Newspaper of The New York Herald, October 15, 1857, Page 4

Newspaper of The New York Herald dated October 15, 1857 Page 4
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NEW YORK HERALD. aill OORDOR BKIVIfKTT, antro* awd propribtob. orrxca a. w.corkbb op pcltum and babbac aw. V?liM XXIX Ha. Ste* ABUABBBKT8 Tills BTXKIM.. BRCAPWAT THBATRB. Kroadwar?FaibtHaaa? Navaa Pi'? i-APf? BiA'creiae m Parili. h'HLt a UARDKli, Broadway? Katt, tai VirA-intaaa? Boraaa POWFRT nliATRX Rnwery?Wacvrtsta?T'.ld Sect's !?? jam*.- <?Ti.. hb or tub 8a. BrRTON'6 TltBATRB. Broadway?Oppealte JonJ aurcai? Pa -id? Ta.'bf tub Iuaa. WALLAUK'S TT1XATRR. UroMfAf-ltoiD TO S":> ? D ALT bADDAS S(X>?. I.ATRA KKElfB'ft TTTEaTRK, Broadway?S-ilu Wa:aa J IfAA. -TuaQciit Pawh t *SW Ol.T*PIfl TTIEA TR8. Broad war?Bo. Oi.i?0M> ?i/? A. rts TBI. WtPT'IRG-BtAOA ATBIVA LA'MU. PARNrirP AMXR1CAN MUdlFM. Broadway-J?o*g? at TBI WAUIH NiGMTtDGALB -UBABD AftBAAlA. OA OCAAJI ua ?II -C'DAIOSITIES, AC. WOOD S BC II.DTHG8 M and SB BTO*dwar?BruicrLUI II ? -TUB IT?PaKCCO? ^OKLBWO -BaKI'IAD A Bt < IP MKCHABIO'S H ALL. 4" ItroadwAT?.*> A?r.r Mxuontas? Scubm^a Muiki Baoth>ka HMPTRK BALU 69f Br. *.!??-'aibtifgs IiLCrrBATrri or Da kiu i AtuTr EirAS'riuD Ac H?w lark, TharkdAjr, Urlaber W, 1H57. DaII) ClrrulMlon of the >?w York I!aruld? RaatWAl off Uta T> i?r?9? ond iiainl Xj'pa for Bala Cheap. 1b oomrqoeaoe of Ike f?ct thai the dally dreuUHon or iaa Jen- has reached the am oust of between eif'J-j and, upland gppics prr da>Jt and haalomettmea exoeeded Aorty thoBsaad, u beoomee Maewity often and Afain to renew the type or all eorta npoa which it l> printed la a tew d?;e we exreot toiwoelvoear new Mate of type, which ar* now b?ln( maaufhotrred at the foundry oT If eat re a.oer when the Hnniin will latmedlately appea lie sew dreaa. In tae meantime the type cdob whioh our paper la now pt sled, U not by any means wot a out It will be round goo* moo ft for the porponen of weekly or country Jour baa We innreTore offer the ronte of type with which the "?"'i la now printed lor sale, or cnh trmz alsnr. to inch wceeiy or ooontry journals aa may ha In need of 11 All pr^teri or proprietor* who dartre to purchase thia type wiJ< add'ena Jama* Oonner A Boon, who will treat with teem oa the ant faroraMe cash terms. th? Nam. In accordance with the resolution adopted on Taeaday night at the meeting of bank officers, all the banking institutions of the city, with the ex. ception of the Chemical, stopped payment of specie yesterday. The public were prepared for the event, and it parsed off rather quietly than otherwise. The New York country banks, and the banks of other c.ties and States, from Maine to Sonth Carolina, pith occasional exceptions, have followed suit. The city banks will continue to receive each other's bills, and the ordinary business will go on as before the I ^pension. The Supreme Court Judges of the First and Be c ad Judicial districts held a meeting yesterday, and decided to grant no injunction against the sus pended banks, exoept in cases where it was appa. rent that fraud existed. The Judges determined tost a bank is clearly advent when it is able to pay all its debts, and that when the officers of solvent banks sre acting in good faith no receiver shall be appointed. The fact of a suspension of specie pay ments is not a proof of fraud. In consequence of this action, later in the day, Judge Roosevelt denied a motion for an order citing the Bank of New York to ahow cause why a receiver of that institution ahculd not be appointed. A meeting of the merchants of the city was called y i:iterday afternoon at the Exchange, to consider the --tote of public interest as connected with the Kospensicn of specie payments by the banks, and to adopt such meawirc- as might be deemed expedient The meeting was largely attended, and was presided ever by Mr. James Brown, of the house of Brown, Brothers A Co. Resolutions were adopted in favor of the call of an extra session of the I cgislature, and expressing confidence in tat oanka of this city and State, and a covmitiee was appointed to wait upon (lover a - King tcdsy to solicit him to issne a call for an extra session. Much dissatisfaction prevailed at the character of the proceedings. The meeting was, in fact, one in the interest of the bank*, not of the merchants. It was commenced tea minutes before and closed five minutes after the time for which it * as called. The resolutions were read and adopted without discussion, and no interchange of opinion took place. After the adjournment, merchants an I cthe:> gave free expression to their disappointment; as J pr> positions were made to extemporize an op po-vition nneUn; That course, however, was not pur; otd If, on readinir our report of the proceed tnga th:? morning, the merchants believe that their interest* were overlooked at this meeting, they c gfct to i all another this afternoon. The c mmittoe appointed to proceed to Albany to nrge upor. the Governor the necessity of calling an ?xUbot .inary setaion of the legislature to meet the present 'inetgency in financial affairs, proceeded to Albany yesterday, and. together with a deputation c' tankers of that city, called upon the Governor, and made known their views. It is stated that the <K>reraor will yield to their solicitation, and a procla m*i,on r?.nvokingthe legislature may be looked fbr t'?