National Bank of Commerce (Chicago, IL)

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Episode Information

Episode UID
169300885
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
16930 national
Charter Number
1693
Start Date
September 26, 1873
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
11cd08e9fb99e7f4

Response Measures

None

Events (4)
1. July 1, 1869 Chartered
Source
historical_nic
2. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Part of the widespread financial panic of Sept. 1873 and acute shortage of currency; banks suspended by common agreement to prevent drain.
Newspaper Excerpt
The Cook County, City National and National Bank of Commerce, have followed the example of the Union National Bank, and closed their doors.
Source
newspapers
3. September 29, 1873 Reopening
Newspaper Excerpt
The Union National, the Cook County National and the National Bank of Commerce opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money there is nothing that can be called a run upon either of them, while there have been considerable deposits made.
Source
newspapers
4. December 2, 1876 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (20)
1. October 16, 1871 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 16, 1871

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ACCIDENT TO STEAMERS A FLOOD IN CHINA A TERRIBLE TYPHOON &c. &c. &c. &c. From Chicago. A FURIOUS GALE-THE BANKS RESUMING BUSINESS, &C. Chicago, October 16.-A urious gale prevailed here Saturday night, blowing firebrands in all directions and prostrating walls. Fortunately, however, the rain, which had previously fallen, prevented any damage from fire. The supply of food now on hand is ample. The banks pay 15 per cent. at once, and will resume regular business on the 17th inst. R. H. Hurlbert, comptroller of currency, certifies to the solvency of the Chicago National bank. The Fires in the Northwest. PREVIOUS REPORTS CONFIRMED-FEARFUL LOSS OF LIFE, &C. Chicago, October 16.--Advices from the Northwest, in relation to the fircs prevailing here, grow hourly worse. Milwaukie, October 16.-Later accounts corfirm previous disastrous reports. The loss of life in the neighborhood of Pishtego will reach 1,200. Fifteen per cent of the injured will die. The only escape was the water, where maddened cattle and horses drowned many. The population of Pishtego was two thousand; a third of whom perished. New York Items. New York, Oct. 13.-The Manhattan Insurance Company has resolved to suspend. It's losses are stated to be a million and a quarter dollars. The company possesses a large surplus besides capital. It is not expected that the assured will sustain any loss. The President of the Empire City Company, which was reported yesterday to have lost a quarter of a million of dollars, states that it has sustained no loss. It is reported that the Western Union Telegraph has effected a loan in Europe and will cancell four million dollars worth of stock. Douglas, of Sappho, has challenged Samuels, of Dreadnaught, to race 25 miles windward and back in a 10 knot breeze. Bennett's Dauntless offers Dreadnought a similar match. Dispatches from Vienna, Paris, Brussels, Berlin and London represent that active subscriptions are going on to aid Chicago. The Council of Political Reform last evening elected Wm. M. Evarts president, and Eugene Kelly, Wm. H. Aspinwall, James W. Beekman and Oscar Zollicoffer, vice presidents. Destructive Whirlwind. Porlland, Me., Oct. 15.-A dispatch from Halifax says that the heaviest hurricane known for the last twenty years occurred there last evening. The tide rose two feet over the wharves. Many vessels were injured and several lost. The Fever in Charleston. Charleston, Oct, 15.-One fever death reported yesterday and one to-day.

