19147. Philadelphia Bank (Philadelphia, PA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
September 28, 1857
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
30a8fa27

Response Measures

Accommodated withdrawals, Full suspension

Description

Multiple contemporaneous newspaper dispatches (dated Sept 28–30, 1857) report the Philadelphia Bank suspending specie payments and redeeming checks with its own or other banks' notes amid the wider 1857 panic. Reports describe crowds besieging banks and 'heavy run' language for some Philadelphia banks; the Philadelphia Bank suspended on Sept 28 but articles state trustees/officials intended to 'resume' and made efforts to reopen. No article mentions a receivership or permanent closure for the Philadelphia Bank.

Events (2)
1. September 28, 1857 Run
Cause
Macro News
Cause Details
Widespread financial panic of 1857 and suspensions elsewhere produced heavy withdrawals and crowds besieging Philadelphia banks.
Measures
Bank redeemed checks with its own or other banks' notes; paid fives only in some cases; gave due-bills for larger amounts.
Newspaper Excerpt
the tide of emigration flowed into the buildings of all these concerns
Source
newspapers
2. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Temporary suspension of specie payments invoked in response to the general financial revulsion and runs across multiple cities during the 1857 panic; trustees said they would endeavor to resume payments.
Newspaper Excerpt
The Philadelphia Bank suspended specie payment, but redeemed checks with notes.
Source
newspapers

Newspaper Articles (12)
1. September 28, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 28, 1857

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escaped, but subsequently drowned gether with his family. BANK EX ITEMENT. PITTSBURGH, Sept. 28. -The excitement relative to the Banks is subsiding. This morning the Mechanics Bank suspended specie payment on all notes. [SECOND DISPATCE] Although the Pittsburgh Banks have suspended, at a meeting of the Executive offivers of the Banks, to day, they addopted resolutions that temporary suspension of payment of specie was necessary to protect business men, enabling the Banks to discount local paper and exchange. That the Cashiers of the respective Banks, are pre-emptorily instructed by the Board, to re sume when a similar action is adopted by the Eastern Banks. Excitement nearly subsided. PHILADELPHIA, Sept. 28.-It is understood that the Governor will issue a proclamation tomorrow, calling the legislature together on the first Tuesday in October, to take action on the Bank suspensions. [SECOND DISPATCH] There is no concert of action among the Banks. They commenced paying five dollar bills, but 11 o'clock the bank of North America, which previously redeemed all notes, suspended specie payment. The same course will now become universal. The Philadelphia Bank suspended specie payment, but redeemed checks with notes. PHILADELPHIA Sept. 28-The Governor has not decided about the proclamation. Much ill-feeling between the banks. ALEXANDRIA, VA., Sept. 28.-The Banks are paying out small sums of specie only. WASHINGTON, Sept. 28.-A notice posted on the bank of the Metropolis, says that the panic created by the suspension of other banks, hav. ing caused much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payments for the present. The trustees remarked that they will make every exertion to resume, and that the bank paid out $65,000 on Saturday.The Bank of Washington and Patriotic Bank. which paid only small sums on Saturday, have not altogether suspended. The Savings Banks pay either in City Bank or Virginia money, and demand the six days notice from depositors.Virginia money is at a discount of 0 per cent, and the tendency is still downward. Business nearly paralized. Money unsaleable, BOSTON, Sept. 28,-Jewett & Co., publishers of this city, have suspended. Their liabilities are $100,000. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the bills of the New England county Banks. NEW YORK, Sept. rumored failures of Clark, Dodge & Co. and Phelps, Dodge & Co., is entirely false. Exchange on Philadelphia ten per cent per month. The assignment of the Ohio Trust Co. is expected. President Stetson returns to Cincinnati to-morrow to procure a stay of proceedings. The Metropolitan, Republic and Merchants Bank of New York, Mechanics American, Exchange, Union and Phoenix Banks have issued circulars assuring the public of their ability and determination to sustain a specie basis for their circulation, and expressing an opinion that the tendency of specie and produce to this point will soon relieve the Banks of the present pressure. NORFOLK, Va., Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphiá suspensions, but the Banks, so far, have remained firm. CINCINNATI, Sept. 28.-The excitement consequent upon the continued vorable advices from the east, paralized business, and the atten* tion of business men is entirely turned from the ordinary rotine, to the absorbing question of the Intest news from the east. The banking houses continue to quote New York exchange at par, but only small amounts can be purchased at this rate, sums of 5,000 and upwards cannot be bought at less than five per cent premium. No paper can be negotiated, so that it is useless to give quotations. The paper of an Iron House and a Shoe & Leather house, went to protest, and J. B. Holmes manufacture, has made an assignment. None of them are insolvent however. J. J. Anderson & Co., and Danby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank of Nashvill, Tenn., has suspended. NEW YORK, Sept. 28.-The money market is very stringent, but banks remain firm in their position. Some very heavy failures are reported here. Advices from Albany mention a run on the Savings department. RICHMOND, Sept. 28-The banks are paying specie, and it is generally believed that they have determined to go on. There is no run as yet. Both of the Staunton banks, the Central Bank, and the Bank of the Valley have all suspended BALTIMORE 11 P. M.-No material change has occurred in money matter to-day. The banks in some instances redeemed their 5's as a matter of accommodation. Specie commands a premium of seven to ten per cent on exchange for Balt funds. AGUSTA, GA.-The Banks of North and South Carolina and Georgia are all right. The question of suspension is not entertained. YELLOW FEVER. WASHINGTON, Sept. 28.-Several cases of yellow fever at Key West and one death. The origin of the decease is from admitting seamen

