The New York Herald Newspaper, October 19, 1857, Page 2

7 pressed the rich, bus ned the poor. lied 'o k-e0 one horee insiend of two, stage inetead of bis carriage; if be reduced trevohea in everyt>ing, what harm would be done? Much -reeult from it. It would make him and hia iy wiser by tesching them jeisons of economy; but with the poor retrenchment was starvation, In oonsla- sion, the some wholesome advice to the poor. the hints thrown ont were the following: — The “ Take no for to-morrow.” Cm ga 3 the Seek apd pray, and keep @ good heart. one falls, avoiher may not. Hard \imes are overcome mot by — upon veri, moping, grambling and crying, but by being uo, alive, lauehing ecd doing. toe door of perseverance often leads to tae Malls of ai!iaence, and always to plenty If ® siveithood omanct be odtainoa {nm one way, have Yankee spunk and ingenuity to seek it ‘Qnother way. Nothing is diere- peoiful if honest, even to pce Sens eet h ‘it foe te ) Wg mean and cor . Theugh 1 rapot in gold and cushioned in rrivek bones Sou cae afford to be be idle, for the woric needs them too much. digeace anc tnrift and prrseverauce snd good te! Overc*me many difficuliies, and can yet, FE) oa the batiic feld of life sives muscle wd mightier conquests. Har‘ times only deman biows, The spell wil! break end scatter « cornucopia of rich Diesings upon tho energetic laborer. Nevor give up !~ it is wisor ant better Alwnys to hope, than once to desoalra= Fling cif the load of doubt’s cank And break the daric spell of tyrannioal care, ‘The watchword o! life most be ‘ Never give up!” Never give uo; there are chances and changes, Helping the bopeful, » hundred to one, And through (he obaon High Wisdom arranges Ever auccear, f you'll ovly bope on Never give rp; for the wisest is boldest, Knowing that Providence mingier the cup, And of all maxims the best, as the oldest, Is the watchword of ‘Never give up.’’ Never give up, thorgh the grape rhot may rattle, Or “the full thun¢e cload over you burst; Stand'like w root, and the siorm or the batie Liwe shall barm you, though dolpg their worst, Never give up; if adversity presses, Providence wisely bas m'ngled the cup, And the best counse! in all sour distrossos Ia the siout watchword of “Never givs up.” A VIRGINIAN ON “THESE CLERGYMAN FAST TIMES.” THSY ARB THE WORK OF GOD--THR MAKING READY FOR HB FECOND COMING OF CHRIST. The Rev. Mr. Jigs Bray, of Oumber'and, Virginis, de Livered « discourse before the Bethesda Baptist church, in Clinton Hill, Sunday afiernoon, at 3 o'clook,on “God in Ceonc fast times ’’ The text was taken from the sixteenth Obepter end third verte of Si. Mathew — O, ye bypoorties, ye oun discern the face of the sky, but can you not discern the signa of the times’ The epeaker spoke substantially cx foliows:— My rtention on this oroa:ion le to speak of these fart times, and cf God in them. For the iaat thirty yoars, Ire- momber, we bi bad annua! excitemen's about some thing—oow the coming of the end of the world, then the coming of s comet as in Jane last. God has caveed all these things to try men’s consciences. Theve strangs times! these fa.t timer! these wonderful times! These are expresions in every bedy’s mouth, which signify bremeener: ber th ia—the great orogress of men and things ; the great Bast of the world. They are very charaneristic years ago was pover dreamod of 4, 1 BOW far uiar to our children. great crisia, bat the great heart of is not yot satisfied ; ite daily pulse is ir, higher ; its great heart has jast gct a waste something more; ite groat eyes roll and Dalia for something cise. This rostiovences discase that aitlicts one here and thore—it is ming fiame what aifiicie ihe whol . Go ‘will it ie found ; ail is bustie, Coofurior, aud the dio sic. Forty and ‘ifiy miles an hour alow for us to travel now a days. far too long to be going across the I wont and | qill is the decalogue of the day, and benoe the consejuenc:#; bu: in takes time to think of cous’ quences: wrefore, they a'e disregarded I want, I rust and | wi, ia the word; hence ths public cry a “ go abead,”’ “pul on steam,’ wll they go right throrgh draw oridgos, right throogh whole cars o’ mee: trains. Jost put on steam, plie on the wood. others have gove through, anc we may go too, and away we go, aod, heavens! where ba’! welsod’ 02, 0n we musi go, 40, ‘and 60 miles ap bour; bot bark! there isa grand smash Up, Care roll over cars, and corpres over oorpare. F moment the acs di acems a great dea cry ‘move fire,” fwstes! men, the fastert horses, the Tamest doi. fastest dying, Ul) we all g> more fire and more steson. Come with mo behind the curtal ‘and ieok af God stirring theer tast w the bole for the acoomplishmons of bia ends. é and toe tumbling ato the grave, crying To ue ance at \his vanic Now, who ever suspected that (od to do with this panic’ {0 do with the panic at bo bed to seucing ine rain teat + any tt ing God bas jast ax much wren. Tols world is like # great wbip, in whi b God \s ue sole, sovere’gn snd ®il puilicient cou meander, and #to s!- ‘Ways site Bi oe bell, eolding It wilh perfect eat. God aw ibis jon ik» # ebip a1 sea, ranving before the ‘wind, crows: fail, and running straignt down into ine gulf of destroction. Tosi is jut how God locked at this NEW YORK HERALD, MONDAY, OCTOBER 19, 1867. A Von ia this pressure; bas rather the oaturel rosali of our Cred\\ sys'om. When Gcd meant to punish a staviog pa toa he sent famine and pesiiience to desviate |i; bot we had n> famive nor pestilence now— nothing bat a collape tm our credit ayetem Ho west on to show that every Mpancial pressore which bay visite 4 this country f: 1816 was the result of the rane causes, and was ti paturally tw be expected. He repudiated the ides that our present difficulty was any proof that nd proceeded to shew that great God was angry with Prosperity induce inorsivate eel? ap eg wd in man, aad weeken their deperdence om God; that carried on Qholr ba-icoas + ith conildence ta theirown judgmeat alone, and forgot the God who watched over and guided all hu- manettairs, He saw a great moral lesson might be learned frem oar present mistortunes. It would teach us bow