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NEW By the Express Mail. specie in this to suspended OBLEANS, payments May 15. -The banks city that amount have twelve, to Mechanies' and Traders' Carrolton Bank Orleans Pank *State Bank *Louisiana Bank: +Improvements Bank: Commercial Bank: *Union Bank; Exchange Bank; *Canal Bank; Atchafalaya Bank The Citizens' Bank, Merchants' Bank, Consolidated Association and Gas Light Bank, were the only institutions that redeemed their notes in full. The Banks marked with an astorisk redeemed their $5 and 810 notes. The Collector of the Custom House, J. W. Breedlove, Esq., gives notice that he will receive the notes of all the City Banks, in payment of bonds - Bee. PROJECT OF RELIEF.-At the moment we were about to put our paper to press, we were informed of a project suggested by the Committee of Finance of the 1st Municipality, which will be submitted and discussed by the Council, and will doubtless receive the approbation of all good citizens desirous of allaying the present melancholy crisis, and restoring confidence among that part of the population who do not see the expediency of the conservative measures adopted by several of our banking institutions. The proposition seems to us to be peculiarly adapted to lieve the public exigencies, particularly as every other plan appears to argue a want of solidity more apparent than real; and as are compelled to rely upon our own resources entirely, we think it offers the safest guarantee that be desired, and will contribute greatly to relieve the banks from their responsibilities. It will also afford a currency that cannot depreciate, and which will be more and more sought after. The proposition is to emit bills of various denominations from 85 to $100. in the name of the 1st Municipality, redeemable at different periods, bearing in est, and secured by mortgage on the property from which the greatest revenues are derived, as well asby an additional privilege on the amount of these guarantees, which are eqnal to three times the amount of emission. Notwithstanding the want of confidence which prevailed on Saturday, and the run on all the banks, one of them (the Improvements') showed a balance of $27,000 between the deposites and payments.-Tbid. The Union and Commercial Banks, prior to their determination to suspend specie payments, wisely resolved upon continuing the redemption of their five and ten dollar bills. This measure we regard as highly prudent and commendable, and believe that if pursued by all the other institutions which have suspended or are likely to do so, would afford very general satisfaction, and be the means of contributing in an eminent degree to the general restoration of confidence in the stability of the Banks. The payment of notes of aless denomination than ten dollars will put into local circulation about the quantity of specie absolutely necessary for the minor but not less important transactions of the city, and will moreover protect the poor and laboring classes who generally hold small notes, from loss by any depreciation in the value of their small but hard-earn ed pittance. Though the wealthier and middle clas ses may be but little effected by a total suspension of specie payments, it is totally otherwise with tho ho nest and industrious laborer who toils incessantly for the accumulation of a small sum the loss of any part of this smalf drives him at once to greater exertions or to greater restrictions in his ordinary comforts.-Com. Bulletin. MOBILE, May 16.-We have received from Tuacaloosa, authentic information that the Governor has decided to convoke the legislature, for an extra session, to be held on the 2d Monday of June next, which will be the 12th. This decision was undoubtedly hastened by theintelligence, which reached Tuscaloosa on the 12th inst -the day after the Governor got here of the pension of specie payments in the Montgomery branch of the State Bank. The further intelligence which has since reached there, of the suspension of the three banks here, will confirm any who might have doubted of the propriety of this decision. The southern part of the state is unanimously IR favor of the step already. The North has many dissentients, but the daily growth of accumulating evils, in the social and state systems, will not fail to reconcile all to the wisdom of immediate consultation on the state of the country It is, now, not merely to confer, on the mooted questions of relief by state interposition, by bonds or post notes, that the legisla. are to be brought together, but to consider, espe cially, the condition of the state banking system, the common interest of the state, which isi in a novel at critical condition. The suspension of specie pay ments, which has already partially taken place, and must in all probability become general, demands the earliest attention of the state. The convertibility of paper into coin, which 18, in theory and practice, the check upon ov issues, the preserver of the integrity of the circulating medium, and consequently the standard of value has been withdrawn from the lie, for reasons which are acquiesced in by nearly the whole community. This deplorable necessity leaves the country in a condition demanding prompt interference, to check at once a flood of evils, which the smallest indiscretion may let loose upon us. Unchecked issues of irredeemable paper will be a curse, greater than any we have yet encountered. Bank rectories, rivals in business, and uncontrolled by the customary laws of trade, under a specie paying system, may not safely be left at liberty to enlarge their issues, thus vitiating the currency still more, and disarranging hopelessly the measure of value.-Com Herald. ADJOSENED TOWN MEETING.-It will be rementbered that an adjourned town meeting is to be held Independence Square, at ten o clock this morning, for the purpose of hearing the report of a Committee pointed to confer with the Banks. We doubt not will be well attended, and from what we have heard upon the subject, we feel confident that a statement will be submitted, calculated to satisfy all reasonable minds as to the policy and propriety, nay the absolute necessity of the course pursued those institutions. We learn that the intercoursebetween Committees has been characterized by much courtesy, and that every disposition has been shown on the part of the Banks to furnish answers to all proper in terrogatories.-Pennsylranic Inquirer. COMMON COUNCIL.-The Board of Aldermen met last evening, at clock. The Board of Assistants did not meet. The principal matters brought ferward in the Board of Aldermen, were as follows A communication was received from C. W. Law rence, Esq., enclosing a letter from the American Minister, at the Court of London, accompanied with the statutes, regulations, &c. governing the Police of that metropolis. A message from his honor the Mayor, containing an exposition of the financial and other affoirs of the city of New York. The document is of considerable length, and embraces views on our political, financial and social systems. It is to be printed and circulated Two propositions, one for cleaning the streets of New York, the other for regulating tne pavementa thereof Ordered to be printed. Report of the Finance Committee was recieved ad.
