The New York Herald Newspaper, October 15, 1857, Page 1

4 THE NEW YORK HERALD. WHOLERINO. 7714. MORNING EDITION—THU THE PANIC. wees SUSPENSION OF BANKS IN ALL DIRECTIONS. Steppage of Specie Payments by the Savings Institutions, THE CRISIS IN COURT. Wo Injunctions Against the Sus- pended Banks. MEETING AT THE MERCHANTS’ EXCHANGE. PROPOSED SESSION OF THE LEGISLATURE, Beparture of the Special Bank Committee for Albany. Another Meeting of the Erie Railroad Shareholders, OPERATIONS OF THE CLEARING HOUSE, BEETING OF BANK OFFICERS LAST NIGHT. Fhe Rush Among the Women for Cheap Dry Goods. THE OHIO LIFE AND TRUST Cd. Most Deplorable ‘State of the Account Books in the New York Office. IMPENDING TAXATION IN NEW YORK, ke, &o., ee ‘he news of ihe general bank sus jepsion announced in the morning papers of ‘yesterdey caused no surprise to ose who knew the state of affairs in the street on the previous day; and there was, after all,a ceneral feeling of relief as coon aa ‘the worst was over.” ‘3 scoms that the banks were anything but unanimous ‘a to the propriety of suspending specie payments, and ‘tm the morning several of them commenced to honor all the bills and checks presented ai their counters, bat they oon after ceased doing so. The directors of the Chemical ‘Bank announced that they would ¢o business as uvuat, and ‘will uct surpend. Thst instiiution wae the oaly onc thus paid specie throughout the day. Our reporters give the following skeich of the proceed. lng of yesterday in the city. WALL STREET YESTERDAY. SORNES AND INOIDENT/—AFTEE THS STORM A CALM —THE BANKS PAY NO S@BOIB—GEWERAL SCARCITY @F COX—IROWDS AROUND FIB ROLLETIN HOARD A SUGGBSTION FOR THE POLICE, BTC., BTC. ‘The resolution of the banks to suspend specie payments yesterday was carried out by all these institutions except the Chemical The crowd in the street was no greater (ae usual, and everybody seemed relicved. The genera! {dea seemed to be that the notes of the city banks would ave to be taken asa circulating medicm until the basks nw fit te redeem them. Within ibe banks the usual basi- mess wes transacted, a good mary depositors drawing out their mosey in notes, while others disiayed thetr confidence by brivging forward deposits im coin. People who bed mot read the morn- Ing papers bad the pleasure to see the foilewing notice posted upon some of the baak doors, and upon the bulle- Doards:— BANKS. ‘The business cf the banke will be transacted exactly as Beretofore, with the exrceotion of paying specie. Onecks ‘t, and im payment of notes, and gold. There was, strictly speaking, no rua upon any of the ‘Wail street banks, except the Seamen's Aavings, which waa cver at two o'clock, This bank le used by the steve: mances, having not one cent of money to lose, and therefore being in no way concerned in the maviers which ‘Wey discuss so flippantly, They bang about the banks, Roping im the genera! excitement to glean some plandor, foliowing notice — & Bow! Frene’, 3° BrowereGn,” Wa. Nolleon'& Sen, Wrowpanay, Oct, 14, 1867. ‘And the following novice was lamed si noon, and dis- trfeeted all over = RANK OF COMMERCE ‘Ab & mesting of the Beard of Inrecters of this ietite- Mon this day, the following resolutions were unanimously Resolved, York, Raving been im common with the other city baake, into & tem ‘specie paymonte, il) ereafer, and upiil ‘arihe, notice, rv ovive ia payment and on dep oeil ine of other pavks pT pT. current fance, and will — tm similar currency, and thas no ‘Reao\ved, imption of specie payments om all ie 4 ry Paty ‘espera! repay the same on mand bo the | drawn pavabie in os. JOBN A. STEVENS, President. ‘Hawes F, Var, Cashier, weperfinity of email silver coin with which it acoommo dates the shopkeepers, bot Uaels Sam Dimesif ran short Yesterday, andthe office needed all tte atlver for exorange Aga gonoral thing yestordeay, Wall stroot seomed en ier than before. Mon who were worth ® handred thousand tx months ago now looked jollr, peany developement of the ciasticity of the America: 1 ‘e twat courage and perseverance alone which will bring ‘ee ont of our present diMcuities. in our Wall street walk yesterday we notices the! th men who really had Dusiness despatched \t at once and ‘Went away, while others who have nothing to do bet Debbie, blocked up the sidewalks and seomed fo take cepecial delight im gotting ap some Kind of a panic, In tho whole street we saw but one Pasty old policeman on duty, Would !t no} be as wel! to have & strong force to look out for the pickpockets and make the loafers move on, Tho nasty, drimziing rais \n- terfered slightly with the awusement of these gentry, but some of them held on, even in spite of thas. ‘The panio in the etrect has boon pretty nearly quelled Dy the notion of the banks, and the eupport which they have recetved from the Judges of the Sapreme Court, fn scoount of which will be found im our columns this ‘The business at the Clearing House was resumed, tho Dalanoos being pald, ae uenal, in coin. The North River, Bowery, Cooam, Oltirens’, Grocers’ and Artizans’ wero _ Ret represented, and were therefore regarded as insolvent. ‘The |Unien, National, Manhattan, Chaiham, Prific, Broadway, Importers’ aud Traders’, Shoe and Lesther, ‘Marine, Tradesmen’s, Mechanics’, Merchants’, Bank of North Amerioa, Leather Manufacturers’, City, Bank of Ame rion, Merchants’, "xchange, Irving, Market, aad Sevent Ward banks are doing their usual busines, except that they do not pay out specie. They all hada sudden rash early in the morning, which was answered wih their notes, and soon subsided. "According to the decision of the Bapreme Court Judges, they are stil} solvent. The Chem! cal paid everything in gold, which is worth fve per cent Premium over city notes. Some of the banks received Deavy specie deposite ytsterday, and wings look much clearer, Wall street exhausted ‘teelf with the excitemen! of Tuesday. Lot us hope it will mever be repeated. INCIDENTS AND SCENES AMONG THE MER- CHANTS ON ’CHANGE. One of the first effecte cf the ruspension of the banks and the substitution of @ ourrency no longer convertible into specie at the will of the holder was to pul up the prices of produce. On the Corn Exchange, fiour advanced from 10 to 15 cents per barrel, whont from 2 to 4 cents amd corn from 2 to 8 cents per bushel. Provisions alone remained unset- ted and dull, from the apprehension ere long of angment- ed supplies. ‘The course of the banks continued to be vigorour'y din ocazed and opinions to be divided on the sabjec:, as woll ‘as in regard to the numerous remedks suggemed a8 to the ultimate issue of the whole affair, ‘The alleged course of tho banks at the Ciesring House in demanding specie helances from each other, was ocn- demned by many perso2s, and the opinion expressed that thelr balances shoald be adjusted im their own bille— that if thete bills were good enough for the merohants they should be conaiderod equally good for ove another. Fome of tho banks refused to open new sccounte with merchants who bad the day before withdrawn their de posits. The merohanis, however, had no difficalty in opening accounts at other {ns'{iutions. Wall street was quie!, snd the crowd not mnob larger than on any ordinary Dusiness day. Kuots of rusiness men, bowever, might be reer about the corners discussing two unusual siato of affairs. The banks were freely censured by many mer- chants for baying beid out promises of expansion, waile at the same time perseveringly engaged in carrying on @ very severe contraction. They bat, for some weeks before the panic, contracted by many millions, and after their sudden aciion had led to many failures of parties with large assets they beld oct the idea that they had gone far enough, and would there afier give relief by ‘mcreasing their loans, instead of which they each week continued to make larger contrac- fons. This course they freely condemned Others, sgainy defended the banks, and argued that their conduct had been forced upom them; that they could n» safely ex pand, and were hence compelled to pursue the course they had adopted. 4 meeting of merchants was called, to be held at the Merchants’ Exobange at 3% P, ‘M, though generally unknown at the Corn Kx. change between 11 and 123¢ o’clock. The notice first came out publicly im the evening papers, which were not published much before the time fixed for the meeting. Nevertheless, including those who necessarily assembic there about tba: hour en business, there was a prety large gathering. The rotunda of the Exchange is the worst room to hear uw to be found in the city, aed ii is diMoub to understand whsi # man either says or roads ten fees disunt, however loud the weloe. Under these cir- cumstances, all things Deing cut and dried, resolusions and all, the meeting was heid, as reported in another place. The resotutions were not saiifactory to a large number of merchacts, who considered them too indefinite and not strong enovgh. A large number also dissented to ike resolution ) wtify\eg and endorsing anqua'iiesly the course of the banks; and could all present have distincity heard and unsersiood the resolntion they would very likely have voted itdown. It was reported that some of the preminent parties who voted for the resolation of cont. dende te the baske,heiths day before shows their waa) of copfitence by withdrawing specie from their vaults, After the adjoarnmen} of the formal meeting, the ordinary Dusinese of ‘Opange was resumed, though much ‘ctor rupted by knots of merchant: earnestly engaged ia die cursing the mer te ¢f Grancial a‘feireand we remedies pro poses for relief, and whether asything eflvotual could be done by the Legislature to get eroand the constitutional diffict!iies of the caso, The infuence exercised by the use of anconrertibic currency aleo imparted more life to the grocery tirade; and there wastome more inquiring for both suger and oovlee, With increased sales of the former Freights to Liverpool were also some “ymer. The day closed withoat incl tents of Importanee, each apparent y locking out for what a day might bring fo th THE SUSPENSION IN THE COURTS. CONSULTsTIUN OF TES JUDORS OF TER FIKgt AND AYOOND JUDIGIAL SISTRIOTS OF TER SUPREME COURT—NO INJUNCTION TO EM @RANTED