2. October 18, 1871 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 18, 1871

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# THE WRIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA, &C. Washington, October 17.--The President to-day, after reciting the causes and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartanburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the orders of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the Ku-Klux act of Congress during the continuance of the "rebellion" in said counties. The Attorney-General has a dispatch from North Mississippi that five Ku-Klux with disguises complete have been captured. Seven hundred and fifty thousand dollars in revenue stamps were found safe in the government vault in Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved, and are paying every dollar on demand. A good feeling prevails. [Signed] H. R. Hurlbut, Comptroller of Currency." Mexican Affairs. Havana, October 17.-A steamer just arrived from Vera Cruz brings late dates from the Mexican capital. Juarez had been re-elected President by Congress, receiving 108 votes-all that were cast. The opposition abstained from voting. Everything was quiet in the city. The telegraph wire between the capital and Matamoras had been cut by Trevina. Telegraphic Summary. Eighty Catholic children have arrived at Cincinnati from Chicago, and have been committed to the care of the bishop. The cholera has again appeared in an epidemie form in Constantinople. Sixty deaths have occurred in two days, nine of whom are Englishmen. Hon. James McNab, Governor of Nova Scotia, is dead. The preparations for the exposition of the Industrial Association of Georgia, to be held in Savannah on the 21st of November, are nearly complete. A suit has been instituted in the Federal Court at Memphis, Tenn., against Gen. Forrest and others, by Capt. Houston, of the steamer Hester, for arms destroyed some years ago by disguised men. A dispatch from Raleigh states that the exhibition of the North Carolina State Fair at that place is unsurpassed in every respect. The sub-Ku-Klux Committee has been investigating at Montgomery, Ala., whence they go to Demopolis, in the same State, and thence return to Washington. Four deaths from yellow fever have occurred in Charleston during the past two days. The Security Insurance Company has suspended. Fires are raging in Deer and Harrison Creek Valley; extending to Jefferson county, Nebraska. The loss is estimated at $50,000. A later dispatch from Glocester, Canada, says an American fleet of four vessels is outside, and that any attempt to seize the "Horton" will meat with disastrious defeat. The vessels spoke the "Horton," but did not see the British gunboats.

3. October 26, 1871 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, October 26, 1871

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Money is extremely scarce in Paris, and the Bank of France is issuing notes of small denominations. Favorable reports have been received from Algeria. Prince Napoleon has been mobbed in Valence. Germany.-A labor riot has occurred at Mayence. The new treaty with France has been approved by the Emperor William. ; Switzerland.-An international Workingmen's Congressis in session at Geneva. Turkey.-The deaths from cholera in Constantinople average 30 per day. China.-It is reported that 3,000 lives have been lost by the floods in China. Persia.-A terrible state of affairs pre) vails. The whole country is in a state of an arcby, and the capita! in posession of a band of insurgents. Southern America.-The Spanish Consul at Port-au-Priuce has demanded the surrender of the steamer Hornet, but the Haytian Government has refused to comply with the request. Juarez has been re elected President of Mexico. The Brazilian Senate has passed the Abolition bill. . Cabral's victory over Gen. Baez in San to Domingo is confirmed. North Pole.-The reports of the last German Expedition claim the discovery of an open Polar Sea, free from ice and swarming with whales. DOMESTIC. A fishing schooner which had been arrested by the Canadian authorities was cut out by the Americans and brought into Glouscester, Mass. last week. One prominent Mormon has been arres. ted for adultery and another for murder. Brigham Young's trial has not yet commenced. The Chicago banks have resumed business. A large number of shipwrecks have occurred on the lakes. The President has declared martial law and suspended the writ of habeas corpus in nine counties of South Carolina. Five Ku Klux have been arrested in Mississipbi while in disguise. Destructive forest fires have occurred in Kansas. One man has been killed and several injured, in New Orleans, by the explosion of a wagon-load of Union torpedoes. A church was blown down in Malone, N. Y., on Sunday. A steamer has foundered in Saginaw Bay, several lives being lost. The local insurance companies of Chicago are charged with fraud. Hawkins, the Mormon Elder, has been found guilty of adultery. A daring robbery has occurred on the Mobile and Ohio Railway. A committee of the National Police Convention has endorsed the St. Louis system of treating the Social Evil. Asteamboat's crew has been fired on near Mulatto Bayon, Red River, and seval of them wounded. Serious forests fires are reported in Nsw York and Kentucky. Active operations have been commenced against the South Carolina Ku-Klux, a large number of whom have been arrested.

4. September 25, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 25, 1873

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# Banks In Chicago all Suspended. Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.

5. September 26, 1873 Public Ledger Memphis, TN
Article from Public Ledger, September 26, 1873

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FINANCIAL AND COMMERCIAL. PUBLIC LEDGER OFFICE, } MEMPHIS. TENN.. September 26, 1873. MONEY. NEW YORK, September 26.-The stock exchange remains closed. Twenty-four hours' notice will be given before reopening. The People's Bank and South Carolina Trust Company, of Charleston, have suspended. The Second Manufacturers' National Bank, of Chicago, has closed. The Chicago City National Bank of Commerce and the Cook County National Bank have closed. LONDON, September 26.-Β£428,000 in sovereigns and Β£51,000 in gold bars were withdrawn from the Bank of England to-day for shipment to America.