perishable were all human gonds—how worthlest was ocr reliance on sriificiel life. He remembored that after the crisis of 1837 the re) revivals wore remark. sbie for the namber of ‘ehanis who oonfewed their sins ago'nst God, and returned to their daty to Him Be concluded by recommending to the young men of his congregation, ond (o (he wives and daughters of those eo gaged in business, to retrenob thoir expensoy ti00 the closest econemy. Thet he thought migh thing to come from the puloli, but at was nece.sary,end he impiored his the winecun, wea a false ostimalant, for consolation to ‘hetr misfortunes, but to trast tu G d, who never for sakes {hore who believe i+ him. They sbou\d not look ‘on the dark ride of the picture. The pressure was only temporary, The times were as goodasever It was not the men o’ the times who make the tims, but the times which make the mco; and he was sure 1 the men who ved im the lag geperstion were among us now, we would ‘Dot wineas such a financial oiisis ar we are experiancing. SUSPENSION LEGAL? IS THE BANK Views of a Red-Mouthed Locofoco of 1837— Can the Senks or obtain Judgment !— She Trap of the Avglo-American Baukers— Are the Banks Solvent Under the Law t— What ts insolvency ? LETTER FROM CLINTON ROOSEVELT. To THS BDITOR OF THE HBBALD. Seeing im the Hanacp an exiract from the Albany 47gus on the suspeusion of specie payment: in 1837, recalls to my mind some circumstances which have pever been pu)- Lashed, ard which the public ought to understand, It may be recollected that the relator was eleciod to the Ameombiy of thie State by taat much insulted, honest party styled by ite enemies the red-mouthed, fire esting yocofooo party, whose very breath was redolent of five and brimatone, If they did not aid that we ali hadsaucer eyes and ogre teeth, eo much the better. If vile abuee and reckless misrepresentations are an ex cure for utter disregard of thove who exhibited none of the charactoristios of high bred hooorable gsatiemoa, taat excuse belongs to the writer, shoald be, in this article, cbaracteriso some things he saw and fell in unpolished wing ¢xpanted the currency enormously, the writes moved immediately for an inver- tigation, declaring at (he same time they wonldail fail un- leap restrained The idea was at first (ncomorehansible, but bis point was carried, and by parliamortery law and usage be was eniltled to a mij rity in favorof the purpose of the committer snd to aotas chairman. Bate terr! Me commotion was create’ amongs the guilty algovor the Sta’e, and bankers were aroused t preveat a trae in- yeatigation, accordingly they {looked to albany, avd had ® reconsideration, anda bink direstor was appointed av conductor of that sham investigation, with some wli meaniog men, who mzai eatily be hoodeinked and | blindly to see ao wrong. For, afer ail, mea tre cot so bad as they sometimes seom, when under great terror or necesiiy, It ts, indeed, geveyally weakxees more than mslioe aforethoug ht which Causes men to give way to temptation against (heir batter judgments. Be this as {t may, thore good, honest, honor ‘able men brought in a report thet the beaks, with hardly Dad ai! been we'l end pradently conducted. ‘alse report could be printed tbe load re- mniversal failare was reeounding through {tos balls of the Capitel, and what bad been predic.ed by the writer came to pass, even £0.0er than he bai aimeeif anticipated. The phe yn-d bardly knew which way to look, avd were really pltiable odjecws, bat [t hae 20% at all hart their popuimrty sivce. Inceed, one who swears to a lie is paid more for it in our courts of j »stice than one who always telletae troth; and » bankieg government was in some way pay its bumble servants, while at the same time they musi vrevert al! bovest mon of unyield ng from ever after taking any part | Thos. Telima¢ge, the Obalrman of Washing Committee, haa vince been Mayor of B ooklgn. = ft not im Gath. Of auch stuff are oar legisiators made. By the way—in England, there is claes of worthies conmpected with the profession, as thers is here, whose it 1s $0 swear cases to court over sticking Places, for @ private consideration, aad they are sone. Umer termed ‘‘strew shoes,”’ from their sige—straws in the lachew of their shoecs—as they perambuiate the par Neus of the temples of Justice; at other times d——d souls. I aporebend it is from this class bankers take f00d care to selec; their representatives, and to exolute ‘ali otvers they can from a!l share in ihe government. By their works let them be known. If none ssorificed their borer, oO peciences or oaths, to pase the suspension act of 1837, then have we been too harsh ia these expressions. Bat let eg to the yet unpublished history. Benk (Moers thr id from all parts of the State and kod the avenuce rf the Ospitel, and even crowded the Rouse ‘oor, oot wall role, while the debate was up. Toreatentpg placard ware ported all about tho walls to coerce the membcra to “relieve” the soolless cor- porstions, while pot one word wae sald, more tan , of say law protesting the egainst notes of private merchants or mechanics, excepting by one or two who were probably threatened Lae mous Com manications, so that the writer, for ‘part, thoegbt lk most prudent to go Armed tn self defence, al- treugh, to be sare, anonymous threas aro of amall se ovat. And yet no man kao ws what « desperate [ol may do, incom “Fools roab in where angels fear to tread.’’ ‘Iwo or three such were set upoa the writer in srother way. For (natauce, on one occasion one Rogers left his aret and came Dear apd act broad negro laugh, ona Py wcojec: of depaie, epeski a vater, who observos ‘th dication of # vacant mind,’’ and Dr, Johnson fi remarki— Of all the ile wilh which « men is curst, ‘The inugbter of a blookbesd is the worst.”’ ‘That gonias has snes been sent to Congress, although he immodiately asked leave of absence from tbe arduous tolls jegisiater, everybody meeting him thereafor with s piessatt sm) Ano'ber cet got ap a necret conspiracy to force the wri- ter to resign his sont, but the rascals ‘iashed in the pan and perer dared rep rt "8 Were some honorable men who were jendiy while openly in oppwition, who they were jan\Gabie in trampling on the nation before the pasic He comes ont of bis piace ant hoy ' about there, take In canvage p seidie for ;ome time to Come. True, in fh the storm, we lort rome 0° ibe top fails, bet wo witbout them. By this figure I mesn’ tast our navonal recklessness ard exi avayance bare broreat us © thie nd God im mercy is revuking va for It Tne tw» great ‘orimes of the ege are domes.ic cxtraraganoe aud commer cial bing There is bigo presswe st home, bigh preasure abroad, high pressure in ibe ovuntirg ny ‘and bigh preseure everywhere, God in ble mercy just saved us, end inetead of repioing you should wih al: our heart thenk Gotfor it. How beye mea in thelr base ‘that they are agonts (a the bauds of God for aocomplieb went of bis parporce mpd the carrying ou! ‘That God ls Jost caing the fast men hy vil hie ak, 80 ibe Now bere are fast mon spoken of ~m are fast mon. Agai, before Christ shall come 4 time, bis Gxpel most be preached to erery me. Now, what is Sir Charles s ou know the Gospel has boen to every poopie, just thon you | ‘necond coming of Jeeut Oaritt, and you come's before thon. Then lot us have the men, snd fast money, and jet them s td wery continent, and let them telegraphs across erery ses, thew bails yh I eamors and Gres) Ketter: ~~ armies, overtarn dynasties peoples and uations, for God has need O° all thie, My im ta that these ‘net timor ar 1 wo have faeur | man from Monroe retre constitution as wreiches at seaand starving may cevour Some of the weeker of iheirpamber, Indeed, thir ia the of a)) boasts of prey, snd ia extreme want Mate of high excitement tual iney were barcly to bs com tidered accorntable delnge: nor did they aot as such generally. They violated weir oaths to sustain tb Mitotion, nor conld they deny it when the facts placed before the Houre tn the most emphatic manner when the supenrion act wea brought forward An at tempt to drown the writer's voice was first made by = ent clamor, Bot be sald:—Geatiomen, | flocr. I know my righi and shell maisiin ther oid the floor a week, {nosessary, aptil I heve silence od attention. When the slience was restored the writer, soiemaly raleirg hie right bapd, eaid —This—House—cannot—saee —toir—act——witbout—oommitting—perjary and by the time the last werd, perjory, was uttered he had struck the large Dil! bo: k open before him, as any ope may fancy from the effeet it hed of throwing up to his feet on the \nstant tbe Hor. Derich @iviey, from Monroe, with the sbrill ory, “I cail the gentiomen from New York to order.” Torpiog to that rignt honorable gentieman, the writer wad quietly be ppy to be called to order by the gentieman from ‘om, bocavee this wae (bs point ho Gmire’ to have met. \d ecoortiog!y demand to have the objections wridiog. according w the | rules of the House, \ ght answer (aem, and for sDm porpose be would Bow take Dis wea) ‘The bank ton of being the ned, stood first om ene foot and then on the ing for utterance, but a! length sat down a peaking & wor satan eee in ror and solomnly said —It igvery weil. Tao a I therefore over ct mace fyage cannot puss thie act When we took our places Constitution of the 0 State eal! pave ‘ing ibe obligation of con- oy post facto \aw in one ‘whieh elters the penalty of & crime, sfer the penalty 's lecurred, for auapending spec! Aven the Bapk of & firms and shen ask for te DR. ARMITAGE ON THE SIGNS OF THE TIMES Dr, Armilage preashed inst nivbi at the mooiing hovre Of the Norfolk street Baptist church, on “ihe signs of the Gimes,”’ to & very larye Congregation. He said thal he bad & few remarks to make on the mors! lessons to be learned from the present (inarcial premeure, bot be diferei (rom. many of bis brethren, who,¢n preceding Sabvatie, bad preached on the same subject. They attribated the aansia digaater to @ maledic\ion from God, but he did not» and then came to tomaa ty, Nor was this all. The oldere wore to be resirain- 64 from eer king thelr remedy by Inw while the bankers Were lowed H Wiihéraw RCcommodations and alse the yalre of money dmble, perhaps, as compared with ite ve lve whenfloane were made, and rob the people to an inoal ou able extent, I insisted that this was a violation of cos tra @ oven greater than that of freeiog bankers from the obiigations t pay Db A overtrading which had canged the suspension bank) (vidal riitation we bad x toulr—if I may eo term them—waited for that Iicbt. He thought that the ministers were not the ber men to treat euch a subject, for although many of them wore endowed with at good qralition te make merchants ‘as oiber men, atill {twas proverbial that thoy were, a1 a sat fae "ator pep ‘One fe wrdaren tne ai Gributed our @)Moalty to hee pg md our ‘Wives and Cavghiers wearing eilke insiead Hie ee end lovey woleye—to our houses too samptuoas, bul he could Bos view {4 im that light, for he though! that ail She umber csed in building their houses wat ding ose lene \n the woods a few years ago, bot now (t wat availa bic property, and our brown etone houses he thovgh ere beter disposed of then if the stone ro ‘mod ip the quarry, Oiher olergymen bad jc that ihe cries nt from Got; but he nivtere attributed every sniefortune to God they did (justice to the oanse of Obriat. Por bis part, be could noi soe muy evidences of a maledic | Legulajures for some one to rise aod answer, but I do spy answer © ron attompted. It refcta'ion waa posible. The members did the of he feow of that on, aod the betrayal of the © te God for tbe “almighty paper dollar ”” And now what lt tho practionl lesson all this experience conveys’ Tamewer Our form of government {s not oven & good farce. Ih ie debas og to all the highor attribates of the ie sou! Men are generally elected to office by banks, not becsuve they will resist corrsption, bat be- cause they wii! ohbile those conquerad are gene tee me, in power behind the courte and 2 RASWer Wo the propesition of true mea as candidates e— An excellent maa, bul yru canndt elect | at heme >{m’'—mot popular enougs—dor’} mix with the peope. Tp the mean time those who do mix with the peopie by placarding before political the words of Jaoxron and Jefferson