-day. The Republican General Committee met last night, and after an animated debate passed a reso lution calling oo Governor King not to convene an extra session of the Legislature, on the ground that however much the banks might desire it, the repub lican party would be sure to suflhr by the action of the Btate Legislature. The operation* of the Clearing House will not be ntenupted by the suspension of the banks- A very mt* resting description of the origin, working, mag ait de and condition of things at this institution m*j be found in another column. lb' *a wnga banks yesterday held a mec'iag and aoopted measures calculated to add to their strength as well as allay whatever fears may have been en terU.aed of their stability. Tlwse instant ions have fallen l*rk upon their by laws, and hrrcd?r wili make payments only upon due notice being given by depositors. Arrangements have, however, been made to enable depositor* to draw out small sums as thej- necessities may require. A largely attended and enthusiastic meeting of the stockholders of tlie Nsw York and Erie Railroad was b? .d in the lecture room o< tha Mercantile Li brary Last night for the f pose of negotiating a loan of six million dollars, to cover nook- of the outstanding mortgage*, and thus -are the road from entire destruction, lengthy and ef fective epeecbes were made by Mr. Lathers, Mr. Travis, Hon. Bam. Haggles, and other* After which qaite a minimr of signatures were got for the nub* nption books, and paper* were aleo distributed freely, to be signad at any future occasion by those not willing to do so now. The meeting then adjourn ed, the stockholders evidently feeling inclined to as sist to their utmost In bringing nbout the desired gni. A report will be found elsewhere. A report of n meeting of the creditors of the Ohio lufr and Trust Company, held at Cincinnati on Mon day last, is given in to-day's paper. It contains aome very temarkable revelations regarding the of conducting the affairs of that iastituti'in. An official communication from the trustee* states the books of arrant of the New Yolk branch are total'i unreliable for any purpose whatever. In fact, tic ourern Is rotten to tic core, and there Is but i t r hope of ever disentangling its affairs so as to fx -St a correct statement of its real condition. 3 cattle dealers have succumbed to the money pressure. WHS aa ample supply of beef cattle oo the market yesterday, prices declined Jc. a lc. Prices ranged from 6c. Mr Inferior to 10c. a lOJc. for the better qualities. Other descriptions of stock also declined in price. The steamship Granada has arrived at New Or leans with California news to the 20th alt. She connected at Havana with the Northern Light, which will probably arrive at this port to-morrow, with the mails and a million and a quarter in trea sine. The intelligence from California is unimpor tant. Trade continued doll, bat the yield of the gold placers was as plentiful as ever. The election resulted in the choice of the democratic ticket for State officers by a large majority, and also a large msjority of the same party in the Legialature. There were reports of disturbances and filibuster movements on the Mexican frontier. In Oregon the Constitutional Convention was discussing the slavery question. From Pern we learn that the French and Bnglish fleets had abandoned the Chin cha Islands. Vivanco's star is again in the ascendant ?The minor about the death of Commodore Stew art. in Philadelphia, Was unfounded. The Commissioners of Emigration met yesterday. Messrs. Bleecker and Smith, of the Kings County Board of Supervisors. appeared before the Commis sioners to request the payment of $13,000, due KingB county for the care of emigrant paupers. They were somewhat surprised to learm that the money had been paid over to the Kings county Su perintendent of the Poor, but that functionary had so far neglected to notify them of the receipt of the money. The Commissioners were of opinion that there is a good deal of money paid the counties that m applied to other purposes than the care of the poor. The emigration for the present year has been 154,446, being an inciease of 43,051, as compared with the emigration of last year. The hard times will soon affect emigration unfavorably. T oard of Councilmon hold a special meeting last evening. A number of resolutions fixing the polling places for the ensuing election, were adopted. Mr. Haswell presented a resolution to appoint a special committee of three to consider and report upon the propriety of the adoption of an assize of bread for the city, which was adopted. The Board meets this afternoon. The special committee of the Board of Aldermen on the opening and extension of Albany street met yesterday. The Board of Councilmen a few months since adopted a report In favor of the proposed ex tension. Mr. West, one of the property holders on the line of the extension, advocated the project *nd did not know a single property holder who was not in favor of it. Daniel Noon&n. owner of pro perty on the corner of Rector and Greenwich streets. urged the extension as an improvement due to that part of the city. The committee intend to report upon the subject at an early day. The Board of Missions of the Protest ant Episco pal church commenced its annual session at 84. Bartholomew's church last evening. A large number of distinguished lay and clerical members were in attendance. The only business transacted was the adoption of the report of the Committee on Foreign Missions and the reading of a report giving on in teresting abstract of the state of missions in China, Africa and Greece. Some time ago we published a report of the appli cation for a new trial in the caae of Arthur McMa bon, tried and convicted in the city of Trov, in 1?55, for the murder of his wife. The application was granted by the Court of Appeals, and the trial was to have taken place at the present Oyer and Termi ininer in that city. On being brought up oh Tues day last, McIIalien was allowed to withdraw his plea of not guilty, and to plead guilty to the charge of manslaughter in the fourth degree, which imposes a penalty of cither two years in the State prison, or one year in the^county jail, together