The press., October 06, 1857, Image 2

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- ;:t .7,13
POST OFFIeg,PHILADELPHIA; Oor. 4,
1857.—The departure of the STEAMER for OALI
FORNIA hue been postponed from the sth to the 7th
inst: ,The mail will be closed at this office at 9 P. M.
on the 6th, OIDEON 4. WESTOOTT,
oc 5..2t •-• " , Poet Master.
Ous timer PAGE this morning contains the
fullest report of the great Firemen's Proces
sion, of yesterday, tt at enterprise and expen
diture eari furnish.
THE MEETING OF THE LEGISIATITRE.
The Members of the Legislature, elected
nearly one year ago, who have been invited by
GoVernor POLLOCK to spend the six remaining
days of their official :existence in a sudden
and somewhat sharp effort to relieve the banks,
must not suppose that, because their term
is short, therefore their action will be over.
looked. We regard Governor Pexxoces
titimmona, inviting their re-assembling at Her
rislairg, as a mistake, which nearly Mills own
party out of the State, and many of his party
in the State, have not hesitated to condemn.
How this matter of suspension is regarded by
the - Republicans elsewhere, is • proved by the
following article in yesterday's New York
.'Tribune
"The Legislature of Pennsylvania is to meet at
Harrisburg to-morrow. The cause for this extra
ordinary event is the failure of the banks of the
State to Meet their engagements, and the desire,
in which it is believed that Governor Pollock is a
sharer, to procure a legalisation of this failure.
"We trust that no bill authorising an indefinite
suspension of the banks, or a suspension for any
lengthened term, will receive the support of the
Republican members" of the Legislature. Their
fast duty is toward the putdie at large, who bold
the bills of those institutions. This duty is to see
, that the bills arc redeemed at their Lill value at
the earliest possible moment; and to see, also, that
the steurity for such redemption is increased rather
than diminished. • • •
" The banking system of 'Pennityliabie has ra
dical defects which should, first of all, be remedied,
as a condition even of the shortest extension of the
time for the resumption or, Specie payments.
the first place, the banks now exist by special
charters, granted at the plealiere of 'the patty in
poivil, and thus made serviceable for political pur
poses. This should be swept away, and a general
banking law, throwing the business of banking
open to everybody who can give the necessary
guarantees, should bo enacted in its plane. The
failure of the banks Of Pennsylvania may cause
great logs to the bill-herders. All the banks in
New York may fail, and the bill-holders still be
sure that their, notes Will he made good to the
uttermost cent, Snob a system should be adopted
in Pennsylvania, and no dm:icon bo better for it
than the present. . • "
"Then, the hanks' of 'Pennsylvania aro not per
mitted to issue small notes, - This is inconvenient,
and, as the result has shown,. useless. There is no
sense is allowing a note of five dollars and pro
soribingone of two 'dollars. All that is *Caesar,
is to have the payment of, the small notes properly
guaranteed.
I.*, With these measures of radical' reform, the
banks of Pennsylvania would no doubt be able Ito '
- resume specie payments at such , early day as the
Legislature may deem best to fix for the purpose,
But without some such ohar.ges [there seems to be
very little use, in attempting to keep: the banks
out of the slough in whioh they have Itunk. , If
they will not accept the conditions which the
public security and the general convenience re
quire, let them go into liquidation."
Differing,, as we , 'generally do, from Mr.
GREELny, and particularly 'and absolutely 'in
this article, so far as`the, issue of such'notes
is concerned, we
consideration,
hiS.,adrairers' in
Pennsylvania to thO, consideration of the fact
that he is hostile to thelegalization of susneit
sion in this State, foranylionsiderable period,
and also to his demand that the note-holders
should first be protected.
As to Mr. GREELEY and small Cotes ; a New
Yorker goes for !Minn notes, because, .evon
now, while New York affects to Ray- specie,
small notes are an acceptable currency. This
grows , out of cc confidence" between busi
ness men and the banks. Even counterfeit
notes, or notes on broken banks, are said <to
tc go" in New York now, because Of this very
thing Of "confidence." So much for the idea of
a fair andfraternal understanding between men.
New York has, for years, been the seat and erne
tre of a small-notepaper currency—aperreat dta
ease aniong_Workinit -mall__.Philaticiphia; or re
-del.-Pennsylvania, resolved to begin rightin
. hibited all notes under five dollars, and the ef
fect was miraculous. , Gold and silver flowed
in to take the place of the 'small paper; We
-saw no one or two .dollar notes, <except occa
sionally old ccrelief,-' that •was .so,, greasy and
ragged as to be almost ashamed to showits dirty
face, And, while thiswasso, of Pennsylvania,
other States,:besides New, York, encouraged
small notes. We had the vantage 'ground
then, And could have maintained it, but for the
dissensions and want' of confidence among out
people and. • our - banks. This, with all our
specie' curreuey,, Wit ns 'our proud position,
while Now York, by confidence_ and' unity,
absolutely gave credit and , circulation to her
„really worthless Paper trash I What a rebuke
; ands lesson at'the genie tithe I '
Bat' begdn this article, not to speak of
small notes, or of large notes, so Much as ito
,say that the legislation' in which members
are soon to be engaged, is not a matterle
which a mere patty is concerned. The grat
Democratic, doctrines of individual liability,
specie -payments, short loans, ; and al bard
money basis—the radical idea of an Independ
ent Treasury, 'now te, ,nanien, and
soon to be adopted by every individual State
of this Union, so that all our intercourse
with Governs - Mitt shall 'be . Paid in''g;old ,and
silver- 7 these pre, :no' mere 'party' matters,
but matters in which we are all concerned—
Republicans, Americans, and Democrats. f l at
our legislators , be admonished bithe,change
that hai taken place in, the,rs'etikof men. .
• For ourselves, we tr.,'"the WoOs. of Mr.
!JEWETT; when in 1887,1 e: spoke of n' crisis
like the present. Ile used the following lan
guage , • -
"Wo aro not the enemy to a paiar' reprosenta:
tire of money, any more than we, are to confidence
between mon and man in any other shape it may
naturally assume, for mutual convenience in• the
transaction of necessary dealings: -We are not an
enemy to banking, any more than we are to any
other branch of traffic instrumental in carrying 'en
the groat intercourse of society. 'W,e are an enemy
only to a mixture of polities with banking; to the
-vain attempt to regulate, the _channels, le.whieh
trade shall run ; to that• legislative intermeddling
which withdraws credit from the harmenioditoper
ations of its own laws; disturbsits equal now, and
loaves the community to he at
,one time deluged
With a catao Lynn, of paper money,ead at another
exposed to all thc; horrors offinauclir/ draught."
There ivtipi a vast, clamor against the destruc
tion of the vermin of paper currency—small
notes. Everybody was to be injured by their ex
pulsion from our borders. There was not a me
chanic, nor a storekeeper, nor a small trader, nor
a market man or woman; who would notbe vast
ly damaged by their extirpation. This was the
argument. But how was the,testz Small notes
have been prohibited, but all interests have
been advanced by it. Gold and silver has
been introduced,, and ha4ecome flishionahle
in consequence, and the sight of a small bank
note is a novelty in Pennsylvania. • Now, with
this'experience against small notes under five
dollars, so fuli of encouragement and hope,
why may not results
,equally satisfactory flow
from the prohibition of all bank issues under
twenty didlars? We throw It out for our legis
lators.
India. It is. worthy of note, however, and
will have 'taint:Mona° hem—that Abe prices of
grain continued to decline in the'Englislt mar,
kets.. The'harvest had been eve* more pro
ductive than had been anticipated, and. prices
aro likely to have a still further decline. •
It - will be seen that, in addition to those 'al
, ready saved t two of the'ereW of the • Central
. - Arnerioa,and one passenger have been rescued:
They Were picked up at sea by a British vessel
•'- bbund ti) Ireland;fretivwhichithey were:lrene-,
ferred to - a - Bra:ten; brought them
tf:a New .York yeaterclaY. 'lt is, almost too
Meek- to ;expect it;'bet there iejeit"e . chaice,
that,' Capf4Tl-ignrewes, the gallant corm:Dan
, of f .9l§lflikonled steamer, may • also hip
ipeenpr4otiviV • • • • - • •
TUESDAY, 'OOToBE,I,I 6, 1867.
LET US MOON. OF IT
LATER NEWS FROM.EtraPPE.
The mail' steamer Anglo-Saxon arrived 'a
Quebec yesterday, bringing. Liverpool and
London news to the 22d of September— , three
day's later than the ,dates,,by the Arabia.
There is no European news of interest, nor
any fuller or more recent,intolligoocO Irma
TILE CENTRAL AMERICA.
THE PEOPLE'S 'PICKET
A ticket, for this city and county, is pub
lished in some of the morning and evening
journals, headed if The People's Tieket,”
which accepts some of the names of the Do,
,mocratic candidates, and rejects others, sub
stituting some of the Republican or American
nominees. We are happy to hear that, so far
as all the Democratic candidates are con
cerned, they have had nothing to do with the
getting up of this ticket, and cannot be
held responsible for it, directly or indi
rectly. The question of license or anti
license, so far as the liquor law is concerned,
is nett' matter upon which Democratic candi
' dates should be interrogated ; and if it be, as
supposed, that this people's ticket" is ex
yeeted to promote the license question ; those
urging it, and they are well known, will fall far
short of their expectations. The liberality °Rho
Democratic party on all questions ought to be
enough for any rosonable man ; and those
who are not satisfied with this, but seek, for
their own ends, to connect that party to per
sonal schemes, only injure the cause they ad
vocate. The Democratic idea Is, not to legislate
for a class or against a class, but for the whole,
and never to interfere with individual rights;
to resist the abuse of all laws ; to oppose the
proscription of any body of men ; and to allow
every man to carry on his business in his own
way, subject only to such legal regulations as
are necessary to promote the public welfare.
The Democratic ticket, as a whole, is fully
worthy of the confidence of our citizens, and
the Democratic legislative nominees quite as
competent to represent them on the license
question as on any other issue. We therefore
earnestly hope that the whole ticket will be
cordially sustained by the entire party, and
that the efforts to destroy the unity of our
organization will be sternly resisted.
PROSPERITY AND PANIC—No. 11.
NEW Yonic, Oct. 5, 1857.
Among that portion of the press Which persists
in ascribing the panto through, whieh we ore pass
ing to an excessive depletion of the precious
metals, there has been some debate in relation to
the facts of the case; and it may not ho uninterest
ing to examine these as far as the official figures
will permit. Since the settlement of the United
States, specie has been derived from two sources
only viz., production, and importation in exchange
for American productions. The mines of the At
lantis States, since 1824, have been more or less
productive; but the whole lodged at the Mint from
then up to 1849, in which Year the first important
amounts wore received from California, amounted
to $13,268,1348. The amount of specie estimated
to be in the country in 1820, by Gallatin, Craw.
sord, and other authorities, was $37,000,000. Of
this the Banks held $19„820,240. From that time
up to 1849, the progression wee thus :
Specie on hand 1820 537,000,000
Produce Tahoe, 1824 to 1849 13,208,848
Importe,lB2o 180 $242,239,00
Export lt u te 180,598,684
Excess import
In the-country 184 g.
Of Ude amount, $111,30,000 nrai to thebanks, and
75,7430,916 in the °atom/neat Treasury, leaking U2,-
129,6162 In the nine Film /849 to 1857, the progress hoe
boen as follows
,Import 1849 to 1867 753,527,880
Export Foreign coin 1849 to 1857.. 48,411,384
Excess Import $7,110,548
The trade in foreign coins has been in favor of tbo
United Pates. The coinage has beerrew follows :
United States coinage 1849 to 1857. $420,849,428
Export U. 8. metals . 278,477.120
Excess coinage ...
