8484. Cumberland Bank of Allegany (Cumberland, MD)

Article Text

THE FINANCIAL CRISIS. Suspension of the Banks at Cumberland, Md., and Winchister, Va.- The District of Columbia Banks -Pennsylvania Legislature-Suggestions of the Phrladelphia "Press." We continue to-day our detailed accounts of the troubles in the financial world. Leaving our special and regular telegraphic dispatches to announce the latest news in regard thereto, we subjoin by mail many facts and suggestions that cannot fail to be of interest at the present moment: BUSPENSION OF MARYLAND BANKS. Immediately on learning of the bank suspensions in Baltimore, on Saturday last, the Cumberland Bank of Allegany and Mineral Bank of Marylan 1, both at Cumberlaud, Md, also determined upon a temporary suspension. The Civilian says: The President of the Cumberland Savings Bank is temporarily absent, therefore that institution is doing business in its usual way. The action is not based upon any weakness of the banks themselves. They are in the very soundest condition, aud perfectly solvent. It was done merely to protect themselves, as they "would be called to cash drafts from the larger cities, and various other sections, without the privilege of an adequate reciprocation." There is very little or no excitement in our city. The action of the banks is endorsed by the community. DISTRICT OF COLUMBIA BANKS. Tuesday all the banks in Washington determined not to redeem their issue (of any size) in specie at present. So says the Star, but the States announces that the banking-bouses of Rigge & Co. and Chubb & Co. are paying their liabilities in specie. The Bank of Commerce, in Georgetown, it is also stated, will hereafter act in concert with the non-paying banks. To-day and to-morrow the Government employees at Washington will be paid their month's pay in specie. The Union very properly suggests that they be paid in dollar and two-and-a-half pieces. Such a course will prove a great relief to the business community there. The Star says the interest to be due on the stocks of Washington city on the tirst of October proximo will be promptly paid at the Bank of Washington, in specie, on demand. Four or five citizens of Washington, depositors with the house of Pairo & Nourse, succeeded in at taching $12 000 of the firm's property in Minnesota before it could be assigned. Other depositors have gone to Kansas to lay attachments. THE VIRGINIA BANKS. It is stated that the Virgioia banking law provides that, upon the formal lodgment of information of the suspension of specie payment'by a bank of that State it must be put into liquidation. It in suppored, how. ever, that the coming Legislature will relieve them from the penalty. The Bank of the Valley of Virginia at Winchester and Charlestown suspended specie payments on Saturday last. Some of the merchants and others of Alexandria have signed a petition urging the banks there to suspend altogether for the present. The Christiansbu. (Montgomery county, Va.) Star says that during the last six weeks the brokers have drawn $50,000 in specie out of the Branch of the Bank of the Valley there. It has already been mentioned that the citizens of Wheeling held a town meeting on Saturday evening on learning of the suspensions in Philadelphia and Baltimore, and requested the banks there to suspend specie payment. The reason for this request is thus spoken of by the Wheeling Times It was rumored on the streets on Saturday after. noon that 8 THU had been made on our bank, by brokers and bankers from abroad, and that Pittsburg men had made boasts of having taken from our midst the very respectable sum of twenty-six thousand dollars in gold! It was also understood that parties were in town by the late trains of Saturday with additional demands for thirty thousand dollars in specie. and with the prospect that additional demands for forty thousand more would be here on Monday morning: this at once opened the eyes of our people to the necessity of prompt measures to arrest the injurious consequences resulting from the factious course of outsiders, and the opinion seemed to be general that the banks owed it to the large manufacturing and mechanical interests of the community depending upon them to pursue that course which would best enable them to afford the largest accommodation to their support. Hence, a very large meeting was convened, in A few hours, which seemed to be actuated by one object, that object being to request the banks to suspend specie payments until such time as they can resume with safety to our manufacturing interests. Our banks are abundantly able to sustain any shock which factious men, with wicked ends in view, may be able to bring against their but the merchants, manufacturers and business men of the city, foreseeing the disadvantages under which they would have to coutend, under existing circumstances, and being anxieus to retain the large amount of specie now in the bank vaults for home use, have stepped forward, of their own accord, to request the presidents and directors of our banks to suspend until the money market becomes easier and confidence is restored. We know not what course these having charge of our banks will pursue. They may prefer to go on, and redeem their notes in gold, 88 heretofore, and thus show to their enemies abroad the strength. solidity and amplitude of their foundat on. EXTRA SESSION OF THE PENNSYLVANIA LEGISLATURE. The following 18 the proclamation of Governor Pol. lock calling 80 extra session of the Pennsylv anis Legislature :Whereas 8 serious financial revulsion has occurred, resulting in the suspension of specie payments by the banks of this and other States of the Union, and the