a premium of 1/4 to 1/2 per cent. on metal, the banks suspended specie
payment, but resumed it on the 11th of December. The most critical
period lasted about a month. The first step towards resumption of
payments was made after the resolution adopted by the Committee of
Liquidation to call upon the country banks to redeem the notes of the
Metropolitan Bank, paying an allowance of 1/4 of 1 per cent. interest,
running from the 20th of November.

At this time the city bankers held, in bills issued and in signed parcels
of $5,000 each, about $7,000,000 due by the country banks. They were thus
enabled to accomplish the payment of their notes at the rate of 20 per
cent. a month by the 1st of January, 1858. The same favor of repaying
their notes at the rate of 6 per cent. was granted to the city banks.

We need not inquire if, having granted this delay, the banks proved
their liberality. The abundant harvest also assisted liquidation.

From 1853 to 1857 the metallic reserve fell to $7,000,000, deposits
rose to $99,000,000, and discounts and loans to $122,000,000.

BANKS OF NEW YORK.

Proportion of
Metallic Reserve. Deposits. Discounts, the Metallic
Advances. Reserve to
Deposits.

1854 ... $15,000,000 $ 58,000,000 $ 80,000,000 26%
1855 ... 9,900,000 85,000,000 101,000,000 11%
1856 ... 10,000,000 100,000,000 112,000,000 10%