The press., October 02, 1857, Image 2

<APR — IDASi a I 00 — TO — BELA, 1861.
Fraitiz' riOUP-Editorial ' on -ExTresldent
PlercestuVrailderiable Stethities ; «Old
Frault.;,§tiriali"
_1:111 the Banki; and WAri Old
Clay man 10- on Judge Wilmot; General News;
&c. !-Fireirir P..6E-a/rho Courts and 'general
_ ~ • ' '
.„
1111"Generftl:F;; I'ACKEI; the Democratic
candidate for Gro'verink, is itt s tlia ' itaShingte'n
Homo, in this city, lOoking well after his cam
paign,,and evidently feeling well. He is• visi
ted by many,of our 'citizens, ofall,partias, and
impresses '.eierybody by his aPpearance
and easy manners. He has had aigeneral and
generous tr 31COMe during his late *Min the
western Counties... , ,
n- Our correspondents must be patient',
We bwie inOy'efitheir productions on bind,
whichahall appear ae soon as we can make
THE BANKING: EiTETEAD AND THE PRE-
=EC=
In times of linaneisl. distress the minds of
men are apt to be hurried by the pressure of
their die:matte's beyond the circle of, reason,'
and they catch eagerly at any suggestion, how
ever wild, or any project, however extravagant,
that holds Out a promise or a possibility,of re=
P.4' to the exigencies of 'the ,occasion.:; It is,
therefore ; peculiarly important at such' times
to recur . t6 first principles; to trace,etrecti to,
their causes, and, baying thus ascertained , the
origin and spring of the prevalent disorder )
apply the appropriate remedy. ' With this'ob
jectibefore. we erideavor;in a very,
brief space, -to state What features of the bank
ing system experierO'has demonStratedto be
valuable, and what injurious. , ,
Lithe first place, then ; a bank of deposit is
a commereialmeeeisity,: - The eelebrated Bank
of Amstordani, so, airiewriO, in, the histpii' of
Holland, was purely a bank of. this chiracter;
The merchants placed their coin in its custody
and received certiOcetes therefor, whieli were
transferable like specie. These certificates'
were of such reputation that they passed our
rent throughout' Europe., It is obvious that
with hanks,of this description the el - changes
of a Country, would be very , easily , conducted.
The ;my - Meats, and trariaferti, of the General
Government, thiough the agency, of the eibt
lug Sub-Treasury system', are madein'accor&
once with the principles of tcbank of deposit. -
. -the neat place, a hiadc of discount or loin
is obviously of vest utility and convenience.
It is a sort of fouritain'wherti is collected to
gether the scattered, capital of a communliy,
whence it- pours !forth :again, in a thousand
streamst• to bless bad encourage andinvigorate
human intlitstry.';',These who haV,e money to
lend place it iiithMbailli, and those who wish'
to bonew"naturally.'resert •there, for finch at- •
conintedatien Ili they May 'desire.' Lenders
andlorrowets- are thns,, , brottght together t , and
the butkmerely acts as an agent to make and
collect receiving a fair compensatitei
for its trouble; &c.. Batiks Of this character
are established in England; they issue no notes
of their own; but are purely effices of diticeurit.
Outsavings banks are, in a measure, founded
upon a-similar principle. !They collect the
means of : small owners, and loan them out for
their benefit.:, '" • , „ •
'We now dome to banks of circulation or
issue , ; whose prOntizient disadvantages this
communiti,at i theciweierit r idoment !nth per : -
ceiiis aid feels.: BefgrePrOdeedifig,liOwever,
to notice' the evils of these institutions, and
suggesting thoinsins to 'olivlittetheni,Wri Shall
first point out one or two errors that plipulaili
obtain with regard to thou, It is , supposed
that the mere issue of bank tote's increases the
. -
capital of a — Contitiy.' Nothing eduld: lie. More
ill-founded:, A promise paya no addition
to capital, Whether Made by' a - bank:or 'tui indi
vidual l nor whetherit he a verbal, written, or,
printed promise. If capita could beittecumi
lated: by this . issue bf-promissory. notes, , no
body,need' to be Poor. Shotild these;notes,
however; be redeemable in specie as :the notes
of mail:iambi profess to -be; and thus circulate
as meney,,,the minuet of the Medium 'of, ex
cbimge iniricrease,d'ihnt it fella ihNalie salt
is augmented in quantity—and for this reason :
Every cenrmunitY ,requireit 'a 'certainerommt ,
of Money to "cany".M:,, ; eiehinges, and thin
is the only benefit of money: as money, and the
only office itperforms.' If I the amount thus
required, ' increased 'quantity,At falls In
If Only ten millions .is,needed tO'C'en
duct the :exchanges of- a community, then
only ten
how'
in value can be seinployed,
no Matter how much the "neininal 'ailment may
be , inereatied. But, it .nay be asked, how
without the issue of ' paper money can the
pokeiesicon and circulation of, these ten Mil- .
lions -..be.! secured? .The..answer is, by the
operation - of a law which. is uniform and uni
versal in - its from any
cause, tbeeirclilating.medrum of -'a, country is
lesSthan Is required, it immediately increases
in'' Tidiest' IThe , nionieitt-this ()coma speck(
will, , , b orexPotted* that i c,ountry from every'
other i iCountrir Where of less ~ealuel, ; and
this exportation 'icontinue-until the de
ficiency, supplied, and .the price of ,uietnl
equalized:. The °Piratical' of' tbe same law is
witnessed when the,currency.otit country is
increased beyond the required amount, by the
issue of bank notes. The price: of the,',,Whole
'fens, Money, becomes cheep—that; Is, it takei
more' ofltto - buy the same article than be-
The fatmer,, the, nuMufs:piurer,,and, the ja
borer,linding that their ,pr'oducts or -their in,
dustry Yemmand - niore niOnerthari formerly,
naturally enough; perhapts, regard, theinielyee
as,pecullarlylertunate, and the country as,
nn
commonlyprosperons.' But this state of t hings ,
does sot last long:- , It is soon : perceived' that
money Will buy mere abroadthantit Ifoine,
cause it is of greater rake abroad than at home.
But papermoney does not circulate in foreign
contstrieb; and consequently specie alone is ex.'
ported to pay for ,the;articles th;at:thay be pur.
chased. ~, A s it continues to Ist,sent out of the
country, thus decreasing. the, amount of the"
cireulatingiaediUM4boute,lhOtesidue Is Con
stantly iaoreaeingln value And`now the evils ,
of the t bsakhig. system begin to exhibit them,'
selves. , The hanks alarmed by, theconstaid and
steady Which,* made ripen theM'for
. apecie, which is requires 63 , the merchants to
pay for their purchases - abroad, contract their
loane.er
,suspend them altogether. It is' now
foiand,ltliat large,proportitin yf sPecie.has
been parted with, the circulation of the banks
curtailed', and theresidueef the medium of Me.
chauge,AuMiebsely 'enhanced. jtt' Value.
,%'he
farmer; derided .)4;high:Priees bought, per
giving bond and molt.'
gage lot; iti , painint; , , 'But products
now Mich' liss Mien befere:; ; hieittnd
has equally fallen in value; yet he is compelled
to pay the !stipulated amount for it, and thus
lobe hindreds thoutande of sfollara. Arid
the . battle „causes .prodiee the 'same, effects
throughoutthe entire community. Whoever
Contracts a debt when money bears' mile - ratio,
and Wilt: when" it'bears anOther; though the
nominal sawmills the mine, will find that be
has looldi in value; perhaps twice -as muelvas
he
_received. So, on the other hand, whoever
Ria' mooy, „while it bears One ratio, and re
ceives-payment While :It bears another, gets
the nominal amount to" be !hire, yet this may
not 'be - Mae - half' the sum in value that he.
loaned.' With „ the , tinctiattons„ee,-price,
which are the natural .consequenceof paper
money, the - Contract" ' , of to-dar:May- mean
a very - different thing, to-Morrow. The man,
who agreed Onlhe'itist day of August to .gay
ten thousand dollars for , a certain amount of
gorabili , sixty - dayti , thereafter,'now finds that
withVbanie contractioneand bent'Sn'spenslony,
he,canacarcelreell thetnforlivethoneendi but
his notes, nevertheless , mnst be paid in full.
1 1 4'64 of-paper money—lve ixieart paper
money • PseedV,9o. banks ep present Con::
stittoV—ate MeyjMhie they are inherent in
the system: ,Expansion and contraction, sea.
Ms :of ProMetity,Jollowed by, !seasons of
gloom and distress; the alternate elevation and
depressio . l, l / 2 :4 marked
16.1 tdef9l9t:t.:li MOP* 404, .50, long as
"Tsai nature - iiitaiss unebinged i and banks nn•
altereik that , bletetr"will ;cent - nue to be re
paide4feilitte:Cadies ery,eowhere ireduce
eluti
. tarsi , ren_e*their business to-Morrow ; let their
indebtedness, and the indebtedness of the core-:
toniniti; ln, , ttiveikt 'away ; let . the cnriency. be
redutkid'tilittlijiOnal Cetidittoti-ithet is; to the
amount facii4nla ec 3l6 PPsl and
01 , 01911 istfiliiiness, and a prostration of ere•
dit, would inevitably happen, and at no distant
day. •
How would it occurs Precisely as follows:
An increase of the products of .the earth
Brain, cotton, and tobacco—eitherAortian mt.;
usually favorable season or the application of
S. greater amount of labpr, would lessen-their
price. The moment this occurred everylkidy
would wish to buy, because when products are
cheap it is naturally supposed that the price
Will rise. Besides, at such a time every one
is on the alert to buy, in order to export.
'AfOney, of c6nise, is Cequired. The banks are
Anxious to:. employ. their, capital, and theile,
mantis of the public and their own interests
combined, impel them to loan. Their mana-
gers are not endued with more foresight or
more caution than other business men, and
- white the 'latter are stimulated to borrow by
the hope of profit, the former are equally Ai'
=fated by the,expectation of ample dividends.
The same motives and causes that stimulate
one bank to lend equally stimulate all other
banks. As the 'tide of apparent prosperity
rolls on, new banks will be incorporated, and
'the 'volume of paper, money will be propor
tionably increased. With every increase of
quantity the value of the' money diminishes,
and the price of products relatively increases.
In no long period of time, it is perceived, as
we have already explained, that money will
buy more abroad than at home. Then follows
,the export of specie, and, as a consequence,
the'ealling,in of their loans bythe banks, and
a refusal to loan any more. The result of
such a crisis we now behold and lament.
Having thus demonstrated the evils of the
present banking system, we naturally ask if
they ere withoutremedy? In a measure we think
they may be corrected. But this can only be
done by making the proportion of specie to
the whole liabilities of each bank so great,
that it Will check improvideat loans, by prohi
biting the, issue of small notes, and requiring
at abort periods a publication of the condition
of the banks, so that the public and them
selves may, at all times, know' the basis upon
which they stand. If the system is to be
insurepur
sued a t, all, it must be Upon principles that
will the public security.