Add on hand 1849
On band 1867
The metals coined embrace quantities recoined,
and do not express the exact quantities of now
metal. Nevertheless, there has been an increase
of $7,113,548 of foreign metals imported, and the
increase of domestic metals has been $147,872,208,
which, added to the sum in the country in 1840,
makes a supply of $258,783,553. Thus,
Specie in thd country
$268,785,553
In Banks 158,055,869
In Treasury ' 22,709,101
But this is not all. By careful examination of
the emigrants who Arrive at Castle Garden, Now
York, at the rate of nearly 1,000 por day, it is as
certained by the commissionerathat they bring an
average' of $lOO each, in coin, into the country
Frequently this consists of IL States 820 pieces, pur
chased in the European ports of departure. The
demand, then, for this purpose is one cause of the
exporta of those Pieees hence. Now, the number
of immigrants arrived in the last ten years is
3,635,460, and if these- maintain the average, the
aggregate amount is $363,566,000, or a sum equal to
the whole California production. The sum is a
startling one, and if the aggregate is only 10 per
cent. of the ascertained averages at Castle Garden,
It is impertaut i bevnone of it has been taken Into
the above account. It is alluded to now only to
show that it suffices to cover any outgoes not re
ported officially. We have, then, the indisputable
fact that, during the period in which we aro al
lodged to have ruined ourselves by the export of
the metals iii,eichange for goods, we have actually
added nearly $150,000,000 to our stook of hard
ourrenoy. It is evident that the theory of "ex
tensive importations" will not stand a moment;
and no other plausible reason can be alleged for
the panic which has of late seized the financial
world, as other strong panics, not unfrcquently
possess, the moral world.
The stagnation which has overtaken alt branches
of trade as a consequence of the determination' to
sell only for cash, is at last affecting prices to a
degree which brings about &rapid reaction. The
city asseta'are due from the west and the west has
great ability to pay, but no produce Dan be shipped
because no bills can, bo drawn upon tho Atlantic
cities, and these latter can seam bills on Europe.
Thus, no solos are effected but for cash on the spot
Cotton at New Orleans fell to 14e., a fall of 2a20.
per lb., and flour in Now York sold yesterday at
$1.25 "check to-day." New southern wheat
$1.16. The latest (dates from 'Liverpool
to September 18, quote flOur-rWestern 32d,
Baltimore 335, wheat 60s por quarter. The
freight on flour to Liverpool is 2d; and, at the
present• prices, flour can be laid down inside
of $5, and will sell there at $7.50a profit of 50 per
cent and wheat offers a similar, Margin. These
figures' at oueo attract money. 10,000 bbls .were
yesterday taken for export; and the leading houses
have already sent agents west to take advantigo
of this state of the markets. There never Was a
time, even in the midst of famine, when the mar
gin for ehipmont offered snob profits. Tho feet be
ing, recognised the solution of the present difficul
ties is reached. The"purchase of western prodnee
starts remittances to the city, which help the mer
chants through their payments; ease the banks
support their expansion in loans to importers, who,
in turn, support the bill market, and the wheels of
commerce again'move- It may be useful to quote
some prices in New York at the close of the two
last weeks, as follows : •
Sept. 28. Oct 3. Fall.
Flour, caper $5 450,6.55 $4.26e541.0 $1 25
ll 'Western.— 6.46®•5.00 4.25 e, 4 SO 1.20
ll Baltic 6.70 cc 6.90 6 10st 6,30 60
Wheat, Westlured., 1.25 e 1.25 1.05t0 1.12 20
' ll Southln nevtl.276 1.35 I.loco 1.20 15
Corn ' • 78cc 80 Ile, 72 ; 8
'ork, mess 25.00215.26 23.2E420.60 1:76
Freights of flour to Liverpool roma from Is. 6d
to 2e. ; grain 6d. to 7d. This -decline in the pre
vision trade, with firm markets abroad, are the
silo; basis ors revival of business, and a strong
impulse to the currents of trade. The operation
is a mostly ono to the holders of property, and Will
'be a very good exchange for the English people,-
who - suddenly find so advantageous a turn in the
market for that which they Most 'want. It is,
however, a severe blow to the industrious and
enterprising here. The panio, which emanated
from the Brokers' board, through the
' instru
mentality 'of the ' Herald, like the gigantic
Genii rho issued frOm the little box opened
by the malicious Arab in the Eastern tale, has
overshadowed the land and paralyzed the trade by
destroying credit. It hosessept away the property
of the swing ; the profits of merchants ; the earnings
of the industrious"; the capital of employers, and
the support of the employed. If the produce
'of the farmer has shrunk to half its value,
the wages of labor have entirely disappeared ;
and, with the land overflowing in abun
dance, thousands have been struck with des
titution, because capital will not circulate and
employers cannot raise the means to pay weekly
wages. By the crimes of a few stock gamblers and a
corrupt press, ,thonsande, whose only resource to
live is labor, find that unavailable at the approach
of winter. Credit, which brings the flour of the
West into the mouths of 'Atlantie laborers, has
been wantonly stricken down; yet there are those
who strive to aggravate the distress by predicting
further disasters.
PUBLIC AMUSEMENTS
ACADEMY or MuSer.—The Italian Opera season
opened last night, and the hence was comfortably
filled, "La 'Traviata" (the sonsation-play of
" sot to mina), was performed, with
Madame Gaszaniga, Signori Brignoli, Amodio. and
Ooletti, taking the loading porta., The brindisi,
"Liblamo," in the first act, went off ,admirably
and wet encored—the chorus was normally good,
"Ah, fore' d and the whole finale of art I.
wont off so splendidly that Gazzaniga was threes
called out. Amodio's delivery, was uncertain, but
he gave "Para siccombe" with Affect and force;
indeed, every piece in set 11. was well delivered,
and the last eoene was dramatically as well as
lyrically beautiful, and here again the chorus did
good service. In act ITS. Gazzaniga showed that
she could aot as well as sing. The dooto with
Coletti were all that could be desired. The season,
it will bo seen, commences well. We have not
room for longer comment. "II Trovatoro" on
Wednesday.
, ,
• fka' We have great ploasuro in.direoting our
readers to the advertisement •of Mr, HOWELL
. ..Evens, who, at his extensive office for fancy print
ing, Fourth ; Street, below• Chestnut, corner of
Library street, is enabled to execrate the work of
• his customers at amazingly short notice, _He has
purchased tho patent for - Pennsylvania:or Cordon's •
great card press, and, is enabled, by this means, to
do his work neatly, promptly, mid cheaply,
BY MIDNIGHT. MAIL.
[Correspondence of The Preus.l
Meniuseena, Oat sth, 1857.
Although the extra session of the Legislature
eoniinenoes to-morrow, there is not at present more
than a dozen members in town. By the midnight
and Tuesday morning trains, the hulk of both
houses aro expected to arrive. Still there are not
wanting those who believe that no quorum will be
present the first day. Two members from Allegany
county have, since the adjournment, removed to a
remote section of Virginia, and it Is not probable
that they will receive the summons or the Go
vernor's proclamation in time to reach here at the
opening of the 13 , 353i0113. Another member, Mr.
Backbones, is, it is said, lying at the point of
'death. Otberl 'May delay their departure from
their homes until late, reaching here by the eve
ning of the first day.
The members who have already arrived are to a
great extent, extremely cautious in what way they
commit themselves in conversation on the absorb
ing topic of the bank suspensions and the banking
system generally. Outsiders talk of legalizing the
suspensions, followed by instant adjournment.
Others of conditions annexed, throwing guards
round the operations of the banks—of the clearing
house system, &a. Still others aro bold enough to
advocate the issuance of small notes, a measure
which led to the disastrous results of 1840.
But one cannot form any fair judgment of the
opinions and wishes of any large body of the Le
gislature, by what is to bo soon and,beard now.
The various measures to be presented and pressed
may develop themselves to-morrow, when knots of
parties interested may be found in hot debate, in
the hoteie and at the street corners.
florrespondeoce of The Pram]
lIARRIsnono, Oot. 4, 1857
EDITOR' or PRE.99.-A number of members of
both houses aro already here,' in obedience to the
proclamation of the Governor for an extra session
of the Legislature. They appear to be in a maze as
to what they aro expected to do exactly, although all
aro united in a determination to save the country, if
the country is in any need of Saving! The repre
sentatives of the banks have not arrived yet, con
sequently wo are up to this time ignorant of their
entire demands upon the law-making power. It
is, however, certain that they will ink for an not
making'tbeir sin/pension of specie payments legal ;
and, it is said by some, authority to issue a new
batch of "relief notes."
There is a difference of opinion as to how long
the bodies which will assemble next Tuesday can
remain in session. Governor Pollock and Attorney
General Franklin, are reported to be of opinion
that the Legislature which met last January will
cease to exist after the next generalielection ; but,
on the other hand, it is contended the body which
meets on Tuesday next is the only legislative body
in the Commonwealth, until the other begins its
constitutional existence, provided it remains in
session. This could only take place by await
ing until dial usual time fixed by the Con
stitution (the that Tuesday of January) 'or
by the Governor issuing his proclamation
again, which he cannot do, since ho con exercise
that power only when no Legislature is sitting.
There is no question but that the Governor would
be required to call together the members who are
to be chosen at the next State election, provided
he issued his proclamation after the 13th inst.; but
it is questioned whether he can prorogue a Gen
eral Assembly, actually sitting, by calling le
gether another body which can have no existence
as such until the first Tuesday of January net,
unless by virtue of his proclamation.
Wo are all obliged to you bore for re-publishing,
in the PRESS, Mr. Buchanan's convincing, but
much misrepresented, speoCh upon the Currency
Question. There is hardly a doubt if his counsels
had been followed by the States of this Union, the
people would not now be suffering from the evils
arising out of en inflated paper currency; nor
would demagogues have lied an opportunity tomtit)
our financial ills by offering 44 a high tariff" as the
sovereign remedy.
00,642,397
$11,911,215
$147,872,308
110,911,245
5258,783,663
ion. Darwin A. Finney, speaker of the Senuie,
im hero. ion. J. Lawrence Getz, Speaker of the
Douce, will bo bore to•morrow. The Clerk of tie
House, Capt. Jacob Ziegler, is already, on handl
lour', PAXTON'
61,724,0430
THE LATEST NEW
BY ,TELEGRAPH.
he namattao, Oct. 6; 1867.—A quorum of both Ito es
present, and many persons arriving. Senators 'Mow It,
WRIGHT and Inc art, and leetnbers from Piffled°lp is
generally on band. Governor's message anxiously %-
peeled. Ile will recommend general means of cal cf,
but bo non-committal in fact as possible. Demo= ts
will have a caucus, it in supposed, to-morrow morning.
Strong feeling for "Clearing house," Weekly Pothi
cations," against all notes below twenty dollars, od
steady - determination to have resumption an rooms
produce CAD COMO forward. O. J. Bub, Ilepubll[sn
leader from Brie, will, it la said, press his Geneal
Bulking Law with vigor. ahoy of the country Wks
stand firm—ready for all contingencies. l'hiladelpi In
banks must not ask too much, but must yield, or e
new Legislature will resort to other measures. No +-
position shown for impracticable action by anybody.
S. AND BIAO'
Attains at 11arrlaburgh.
LIARRISBUIIO2I, October 6.—The town begins to /s
-lively appearance, from the number of legislat rs
pume
that have assembled in anticipation of the special s a
spen, to commence to-morrow. Mr Finney, the Speaker
at the Senate, has arrived, and Mr. Getz, the Speakeri or
the Rouse, will reach here this evening. The Rouse
will not be full, as there ere several monitors detained
at home from sickness and other causes. All the me sa
hers of the Senate will probably be in attendance.