EXCarT WHSBH PRAUD APPRAR®, BTO. ‘The Supreme Court yesterday morning wae densely crowded, and 't soon became ap erent thai the monetary c7isia Dad brought more thane usuai number of interesved parties Defore oar judicial tribunele. It was understood that on the previous evening Judge Davies bad, on applications at his private residence, granted temporary injunctions against ihe following banks — ‘Tne Marine Sank, ‘The Sank of New York, OWizenn’ Hark, ‘The North River Bank, Merchants’ 1 ‘These injunctions wore this moruing dissolved. The Judges of the first and second judicia) districte of the £a- preme Court met im consullation with closed doors, take into copsideration what course sheuld be adopted by them with regard to the present concdit.on of the Danks ip case forther applica‘ions should be made to them ‘or in the Jadgea were of opinion (hat !t admitted of grave doubt whether tne clanee in section 6 of article 8 of the const! ‘ution prohibiting tho passage of aay law sanctioning, in any manner, directly or tndtreo ly, the suspension of specie pay ments, by any person, am colation or corpora!on issaing bank notes of any description applies to any Uabilty of such association or corporation other whan bank bile or notes, which are by statute to circulate as money, and for the pay ment of which the faith of the State Is pledged. ‘The follow ing in the oficial result of the Judges’ del!be- rations, which wae kincly furnished our reporter by Judge Mitebell — Ate meeting of /rticos of the Supreme Court, held for the purpose of determining a uniform course of action among themeelvee— Present, Justices Strong, Emott, Birdseye, Mitchell Roosevelt, Davies, Glerke and Peabody—the following opinions were ananimously conourred in— In ail Casee in which ihe sot of 1849 ts applicable it le deemed to soperro © the provisions of ihe Revised Sia tutes (2K B., 404, 200. 4739.) Acoordingly, no ore. dior of & bank who may beve relief under that act can have it under the Revised Statutes. That act gives ihe Greditor a right to apply to @ Justice of the Supreme Court oaly aftor ®e expiraiion of ten days from the refusal of a bank to pay te debis or liabilities, Even then a temporary and immediste injanction oan be granted only, if in the opinion of the Judges it be ex- Pedient in order te prevent fraud or injustice, afer bow Parts shall be heard hetore she Jadge ne is to determine whether the bank is clearly solvent or not. A bank is clearty solvent which is clearly able to pay 811 ‘te dobta, although {) may have suspended specie pay monte for a ti In the ome of the North American Trast and Banking Company this principle was held by the Supreme Court and the Conrt of appenis. When & bank is cloarly solvent, and {te offlcers are act ing in good faith, no receiver should be appoiated. ‘Where tho act of 1849 dose aot apply—it the part of the Revised Statutes above referred to dees apply—it ia dis ¢retionary in the fupreme Court to grant an injanotion or not, That disoretion ts controtied by legal rules, and the {ojanotion should nevor be granted if the bank is cleariy An ex parte ordor for an \njanotion should not be granted, even after a suspension of specie payments, unieas it entie- factorily appears to the Jago that 't le necessary to pro. ‘yout fraud an! injastice, ‘The mare fact of euepension of epscie paymente (when 1 le general) le not of {twelf sufficient proof of frend or in- Jnatioe to authorise such Injunction, ; \ Aa a general ruie ‘t 8 not oxpodiont to grant am ipjuno tion against a bank without previous notice. Ts was alao resolved that Jastice Uitcheli be requested to furnish @ copy of these cpinions to each of the Jastices of the Supreme Court in the other districts, with a request that ther respectively communicate to him their views on the same points. APPLICATION FOR RECEIVER DENIED. Rudsequent (othe action taken by the judges as above fet forth, an application wae made before Judge Roose velt, on bebalf of John Livingston, for an order against the Bank of New York, to show cause why one or more receivers shouid 204 be appointed for that insiituilon. The Judge depied the motion, bus look the papers for ‘the purpose of examining them. ‘Mr. Livingston is s holder of two $100 bank bills of the Bank of Now York. THE SAVINGS INSTITUTIONS. RUM ON THE SEAMEN’S AND DLAEOKBR @TREET—THE MODE OPPAYING THB DEFOSITORG—THE BOWERY —MBEBTING OF THE OFFIOBES OF ALL THR 4VINGS BANKS—PLAN OF ACTION AGRMED OR—THB PANIC IN 1837, BrO., ETO. Yemerday there was an ocretsed rim on some 0° the savings banks, owing to the panic created in the minds of the people threugh the feilcre of so many Wall strect Danks, as announced in yesterday’s Hearp. Atothersthe FON Wea not so greates on Taeedey, and many persons were Pe-depositing their money. ©’ whe entire sotvency of these ‘imatitutions there is not the slightest dowbi, bat of course hey cernos achieve impossibilities, and {f the Uni- ted States government refuse to redeem their stock with gold, the etvings banks cannot pay out what they canuot get ‘x. Every one knows tbat the best ceour'ty In the world is United States government stook, and of this stock the savings banks hold many m(!