Article Text
FINANCIAL MATTERS
There is little excitement in financial circles now, and everything seems to be subsiding with its usual quiet. The banksat Alexandria, Va., suspended Wednesday, in accordance with the wishes of the citizens. A run was made on the bank at Howardsville, Albemarle county, Va., Monday, which was withstood, but on Tuesday it suspended. The Philadelphia Ledger, of Wednesday eveng,speaking of the banks there, says: The banks again yesterday further extended their discounts, and we understand it is the present determination to continue this policy. As such a course does not favor the earliest resumption of specie payments, it is, to say the least, likely to create opposition in the Legislature, called to afford relief for liabilities incurred.What the public want is good and reliable currency, and if this has been lost by the indiscreet ac tion of banks and of individuals, they have right to ask relief from the Legislature of a pecuniary character. The great purport of assembling the Legislature, should be relief to the community in the shape of currency, and in doing this, it may be thought advisable to afford political relief to the banks, on condition that they will resume specie payments at an early day. By an early day, mean as early as the first of January, should the New York Banks continue to pay specie; and, if they should suspend, then to resume simultaneously with them. The idea of a long suspension should not find favor with the publci, who have a right to demand convenient and reliable currency. and with the view of narrowing the time of suspension as much as possible, public opinion should hold the banks strictly to the line of their duty-the collecting of debts due to them. and applying the proceeds to the payment of what they owe. Lending money, when they confess inability to pay their existing indebtedness, is preposterous. They may collect by instalments-giving time, and thus affording accommodation to debtors, and realizing the most for themselves-but in their present discredited condition to become money-lenders, places them in a false condition before the Legislature, and will awaken distrust in the community as to their professions for an early resumption. THE SUSPENSION IN WHEELING. The suspension of the banks in Wheeling, Va., created but a temporary excitement, of which the Intellgencer, of Tuesday, says: The Merchants' and Mechanics', North Western Virginia, Bank of Wheeling, and Manufacturers and Farmers' Bank, in accordance with a request expressed by a meeting of citizens, and in common with .banks East, yesterday morning suspended specie payment. Everything was prepared for an extensive run, and when the banks opened a considerable rush was made for the counters. Up ten o'clock, Main street, in the vicinity of the monied concerns, was pretty well crowded, and instead of long faces a feeling of satisfaction seemed to prevail among most of those present. The banks continued to transact the usual business. and by f twelve o'clock the excitement seemed to have altogether subsided, Alarge number of laborers women, holders of five's and ten's on the banks, 8 besieged the institutions for the specie, but when assured that the money was good and the banks solvent, they proceeded about their business with a sort of wondering, doubting satisfaction. Those 1 who had no notes on the Wheeling banks or any other bank, (and they formed no mean portion of the crowd assemble.) were particularly humorf ous, and affected to consider the whole matter as e an excellentjoke. 8 The Presidents of the banks, among other resoe lutions, passed the following: d Resolved, That we adopt this determination with 0 a full conviction of our ability to resume, and that the business of each Bank will be carefully r conducted with a view to accomplish this end, and at as early a day as possible. ITHE ST. LOUIS BANKS. y 8. The St. Louis Democrat, of Saturday evening, 8. complains of an excessive tight money market 18 there, but speaking of the only three banks in that n city, says: Our banks won't let down. They have been for1, tifying themselves against any crisis that might Scome, and even in the possibility of a run could well withstand the demands of their depositors.1e Their resources now consist principally of maturie ed exchange, which would be abundantly large; b. for any run that might take place would be light in -the majority of depositors having already withot drawn their money. The statement of the threee of banks shows an increase of coin on hand of nearly to a quarter of a million. The Mechanics' Bank il, seems to have fallen off in coin over $20,000, which 10 we can hardly account for. The figures, however, ic, may have been incorrectly published. Our banks, as then, will not let down. The banks themselves ch know what their interests are and won't let any he one of their number suspend. re The Winchester Virginian says the Banks there e suspended in consequence of the brokers in Baltich more demanding coin for a large amount of notes NO instead of receiving checks, as heretofore, on the D, Baltimore Banks. The Bank of Berkeley, at Mar dtinsburg, Va., has suspended. In the Baltimore bd City Council, Wednesday evening, a resolution It pointing a committee to investigate the propriety of the corporation issuing notes of less denomina 11 tion than $5, was adopted by the first branch, but 1defeated in the second The Charlottesville Jeffersonian, speaking of the 1, 1. suspension of the Bank of Monticello, says that bsince the date of its charter, not $100 have been is lost by its operations: and that every existing liability now due, is confidently believed to be perfectly safe.
