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and unquestionable drafts on Philadelphia were offered at the board to day at 12 per cent discount, and but small sales eculd be effected at that ruinous rate; 85 was the best bid for the lot -Ib. NEW YORK, Oct 18.-Stocks have all declined again to day: U.S. Bank six per cent, Bank of Kentucky one and a half, Delaware one half, Harlem one, North Ame- rican Trustone. American Exchange Bank one. $5,500 sight drafts on Philadelphia were sold a: 87; more of fered at 86 34: 86 téd. A draft for $20,000 was sold yesterday to John T. Smith, exchange broker, at 55, and oubsequently large amounts offered at 24 in the street, and refused The talk in Wall street is, that the U. S Bank stock rose a day or two since in consequence of the Bank con- senting to take its own stock at par, in payment for cer- tain suspended debts-and considerable purchases were made for that object. Be this as it may, the Bank will resort to every expedient to bolster up a rotten concern; but the time is not far distant when the Bank and its whole system of finance, will excite universal contempt and execration. Policies on specie for exportation, for a considerable amount, bave been cancelled, and a large amount in gold prepared for shipment was paid to one of our banks for Exchange The current of events, as well as public opinion, all tend to sustain our banks - Ev Post. PROVIDENCE BANKS-Bank Meeting -At an adjourn ed meeting of delegates from the several Banks in this city, held last evening at the Washington Insurance office, it was, we understand, agreed to suspend specie pay- ments, fourteen banks voting in favor of this measure, four against and two divided The banks oppoerd to suspending were the Merchants', Mechanics', Blackstone Canal, and Traders' The delegations from the Arcade and City banks were divided. SMALL NOTES We learn from the Attorney Gene- ral and his officers in Philadelphia, that the law against issuing and circulating notes of a less denomination than five dollars, will be rigidly enforced. The public seems not to be fully aware, that it is in the very teeth of this law, to receive and pay out the small notes of the neighboring States. Whoever does so, should be informed that they incur the penalty of five dollars for each and every offence. This evil nmust be wholly era- dicated, before the specie that is now hoarded up for speculation, will come out. Nothing is wanting but to carry the law faithfully into execution, to insure abun- dance of specie to the people, for the ordinary business of society. The Banks must pay small checks and five dollar notes The public deinand it, and will not be refused. The specie in their vaults and in the hands of the people, is amply sufficient for our wants. Why then should shinplasters be encouraged? Let the efforts of the Governor and Attorney General be seconded by the community; let a strenuous exertion be made to banish slunplasters, and to retain specie, and all will be well. Above all, keep cool-observe the laws, stand firm, and the difficulties that now encompass us, will vanish in another week. ### SHALL THE BANKS VIOLATE THE LAW The apparent impunity with which the Banks have been violating the law, and their disregard of the circular of the Go vernor and the Attorney General, in paying out notes under five dollars, has led to the ejaculation by the com munity, at the head of this paragraph Shall the Banks violate the law?" We are gratified to learn that Messrs. Barton and Brook, in pursuance with the in structions of the Attorney General, will strictly pursue their duty, and as far as in them lies, protect the laws from ary farther aggression by the Banks. This may be most rigidly relied upon by the Banks as well as the commu nity. Their course of conduct will be farther developed in the course of to-morrow. In the mean time we pre- diet that the Banks will cease the present illegal course of paying out small notes-Phil Spirit of the Times. EXCHANGE BANK OF VIRGINIA We regret to state that the Exchange Bank, of this place, has been com pelled to suspend specie payments, which it did at its session yesterday. The general bank law, in one of its sections. subject the parent bank and branches equally to forfeiture, in case any one branch shall suspend, and, as the branch of the Exchange Bank of Richmond had suspended, there was a subsequent forfeiture of the charters of the parent institution and its branches. This is another anti-commercial feature in the general bank law. The failure of a single branch to sustain itself, however isolated and exposed, works a forfeiture of the charters of the mother bank and branches. It is like hanging a mother for the sins of a daughter who is of full age and ought to know how to behave herself. We must state, however, that it reflects great credit upon the directors of the Exchange Bank of this place, that they held out as long as possible, and that they gave way from no fault of their own. The Portsmouth branch of the Bank of Virginia sus pended yesterday -Norfolk Beacon, Oct. 17. CHARLESTON, Oct. 15. Suspension in Charleston-We regret to perceive from their address in our columns, that inost of our Banks have been constrained to follow the example of the Phi- Ise pusa and Baltimore Banks and suspend specie pay- ments It is creditable, however, to our banking insti- tutions, that they have never taken the lead in such a measure, but hare dune all they could to uphold the cre- dit of the country, yielding only when compelled to do 80, on the principle of self defence, by the course of like institutions in other places. The Bank of the State of South Carolina, and the Bank of Charleston, have not yet united in the measure of suspension, and we trust that our community will, with one accord, sustain them in their present altitude - Courier City of Charleston, Oct. 14, 1839. At a meeting of the Committees from the Union Bank, State Bank, Bank of South Carolina, Louisville. Cincinnati and Charleston Railroad Bank, and Planters' and Mechanics' Bank, held this day, it was resolved to recommend to their several Boards to suspend Specie Payments forthwith, and that the following address to the Public, be published in the several papers of this city, with the concurrence of the above named Banks The several Boards having concurred in the recom- mendation of their Committees the Address is as fol lows: Fellow Citizens: An unexampled crisis has arisen- threatening, if not timely provided for, to bring upon this community the greatest distress-it therefore be comes the imperative, though painful duty, of those whose interest it is to watch over the monetary concerns and credit of this State, to adopt such measures as are called for by the present emergency. Your Committee feel the deep responsibility which has devolved upon them, and are anxious to justity to the State, and to the world, the course of proceeding which may be adopted on this occasion. They think it proper to observe, that the Banks of this city have in good faith, notwithstanding the extraordinary pressure of the times, punctually and cheerfully redeemed their paper; and, at the same time, afforded such accommo dation to a suffering community, as it was in their power to give: and they confidently believe, that but for events altogether beyond their control, would have continued to do so It is known to our fellow-citizens, that the Banks of Philadelphia, with the Bank of the U. States at their head, and the Banks of Baltimore, have sus pended specie payments, which must from necessity be followed by those of New York, and our other commer- cial cities. The effect would be, (if not prevented,) to draw for shipment abroad, every dollar from the Banks of this city, without the power on their part of replen ishing their coffers, except at the most ruinous sacrifices, involving for want of accommodation to the citizens, every man at all connected with the agricultural or com mercial concerns of the country in unparalleled distress. Your committee state the fact that by the last steamers since the suspension, in the cities before alluded to, large drafts and amounts have come on and are now waiting to know the result of the proceedings of this meeting. And your Committee believe that they will in a few days be followed by many others, whose obiect is reck- less speculation, regardless of the multiplied ills which they hring upon this country. With feelings, therefore, of great pain and die consider an irresistible necessity, your Committee are satisfied that the measure accompanying this address adopted by this meeting, is the only step which could have been taken at this extraordinary juncture.