with one thou sand dollars fine. The Judge took the papers and will pionounce sentenc- before the close of the term. Patrick Connolly aijd John Vuinlan, alias Corky Jack, (the latter *aid to be well known to the autho rities.) charged with highway robbery, were ar ( quitted yesterday in the Court of Sessions. James Fergnson ?wore that while passing through West street on the night of the 14th of September, he was knocked down and robbed by the prisoners. Their counsel made a very amusing speech, which would hare been more appropriate in a convivial gathering than in a court of justice, convulsing the jurors and audience in laughter. The Recorder was heard to observe that "it was a most astonishing verdict" Samuel Doyle was tried for grand larceny, in steal ing 12,000 from L. O. Wilson \ Co., on the 2Sth of August, but although the circumstances pointed ftrongly against the accused, the jury acquitted hint He was remanded ?>n another charge of larceny Hugh p. Hoarc pleaded guilty to a felonious assault on Ernst Eihard, and was remanded for sentence David Heunes-y. an old offender, was tried and sen tenced in four minutes, on a charge of larceny In stealing a coat worth 110: penitentiary six months. The Court regretted that the property was not worth ?2'). ?o that Hcmiessy could have been disposed of for five years. Michael Carroll was on trial on a charge of rereiving stolen goods, when the Court adjourned. From the meteorological tables of the week end ing Wednesday, Oct. 14, it appears that the maxi mum range of the barometer was 30:J0; the mini mum 19:91; mean rt0:ll inches; maximum range of the thermometer 71: minimum 49; mean tempera ture 60 degrees. Moisture of the air ranged from 1.00 (?omplete saturation) to 0.4!?, (half saturation.) The quantity of rain was 0.R5, (nearly one tenth of an inch.) The three first days of the week were dry. followed by clouds and fog. roMoa market yesterday was quiet, sad bo mJm y moment transpired The swot was loo tigai to expeei any ?ovemcDt of cc:l iciest meniule to rbra s standard of priest ' lev was la bstter demand, with mors dotrg and cloned at an advance of aboet ]?s ? ifc, p#f Wheat was rmtr and food to prims iota were from 9s a 4e. per btfber Core also advanced from 9b a 6?- 0>r Starr, mixed, wtti moderate sale. 1-ork wan qeiet, nad nominal for mans Flayers and sellers a ere toe wide apart is enable n? to five quotations tor mem There was rather mors firm, nans manifested oa the part y holders or tigers, while ?alee of abeot MM) a 'SO hhda ware mads at priest (tree in soon er col?mo Messrs ft L A A. Stuart have re duotd their prices for rsflnid foods one half oeot per pound, me Inp a decline of 4 reninOom lbs .ifbast potat Oofiee was stsndy, with aalca at K.o at Us a 11 *e The total stork y bags and mats in this market embraced nbost 104AM, sbest M.13T baft y wntoh were Kie Freifbt en?afftneata were fhlr aad firmer, emb-Micr nnionf other thiafi 80,000 bashels wheal, In hulk sad bags, for I irerpod. si M s 6*d , sad 3.000 s 3.000 bbta near el a 2e. 3d Bank Hmspsnrtona?Tlse On an* and n Kem?*,iy. The latest news la the financial world, com prising the transactions of the day in this city, and the bunk suspensions in Boston and else where, with the effect produced on the mercan tile community, will be found under the appro priate head, in another column. The state of af faire may be summed up in a single sentence nearly all the banks have broken, and the mer chants feci a good deal belter for the rc-spite they tain. We have talked and heard so much of bank suspensions within the past few weeks that people hav- grown familiar with the term, and there are but few who realize that a suspension of specie | payments by the banks is a catastrophe so dread ful and injurious to the country that the ODly worse conting ney that could happen would be a national bankruptcy. Ksp^lally will it prove disastrous to tl,is city of New York. Had the 1 sinks purmed a course which would have enabled thcm to conciliate the forbearance 0f depositors they might unquestionably have bridged over thn interval whiol) separates them from the 2.'>th of U e month -by which time, we take It. the law* 1 of trade would hare ken in full opi-ation, and specie would hare been so abundant here as to restore confidence completely; Md, slowly, gra dually, from the New York beaks nu cleus, aad the beginning of Noromber as a time, recovery would have set ia, and in the course of a few months, all the solid trades of the country would have been restored to their former condition. This was not done, and?the result is before us. This is the third occasion on which the banks of the Uidted States have failed in their pro mho to pay specie, in 1614 all the banks of the country, except a few in New England, suspended specie payments. In 1837 all the backs throughout the country suspeuded specie payments. In 1857, we may say already that all the banks, with a possible exception in favor of Eome banks in the South, have suspended specie payments. Thin, then, is the third occa sion on which the meet responsible institutions in the country have admitted to the world that their word was not to be relied on ; that they were not to be implicitly trusted ; that a time might come when they would fail to perform their obliga tions ; and that prudent persons had best take care of themselves. For the leading financial in stitutions of the most rising commercial nation in the world to make such a fatal admission once seems appalling; but to make it thrice?thrice in fifty years?it is absolutely overwhelming. If anybody trusts us hereafter, the act will illus trate the unquenchable sanguiueuess and uucou quwable buoyancy of the commercial mind. When we attempt to draw a parallel between the three eras we have indicated?1814, 