- lons, as good on ite feoo ae gold when the Secretary of the Treasury ‘s prepsved to redeem it, Tae earings Dink inst jn\toms in the cy Rave over thiriy millfons on depo- sit, and fully thirty Gre mullifous im good uadepreciabie as- sets, Besides government stocks, their sacete consis: of Clty and State siocks, cud mortgages ou property worth twiee ihe amount loaned, no thet, in any cato, no matter what may happer, whother they can, or cannot pay io gold at present, uitimately their deporiiors will get every dol- lar with interent. Indeed, it wz a great boneft for the depositors ihemaelves ‘that their panic mania, #0 silly and uncalled for, is coun- teraoted by the circumstances of the times, and the deci- won arrived ai by the trustees of the savings banks to pay out @ per centage of the sums lodged. This arrangement will rescit in great good to their depositors, as, besides secc- ring the safety of their deposite, liable to be lost, squander- 4 or stolen f drawn out, it will eecure for inem iaterest om amounts undrawn. The best thing those depositors who have, under temporary excitement, withdrawn thetr money from these institutions, oculd now do, would beto re-depesit the aame in our city savings banks, The Hs ‘BLD advises this course, because it {s impossible, under any phase of circumstances, thata single dollar lodged in these ‘ustitutiona, can be loat, and ceposite are far more secure ‘m these banks than in pocket, trunkjor safe. Ai gonera) thing the savings banks, according to the Vesolation elaewhere pub ished, wil! fall back upon their by-laws, and recuire of claimants specified notice of snree daye, ® week, a month, or whaiever the conditions de wand, previous to paying out, Yhis may be relaxed in certain cases, as, for instance, the Bowery Savings Bank, very crecitably, is peying ite depositors tem per cent of the deposits withoct any nctice; and will, we have no doubt, continue to do ec, evem during this extracrdiaary fasncial oriels. ‘In order to Lave a oom vined action in these masters, the officers of a)] the savings banks in this city, Brooktyn and Wilttemsburs, met yéserday afternocc, and drew up the following for pubiloation:— At a meoting of officers of savings banks, bel¢ this day af the bankisg room of the Seamen’s jBank for Savings, in Wal) street—presont representatives of the following io stitutions: — Bank for Savings, Bleecker etree. ‘East River Savings institotior. Bowery Savings lastitatics. Merobante’ Clerks’ Savings iastiavor. ‘Irving Savings Ipstiution. Emigrants’ In ustial Savings inst.tot oe. South Brocelyn Bayings Inaiitcticn. Brooklyn Savings Ixativtior. Maphatian Savings Inetitation. Marinere’ Mevings Inst{t-tios. Mecbanico’ and Traders’ Savings lnet sar. Dry Dork Savings Invtitation. Broadway Savings Inatitoti on. Greeawicth Savings Institution. Seamsn's Savings invitation. Wil amebarg Savie ge Inetiavon. Mr. Jomy C @xumy, of the Bank for Savings, was called to the cbair, and Mr, Piatt, of the Seamen's Bank for Sav ‘ngs, waa requested (o act as Secretary. After discussion the Jollcw'ng resolutions were passed :— adhere to the rules of pay ment according to their by but thet each \nstivation be recommended to pay such amounts as shall be deemed su‘licien: to meet the vecess!- ‘ee of depositors od ‘Tne meeting shen ad)ocrned. B. PLATT, Secretary. RUN OM YEE SEAKEN’S BAVING BANE. ‘There was very beary roo on this bank al) day yoo terday, by bundreds of ihe working classes, mele aad fo male, A squad of pollcemen were detalied on duty to Keep order, and notwtbatanding the large crowd outside ‘was tpokem to, scoihed and reasoned witt, ine people beid on during & beavy drizrling rain, to tke tce'rterm Ao costing eno of them, our reporier asked him, “Are you afraid you won't rat your money? Don’t you think it seafer there than anywhere elec?” “But, sir,’ replied the man, ‘we're always told that by every bank, anti! it breaks, and | want the money for my family, for I have been dis charged from employmen:.'’ Te ling o'hers in the crowd that the bank hed more gold than would pay their depos! {ore, our reporter was answered '' Weil, then, sir, why don’: they pay it to om, inatead of notes, a they're about doing?”’ ‘The assets of thie bank, sovording to their ast published Statement on ihe ist of October, were $7,549,730 68; and their depowita $7,045,871 00, showing « wurplas of $904,068 TMaplayed in the windows wer® bags of specie iabolied 'U. 8. M.;”” but they did not allay the excitemen, the crowd being determined to try and get their money, ‘cers were stationed on each side of the door to prevent a rush, and see that each went tn in bie torn. Twenty persons were admitted ais time, and up te one o’eloek every demand had been promptly paid. ‘The cashier, Mr. Pisit, was standing om the bask steps, ‘and G14 nothing notable but to beap eure and invite opm newspepere and their reporters, who ssked him ina re spectful manner for information. Some of the directors, who wore outaide, said thal if the ran continaed they would probabiy