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BANKS SUSPENDED — At 3 o'clock, on Saturday, the Banks of New York suspended payment, closed their doors and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and Dupont Streets., on next Saturday Sept, 27th, 1873, at Reynolds & Co's sale.
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BANKS SUSPENDED.—At 2 o'clock on Saturday, the Banks of New York suspended payment, closed their doors, and advised their customers to invest their funds in those beautiful lots on 9th, 10th, Clayton and du Pont streets, on next Saturday, Sept. 27th, 1873, at Reynolds & Co.'s sale.
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THE EFFECT ELSEWHERE. the AT CHICAGO, ILL. 27.-As September continued to an hour clearing-house CHICAGO, this meeting morning the to vote. suspended early banks were handed in a the president Coolbaugh signed by Union permitted communication national Mr. and to the directors public of that the they would as hold inbank, saying personally of all for the or which dividuals themselves payment responsible deposits may oc= hereafter now held be by addressed made said bank, with the it. meeting, former Mr. Cool- as baugh also endeavored on a position follows: "I my views and the bank casion the to financial make condition then of were on My opinions were the conditions basis on known. based of on surrounding what I deemed cities, business. and Since the banks then 1 of which been they did advised that Louis the were doing Cincinnati another business on in view it would have believe, and St. that beside of the currency changes be basis. made impossible by I those for cities, Chicago as it would to do be business coun- for it on a currency business for the For the information as to do gold basis. basis would surrounding say that the to try those on a present, of I the bank amounted thousand four million not over fifty thousand In eixty of entire Jollars, deposits three doubtful. hundred dollars dollars of the banks ten there is He in made the banks, and days which would mature. about was four At statement the million present millions because want- time of dollars. due to the associated national bank it was the Union that it was far from ed besides, being them insolvent. to know banks It desired in all to practicable co-operate meetthe other that the matters. with He adopt had hoped unanimously been done some in measure ing for relief, It was as imperatively neces would cities. of had the kind should in other that something could they not If act they harmony be a for paper the which they Union all sary had made done. read the where Why liabilities could public sounder of the good. to that nares knew docu- not be sound, than those appended willing, if found and if these their are fortunes to prove show ment, to sary, the to public sacrifice that they all that meant was to part needed necesto their trust, on the be of true concerted panic the bankers, If a proclamation that the west in quelled. was the the and showing action the could unanimily would be Chi- sent and out to bankers were acting confidence, it would restore condition of less settle cago the financial beyond public doubt, in this action than entire section, Unless some concerted of Chicago a taken, of four Mr. would was week. cent." be at currency In a premium answer the drafts to Union a question national or five per said stand shoulder to showed any Coolbrough desire bank with the would to act oth barmoniously. associated banks if they that banks, The to shoulder be meet- held this the ing of the will undoubtedly It is announced New York that plan. the Third has suspended. met last be ordinarily a to-night, morning The presidents to national evening, adopt bank and heavy the for the cheeks of among small ufacturers, increasing, banks they in the their respective have abundant depositors knowing day Saturday and panic small agreed morn- man- re- to to sources, ing. many of for eighty cents their of assets. every pay on deposit were dollar the city will one close two All dollars of them in them out of being and heavily able not Other banks are all right, banks are drawn affected. on but The suspended and conducted and be savings banks, Germans, with large is all owned of chiefly small German by be no depositoration more It oflines believed there seems will to prevail. met The banks this as evening ficers confidence of the to suspended devise measures was done, for relief. save deof to the appointment of plan a to facilitate view vise and report the a banks with a Nothing system- has ex- of change resumption. among The the lack banks of early tended atie action to suspend among out these for its banks. own safety. Every their bank The suspended is looking banks will place all
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SHALL THE BANK SUSPENSION CONTINUE? It is very much to be feared that the banks will over-do the "financial business" in maintaining themselves in a state of siege against the demands of the business necessities of the country, and by a protracted suspension of business excite a feeling of uneasiness and alarm in the public mind. It may have been necessary immediately following the financial crash of September 26 and 27, and the consequent panic produced in the popular mind, to adopt such measures as were calculated to prevent a positive breaking up and ruin of legitimate commercial business; but the feeling is now rapidly gaining ground that no real necessity exists for the banks maintaining closed doors against the payment of the demands of those who have entrusted money deposits to their keeping. So long as the necessity for this embargo was patent the public acquiesced in it; but it is becoming a matter of doubt whether the time has not arrived when the banks should manifest a disposition to return to the normal condition of affairs. In a case of this kind a mere doubt in the public mind becomes a positive and threatening danger, a danger as pregnant with direful results to the banks as to the industrial