1837 and 1857?we meet with no success till we aban don matters of detail, and take a general view Tbe direct cause of the failure of 1814 was the British blockade of the American ports, prevent ing the exportation of produce, and the conse quent necessity of paying in specie for foreign supplies. in 1837, it was overtrading and the failure of a number of unsound banks, based on an unsound principle, and led off by the great United Statee Bank. In the present year, the cause of the crisis appears to have been the general expansion of credit, and the occasion, the discovery of the intrinsic rotten ness and worthlcssncss of the railways. Between these three agencies there is nothing seemingly in common; it is not till we pass over the outward cause and look at its workings, that we perceive that the moving agent in 1814,1837 and 1857 led to the same result ?plentifulnese of money, and prcdigality of expenditure; and this is the leatuie common to all revulsions. Still, why did the banks break? One can readily understand that, when merchants live beyond their means, and do business on credit to an extent not justified by their capital; and when extravagance takes the place of economy, and money Is used not ia lucrative but in perish able and frivolous investments, there must, from time to time, be periodical convulsions, when all are compelled to liquidate, and the in wardly rotten, however outwardly prosperous, forced to confess their rottenness and decamp But a bank - an institution chartered by the State working under State and federal laws, endowed with super-mercantile power, and invested with extraordinary privileges and immunities?the in stitution above all others which is supposed to typify commercial stability and financial sound ness: for this to break, and to break, not in an isolated instance, but universally; not once, but thric timea within the memory of the same men such a state of things certainly argues a very la mentable degree either of carelessness, or of mis management, or ol dishonesty somewhere. We arc for our part inclined to deeply regret that a strenuous effort has not been heretofore made by CoDgres# to regain sovereign control over the finance, currency and commerce of the country at large. We see spasmodic and irregu lar regulations of these matters by the State Le gislatures. which create a state of things under which no two States have a like currency, and the circulating medium is comprised of scores of differently priced and various bills. And we also see that in spite of the utmost forethought and caution, the State Legislature- are unable to pre vent either the expansion or the failure of the banka. The first is wholly l?yond their control; the last is in many States attempted to be mu.sUred by a ridiculous clause in the constitution prohibiting the legalization of suspensions of specie payments?which is as sensible as if the constitution were to decree that it a as not lawful for a man to die when he was hot through the head. Altogether, we think the experience of the last forty years tells severely against the icbeme of a commercial and financial system under Stute control; and nothing seems to be now left to do but to transfer the whole matter to the hands of Congress. Of course it is hardly powible in these limits and at this time even to shape the outline of a scheme of relief. But if, as wc believe to be the case, the constitution confers upon Congress sovereign control over the commerce and lank ing system of the country, we could well imagine a set of banks organized either under a board of control, or under the controlling influence of some -ucb leading institution as the first Coiled States Bank or the Bank of England?so as to prevent such expansions as we have lately witnessed; the mercantile community kept In check by a Bank rupt Ltw; and the general commerce of the coun try assimilated, and the exchanges facilitated by the acceptance of one general fundamental and universal law. And under such system disasters of this overwhelming character might be less frequent t?.sn.T* or nil. Ha?d ction or Hotel Pm w._It will be mm by an announce ment in our advertising column* 'hat Mr. Clapp the proprietor of the Everett Horn . has reduced tbc price of hoard in his establishment from ?I Ml to $2 per day. Mr. Clapp calculates that the reduction which must take place in provi siona, in consequence of the unprecedented abun dance of the harvest acd the depreciation In the currency, will fully bear him out in thi, step There is no doubt that it is to the interest of the hotel keepers to reduce their prices to the lowest point consistent with a fair profit The higher the rates of provision" :ind the more extravagant the price of hotel lioard, the worse it is for es tablishments like the Everett House. With the eompetition which they have to struggle against, it is only the strictest economy in all the details of their management, and a full complement of inmates, that will ensure a remunerative return ' on the enormous capital invested in these con ceros. To secure these an exact relation must be kept Is'tween the expenditure and the price of board; otherwise inferior bon es will reap the N nofit of the patronage that will be driven from their doors. Mr. Clapp deserves credit for taking the initia tive in thi" movement As his establishment is one of the best conducted and most comlortable in the oi y it properly originates with him and we tare no doubt that bis example will be gent- ' n'lj followed by the other hotel keepers. The few who may choose to obstinately adhere to rates whose only justification was the extraordi nary dearsees of provisions, must be reigned to see their custom depart from them aod to close their ho usee. It is not likely that in the general breakdown of fortunes caused by the present panic, the fashionable prestige of a hotel will induce people to pay for accommodations more than they arc worth. We are done for the present with pretensions of this sort, and we must now conform our habits of lifo to our actual wants. Mr. Clapp, as the proprietor of one of our most fashionable hotels, has acted wisely in accommo dating his establishment to the necessities of the times. Win* Pen nay 1 Tunis ?lwUoa-Oraadrul Col lnpas of Slack ftapabllc anUm. The Pennsylvania election appears to have