be compeilet to demand a week's grace from de- posttors, to be avie to mee) the demand. DLEROKER STRRBT BAVINGS BANK. In the morning .nere was but little » xcitement, but as the hour for paying owt money approached the crowd grew jarger and larger, and st four o'clock there were ‘abou! 1,000 perrons in and outside the bank. We tried to ascertain the amount of deposit: withdraws, &o., bu could got no sallefactory infermation. This bank, we Joarn, wil! pay ite depositors in city bills. MANBATTAN SAVINGS BANK, The ron here hae materially lessened. Bai few were ‘rawitg out money at noon. On Saturday $10,C00 were paid ont, on Monday $14,000, and yesterday about 920,00, Tho excttement, which at no time bas been very great, soome to bave already subsided. About $2,000 ‘wero rocelved on sesh of the above days on deposit Tho bank \s paying part bills and part epecie. As an {itustre tion of it thorough solvency, whHe our reporter wae there the sister of one of the clerks ame in, and, ad rearing him, sald, “Do you think there ie any fear—wiil I draw my money?’ He replied, “Go home, mind your business, and don't make a fool of yourself.”” IRVING BAVINGS BANE, ‘This \aatiintion has been somewhat preased for specie by depositors (or several days past, but the rum seems to have ceased almost entirely, and yesterday morning there ‘waa not the foast sign of |t. The bask pays all email do positors om call, but in common with the other savings danke they take from heavy depositors the three days’ notice allowed them by law. Thie institution le perfectly solvent, as sound as tho Mint iteclf, end any farther run upon 4 most arise from foolish Umidity or ignoranes of ita are secured by bond and mortgage on improved real eatate in this city and Brook?ym, valued on the ist of July Inst at $900,000, or more than double the amount of joans. ‘The balance of its (nvestment is in 7 per cent New York city bonds, DRY DOOK SAVINGS BANE. There hes deem an increase (a withdre wals of deposits from the Dry Dock Savingy Institution during the past few days, but its oMoers state that {t does not atfocs ite stabili- ty. The following isan extract from ihe annus! report, made out up to July 1:— “8,000 + 165,000 ° 61 roRys) 38,188 91,020,008 ‘THER OLBNKS’ SAVINGS BANK. There has not been any run upon this bank, and ihe tota' amount withdrawn is only slightly im excess of their regu- jay amount in the routine of business, Depositors are dropping im as usual. @RBENWIOH SAVINGS’ BANK. ‘There is mo run on this bank. The business is proceed ing ag usual, About $10,000 a day is being paid outin bills and specie, and from $3,000 to $4,000 deposited. MARINER'S SAVINGR’ BANK, No excitement or yum. Everything goes on in its usual way. Some few persons have withdrawn their deposits, ‘Dat more have opened new accounis, Questionsare civilly and satisfactorily saswored by the cashier, and people go away in good humor. The following is s statement of the asnots and liabilities of the bank: — Ie not aifacted by the panic, according to the sis\ement of {te officers. On Monday they paid out $600. The other days for drawing money are Thursdeys and Saturdays. MECHANICS’ AND TRADERS’ SAVINGS BANK Hiss met all \te depositors’ claims, and can well alfurd to do'n0, ag they havea strong reserve of specie. In resly to our question if they did not expect run, one of the officers sald, ‘Let them come, we’re ready.” MMIGRANT SAVINGS DANK. A alight ran still continues, but not of sufficient conse- quence to alarm either the offieers or the pablic. BROADWAY SAVINGS DANK. ‘The Broadway Savings Bank experienced « alight rua ‘They fel} back on the following by-law:— or by the order of the seoretary or SeaceinGtt uasine chanting comanionmay aliow the same to be paid during any reguisr hoarse of bu By this no money caa be drawn until the third Monday im December, They paid no money out yesterday, RAST RIVER SAVINGS BAKE. ‘There bas been @ run on this bank, Dut not serious’ The officers bave Informed a!) wa0 called that the reyuired notice would be required before withdrawing their funds. There were foer policemen stationed at the bunk, Dat their services wero not required. The carbier farnisues the following statement of the condition of the bank to Oot. 1, 180T— Assots— Loape on bowed axd mortgage New York Cily stoor ‘Mate sivcke BOWERY SAVINGS BAN ‘The run opon this bank was resumed yesierday morn ‘pg, but towards afternoon the crowd considerably ibinned off, A large force of police were in atendance to keep order, but their services were but little needed, ae the people were both orderly and tm goo! humor. The bank paid out ten per cent on all depouils, without asking for the usual notice, according to the foliowiag by.law:— No perscy shall have the right to demand sny put of bi prin pal or interest without producing the original |, thet such payments may be enteret or at any other times than on the third Monday in each and every month, upon previous notice of one week to the ; and go lors som than Ove dollars of the cipttial of any depostior shall be wiihdrawn, unless the wao.c sum deposited be less than