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# THE NEWS.
We cheerfully surrender most of the inside of today's paper, to give place to the news-Earopean, Congressional. and general, which has been afforded us for the benefit of our readers-not through the agency of the mail, but, as will elsewhere be seen, by private favor, and means of the express. And we would here beg leave to acknowledge our sincere thanks to numerous friends, for the privilege of a second hand, side glance, at the late papers, kindly intended for us, by which we are enabled to make a compilation of the most important news items, for the edification of our readers abroad in the territory.
From Oregon, there is no news of importance, other than general complaint of business being dull, money scarce, &c. The friends of the respective prominent democratic candidates for the nomination of delegate to congress, are waxing somewhat warm, and afford evidence that the contest in the convention will ripen into heat and bitterness. General Lane, the present delegate, it is said, took his departure from New York for San Francisco, on the steamer of the 20th of February. If this be so, it is supposed he will reach home on the next trip of the Columbia, from that city to Oregon. We hope that such a nomination will be made as will prove satisfactory to the party generally one whom they can not only unite upon, but elect.
The California papers of March 1st, bring us intelligence of an unprecedented panic in the exchange and money circles in San Francisco and Sacramento, in consequence of the suspension of the well-known house of Page, Bacon & Co., followed by Adams & Co., Wells, Fargo & Co., and other banking houses. When the news first came of the failure of Page & Bacon, of St. Louis, a run commenced at once on Page, Bacon & Co., which was kept up all that day, and over four hundred thousand was withdrawn from the bank. The next day the run ceased, and matters apparently were moving on as usual, till the morning of the 22d. when their bank was not opened at the usual hour, and shortly after handbills were sent all over town, announcing that they must suspend. It seems that quite a deep run had been going on all day, till their specie was reduced to less than one hundred thousand dollars, and they feared to keep open any longer. Owing to the fact that it was a holiday, but little business was done that day; yet it seems that over two hundred thousand dollars was drawn out during the day from Adams & Co. That evening the steamer arrived with the news that Page, Bacon & Co.'s drafts had all been paid, and it was then supposed that the excitement and trouble was over.
But the next morning Adams & Co. announced that they too must suspend, and shortly after Wells, Fargo & Co. followed suit.
Robinson's Savings Bank, and Dr. Wright's Miner's Bank, did the same, and then came a general run on all that remained open. The greatest run was upon Drexel, Sather & Church, B. Davidson, and Lucas, Turner & Co. Tallant & Wilde and Sanders & Brenham suffered little from the panic, and paid off their depositors. Palmer, Cook & Co. were not affected by the run in the least, but paid every claim as presented.
The creditors of Page, Bacon & Co. held a meeting on Sunday last, and considered a plan by which that house may be enabled to resume payment. The bank exhibits assets, over and above liabilities, of $368,868; but it is proper to state that upwards of $1,300,000 is in New York and St. Louis, whereas the liabilities of the concern are mostly due in California. It was proposed that depositors to the amount of four hundred thousand dollars should receive evidences of indebtedness, bearing interest at the rate of one per cent. per month, and payable in two, four, six and eight months; and it was thought that if depositers accepted this proposition, the house would be enabled to go on. Merchants and others affixed their names to a bond in the sum of about one million of dollars, guaranteeing the payment of these deposits, and it is now believed that the house will be enabled to resume business in the course of five or six days.
Messrs. Wells, Fargo & Co. resumed payment on Tuesday, and so far all demands have been promptly paid.
Adams & Co. have filed a petition for insolvency. and their schedule of assets and liabilities show a balance on the right side of about $100,000; assets, $1,814,285; liabilities, $1,636,717. Mr. Woods has given all his private property, estimated at $250,000, and this goes to make up the total of the assets.
We understand that the express business of Adams & Co. will be carried on without any interruption.
The joint convention of the California legislature for the election of a United States Senator, had been dissolved, and there will probably be no Senator elected by the present legislature.
The first announcement of the failure or suspension of Page, Bacon & Co., was made known by their house in St. Louis, on the 13th of January, and, as has been the case in San Francisco and elsewhere in California, a general run has been commenced on other banking houses in most of the cities of the Atlantic states. In New York, New Orleans, Louisville, Cincinnati, and St. Louis, many of the banking houses had suspended, and public meetings have been held for the purpose of devising measures to avert a feared impending general bankruptcy, and restore the credit of Page, Bacon & Co., and other houses seriously effected by the suspension. A tremendous excitement had prevailed in some of the cities, and a general smash-up had been feared, not only in the banking, but large mercantile houses also. The latest dates, however, indicate more quietude, and a resumption of confidence and business anticipated.
The general character of the news from the states, is anything but flattering to general prosperity, in a business point of view. Bank expansion, and consequent bankruptcy, through speculation and overtrading, is the common talk in the commercial circles, whilst destitution, lack of labor, and want of the means of procuring the necessaries of life, is being felt to an alarming and humiliating extent by the masses of the great commercial emporiums.
Politically, the news from the states is of the most cheering character to the democracy-as it is ruinous to the hopes of whiggery, and its mongrel, "klonas" allies. The New York HERALD, having assumed the leadership of the know nothing movement, as directed against the re-election of Seward to the United States Senate from the state of New York, and against Wise for the Governorship of Virginia, and which paper has for months past, vauntingly trumpeted forth in advance, the certain defeat of both those gentlemen, has now cooled down in temperature almost to the freezing point, in consequence of the legislative caucus at Albany having, after the first ballot, made the nomination of Seward unanimous. The caucus numbered just one-half of each house, making their nomination equal to an election. The result has thrown the know nothing line into the utmost confusion, and the Herald pitches into the administration as having connived at their defeat, and charges blindly around, with the impeachment of treason in the know nothing.