gone for the democracy by default The collapse of black republicanism in that honest old State is about on a par with the general break down of the rotten trust companies, railroads, banks, stock jobbers and financiers that have been carrying everything before them so gloriously for a year or two. David Wilmot entered upon the late Pennsyl vania canvas with "bleeding Kansas,'' Dred Scott, the Wilmot Proviso, the aggressions of the slave power, the Missouri border ruffians, the per fidies of Governor Walker, and the treacheries of Mr. Buchanan's administration to the cause of freedom, aB his political Btock in trade. Within a week or so of the election, however, Mr. Wilmot discovered that he was in the midst of a great revolution, and that niggers, as political capital, and all the nigger issues of six mouths ago, were used up, obsolete and defunct. He had been stumping the State iu a nigger agitation which the people had ceased to care anything about? he had been wasting his labor, time and lungs in useless lamentations for the slave, and in useless denunciations of " the slave oligarchy.'' On making this remarkable discovery, Mr. Wilmot made a desperate effort to get to the windward of this financial revulsion, 1 and to turn it to some account. He had been a | free trade politician all his life, but he was sud I denly convinced at the eleventh hour that free trade and low tariffs have been the ruin of the ' country, and especially the ruin of Pennsylvania. He issued a proclamation, accordingly; bat it was i too late in the afternoon to do any good. The ' people had made up their minds that Mr. Wilmot j and his part}' were behind the times; and thus | thousands of the supporters of Fremont who did j not directly support the cause of Mr. Buchanan's i administration, did the next thing to it, by i quietly remaining at home, i The result in Pennsylvania thus admits of an easy solution. The people are satisfied that the affairs of Kansas, in falling under the supervision ' of Mr. Buchanan have fallen into good hands? that the Kansas issue is practically settled?that the fcdeial administration has proved itself, in this and in all other respects, worthy the public confidence and support. Thus a very great popular reaction in favor of the administration has followed the removal of poor Fierce and the substitution of Mr. Buchanan as President of the United states. It was the public contempt and disgrace into which poor Fierce had sunk the government and the democracy that came so very near to the total destruction of the party in I 18;,G?it is the calm, straightforward and con : ecivative course of Mr. Buchanan and his united 1 Cabinet that has so rapidly rallied to his admin istration the confidence and support of the peo ple in 1857. Thus, within a single year Mr. Bu chanan has reoovcred the ground lost by poor i Fierce in four. This has been one great cause of the general di-integration in the North of the overwhelming Fremont party of 1856. The people have be come entirely satisfied that Mr. Buchanan will give no countenance to poor Pierce's policy of forcing slavery into Kansas by fire and sword, but will honestly administer the Kansas-Nebraska bill: and with that they arc content- Bat this fearlul financial revulsion, its causes, its conse quences and its remedies, have now become the all absorbing questions among all parties, all sections and aU classes of people. Hence, at this crisis there is no room and no business for a po litical party whose principles and mea-ures for the public welfare begin with niggers aud cud with niggers. The slave and the slaveholder, the South and the slave oligarchy are abstrac lions which we may take up or set aside at our convenience; but tbe remedies fur suspended banks, credit destroyed, broken merchants, suspended factories, loss of employment, and impending aud wide spread want, misery, ruin and starvation admit of no delay. And here, too, all eyes will be turned to the federal administration and to the ways and means of relief within its reach. The decay and the dissolution, then, of the great Fremont party may be safely charged to these simple facts?that the causes which led to its organisation have practically ceasod to exist, and that this great overshadowing financial re vulsion brings with it the new and paramount iisues of a political revolution and a reorganiza tion of political parties. Thus, according to the I late election results in Pennsylvania anil else ' where, wc may anticipate similar effects from the 1 *amc causes in New York; and thus wc are pre pared to see the astounding New "1 ork vote for Fremont of 1856 entirely frittered away in 1*5", and a democratic Legislature elected to supplant the odious Seward oligarchy of last winter. No ! outside party organizations or party estimates can withstand the pressure of revolutionary times like these. Wc are in the midst of a great I revolution. An Oisk in Tins VKsntr.?In the general wreck of the character of our banking instUu lions it is gratifying to find that there is one left to represent the advantages of a legitimate barking system. < bit of the thousands of banks existing throughout the Union, there is at this moment only one specie paying bank-the Chemical Bank, of New York. It has not only licen promptly meeting all the demands of this kind made upon it since the commencement of the panic, but is prepared to redeem, and *111 continue, if necessary, to redeem in ibe ??' 