in favor of & conabiational our) cacy, Wey sreeecretly plotiing wits sheir oem Opponents to ficod the oovatry with a @-artour cur- renoy to displace gold and silver, and then ask for reltel at precoat frem the courts, if not from the Legisiatu Bat po msrebant, or mechanic, or manufacturer, b ce ts benest and tas pe ‘of asvels, can now be reiloved (oun yroteats by the banks. Why may they noi? Why bold individuals to a siriot pay ment or protest, and relieve those by excessive tenues, bave encoureged overtradivg, I repeat it segeinst both Jaw and equity to gira any men, and mach less soul lena corporations, the advantage of their o ay bots iroag, ‘Bet there ooght Wve ca ue, ry 2 ion tale po suspended hoares call a moeoting ss the parkers do, and they, too, may percoance find relief, and not thst ulter ruin they no” uticl pate, Con ‘power to regulate the value of money of the Constitution, snd now Congress don to pace an act to reguiste is value 60 ment by failirg hontes to creditors at homs acd abread sbonld correspond with the value of money $; be peld at the time it may be paid, go that the spirit of no contract may be broken. But if we go on as we are golng those tp debt wil be irretrievably swamped and bakery since the banks cannot resume specie peywonts withoa! contracting their accommodations, and this will inevitably rage the mossure of valves I used this agument at the time of the last sus- pension of specie payments. It was opr0sed by who have since deslared it was their only chauce of {lon so far as the things of this world were concerned, for bey bave not been abie to raise up their beads since, and the great bankrupt law was only a great disgrace and mor- tficaliom even to those who took its benefits. money remained the same as when the debi was coniract- @, Debeseh mart have “‘the of flesh mentioned in the bond.” Let creditors then declare that no corpora ion ahall bave the life blood with that pound of flesh from next tbe beart, Why not save road also from protest? 3 duixtox ROOSEVELT. CAN THE BANKS SUE OR OBTAIN JUDG MENT? To Jas Gonpow Banwarr, EsQ.— Had | always taken the Harry, and conSded in those Prophetic warnings which have now become matter Cr history, my pecuniary position might have been much im- Proved. But alas! (hey were unheeded. The crash and iho crisis bas come. The banks are in the condition of an “onchartered libertine ”’ Out of the pale of the law every aot {s vnconatitutional, and of course illegal. They may be »ped, but canzot sue, for how can @ corporation enter our courts with any face that hat no legal existence, The idea {s prepcaterous, and debtors can ‘without fear of judgment. The Judges now, with a fellow foeliog, wink ‘at the violation of law, and e pettifogger is sianding up fer the party that will pay bim the best. The banke Rave pot the 7 alvo which might form a shield around them, but are as ships without am anshor in tho storm, com loat and sails rent. Now, Mr. Editor, do raito your volce most emphatically against any dividend being made while thus suspended. Ii would be outrageous and « wanton abuse of all sense of propriety; yet it is, I 2€0, advocated by one print as samissible. Another prac. ce sbould be exposed. The banks are in the habit, when reporting specie on band, to include that held on special deporit, whioh is decidedly wrong, and calculated to mis- seed the public as to ibeir true state. This don’t bolong to them, end over whion they have n9 conirol, and of course ie Do part of their assele—no more than ours or mine. Ope bank advertires to receive such, for obvious reasons. Watch them well, as you bave ever been @ faithful seviinel. PUBLIUS, TRAP OF THE ANGLO-AMERTCAN BANKERS, 10 TBE SD1TOR OF THE HERALD. Nxw Youx, Oot. 16, 1857. In ‘bis morning’s paper you refer the suspension of our city banks to the combined action of afew of the Angic- American bankers. That your statement is correct no one will doubt, and thelr course of action shrewd and wel digested. From the'small amount of financial talent and foresight cur bank managers bere exhibited during the crisis, these institutions, without timely warning, are very kel to fall into the **refarious’’ trap so skillfully laid for | tbem by these rame “English bankers,” viz:—to expand under thoir present (ard hoped for legslized) suspension. Bat you baye overlooked the effect sach an expantion It would liquidate certainly to these Foglish and Continertal baskers the millions of credits granted to fore’ ‘mporting houses in encouragement of the folly and extravagance of the peopie, on the profits of which these bankers have growa rich, and snese credits not bol Provided for they are compelled to carry. The desi expansion would enable them {o transfer that load to our city bapke, with as little prospect of thelr paid ab maturity to the basks, as at present to the foreiga Betier Jet the banks reta'n their conserrative policy, torn their atiention tothe best mode ‘ays, when they would find a load of suspended paper. transferred to them by tne epe- ration of these ‘‘ehrewd’’ foreign bankers or their agenw- Titdherto you baye fearlovaly sounded the alarm. Contia {t's course—waich every movement in our monolary oir- cles—consider weil their and sims—give your know- THE CREDITORS OF A BANK ARE ENTITLED TO AW (INJUNCTION. TO THE BDITOR OF THE HERALD. Naw Yous, Oot. 16, 1867, I pctioe & Consultation of the Judges of the First and Second District in regard to banks suspending specie payments. With all due deference to their opinion, I beg leave to | dient from their copatraction of the law. The act of 1849 does rot in any sense repeal or super. sede the provisions of the Revised Siatates. There is no Cause 'n the actof 1549 tbat in imates a repeal or aliera- {lon of the previous statute, That stataie applios only to banks organized under tho “General Banking Law,” and the Revised Stetutes apply to thore pot thas rated» of whi b (hore aro several) still remaining in this State, The honorable gyatiemen erred in another vory mate- nisi point, They asseme that a bank ought not to be restrained by /njunction if solvent. Now the statute, sec. 7, doe notjproored on such hypo. thesis. The statu presumes the insolvency of a back whenever !