Panic of 1857

Money Matters.

It is much easier to give a list of currant bank notes than to enumerate the bad. Yesterday notes of the following banks were received at the Covington Branch of the Northern Bank:

Kentucky;

Indiana State Banks, new and old;

Ohio State Bank;

Missouri Bank;

New Orleans.

It will be seen that our currency is reduced to the notes of a very few banks, neither of which has much in circulation and that little rapidly diminishing.

Exchanges on New York and Boston rates at 5 per cent and is scarce. Gold commands 5 per cent, premium.

Kentucky has at last been reached by the panic. Taylor, Shelby & Co., bankers, Lexington, and Hatchings & Co., and John Smith & Co., bankers, Louisville, have suspended.

The following bank failures or suspensions were announced yesterday and the day before.

Bank of Belleville, Ill.

Exchange Bank, Murfreesboro, Tenn.

Shelbyville Bank, Tenn.

Lawrenceburg Bank, Tenn.

People's Bank, Milwaukee, Wis.

Badger State Bank, Wis.

Fox River Bank, Green Bay, Wis.

Farmers & Citizens Bank, Williamsburg, N. Y.

Bank of Williamsburg, Williamsburg, N. Y.

Peninsular Bank, Detroit, Mich.

Gleams of light along the horizon induce the belief that the fury of the storm has passed. Virginia, Indiana Stock (specie paying) and Illinois bank notes, are improving. The premium on gold has fallen from 10 to 5 per cent.

On the first inst. the U. S. Government made its regular quarterly payments to officers of government. This has thrown into circulation fully $2,000,000 in specie. U. S. Bonds to the amount of $1,000,000 have been or will be redeemed in the course of a few days. The banks of Boston have resolved to extend their discounts $3,000,000.

The Kentucky banks have not entertained the idea of suspending, and have confidence that they can do more for their customers in going on than in suspending. The New York city and the Boston banks maintain specie payments. It is supposed, however, that they will be severely tried to-day (Saturday). The Board of Control of the State Bank of Ohio have determined not to suspend.   The old banks of Tennessee — the Union, Planters', and Bank of Tennessee — have declined to comply with the request of Nashville merchants to suspend. The Richmond (Va.), Charleston (S. C.), and New Orleans banks stand firm.