6. September 27, 1873 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 27, 1873

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ILLINOIS. CHICAGO, Sept. 26. It is just announced that the Union National Second National and Manufacturers' National Banks. have suspended. A notice on the dcor of the former savs the bank has abundant securities, but is compelled to suspend payment on account of lack of currenev until able to realize. Nothing has been lost from failures. and depositors will be made safe. The Cook County, City National and National Bank of Commerce, have followed the example of the Union National Bank. and closed their doors. There was a run for an hour on coin at the Exchange Bank. but. as everything was paid. the run stopped. Some who drew have redeposited. This bank is considered very strong The other National Banks are paying regularly. There is considerable excitement among business men, and the grain trade shows the effect. Coolbaugh, President of the Union National Bank. IS severely censured by other bankers and the whole community. It is suggested that there must be something rotten in his bank. though it has been regarded as very strong.

7. September 27, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 27, 1873

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EXCITEMENT IN THE GRAIN TRADE. CHICAGO, Sept. 26.-It is just announced that the Union National, Second National and Manufacturers' National Banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment, on account of lack of currency, until they are able to realize. Nothing has been lost by failures, and their depositors will be made secure. CHICAGO, Sept. 26.-The Cook County City National Bank and the National Bank of Commerce have followed the example of the Union National Bank, and closed their doors. There was a run for an hour on the Commercial Exchange Bank, but as everything was paid, the run soon stopped. Some who drew have redeposited. This bank is considered very strong. The other National banks are paying regularly. There is considerable excitement among the business men, and the grain trade shows the effect. Mr. Coolbaugh, the President of the Union National Bank, is severely censured by the other bankers, and the whole community think the course proposed by him wholly unnecessary. It is suggested that there must be something rotten in his bank, though it has been regarded very strong.

8. September 27, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 27, 1873

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List of the Failed Banks. CHICAGO, Sept. 26. The following is it correct list of banks which have suspended in this city: Union National Bank, Cooke County National Bank, Second National Bank. Manufacturers' National Bank. and National Bank of Commerce.

9. September 27, 1873 The New York Herald New York, NY
Article from The New York Herald, September 27, 1873

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Iowa Merchants Approve the Action of the Chicago Banks. CHICAGO, III., Sept. 26, 1873. Despatches from the best informed sources, received at the office of the Associated Press in this city from most of the principal cities in Illinois and Iowa, in reference to the present financial troubles in the East, concur in saying that the action of the Chicago banks in following the course of the New York banks, in suspending payment of large sums of currency. is almost universally sustained and commended by bankers and business men as wise and timely and calculated to arrest the panic and pave the way to relief from the present difficulties. The following IS a correct list of the banks which have suspended in this city:Union National Bank. Cooke County National Bank. Second National Bank. Manulacturers' National Bank. National Bank or Commerce.

10. September 28, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 28, 1873

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in currency, and Mr. S. B. Cobb deposited over 8200,000 in another prominent bank. Such public-spirited and plucky citizens deservo infinito crodit. If others would put out their money Instend of hoarding it, the stringency would moon coase. Actions like those are noble, and do not look like a lack of confidence in Chicago business. PERSONAL. In the list of Directors of the Union National Bank who pledged themselves as personally liablo for the obligations of the bank the name of Daniel Thompson, one of its most responsiblo representatives, was unintentionally omitted in yesterday's issue. THE SUSPENDED. The only suapension of Chicago banks yesterday was that of the Third National. Every other bank cleared on Friday passed enfely through the Clearing-House yesterday. The list of B116pended numbers six, as follows Union National, Manufacturors' National, Second National, National Bank of Commerce, Cook County National, and Third National. LINCOLN PARK WAS crowded with people listoning to the music, and there was as many teams and carriages as on any other Saturday. This shows that the panic has not seized the people, whomo exomplification of common BOUBO in the crisis we have passed through was the finest over shown by any people. AN UNFOUNDED RUMOR. The rumor on the street yesterday that Field, Letter & Co. had recalled from the railway depots goods once platformed for shipment to country purchasers was uttorly unfounded. To a TRIBUNE reporter Mr. Leiter yesterday stated that the firm was doing business as usual; had refused no shipments, discharged no employes, and saw no necessity for either measure.