There is no excitement among the members present,
and the citizens aro calm, though there is a great
variety of speculations as to what is to be, or ought; to
be done, to relieve the general distress
The Governor's message is awaited with great anxiety,
but it is thought that it will merely state the condi
tion of the banks, and the financial einbarrassmenta of
the business commuuity,but make no reemnmendattohs.
leaving the. Legislature to devise the remedies for the
present evils themselves.
Both Houses will meet at 11 o'clock, whoa the Gover
nor's message will be presented.
It la thought doubtful whether anything can be ,ef
fected for the relief of the banks, as a small mino4ity
may embarrass the majority to such an extent as to de
feat any measures calculated to legalize the suspension.
Under these circumstances no predictions cast he made
with certainty as to result of the session.
WeeutNaroN, Dec. 11.—Aitarnoy•Cleneral flock, is a
recent decision, saye that a person who claims lan4 in
California under a grant from Mexico, is entitled, to
have a patent for it issued out of the tleneral Land
Office, whenever ho whim his claim has been finally
confirmed by the Commissioner of the District Court, or
by the Supreme Court; he at the same time amen.
panics that proof with a surrey, cortiteS nod approfed
Icy the Surveyor-General of California. The Attorniiy-
General has certain supervisory control over the inves
tigation of these California laud claims while the con
test upon theta is between the United States and Maxi
ran grantees. But beyond this, persons claiming titles
adverks to the patentees must resort to the proper
Courts of the State.
Dining the week ending Saturday inclusive, the Post•
master•Ueneral has signed drafts for the pay of mail
contractors to the amount of at least a million of
dollars, which has already been drawn from the Trim
sury.
In the Treasury transactions, the aggregate drafts
tor the same period are about three mil/ions of dol•
lam, of which nearly two and a third millions are in
New York.
.teetr continuo to come in fe
Largo mounts of U. t 3. otock continue to come In for
redemption, Fifty thousand dollars were received thin
morning.
Prarllcabllity of an linter-Oceanic Canal.
IV AIM INGTCM. Oct. s.—The Navy Department, to-day,
received au official communication from Commodore
Paulding, relative to hla veconnaiStallte of the lath Mus
bets eon Aspinwall and Panama. to ascertain the possi
bility and practicability of constructing an inter-oceahie
canal. Ile and his acientiffo. party took the route by
which the railroad passes, an in every respect the most
desirable for this purpose Ile reports that the Tatham;
itself seems to present uo serious obstacle for the con
struction of the canal, but there would be a great dial.
eulty in procuring laborers for the successful accom
plishment of the work. The distance from ocean to
ocean, according to Engineer Totten , a estimate, along
the proposed line of the route for • the consl, is 45x
miles. It is calculated that the coat of the canal, in
cluding the harbor improvements at both sides, would
not exceed eighty millions of dollars.
LATER FROg HAVANA.
Ar'rtvat of the eahawha at New York.
New YORK, October s.—The United States Mai
steamship °absorbs, from Banana, on the 30th ultitho
has arrived at this port.
The businean or Elavana and throughout the Inland
wee dill. Freights Here poor. The yellow lever was
tied to log
The Slaver captured east or Cardenas wee the Ameri•
can ship Mazeppa. She la Bald to have had 1,500 hiIIVCA
on board
2ho stock of sugar at Itcwans, amain/to(' to 195,000
bottle.
Money Affairs at Boston
BOSTON, October 1.--The Money market, as far as the
street is concerned, is unchanged The basks have dis
counted liberally to-day, and public confidence is being
gradually restored. The banks also paid their semi
annual dividends, which aro about the average of former
years. A feet transactions took place in stocks and
railroad securities, that show the least depression.
Bank shams were also pressed, Put no buyers wore
found
Rumors of heavy failures are current Mi the street,
but only two firma, of email liabilities, are known to
have suspended.
The managers of Wells, Eargo-tc: Co.la California E.
press waived the right to-day of the usual grace on the
seconds of drafts received by the Star of the West, and
o b s the sixty days' notice of duplicate receipts for the
treasure lost by the Central America.
American Meeting In Baltimore.
IidLTIMOIIN, Oct. 6. Thu American are holding
IL Largo IUSS4 meeting in Monument Square this evening.
Mr. Ilicks,The American eandidate,for Qoveruor, le one
of the speakers.
Collision on the Mississippi—Making of a
• Nonuser—Fig Seen Persons Lost.
DUBUQUE Oct: 6.—The steamer "Ben ()couldn't was
ran into by the steamer Kerr City, at two o'clock yea
terday morning, near Lamina, and sunk immedlatelyin
fifteen feet of water,
Fifteen deck paasengera were drowded. The steamer
is a total lose.
Financial Affairs.
euertNsiox AT aIHOINNATt.
'CINCINNATI, October, L.-416mm Dynlevy, Drake &
Co. bale suelperided:' t
UNC lAL CoIiDITION 07'116T ORLFANS.
. .
New ORLEANS, October 3 —Exchanges continue unset
tled. The , heany Payments deo the banks to-day, were
satisfacterllpand resolutel . y met. The crisis is consid
ered to be past and the sky 113 brightening.
Messrs, 'Kennet, Dix az CO. 1.141.0
ST. Lotmr, October E. Culver, (mber, sue
tiended to-day. No further failurce are apprehended
SOSPASSION AT ST. LOOTS.
BT. Loam, October 5 —Melissa. James 11. toms & Co
beakers, 091;4a/tors, tbis,moralog.
TOM RANK OF CENTRAL NEW YORK
. .
Urina l October s.—The Bank of ,Central 'New York
has closed its doors, and a receiver bee been ap-
Peillted,
THE PRESS.--PHOLADELPHIA; TUESDAY, OCTOBER 6; TRS7.
FROM HARRISBURG
The Extra Session.
(nr 8111CIAL TELHOTtd PH.]
From Wftenitlgton
suerstuabx .ter LoassviLLE
POUR DAYS LATER FROM Duaam
---
ARRIVAL OF THE ANGLO-SAXON
AT QUEBEC.
EUROPEAN NEWS UNDIPORPANT.
NOTHING LATER FROM INDIdL.
COTTON UNCIIAN GE D--II REAVISTUFFs DE
CEINING—CONSOLS tro 1.,14890 1-4,
QittmEa, Oct. Gth.—The steamer Anglo-Basest, from
Liverpool on the 23d ultimo, has arrived at this port,'
?slinging advises tour days later,
The steamer America arrived out on the 20th.
Tim Vanderbilt arrived at Boutharopton on the morn
ing of the 220; and the Atlantic at Liverpool, on the
night of the 1481110 day. They both started from the
port of New York at the same limo.
The fleropean news tarnished is not of much itripor.
tense.
The cholera WAR raging iu the north of Europe.
Tho City of Washington left Liverpool for New York
at the mime time as the Anglo Saxon.
TM, wleamer Fulton, fur New York, one to leave
Southampton the acme day.
There are noloter advices lion, India, tut interesting
details non furnished.
General 'Lovelock had resumed his march on Lucktow.
Small detachments of troops moo° being sent Alymo
Great Dritain to India by thn Overland Mail route_
INDIA,
(leneral Qoid died before Deihl Lord Elgin,srols
sion to Calcutta. Wm understood to relate to U tradsfer
of Indiais troops to China Another mutiny at Beni
bay hail been represacd. The merchants ut °Mutts
had petitioned the Queen to take control of India.
General Banks, who commanded in the engagement at
Lueknow had been killed.
•. • .
rho East India Company had accepted tho proffer of
ho European and Aineilean steamship companies for
Ultimo to convey troops by the overland route.
FRANCE.
It had been formally denied that Prancevraii eeeking
closer alliance with itnesia.
The workmen at °heat were Olt a strike, a geneial
rising was feared.
It is believed that Franco and Ituasia both side with
lluntuark in the question of the Duchies.
It was believed that the crisis in Soanisli affairs was
over, and there would be no charge in the Cabinet. The
came of the recent trouble was theternised of the, Queen
to remove Goners! Concha
_ .
Four vessels had been 9111)k in the harbor of gal tea
forty lives were lost
TURKEY
England refuses to give up the island of Penamty,
Turkey. The Moldavian elections largely favor the
union.
The Government evinces increased setiLity In sending
re-enforements to India
Hong Kong dates aro to the 20th of Air end
uo
nportant. From Shanghai they aro to the 46th;
Team were coming forward, and a large Ripply wail rin
cipated if the route continued open.
GREAT BRITAIN.
Tho street preaching in 13olteet bee been stopped.
.cin
Sunday there was considerable excitement, but only a
slight disturbance
IMMOU
The guidon of the States' General of Holland had.
commenced. In the King's speech, It was stated that
the question of the abolition of slavery to the West ftt•
die colonies would be again brought before the Cham
bers.
AUSTRIA.
Monetary affairs in Austria continued very unsstis
factory.
A reconciliation between Austria and Russia was spo
I en nf.
FINANCIAL AND CONItIFItOIAL INTELLIGENOB—
Sept. 23 —Consols close at oog
Li vgitrooL, Sept. 23 —The Cotton market is generally
unchanged; the sales of the throe days amount to
14,000 bales
Drewlstu ID have a declining tendency,
Wheat is dull, and 3d lower
Provisions are generally dull.
LONDON stems MARKET, Sept.' Mber 2 2 .—The money
market is generally unchanged since previous advice.
Console closed at 90,lipt9OX for money, and 003 i wilds
for account
American Railroad securities have slightly advanced
LIVERPOOL COTTON MA/NM, September 22 —The
circulars report the cotton market as generally without
change. The sales of the three days amounted to 14,000
bales, neatly all of which were to the trade. The mer-,
bet closed quiet but steady. The Manchester advices
continued favorable.
LIVERPOOL BREAD:MYER MißKET,—Bread9tittfa hero
a declining tendency. Flour Is reported steady. al
though some circulars notice a decline of M. Wheat is
dull and Sd lower. Moors. Richardson, Spence ts. Co.'s
Circular reports the following quotations Flour—West
ern Canal ninon. ; Philadelphia and Baltimore 32 orti3n.
Ohio 330345. Wheat—Berl Mitts 11; White 9six9s
Corn—Mixed 31s 6drr33a; White 41g0435.
LIVERPOOL PROVISION MARICEE—The Circulate re-
, .
port Provisions nsgenerally dull. Beef heavy andnomi
natty quoted Pork dull. 'Bacon firm and steady. Lard
quiet—slow of sale but with unaltered prices.
Ltvstirom. PRODUCE MlREET.—auger in quint. Rosin
firm at 4s fld for common. Turpentine Spirits steady at
395. Rico dull. Tallow has little inquiry, and the
juices are firm. Ashes—Pots and Pearls continuo
steady. Oils are generally unchanged. Bark quiet.
osnot MARNETS—Wheat dull and 4der3d lower.
Sugar buoyant, and better qualities advanced. Coffee
dull. Tea firm at Its Sil ; all qualities conniderably
advanced. Tallow firm. Linseed Oil 40s. Pig Iron
dull.
THE LATEST SIAIIKETS.
LirEnront., Wednesday, Sept. 23—Tho ruarketa ire ra
generally quiet and unchanged.
The Southern Alan.
WASHINGTON, Oct. 6 —The Southern mall brings New
Orleans papers as late as duo
Four companies of tho 4th regiment of artillery have
arrived at Now Orleans from Florida
The export duties on tobacco nt Tara Orue have been
repealed..