that amount. ‘This gave great ani general sa\isfaction, and it is pre sumed the end of the rup on this exoeilent and thoroughly sound institution ig a\anend. alte s camber of persons who bad withdrawn previously, re deposited their respec Uve sums yesterday, amd several new accounts were opened. This bank paid 01) yesterday $10,000 up to balf past three o'clock. One of the officers told our re porter they had $100,000 a8 yet umlouched im tho Agsay ofhee, INGIDENTS, RTC. The depostis in ber of the banke are increaving, and the excitement ia mauy qaarters dyiog out. Some of those who have been drawing moroy in apesie | tho savings banks sold the same ats premiue, aod do festied what was drawn in the very city bills bought ‘The savinge banks will put an end to this by paying out tity ile to thelr depositors. We heard of several robberice committed, besides the jous by depositors ‘hrough carelessness. One young wo- man who drew $76 thought she placed the money ta her pocket, but instead it fell on ibe sidewalk, and some of tho golden treavure found its way iio more seoare quarters. She only recovered $66 of tho amount. Another woman month's nollce before payment, on all draite Siaounling wo over Atty dollars. - Before adjoursing, the directors learsed of the action of the officers of the New York banks to suspend spe sic pay: ments snd accordingly decided to pay depositors current ills, should they prefer them to waiting ihirty days. At three o'clock, the hour of opentng, there were abot fifty persons in waiting, and up to seven o’clock there was BO press. A majority of the depositors received bills, while a few cave the required month's notice. THR PANIC AMONG THR SAVING@ BAN C8 IN 1837. Our reporter was informed by one of the trustees of the Bowery Savings Bank, ip allusion to the financial orisis in ‘1837, that ($ did notin any way sericusty incommoie the savings benks. That in that year the Bo very Savings Ia ‘Atitation had but $600,000 om deposit, and as soon as tne Yon took place they threw themseives on the rales of the bank, avd requested of their depositors » month’s notice, aa provided for, Before the mosth transpired tho panic passed off, and there was no further oooavion for in{ul- gence; everything went on as usual. This stipulated no- ce the trastees feel should be always demanded as a pro. tection to themsclves and thoir depositors. We learn that tm the year 1837 the paxio manisat tho Bowery Savings Bank resulted in an extra dividend to those of their deposi ors who held om. Tho same will be the result of the Present panic mania, PUBLIC MEETING OF MERCHANTS AT THE EXCHANGE. EX¥YRA SKSSION OF THR LEGISLATUR® RECOMMENDND --COMMITTER APPOINTKD TO GO TO ALBANY—CON- FIDENOR EXPRRBSED IN THE CITY AND &TATE BANK&—UNDUB HASTS I” CLOSING THE PNOCABD- IN@8—DI¢SATIGPACTION OF THE MERCHANTS. following oa!l was ciiculated among the merch «nis on ’Caapge yesterday :-— A mectiog of merchants fe tnvitei at the Exchange at balf-part 8 0’ slook to-day, to consider ths state of pubis interests av connected with the suapeasion of specie pay ments by the banks, and to adopt such measures 4s tho public welfare may require, Moses Taylor & Co, Henry Coit, ED. Morgan & Co., Gordon Talbot & Co., Brown @rcthers & Go J Adame, Maitland, Phe'pe&O2., —*F. M French, & William Nelson & Son, Livingston, Grinnell, #intarn & O>., Foster, Eutot & Oo., Tucker & Co, Howland & Aspinwall, ‘Auguatus 8: Onaries H. Kuseell, ” J. H. Brower & Oo. ‘There was quite s large attendance of merobants and others interested in the object of the mesting, and had not the procesdings been characterized by unseemly bee, and the meeting commenced and closed prematurely, some important results might have flowed from it. At aly events, some measures might have been tgreed upon that ‘would have proved beneficial in the crisis, But for res fons best known tothe prominent actors in the affair, a snap judgment was taken; n> interchange of opinion was had or permitted; the resolutions were declared car- ried because few understood what they were, and the meeting adjourned within five minutes after the time fixed for tts convening. Fall ten minuies before the hands on the dial on Trinity burch pointed to balf past three, the meeting was called to order by Mr. F. D, Morgan, who read the call, and pro- posed as chairman Mr. James Brown. The proposition was unacimously csrried, and Mr. Brown took the chair amid some demonsirations of ap Plause. On motion of Mr. Morcax, Messrs, James Leo and Robert Goodhue were appointe:! Secretaries. ‘The following resolations were then offered by Mr. I’riA- ran Pet ‘anted ss in thelr wisdom i § Di for the publis good, snd to enable the danke to continue their ald to the }, meobanical, agri cultural and commercial inéumry of ths State, to give em ployment to the labor of the cily aud to renew specie pay ment at sn early cay ved, with te view to liquidate the indebiedness of the interior, and to hasten the shipment of protuce to the seaboard, tha: it ie tbe duty of Now York mor chants and of —— to afford every facihty im ineir power without dolay. Resatved, That