Article Text
WASHINGTON CITY. SATURDAY EVENING. SEPT. 26. 1857. BANK SUSPENSIONS IN PHILADELPHIA, BALTIMORE, AND WASHINGTON. By referring to the telegraphic column it will be observed that the banks of Philadelphia have partially, and in some instances wholly, suspended specie payments. As a matter of precaution-it i is 80 alleged-the banks of Baltimore suspended specie payments to-day ; and from the same cause a similar course was adopted this morning by the Patriotic Bank and the Bank of Washington of this city. It may reasonably be expected that a large number of new and irresponsible banks in the North, East, and West, taking advantage of the general panic, will nominally refuse to part with what they really do not possess. The sooner these worthless institutions are out of the way the better it will be for all classes of the community. As a general rule, the southern banks are in a sound condition; and, with large and increasing resources at command, they will be able, with few, if any, exceptions, to weather the present storm with undiminished credit. The condition of the banks in the city of New York is such as to warrant the belief that their resources are fully equal to meet existing emergencies. Their strength will force the suspending banks into liquidation or the speedy resumption of specie payments. Looking at home, we can see nothing in the financial affairs of this city to warrant alarm or distrust. Our citizens are not suffering from the effects of overtrading or over-speculating; and the cash means of our banks are not locked up in protested paper or the depreciated bonds and stocks of "fancy" railroads. At no period in the history of our city was the condition of our merchants, hotel keepers, mechanics, traders, and real-estate owners more prosperous and promising than it is at the present time. Never before were clerks, journeymen, and laborers as liberally and promptly paid as now; and we venture to say that the balance-sheets of our banks show as large net profits for the past year as for any previous year of their existence. Compared with Baltimore, Philadelphia, New York, Boston, Cincinnati, or any other northern, eastern, or western city, the financial condition of Washington should be a source of congratulation instead of a cause for alarm. But still, with all our substantial means at command, with general freedom from debt and general well-paid employment, we are free to confess that a money panic and a money crisis can be soon got up in the federal capital, if our citizens desire such an expensive luxury. Let each distrust the other-let the usual money accommodations be withheld-and let all engage in the confidence-imparting business of withdrawing specie from the banks and the ordinary channels of trade for 'hoarding" purposes, and not many days or even hours will elapse before the business men of Washington are suffering as their brethren of New York and Philadelphia now suffer. Let the citizens of Washington have a true, realizing sense of their really prosperous condition, and the troubles which they invoke by their fears and distrust will not come near them. A "run" was made on the Bank of the Metropolis to-day, but it was met so cheerfully and promptly by the custodians of its well-filled vaults, that confidence was soon restored to depositors and noteholders.