We have now a few words to say respecting
the present position of our hanks. Governor
Petra :ix has thought proper to assemble the
Legislature, to devise measures for their re
lief. We hear that the Legislature is expected
to legalise their suspension. There are some
things, however , that the Legislature cannot
do, and this happens to be among their num
hei„ The banks have made a contract with
their bill-holders and depositors to pay them
in specie on demand. The obligation of this
Contract remains in ftill force, and the State is
inhibited by 'the Constitution of the United
States to impair it. The Legislature can pass
,no flaw which will be of the slightest validity,
that exempts the banks from the common taw
of debtor and creditor. They ere precisely in
the condition of the merchant whose note has
been dishonored. All his property is liable to
seiCure and sale, to satisfy the claims of his
'creditors:- The property of the banks is sub
ject to the same liability. The merchant too,
whose note has been protested, must pay in
terest from, the time 'of protest, and there is
no, reason in, the world why the banks should
be exempted from the payment of interest to
their bill-holders and depositors in the interval
of their suspension and resumption:
We have said that the Legislature is pro
hibited from enacting any law impairing the
obligation of the contracts of the banks. They
may, however, exempt them from the forfeit
ure of their charters. But we trust they will
no't do this, except on conditions that will se
cure the, manifest rights of the community.
Tliey should, be compelled as a anditio
sine qua non, to pay interest on their cir
culation and deposits 'from the time they
puipended until they resume. We have no
disposition to be unjust to the banks; but we
must endeavor to guard the rights and inte
rets of the community. If wo failed to do
'th 14, ! we should be recreant to onr duty as men,
and false to our trust as journalbsts.
APPEAL TO THE LEGISLATURE.
is rare that such an opportunity is pre
sented to the patriot as that which is offered in
thO coming meeting of the Legislature of Penn
sylvania. The eyes of the whole country will
witch every hour of its proceedings, The ac
tinns of every member will be carried to every
hearth-stone by millions of newspapers. The
momentous issues entrusted to that
will
of
men affect the whole country, and will our
rdund their doings with a solemn and a grand
responsibility. There is not a merchant in
his -counting-room, nor a mechanic in his
wbrk-shop ; there is not a dweller in the ever
glades of Florida, nor a miner, in the golden
neves of California, who may not be assisted
a injured by this legislation, or who is not
piofoundly interested in it. Here began the
epidemic that has extended over the land;
and here, too, should the antidote originate
and go forth. The vicious example should
b 4 cured by the application of thorough re
itedies. The disease should not be tampered
blth. It should be plucked out by the roots,
the strongest and firmest band.
lWhat an occasion such a 'work as this pre
mints to the emulous public man I What a field
for fame I The real temptations glittering in
e .path to the capitol are not tho sordid
ins of the supplicating batilts,• but those
gime, of purer ray, and more enduring value—
' The rich attire or honorable deedn,
!trim fair report that's rife on good welsh; tongues."
Who will not enter for this ennobling strug
gle Who will, not, take Part in this sublime
reform We appeal to' the members of all
plirtiea to be worthy of the expectations of the
people.. Ifthey are' so r they will entitle them-,
allves to lasting gratitude. The occasion is
ou t e that should be eagerly accepted and im
proved. It should elevate 'every man in
gith 'Rouses into a patriot. The humblest
of The one hundred and thirty-three rem
its can now ,make for himself, if ho chooses,
a enduring reputation. Those who were
tinted with the suspicion of the last senatorial
election can now make themselves clean and
'pUre In the sight of the people, by refusing the
bilbes of the banks, and by being true to their
constituents. We repeat, it is an opportunity
'which they should be glad and grateful to
akept.
• t The Legislature, can last but six DAYS.. It
i 4 a brief space of time, but it is long enough
ti) immortalize ail those who are engaged in it,
Ntho •bravely fulfil their obligations to the
people. ,
I , ,__ ,
JUDE VIIIIMOT'S LETTER.
I We annex. the letter of Judge WISMOT, the
Republican 'candidate forr Governor. It is a
highly complacent composition. There is as
cool an argument in favor of free trade; or
what the friends of protection regard' as free'
Vide, as if be bad, not %been the guilt free
trade oracle - In , this State for a long period of
y i ears, , Ho contradicts himself without an
apology to his audience. He rebukes his own
Promises without a reason for his incon
sistency:
r -
What is the inference ? . Clearly,
t t
1 at a candidate capable of such manoeuvring
i not a sincere or trustworthy man. And we
.greatly mistake the temper of Our voters if
Judge Wrutor's, attempt to make capital out
Of the . diStresses of the people, by shalloW
professions of sympathy, • does not recoil on
him with ten-fold force. 4 very distinguished
't Clay man" notices Judge Waimea bid for
support in another part of this day's
. PRESS,
We now' give Jim letter of the Republican
candidate : . ,
• ' Ilanaisstrao, Sept. 28,1857.
Davin S. Bnowit—Dear Sir: • I am' deeply
pained by the news that reached me from your
city; This sudden financial revulsion threatens to
carry down 'hundreds of your
,worthy and enter ,
prising merchants and basineai men, bridging dis
t:resat° their honiesnf comfort'and afflunce ; and
*bat by many is felt as a greater calamity—coni-
Marcia' dishenor endless of credit. Its most die•
astrons and painful effects, however, will fall upon
the thousands of honest and industrious working
then, unexpectedly thrown out of employment and ,
deprived 'of the lumina of 'support for their
' '
It 10 truly a calamity caloulatelto excite the
rfinPathy of the most sellstand insensible. I do
not' profess • to be able to fathom all the ;mime,
proximate and remote;of a disa s ter snob as is new
ripen us.. Doubtless excessive' importations, over.
trading; extrairagant babitiof living; and thretna.'
timis in the currency, have had mush to 'do with
it: •
.
Yon will recollect that; on our 'visit to, the'
Qieueetiter mills, we bad some • conversation - upon
the subject of the tariff polity of the country in
Commotion with its influence upon American en.
(midi° . and labor: The events of the , last few
days have given' to that stiltieot an interest it did
dot then seem to 'possess.. That the tariff polloy
Of the Government has math to do with the revel.
sins that periodically convulse • our country, is
doubtless true, intimately connected as that policy
must ever be with all' our financial and industrial
interests. - The' very considerable reduction made
hn the tariff, at the last session of Congress, must
ave bad. a disastrous influence In bringing upon
tie the 'present - state at thinipy as it stimulated
greatlylmportationsi cawing ; heavier drafts upon
Vtie country for its previous metals. ; ;
It is a groat misfortune that our tariff policy
cannot be wholly removed front the party conflicts
of the country, and placed upon a permaneta and
reasonable basis. Aside frontipartiaan prejudice,
there is not, I imagine, a voiy wide difference of
°Omen upon this subject aliinng intelligent and
refloating men. ' .I•,
The pelloy of imposing 'prohibitory duties, of
actually destroying the revenue upon a largo share
of the articles of coininenio, , for the, purpose of
.proteetion; would hardly find an advocate at this
day. Fair incidental protection, without a gross
violation of the revenue principle, is rill that is
asked or required for our manufacturing interests,
and this should be cheerfully and promptly ex
tended. No ono contemplates the policy of free
trade and a resort to direct taxation as a moans of
raising revenue to meet the ordinary expenses of
(lovernment. Certain it is that I never contem
plated ouch a policy. I have always looked to
our polleytia settled in this respect—that the ordi
nary revenue is to be provided, by dittiel upon
foreign importations, and I hare ever favored the
policy of such discriminations as would afford
adequate and ample protection to American in
terests and American labor.
We have an immense revenue to raise. Already
the expenditures of our Government reach the
enormous sum of about sixty millions of dollars,
and it is rapidly increasing under the proli . gate and
demoralising expenditures of Democratic Adminis
trations. In raising this Vast sum there is ample
room, by judicious and proper discriminations, to
afford to our great industrial interest ample pro
tection, and to American labor ajust and adequate
reward. I have never intentionally violated this
sound American policy, and would cheerfully unite
to-day,'with the reasonable and judicious men of
the country, in placing our tariff policy on a basis
that would secure to American enterprise and la
bor a fair and just measure of protection.
The groat struggle in which we are now engaged,
and in which my feelings are so deeply embarked,
is a struggle to maintain the dignity and rights of
free labor against the degrading competition of the
labor of the slave; and I am equally in favor of
protecting our American labor against a ruinous
competition with the cheap labor of the Old World.
I confidently trust that you will weather this
storm, and that years of prosperity will attend you
in the noble enterprise you have thus far success
fully sustained.
Very respectfully, your obedient servant and
friend, D. WILUOT.
HON. J. K. FINDLAY
It will be recollected that this gentleman, so
firvombly known in our city, was last year
elected President Judge, of the judicial dis
trict comprised of the flourishing counties of
Northampton and Lehigh ; but owing to the
decisionof the Supreme Coint, Mr. MAXWELL,
Gov. Pouomes appointment to the vacancy,
was sustained, and Judge FINDLAY'S claim de
nied, notwithstanding he had been chosen
without opposition. At the coming election
the vacancy will again be tilled by the people,
and we are glad to be able to announce that
Judge FINDLAY has bean once more selected
as the Democratic candidate of the counties
composing the district. The conference placed
him in nomination on Wednesday last; 11. E.
WRIGHT, Esq., of Allentown, the candidate of
Lehigh county,having gracefully and generous
ly retired from the contest, leaving Judge
FINDLAY in the field without a competitor of
his own party. It Is a rare compliment to our
follow-citizen and friend, that he should be
made a candidate for so important an office
without solicitation or effort on his part, and
we felicitate the people of the counties of
Northampton and Lehigh upon the prospect of
securing so' impartial, upright, and spotless a
gentleman in that high position.
JAMES R LUDLOW. ESQ
We have omitted, in the midst of the excite
ment on the money question, correcting a
statement which is calculated to do injury and I
injustice to this estimable gentleman, the De
mocratic candidate for Associate judge of the
Court of Common Pleas for this city. In some
of the advertisements for political meetings,
Mr. Lunzow was announced as one of the
speakers, and in a report of a meeting, which
appeared in this and other papers, he was
mentioned as ono of the speakers. The Ledger,
after having very properly objected to the
practice of judicial candidates appearing on
the hurtings, and giving as an instance the
statement alluded to, promptly corrected it a
few days after, when informed that this state
ment was not founded on truth. Mr. Lunzow
has not addressed any political meeting since
hie nomination. Re has carefully abstained
from taking part in public demonstrations, and
in doing so has realized the expectations ofhis
friends, and has paid a proper tribute to the
sanctity of the judicial office. The only way
to maintain an elective judiciary is to insist
sternly and steadily against the selection of
unworthy men, and the abstinence of candi
dates from the party politics of the day.