1 way, every dollar of its obli gation it has gold enough in its vaults tit the prcecnt time to meet the whole of ts liabilities: and on the ?yst?*m on which It is conducted there is no condition of things which can affect its character as a specie paying bank. With a capital of only *300.000, It has a surplus of over half a million, or nearly double its cap! tal. which surplus is included In Its deposit*. It it, managed by some half dozen of gentleman, *ho own all the stock: It pays a dividend of six per cent semi annually, ami its surplus is sbadi IT increasing with these large dividends. These figures at onoe show the superior character Of the management which has m of this calabl'sliBcnt so booorablc an exception to the necerity which has wrocLfad the faith and reputation of oar Un?ng jMtftutioo. The enviable position which the Chemical Ba k holdi the ruin bj which It ie eurroonded, fully flloe tratee the justice of the axioms that we here so frequently advanced on the subject of banking in tlus country. We hare always said-andthTre eent disasters fully bear out the assertion?that if the banks pursued the legitimate course of their business, and kept clear from connection with speculators, they could never by any possibility be reduced to the painful alternative which they have just been driven to adopt In the measures which it will be necemary to have recourse to to prevent the recurrence of these terrible monetary revulsions, the example of the Chemical Bank, standing out, as it does, in bold relief from the failure of its sister Institu tions, will, we trust, exercise its full influence. That which in one instance has been effected by the steady good sense and business capacity of a lew practical minds, may serve ab a useful guide in the changes called for in the general system. The Federal Treasury?Prospect of an Eari.y Calx, for a Government Loan.?The receipts from the customs from the lavish impor tations under the late administration, were such that Mr. Secretary Guthrie was reduced to all sorts of shifts to get rid of his encumbering sur plus revenues, bat which, in spite of all hie eflorts, and in spite of all the wasteful devices of Congress, the lobby spoilsmen and the Kitchen Cabinet, still kept accumulating upon his bands Even as late as a few short weeks ago, there were twenty-three millions in the treasury sub ject to draft; but now look at the following report, which we published yesterday from a re sponsible source at Washington, and mark the rapid ebb of the tide:? STATS OF THK TREASURY. Appropriation! fo - ine proaooi flsoal soar ??<-, 77a gi. Amount expended to OA. 13?!. a???? Amount of fundi on hand ' e'imiaoi Amomt devoted to mint operation! e'ooo'ooo Current receipts por week Dealing in round numbers, let us see what these figures indicate. Of the appropriations for the present fiscal year of $85,000,000, there have been paid out some $27,000,000, leaving a balance yet to be paid of $58,000,000. To meet this sum of liabilities by July next the Secretary of the Treasury has a balance on hand of $6,000, 000 ; and our correspondent reports the treasury receipts at $500,000 per week. We venture to say that the weekly average receipts for the next si.\ months will not exceed $750,000, if it even reaches that sum, for the country is full of fo reign goods, full of debts, and instead of sending money to England for more goods, we shall be Bending our own products to England for money for Borne time to come. Assuming, however, that the treasury receipts for the balance of the fiscal year will average $750,000 per week, then, to the 30th of June tba receipts will be Bthaoe on hand.... ^2'SSJ'SS? msouiiauioui, undo, rot*J fund! ... Appropriation! | \ ery different this from the estimates of Sec retary Guthrie in his last annual report, accord ing to which there ought to be a surplus in the treasury on the 30th of June, 1858, of $43,000 - 000. But Mr. Guthrie made no estimates to cover the contingencies of this revulsion of 1857, and thus his forty-three millions arc wiped out Great financiers are very often but indiffer ent prophets. How stand we now? The expenditure of $27,000,000 in a little over three months will fhlly cover the appropriations of $85,000,000 for twelve months, and something over. Indeed, the first bill required at almost every session of Congress for the last half dozen years, ha? been a deficiency bill; that is, a bill to meet the excess ol the actual expenses of the government over the regular appropriations for the year. But should the actual year's expendi tures tall short of the appropriations, we must not overlook the certain expense? and doubtful receipts of the next year. It is evident, therefore, not only that Mr. Sec retary Cobb bits done all that he can do for the immediate relief of the financial interest? of the people, but that for the next fiscal year he will himself need relief in the shape of a loan of ton, fifteen or twenty millions of dollars. The prac tical issues for the coining Congress, therefore will not bt niggers, nor Northern or Southern aggressions for or against niggers, nor land spoils nor lobby plunder; but such hard matter-of-fact issues a? retrenchment, reform, economy, bank rupt laws, financial relief, tariffs and government loans. Thus the events of an hour overturn all the schemes and calculations of parties and poli ticians, and, when least expected, usher in upon us a sweeping financial and political revolution. R(WI front WnlMnfton U)"D XATItl and rua VOUMMR-1IWMM roa ixdia Hi 'ii tic?TVs raw are t ? rloop, no