2. September 29, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, September 29, 1857

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Money Matters in Philadelphia. Philadelphia. Sept. 28-M. There is still no concert of action among the banks. They commenced paying $5 bills, but at 11 o'clock the North America bank, which previously redeemed all notes. suspended specie payment. The same course will now become universal, The Philadelphis Bank has suspended specie payment, but redeems checks with notes. Other banks are following this course.

3. September 29, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 29, 1857

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BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW ORLEANS, Sept. 26. Our Banks and Merchants are impregnable, and are in no sort of danger. PITTSBURG, Sept. 28.-The Bank excitement is subsiding. The Mechanics' bank has suspended specie payment. Philadelphia, Sept. 28.-It is understood that the Governor will call the Legislature together on the first Tuesday in October, to take action on the bank suspension. RICHMOND, Sept. 28.-No bank suspensions yet. The Northern suspensions cause much excitement. WASHINGTON, Sept. 28.-Several cases of yellow fever have occurred at Key West. PHILADELPHIA, Sept. 28.-There is still no concert of action among the banks. They paid specie on five dollar bills till 11 o'clock, when the North American bank suspended, The suspension is now expected to become universal. The Philadelphia bank has suspended. Alexandria, VA., Sept. 28.-The banks are paying specie on small notes only. WASHINGTON, Sept. 28.-The Metropolis bank has suspended. The Washington and Patriotic banks are still paying small bills Savannah, Sept. 28.-The banks demand the six daysnotice from depositors. Virginia bills five per cent. discount. Jewett & Co., publi-hers, have suspended. Sr. JOHNS, N. B., Sept. 28.-The screw steamer Jura has arrived with London dates of the 15:h. Consols 901. Money more stringent. Wheat advanced and firm. Corn active and steady. Flour buoyant ST. JOHNS, Sept. 28 -The steamer City of Washington arrived out on the 16th. The Emperor Alexander had arrived at Berlin. The cholera is raging at Hamburg, kholm and other places proving very fatal. The Bank of Holland has increased rates to 5 per cent. The election in the Principalities resulted favorable to the Union. The India mail has arrived with Delhi dates to the 29th. Several sorties were made, but , puls d with great loss to the rebels; 500 killed and wounded. The Nemuch mutineers reached Delhi. Gen. Nicholson was daily expected from Punjaub with reinforcements. Gen. Havelock occupied Bepho on the 17th without r. sistance. Lena Sahib escaped on the 29th. Havelock defeated 10,000 rebels on the road to Lucknow. British loss triffing. NEW YORK, Sept. 28.-There is a panie in the stock market. Philadelphia, Sept. 28.-Business is deranged by the vacillating course of the banks. ST LOUIS, Sept. 26.-J. J. Anderson & Co., and Darby & Barksdale, Bankers, have suspended. NEW ORLEANS, Sept. 28 -Cotton, sales 400 bales -easier; Receipts 8300 bales; Flour $5 50 to 6 00; Corn 70; nothing doing in freights; other articles unchanged; Exchange nominal. Deaths during the week 103. FURTHER FOREIGN NEWS. NEW YORK, Sept. 28.-Hyderabad was quiet on the 14th of August. It was expected that Delhi would soon fall. Gens. Havelock and Neil were advancing upon Lucknow. Three regiments of Bengal native infantry revolted and fled to Reeve river. They were pursued by General Floyd, and 800 of the mutineers killed. The mutineers also were routed at Juibalpore and other places. Mutineer's plots were discovered at Benares and Hamulock. Sir Colin Campbell has assumed command. Nena Sahib's attrocities at Cawnpore beggar description. He massacred 400 persons, including 70 wolden and 120 children. The Court-yard fronting bis head-quarters was swimming with blood. Sahib escaped, but subsequently drowned himself and family. NEW YORK, Sept. 28 -There is no truth in the reports of the failure of Clark, Dodge & Co., and Phelps, Dodge & Co. The Metropolitan, Republic, Merchants', Ameri C D Exchange, Union and Phoenix banks have issued circulars stating their intention to maintain a specie basis. The Norfolk and Richmond Banks are firm. The Staunton bank and bank of the Valley of Virginia have suspended. NEW YORK, Sept 28.-Money very stringent. The Banks are firm. Some very heavy failures are reported. ALBANY, Sept. 28 There has been a run upon the Savings bank by small depositors. BOSTON, Sept. 28-The Suffolk bank refuses to redeem the bills of New England county banks NEW YORK, September 28, P. M.-Cotton is dull. Flour $5 10 to $5 25 Wheat has declined 6 to 10 cents. Corn is offered at 70 cents. Park has declined 10 cents. Chicago Beef has declined 25 cents Bacon, 12c. for hame, and ile. for shoul ers. Whisky, 24c. Coffee quiet. Sugar heavy. PITTSBURG, September 28.-Every bank except the Pittsburg Bank, have suspended. The officers of the banks adopted & resolution to the effect that a & mporary su-pension of the payment of coin was necessary to protect business men. The excitement has nearly subsided, CINCINNATI, September 28. Business is paralized. Exchange on the East, in sums of $5000, is