WHILE IT Is TIME that the city has, in IMO
respects, suffered by the suspension of the banks,
there are modes by which that misfortune may be
converted into a source of advantage. There are
law stocks of goods now on band, and supplies
easily accessible, notwithstanding the monetary
stringency. The high rates of exchange ruling in
favor of New York, must, while they ,continue,
operate Injuriously upon her present trade. And
since the troubles have begun to develop them
selves in the West, this per oentage upon pur
chases will act as a virtual exclusion to many
buyers from that quarter. Of course the keen job
bers of that city will take care to remove so serious
an obstacle the moment this panic leaves. But in
the mean time wo are in a state to Improve this
opportunity, because no such tax is imposed upon
trade here. If we are to pursue our legitimate busi.
miss at all, or extend it, now is the propitious mo:
ment of all others to give it a new and vigorous
impulse, by presenti the inducements that ac
tually exist.—Thursday's North American.
Waiving the immorality of taking advantage
of what is said to be our misfortunes, aneof
making otherspay for it, the fact is that suspen
sion will operate to our disadvantage, and drive
trade away from Philadelphia instead ofbringing
it to it. An instance has just been suggested
to us by a western man : In Pittsburgh, Ohio
money is preferred to Pennsylvania money,
because Philadelphia does not pay specie and
Ohio does. An Ohio merchant owing money
to Philadelphia cannot, even if ho has a draft
on Philadelphia, get specie for it; but if he
has a draft oa Neiv l / 4 York, he can sell it at two
per cent., or if he goes to New York ho can
sell his draft there, and return to Philadelphia
with his gold andget four per cent. premium
for that. How much, then, is Philadelphia
substantially advanced by Suspension 7
THE BANKING CAPITAL OF PHILADEL.
Our city banks only possess one-third of the
actual banking capital employed in Philadel
phia—the other two-thirds are in the hands of
private bankers, who have not asked for relief.
They desire no relief laws passed for them.
Why should a few institutions then, holding
one-third of the capital of the city, have the
privilege to issue a_ paper currency and drive
specie away from all the avenues of trade, as
they will do if suspension shall be legalized?
In the late troubles, when Mr. RIPKA, the
great manufacturer, who employs thousands,
suspended payment of his notes ; when Gen-
Oral PATTERSON, the great southern produce
merchant suspended; when HACKER, LEA, &
Co., and CALEB COPE & CO., the principal
jobbers of the city ; and FATINUR & CO. and
LYNN J. LEVY, the first importers; REEVES,
BUCK, & Co., the great iron-makers and manu
facturers;, PARRY & RANDOLPH, the great
builders of the city, suspended payment on
their liabilities, and could each and all show
'hundreds and thousands of dollars' worth of
property beyond their liabilities,' did the
Board of Trade mid,' were petitions circu
lated, did members of the Legislature go to
the Governor to call the Legislature together to
grant them relief ? NO I Then, why should the
,Legislature be called together to relieve these
few corporations from a responsibility which
they willingly assumed, and from the benefits
of which they have been dividing large divi
dends for years?
DEAR BREAD PROPIIE
If the foll Owin g. paragraph be true, New
York is likely to haven bard time of it in the
approaching winter. We take it from the
Tribune of yesterday :
In addition to other causes of distress which
exist In this metropolis, we are likely to have for
the coming winter scarcity and high prices of
bread. The crop of wheat is a bountiful ono, but
there are no means of getting It to New York.
The canals are comparatively idle, because the de
rangement of the exchanges renders it impossible
to send forward the breadstuff's, without which the
Eastern cities must Baer a virtual famine, with
plenty at theirdoors. It is true the railroads may do
much to alleviate the distress after thelakes and
canals are closed ; but they can only partially meet
the ease. Thus flour may be worth five dollars a
barrel at Chicago, and ten dollars in New York.
What, then, will those do who depend on their
daily labor for their daily food, and who, owing to
the protein., are thrown out of employment? It
must be a winter of terrible and wide-spread suf
fering."
Even if flour be worth ten dollars a barrel in
NOV York, it will still be fully one-third
cheaper than it was, in that city, in the winter
of 1854-6. We understand that in this State,
which is agricultural, as well as mineral and
manufacturing, the actual produce of this
yearis harvest wilt be suOlcient for the con
sumption ; of• all our own inhabitants. We
would throw out a hint that flour is a great
deal cheaper, in Philadelphia, at this date,
than it was two months ago; but consumers
have not yet been able to discover that bread is
I'arger than it, was when flour' was dearer.
These are One times for the bakers.
PItESS.--PllllADPltitilit, FRIDAN, OCTOBgIt 2, 1857.
PROSPERITY AND PANIC—No. 9
The present Now York banking law was passed
in 1038, during the excitement that followed the
explosion of the safety fund system as it was called.
That system had been organised in 1821', on the
principle of a contribution annually of one.half per
cent. by each bank on Its circulation, until the fund
attained a certain magnitude. The fund was ap
plicable to the redemption of the bills of any bank
that might tail. The revulsion swept away the
fund and entailed contribution upon the remaining
sound banks for many years after. The security
system was then devised. By a sort of paradox it
has been called the "free" system,' because, al
though no bills can be issued without a lodgment
of ample security, yet the former restriction im
posed upon the safety fund banks, of limiting their
discounts to twice and a half the capital, was re
moved. No limit remained on discounts, but the
faculty of credit circulation was taken away. From
its first inception the law has been altered, on an
average, once each session of the Legislature, to
meet the exigencies of its operation. One of the
original attractions of the law was, that at a time
when an immense real-estate speculation was sub
siding; It permitted the lodgment of bonds and
mortgages as security. This gave an opportunity
to turn bubble mortgages into money, that was
speedily availed of. The market, at that time,
was also full of Western State stocks, which wore
also admitted as security. Tho idea of security
gave the public confidence in the bills ; and the
rush for now banks was such that bills fori,oo,ooo,-
000 of capital failed ; revulsion very soon followed,
as matter of course, and nine States of the Union
failed to pay interest ; a large number of the new
banks failed, and the mortgages and western stocks
were found to be inadequate security. Aketocks
wore then excluded except Now York and United
States stooks ; but the requirement that the banks
should keep twelve and a half per cent. of the
circulation on hand in specie was abandoned ,
as useless. It was then found that large mort
gages were unavailable, and the loan waesikared,
It was then permitted for individuals to become
banks. It was then required that not laps than $5O;-
000 of stooks should bo lodged, because in KWH),
individuals would got credit for $5,000 of 'Stocks,
lodge them, and with the circulating notes received
buy 0,000 more and so repeat tho operation nistil,
without capital, they bad obtained sloo,ooo' of
stacks, giving 7 per cent.interest,and the bills, when
presented at an agent in Wall street, would:be re
deemed at ie. discount, the bank being suffered to
bo located at the West. IBy this means a handsome
business was created. The law was altered to re
quire the bills to bo issued only at the bank. The
law was again altered to require the bank to nomi
nate to the State officer its redeeming agent either
at Albany or Now York, which agent should re
deem its bills at la} discount only. By State inter
est, United States stocks at one time were excluded
as security, in order to make a better demand for
New York stooks. The latter became very scarce,
and United States stooks were re-admitted.
As the chartersof the old banks expired they were
compelled to come under the general law, because
the State Constitution of 1848 prohibits any more
ohartere, forbids legalizing suspension, and requires
" ample security" for all circulating bills hinted.
These are some of the leading provisions of the
laws, enacted from time to time according to the
teachings of experience. In process of time, under
this operation, all bills in the State have come to
be secured in New York and United States stooks,
the margin to be made good in time of pressure if
these stooks fall in the market. In addition to this
security the banks are required to redeem theletiote s
as they flow to the commercial centre at not more
than one-half discount, because it was found that
in times of panto the money would flow down
rapidly, and no matter bow good ultimately they
might he, they could not be converted under a
heavy discount. Gradually, however, it was
found that the one-half per cent. discount allowed
by law for redemption was still onerous for the
public. The Metropolitan Bank, with a capital of
$3,000,000, was then started to compel par re
demption. The American Ezehange Dank came
in aid of the operation, by which these banks were
to take country money from their customers at
par, and demand specie at the counters of the
issuing banks until these should provide for
their bills at par in New York voluntarily.
This was found to bo too gloat an undertaking,
and they charged an eighth. Under this operation,
not only has the discount been reduced, but the
banks been compelled to be regular and prompt in
their payments. In order to show the operation,
we may take the quantities redeemed by each
bank in 1856 :
Metropolitan. Am. Exc. Total.
N. Y. at ditcount..oB,ooo o ooo 147,000,000 $105,000,000
do at par 14,100,000 8,000,000 22,700;000
N. England notea.. 40,000,000 41,000,000 88,000,000
There are a number of river banks that keep their
notes at par, and these have been redeemed to the
extent of about $22,700,000. The interior circula-
tion being about $20,000,000, it follows that it is all
redeemed every sixty days. Tho New Brie
circulation is $42,100,000, and the redetap••
tions of the Suffolk, in Boston, last year, we're
$400,211,019, making a total redemption every
five weeks—an immense rapidity, which makes
undue expansion almost impossible. When
panic sets in, as recently, the redemptions become
very rapid. The New York note circulation has
been cancelled to the extant of $3,000,000 in sixty
days. A great quantity is returned to cover mar
gins. Tbo bank department has delivered, how.
ever, $1,000,000 stooks, and $200,000 mortgages,
which have been sold to pay for cancelled bills.
By this operation the whole currency is kept
sound.
What the redemption and return of bills does for
the State circulation, does the clearing house for
city bank credits. In the system of discounts,
every bank in the city has payments made to it
every day, and always in checks on other banks,
drafts, do. If the banks are all alike Judiciously
conducted, having loaned their money on ouch
paper as is promptly paid at that date, they will
have due to them every day, about as much
ea they will be called upon to pay. Renee,
when it comes into the clearing-house it can
present as many claims upon all other banks us
they collectively present against it; an exchange
of paper is made, and there is nothing to pay. On
the other hand, if it has been controlled by favor
itism, or has made long loans to speculators, or re
newed paper, it comes into the clearing-house with
inadequate offset, (for the claims presented
against it,) and must find the specie to pay
he balance or stop. This Imperative law has ope
rated now three years in New York, and the
result is, such a command of means as bids den
anoo to panic. Boston, following the same system,
is as strong. The Philadelphia banks strenuously
resisted the Introduction of that plan, and when
panic forced the specie balances between cities,
their means were beyond their control, and they
stopped. The lesson is a useful one, and the com
mercial public may mark out a remedy for the fu
ture.
THE LATEST NEWS
BY TELEGRAPH.
FROM WASHINGTON.
faPTCIIA• ABSPATOLI FOR Tim PrtEll3.]
Appointments—Report cm Plans for Marine
Engines—Few Sloop of War—The Press—Re
'demptlon of United States Stocks—Railroad
Lunde—Pension Office
• WASIUNOTON, October I.—Dr. TATE was sworn in to
day, es Sixth Auditor of the Treasury, in place of WE.
B. Sutuare, removed. Wit. M. Cot.t.om, of New `Jer
sey, in place of Al. 0. Pacer, promoted, and JAG. Aux.,
of Washington, D. 0., in place of Gams P Cori re
signed, have been appointed to first-chum clerWilgs
($l2OO per annum) in the office of the Third Auditor.