WiRHIW.TOv, Oct 14,1HT. The draptteb that lord Napier bad ft cm or ion to the Rrtuib iqoadron la Uio Golf to arreet the Olltnatera, la wholly intone. He few do power oglr* mrh order*, u4 If be ores bad U>* power fee feed aot dome ao Hundred* of pereoot are dally arplytag to Lord Napier tor employ meal la tfe* BilUab army la I ad la. lie restart ed mo to *?y ibat fela gor*rn**ol baa rmolred la employ a# tortlga tioepe la tfeal ear. Tfee at earner FsiKa left oar etry yard to day for the Galf she la to erulao along tfee coart af Cealral aatenca, aad operate agaiaet tfee dlibaeter*. la addlUea to tfee epoclfiaetioae aad plaaa of Mr. Waaler. reM for tfee aew (team aloop, tfee Secretary of tfee Nary baa rtqalred fela la laeert la tfe* ooatract. whlefe baa jaal feeea eoaapleie.1, a pevMaa modi rid lag tfee bald of tfee afelp lolo watertight oompnrtmeete la raeare aafrty la eaae of ooinoWon or aocideet. Tfeia la aa laportnat Iwa prer??eel, aad wtll hereafter fee adopted la el ahlpo ball1 by the Ntry Dapartaaeet. Mr. Troort, late Mioieter to Preaada, oalied aa tfee Prart deal aad feaaatry of Mate to day. He gtree a very net terlag aoooeat of tfee eoadltloa of affhlra la tfeat oooatry. He was reqeaaled to ooarey to the Preatdeat tfee klgfe eeteert aai oordlal good reeling ehtcfe tfeat gi)iaaa?il entartalaa tor tfe* Called Stelae Mr. Speaoe to day deBvered to tfee Mate Depart arte tfe* fertlaa treaty, aa ratified by tfee two goreraaeata. la Naval Onart No. I, Mr. Hall'i eaae wwt noaeln led Tfee daffeaoe la to be read oe Batarday. Tfee oaea of I. ? Boferer. paaaed atodahipaaa (dropped), waa oalied ap Ooaintaader Rowaa aad Deal Danlatoa ware *ramlaed on bebair of goToraaaeot la eeurt No a., Meeteaaat Bar ray a eaae la prograaalag Dr. Whole* aad Oonaiaader Mlaor were etaaiiaed oa behalf of the gareramem, aad 1 leuiaaaat Wla* for lefeaoe. Tfee oaae of Unmaiandar Shaw waa eofetianed la the Tfelrd eeart, I.laatanaata Pole deater aad Weatcot taattryiag oe bebalf of goreraaMot. ( hlef Kagiaee* Martin ihla morning reloraed from New York, where h* baa beaa for two work* engaged la aiak In* eipertnrat* oa board tfee Preaeb ateaa frigate fnltoa, with a view of tatroductag tfe* naa of aa enal on board that aad other reaaela of tfee Fraecfe nary Mr. Martla eapreaaea great aatlafaetlon at the reaalt ma oanaajt; aawrperfiB nwimt W txairtrroa, Oat. 14.1M7 A boot to,COO worth of Catted tttatea ateefea from New York waa reder>,ed tbia morning After to day an far lliar pnrrbaaea will be aaad* for the preaeal Ofttotal ao tloe baa beaa glrea to tin eflrot The I'netaapdter General left here Ifela aaoralag for PMIe delpbw aad New York, to look after at tea tor Part Uflow la feeea erne*. It I* art true, aa atated. that the gororaa^t or Nlnar* gna baa reoagnieed aad agreed to the frtalto of the treaty with that republic, adapted at a oabtert ?aerttng The qaaetloa la atlll aader onaetderdU"*. Yrteearl. the Mlalater Of N earer*, baa left fbr New York ARRIVAL OF TBS GRANADA* Iiwi from California, Orogon, South aad Central America. $I,S50.000 in Specie en route to New York) to, to. Am Niw Oaixias, Oct u, inr. The eteamahlp Granada, from New York via Hma, lOtetaM., hat arrived. She eouaeoted at Havana wHh Oh* ?teamtetp Northern Light, mm Aaptnwall for New Iirt, ?ad bring* ih* California mall* of the Mlh alt ft* Northern Light ha* oa* millioa had a qtartar la hreeaur*. Ih* Graaada experienced a gal* oa th* Sd aad tte, aaC afterward* *aw a wreck, boi th* uua* wa* uadlaoarea Ha Ih* California market* war* doll. Th* am-unte from th* mine* ware good. Ia California, Weikr'i majority orar both oandldat** waa 11,000 votea. Ih* Legislature 1* largely democratic Ki-Treasurer Balm, aad Low*, hla oiark, war* hath oommltted to jail la default of bait Chief JuMloe Murray la d?ad. Colonel Oaaey, of Taaaoaaoe, wa* kUlod la a date with Mr. Blair. The overland mall rrom ftm Antonio, Texaa, rmrthad ?an Diego onth* Slat Aogaat, all we.L The report of the anamination of Aivara la "-lima. Mrxloo, bad reached 8an Fraaoiao. DUtarbanoe* had occurred near the boundary of Low** Qaiifornla between Americana and the anthoritlea. A oompaay wa* fitting oot at San Diego?enppo**! to be OlibaMer*. Several Ameribaae had beea arroaied. It waa reported thai Governor Caatro, of Lowor nla, fearing ? revolution of hla own people, had joined I Slight ahecka of earthquake had been felt near rraaolaoo. ORIOOK. The Oregon OonatUuttonal OonveaUoo was la and the queatloa of alavery had been allgbUy agitated. SOUTH AND Ch-VTRAL ANXUOA. The South American mall had arrived with later ad vloei from rem aad Ghl'.e. The EagUab and rreaoh Heat* bad left the Oblate* lalanda, leaving them at the mercy or Vlvanco The murderer* of Mr. SulUvaa, the British M1*l*l*r at Lima, had bscndiMovered to be hired bravo*. Tbey bad not beea arreoted, aad their employer* were unknown. Nothing Important had beea received from Central America. the Penntylvula Stat* Bleetlon. Phhadilphia, Oot. 14,1SST. The oomplcte return* or tela city foot ap for Paahar, 31,740; for Mutehant, 14,817; for Wllmat, 9,809. Th* demoerntla candidate* for Qtaal Commla*toaer aad 8a pnrne Court Jutg* bav* about teo oamo majorities. Al1 the democratic candidate* have boon Mooted to teo Logto> later* and county offlom. Ludlow, demoerai, baa s,ass majority over Conrad for Judgo of teo Oout of Common Plate. Monaofla, Pa., Oot. 14,1887. Th* retain* a* for oa reoetvod obow a daoroaao la tea vote from teo M*cti<mW laot taiL tho oouaty giv*o Wil li ot about 700 majirHr All teo repuolloaa oonnty Bokat la Mooted, laclodlag Cham fw Amembiyaaa, Noal for BaglMor aad Reoordor, aad Mott for Oouaty Tronmrar. VIM Ohio State hiectlon. CLBva'-Ajro, Oot 14, 188T. Tho ToUovlag are tee democrats majorities la tee oo*a Me* heard from?Stark county, 304; Wayne