$ refores to pay a debs or liability over one hurdred dollars after demand, and « creditor has the right to on order of the Judge, declaring rach bank insolvent. This is the plain and obvious messing of the first clause of that pection. ‘The Tib aod Sth eections clearly contempiate that the crediior is entitied to # temporary injcnction whenever tho Abat the bank refuses (she mild torm suspen- ) Vo pay ite liability, and unas ts the extent o/ the Judge's disores injastioeg done toa ed money deporited with taw and mores less tlriogent when applies to Danks than to tedtviduale ‘The solvency oF insolvency of a bank bas pothing to do | with applications for an {rJunction, for section § ex teosee that the irjancion shail not bo remevel, eves even after it tg eroertained that the back 11 solvent, until the de- mand is paid Tho Judges assume that when all the barks refuse to pay | itlee that there la not euflie-eat proof of injustice to an itjanction (a the aon to presame che benk ead refused tt would be woilolent—that Jant'ce eam beocme #0 gFneral ae to love its tarptinde, a If ope man steals {i ts a crime; bas if Ore bupdred do the fame it te pot theft. Weare informed by this opinion that if the bank {is clearly selvent, and Ita cfiicers are scting in good faith, no receiver should be sppotnted. potbing about he good and bad faith if ft oie are men premumod to be use money dep wited with them ment, anc then refnee to refand ‘The more { examine the Now the statute saya of bank oflioes; and who ve ARE THE BANKS LEGALLY SOLVENT? TO THE ADITOR OF THR HERALD. Naw Youn, Oct 16, 1867. Having road wiih great interest the editorial ia your ‘widely careninved jourpal of to day om je ficial iegisiation, 1 eboe)4 like © present to your readers @ few principles of {he "ld feabioned law,” to which you refer, Tae Tth section of the act of 1549, which the Judges may lato govern in this oase, ie as fo lowe Any cred:tor of any such corporation or sasooia- demand exceeding $100 ariaiog upon a debt hal tke bme of sued r Ooust for an order desisring ¥ ton iasolveat, and for ! jaocton a heretvafier pro- vided. If, in the opinion of such Jadge, upon the facts Presented, it be expedient in order to prevent fraud or ia Jontion, he MAY ereDt an order fore tomy {nj anction, Testraining each corpo ation or sevestation as ite of'cors ‘rem paying vt, or ln any way transforring or delivering to any perton yn money or ae Sea oak ion, OF pul Any debt or , crder be vacated or meine. — ‘Thos leaving it to the discretion of the Jadge to gran an Ipjupction, “ if it be expedient to prevent fraad or is jostioe.”’ The oniy way in which a Judge oan ascertain whether fraud or injostioe aro likely to be perpetrated te by #9 exemiration of each partioniar conse. And, there fore, the Legisiaturs, by section 8 of the inet mentioned tot, pretcribed the mode tn whiob he ia to proceed to de- termine whether the corporation be solvent or otherwise "’ The Judges eay thet “a bank ie his cloarly able to pay its debt refuse to pay out backe bare ie qcid or silver, land | abio refuse to pay them. The case or North American Trost aod Bending Company, when the learned Judges come to examine law “closely,” as ove of ibelr number tells us that he ‘‘tntoods ‘will be found to ve entirely ineppiicable to tue care now prevented, *‘insolvendy,"" says Uaanoeioe Kau eens (De Come! lon of a persau y fall due, or in tue usual % Commeniarien, 409, dpa the efect that they covsidered {¢ unconstituuonal: would pot Copgress and the propie of every State be outraged by tuch pawarranted sssamptton of judicial power? Boch was pot ihe Course parsuet by them, apd althoogh the compromise was passed in 1820, 1 was not declared upcontitutionsl until 1867. t ie ap Old and well ertadiisbed principle thet Juaéges ere to admipister the law as they find it, and not to deciie on its polloy or expediency. ond last great nienmption of legislative pawer by the judiciarr, oo- cnrred In the twoifth y ear of Edward 1V, when the Judges, after much bevitation, and w ged by «’ desvotic usu por, declared common recoveries to be 8 suflicient bar of estates (ull, This result was nt adained until the prople tat groaned for 200 years under tho statute de Dopiy How different from the basty and crudo judisia! legislation of the Judges of the Firm and Second sudicial distrisie of the great of New York, who, seized by sudden panto, and perbape fearing personal losses, have thus visistet tbe bench, and the well of their profession. example that can be imagined, ‘re aitempting to deoide a whole Class of applications be’ore ascortaining the facia of a single ore—a practice which could only erise under an -—" judiciary. ine fonsmuch as the J JOHN LIVINGSTON AGAINST THE BANK OF NEW YORK. 10 THE BDITOK OF THE HESALD. Naw Yors, Oot. 19, 1857. Actions in court, like many of the actions of mankind in the every day affairs of life, are often deemed senseless {nm themeelves and injurious to the community unti their object can be made known, and, this remark is paréisa- larly applicable to the above-named case which is now pending before the special term. In jastice to both par ties to the sult, is ts, therefore, proper to eny, that the same is now in court with no design to Infllot damage or injary upon either, but solely with the view of obtalping an explicit and authoritative decision in 8 case arising in court, and aotually before it, which may have the binding offect and force of law cpon the important questions presemted. In no other manner cag be established those princi les of Iaw now of such vital Importance, not only to the existence of our moneyed ta: stitutions but to the welfare of the entire community. The declarations of Judges made out of court how- ever positively exprested or widely circulated, have no more binding authority than those of any private in- Cividval Hence tt is » fornate cirormstance that tion is pending which will enabl> the Court in a few d rot only to decide with authority, but 10 give the reasons for {ts conclusions. Fiom these remarks it must pot be understood that the # collusively brought defore the Court, for tbat is fact; nor would such collusion be allowed"by Jaw. Bort she setion baving beeu commenced in gtod ‘faith, fore suspensions bad become general,) the entry of the order of discontinuance, for which con- porely withheld for tne foregcing reavons. ‘Tho plaintiff has no desire that any ipjary should come to the Bank of New York; and he freely concurs in the opinion thet tbe course adopted by the bank, in common with other similar ipatitptions, is the best that could bave been devised for the public good. Whatever imay be the final determination es to she legal effeot of tho g¢ ral suspension, he hopes that not a ‘@ member of too bar may be found in this Stale willing to throw an obstacle Im the wr banks, so lorg aa the necomities of the compel them to achere to thelr present course. 