Tho ship Hathaway, recontlr burned at sea, Railed
from Charleston on the 224 of July, had on board a
cargo of 1000 boles of cotton, and 2400 1,1,1 s of Naval
Storey. She nos insured at Charleston to the amount
or 02500 only.
Most of tho crews of American yowls In port are
down with the yellow fever, '4 lath also prevails slightly
in the city proper.
Tho reduced duties on corn ceased on the 30th ult,
The stock in port is limited, and prices week. ,
Nearly One Thousand Missourians Entering
Sr. Louis, Oct 6.—The Qulndaro Ckiudotran of the
let lust , says that nearly a thousand Missourians hate
crossed into Kanone, beren Quindaro and Weston. for
the ostensible purpose entering lands. Dut
formed parties lu MissoN i declare their liorpJgrailon is
for political purposes. Evidence of concerted netting
hloog the whole border Is becoming more apparent, but
liolence is not apprehended.
Nominations for Judges.
DIANOPOLIFI, Oct. b,—Elias .{. Terry and 8. D. Pratt
Have been nominated to fill the vacancies in theßripreini
Court caused by the reldguatlons of Judges Stuart and
blookina,
C=2l
New Ofti.eatca, October 3 —Cotton—The market elm'.
ell firm. There was improved demand during, the day;
sales amounting to 3,500 bales.
THE LAW AGAINST SMALL NOTES
To the Editor of the Press :—You will du the
public a groat service by publishing in your valu
able paper the laws prohibiting the issue and cir
culation of small notes of this State, and of other
States. You will find them in Pardon's Digest,
page 78, sections 5 t and 55, and 86, seetions 98 and
00; and oblige A FRIEND TO SOUND CURRENCY.
SECTION 54. It shall not bo lawful for any per
son or persons, or body corporate, wills the inten
tion to create or put in circulation, or continue in
circulation, n paper circulating medium, to icons,
circulate, or directly or indirectly cause lobo issued
or circulated, any note, bill, cheek, ticket or paper
purporting or evidencing, or intended to purport
or evidence, that any sum less than five dollars
will ho paid to the order of any person, or to any
person receiving or holding such note, check,
ticket orpaper, or to the bearer of tho same, or
that it will be received in payment of any debt, or
demand, or that the bearer of the same or any per-
OR receiving or holding the sumo, will be entitled
to receive any goods or effects of the valuo of any
sum teas than five dollars; and from and after the
said first day of January next, it shall not be law
ful for nay person or persons or body corporate, to
make, issue or pay away, pass, exchange or transfer
or cacao to be made, issued, paid away, passed, ex
changed or transfored any bank note, bill, ticket
or paper, purporting to be a bank note of the na
ture, character or appearance of a bank note, or
calculated for circulation as a bank note, of any
denomination than five dollars.
Snerma 55.—Any and CYtTy person and persons
and body corporate offending against any of the
provisions of the first section of this act, shall for
feit and pay for every such offence the sum of Iwo
dollars, to bo recovered by any person suing for
the same, as debts of like amount aro by law re
coverahlo ; one-half for his own use, and the
other half to be for the use of the overseers, guar
dians or directors of the poor of city, county, dis
trict or township within which such offence shall
have been committed.
. .
SECTION 98. Prom and after the 21st day of
August, 1850, it shall not bo lawful for any person
or persons, corporation or body corporate, directly
or indirectly, to issue, pay out, pass, exchange,
put in circulation, transfer, or castes to be issued,
paid out, passed, exchanged, circulated or trans
form', any bank note, note, bill, certificato or any
acknowledgment of indebtedness whatsoever ' pur
porting to be a bank note, or of tho nature, charac•
ter or appearance of a bank note, or calculated
for/ circulation as a hank note, issued, or pur
porting to be issued by any bank or Incor
porated company. or association of persons
not located in Pet.nsyliania of a less de
nomination than five dollars. Every violation
tion of the provisions of this soction by any corpo
ration or body corporate shall subject cash eorpo•
ration or body corporate to tho payment of five
hundred dollars. And any violation of the provi
sions of this notion by any public officer holding
any Woe or appointment of honor or profit under
the constitution and laws of this State, shall sub
ject such officer to the payment of OEO hundred
dollars. And any violation of this section by any
other poison, not being a public officer, atoll sub
ject snail person to the payment, of twenty-five dol
lars; one-half of which, 112 each case abovo mon
tinned, shall go the blowier, and the other half
to the county in which the suit is brought, and
may be sued for and recoverod, as delta of like
amount are now by law recoverable in any action
of debt, in the name of do Commonwealth of
Pennsylvania, as well for the use of tiro proper
county, ns for the person suing.
SECTION 09. Tn addition to the civil penalties
imposed for a violation of tho provisions of the last
preceding section, every person who shall ha- , 3
violated the previsions of that motion, shall be
taken and deemed to havo committed a misde
meanor, and atoll, upon conviction thereof in any
criminal court in this Coutmonvroalth, bo fined iu
any sum not less than ono dollar,
and not mars
than one hundred dollars i and the several courts
of quarter sessions shall, in , their charges to the
grand jury, call their attention to this subject; and
it shall be the duty of the several grand juries to
make presontrrient of any person within their re
spective counties, who may be guilty of a violation
of the provisions of thodast preceding section ; and
it shall be the duty of the several constables and
other peace officers within this Commonwealth, to
make information against any person guilty of such
violation, and they shall be sworn co to do ; Pro
vided, That it shall not be necessary, in any civil
suit or criminal proseeutiOn 'under this section, to
produce in evidence the charter of any bank, or
articles of association of any company not located
I in this State.
In the Superlop Court of Massachusetts,
(Suffolk, county,) in a suit between John Itanunond
and the American Mutual Insurance Company,tho
following points were decided: Whore the premium
on a policy of life insuraneo is made payablo quar
terly in advance, on or before noon 01 the first day
of each quarter, and the policy is to bo void if thu
premium shall not bo so paid, and the first day of
a quarter falls on Sunday„the premium is not duo
and payable until the mint day at noon. Where a
person so insured dies on the afternoon of a Sun.
day, vbieb was the first day of a quarter, without
haring paid the premium for the opening quarter,
the iusurers are liable
A young man shohld walk in the open air
six miles ovary day , ; a young woman three or
four. When still Wo uOu 500 cubic inches of air in
n minute. If we walk at the rate of one mile an
hour, 800 ; two miles an hour, 1000; throo miles an
hour, 1600, four miles. an hopr 2300. If we run
at six miles an hour, ;p00; trotting a Woo, 1750 ;
eauteripg,lsoo.
THE DJ ISIOCRATIE MEETING ON THE
Tho meeting called by the Democratio Executive
Committee of the City of Philadelphia, held last
evening at Independence Square, was very largely
attended, and passed off with every manifestation
of good feeling. We noticed many of the meet
active and leading members of the party, in
eluding Democrats and Old-lino Whlgs,,present in
the assemblage. There was not the slightest ex•
hibition of excitement or violence, The whole
proceeding was unanimous and moderate, and the
feeling was decided and firm. Tho resolutions,
which passed by acclamation, and, as will be
soon, were well expressed and pointed, and take
no position that will not, as we conceive, be sus
tained by every candid and intelligent citizen.
They.were prepared with care, and retle f et, as we
think, the calm and deliberate judgment of this
conjounity. Tho whole meeting tone at once
creditable to the Democratic' party and to the
city. As is our practice on all important 00011-
NOW, wo give a full report of this meeting, inolud
ing the speeches of lion. Cleo. M. Wharton, (Presi
dent,) Hon. John Cadwalader, and Hon. Charles
Brown.
At tho appointed hour the mooting 11 , 133 milted to
order by the Chairman of the Executive Commit
tee, upon whose motion Eon. o,no. M. WHARTON
was appointed President of the meeting, and the
following Vice Presidents and f3earotaries desig
nated :
Wm. M. Reilly,
Jas. Caldwell,
Wm. Loughlin,
Samuel Dutton,
L D, Collin,
R. T. Carter,
Wm Wool,
111 J, Dougherty,
Jno. Thomason,
Jno. bleMacken,
Henry Rutz,
Samuel Jackeou,
ileorge 11. Martin,
Daniel Dougherty,
A. Bonnafau,
Jars L Prettern,
(leorgo Letter,
Fidel Fisher,
Jab. 0. James,
Henry Dunlap.
Wm, S. Hotowel!,
" ": 11 1 1 5 1 1
. . . . ..
R 11l go Taylor, Joe Campbell,
. nlcalle, Arm Taylor,
Henry Elkilinger, G. Metrker,
Jae. McKenna, Tile% W . Higgins,
Michael 0. Brown, G. Lambert.
On taking the Chair, Mr. Wharton spoke as fol
lows •
We have mot, fellow-citizens, in* time, of distress
unparalleled even in the commercial history of our
country, which has gone through so many convulsions
- AA this kind—and that feature is not wanting which,
when present, always aggravates financial calamities—l
moan a derangement of the currency. This derange
ment exists 111 Pennsylvania and some of her sister
States. Ido not think the present a moment so sults•
ble to a discussion of the causes of the disaster which
has befallen us, as to a discovery, if possible, of th e
proper remedy for it. There prevails, unavoidably, much
difference of opinion in the community upon this vital
point, and each one should bo tolerant of the sentiments of
his neighbor. A special difficulty in the solution of it lies
the fact, that the Interests of individuals necessarily
influence their Judgment It Is eminently a season,
when, ln their private relations of business, all men
ought to exercise towards each other the Christian vir
tues of ferbearance and charity; but still, the present
is, also, a season, when the groat parties of the country
are required, by their own manliness, and from el:inside
rations of public good, to proclaim openly and fleetly
their adherence to the principles they have professed.
A call of the Legislature has been made by the Gov
ernor. That officer has taken the responsibility of con
% ening the members. Something seews to be expected to
be done by that body, under the impression that roller can
properly be obtained by means of special legislation in
favor of the banks. It is incumbent, therefore, on
those who think that special legislation of that charac
tor will but aggravate tho evil, to say so, and to let that
expression of opinion have its due weight with the
General Assembly.
There is an obvious view of the subject, which ought
not to be overlooked. To the banks has been committed
by 1 , ,s - the privilege which has been denied to indivi
duals, of furnishing, for their own profit, a currency to
the public to the notes of those institutions—a currency
which by necessity partially displaces the constitutional
currency of gold and silver. Along with this privilege,
and, indeed, the only consideration for it, is Imposed the
duty of redeeming on demand their own currency with
that of the precious metals—a duty which is enforced
by a direct premise to that effect. This duty and this
promise the banks have failed to perform and the dis
astrous effects of this failure are felt by the entire peo
ple. Receipts and payments are alike disturbed, and all
calculations of the future are at fault. NOW, the first
ismetical question therefore, is, aro the banks to been
couraged, in any question,
to continue this failure on their
part t No reasonable legislator, with on eye to the pub
lic good, can affirm this.
Are matters, then, to be left as they aro? Poe one, I
think they should be left to the effects of existing laws,
aegulated in theft-operation by the good sense of those
who have claims upon the banks. These persons ought
to be allowed to deal - with their debtors as their own
judgment may dictate—und the banks *should stand as
other debtors stand, trusting to the forbearance or the
good feeling if it exist, of their creditors. They have
shoo n fooling
to equitable interposition In their favor
by the Legislature
This inodo of relief may seem to those who aro in
debted to the banks and who need assistance, a severe
one. I believe that they can look elsewhere, With bet
ter chance of success, for succor, than to those Institu.
Lions—sad that Is, to each other, lint, however this
may be ; banks which cannot or, do ' not take care of
themselves, aro hardly fit places of refuge for others.
