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See Fourth Page. FOR SHIPPING INTELLIGENCE. LATEST NEWS. TELEGRAMS. Suspension of Specie Payment by Virginia Banks. RICHMOND, Nov. 20.-The Farmers' Bank of Virginia has suspended specie payment, and resolved to pursue a course of policy to prepare for an early resumption. The other banks will follow this course as a prudential measure, during the present pressure.
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SUSPENSION OF THE FARMERS' BANK OF VIRGINIA.We learn by telegraph, from Richmond, that the Farmers' Bank of Virginia suspended specie payment yesterday, but would pursue a course of policy that would enable it to resume at an early day. It is expected that the other banks will adopt the same course as a prudential measure.
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THE SUSPENSION OF THE FARMER'S BANK OF Virginia, OF RICHMOND.-The news of this event occurring yesterday-followed this morning by all the banks there-was unexpected in financial circles here. That is to say, the early suspension of the Virginia banks has not been looked for by the District of Columbia banks. The latter, however, have taken due precautions to g'rengthen themselves as far as possible in anticipation of such an event. We question whether any banks were ever in better condition in such times than all those in our midst. Nevertheless, if bank suspensions becomes general throughout the country, for them to remain an exception to the rule of the times, would simply be to sacrifice their customers engaged in trade, one and all. Sincerely believing every one of them to be in remarkably good condition, we do not hesitate to advise depositors to leave their money in their vaults in any event that may happen. Though it has been some years since we had occasion to borrow a dollar from any of them or from any one, we regard It as being far safer that they shall continue to holdour money in case they, too, may In time deem it wise to suspend with the rest, than that we should essay to keep it hoarded where it can be of no avail in contributing to the general financial interests of the community among whom we do business. As yet the under-current of circumstances resulting in the suspension of the Richmond banks is unknown here, though it is supposed by some to have arisen from a sudden demand for $210.000 made on them by some parties at the North They are, however, from their manner of doing business, rarely prepared for a sudden and heavy return of their notes upon them. To-day, Virginia money was only received on deposit here at a discount of ten per centum. Tomorrow the rate will probably be much less.
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From the subjoined proceedings of the President and Directors of the Farmers' Bank of Virginia, it will be seen that they have suspended the payment of specie, in redemption of their notes. This action will probably take the public at large by surprise, though we believe it has been under consideration at the Bank, and by bu- siness men in this community, for some days past-and, as the penalty is heavy, we must conclude that the causes inducing it are of an imperative character. The occur- rence may be taken as one of the signs of the times, and is doubtless but the forerunner of similar action on the part of our other Banks, and of that general disturbance in monetary and business matters we are about to en- counter.
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FINANCIAL EXCITEMENT! Suspension of Specie Payment by the Farmers' Bank-Important Meeting of City Merhants. A large meeting of the merchants of Richmond was held, after two hours' notice, last evening, at the office of the Virginia Life Insurance Company, to take into the present condition of financial affair Mr. Horace L. Kent was called to the Chair, and Mr. James L. Apperson appointed Secretary. The following resolutions were then submitted by Mr. John Howard, and unanimously adopted without discussion : Resolved, As the sense of this meeting, 1. That in view of the unprecedented political condition of the country, of the present wide-spread and increasing financial stringency, and of the strong prospect of still greater difficulties, it is the dictate of wisdom and prudence that the Banks of this Commonwealth suspend specie payment, in time to diminish or avert, as far as may be done, the existing and anticipated evils consequent upon this state of things. 2. That in order that such suspension of specie payment shall result in any material relief and benefit to the people, it should continue long enough to allow the Banks 40 discount to an extent in some measure adequate to the great demand for commercial, agricultural and ge ral business accommodation. 3. That the suspension of specie payment this day made by the Farmers Bank of Virginia manifests, on the part of its President and Directors, a prompt and intelligent appreciation of the present emergency, and deserves the commendation of this community. The above resolutions were signed by nearly all the leading merchants of Richmond. On motion of Mr. Wellington Goddin, Resolved, That the proceedings of this meeting be published in the daily newspapers of the city, and that a committee of five be appointed to communicate them to the several banks. The Chairman appointed Messrs. Corbin Warwick, T. R. Price, W. Goddin, R. B. Haxall and H. E. C. Baskervill.