:JeussB, Pliksoll, of Virginia, and Dr. HENRY KING,
or Missouri, hare been appointed examiners ta rthe
Admit office, at a eatery of 52,600 per annum.
YULna t of Washington Tarr{tory, bee beetalip
pointed to a second class (51,400) clerkship in the tn.
tfrior Department. ) '
The Secretary of the Treasury has appointed . T. P.
IttCHARDS ailletant at Cape Elisabeth, Maine; salary
WO per annens ; and G. W. Avsesm. keeper at float
'eland, Maine ; eatery 5,150 per annum.
',The Boned on the cew eleop-of-war hare made a sup.
plementol report, by order of tho Secretary of the Nary,
do the plane of engines which were sent in by the dif.
[Trent bidders. The palm of superiority to men'.
inanely given to Decor, NEAFie, & Co., of Philadel
phia, for balance, length of connecting rod, journal
service, &c. The plane of Mr. ainaPUT, of New 'fork,
have also received favorable notice. Vertical tubalar
lostead of horizontal tubular engines, are reeorruneadei
for war steamers.
The contract for constructing the new sloop-of-war
bee not Yet been given to WAlSTMilitta, of New York,
in whose favor the board made its report; nor will It be
Made out, I learn, raw t iroo this week.
The courao pureurd In the present tinancial critic
Philadelphia, by the Passe, meete here with general
approval. Holm/ of its editorials are pasted on boards
and bung up, to be kept constantly In view, as rules of
Wisdom never to be departed from. The supply was far
below the demand for copies on SaManday and Monday.
Hour hundred thousand dollars pf VOW Spites stock
Was yaterday redeemed with gold and silver at the
Treasury.
Patents are being Issued from the Land Office for
lands, in alternate sections, granted under acts of the
last Congress for railroad p 4, rposea. X. Y.
From Washington—Cl:atone Home Mittel', etc.
WASHINGTON, Oct. I.—The Secretary.), the Treaslo7,
on appeal, has decided that 19, and not, 24 per contain,
should be charged no duty on twilled fabrics, such as
printed and dyed merinos' of worsted and cotton, nom
lines of worsted , printed colon, ombre striped Cobtirts,
and rainbow printed woreted and cotton twills.
= Dr. Itenry Ring, of Louisiana, and James S. French,
Of Virginia, have been appointe d examiners in the Pa
tent °ace.
The Expected Stedmee.
New Yonz, Oct. I.—The steamer Arabia, which aided
from Liverpool on the leth instant, is expected to liars
passed Oape Race cot Tuesday morning. She will be due
here to-morrow, with two days later *ble' than fur
nished by the Jura.
NSW Yona, Oct. I.—A rumor was in circulation in this
city to-day of the arrival here of Oapta gertelo9 and
a number of passengers, rescued from the wreck of the
central America. It was totally without truth,
; Thereon., October I.—The State Fair commenced hero
on Tueeday. The character of the exhibition fully
aquala an y of the precedlng yeera, but the attendance
bus not been en large.
The weather today fa rainy and cold.
NEW YORK, October 1, 1857
.$112,300,000 $98,000,000 $21.0,809,000
False Rumor
Michigan Mate Fair.
Financial Affairs
UMW" EITATEd ISTOCKS—PAYIISNT OF 'lmmo, orrrons
WASIIINOTON, Oct. I,—Two hundred thousand dollars
worth of United States Blocks came in this morning for
redemption.
The entire amount of Treasury notes outstanding at
present is only $lOB,OOO worth
To-day the Viltiol.lll Federal officers throughout the
country, including the Judiciary, are paid their quar
ter's salary.
I=l
. •
PITTODUEOII, October I.—Tho old Bank of Pittsburgh
continues to pay specie on all Its liabilities.
V/1 1 .1.1A1131111811 (N. IC.) 13ANKE.
NEW YORE, Oct. I.—The Farmers' and Citizens , and
Williamsburg Banks, of Williamsburg, New York, have
suspended.
ORMERAL MEETING OR THE RBROENTILR INTERESTS OP
BOSTON, Oct, I.—An informal meeting of the mer
chanti of thin city has bean held, preliminary to a call
ter a general meeting of the mercantile interests, to
consider the financial crisis, and the present - course of
banks as affecting the merchants
lioscoa. Oct.l:—A general meeting of merchants, to
consider the best course of the banks to business men,
will be held to-morrow.
The best paper weedoue on the street to-day, at 2 per
cent. a mouth.
Tho banks discounted some to-day, but not enough to
ease the market.
TOO TOtDO OF LOWF.LI., MASS.
BOSTON, Oct. 1 --Owing to the depressed state of the
trade, several Lowell companies have contracted for a
ahip, to be Immediately cent to Liverpool, Pith live
thousand bales of cotton.
CHARLESTON AFFAIRS.
CHARLESTON, H. 0., Oct. I.—The presidents of the
various banks in this city held a meeting this morning,
and resolved not to suspend specie payments..
The reported forgeries on John Frazer fc Co. are un
founded.
Thomas 11. Owyn, late captain of the steamer Nash
vine, Wed last night from consumption.
TOO 130008 Op ILLINOIS.
S. Lome, October I.—The Bank of Belleville, at
Belleville, Illinois, has failed.
The banking house of Messrs. Moore, llollenbush, &
Co., at Quincy, Illinolg, suspended on Monday. A. run
was made on the banking house of Play & Savage, at
the same place, but they sustained themselves.
TUE BANKS OF AUGUSTA, GEORGIA
AUGUSTA, Os, October 1 —The banks here are dis.
counting freely in order to enable merchants to purchase
cotton.
110NIITAAT NACITRICANT AT DT.TROIT-RUN ON 711 T BANKS
DIVITOIT, Oct. 1 —The suspension of the Peninsula
Bank of this city, which was announced yesterday,
causes an intense excitement. The TIM on the other
banks was severe this morning. The bills, which were
principally of small denominations, were promptly re-
deemed, and the banks are, to all appearance, in a strong
condition.
FAILURES AT DORTON
BOSTON, 0Ck..1.-51emera. Lawrence, Steno & Co., den
Jere to domestic goods, havo Suspended
The failure of the following tinny to al,n nononnced
John A. Lowell; Benjamin Howard; Biehardson, Kim
dall & Co. ; and Peter C. Jones.
FAILURE OF LOUISVILLE BANKERS
LOUISVILLE, OCT. I.—Moserß Hutchings & Co., and
John Smidt & Co., bankers of this city, have sus
pended.
Quite a heavy run has been made on A. D. Bunt k
Co., who have thus far sustained themselves. It is ex
pected they will be able to meet all their liabilities.
FAILURE OR A TORONTO (0. w.) BANKING TIM
Tonotro, W.,) Oct. I.—Messrs R. R. Brett,
bankers, of this city, have failed.
Lehigh County kgrStnitural Fair.
ALLENTOWN, October 1 —The Lehigh County Agricul
tural Fair is now being held in thin place. The attend
ance to-day was Oita large, numbering at least fifteen
thousand persons. The display of machinery, agricul
tural products, cattle, kc., is very fine. The fair com
menced on the 29th ult. and continues until the 2d inst.
Everything has passed off pleasantly, and the friends of
agricultural progress are more than satisfied with the
success this year. Addresses were delivered this after
noon by Prof. J. N. Gregory in English and Rev. J. Derr
in German.
Two Bridges Burned.
Boma, Oct. I.—The Concord railroad bridge at
Hooksett, and Highway bridge, to the north of the
former, together with a store adjoining, have been de.
strayed by fire.
MATTERS AND THINGS IN NEW YORK
[From tho Now York papers of tut evening.]
.T3IPORTANT ARREST OP ALLEGED BURGLARS
AND THIEVES—A SERIES OP DEPREDATIONS COM•
MITTED—STOLEN PROPERTV RECOVERED.—For
several weeks past Ex-Officers Martin, Duffon,
Campbell, and Rue, of the Sixth, Seventh, Tenth,
and Seventeenth wards, have been in search of
two Germans, named Charles Bloom and George
Minnie, who stand charged with the commission
of several burglaries and robberies. Over a
month since the officers received information that
Bloom was to be found in the promises 283 Thomas
street, and acceordingly, at five o'clock in the morn
ing, they surrounded the house anti surprised the
man they were in search of. Bloom, knowing every
crook and turn of the rickety crib, ran to the roof of
the house, from which he leaped to another build
ing adjoining, scampered down the scuttle, which
was open, and reaching the street in safety, eluded
the pursuit of the officers. Although then thwarted
in their purpose, the officers did by no means give
up the chase, but by making inquiries, learned,
to their entire satisfaction, that Bloom and Minnie
bad fled the State. Information was obtained
by the officers, going to show that the suspected par
ties were jointly occupying a house in the woods,
near a place known as West New York, some eight
napes back from Jersey City. To this place the offi
cers repaired on Wednesday, and being satisfied
by reconnoitring the house in question that the
birds were caged, stormed the castle with great vi
gor, and afteea fierce contest with the alleged burg
lars, captured them before they had time to use four
heavily loaded muskets and other deadly weapons,
with which they had provided themselves in case of
an attack. In the premises the officers found a
quantity of goods, supposed to bo stolen, and in the
stable was a dark cream-colored horse, valued at
$5OO, which, it is said, had been stolen from a gen
tleman residing in or near Boundboak, N. J. The
mane and tail of tho noble animal had been sheared
off, and to more effectually disfigure the horse his
'White bind fedt had boon colored black. The ac
cused parties were brought to this city and com
mitted to prison to await an examination. They
have both served terms in Trenten (N. J.) State
Prison, where the husband of Bloom's first wife or
mistress is now serving out a term of sentence.
The prisoners, according to information received
by the officers, were engaged in the burglary upon
the store of Mr. John A. Rooney, of 'honkers, on
the 171 h of August last, which was robbed of
$4,000 worth of goods; at the mum time, the
stables of Judge Woodruff and Mr. Kinney, both
of Yonkers, were broken open and robbed of
valuable sets of harness. On the night of
the ),oth of August, tho store of Mr. N. C. Blau
velt, of Spring Valley, Rockland county, was en
tered and robbed of $1,500 worth of goods. These
two men are also charged with being concerned
in the commission of a burglary in Sing Sing,
some weeks ago, upon a store which was
robbed of silks and other dry goods to the value
of $3,600. These stolen goods, it is confidently as
serted, was sold to a notorious receiver, in yowark.
N. J., who, with the proceeds of which, established
a small clothing store, and now has it in operation.
On the 23d of July last the store of Mr. P. Cohen,
2853 Bleaker street, in this city, was entered and
robbed of goods to the value of eight hundred dol
lars. Some, of the artioles stolen on this ecoasion,
were found in possession of the prisoners, and since
identified by the owner. From the filets, as they
at:i present,
againstnt, itiee prisoners b t Vloyothnt a clear ease
madewill be
THE DUE CALIFORNIA STEAMER —The steam
ship Star of the West, with the California mails
and San Pregame dates to the sth ult., is not ex
pected, wo learn upon inquiry at the steamship
offices, until Friday or Saturday, and. no llReasl
- is felt there for her safety. The cause of de
lay is probably owing to the feat that the steamer
duo on the Pacific side is the California or Ore
gen, very substantial boats, but not so fast as some
other boats on the line. The Star of the West, it
should be remembered, makes en indirect voyage
to this port, touching at Key West certain, from
which there is no direct communication by tale.
graph, and probably touching at novena. It
is these reasons which no doubt cause the delay.