Again, the disease under which wo are laboring ie a
severe ono, and the remedy can scarcely be easy or agree
itble All palliatives will but postpone the evil day,
mid spread the suffering over a larger surface. Every
one must feel the dishonor of an irredeemable paper
-currency, and this burden which it imposes upon the
o.ewithins of business and the products of Industry, and
• profess a desire to reach the point of resumption of
'epode' payments. Can it be that this end will be
).auks,
by encouraging more issues of paper by the
isnics, when they cannot, or do not, redeem their pee
sent leflueS?
The present In a favorable, as it is also a critical th4e,
'for the speedy return (Split and silver Into circulation.
-fortunately the country is largely supplied with it;
meth more so, than on any former occasion of snspen
, ftlllll Our laud Is, also, rich in the crops of rho earth
with which Cod has blessed us. The precious metals
are wailing to come forth and set these crops in motion;
and thus realize this largo and solid fund for the pay
ment of our debts. Let us not drive away the real by
The substitution of fictitious values. All that is want-
log, to bring Into circulation this dormant treasure, it
the restoration of confidence. That confidence will be
gin to be restored, when it is seen that earnest efforts
are made by the banks totrarthi the pay meat of their
debts—such efforts as moat of our own tuerahanta have
made in their own behalf. It will be strengthened when
it In seen that they have actually commenced to pay
their notes; but it can never be renewed, so long as
measures are advocated, which have for their object the
continuance of a state of comparative irresponsibility
for plighted engagements.
After Mr. Wharton, Hon. John Cadwalader ad
dremed the meeting as follows:
These resolutions, prepared at the request of the Ex
ecutive Committee, have received their deliberate and
unanimous approval. If they fall short, In some re
spects, of ghat the present exigency might seem to
some of us to require, it will be remembered that the
subject Is one upon incidental points of which opinions
may vary, uhilo all true Democrats concur in opinion
open one main question. This question is, whether our
banks, already the privileged ladies of our Govern.
tont, should not be allowed, by special legislation, to
circulate any paper not redeemable In lawful coin im
mediately on demand?
I believe that old-fashioned members of our party,
who, like myself, have never voted any other ticket, are
unanimous in objecting to say banking without unlim
ited and absolute personal responsibility for all debts
and losses by every person, who, as a stockholder, par
ticipates, to any extent, in the profits Dot in the
charters of our banks, as granted by both Democratic
and Anti-Democratic Legislatures, we do not find this
principle. Some of the later charters, indeed, exhibit
a pretence of it In an evasive and Insufficient form; but
it is a mere pretence. Our banks then, unfortunately,
are not chartered upon the principle of individual re
sponsibility, but upon a different principle. Though
wo may believe the principle on which they are char
tered erroneous, their present charters ought, for their
unexpired t6rtriq t to stand, if the conditions on o filch
they were grunted have been, and shall continuo to be.
ullilled But if these conditions have not Leen fut.
Hied, those who obtained the charter on a pledge of
hoer fulfilment, ought not to ask favors, on account of
heir violation.
The present question concerns not the past, but the
present and the future The question is, what ought
to be dune p or, more properly speaking, what ought
not to be clone. In considering' this question, we may
look bark upon past errors to see the extent of present
dangers.
Banking capital, actual or nominal, has hitherto been
moot largely created when it has been least needed, and
when it has been least likely to be securely invested,
The sudden expansion in business of all kinds, in all
parts of the world, occasioned by unexpected - supplies of
gold In Immense quantities (rota California, afterwards
renewed and extended by similar unexpected supplies
from Australia, would, it there had been no increase in
banking facilities, have induced imprudent investments,
nod to a certain extent, have rendered unsound or In
secure credits available for a time in the money market.
Speculative investments as hich holdout illnaoryprospects
of extravagant gains, were to possessors of unexpected
wealth, suddenly acquired,. more attractive than such as
rested on secure foundations. These xpansions and
imprudent speculations would surely hare been followed
by re-actions, even if there had not been any increase of
bankiitg facilities.
The revulsions could, however, have been better
borne than those we now experience, the effect of which
is perhaps not yet beginning to bo felt Everything bas
nufortsuately been done in certain parts of the United
States, as well as in certain parts of Europe, to Increase
the magnitude of these evils. An Increase of what is
called banking capital occurred on both sides of the
Atlantis at the precise time at which it was likely! to
prove most injurious. This capital, so called, bat
hosted away in the lido of speculation, or has
been 'wallowed up in the vortex of extrava
gance. There have thus beet, successive retie-w
-ale and multiplications of transactions originally
based upon values chiefly fictitious. Tho Increase of
banking capital, and likewise a great part of the former
capital of our banks, must now be represented in inse
cure °rants, which brat) been thus extended, renewed,.
and multiplied. Those banking operations postponed
for a season the inevitable crisis, and only to render
ultimata ruin more disastrous Precarious and un
sound credits once extended, would afterwards bear
neither curtailment nor suspension. Debts to the banks,
arising from ouch credits, were of course Unpaid, The
menus of the banks, which thug failed them, were sup
plied by paper substitutes for money—money which
they did not repicsent. The regular consequence was
a failure to redeem engageinents founded upon expecta
tions Aielt could not be realized.
Under a banking ifystem founded upon a less insecure
basis; there might have been heavy losses from the ori
ginal causes of our present financial embarrassments
But the present banking system wants every check and
safeguard that prudence could have suggested, in order
to give it stability. Tho managers of a bank permitted
to transact business on auy other principle thou that of
absolute, unlimited personal responsibility for its debts,
will - always be under a temptation to expand its accent
modatioas* and increase its circulation at the moment
when itii discounts ought to cease, or to be curtailed,
and its limes to be contracted, The most active of these
managers aro not likely to be stockholders to such an
amount as to make it their interest to preserve the capi
tal of the bank against what is called an outride Ares.
sure. Retired capitalists alone can hold large amounts
of bank or other stocks. Such persons are supposed not
to be sot clently conversant with current business to be
active directors of a bank. Its principal managers,there
fore, aro men engaged in active business of such acharee
ter that its cab Mi cannot be locked up in bank stock
The consequence is that those who principally manage
the affairs of a bank, may have but very little responsi
ble interest in its permanent welfare. They may, how
ever, have the greatest interest in promoting uses of
the capital of a bank, inconeistent with its preservation
or security,
The safeguards which may chock abuses of such a sys
tem, I have said, are wanting in Pennsylvania. One
of them tiv the publicity of the details of the business
of tke Lasko, Our banking law shows on Its face that
it was prepared by those who looked in the future to
their own intereat in the creation, of bank charters. It
professes to require detailed statements, embracing the
items of the bunt:leen of the banks under each of its
principal heads. But words are carefully inserted qual
ifying the meaning of these prOVISiO/14 Ili such a man
ner as to show that the details required are mere general
or specific, and not indicidunt, details in other words,
particulars of the names upon discounted paper and
other mirk particulars ,are not required. The system
not only thus trouts publicity in these details, but it
also wants the subordination to public authority re
quired in Order to cheek its liability to abusea. There
is no adequate right bf hatervention by any public func
tionary to regulate Ike amount of circulation or the
character or extent of other liabilities. Our banks
do not even make the deposit° of securities with
the State required , by the laws of some other
States, or' give any other guaranty against
neglect or abuse of their franchises. They aro not pro
hibited front receiving or paying oat notes of other
ABM. They may postpone, at their option, their el
VICE PRESIDENTS,
Doct N. L. Hattlehl,
E R. Nornay,
Thos. H. Forsyth,
Robt. 0. Brodie,
Jno. Posey,
Col. Jos. Taylor,
Jno.
Jno
Wm. 0. Kline,
Hon. JEW. Robbins, Jr
Col. Peter Rambo,
Samuel S. Wartman,
P. Death,
Gm)
Alex. Brown,
Henry Boot, Sr.
James Winpenny,
J. T. Owens,
Thos. J. Roberts,
Robert Allen,
James Crater, KR.
soonvrattlas.
ckanges of their notes with one another. Their own
notes a're not shnoptsl or countersigned, nor is their
issue registered in any department of the government of
the State. DI short, there is nothing to prevent or
limit the tendency to imprudence and irregularity in
separable from banking, without unqualified personal
respoLaibility.
The Governor of Pennsylvania has called an extra
session of the Legislature. If there be recreant DOW/-
crate iu that Legislature, let na not shrink from de
nouncing theta. The go ernment which authorizes,
maintains or sanctions a bunking system, which has pro
duced our present evils, is responsible for their conse
quences. Whether these evils at e a result of tultninla-
trative mismanagement of the banks, or of inherent de
fects of the system, under which they have, unhappily,
been organized, or the re+ult of both, is a question
which tone and investigation well resolve. At present
the course of a legislature, regardful rather of the pub
lic interest than that of the banks, is perfectly clear,
There Is no want of specie to be had on either side of
the Atlantic for an adequate price, or adequate security.
The banks either have or have not adequate security at
their command for the purchase of specie If they have
the security to offer. let then buy the coin (Setter by
fae that they should pay the premium than that see
should contribute to pay it, as we are now obliged to do
in consequence of their default If they are unable to
Hod adequate security for the purchase of the specie,
their condition moat be hopelessly bad. In that case,
why should they be allowed to continue longer their
disa.strous operation to the further injury of the cons-
When I say further injury of the community, 11140
the words deliberately If the present extended credits
are based upon estimates, of which four-fifths, or three
tourtN, or two-thirds aro fictitious, or of no more in
trinsic value than the paper nit which they are written,
what would be the effect of enabling the bauks to re
sume business upon so rotten a foundation Its effect
would be a temporary ienewal of their discounts on
insiffllcient security, a temporary continuance of reck
less extravagance in expenditures of all kinds, and a
dissipation of such remnant, mall or great, of resources
of real value as may now be outstanding. In that case,
the ruin, when it succors, will be the more disastrous,
as these resources NI ill noon have been exhausted.
Wherever we look around no, and eteleat or to seek a
standard of valuations, he it in lands iu the remota wild
erness or in railroads in the wilderness, or in land or
in railroad, or other speculations nearer home, we hod
no basis for an expectation of improvement from a con
tinuance or the Insecure part of the system of present
credits,
If, on the contrary, thin evil is lees great, and the
present credits in any great proportion rest upon a basis
of ultimate security, do not let us forget, that, in that
case, every principle of ntnrality require, not the less
that the past system of load expansion be speedily ar
rested. Nothing should be done to postpone that cur
tailment and entrenchment in which alone there can be
a hope of restoration of a sound basis of values, and an
honest basis of dealings.
Nearly a quarter of a century ago, at a time or agita
tion greater than the present, Andrew Jackson, while
President, was importuned from every quarter with ap
plications urging him to recede from that policy which
has immortalized his name, and immortalized the memo
ries of the Democratic patriots of that period, who
fought under his banner, the great contest for a lawful
currency. His answer to an officer of a bank who, As a
remonstrant aguinst the Democratic policy, had visited
Washington, cons, "My friend, go home; tell your
neighbors to spend less, talk less, work more, and ail
will be right 11
The first part of this advice, ii spend less,'' contained
the true secret of the remedy for such evils al the pre-
sent. The remedy consists, first and last, in Eeumouri
And economy will surely be practised as goon as Impro
vident banking accommodations are withheld, and bank
ing, in other respects, on insecure foundAtions is
checked. Until then,, there will be no economy.
The second part of the advice, talk lees," was good
advice to those on 'both sides of the question. It is
tints that I should follow this advice myself. Tho re
solutions under each head speak for themselves and
aced no detailed elucidation.