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has not been felt here for many years.There is a general feeling of apprehension and distrust, proportioned in its intensity to the deplorable nature of the present national exigencies and the uncertainty of their duration, and the extremes to which they will bring the country. It has been for some days evident to all reflecting men that we must submit to all the inconveniences attendant upon a greatcommercial revulsion, aggravated by the nature of the causes which have produced the present Among these, of course a suspension of specie payment by the Banks was to be expected. Indeed, that measure, at a time like this, is regarded by the commercial community as indispensable to the public relief. Under this view, for some days past a sus. pension of specie payments by the Banks has been talked of and advised by influential men. The Banks had been compelled to reduce their discounts to a degree which, at a time like this-when men are unable to pay. or inclined to hold on to what they have, to meet an apprehended calamity-greatly embarrassed the business community. Satisfied that something ought to be done for their relief, the Directors of the Farmers' Bank of Virginia yesterday de. termined to suspend specie payments. The following are their proceedings: At & meeting of the President and Directors of the Farmers' Bank of Virginia, this 20.h day of November, 1860: Present- H. Macfarlind, President; Wm. C. Allen, Joseph R. Anderson, J.J. Waggoner, Sam'1C. Robinson, J-mes DunInp. Theodorick Robertson, Jno. E. Wadsworth. Rd. HaskinsResolved, unanrmousiu, That, in view of the d strust which prevails, of the suspension of the large money trade with the South usual at this season. and ot the pressure of the law requiring the Banks of this city to redeem the circulation of their branches-a aw which bears with special severity on this Bank, because of the number of her branches specie payments be for the present suspended; and that & course of policy be pursued which will prepare for an early resumption. .. J.A. SMITH, Cashier." The news of this act of the Farmers' Bank excited much interest among business men, and there was an informal meeting held at the office of the Virginia Life Insurance Company at 6 o'clock, to consider the subject.HORACE L. KENT was called to the chair, and JAMES L. APPERSON appointed Secretary.After some conversation, it was deemed best, in order to obtain a larger meeting to post. pone any action until 8 o'clock, at which time the spacious room of the company was prowded with merchants, manufacturers and mechanics. The following proceedings then took place: Ata large meeting of merchants, manufactur. ers and others, held at the office of the Virginia Life Insurance Company, November 20th, 1860, H L. KENT was appointed Chairman, and J. L. ApPERSON, Secretary. Aftera few remarks by the Chairman in explanation of the object of the meeting, Mr. JOHN HOWARD offered the following resolutions: Resolved, Asthe sense of this meeting, 1 That in view of the unprecedented political condition of the country, of the present widespread and increasing financial stringency. and of the strong prospect of still gleater difficulties, it 18 the dictate of wisdom and prudence, that the Banks 01 the Common ealth suspend specie payment, in time to diamish or avert as far 8.8 may be done, the existing and anticipated evils conseque t upon this state of things. 2 That in order that such suspension of specie payment shall result in any material relief and benefit 10 the people, it should continue long enough to allow the Banks to discount to an extent in some measure adequate to the great de mand for commercial, agricultural, and general business ascommodation. 3 That the suspension of specie payment this day made by the Farmers' Bank of Virginia, manliests, on the part of its President and Directors, a prompt and intelligent appreciation of the present emergency, and deserves the commendation of this community. The resolutions being read, were unanimously adopted b, the meeting. On motion of Mr. W. GODDIN, the Chair appointed the following gentlemen & committee to communicate to the several Banks of the city the resolutions adopted by the meeting: Messrs. Corbin Warw.ok Thos R Price. W. Goddin. R.B.
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The Virginia Banks. RICHMOND, Tuesday, Nov. 20, 1860, The Farmers' Bank of Virginia has suspended specie payment, and resolved to pursue a course of policy to prepare for early resumption. Other banks will follow as a prudential measure during the present pressure.
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RICHMOND, Va., Nov. 20.-The Farmers' Bank, of Virginia, assuspended specie payment and resolved to pursue a course of policy to prepare for early resumption. Other banks will follow as a prudential measure during present pressure. There is a terrible pressure in the money market, and nothing doing in produce market. Flour is dull and declining with few sales, and the market overstocked. The mills have stopped operations excepting the Gallego mills. Wheat has declined 10c per bushel.