'y lawyer must bo aware that ny ‘pterruption to tbe daily transactions of our ban! corporations by legal proceedings would be productive irreparabie injury, not only to the basiness community bot % the entire bar, for all are dependen upou one another, JOAN LIVINGSLON, TELEGRAPHIC DESPATCHES. THE NEW LONDON BANES. Naw Loxpom, Oct. 17, 1867. ‘The télegraphic despatch incorrectly reported all the Daake in this city as havirg suspended specic payments. The Bank of Commerce, Whaling, and Union Banks, have suspended, but the New London Bank has not, and the officers declare their ability and inteniion to pay all de- mands ip coin as heretofore. SUSPENSION OF THE DUKNELL MANUFACTURING COMPANY. The Dunnel! Manufacturing Company have asked an extension for six months, owing to their paper being thrown back upon them. Their persynal assets exceed their liabilities, leaving their print works untouched. TES WANK OF Tlie BTATE OF MISSOURI. Sr. Loum, Oot. 17, 1857. ‘The report that the Bank of the State of Missour! has sus- pended specie payments is umtrue. The direciors are determined to pay every dollar, and express confidence ‘ym their ability to weather the present storm ag woil as Yhat of 1837. There is no rum to day. NEWSPAPER ACCOUNTS. MASSACHUSSETTS. MBETING OF THE BANK OFFICERS AND BUSINESS MEN OF BOSTON. piped dey ty orang There was » meciing aston Clearing fouse yes. terday of the directors of the varioa: banks, and a conai- derab! imber of the lear ing business men of 73: tare {nto consideration the t condition of affairs, with 8 view, If posaibie, of the adoption, on the part of ibe Danks, impotent crisis, to solvent houses ia the city, the aid which they row | require. There wese Tet tea tree cassnionoce and interchange of opinions. Remarks were mace by Navban Appleton, Wm een Upton, Thomas Lam> and Andrew T. Mr. Urtow hoped tbat the banks would take a pensive view of their position, He advocated an increase of loans At the present m* ment, which he believed could be done ‘without any danger, At the same time he would have r the vigilant sapervition of the Oloar’ check might at once be pul upon any an- Deon. M AvrtaTon thought the banks might eafely in- crease their loace to the amourt of last August. about $89,000,600 (at the prosent time they amocnt to $49,000,- ‘ NATHAN ArvieToN expretsed similar views. Meens. Lamn and HALL, for the bank officers, expressed Aber earnest desire to act, so far as their prosen\ position would jestity, for the retiet acd ibe DE a jocrned to this morning fei lire of discounts, is to allow certain extent For instance, from a bank tal $20,°C0, with all sbove that amount dark of trom three to four millions $100 other witione which would give even « largor netiie- ment in bills than the ravo stated aove. Lt 4 probable that ee aes will ena’ b carks to render essentisi aid to the public within a 8. Tee following ts the original agreement which the banks ‘were called upon to tigp:— Boeros Creamirc Horse, Oot 14, 1867. A\ a meeting of the Commitice, held this dy, it waa resolved to recommend to the banks ine ion of the aid for the daily set ements at the ing Howse; with the following agreement, to be signed by the banks ro. spectively — ‘The bille of eny of the associaled banks may be re celved Im Nquidation of their daily balances instead of specie, to the extent not exoceed’ng the amounts horeinafior sifixed to cepttale, vin:— Captiais of $400 000 ard under, not exceeding... 820,000 «“ 500 000 not exceeding. sous 5,000 « 860,000“ . 28,000 ‘ 00,000 30000 “ 700/000 23,000 “ wicwo 31'000 “ “ con “ — 4,000;000 « 40,000 < eme 45,000 a “4 « — ‘Taoooco boeco «© glogpjo00 0,000 % 6,000,000 . ++100,000 Snfolk BAEK, FAME. ce ccceesecc 2°1¢9,000 Any excess of balances to be paid in rpecio, as usual. OR eeMEDT a The bills of Danke rooeived instead of specie from detor banks by the creditor banter. are to be snot in bo the next di settiement at the Cloarieg Howe, And {ih | understood and egreed beiween toe amoniaed banka of ibe Oleay ing Howse, that tho Clearing House Oom. mivies Deve the right oon any bank for gatisfactory y joment, and that bank hereby sto forpish the same to seoure tho payment of the f that bank which were received by the Clear: Nquidation of the balance of the inst Clearing House, instead of socio; as thore bilte (whichever a fociated baok may hi colved, ard beld to the amounts of capitals Norvening time beiween settioments ‘Bt ibe Ciearing House. ‘The Transcript rays of the meeting at the Clearing House yeaterday morning — bed Proposition to double the sum of be received at the Clearing Heure from fereed to almost wn’ imously, twenty-nine out of the mo VIRGINTA. FEPLAMATION OF BANES OF RICHMOND. ‘The Mrectory of the Rxchange and Farmers’ Banke have pot forth the following apology for the refusal to pay their « Rerolved, That by reason Of numerous euspensions of were exchanged several days since, bas been pur: | aa would justify them in renderipg, st thie | of the buriness community, | tho Fermors’ Buk of Vir of Virgioia, in Rohmond, manufacturers ant trade, ads, xcept by a ooarne ndoraers, ai the risk 0° : 3 A os De melee tale waeataiien 4 Apteliigt we mi word ‘ard to tho sufficiency of the explanaiica,” OHIO. HEWSON AND HOLMES’ CINCINNATI OYROULAR, ‘Civow tan the moet nobly; nowhere in