ooaaty, SOS; Baaduaky oouaty, 400; Lucaa oouaty, 300; Hoary, ISO; DeSaaoa.300. The foll jwlng are teo repubUoaa mijorltlm -Lorala* oouaty, 1,888: Modlaa ooaaty, 800; Huron county (MB lowna), 480; Wood oouaty, *0; Lake oouaty, 1,403; Oaya bo*a ooaaty (Ctevrlaad and aavoa to waa), 400. The democratic gala I* considerably over teat of late foil, but la not of oaBetenl ratio oa yM to carry tea Hate. Who Indian HttHft Uiacuraan, Oot 14,1SST. Aa elactloa took plaee la Iadlaaa to Sll teo vaoaaoteo la the Supreme Court of the State oaoaod by teo roolgaolt? of Judge* Gookln* and Stuart; atao tor oounty elorka aad eommlmloaero. Tho domooralo olalm teat aadar th* ooootltutloo teo vaoaaete* la teo Snprooao Court mote bo Oiled by teo Governor?thereto re they Sited no oomlaa Hons. Marian oouaty aioon a repubUtaa clerk aadoaamte alooer. Th* lew* Klectlon. Ckcaoo, Oct 14,1SST. BurBagten, lo *a?Samuate. damm-alle etadldate for Governor, baa a majority of llO la tela city, Davenport, Iowa? n>* republtoa* etadldate tor Dover arr baa a majority of 800 la tela etty. HUmUod Riots la lalllmara-A PoUwaaa Kilted. Bu naoaa, Oot. 14,1?7 Th??r? were rtota bar* laal alghl. Th* Turner HaD, ? Herman tarern. waa allocked by a political dab. Win dow* war* amaabed la aeraraf socttoni or Use olty lad night. Tba Amerloon procaaakn w*r* flrfd lalo by dam* craia, and Iba bonata from which ih* abola war* Qrad war* aaaked. A number of paraoaa war* wooaiad, In cluding tear polio* officers. A rid broke oat tbu afternxm batwaaa tba A?I? of tba 1 tfib and lb* damoorata or lb* Eighth wa *da. Monk eta aad ptatila war* fraaly oael, aad It Ti aaid that MTaral poraooa war* killed. The polio* aaptorod a qaaa ttty of maakata at Jaekaoo Hall, la Ih* Eighth ward. Pa ll oa rffloer Jordan waa killed aad otbara war* weoadad, aad Iba riot la reported aa progrewtig at lexlngtoa Mar ket, la iba weetam aaotloo of tba oily. Tba police eap taiad a quantity or fliaarmn from Iba Na booaa. tba election baa resulted la tba 10000*1 of lb* At tInk at la arary ward la Iba dty except lb* Eighth, la meay of the ward* lb* demeorale bad ao oaadidate. Tba *ote polled la vary email. The Newark, N, J., lily Hlwrtlom. Naweaa, Oat. IS, 1MT. Tba charter election in tbla city to dty raenited la tba election or Maaea Mgelow, demoeral, Mayor, by a rery large plurality o*ar Darld Priee, repubUona, aad J. B. Crockett, American. Tba democrat* her* oarrlad atghd Aldermen, the repnblioaaa I wo aad the Amori The whole deatoeratlo ctty ticket la stated. Mr. plurality will be iwo teouaaad The ward tlobata 1 are democratic ta etfbi or the elerea warda. Tba vaM wae much lorn than that of Ian year. Court Martial of Col. Nimnir? Indian Hipri Mm Clone dr. Loan, Oat. IS, 1M7. enteral Pmilb laaa?a apacml ardere for the caeraatag af I a eoart martial at fort leerne ?ortb on the 1*1 *T Norem bar ter the trial of Uoiooti hmnr Tba charge* era aal : ataiad. M male* fbur boiaea aad a aambar of oatu# from teartane Fort Rlli X or tba in laat eome Pa wae* ladhtaa note teur boree* aad a number of oatu* fram miey A party of troop* bar* g*o* la porcaM *1 Uanorala Walker and llemnlogaen. New Obj bomb, Oat. 11>, IM7. enteral Heaalagsta arrlrtd h*r* today, eaaaral Walker1* moremeat* will b* determload ta a few days. Th# Health of Maw Orleans. New Orloatv. oat IS, INT. The <i?ath? la tbla ally laal weak ware 131, of whkb II ware teem yeBaw terar He publican Nomination* aisawt. Oct. 14,1MT. At th* Republican County Cnareeuoe, to day, Bear* A. ttrigham, of Weal Troy, raoal*ad lb* nomlaatioe tar Hate He eater, and Adam Vaa Allen ter Ommty Treneorar. ?Tt* Reported Death of t orn. Stewart. Pimaiwuhia, Oat. 14.1MV. nw reported death of Ommodore A*wart waa maw Be baa baaa qniie ui, but bla health le warn im Palllng la of the Old Rotaawk RiHga, PramrarroPT, Oat 14,1MT. Tba "coring of the old Mohawk bridge gbf* way Rfc terenooe, precipitating about fifty bead *f oaMta a dhMaae* af elgb'eee feat into the n*w. only oa* of lb* oewn waa hurt Tbla la tbn (lm accident that baa ooaorradMaaa the bnlldlag of lb* bridge, by Theodora Bare, la IMS. B la expected to b? rep*lr*d by ta-BMrraw morning. a" Bboabwat Titaaraa.?Tna Naw Balls*.?Tba RaawM trouparappaarad la a aaw boJM laal aigkt bnt It la aid wlae la a aaw beOUa, Mag limply a Mlk Mghl wlttloa of "La flamta da Parte," a capital ptaoo knows to ear aedleno* aa "The Toeng "Andy Blake," ami w* cMly aaa't ?ay many more title* The bellel reraion ta a a wart, flteielhiaf teaatar, parbapo, than th* origi nallb* palbeltc porta Mag quite oa amaoiag aa tboe* which are Intended to b* laogbabta. The Innllwtnl daaow or* light oed ptateael, and lb* maote ta ebtaiy eclieered from th* " i tough ter of tee ReglmeM " Thar* ta la the flrat aol a gamin p?ika after the con-ma etyte. II mm radially dao* laeinreus mail bar# been at Iba ClnerrV ,Ua Wn? to study It The gardener'* daaoe, ta the ??oond all might bare heea better bed lb* c-^yfrU1 bad more laelruriloa The third act waa mooh better The piieolfai doaeer*. neat to I amor*** aad rrateol, Mime Oeoeballl. Santoliai, Heokmm, Doltaa aad Sola war* rery gocd throughout. At'ngfiber w* like (bm ballet better the* Tenet I does eet bore yen el all, bat I* hghl, pleeeaol, gay, graceful aad taetefni throagbsal. Mil# tamorenr added a large Bomber to her *<my ef odmteers. tort Mil* Protest, who played lb* fiamla with miuib rp'rit, oberrd lb* hnoera ef lb* night, M eta* did lb* young tadlee abort named The iroipe grow* la favor. It ho what wa tboagbt coald em be foand ta Iba wwld?eereral really baedanaie women la It* roahb. Tonne New i erk 1* tenibly einited by tbla merrei, aal crowd* lb# orebanra erery night Tali ereelag lb* Itetfrr, Hen-till, baa bis herein, and put* an a tern (-bag wil He la a capital artlot la bla way. *ad timid bare * oraoded toun*