1. Resolved, That the present financial embarrass
ments, occurring at a period when wealth from all true
sources lions in abundance, are a consequence of over
trading, imprudent investments, and extravagance in
public and private eXpenditures, which, in the opinion
of this meeting, have been :stimulated by improvident
expansions Incidental to banking upon an itelecuro faun
dattott.
2 Resolved, That our country has reason to he
thankful that, through tha permanent establishment of
the national Democratic policy of using a metallic cur
rency alone to receipts and payments, the fiscal affairs of
the (toren/merit of the United States are in a condition
of perfect soundness, and not liable, at the present cri
sis, as on former similar occasions, to suffer from
the calamities which affect Interests lass prudently
guarded.
S. itesoirta, That the fiscal affairs of our State and
city should be administered on the Mao secure princi
ple. and the treasury of each disconnected front banks,
as the tieasury of the United States has been detached
from such associations.
4. Resolved, That a legali.tion of the present nor -
lension by the banks of the payment of their debts in
awful coin, would violate fundamental principles of
public and private morality, long established in the code
of the Democratic party.
. Resolved, That in the opinion of this meeting, the
Legislature, about to convene in extra session, should
leave the hanks to the operation of existing laws, tem
pered by such forbearance as the good seam of their
creditors may suggest.
6. Resolved, That the true interests of our city and
State will be best promoted and protected by maintain
ing a sound currency In epecle, or in such bank notes
only tv's represent, and aro immediately redeemable in
coin; and that the home of no other currency should
now or hereafter be permitted or sanctioned.
7. &solved, That no circulasion, under any condition
whatever, of bank notes or other paper' currency for
smaller amounts than may now ho lawfully lasued, can
receive the sanction of the Democratic party.
The resolutions, having been read by Mr. Cad
walader, were adopted with cheers, when lion
Charles Brown was introduced, and epoke se lot
lows :
Wo are bore to-night, my friends, calmly but thinly
to assort what is right, and to oppose what is wrong It
is right, that that which wo call money—•that with
which we pay and aro paid—by which trade is carried
on, and labor rewardod, should be the legal coin of the
country—gold and silver—and nothing else. It is
wrong that the Legislature should authorise anybody—
corporato or incorporate—to force or flu upon us any
other thing to be called money—to be used as money—to
take the place of money, no mattor how valuable that
thing may be, and much less have they any right to
authorise them to issue and force upon us a currency of
doubtful value, or may be of no value at all. Against
the issue of such currency we aro hero to-night to eater
our solemn protest.
The suspension of specie payments by the banks of
Philadelphia, after many years, and in the midst of pro
found peace and prosperity, with no call upon them by
any llovernment for deposits or lostA, nor any nuns al
demand upon them from any quarter, nor any approlign-
Rion of such a demand, and before any other bauksit
the Union had suspended, surprised, shocked and pa •
lyted the public Mind. The immediate calling toget .r
of a Legislature that has but a few days to lire, to are
legislative sanction to this suspension, which is under
stood to be the object of the call, has aroused the pub
lic feeling from Its torpor and awakened the public ap
prehension of still greater danger.
We have met to-night to look the danger and the etil
of suspension, and of its continuance, in the face, and
to speak of it as it deserves, and do what wo can 4) re
lieve ourselves from It as best we may. I have not come
here to denounce banks or bankers, or to eliminate any
ono. This presidents and directors of our banks are all
fellow-citizens, and most or all of them aro of the most
esteemed business men of the city. With their private
characters S have nothing to do It is only the managers
of institutions chartered by the State, steeply affecting
all our interests, that are obnoxious to public criticism,
blame or praise
Thesis bank directors have been entrusted by the
stockholders of the banks si ith the contract of millions
of dollars, and by the State a lth the right to issue mil
lions of dollars of note. to pass as currency. These
millions of dollars of notes these banks have agreed at
ell times, under penalty of forfeiture of their charters,
to redeem in gold or silver on demand. On these terms
they were chartered. With the full knowledge that this
sans required of them, these gentlemen, presidents,
cashiers, and directors, hare undertaken to manage
them.
Have they performed their duty faithfully and well ?
If they have done all that they should have done to
promote the object of their creation, to all and advance
the industrial Interests of the community and fulfil the
requirements of the law, by maintaining a sound specie
basis, and have failed—as they have failed—fallen—as
they fallen—there must be something in the system
itself that works its own destruction, and it should not
be suffered to exist any longer among us If, on the
contrary, the presidents, directors, and officers of the
Philadelphia banks have not managed, and cannot
manage, the banks of Philadelphia without encouraging
wild speculations in trade, or cannot prevent such dis
astrous results as the present, with the present laws,
where are we to find men that can? awhatlaws tan
we enact that will any better control them'
Look at the position Philadelphia and Perisylvanla
now occupy The banks of New England awl New
York at the North, and those of Virginia, and the
other StatesVeuth,have not suspended specie payments.
How humiliating to our pride. But if this were all'it
might be quietly borne. But the disastrous conse
quences already apparent in all the pursuits of our
trade and productive industry are of the most serious
and distressing consequences to us all. Should the
banks go on to enlarge on irredeemable currency among
us, and its use should tie thus forced upon us for months
or years, and the banks of the other States should con
tinue to pay specie, we wilt soon be as completely isola
ted in all the operations of commerce and trade, from
this monetary pestelence among us,aa if thousands were
dying daily In our midst of cholera and the yellow fe
ver.
If the banks of other States can and do continue to
pay - their notes in specie, is it not, therefore, the duty
of the banks of Pennsylvania to do so too, or acknow
ledge their insolvency and go into liquidation?
Dot lam not here to advise them. They may do as
beet they can under the lawn of the land in all things
else thou issuing depreciated notes This is the great
end that does nod , will affect the public, and what we
should endeavor to 'prevent, and to call upon our Le
gislature to refuse to sanction in any way.
I cannot believe it possible that the Legislature of
Pennsyla ante can he brought to legalize the suspension
of specie payments by the banks, or in any way give coun
tenance to its countinance. If any ono of the princi
ples of the Democratic party more than another has
received the approbation of the whole community—of
all classes, and all political parties—it is that which
proclaimed its adherence to a specie currency under all
circumstances The laws en all statute books—sf Con
gress and of the State--look to a specie currency and
none other; and now,
when the banks of Philadelphia
and the State have violated these 10111, and ignored this
groat and affirmed principle, can it be that the Legisla
ture the moment it Is done—beforo any cause for it is
assigned or known—are to relieve them from the penal
ties incurred; nay, more than thin, grant themthe right
to go on nod further violate the lass of the State under
which they wore chartered, as well as the laws of hon
esty and morality, and sound political economy, No
Democratic member of the Legislature will, I think, no
disgrace himself.
I know it ie whispered that the banks are sure of sh
ining the passage or any law they may desire, met their
conduct since the suspension would go far to induce the
belief that they do feel confident of their power.
Ile it so. Yet it is none the less our duty to express
the public sense of the wrung that will be inflicted, and
our determination to right It as soon as no can
It is most marvelous that the banks should have sus
pended in the situation in which the country is; and
why they cannot resume specie payments without legis
lative not Ia equally 'marvelous. What part of our
country, or of the world, is indebted to Philadelphia or
her banks, and is unable to pay, or wont pay . 1 It is
certainly not the South—nor is it the West—nor is it
the North—nor the East—nor have I heard that from
any of these ituartere there hove Well made any sudden
or unexpected call upon us for sped.. Nor does,it seem
that there is any unusual demand fot money to pay any
debts due to Europe. Exchange is soil to ha lower ma
England than it has been for come time.
Why is it, then, if there is no unusual demand for
money from other platen to take the specie away from
us, and the other parts of tho country have paid and are
paying us what they owe us in specie, or its equivalent,
that our batiks cannot pay specie' This is to 1110 a
mystery. if they cannot pay Specie under such a com
bination of favorable circumstances, when can they 1
There is, doubtless, specie enough in the country for all
its legitimate Ines. Have our banks no means—no
credit to obtain enough to start them again 1 If they
have not, era we to avail till they have the means be
fore they shall be required to redeem their notes? and
aro we, in the meantime, to authorize them to issue two,
three, or ten times as many more, to dm e all the specie
away from among us, or to cause it to be locked up and
kept from us? It this is what they propose to do, and
expect the Legislature to approve, 1 trust this, the pub
lic voice, will thunder in their ears its refusal to sub
mit to such depredation and wrong, until they are made
to feel itspower.
I have no particular objection to banks nor prejudico
against banks lam opposed to all incorporated coin
paules with privileges that individuals do not enjoy:
but if companies are Incorporated for any purpose '
I
have no objection to them being incorporated to
bank. But the banks and banking lam most opposed to
are those who loan money, or buy or sell exchange, or
Best in any kind of credit they please , no that they
do not undertake to make or issue any kind of paper to
bo used as money, or as a substitute for money. This
Is the kind of bunking I ant opposed to, and ever have
been. The banks that undertake tq mats paptr
mouoy—not those that loan reel money—are what I
have ever opposed, and not opposed to now.
If men choose on individuals to sot up what
they call a bank and deal in credits, I nee ne more
objection to them than if they sold coal or grain on
credit. If a number join together for the same purpose
I have no more objection to them than' to individual
bankers. hot when either ask for floe special privilege
of making and issuing notes to bo used as currency, I am
against them I think there should be only one cur
rency recognised, and that is gold and silver—not its
equivalent, for ft has no equivalent. That which,msy
represent the true value, or full value of a dollar o gold
or silver today, to-morrow may not be worth the half
of it, or may be worthless. Such is the situation qf the
currency our banks have made no hut day. These notes
ma, be worth some more, some less, but none are equal
to gold or silver. This ix the evil of banks—the evil
we thought we had cured—the evil that must be cured.
It wag Supposed that the banks of Pennsylvania. un
der the restrictions that were placed upon them by law.
would never suspend specie payments again ; end yet,
what do we see ? A euepeusion without an assigned or
assignable cause, in the action of any branch of govern
ment, or Any great commercial disaster or general de
rangement of business At a time of profound peace,
of greatprosperity and general health, they have fail
ed—have sunk with all sail set, in an open sea end
clear sky. ilut this is not all they have done They
have don., touch to C3,1).411.11 with thero the hopes, the
prom...rar and happiness. tha sustenance and support of
thousands and thousands of innocent people around
them.
•
Is it not time for us all to pond, 11113 matt:, seri
ously—not whether the Legislator: will ieliele the beaky
by pardoning the offences they have committed, and
grant the brew, to commit cloister upon the community,
but whether the time Hi and cdoia to relleyo the Cole.
munltv from the bulky alul the evils Sher bare brought
upon it, uow and forever !
By their auepenalon, road their appeal at title time to
a Legislature for relief that has but a week to examine
into their intricate doings, they have gone far to forfeit
the public confidence and respect, if they have not for.
felted it altogether.
The meeting, after a forcible speech by J. T.
Owen, Esq., one of the Democratic candidates
for the Legislature on the count) , ticket, adjourned
in admirable order.
THE CITY.
ANIIISEMENTS THIS EVENINQ
ACADEIIT OP MLIBIO, BROID AND LOCIM BTRYSTS.—
' II Trovatore "
NATIONAL THRLTRg , WALNUT STRAUS, AHOY'S EIGHTH.
" Lady of Lyons"—'• To Oblige Benson."
WHEATLRY'S ARCH STRICHT THSATRR, ARCH BTROII,
AIOTI Othello"—" Sudden Thoughts."
WALNUT STAHRT THRaTuR, N. E. CORNHR NINTH
AND WALNUT NTRARTlL—nEuatache ; Or, The Condemned
Beloit That Blessed Baby."