in tho jedgment of the Nev York mor chante smembled, iooking mi thoro great ei ot wealth, the varied and crops of the United ates, the existing monetary dera.gement may with certainty be speedily corrected, and be followed vy @ restoration of conBdenoe to the ordinary machi and credit of busi 5 ie the veverity of the crisis #iii be long romembered. #0 too will the speedy arrival of Resolved, —— — be acommitiee to present these resolutions to the Governor of the State, at albany, and to solicit bis | mediate action thereon. Mr. Paxrr submitted some brief remarks in support of the resolutions. [le seid that the merchants found them- selves \o-day in & novel condition of alfaire, with the cliy banks obliged to suspend payment, although the ‘ay ANK ‘The following notice was posted on the trees in the vie! on Fatton and Concord streets, yester- about the bank did not appear excited, and readily re cetved the statemente of the safety of their de soi. SOUTH BROOKLYN SAVINGS BANK. This bank cloved ite doors yesterday morning. The fol towing announcement is posted on the door — Bourn Brooxtrs #avim g Lemeterom. 3 a Ot ore He liad ot the ‘ecoke of the cities ot how Fork and ‘rookie. he traatsen of the Bouth Ravings Inatitntion fee! bound im duty tothe depositors, for ihe préseat to dies rntinue the receiving and paving of thie emergency they caano! con vert their into without & sacrifice which they do not a bn ‘Make, becanse these L of and = morigeces om real estate in. this city, worth ¢quble the amount loaned, and of New Yor! Vo FFE YY county bende, interest secarky if mare neq ise tonabie, and thas (ar ote co'lar bee been snaridoed, a . i soon ae cireumstances bank will he resumed By order ot 0. Dowsixe, 5 TRA 8MITH, Presiden! The Brooklyn Savings Bank expeois to be able to resume operations in a few days. THR WILLIAMSSURG SAVINGS DANK. There has beon an almost constant run upon this bang for two Weeks past, and on Tuesday they paid ont more specie than on any previous day, bat notwithstanding this, they opened the doors yesterdsy afernoon with » larger amount of epeoie in the vaults than on any previous day, At® meeting of the directors on Tuceday night, the following resolntion was pamsed — Resolved, That it is and for the best interests of the depositors in ‘bank, to avail ourselves of the right seonred to ua by }he by-laws of this instivatien, to re. i i li | i | z g isa 535 i tite 2 5 . 2 # i i i +H ss blvtit if, i velit al ies if 3 4 i r fl Fg Hy Fa" : t a | the purpose of ‘making exchanges. PRICE TWO CENTS. self to get another suitable person to preside. Bo fowed Ra ote however, willing © assume that PAAIM, up '0 4 o'clock, there were persons collected here aad there Olsouseirg with much warmth the Sena panes mae seven Ke =e ecard the aspect of | generally probabie bona fie meeting of merchauia will be called for to-day. MEETING AT THE CLEARING HOUSE LAs? NIGHT. ‘The bank officers held @ meeting inst avening ai ibe Clearing Howse—Mr. C. 0, Halstead in the chair—when ibe following resolution was adopted, without 4 seent:— Bescived, That the city banks will tke a} par noes of danke of thepyate of New York secured in the Bank De; groups of rotande, mst A Commitien wan appointed to arrange the details of ibe plan, which ts to go into operation immediataly. DEPARTURE OF THB UOMMITTER FOR ALBANY, Toe committes of three appointed at the meeting of bank offlctrs held at the Clearing House on Tuesday evening, for the purpose of proceesing to Albany to request the Governcr to call an extra session of the Logisiatare, to oon- Bicer the necessity of enacting some law to gtve relief, in the present Moaucisl crisis, lett clty for the ate capital, yesterday, The committee Is composed of Yuszre. Tiewion, Darham and Kapp. TEE COMMITTE OF THE NEW YORK CITY BANKS AP ALBANY. ALpayy, Ooh. 14, 1887, The commities from the New Yere olty banks, with » sim!'ar Committee from the Albany bauiks, mes st the fixe cutive chamber at 7 o’sloek thie evening, andare a thie hour (10 P. M) {a conference with the Exerutive. ii ie believed that the Governor will give hig decision to mor yow morning, !n accordance with the demands of the com- mittees. REPUBLICAN GENERAL COMMITTES. THE CITY R4&PUBLIVANS DO NOP WANT AN EXTRA SESSION OF THE LEGISLATURE. A meeting of the Republican Gsneral Committee wea eld last night atthe stoyvesant Insitate, John A. Ker- nedy in the chair, and Wm, Peel secretary. Aftor the transaction of some unimportast businese, Mr. Maxsmart moved the following resolution :— Resolved, Toas in tie opinion of this committee special legislation ia alwaya to be deprecated and avolied, and ‘hat a special session of the Legislature 1s not reqairea ty the exegencics of the times. A sharp debate 10k piace on this subject. A motion fo lay on the table was lost. Mr. GOLDING was oppesed to the passage of the resolv Mou by that body. It would do no good, and would caly tive the democrats a chance to criticise the acte of the re- publican party. Dp. BxODGR«SS was of the same opinion. The comm|iieo bad nothing to do with that mater. Mr. McTompar thovgbt the resolution » proper one to 56 ed by tbat gation, and be hed n+ doubt but thas Would have lis due effect. 