the country are tao tradi - munity scunderor in amore healthy condition ia Cincinaatt. To day the announcement of the suspenaion of al! the Eastern banks bas produced feolings of relief. All now look to the future with cheerfulness aud hoe, believing that the worst has passed, and that from this time on we shall begin the maroh of tm; it. The Western benks will vo doubt follow the of the Eastern, and forthwith suspend. Ali claases Dave learned @ lesson in a reeeeh foarte) vanenen ahem Bag wit aot soon for- L} The shadow of desolation wil reat over the houses of many who hitherto deemed themselves above want, but the [ee mass of all who were but yesterday involved in the fearful vortex will, by industry and econ'my, soon outride the torna/o, wi ‘will stand, for long years to ‘Come, af & beacon, we hepe, to warn the too enterprising Pikes elec ed often covers the most danger: ous 5 It ts bardy necessary to add iha\ the sales of securities baye been of small momcnt, end are confiued to Onio township bonds at 37 to 38; Covington and Lexing'on second mortgages at 60; and Little Miam! 6 per cents a: 75. lo the futvre we lock for an early and siexdy improvemont, such as will bring buyers and rollers togethor upon more equitable terms. ‘the bred of the country will now bogin to move ac the seaboard, ehich wili give railroada ap active ines. We are favored with the ro of the Hamilion and Da; ton and Mad Roads for the past month. fhese turne indicate (more particularity of the former road) exceedingly prosperous buriners:— Earpings of Ham. and Dayton R. K. for Sept. $57,175 26 » 48 949 $0 seneeee $8,225 96 Batiroad 75,650 33 y . 72'688 70 ‘and’ Lake Ke peer laper tery Cs ie 10 report ‘will be the currency oo which business will to future be done in tris cliy, but as all the banks of the country will soon stand on the same level, w: Ro doubt but that our bankors wil) atopt a most liberal policy, and receive the notes of all banks ia gocd standing ip the surrounding States, aa also the uotes of the Eastern bani good credit This will bring into active ure a large smoupt of ciroulating notes which for te part few weeks bave beea utterly vain siees for al) the porposes of trade. ‘The rates for Ewstern exchange a'e #0 unsettied that wo are unable to give quotations, Gold ts beld at 10 per cent premium over current bank notes. TWO BROKSRS DRIVEN OUT OF FRANKFORY, KY., BY A MOB. [From the Cincinnati Gazette, Oct. 16 } We learn that on Tuescay lest Mr 8, W. fogors, an arobitect ¢f this city, xccompanted by bis brother tn '’ | Mr. N. H. Gold, of Newport, R. I , vislied Frankfort, Ky. | upon private business of thelr own, having no connection whatever with barks or financial matters, Soon efier re- | ea their names at the boiel jay! took @ stroll } ugh the town, and on their return in the course of an | bour cr two were surprised to find tho offioo and stops of ‘the hotel filled with a large crowd of }, who were loudly talking, and whose remarks see! to be directed | to the two gentlemen at they entered the {pnocent any offence could not | cause of 0 much excitement for some time, un'il the ory of “Drive cursed Cincinvat! abolition brokers out of the nm they were warnoi by a they bad better leave the city. ‘The explenation of this mob jaw demonstration was, that the gentlemen wero suspected of being moaay bro- kers from 4 ‘come into town for the pose of getting Dille of the ia specie. ‘This at Frankfort banks red Jenat was the pretence for the lawiessvers , they must; and raiber than subjest thomrelves to ineait, and fase to personal violence, both gen lemen concluded to take first train of cars, and did 90, betvg followed to the depot excited crowd. who booted, shouted and threatened. ‘wes not vntil the train was fairly unier way that felt themselves secure from the mob. THE POSITION OF THE SOUTH IN THE CRISIS. threatened. Wi obents concot pey but few a or Fay Commercial balance: trouble bas arisen from no feul: failares and consequent penic io olal centre, w York, our , for the present, has rendered hich ‘The maia basis of our banking capital at ing, fornished by the coltem crop rie. Oar \pterior benks furnish them main. a | monte direct frem Southern corts. Sterling, then, | mainly, (boweh tndircotly, the basis of our banking capl- | tat the South — Now, tbis rosoarce, fornished by a le- | giilmate trace, and on res! valves, is fir tho presont cried | ap. a, rapnot be converiod, ox at rofoour rales, The diffienity is much aggravated, from the (aot | that the amount of sterling due to the South is unusually large for this seaiom of the year, There 4s, perhaps, fully probably @ Oharlewom — _——- hay oman Bi te Augusta alone, and this dus e This | charge, would resources at once, cilities to tbe merobs ablo balan Tbe couca orop, ty 08. " never sold for so much penny. tanh Sourb, and sii! undrawn, \s accounted for that Scathern operators have had streag 00: ton, beve perchased as much a ‘would perm! Im't, whic the bly by te carly ebipmeats of an uncsually lage Southera wheal crop. The South then bas not overtraded, nor has it lost by usprotiable speesiations tt has onty Specutated Ka man- ' of (ts own staple, thereby t Sovthern lib, Nor have Bocthern beaks’ overtresed or over Their business bas been mane by the mate one. They hare provided ay gett mn dg hae mean nlm ly available, as a remote consequence, of reckless adventures, and disastrous and North wet ‘Hme—not to make, bul fo convert actual means known to be good should be forbearing with each other, end the public sbould ve patient ant with the banks, and cot require or expect accommodations from | the hieb, however stroog in moana, they are not at ‘Any great extent. Relief must circle will be enlarged in the oourve of to day. 240 gratified to learn that @ conaiderabie amount of fo- reign excnango was purchased y y one of the te paying banks, ibue aici to Eerope, and hoa os It ta the beginnit ‘work ile way out to clear conclusions. meant— the on! of eotton wh baw the question is bow to realivetvem, Fo oan owerfnl merchants, and where banking tyetem \teolf Piow goivg cows ‘amid & genera! onmmerc'al rain Our policy is