THOWSWB VA RINTIIB, FIATH AND thEtATNI.CA MEETS.
—Miscellaneous Concerto.
SANPOAD'S OPI2III 1101:182, STRZIT, ABOT•
Cuesrsox.—Ethloplan Ufa Illustrated, concluding will
44 Box and Cox."
Serious Riot in the Seventeenth Ward—Three
Men Shot and Two others Injured—Probable
Murder—Arrests, 4,c.—About four o'clock yester
day afternoon, a disgraceful and serious riot oc
curred in the Seventeenth ward, which resulted in
the shooting of three men and the injuring of
several others. The fight commenced in front of
the Hibernia Hose Company's house, on the south
side of Master street, below Cadwaladar street
and the Germantown road, and continued at in
tervals until a late hour last evening.
it appears that several hundred persona had
collected in the vicinity, for the purpose of witness.
ing the firemen's parade, among whom were many
of the members of the Hibernia, and a crowd of
the former adherents of that company, known as
the "Black Hawks." When the companies passed
along Master street, some of them were greeted
with groans; When the Franklin Hose Company,
between whom and the Hibernia there existed au
old feud, had'passed Cadwallader street they were
greeted with hisses, groans and insults. 80012
after the crowd rushed upon the members; and a
general fight ensued, stopping the parade and
causing the greatest excitement in the neighbor
hood.
During the melee, which only lasted some ten
or fifteen minutes, three shots were fired, one of
which took effect upon the body of a man named
James Mulholland, inflicting a wound from which
it is doubtful whether he can recover. The wound
ed man was picked up by Sergeant Yeager and
conveyed into Dr. Donnelly's' drug store, on the
tiormantown react, where it was ascertained that
the ball bad entered his left side, near the heart,
and taken a downward direction. The doctor
probed the wound to the depth of five or six inches,
but was unable to find the ball. Mu/be/land was
conveyed to the hospital, and lest evening was ly
ing in a very critical condition.
The attending physician entertain but slight
hones of his recovery. The wounded man resides
in Washington street, below Columbia avenue, and
has a wife and four small children. One of his
sons was among the victims of the dreadful acci
dent on the North Pennsylvania Railroad: Mul
holland is about forty years of age, and was em
ployed at Messrs. Abbott it Lawrence's Iron Works,
on Brown street, above fourth.
Peter MeAnnay, a young man residing in Cad
wallader street, below Master, was shot in the head,
the ball taking effect over one of his eyes. Fortu
nately, it only !glanced his cranium, causing
severe but not dangerous wound.
Another man, whose name we were unable to
learn, was shot through the fleshy part of the fore
arm die extricated himself from the crowd as
soon as possible, and started in search of a phy
sician.
Another, McOucken, one of theconatables of the
Seventeenth ward, received a revere cut over the
right eye with a silver Hre-horn, in the hands of a
member of the Franklin Hose Company. Ills
wound was dressed at Dr. Donnelly's drug store.
Mmtneken informs us that he had a memberof the
Franklin in custody, when the crowd rushed upon
him, knocked him down, and rescued the prisoner.
A lad about ten years of age, AM knocked down
by the crowd and seriously injured Re was taken
to his parents, residents in the neighborhood.
A young !Ilan named James O'Neill, residing in
Adams street, above Oxford, also received a severe
cut on the bend with a horn.
There worn senora others injured but. we were
unable to ascertain their names. The only officers
present when the melee commenced were Serge&
George Yeager, officers Warner and Smith, who
made every effort to arrest some of the parties con
cerned in the melee, but found it impossible. They
no sooner seized a prisoner than he was at onoe
rescued by tho mob.
After the parade bad loft the scene of the dis
turbance for some dictation, an unsuccessful attempt
was made to arrest a memberof the Franklin, who,
it is alleged, tired the revolver.
Soon after the disturbance, it revolver was picked
up in the street by one of the officers, a short dis
tance from the scene of the row.
This affair caused the greatest excitement, and
several thousand persons assembled along Muter
street, from Front to Fourth street About half
past four o'clock, another fight occurred in Master
street, near the Germantown Road, at which no
arrests were made
Soon after this a young man named F. P. Sharp,
better known as "Paddy Sharp" amu.ed himself
at Fourth and Master streets, by assailing every
ono he came in contact with. Another grand fight
here ensued which lasted a considerable length of
limo. Officer Coady arrested Sharp. and after a
hard fight, in which he bad his dothes torn from
his back, succeeded in getting him into Alderman
Clark's office. Tho Alderman observing the eyelid
from his window attempting to rescue the prisoner,
went to his assistance and came in fora few
hard knocks from the prisoner. Paddy Sharp was
committed in default of of SSOO bail to answer at
Court.
Several officers hero attempted to arrest theta
who astailed officer Coady, but were driven off by
the crowd. Officer ilarbeson caught one of the
party, and locked him up for a hearitg this
meriting.
Up to a late hour last evening crowds of disor
derly persons were still lounging atrout the corners,
with an evident desire to witness or get up
another row.
Picking Pockets. Yesterday afternoon,
officer Nice arrested Mary Marren, her daughter,
and Charles Warren, on the charge of picking the
pockets of those looking at the parade, at the
corner of Front and Master streets. They were
committed by Aldertnah Devlin, of the Seven
teenth Ward.
New Hotel in Chestnut Street.—On Saturdiy
evening a pretty large company paid a eort of sur
prise-visit to Sir. John Campbell, (of the Exchange
Dining Saloon,) at the new building 527 Chestnut
street, opposite the State House, which he has pur
chased. fitted up in a beautiful manner, and will
open this week as a Hotel and Restaurant. He
was not surprised, however, as an admirable sup
per awaited his friends in the principal saloon, and
the frailest justice was done to it, and also to some
baskets of champagne and other creature comforts.
Wo understand that speech, song, sentiment, and
Jest went merrily round for two or three hours.
Including the purchase-money. the fitting-up, and
the furniture, Sre., nearly $40,000 have already
been expended on these premises. Tho idea has
been to unite elegance, taste, convenience, and
comfort, and such an establishment, first-class in
character, has long been required in the central
situation it occupies. The exterior is handsomely
painted in white and gold, the first floor
window is plate glass, and On two street
entrances, (to the restaurant and the hotel,)
are lined with handsome French mirrors,
each of which is eight feet by four. In the pablic
room, on the first floor, there will be placed a
looking•glaes twelve feet long, manufactured in
France, and richly framed in this city. In the
large saloon containing this, is a long line of coun
ters, the tops being of white Italian marble; the
walls are richly decorated with handsome French
panel paper, rich in gold and flowers. This room
terms the public eating and drinking saloon, and
in the rear is the garden, ornamented with a large
and handsome fountain. The dining-rooms are in
the second-story, and are elegantly furnished with
entirely now furniture. The dinner and tea sets,
knives, forks, tke., are of ,sileer,,and no mouse or
labor appears to have been spared in fitting up
Campbell's Hotel andßestaurant. It is the inten
tion of the spirited and enterprising proprietor,
also, to keep on his well-known establishment in
Third street, where he has made"troopsof friends,"
and the ample moans which have enabled hint to
purchase and fit up this new and promising con
cern
711 E COURTS.
YESTERDAY'S PROCEEDINGS
[Reported for The press
Comm PLElS—Jtvlgo Allison—Jury trials earn
menced
U. S. DISTMCT Oonnr—Judges Grier and Kane—this
morning Judge (trier delivered an opinion in the case of
the City of Philielelphja vs. the heirs of Stephen Gi
rard ft is an action of ejectment instituted in Schuyl
kill comity and removed hither under an act of Con
.wess After discussing the legal points involved, the
Judge ordered the cause to be remanded to the
Court of Common Pleas of Schuylkill county.
QUARTER Samiloas—Judge Thompson—the October
session of the Court began this morning. Judge Thomp
son presided. The Grand and Petit Jurors summoned
worn called, and Wm. li. Kern was appointed foreman of
the former body.
The Judge addressed himself to the Grand Jury en a
few remarks, explaining the nature of their duties, and
asking their most efficient co-operation in the cause of '
justice,
In calling the attention of the Grand Jury to the un
certainty in the execution of the laws, the Judge re
marked that it was the duty of the Grand Jury, so far as
they had cognizance of ithe natter, to find true bills
against, ulTendert, where the testimony justified such
finding It woo not for the Grand Jury to determine
whether a law it!as proper or not; but as it existed on the
state to book, it ehould be enforced. If such enforce
ment bad taken place in times past, we would now have
good lasts, either by the amendment of tad ones, or by
the enactment of new ones suited to the times. One
Grand Jury, in the conscientious discharge of their obli
gation, enforces the liquor law, by the finding of true
bills against offenders, while another Grand Jury de
clares that the law is altogether Improper. It is
this very uncertainty which emboldens men to
violate its provisions. By such a course, no law can
have a fair trial, whether for, good or evil. Mail
the' usury law been Strictly regarded, it is more
than probable that much of the distress arising from
the present crisis in, monetary affairs would bare been
avoided. The law has been almost altogether disre
garded. It bound the con Sciences of only a few upright
men,
while the great mass of money-lenders treated it
as a fable. lien were known to leave a lucrative bust,
ness and engage in the loaning of money st most usurious
rates, because the law against such conduct was known
to be a dead letter, and they run but little risk in its
violation. Neither the Court nor the Grand Jury have
any right to determine whether a law fa suited to th e
time,. Their duty is simply the execution of the lawns
they find It, and this Grand Jury should not hesitate to
return true bills against all persons who are brought
before them for Its violation; affect whom it may. They
should pay no respect to persons, but let the law have
sn equal sway over all our citizens. By such a course
wo ajiall 110011 have good laws. Stock jobbing is another
evil of the times which has led to the greatest distress,
although there is a law on the statute-book making it
a misdemeanor.
LOSS OF TOE VENTRAL AMERICA.
Three More Persons Rescued—Others Known
to be Lost.—
New YORK, October s.—)Thelßremen barque
Bremen arched here this morning with three
more re.sened persons from the wreck of the Ceti
oat America. They were picked up by the Brit
ish brig Mary, from Cardenas for Queenstown, and
transferred to the Bremen.
The names of the - rescued are:
J. Ti,e. seeund engineer; Alexander Grant,
fireman; G. W Dawson, pwenger.
STATPMEPT OP XIII. ?ICE.
Mr. Tice, one of the Central America passen
gers res.tued by the British brig Mary, and ar
rived here 1163 morning, states that be drifted on
the plank that sustained him for seventy-two
hoets On the fourth morning after the soaking
of the stemner, he drifted by a boat and succeeded
in getting inteher. On the fifth day he picked
up Ale:Ander Grant, who had been drifting np to
that time on a pelt of the hurricane deck. Grant
swam to the boat. the two then palled for the hur
ricane deck and nook from it G. W. Dawson. Thera
had been, originally, twelve men upon it, via :
George Buddington, third engineer; John Bank,
coal-passer; Patrick Card, do; —Evers, fire
man ; and six coal-passers, names unknown. They
all died. Messrs. Tice, Grant, and Dawson were
eight days without water and proclaims. The sea
was making breaches over them. On the second
day after the steamer went down they saw a num
ber of passengers on pieties of wreck, but could not
assist them.
The rescued are in a sad condition, being badly
bruised and severed with boils. - • -
In addition to this we have received by the Star
of the West, not a full list of the 'passengers'
names, bat a partial one obtained from passengers
on the Star of the West. They are as follows :.