11. September 29, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 29, 1873

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DAYLIGHT IN THE WEST. The Union National and Cook County National Banks will cortainly, and the National Bank of Commerco probably, open their doors this morning and resume payment. This is a bravo and honorable act, worthy of all commendation. There is not, and has not been at any time, a doubt that these banks are perfectly solvent. Thoir books show abundant assets in excess of their capital, surplus, and liabilities. It is probable that they have more than 30 per cont of their liabilities in cash in their vaults,-aroserve ample to meet all domands for currency in ordinary times. This reserve will increaso every day, instead of diminishing, if their customors pursue their ordinary practico of drawing money only as they actually need it, and depositing it as it comes back to thom; for the struggle of the bankers at the present time is really to carry along the mercantile community. The increase in currency will be still further augmented by the large daily reseipts from the Enet. Currenoy is now coming into Chicago at the rate of $2,000,000 a day. It is safe to say that thore has been no time within the past year when there was BO much currency in Chicago as now. Aud still more must como. The people of the world need our breadstuffs, which are ready for them whonover they send their money. They will sond greenbacks, or gold, or procious stones, or anything elso which is necessary to secure thom. This monoy should pass through the banks. It will be used to pay off the Enstern exchange issued on advance shipments and the individual notes made for the same purpose. Every bank in Chicago will grow strouger in currency from day to day if the business is permitted to rosume its normal condition. These considerations, which cannot but commond themselves to the judgment of intelligent men, should prompt the greatest possible forboarance towards the banks that resumo to-day as well as those which have not suspended. If the scramble for greenbacks is rocommenced, the dopositore themselves will bo responsible for the results that it will inovitably bring upon them. If it is suppressed by the voice of reason, there is a good prospect that Chicago will como out of the crisis whole, however New York may bo affected. Tho Now York banks, having adopted the plan of issuing loan - certificatos for their own use, are Bonding their currency West, where it will be employed in the movement of the crope. Chicago and the West have the bonefit of the arrangement. The receipts of currency by express in this city for the last two days have been as follows: THE AMERICAN EXPRESS COMPANY.

12. September 30, 1873 Oxford Democrat Paris, South Paris, ME
Article from Oxford Democrat, September 30, 1873

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LATEST. The latest telegraphie up to Monday, 29th, is that the suspension by banks of currency payments in large sums. is becoming general. The Boston banks have adopted this course, as a precaution. ary movement. The Stock Exchange is to open Tuesday, 30th, and an improved state of feeling exists. Quite an eff'ort will be made to secure specie payments. Five Chicago Banks Suspended. The Union National, Manufacturers National, Second National, Cook County and National Commerce banks have clos. ed their doors. Other National banks are paying regularly. There is considerable excitement among business men, and the grain trade shows the effect.

13. September 30, 1873 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, September 30, 1873

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Prospects in Chicago. RESUMPTION OF SUSPENDED BANKS. CHICAGO, Sept. 29. Financial prospects in this city this morning are decidedly brighter. Union National, Cook County National and National Bank of Commerce, opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money, there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be larger -not less than three millions having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But it all tends to relieve the present stringency. So tar as can be learned there is no urgent demand from country banks upon their correspondents here, and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.

14. September 30, 1873 The New York Herald New York, NY
Article from The New York Herald, September 30, 1873

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certifica cneck plan has been adopted for large sums. Confidence Returning in Chicago. CHICAGO, III., Sept. 29, 1873. The financial prospects in this city this morning are decidedly brighter. The Union National, the Cook County National and the National Bank of Commerce opened their doors and resumed business at the usual hour this morning, and although they have paid out considerable money there is nothing that can be called a run upon either of them, while there have been considerable deposits made. The influx of currency from New York and from the country continues to be large, not less than $3,000,000 having been received during Saturday and Sunday. Of this incoming currency a good proportion goes directly into the banks and the rest into the hands of commission merchants for the purchase of grain by outside parties. But'it ail tends to relieve the present stringency. So far as can be learned there is no urgent demand from country banks upon their correspondents here and in all quarters confidence appears to be returning. This view of the situation is based upon interviews with a number of prominent bankers and business men.

15. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.

16. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ΒΎ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

17. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

18. October 10, 1873 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, October 10, 1873

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EAST. On the evening of Thursday, 25th. a conference was held at the Capital between the President. Secretary of State and Attorney-General. at which it was decided that the Government had used all the currency in the purchase of bondsthat it could safely spare, with due regard to its own needs. It was also decided that the Government had no authority to redeem any bonds before maturity, as had been proposed in various quarters. The Government sales of gold, advertised to take place in New York city, were postponed indefinitely. The Stock Exchange still remained closed. Following the example of the New York banks, and as a protection against being drained of their currency, the banks of the principal cities and towns throughout the country have decided not to pay out currency or checks except for small sums to be optional in the banks upon whicy then are drawn, but to certify checks drawn on balances in bank. payable through the clearing-house only. A serious defalcation is alleged to exist in the Pittsburg post-office. and Col.J.H. Stewart, the postmaster, has been placed under arrest. The situation in Wall street on Friday, 26th, was much more hopeful. The firm of Jay Cooke & Co. published a statement of their assets and liabilities for the benefit of their creditors, showing that their assets, aside from their advances to the Northern Pacific Railroad, are more than sufficient to meet all their liabilities. In Chicago : a gloomy outlook was given to the financial situation by the closing early in the day of the doors of the Union National Bank, Manufacturers' National, Cook County National, Second National, and National Bank of Commerce. The financial situation on Saturday, Sept. 27. continued without material change, but with an improved confidence generally throughout the country that the worst of the crisis was over. The following table shows prices current for leading stocks Wednesday, Sept. 17. the day before Jay Cooke & Co. failed, and those current on the street Sept. 27 and also the lowest rate reached at the time of the Chicago fire panie :

19. October 14, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1873

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ovor proceding days. While thero was gront con- fidence in the solvency of our banks, thoro was much intorost folt to see what developments would be made during the carlior hours of the oponing-day. At the usual hour this morning overy bank and banker in the Olearing-Houso Association, twonty-ono in number, commenced full and unequivocal resumption. # THERE WAS NO Ξ•Ξ§ΞŸΞ™Ξ€Ξ•MENT, thero was nothing about the appearance of the bank that indicated a run; the business of the day commenced and continued to the close with a degroo of quiet that was remarkable. So far as is known, there was not an anxions depositor presented himself at the banks. The amount drawn by depositora was probably less than usual on Monday. Cortainly it did not ex- coed the usual demands of the average busi- noss day of the week. While this was true, the deposits of currency were liboral and boyond the expectation of the banks. Tho largost number of the bankers report that they recoived more currency than they paid out. Ono of the National Banks received in currency $100,- 000 more than they were called on to pay. The entisfactory results of the forenoon put # A NEW FACE ON THE MEROHANTS who assembled on 'Change. The attendance was larger than it had been for days, and overy per- son seemed to be encouraged. The gen- eral markots woro improved in tone, and the impression prevailed that we had en- torod fully upon the work of recuperation, and that restoration would proceed with rapidity. At the close of banking bours all acknowlodged that the success of the first day of curronoy ro- sumption had been comploto. # THE LOAN-CERTIFICATES. Of $462,000 in Clearing-House certificates, $165,000 wero canceled to-day, leaving less than $300,000 of cortificates unredeemed. Of the lattor amount, under the ac- tion of the Clearing-House, 25 por cont will be redeemed to-morrow. and 25 per cent each week thereafter, for the purpose of equitably distributing the cortificatos. It was decided on Saturday that the banks should hold them until retirement in proportion to the business done by them respectively within a definite period theroin named.

20. October 22, 1873 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, October 22, 1873

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There has been a gradual but decided improvement in financial matters during the last week. On Saturday, in New York and Philadelphia, confidence had-been largely restored and business was moving with almost its accustomed activity. It now appears that the worst effects of the panic have been limited to banking and speculative interests, and to those branches of manufactures that depend upon railroad enterprises for most of their work. These have had a pretty hard time, and many fortunes have been lost or greatly impaired. But the dealers in produce and general merchandise seem to have lost little of their trade, and as currency gets into circulation again they resume their usual business. The agricultural interests of the country have suffered little or nothing. The panic of course could not effect the amount of their products, and it has not perceptibly changed the market rates. Prices are certainly not tending downward, nor are they likely to do so. Thus the farmer, who apparently makes money slowly, is shown to be engaged in the safest of all occupations. The New York and Philadelphia banks have not yet fully resumed the payment of currency to their depositors. Those in Chicago and Cincinnati have done so, while the banks of Pittsburg never suspended. As soon as the eastern instituti ons redeem their obligations, as they must do at an early day, the usual current of affairs will be promptly resumed.