%mon ABOUT CAPTAIN lIERNDON.—Tho rpress
has the following : An agreeable, exciting, but yet
distracting rumor, was current this morning of the
safety of Captain llerndon and sixteen of his nice.
After thorough investigation, we found not the
least foundation for it.
,The Evening Post announces, " Safety of Lieu
tenant Herndon—His Arrival at Quarantine," but
only says: "A rumor reached us about ono o'clock
that Lieutenant Herndon had been rescued and
was safe. Upon pursuing the rumor, we learned
that the mate of tho barque Hicks, now lying
at 27 East river, woe heard to etato to a
crowd of people at (Norge W. Brown's eating
house, this morning, that hp bad himself as
sisted in the rescue of peutenant Herndon and
sixteen others of the crow of the Central America.
We then wont to the entry clerk at the Custom
House, and there hod the report confirmed, and
were muted that Capt. Herndon had arrived in a
vessel (name rat given) at Quarantine, with six
teen others who were with him on board tho Cen
tred America. We ipclino to doubt the story, for
the reason that it has not reached us through our
marine reporter."
STEMS-BOILER EXPLOSION—ONE KILLED AND
'SEVERAL WounnEn.—The steam-bailer of the
:Knickerbocker plaster works of Messrs. King Bro.
'there, Nos. 6/19 end 510 West street, exploded last
evening, utterly demolishing the plaster mills and
adjoining tenement houses, Nos. 511 and 512.
There were about a dozen persona at work in the
mills at the time of the accident. Reuse No. 511
was a three-story building, occupied on the first
floor by James Farrel as a liquor store, who also,
with his wife and Pfister-in-law, Mies Catharine Du-
Fenno, occupied the third story. Cetharina wos
instantly killed; her lifeless and mutilated body
was soon afterwards found in the rains by the fire
men. Wm. MoDonald, wife and three children,
the widow Duganno, mother of Catherine, and
Bryan Carpolster and wife, also occupied the same
building--all of whom escaped with alight injuries,
except re. Duconne, who was badly bruised, and
who had a leg broken,
A SINGULAR CASE ON FALSE PDETENCES.—A
woman, named Amanda Wilson, appeared before
Recorder Smith, and applied for a warrant against
the keeper of a pawn-broker's shop in Chatham
street. It appears that she has lately escaped
from a wrecked vessel, and is temporarily stopping
at No. 20 Greene street. Having souls articles to
dispose of, oho took them to Felernon'a pawn-brokers
shop, No. 70 Chatham street. Two girls worn in
attendance, and they questioned her until they as
certained she had recently been shipwrecked. 'They
then did up a quantity of old clothing, and told her
if she had been shipwrecked she needed it. Being
a very nervous and excitable person, they so
thoroughly confused and frightened her, by
representing Wit she was legally bound to take
the package, dm., that she finally took it, and paid
them the prioo they Axed, $6O. After getting
away she reflected upon what had occurred, and
went to the Tombs, and Officer Bennett took her
before the Recorder, who took her affidavit, and
issued warrants for the arrest of the parties impli
cated. They were held to answer a chugs of oh
raining money under false retepoes, in the ouzo of
$l,OOO each, anti the oaso is already before the
grand jury.
Before making her complaint, 011icer Bennett
Boo omparded her to the pawnbroker's shop, rind
tried to get the money hack, but they refused.
n o offered to take $5O, but this Offer was also de
clined. Upon going to another shop to sell the
bundle, she found she could get oply $4 for it.
The names of the parties arrested aro Mary Ha
milton, a domestic, and Julia Folintion, daughter
of the pawnbroker.
fetter oppeare iu the Baltitu ore American
from an attaché of the Colonization office in that
city, Mating that advices have been received from
Liberia to August Mb, in which no allusion
whatever is made to famine, or eyon scarejty.
is, therefore, concluded that if any existed, it was
merely temporary. The 'ill effeots of the report,
however, have been felt on this side of the water,
in the detention of two largo parties of emigrants
who were to go out this fall. •
Eigbt hundred mechanics have been thrown
out of employment bp the elesing 9f trop large
tuttuutnetuting estabhalments at Euffalo,
PROCEEDINGS OF CITY COUNCILS
A stated meeting of City Councils was held yes
terday afternoon, at which the following business
was transacted :
SELECT BRANCH.
A communication was received and read from Mr
George F. Goodman, Superintendent of Girard Estates,
giving an exhibit of all the receipts and disbursements
of the Girard Estate, for the quarter ending September
30th, 1857. The cash received from real and personal
estate from July let to September 30th, 1857, and paid to
the Oily Treasurer, was $51,032.31. The expenditurea
amounted to $30,780 08,
. . ,
Mr. Benton presented a petition for the erection of a
bridgo across the Schuylkill, at Spruce street, which was
referred to the Committee on Surveys.
Mr. Braley presented a communication from the
Board of Directors of the West Philadelphia Passenger
Railway, stating that they have seen with surprise the
account of the recent action of the chamber, restraining
the company from laying rails across the Market streak
bridge. They express a hope that au inquiry will he
instituted into the matter, as they feel soured that the
facto indisputably guaranty their right to take the
course which they previously proposed, and attempted
to carry Into effect. The laying four additional tracks,
they state, will cause no obstructions whatever under
their act of incorporation. The company believe that
they have the right to cross the bridge, and they have,
therefore. made no application for permission to do so.
The communication was referred to the Committee on
Highways.
A number of unimportant petitions and communica
tions were presented, read, and appropriately referred.
Mr. Neal offered a resolution Instructing the Com
mittee on Surveys and Regulations to inquire whether
the Surveyor of the Third District has ceased to perform
the duties of his office, and whether his place should
not be supplied with another incumbent. Agreed to.
There being no business before the Chamber, Mr.
Ashton moved that Common Council be informed that
Select Branch will adjourn in fifteen minutes, unless
otherwise detained. The object of the motion was to
ascertain whether the other Chamber had any business
for Select Council to transact.
After a brief discussion, the Clerk of Common Conn.
cils entered the room with a number of bills in his
hands, whereupon Mr. Cortunan expressed a hope that
the motion of Mr. Ashton would be withdrawn. Mr.
Ashton insisted on hie motion. A motion to postpone
was lost, and also a motion to lay it on the table. A
discussion then ensued on the original motion, which
was participated in by Klemm Commit] Ashton,
Roberts, Nathan, Neal, and Taylor, after which it was
adopted by a vote of 12 ayes to 5 nays A number of
ordinances and resolutions from Common Council were
then concurred in.
Mr. Carman moved to proceed to the consideration
of bill No 2, on Select Council file, entitled an ordi
nance supplementary, to an ordinance, approved January
19, 1850, entitled "An ordinance td license and regulate
pawnbrokers, and to repeal so much of the supplement
thereto, panned February /0, 1856, as in lacoailstent
herewith." Alter discussion, the motion was not
agreed to.
Mr. Ferree offered the following :
Besoford, That the Committee on Finance be Instruct
ed to examine and ropert In relation to the expenditures
by the Board of Health for filling up a lot and removal
of a nuisance on the south side of Prime street, between
Fifteenth and Sixteenth streets; and further, to exa
mine and report relative to all other expenditures and
receipts by the Board of Health, and that to enable the
committee to snake such an examination in a satisfac
tory ?manner, the committee be authorised to send for
persons and papers, and to have the witnesses who
may be called to testify sworn or affirmed. Agreed to.
Mr. Roberts offered the following :
liesolved, That the Committee on Law be Instructed
to report at the next stated meeting of Councils, on the
remonstrance of pawnbrokers, referred to said commit
tee on the 18th of July last. Agreed to.
Mr. Roberts said that he desired to make a statement
to the Chamber At the last meeting of the Finance
Committee the Receiver of Taxes stated that he was com
pelled to refuse checks and notes on tho city banks in
payment of liabilities, on account of such money being
u ncurreut. Ile thought some action should bo taken on
this subject.
Mr Methane offered the following
Resolved, That the Agent and Superintendent of
the Girard Estatee be, and they are hereby, authorized
to receive in payment of rents and debts due gild estate,
such of the current funds of the city as are I eceivable
on deposit in the Bank of North America.
Some discussion on the merits of the resolution en
sued between Messrs. Marsells, Nathan!, Onyler, Tay
lor, Bradford, and Neal; after which a motion wee made
by Mr. Cuyler to refer the whole subject to the Com
mittee on Finance, with instructions to report at the
next stated meeting, or at a special meeting.
Mr. Nathans stated that the Finance Committee had
boon very inactive in respect to the subject which bad
just bean introduced. That committee, he said, should
have reported an ordinance relative to the reception of
payments in the various departments.
Mr. Bradford agreed with Mr. Ouyler, that the city of
Philadelphia bad no right to deposit funds in any broken
bank. These banks, said he, have violated MA:char
ters, and we have no right to encourage them.
The motion to refer was lost, and a motion to postpone
for the present was agreed to.
Mr. Williams, from the Committee on Finance, pre
seated a lengthy report, with the following resolution
attached:
lielolved, By the Select and Common Councils of the
city of Philadelphia, that the several departments of
the city of Philadelphia be, and they are hereby, author
iced, to receive in payment of claims and debts due to
the said city, such fends as will be received by the re
spective banks of Philadelphia at their exchanges.
It was moved to amend the resolution by adding the
words "and trusts, '
after the word "department,"
which was agreed to by a vote of 9 ayes to 6 nays.
01 r. Ouyler said that there was a legal disability
which prevented the city of Philadelphia, as a trustee,
from depositing its funds in the notes or stocks of a
broken bank, or a bank which has suspended. There
was also a moral disability. He spoke purely as a true
tee, and could not feel justified, either' in law or
morels, in doing anything which would be equivalent to
throwing the money of the city away.
Mr. McCay stated that he differed widely from Mr.
Cuyler, and argued at length in favor of the resolution.
There was no legal point involved in the subject. To
hie view It was a matter of policy.
Mr. Bradford fully concurred with the legal views ad
vanced by Mr. Cuyier. The debate was further con
tinued, and the resolution, as amended, agreed to.
Adjourned.
COMMON COUNCIL.
The Chair submitted the following communication:
OFFICE Put LAMILMIIi Gas WOMI,
September 29th, 1957.
To Me President and Members of the Common Coun
cil of the City of Phtladtlyhta :
IV item:As, In the public. reports of the proceedings of
the Common Council of tho city of Philadelphia, of Sep
tember 24, 184, insinuations were made by members of
that body, that the Sinking Fond of the Mrs Trust had
no real existence, or was hypothecated ; in violation of
the dirties of the Board of Trustees:
. .