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Suspension of Specie Payment.-Many of our citizens will no doubt be gia ified to learn that all the Banks in Richmond have suspended specie payment. This result, it is hoped, will give relief to our manufacturers, and enable many of them to continue the employment of their present forces, and thus save the work. ing classes from the many horrors which would inevitably follow a suspension of employmentat this particular season of the year. We append the resolutions adopted by the Board of Directors of each of the Banks, to show that the political disquietude all over the country has brought about a distrust in financial affairs which is truly deplorable to be looked upon. The Directors of the FARMERS' BANK or VIRGINIA, by whom the initiatory step to suspeusion was taken, adopted the following resolution : 'Resolved, unanimously. That, in view of the distrust which prevails. of the suspension of the large money trade with the South usual at this season. and of the pressure of the law requiring the Banks of this city to redeem the circulation of their branches-a law which bears with special severity on this Bank. because of the number of her brinches-specie pa ments be for the present suspended; and that a course of policy be pursued which will prepare for an early resumption." The Directors of the BANK OF THE COMMONWEALTH, at a called meeting held on the night of the 20th irst., adopted the following preamble and resolution In view of the political troubles of the entire country. by which confidence 18 being almost to taliy destroyed in commercial circles: and also of the mercantile distress in our community. which. if it continue. must devolve a heavy loss on the Banking Institutions of this city: Therefore, Res olved. / hat this Bank suspend specie payments until the further order of the Board The Directors of the BANK OF RICHMOND met yesterday morning, and after duly considering the question of suspension, adopted the following resolution: Resolved, That the other Banks of this city having suspended specie payments. this Bank deems it due to itself and to the community to do so likewise." A a meeting of the TRADERS' BANK of Richmond, held on the 21st inst., Hector Da. via, President; John B. Davis, Jos. Brummel, Geo. W. Smith, Franklin Stearns, J Thompson Brown, C. E Whitlock and Thos. Jones being present, the following resolutions were unanimously adopted Resolved. hat the President and Directors of the Traders' Bank, influenced alone by a desire to do justice alike to the stockholders and to the commercial community, determine to suspend, for is e present specie payment. Reso ved, That the will pursue such a policy as to enable them. at the earliest pra ticable day, to resume the usual rouine of business The Directors of the EXCHANGE BANK in this city, held a meeting and adopted the 101lowing resolution: Resolved, Thatthis Bank for the present sus pend special payments. The Directors 01 the BANK OF VIRGINIA also held a meeting, and resolved losuspend specie payments, in consequence of some of the leading Banks having adopted that course.
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LATEST BY TELEGRAPH. SOUTHERN SECESSION MOVEMENT. Conservatives Disgusted with Sectionalism Probable Rupture in the Cabinet-Financial Distress and Commercial Prostration in Charleston, S. C.-Cotton Declining--A Clergyman talks of Bibles and RevolversSuspension of the Farmers Bank of Virginia. AUGUSTA, GA., November 20.-The conservative sentiment of the South appears to be disgusted at the increasing sectional wrangles, and considers that the Northern States should promptly convene their Legislatures and repeal their unfriendly laws, and urge a Convention of all the States, to make a prompt and united effort to preserve the Union and country from bankruptey, anarchy and ruin. The New York Herald's Washington correspondent indicates a probable rupture in the Cabinet on the secession question. CHARLESTON, S. C., November 20.-This has been the most gloomy day yet among the merchants. A heavy cotton-house and other smaller houses have suspended. The banks have resolved to co-operate together, and still positively refuse to make any discounts. Cotton is declining. The stock on hand is now 50,000 bales. Several of the heavy planters refuse to send forward their cotton at present, preferring to wait for a eaction. Sterling Exchange down to 95c. Financial matters are rapidly approaching a climax. Trade is completely prostrated. News of the suspension of the Farmers' Bank of Richmond was received this afternoon, during business hours. The Banks here are determined to hold out as long as the New York Banks do. Captain Berry, of the steamer Columbia, has been presented with a gold-headed cane, to-day, for raising the Palmetto flag on his vessel. Rev. Mr. Yates made a speech on the occasion, during which he said that if the South (required it, he would go into he foremost ranks, with a Bible in one hand and a revolver in the other. RICHMOND, VA., November 20.-The Farmers' Bank of Virginia has suspended Speeie payment, and resolved to pursue a course of policy to prepare for early resumption. Other Banks will follow, as a prudential measure during the present pressure. There is a terrible pressure in the money market, and nothing doing in the produce market. Flour is dull and declining, with few sales, and the market is overstocked. All the mills have stopped operations, excepting the Gallege Mills. Wheat has declined ten cents a bushel. RICHMOND, VA., November 21.-The Enquirer to-day publishes an important letter from Gov. Letcher, in reply to that of John t S. Brisbane, of Pennsylvania, who ridicules d secession, and states that 200 Virginians t have tendered him their command, in event t of disunion, &c. The Governor, in reply, administers a severe rebuke to the Northern nullification States, and shows that dereliction on the t part of the North is the prime cause of the present dangerous troubles. He advises the f people of the North to correct public sentimentat home. and discharge their constitutional obligations with strict fidelity. He then indicates his determination to defend the State of Virginia, and stand as a mediator, an armed mediator, if necessary, between the Southern States and their ask sailants, come from what quarter they may. This letter creates a great sensation here. All the Richmond and Peterboro" banks have suspended payment.