evidently to soll our crope to the market# which are nearest the consumers. There vy dorbt about their ralne, and mo doul: that 7 cenmerny squat are at hand to trans enger to carry ovr crops sorare the at A rebants certainly do not fail in ths meaas for ih is jost now the victim of a mdden revulsion, Aanithe causes 9f which ean be traced to dletamt parte ot ‘hecourtry. [tle ite very ruddennews that gives it the power to alleot us #0 widely and so irresistibly If we folt pro. ebly onlpadle in this calamtty, wo shoult ga Detenon.! Woh theme aniter tara thelr folly — they have doverved it. But ft i@ not #0; and we cannot bring ourrelves to feel that eliher banks, mérohacts or Planters, ought to be victimized in sionemont for ine vicious a a of Northern brokers and stook jobhere Agrintt these, #0 covery conducted, they have had no me to arm thomeciver. The necessity them with resinilble urgency, themeeives againat It, by a off the evil for s day In to bring it do Toles, teobeteally, commercial dlstouet, Dette’ Fell " ¥ 0! com’ ' reality Abore oan be a9 dishonor where ikere le 20 biame LOUISIANA. THS FINANOIAL OBISIS AT TRE SOUTa—corrow— THE DELTA. (from the New Orleans Deite, Ox. 10.) Tae wruer, whose comme aicstion we publien over the signature of “Cotton Plenler,” evidently waated ‘© viciim, ard Qnding the Deia conveniently at hund, de- termined to make thet victim the Delia. We trast bis ein. 9x4. a sitended by a heavy market, ‘be same time was considered tor spinners, assum’ the old stock in Liverpool on the be ip baste to give ten pence oes cleared hexoe since We it. ‘Tho almost cpiversal solvency, indopentendse, and froedom from pressing liablilties, depicted 90 . Cotton Planter as the condition of the cotton commopnity in the South, is @ very feiloitons one We ovty with there wea less fancy and more fact in bis description; we only wish bis ideal conc of what the groat cotton in'erest of the South mighi, or abculd be, existed im @ more substaniial form and Concrete shepe; bat, as {t ts, many s cotton pianter, meny @ cotion planter’s facior, will deplore with us there ts & reverse side to the picture whiob It is to view point blank at this very time. One thing is qutte certain: if cotton pisnters in are free frem Nabi ities; if they have not drawn heavily: the hag-t poory of a comibg » to tue investments 1 mc7o land and more negroes at Ly 5 Af thelr factors, standing between ines eat a eee world, have not incurred beavy abilities on thetr acco then planters and factors can afford to maintain a MMT portion, and stand out against the underbidding of Wancbester and Liverpoo! dealers and buyers for an tt finite period, or at least uti! the latter are compelled Porchase at the prices demanced or to go without needtul ptapie altogetber. We rincerely trust the general condition of the pisal and thelr feciore may approximate at least to that sketched; and ir!t does, we may hope that their stability end credit will prove an over-metoh for the Li poo! and Manchester demand for a reduction, tn spite OVP sult exchange, paralytic banks, fagacious specie, &@ disagrcoabie ten ency io a uaiversal finaacia! oante. Cotton planter deals seve rely with those meronants took the responsibility of subscribing to the Iate red. jm cotton at the crition) jancture when the who! ‘ cial community was taatremor, as if on the eve terrible explosion. Acoording to abstract laws of doubtilese, the reduction wea not just or defensible. Bul is the peculiarity, or rather the essence of pants, that Coes tho ordinary laws of trade; that {t is deaf to and blind to argument. Panic is a democrat and it visi both bigh and low, and dispenses its evils sunshine azd dew, to tho Just and the unjust, panic bee not negieoted cot'on; many fector has bad to look it the face without bet cuction very probably saved many ‘and poseibly nome factors or others uinces, from failure, and that severs! beavy protests one oF two targe failures might bave been i of a peperal oraat, ving difficult to regard the reduction either & gross it ia Sonal ta hands of the feetey, or a signal and uti junder. Cotton Sy, See eo oe mone’ department aided to effect a tine tn {naamuch an tt freely commented upon ‘materia! error or inconsistency, they hibit the close scrutiny with which it eounned oy and the prescience with which it looked But becacee, forvooth, the Delta predicted ee o /, oF aiding to phe’ Versys i thie ie 2 sustained! ‘hen to reason from cause to effect must be ‘and to pred'ct a fature event must be fatal. ‘We bave to say, finally, that wo ball bereafer the same independent and out monewry and fore pursued. joni inter cets and vindicate thelr highest rights \feated. [t has beon demonstraiod too long and elentiy t) peed that we should giveasy aew surance of It at present otherwise thaa by coniinaing been, to be what we are—vetvering the lnstragtion of past,'if posible. ITEMS OF THE TIMES. Circumsierce Came with.a the notice of one of our on Saturday lact. A business man stood in need of to enabdic him to moet « note which fell due on ony) with » Oar Greensborough were be? ever ef jer they could find, but themouat of sustained hae not v avepired. ‘The Supervisors of Livingston county bre obtati ‘verd}ot of $89,000 against J. White, Jr., Cotty Tr ened, ae pad é stay of prsodiage order to 19 defondania # opporin: The N ‘beatora Fi Conta Sa) ‘0 Now ford Five wings Tk bas ) clared ite foorth semi snonal dividens of per aad bane yt jepoe't i 8160,000, and the saber im Peteparg, Va, oeaned operations for s short timo, owing several amoor which that of moray ie hula seqdary object. chants tn Oh frawa's' from Hart sone a, 8. O., arrived on texntey om Hayan by the Oaae ‘The ron on the savings banks or Bo3 On Thoreday, the Commerctal ta retiably ta 4, 4 Confined w Catholic Germans, who had bean adyid by thelr p fo withdraw thelr depose and ‘money hands of the clergy. The reach #ibe a heavy low Pot ot internet Lad hands of the priesin, MONAT “ne a Tae Heanrrace.—.Coverng obnson, of Tenng S00, reports the purchase for shedi@s of the and tie tender to the Federal water ls not sooepied, the ere ‘operty be retaine t nore of the ta