4pecial legislation ie uways a . and he believed tt would sinister ictent, so far as m F. Detsmetp Surrm thougot it wea'ld be unwise for the committee to bet had no symyps- thy for banks or Mr. Jonx J. Doawa, the Registor, strong'y urged iho passage of tbe resolution. Afier which a vote was taken, and !t was dectured ear- riea by @ vote of 21 to 15. THE NEW YORK CLEARING BOU2E. THE OXIGIN, OPERAMON any MaGwITUDE OF OUR CLRAR(ING HOUR BYSTEM. ‘The New York Clearing House system, which bas just completed the fourth yoar of its existence, thong’ of | menee bene(it to the New York banks in the factitiation cf their businews, 1s fully comprehended but by aamall m- nority of cur business men. Wea in/srmed that itis ie fn institution for the regulation of oor banks, «r4 for tne speedy settlement of thelr differences, many woult doabi- Jeea wonder, with Mrs Partiogion simplicity, thet our great financial (estitutivns should be #0 dic- orderly and quarreisome as to need logis'ative discipline. But the regulation ie not of @ very severe disciplinary “dilferences’’ are sottied, not with bard bard dollers. Before tho establiahmest of the Cleariag Fase each bank was obliged every morning to sont an agsat to every other bank (nm the city with whom it hed agifor for ihe colaiteed, 1) may be aiated that in the course of \te dally bas\nos each bank recetres checks and notes on other backs which are to be dally redeemed in cash, or counter de- mands op ‘isctf, conatiiuting what ae vermod cbanges."’ The differense between the am sust w! ob cae | dank bagto be redeemed at ancther, aad the amocel which the otner has to be redeemed by it, oF the dito rences !n the ‘‘exotanges,"’ are called ““balenoss,’ Unter tho old systom the labor of sotiling there excanoges end balances was vory great, and oonau nod at joast an hoor and a alfor two hours every morning The otl,ceve had no balan ve lees (hae £5,000 shou!s be demandes opera'ed ‘very unjostly apom the larger banks because tho smalior banks would take care to keep thelr balsaces below thet Amoust, and thereby in the aggrogats aave the ule of @ large amocat of money free of charge By the Clearing Huse system whe labor of making the exchanges, which formeriy oosupied an moor ands psif, ‘a Bow performed in seven or cight minctes; and the pay- ment of “ balances,’ which formerly cmaumed much time and trouble, and was extremely isconvosiens, is now performed by the Clearing House for the Danke in a very short time, daily, Tho small banks, v0, are deprived of ‘Uheir former advamiage as, by the hee an explicit eettioment with all (ne othore ‘Tae modut operandi by which ali these and macy more Deneficia! results are attained, must de @ ecdject of {terest to all business men, and ia Werefore tne sable of wis articie. Tho New York Cleaving [louse was formuily astabiiened om the 11th of October, 1853, under the supsrinveniencs of Mr. Geo. D. Lyman, \te provent manager, who war ihe originator of the sy dem and worked with \acsasaci vigor for \t@ adoption. The objects of the amociation are the eifec ing si one piace of the dally exchaager between the several assoc) ated banks, and ine payment a! the sams piace of the be ances roeciting ‘rom @oh exchanges. But the arene ation ta Im nowise responsible in regerd 0 euch exchanges, DoF tm regard to the balances resulicg there’rom, exeo.® #0 far ae such balances shall be actealy pelt icto the hacte of the manager. The responsibility of the association ie Strictly Jimited to the faithful distridation by the manager a the cre iitor banks, for the ime being, of tae some aotuslly recetred by bim, aed ebeuld aay low o.car ‘whilet ide sald Dalanses are ‘0 the cuvtody of ihe manager. they are borne end pals by ihe aeociates Danks, in the seme proporiion as the other expenses of ine Clearing House. Fach bark delong'ng to Ibe amsoctation je recrerented a) all meetings by one oF more of \te princi ai of cers, aad e enitied t) one rote. euiet be Os s Special y Clearing Hoat0 oow- mittee whenever may deem |} @ pe lent, or whee. over they are requested to do so by any seven of the ageo- clared banks Atall meetings of the trartastion of eS aes ‘every aan triers Govier 0 called to have charge and generaly the manager hae immediate ebarge of all buslsese at ibe Clearing House s0 far as relate: 9 the mauner ‘in whic® Transacted Weball be | ; and ihe corks of ihe satabliel~ Medt, As weil ee the seliing clerks and ay 5-4 Danks, wMlo a1 ne i the Clear ng Ho..#e on socount of the defealtng back, wil, of conree, consutule claime on \he part of the severa! rew- ing bake agaimes What Daok; Dut, ae berwe saied, ‘farecciation 1@ in LOWE responribie therefor Frrore (nthe exchanges, and cletme arising from the return of checks, or from any other canve, are adjamed directly between the banks who are partion to (hem, and ‘not ibrogh tee Clearing Hoeae, the aseociauion beng (0 Ce Be my reacect to them ‘Ree! for errors and defistencies in specie cetyed #: ine Clearing House, comtained in bagt or other