AND NVUERRAS ! Such insinuations, while they Cr. en
tlrely destitute of support In folet, are possibly cake
laud to produce an Impression unfavorable to the pre
sent administration of the Trust:
Resofred, That the Common Council of the city of
Philadelphia are respectfully invited to examine into
the state of the Sinking Fund of the Trustees of the
Philadelphia 069 Works, either through the Committee
on One, or any other standlog or special committee; and
that every opportunity for conducting such examina
tion, or any other examination, into the accounts of the
Trust, be rendered to such committee by this board,
through au inspection of their books and an exaMine
tiOtt ut their papers and vouchers.
Resolved, That a copy or this preamble and resolu
tions be at once transmitted to the President of Cowmen
Council
(110.11 BURGIN,
President of the Board of Trustees of the
Philadelphia Gas Works
Attest Jons P. Ware, Register.
This communication was referred to the Committee
on (iss
Mr. O'Neill submitted the following:
/tcsoierd, That a special committee be appointed to
inquire :
Ist Whether any gas Is furnished to the Trustees of
the Oity Use Works, and no, what is paid by the trus
tees of the saute, and the amount.
2d. To inquire whether any money has been expended
by the mid trustees for refreshments since the month of
duly, 1854.
Zd. To inquire into the general management of the
aflaira of the Gas Works by wild trustees, their °dicers
and agents Said committee to have power to send for
persons and paper.
The resolution was Agreed to, and the communication
from the Truiteell woe referred to the Committee on
A number of petitions were submitted asking for the
paring and grading of streets, &c., which were referred
to the appropriate committees.
Mr. Holtman submitted a remonstrance against the
paving of Salmon street, In the Nineteenth Wald. Re
ferred to the Committee on Highways.
Mr. Drayton, of the Committee on Finance, submitted
an ordinance authorising en appropriation to the City
Commissioner of $8,048 to pay the eximaxes of printing
the assessment lists, end meet the expenses of the four
additional assessors in the Twenty-fourth Ward.
Mr. Stevenson opposed this claim, he desired It to
be taken out of the receipts of the Treasury for next
year.
Mr. Hellman said this work had been done—the amount
war honestly due, and they should pay the claim The
printers gonerany are as poor as r, rate," and should
have the money for tho work done
Mr. O'Neill looked upon this subject In a bushman
light. The money was due these men, and they should
pay them ; if not In cash, in warrants.
The ordinance was agreed to.
Mr tl region, of the Committee on Finance, submitted
a resolution approving of the names of J. P. Levy, A
Orr, and J. Morgan, as the sureties of Mr. Samuel Og
den, Chief Engineer of the Water Work.; and Daniel
McCarty and James Martin, as sureties of E. Ahern, as
Commissioner of City Property. Agreed to
Also, a report and resolution transferring certain
items of the appropriation to the Inspectors of the
County Prison. Agreed to.
Also, a report and ordinance supplementary to the or
dinance providing fur the collection of outstanding taxes.
It provides that the City Solicitor nominate and sp.
potut, uith the consent of Councils, one additional
clerk, to copy all the registered taxes, at a ealary not
exceeding $BOO per annum.
Mr. Parker said that the clerks in the office of the
Receiver of Tales lied nothing to do, and he traded
they would be compelled to do this work.
Mr. If oilman said the passage of this ordinance
would save the city from $lO,OOO to $12,000. The Tax
Duplicates had not been settled up for many years past
Mr. Member sold the clerks iu the office of the Re
ceiver of Taxea had as much work as they could do.
Mr. Miller advocated the passage of the bill.
The ordinance was then agreed to.
Mr. Miller, of the Committee of Highways, admit
ted a report and a resolution authorising the expendi
ture of $4OO for the completion of the walls of the
bridge and the grading at the intersection of Blockley
avenue and Market street' for gradiug of Thirty
seventh street from Chard avenue to Torr street; $BOO
to complete the grading'g of Macho street from the
Plank road to Wissahickon street; to approve of the
contract made by the committee for the building of the
wing walls of the giranlavenue bridge; the opening of
Ninth street from Morris to McKean street; and the
paving of certain portions of Author street, Seventeenth
street, Drown street, and Pagoda street—ail of which
were agreed to.
Also, a report and resolution authorising the closing of
the contract for cleansing the streets, at the following
rates, viz . . .
Fired. ilistrict, William Tb 0 o)P 101) 81,800
Second do ... 2,400
Third de denies Maxwell 4,800
Fourth do Thomas Cunningham........ 9,010
Filth do 6,500
Sixth do 7,000
Seventh do James Mullen 8,760
Eighth do Michael Carlin 3,600
Ninth do ~ ‘• 2,100
Tenth do henry Reinhardt 3,800
Eleventh do Stile & I/eiffer 1,800
Twelfth do Colonel Mather 1,800
Thirteenth do Street Sweeping and Fertiliz
ing Company 3,600
Mr. Farber though the committee should have sub
mitted to Councils all the proposals submitted.
Mr. Miller said all the bids could be even on Ole at the
office of the Commissioner of llighways.
Mr. Mascher doubted the propriety of hiding these
bills from the members of Councils. Ile thought they
should now, as heretofore, be submitted to them for
consideration This plan of contracting was a humblig.
It was a notorious fact that the streets had not been
hf c t i l f s er e lL , donned for years past, and were now in a
Mr. Witner urged the adoption of the resolution as
submitted by the committee
Mr. Cooper aaid the streets of the Nineteenth nerd
only saw a broom twice last year, and then the dirt was
only hauled as ay once. lie was In favor of paying a
little more and haring the walk done right.
Moeller to postpone the resolution for the present
was pot agreed to.
The resolution was then adopted.
Mr. Perkins moved that they proceed to consider the
ordinance providing for the care of the steam Oro en.
gine il Toting America," which was not agreed to by a
Mr. Witcher called UP
vole of 23 to 24, (not two-third', )
the ordinance authorizing the
return of the apparatus to the donors Ile lead used
every effort to have this engine placed iu the charge of
some company that would put it to active service, but
had been Unsuccessful. lie pow asked that the matter
be 4nally disposed of.
he motion to consider the bill woe agreed to by •
vote of 34 to 15, viz
lass—Messrs. Austin, Black, Brown, Butcher, Con.
rad, Cooper, Day, Faulkner, Filler, Fry, Ginned°,
Jones, Kauffman, Keller, Mug, klakins, Moocher, Mil.
ler Andrew, Moyer, McClain, McFadden, Idcllwalit,
O'Neill, Shoch, Sites Steel, Stevenson, ThoropeonJolui,
Tuder, Full:lore, IFild°3', Wilmer, Wolf, Wright' C.
8---24.
NAYS—Messrs. Baird, Burnell, Clay, Beal, Preyton,
ill eisler, Handy, Holiness, Kelton, Kneen Morris, Me.
Manus; Parker, Perkins, Miller John. President-15.
Mr Baird moved to amend to add that the sum of
$3,600 be appropriated to place the " Young America"
in as good order as when she waft preXanted ha the
city
Me, Cooper toyed to further =end, to appropriat'
the unexpended balance of the appropriation to that
Department for that purpose, -
This amendment WM liceoptid.
Mr. Moocher opposed thie amendment, us it would only
coat $5OO for that PurPose.
Mr, Baird replied to Mr. Mueller, and said that when
that gentlenien advocated the giving of the engine to
the Diligent Engine Company, he Alleged it would cost
$3,000.ur $4,000 to put her In order. Now he desired
it given book to the donors. a would coat only $5OO
to put her to the same condition in which she was re
ceived.
Mr. O'Neil declaimed at some length agsinid the
it Young America." declaring her as worthle,;, sad
that she could fall to Fincei in being hauled about our
streets
Mr. Clay said It was disgraceful to Philadelphia that
this donation should pass to decay through their neglect.
lie contended that she had never been fairly tested,
and if they Intended to hand her Glick they should do It
as gentlemen.
•
Mr. Cooper then withdrew him amendment.. .
Mr. Perkins moved to amend that the engine be given
to the Diligent Engine Company, which gave rise to a
lengthy debate.
Mr. King moved to refer the subject back to the Com
mittee on Trusts and Sire Companies, to inquire
whether it Is expedient to expend any more money
upon the " Young Ameries, ,, and whether it is practi
cable to use steam for the extinguishment of Ores, and
If MO, the best method.
, The motion wee not agreed to.
The amendment made by Mr. Perkins, was agreed to
bye vote of 26 to M.
Dr. Sites thought they could fled better use for their
money, in these times of financial troubles, than to in
vest it in the repairs of a crippled machine lie advo
cated the return of the appropriation to the original
donors
A motion was made to Indefinitely postpone the sub
ject, but not agreed to.
The ayes and nays were called on a motion to post
pone the subject, when It was ascertained that there was
not a quorum of members present. Adjourned.
THE CITY.
AMUSEMENTS THIS EVENING.
AOADEXT OP MUSIC, BROAD AND LOCUST STREETS
Dlrrichino DI NAIL"
NATIONAL THVATRIt, WALNUT STREIT, AVOTE EIGHTH.
" Eider Brother ; Or, Lore Makes the Man " " The
Dramatist; Or, Die All, Die Nobly."
WRIATLNY'II ARCH STRICT TR AAAAA , ARCH lITRIIRT,
Ariorl 13rxru.—" The Vietlms"--"TLe Brigand."
WALNUT STARR? Milani, N. E. COMM or BIRTH
ANDIVALBUTRTREATII.—ii Much Ado Aboat Nothing."
"Buried Alive."
T HOKlnlr'S NIBINIIIB, VIliR /ND ONINFNUT STRUTS.
—Vocal and Instrumental Concerts.
SANFORD'S OPERA ROM, Barnes STAIZT, AIM!
OLlSTNOT.—Ethloplan Minstrelsy, concluding with a
laughable Burlesque.
Democratic Meeting in Frankford.—A mass
meeting of the Democratic citizens of the Twenty
third ward was held at Mullen's, in Prnnkford, on
Wednesday evening last. Hon. John Poulkrod
was appointed ohairman.
The following resolutions were read by James M.
Comly and unanimously adopted:
Resolved, That the Democratic party has, by its past
wise and successful policy, standing In all exigencies by
the true Interests of the country, advancing its growth
and prosperity and elevating its dignity, become em
phatically the !intermit of the nation liberty, and that
upon the steady support of Democratic principles alone
depends the permanency of the Union.
Resolved, That we La ve abiding confidence in the
glowing patriotism, the unwearied energy, and the eter
ling ability of James Buchanan; and that his Adminis
tration will be fraught, with the fall realization of the
hopes of the Democracy, and the peace, harmony, and
prosperity of the nation.
Resolved, That in Wm. P. Packer, the Democratic
candidate for Governor, we have a tried and gallant
standard bearer; his talents, integrity, and firm ad
herence to Democratic principles justly entitle and will
secure him the confidence and support of the Demo
matte party, and will insure him a triumphant election
on the second Tuesday of October
Resolved, That the peculiar fitness of the Hon. Nim
rod Btrickhuld for Canal Commissioner, his public
spirit, experience, and honesty, stamp his selection by
the State Convention as wise and judicious, and sure to
be crowned with complete nieces' by the sovereign peo
ple at the ballot-box.