and commercial interests of the country. There is certainly nothing in the present situation to warrant the banks in maintaining an almost absolute suspension of payment; and the fact that some of these monetary institutions, by a little business enterprise, have continued to pay all demands of their patrons furnishes some justification for this view. We believe there should be at least some relaxation of the established embargo, if not a full resumption of payments; and it is to be hoped the banks will act in such a manner as not to permit the impression to get abroad that they are taking advantage of a magnanimous public indulgence to speculate upon the people. Every day this suspension is maintained adds to the danger of the situation. Mechanical and manufacturing establishments are being forced to stop operations and discharge their workmen because of the maintenance of the bank suspension, and the mechanics thus deprived of their sources of daily supply when applying to the banks and savings institutions for their savings against an emergency of this character are turned away empty handed. Herein lies the great danger of the situation now. It will not do to permit this state of affairs to continue. If the banks fail to meet the emergency the emergency may overwhelm the banks in the common disaster that is threatened. In connection with this matter the following paragraph, from the St. Louis Democrat, is pertinent and timely: "Resumption is the sure refuge of the banks; it will save them from the disasters of the wholesale depreciation of securities and products which a protracted suspension would almost certainly precipitate; it will save the dry goods and grocery merchants from the reflex surge of the derangement, which, if not arrested, may overwhelm them; it will save the banks from the cold, settled distrust which will certainly creep into the public mind if the suspension continues; it will rescue trade from its present idleness, and it will save the country from the serious peril of a shinplaster inundation. We say nothing here about the bankruptcy act further than this; that any Congressional relief for violations of it will necessarily be impartial. If it extends to the banks, it will have to extend to the debtors of the banks also, and thus in the end it might do more harm to a solvent bank than good. The New York banks suspended on Thursday, the 24th inst., and their fourteen days' limit under the act will terminate on the 8th of October. In all seriousness, we do not believe it will be safe for them to delay their resumption beyond that day. It would be better if they begin it before, for there is no conjecturing what feeling the present suspense of the public mind may result in."
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Banking Affairs. October 9.-The - Third National has resumed. New YORK, October 9.-Some bankshave resumed currency payments. Bankreport greentricks quite plentiful. It is the National Trust Company has business. GA., October 9.-The banks have resulted currency payments. 100 scarce to move cotton, the reipts of which are heavy. New YORK. October 9.--The manager of clearing-house to-day said he could not an opinion as to when there would be sumption of currency payments; as he not prepared to admit that the banks suspended currency payments. The are paying all regular legitimate deminds upon them. ii Louis, October 9.-The - Union National Bank has gone into liquidation, owing to the safeity of currency.
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GENERAL NEWS. Frederick Chase Hutchinson, one of the family of singers, is dead. Pere Hyacinthe has been elected one of the three cures in Geneva by the Old Catholics. It is expected that the New York banks will resume currency payments next week. Newton has decided to cast off its swaddling clothes and become a city, the 17th in Massachusetts. The King of Italy has presented to the Empress of Austria a costly set of jewelry made in Rome. Christian Unity was practically illustrated in New York last Sunday. An Episcopal Bishop administered the Sacrament in a Presbyterian Church. T. Parkin Scott, Judge of the Supreme Bench of Maryland, died at Baltimore Monday morning, aged 70. The Chicago Post says that "if a son of Henry H. Wise is making speeches against his father, he must find himself compelled to change his politics several times a day." Many delegates to the Evangelical Alliance visited Philadelphia Monday and were entertained with a public reception and a banquet at the Continental Hotel, by the Philadelphia branch of the Alliance. The Cincinnati banks resumed payment of currency Monday. There were no runs and no excitement, and business men are very cheerful over the result. Most of the banks received more on deposits than they paid out. The republicans of the French Assembly paid M. Thiers a congratulatory visit Monday. The meetings of the several factions for the designation of members of the general committee of management will be held at various times next week. They have a calf out in Oregon who sports a nice little pair of wings. These ornamental appendages are about the size of turkey wings and crop out just behind the shoulders. Thomas A. Ridgely, formerly Medical Director on General Grant's Staff, was on Monday sentenced to three years' imprisonment in State Prison for breaking into a dwelling house in the daytime and stealing books, which he sold for liquor. "You ought to let me pass here free of charge, considering the benevolent nature of my profession," said a physician to a toll-gate keeper. "Not so," was the reply, "you send too many dead heads through here now." The doctor did not stop to argue the point, but paid his toll and passed on. In the naval battle off Cartagena thirteen men were killed and forty-seven wounded on the rebel fleet. Senor Mayer, a member of the Junta, was killed on board the Numancia. The Richmond Enquirer is attempting, at this late day, to fire the Virginia heart by printing, day after day, in capitals, such par-