effort to afford it. Hence, we repeat, it was proper to sall the Legislature. VIEWS OF THE NEW YORK PRESS. The New York papers of Monday all speculate at length upon the suspensions of the banks in Baltimore and In Philadelphia. The Courier says: The intelligence received on Saturday R3 to the suspensions of the Philadelphia banks did not create much surprise in Wall street. Nor did the telegraph news as to the Baltimore Banks adopting the same course seem unexpected. Their banks will now in the two cities feel disposed and able to lend more freely to their needy customers. The merchants of both cities are, as a body, solvent, and the contraction lately was toe sudden for them. A few weeksor months will suffice to enable the merchants to make such collections as will caucel a large amount of iudebtedness to the moneyed institutions. In the meantime, the effects upon the working class08 will be severely felt. Manufacturing companies have already commenced the system of ourtailment of business. This may be said of every branch of industry. thout single exception; and thus thousands of men, women and children, who have supported themselves by honest labor for years past, under s eyet in of rapid development of industrial re sources. will be and want