Resolved, That the Democracy of the Commonwealth
may point with pride and gratulation to the distinguished
men whom they have nominated for the Supreme Bench
with intellect deep and powerful, and learning equal to
any exigency of judicial action ; of brilliant geaine and
unshaken integrity, we fearlessly present them as
pre-eminently worthy of the suffrages of a discriminating
and judicious people.
Resolved, That our Legielative and County ticket is
entitled to the support of every true Democrat, and that
the ability, integrity, and experience by which it is
characterised, will be the certain guarantee of its
triumphant success over the mongrel curs of the united
opposition.
Resolved, That Gov. Pollock, in convening an extra
session of the Legislature, has &seamed a responsibility,
the magnitude and consequence of which, for the gene
ral good, will be commensurate with the honesty, good
sense, discretion, and Democratic principles which may
actuate its members in legislating upon Institutions
that have violated their plighted faith to each other
and the community at large.
The meeting was then addressed by the follow
ing gentlemen : Robert Allen, Esq. ; 'Thomas W.
Higgins ' Esq. ; Genl. John D. Miles; Eugene
Ahern, Esq. ; Thomas Bonder, Esq., and Hon.
Richardson L. Wright. Much enthusiasm „was
manifested, and the meeting adjourned with nine
cheers for Genl. Wm. F. - Packer and the whole
Demooratio ticket.
Another Democratic Ratty Enthusiae tic
Meetitt, in the Nineteenth lVard.—Tbe Demo
cracy of . the city seem to be alive to the issues in
volved in the present campaign, and are accord
ingly holding a Fories of brilliant meetings in
different sections of the city. Last evening a
spirited gathering of the Democracy of the Ntne
teeuth Ward took place at the corner of Frankferd
road and Norris streets. The attendance was large
and enthusiastic. The meeting was organized by
the selection of the following gentlemen as officers:
Falsmcsr—SADEUßL 9. WARTIIIJAN.
Vies-Parsinswrs—Thomas W. Higgins, Andrew J.
Holman. John Ward, Wm. Gulater, Charles Peitle,Win.
Lentz, Wtn. J. Blackman, Henry Mather, Joseph A.
Taylor, Stewart 'Field, James A. Donal, John McLaugh
lin, Jacob Gannon, Daniel Harkins, Alez. McFadden.
R. Dougherty, James Robinson, C. P. Miller, Jas. M.
Raterson, Henry Carr, Win. Clothier, David Davis,
Daniel McCleary, Daniel 0011111.
FIRCRIMORINS-11. W. Schofield, John A. Dougherty.
Peter Rambo, George Qat., C. Megonegal, Ferdinand
Cloister, John Graff, WOl. McClain, Michael Mee, John
Quieter.
The following resolutions were then introduced
and unanimowsly adopted :
Resolved, That in the Administration of James lin
chanan we have all that can be desired by Democrats—
an economical and energetic Government—one devoted
to the preservation of the Union and destined to be re
corded in his country's history as one of the 'wisest and
beat that it has yet known.
Keso/vcd, That in William V. faster we have a ster
ling. able, and faithful Democrat, who, by hie previous
course, has given no the a:miracle* that be will be true
to our principles, and will fill the executive chair with
honor to himself, with credit to the State, and to the
satisfaction of his party.
Resolved, That the city and county ticket is one
every way worthy of the support of our party and of all
good men, and that the affairs of the city and the State
may be safely and surely entrusted to them.
The meeting wee eloquently addressed by Hon.
H. L. Wright, Thomas W. Higgins, Esq., Thomas
E. Harkins, Req.. and others.
Democratic Gathering in the Eighth Ward.—
A large and enthusiastic meeting of the working
classes of the Democratio party was held at the eor
ner of Twenty-third and Walnut street last evening.
It was organised by calling George H. Martin, Esq.,
to the chair, and selecting Samuel J. Randall,
Phillip Dougherty, Thomas Nulty, Michael Lawn,
and Francis Hughes, as Vice Presidents, and An
drew Jackson Reilly, John J. Bannon, and Ed
ward Gillen Secretaries. The first speaker was the
Hon. Thomas B Florence, who. after paying a well
deserved compliment to the chairman, as being the
only Market street merchant who stood in oppo
sition to the United States Bank, called on the
people to unite and poll a large Democratic vote
at the ensuing election. Ile was followed by Wm.
B. Rankin, Esq., who paid a glowing tribute to
the Democratic candidate for Associate Judge of
the Court of Common Pleas.
Capt. E. Power then alluded to the Republican
and American parties in a very sarcastic and able
speech. Chas Campbell, EN., the popular young
Detnocratio orator, then gave a brief history of the
noble deeds of the Democratic party in the past
and present, and eloquently denounced the
'bogus" Domoorats who voted for ' , shinplasters."
Ile concluded amid loud cheers. His father, John
Campbell, Esq., then entertained the large assem
blage present with a very amusing speech, when
the meeting adjourned with nine hearty cheers
for the success of the whole Democratic ticket.
Police Items.—About tour o'clock yester
day morning, Sergeant A. E. Thomas, of the
Sixth Police District, heard a suspicious noise in
the yard of Perkins's dry-goods store, in Ninth
street, opposite the Pennsylvania University. The
officer jumped the fence and toned that the in
truders were in the yard of Mr. McElroy's store
adjoining In attempting to scale the tense be
tween the two yards, Mr. Thomas tore his hand
badly, and in consequence of this mishap the
housebreakers escaped. The latter had carried
ladders from one yard to the other for the purpose
of facilitating their burglarious operations, but
they wore disturbed before they made any pro
gross in their unlawful work.
We learn from the records of the Central Police
office the following statistics : During the month
of September nearly one thousand messages were
sent from and received at the Central office of the
Police and Fire Alarm Telegraph. Two hundred
and ninety-four of these messages were relative to
lest children, who were restored to their parents
through its agency. The Coroner was notified to
attend in forty-one cases through the telegragli ;
forty-eight strayed and stolen horses and forty
aloe missing vehicles were also recovered by the
same means.
During the month of September there were but
fourteen fires in the city, and but seven of them
were of sufficient importance to call for the striking
of the State Rouse bell. For one fire during the
month a general alarm was struck. From the let
of September to the 24th, the aggregate loss by
fires did not exceed $1,500. On the morning of
the 24th a fire broke out in the rope-walks of
Chester & Daeosta, at Richmond, destroying pro
party worth $20,000, On the night of the 28th the
store of Samuel Grant, Jr., & Co., near Walnut
street wharf, was destroyed, involving a loss of
540,000. The aggregate damage by fire during
the month wee about $63,000.
A young man, named De Witt Clinton Ryder,
was before Alderman Enen yesterday, on the charge
of forgery and obtaining money on false pretences
from the publishers of a periodical called the Mir
ticuiturist. The dodge practised was taking a
forged order , purporting to come from the Spring
Garden Insurance Company, directing an adver
tisement of the company to be inserted for a length
of time. The defendant obtained a eommusion for
getting the advertisement, and this per eentage
was the objeot of the forgery. The young man was
held for a t'urther bearing,
Banner Presentation.—Among the incidents
on the morning of the atproaching firemen's
parade, we may mention the presentation of a
beautiful banner to the Good Will Company, by a
committee of ladies of the Tenth Ward. The
banner is of silk, with an appropriate design, and
is gotten up at a cost of three - hundred and fifty
dollars. The Good Will Company Is one of the
largest, most active, end efficient in the depart
ment, and will, we have no doubt, on the morning
of parade, present a most creditable appearance
Female Medical College.—The introductory
lecture to the course, at the remade Medical Col
lege of Pennsylvania, was delivered at the college
lecture-room, 4reh street, below Seventh, yester
day afternoon, by Professor Birdsall. The large
and respectable audience seemed ranch interested
in the InetituUon and the alumina history of the
progress or tho mime of medicine which the
splicer presented. Miss Ann Preston, M. D.,
lfor introductory this afternoon at 4
o'clock.
Run away.—Yesterday afternoon, at five
cOolook, a horse, attached to a sulky, ran away
froMithe corner of Fifteenth and Callowhill streets,
throwing the driver out, who received no injury.
He was very much Under the influence 'of liquor.
The horse ran out Callowhill street to Twenty
second, down Twenty-second to Vine, and woollier°
stopped. The sulky was very badly broken.
The Aternbers of the Columbia Engine Com
pany yesterday afternoon housed their apparatus,
which has recently been handsomely retiainted.
This company will no doubt make an imposing
display on the mouton of the parade.
Third ihilorthaitiii 9gricalfmiat Yaw.
Rarely, if .ever, have trp witnesped 11402 in ani
mated scene of pleasartiaa presented waif to the
thousands of nt_reons who visited the Fair groan&
at Powelten during yesterday. The ditthrent con
tributions were ell arranged in the host poseible
eider. and were seen to more advantage than on
any of the previous days. There was a very full
attendance, and nothing whatever occurred to mu
the general delight
The music, by Beek's band. is no small ,part of
.the entertainment afforded to the numerous visi
tor+. The stand °monied by the band WM con
stantly sarrounded yetterday by delighted crowds.
The annual address before the State Agricultural
Society mill .he delivered by Edwin C. Wilson,
Esq., at two o'clock P. M.. to-day; and immedi
ately after the address, the reports of the View
ing Cumuli ttees, or 'Judges, will be read, and the
premium+ awarded and distributed. The grand
ploughing match. which will take place this morning
nt nine 0 eliwk, in a held adjacent to the place of
exhibition. mill be a great feature. Persons com
peting in the matches are requested to hare their
teams hitched, and ready to move off at the ap
pointed hour
Mr Adrian Cornell exhibits a Suffolk sow, mix
years old, which was bred by Mr. L O. Morris. It
to the mother of over one hundred and thirty pigs,
which have been sold for $7OO.
Air. Alfred Tanguey exhibits five pigs, fifteen
weeks old, raised in Chester county. They attract
coniiderable attention.
The new Reaper and Mower, on exhibition, pa
tented by C. Aultman and L. Miller, is a very su
perior machine. We saw an adjustable oombined
Reaper and Mower, made at Hoosick Falls, New
York, which combines many advantages. At dif
ferent exhibitions its depositor has received ninint
her of deserved premiums.