Green Anderson, Pa , Ed. Van Noekin, cal., -
Julius Stridson. Wm. Sprout, California, Hunter, . N. 11.1Larttn, Oregon,
A Donnenberg, San Fran- P. Ecisrsuds California,
demo, Mrs. Ebraks, do.
R Prince, Wm. Yates, do. -
Benjamin Cult, Missouri, James Raglan, do.
John Horn, do. Mr. Alston. Georgia,
Hanson Horn, do James C. Clarke, Pa ,
Lee Dories, Warren Ilestun,Ohio
Mr. Elutes, Joseph Hart. do.
. . _
Hiram Btinchfield, Ind., Mr. Darlison, Md. F. B. Hawley, California, Leonard Young, i Mr. McWeill, do. Thos. Mammon, Indiana, Ca lifornia, -
George Keith, do. W. J. Morton, California,
Dr. Coommum, do. James C. Clood, Weatmoro.
Francis Farago, N. Grenada, bad minty, Pa ,
Goo. dtoer, San Francisco Warren Heston, Califorma' ,
Samuel Caton, California, Joseph Mart, California,
Chao. Mallory, California, Mr. Allen, Vermont.
Mr. Bullard, Illinois, John Dixon, San Francisco,
Wm. Bainage, Ohio. Mr. Burnet, Mane,
9. Brothers Hemel, 111. , Moses Owens, Ohio.
We are indebted to M. 0. Roberta, Esq., Presi
dent of the United Stares Mail Steamship Com
pany, for the following correct list of the passen
gers from the Isthmus, who were on board the
Central America. We also learn from the same
source that the list of passengers from San Fran
cisco was on board the Central America, and that
no duplicate either of the passengers or treasure
came forward by the Star of the West, and
none can now be expected nutil the arriral of the
steamer connecting with that of October 20 fend
San Pranci.ice, which will be due at New York,
about the 13th or 14th of Norem'oer.
List of passengers on the lost steamer Central
America from the Isthmus only:
=LEM
J. A. Thorne, Adolphe. /Mayer, tad liro-
Mr. Facards, ther, (a het of II Tears.)
Mr Seguin, A - ;Mahon,
N. 11. Tirsto, Charles Taylor, mete in
H. Ayala, pared) the Patifie Mail Stanza_
P. M. B. Smith, ship Compsny's tiaplolr-
Wm. tiratins„ C. McCarthyieogineht. do.
Capt. W. G. Dyes, (Wad.) • : _,, - ,, i
X- &Mame, = "_-.
3Y.0031, C1../33.
W. Watson & son, Frank Carpenter,
Otis Barlow / Wm. Hemmel,
James O'Neil, Wm. Plass,
Mr. Oliers, A. Aroma,
O. W. Griffith, T. J. Morrie,
Wm Osborne, (saved) F. Griffith,
Thomas Maloney.
All jthe above, except the three marked saved,
were 10M.
It is feared that Dr. Robert E. Moore, Surgeon
in-Chief to the Panama Railroad, was in the Cen
tral America and perished.
The Atla California, in noticing the departure
of the Sonora on the 20th of August and the small
amount of specie on board, says: "This is a grad.
Eying falling off from the last semi-monthly ship
ment, and will doubtless set Wall street in a fer
ment for fear the mines are giving out." Unfor
tunately it was not the arrival, bat the non-arrival
of this treasure which has put "Wall street a fer
ment."
Still it is gratifying to know that the him of
specie by the Central America is net so serious as
people imagined it to be. The amount was gen
erally pat down at $1,700 000 or $1.600,000; it now
turns out to hare been little over $1,200,000.
We leann from the San Francisco papers that a
very small mail was despatched in the Sonora on
Augest 20 The San Francisco Alto puts the
mail down as coloposed of one hundred and two
mailbags, containing, besides newspapers, thirty
eight thousand letters. Of this amount, the Sac
ramento Union states that thirty-five bags of mail
matter were forwarded from the postrothee of that
city. Several of these bags were destined for
New Granada end the South Pacific States, The
remainder, amounting probably to ninety-six or
ninety-eight bags, were
in placed on hoard the Cen
tral America, which, addition to the Isthmus
and South American mails, made a total of one
hundred and four bags on board the lost steam
ship. This, again, has been a less serious lois than,
was anticipated.
N. S. Threshed, Jr.. of No. 61 East Broadway - ,
New York, reported to have been among the lost.
passengers of the Central America, was still in
California when the laet steamer left.
Carrington Raymond. the eon of Mr. J. la.tay
mond, agent of the United Statae-Mail Stemma sy
Company and who wee_ at, first supposed to Leo,.
been on board the Central America, was a pea:ran
ger by the Star of the West Re was intweeding
to Issvoihy the previous steamer, but fortmeatety
was prevented by unfinished business.
On Saturday, about noon, the Star of ).se West
passed the dead body of a man Heating, - upon' the
surface, supported by a life-preserver. : It wu off
the capes of Virginia, and' the sea v(as rough at
the time. It was supposed to bet ode of the pas
sengers of the Central America
BY THE MOT LINE.
LETTER T 7.10111 NEVI' yowls
[eerreilsMdence of The Press.]
NEAT YORE, Oct. 5, 1857. 5.20 P. 31.—The arri
val of the steamer from California, with sl,ttS,-
134 90, and the favorable result of Saturday's
heavy business, hare lent considerable strength to
the improved feeling already noticed. There is
more confidence and more ease to-day. Uneurrent
money is moving better. Eastern bank notes are
bought at 2i a 5 per cent.; southern at 10. and Illi
nois and Missouri 10 a 20. Street rates are still ex
orbitant; 2h3 percent. ispaidreatNly on firm class
paper; second class is ablolutelynnsaleable. ' 'for
eign exchange is also down to par for bankers'
bills, and even at that price there are far mote
offered than bought. So far as I bare been
able to ascertain, all the drafts from California
by Central America and Star of the West have
been regularly paid , and so far have tended to give
relief. A good mrmy notes maturing on Saturday
were not presented for peerment till to-day, owing
to the non-eons ection of the Washington train at
Philadelphia, Imt I hear that they have been for
the most part promptly met. Considering the
times, it is a striking proof of mut commercial soli
dity that Saturday passed with to few disasters.
There wort h it is true, a geed many protests, but
not of Ne-a York names. Those 'dishonored were
of firms , already failed, or. belonging to the
country, sent on for collection. The Assistant
Treasurer is already advised of drafts on tile Sub-
Tremur..s to the amount of $750,000. The cash
transtutions of this office to-day were: Receipts,
5161.570 24, including $50,000 transfer drafts on
&alms; payments, $290,829 35, including $ILO"
California drafts, leaving a balance of 37,619,314
92. The receipts of the Custom Meuse for duties
to-day were 348,000.
The average statement of the New York city
banks for the week ending Saturday, October 3,
shows a decrease in loans and discounts of $1,855,-
',/34', in specie of $1,020,582 ; an Increase of 317,-
794 in circulation, and a decrease of $ 5 , 3 73,3 5 4 in
deposits. This statement does not, include . the
California remittance, nor the greater portion of
the Sub-Treasury disbursements. The real condi
dition of obe banks is far stronger than the above
would show.
The stock market was more lively and cheerful
this morning, than it has been for a considerable
time. liverything on the list advanced. Reading
advanced from 2T on Saturday, to 31, 30, 291,
29 ; Erie from 11 to 111, 111; Illinois Central
from SO to E , 6, (under the influence of large orders
to buy from England ;) N. Y. Central from 52 to
; Michigan Central from 30 to 35; Milwankie
and Mi.enuippi from 161 to 20; Petin. Coal Co.
from 55.1 to 130; and Chicago and Rock Island
from 59 to 625 ; Virginia 6's advanced ;
Missouri, 5'5, a These prices were steadily
maintained at the second board, but the tendency
toward the close was a little law lively. The
Long Thick Co., and the Cumberland Coal Co.
have gone to protest. The closing price of the
latter company is 51.
MARKETS —Amiss are very quiet for both sorts, with
small Sales at 57,125m57,371i for pots, and $6,50 for pearls.
Baliatikvvvvs—The market for State and western dour
is Don't. higher,with sale. of 154pitobis at 14,40410.60
for common to good State, $4,70954,90 for extra do,
64,40051,60 for common to good Michigan, Ohio, In
diana, &c.., $5,03055,75 for extra do, $6,1025700 for
extra Genesee, and $ 5 ,50k5 7 . 2 . 5 for St. Lou.- oath
ern Sour is also better, with sales of 1200 bbls at ss,/sto
5 5 , 50 for toiled to good Baltimore, Alexandria, &c., and
ts;6om 7,10 for extra do Canadian dour is'better, with
FliCiOCLOOnlill at $4,50404,60 for super, and $5,1006,50
for extra. Rye Hour is nominal at 14e55. Corn meal is
quiet, at $3,75.154,25.
COlirits —There is absolutely no movement. Prices
are nominal.
Curios' is quite dull at former quotations, which are
nominal.
4 RAIN —Wheat is in good demand, and le2c better,
with sales of 39,000 bushels at $1 188$1 23 for Southern
red i and .7 , 1 024141 35 for do white. Oats are in fair
request and better, 420147 c for State and Western. jigs
is firm at 756,78 Xe. Harley is also tern at 80e93e for
State. Corn is heavy at a slight decline, with sales of
21,000 'bushels at 70672 c for Western mimed, and 73a
7 4e for Southern yellow.
HAT is in good demand at former rates.
Inox—Scotch Pig sells slowly at $28643.60 : 6 mos.
Other kinds nominal.
NATAL SVOLANS--Spirits of Turpentine are very dell
at 42c cash, in skippoigorder. Crude Turpentine is no
minally held at $3 Ta 4) , ' :NO the- Common Roam is
much depres ted at $1.70 310 lbs. Tar quiet at for
mer rates
Pearls leKs.—Pork is dull and unsettled at a decline,
with sales of NM Ishii. at r.?..2 873istiLM for Mess, and
gsl9 50 for prime. Beef is heavy, with sales of 45
bbla. at $l4 $15.50 for repacked Western ' and $15.75 for
extra do. Beef /lams are dull ai Bacon is quiet
at fit 2d1.4.51.1 for Western marked. Cut meats are heavy
lle ler Stwulders, sad 12*14c for Ilea.. Lard is firm
at 141.0114 v. Butter is dull and heavy. Cheese is
also heavy at unchanged prices.
SUGARS.—There is no animation in the market. Bales
very email at nominal prices.
Were - OCT is inactive at 20c121c.
Fusions are dull.
NEW TORE BTOOK EXCHANGE BALES, Oct , E'
069060
13,508 NY Et sa'sB 90
3,000 Mich Lit 66 67
2,600 Ohio St 6.1 '6O Si
25,000 Rd, R mown 22
Igo Terre 11kAlloa
2d msg 38
25 Am Er Bk 72s
20 Del&llud cm] co, 96
20 Paciao 519 Co 65
10Q Oudot' Co' • 14X
33 Harlem
460 Cam Coal Co 5%
20 do 0%
50111 Central?. 9-2 I
20 do 92
60 do 90
60 do 430 67
60 Panama It 67
6 (751 k Chi It 60
60NYCanK 9T
11011 D.
160 N Y Cen lit r a 5634
300 • do s 3 50
100 do 130 5.53;
00 do 553‘.
180 1111 & Miss R 20
24 Clete tr. Tot R 3 7
41 do 67 %
r sCbit It 62
500 do, ,
25 do ' 61%
13 N Rrot,llolrtf'd RlOO
5 Ls Cr&Mill& 7
50 Erie R _ ll
50 do pto 11%
60 Reading It 90
100- do 010 23
000 . -do .s 1 20,v
100 ' do 24 30
50. do • .30%