In the floral tent a beautiful sight_ greets the
eye. Fruit and flowers of every' description, gar
den ornaments, garden seeds, and bulbul's roots,
garden utensils, and everything appertaining to
ornamental agriculture. prominent among these
objects, will be found syrup from the sorg hum sac
charium, manufactured and exhibited by S. G. Ea
gle, Vice President of the State Agricultural Soci
ety, a gentleman whose love of agriculture, short
horned Durhams, mangel wurtsel and Brahma poo
tras, amounts to more than enthusiasm. Mr. Eagle
found his hands full most of the day, in explaining
the process of the syrup manufacture to groups of
admiring ladies, who so surrounded him that he
most have fancied" himself a stick far morning
glories to climb upon. Visitors to the Pair will
do well to give this portion of the exhibition
something more than a eursory glance. The tent
devoted to miscellaneous articles will well em
ploy the attention for a couple of" hours. In
it will be found, among other things, some seven
or eight different sewing machines, st prices rang
ing at from ten to a hundred and twenty-are dol
lars. The variety of construction in these little
implements is very remarkable, inasmuch as all
accomplish the same object by entirely diverse
mechanical principles. In this department is a
most curious chair. which, to a lady, or in fact to
anybody, must be an exquisite luxury. It ill an
ordinary rocking-chair. On its left arm is a flex
ible tube rising to a level with the face, through
which tube every motion of the chair discharges a
current of perfumed air from a pair of double bel
lows beneath. Seated in such a eery place, in
company with an entertaining book, in a hot sum
mer s day, with a current of air—perfumed or
medicated at pleasure—passing over one's face, no
thing could be more delightful.
The collection of vegetables and trait deposited
by Mr. James Jones, gardener to Girard College,
to which we before referred, attracted considerable
attention yesterday. We saw some ladies who
viewed his clusters of luscious grapes with covetous
eyes. and we regretted that we bad not the power of
bestowing them where they were apparently somuch
desired. Mr. Jones is justly ranked the
most eminent of the practical and in t
gardeners of Philadelphia. Ills cou4•Utotiona
to the different exhibitions of the Pennsylvania
Horticultural and other Societies, have inva
riably been commended by the public and the
press, and always taken the highest madame.
The viaiter to Girard College cannot have failed to
witness the evidences of his skill, which are made
so manifest in the numerous flower-beds which
adorn the grounds of that institution.
The Committee on Hams were not all on hand
yesterday. Er-Governor Bilotti., out of the whole,
list of Governors on that committee, was the only
one present. We saw Ex-Governor John W.
Geary on the grounds, in excellent health and fine
spirits. •
This is the last day of the Pair,and we doubt
not that thousands of people will yatt themselves
of the opportunity of seeing the many interesting
articles on exhibition.
The trial of fast horses will be repeated at
the Fair grounds to-day. The trotien of =WM
fac hiring sugar will also be exhibited.
Delaware Affairs
Bower's Beach, the old summer resort, has been
cold for 83,700 to two Pennsylvanians, who will
enlarge the buildings and add attractions.—This
Peninsular (Sussex county) News says: Mn.
Norman died in Lewes during the last week, In the
79th year of her age. Bar husband, Thomas
Norman, is now living in hie 84th year. The two
had lived as man and wife 61 years. Mr. Norman
has been for many years the sexton of the Episcopal
Church at Lewes.—The most attractive featare
of the town of Lewes is the new church. At an
expense of some six or seven thousand drama, the
citizens of the town are building a church which,
when completed, will be tar the handsomest Arne
ture of the kind in the State.--A schooner came
into the harbor of Imwes, a few days since, with a
crew very sick with the ship fever. Boma of them
proved to be Free Masons and others Odd Fellows.
Members of each of these benevolentsodetles took
charge of them —Mr. Martin, of the firm of Mar
tin 1 Cornwell, of Milton, has just taken a lane
schooner to Philadelphia for sale, and on his return
will lay the keel for another. Mr. Ponder ardent
own five vessels themselves, and the residents of
Milton are interested in about sixty trading from
Philadelphia.
AcoinEnr.—A. gad accident occurred at the
steam saw-mill of Morse d Ohambertain, at South
Lisbon, on Wednesday of last week. A man
by the name of A. G. Bailey, who was employed
at the mill, who was engaged in rolling lop on
to the carriage, turned a fog over and stopped
backwards, and fell through a scuttle about
fifteen feet, breaking his neck. He lingered
in a senseless state until Friday morning, when
be died.
BY THE PILOT LINE.
LETTER FROM NEW TORY
Kea TOIL, October 1-3:90 At_ Al
The most I can say of the state of oar flautucial again
is, that they are in stare gee Commercial and beak
men are very hopeinl, and inclined to help the mak, ao
far as thee can, and the adviees from the Boston balite
are deeidally encouraging. The hanks here are eteoglly
extending accommodation, and if we am get over the
4th, or rather Saturday, we may mud ourselves
in a fair way of recovery. There is a good deal of
confidence that this will he the case, so far as the ma.
jority are concerned; bat sa ail who want money cannot
possibly get it, we must not be snrprised to hear of
some few disasters. I can give you novo:dation.; of the
rates of interest in the street. They are not quotable.
I bare known flee per cent azimuth paid as rftlly drat
class paper, and under that la now considered favora
ble terms. Exchange is perfectly stagnant. The feel
ing is very strong, however, at the clearing house and
among the banks. They are duly receiving rainfrirre.
merits of gold from the Sab-Treasury and other
quarters, and they may be considered impregnable
The Bank of Commerce has received the following by
telegraph from Batton
•• Ocrowl.
Smythe. Ertl!, d• Cooper:
' , Our papers contain a card, signed by mory took.
without exception. agreeing to discount three millions
next three dais-do likeleise in New York.
The settlement of the chariest house Mil =Ming
was, clearings, V 4.549.004 94 bilances paid in coin,
4339,614 73. The cash transactions at the Sub- Treasury
were as fellows Total receipts, 91f0,174 60; payments,
1815.512 It; balance, 43;253,i1in 09
The receipts today at the Custom-House for duties
were 444 .009.
Exchange on Philadelphia is easier, and there are
offers to buy at Lis:oi per rent. The news from Charles
ton, that the banks there bare resolved oat to suspend,
has had a good effect • indeed, the feeling on all aides
outside the Sleek Exchange, is better and more eon.E.
dent, and the reports from other cities tend to support
zie4l improve this feeling We had two rumors is
Change to-day, that caused extreme excitement—the
one of pleasure, the other of pain. I allude to the rie
ported safety of the noble Henadon, oa board a brig at
Quarantine, and the failure of Lawrence, Stone, &C 0... of
Boston And this city. Unfortunately, the former is un
true, and the latter is believed to be well founded. The
house of Lawrence, Stone, & Co., and Lawrence, Claps,
& Co , were rated A. 1_ and deservedly, and their fail
ure has caused a gloom which I trust will not continue,
when the particulars are 'known. There is some anxiety
as to the Star of the West, suppose' to be over-due
here, but it is latterly groundless. She is one of the
slowest boats on the line, and the connecting steamer
on the other side Is sloe very slow. If the Star of the
West does cot arrive before &inlay or Monday, she ought
not to be considered aver-dna.
The Ilopkinton Bank, of Rhode Island, bu gone into
the hands of a Receiver, Ron. Nathan T. Dixon of
Westerly. Rifle well seemed. and good beyond dontt.
The ICI/gars Falls Hernia save that the Misirark
River Bank, at Tonawanda, will shortly resume pay
ment.
Stocks continue to tumble lower and lower every day.
The market is really panic-struck, and nothing can ex
ceed the gloom and heaviness that hang over it. Illi
nois Central bonds and stock have fallen 10 and 5 per
cent. respectively, although they are paying their Oc
tober coupons. Reading is about stationary, but nearly
everything else has fallen from 1 to 5 per cent. Ma
goon 6's are at 66; California' Vs at 00; Virginia 6'3 at
7 s; and Tennessee 6's at 74. Erie is at 11X; Michigan
Central at 41si; Panama at 69,10 Chicago and sock
laland 511i•7 La Crosse and Milwaukee Olt; Michigan
Central at 70; and, Milwaukee and Misaisuppi at 11.
Toss last mentioned company are paying their drat most.
;age bonds, but suspends on its income bonds and float,-
sng debt. This Ls said to be attributable to the dificalty
in getting ercbanga from the West. The La encase and
Wlivraukee are enjoined not to pay the coupona of their
Barstow bonds
MARKETS —ASHES are very inactive, with sales of
40 bbls at /7 50 for pots, and TB 50 for pearls.
B.RADSTUFF, —The market for Boner is lOblsc
lower. and in lair demand, with eadee of 1000 'this at $4.
9005 for common to good State; $5e55.25 for extra do,
$4 55085 for common to good Michigan, Ohio, Indiana,
he ; 05z$5 60 fur extra do; $8 75057.15 for extra
tlenesse, and $5 50311,50 for extra 8t Louis. South
ern flour is unchanged, with sales of 1,230 bar
rots at $5 :90055 50 for turixed to good Baltimore,
Alexandria, &c, $5 65mi for extra Rye do., is very
easy at $1.135.20 Corn Meal IA also heavy, with small
sales at $3 70 for Jersey, and s4Bf4 t 0 for Brandywine.
Canadian Ylour is 5010 c loser and heavy, with eaten of
970 isbls at $4 900;4 for super, and e 5.111458.80 for
extra
Corns is dull for all kinds.
Stock of all kindli ia tk s suarlet October 1, 1637
Rio, Naga..... 51, 27 7 Forto Rico, hags.— 0 3 0
Maracaib o . h.ga .... 8.000 St Domingo, bags_ 6.3
Bahia, bag. ^ 970 Savanills, bags 235
Laguayra, 1.00.1 Java. bags 275
Coats Rica, bags.... 1,000 Java, mats 10,000
Ceylon. bag' 120 --
Total tug. 97,800
Total mats 10000
Cot t0,.-1s eeci dull and drooping under the mews of
a fall of 111 New Orleans. Pnees here are
Ox flN—Wheat is a shade firmer, with sales of 30,000
bushels, at $1 .10351 25 for Southern red SI 9041111 33
for do white; R. 13 for red Indiana, and 51 OS for in.
Eerier a bite Michigan. Oats are in fair demand at 40. a
.15c fur State and Western. Roe so quiet at 70c Cern
is better, with sales of 33,011 Mabel, at 70alle. for
mixed Western.
HAY is unchanged
HI DRS are withaut any movement.
ICON is dull, and atlas have been made u low a 31,27 641
for caah.
NAVAL Stoats —.Spirits of turpentine are very dall,
with sales at ICA bbl. at 43 cents. erode do iialeti
heavy at nominal prices. Common Rusin to quite roar-
five. Tar Make quite dull. • •
Oits.—Crude Ilhale and Sperm Oil are is a HUM
better demand at former quotations Linseed Ott is
very depressed at 73476 e.
Psorisioss —The market for Pork la lower far Mess,
and firmer for Prime, with sales of 340 bbts. at 1=.760
$24 for Med, and TlB:l6asl9 for Prime. Beef Is un
changed, watt sales of 60 bblz at $l4•$lS 60 far
repseked western, and EIS 55.111 for extra tie
Beef hams are nominal at ra Cut meats axe inac
tive at lle for shoulders, and 113{el2e. for karna.
Baron is quiet , - at Ha Lk. for emoted Western. Lard is
unchanged. Butter is at former prices. Cheese
is elm steady and nn
SOO can are very heavy and
"Wrizazas is lower and hairy at 21Xette.; sales 827
barrels.
laaroars are less settee,
ffO=l