4. September 29, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 29, 1857

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BANK DIFFICULTIES. THE PHILADELPHIA BANKS. PHILADELPHIA, Monday, Sept. 28, 1857. The Banks are pursuing the same course to-day that they pursued on Saturday. The Girard Bank is paying out specie on five dollar bills, and the Mechanics' and Southwark on all their notes. The Bank of North America suspended about 11 o'clock, and the suspension will now probably become general. PHILADELPHIA, 12 M. The Mechanics' Bank now redeems notes of $5 only. The following banks also redeem fives only: The Consolidation, the Northern Liberties, the Mechanics' and Manufacturers', the Commercial, the Western, and the City. The Philadelphia Bank pays out no specie, but redeems checks with its own notes. PHILADELPHIA-1 p. m. The Pennsylvania Bank is now paying out its own notes for checks, but refuses specie. The Mechanics' and Manufacturers' Bank is paying no specie. All the Banks of the city have changed their course since the opening hour. Some of them refuse to certify checks, but give due-bills to deposit with other Banks. It is just rumored on the street that the Governor refuses to issue a proclamation calling the Legislature together, unless the Pennsylvania Bank is placed OR & par with the other Banks, and her notes received on deposit. All is confusion and disorder, but it is not attended with the excitement that has existed in former days of trouble. Every kind of business is completely paralyzed, and it is impossible to make collections. 9 P.M. The Board of Trade have determined to call a meeting for & public expression of the various business interests of the city, with reference to the proposed legalization of the suspensions, believing that the best interests of the community and the State will be subserved thereby. It was suggested at the meeting of the Board this evening that where parties have notes protested only because they refuse to pay other than in par currency, it is the duty of the collecting bank or agency to have that fact made as public as the protest. The Presidents of the Banks have agreed to rectore the Bank of Pennsylvania to & position at the ClearingHouse and to receive its notes and discount liberally for their customers. Had this been sooner done there would have been no suppensions. SPECIAL SESSION OF THE LEGISLATURE. The proclamation of the Governor to convene an extra session of the Legislature will be published to. morrow morning. The proclamation saye: Whereas & perious financial revulsion resulting in the suspension of epecie payments by the Backs of this and other States, and wheresa, the fatlure of many long established commercial houses is leading to the destruction of confidence and to a general embarrasement and deprese on in trade, and is threatening to affect, disastrously. the credit of the Commonwealth and the great industrial interests of the people, and it requiring prompt and efficient action to relieve the alarmed and suffering community, therefore, I convene the Legislature, to meet on the 6th of October, and adopt such measure as the present exigency requires." The Governor has not yet determined what course to pursue regarding a special session of the Legisla. ture. Two Committees-one from the Banks-are now in private conference with him. Much feeling is said to exist between the banks-some, which are incorporated under the old law, and do not forfeit their charter, opposing the call of the Legislature. It is stated that if the Governor does not countermand his order, the proclamation will be issued to-morrow morning.

5. September 30, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, September 30, 1857

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LATEST N E W S. Financial Matters. Washington, Sept. 28. A notice posted on the bank of the Me tropolis may the panic created by suspension of other bankshaving caused much lar. ger demand for species than as anticipated that institution is under the painful necessity of suspending specie payment for the present. The trustees remark that they will make every exertion to resume. The bank paid out 865,000 on Saturday. The Bank of Washington and Patriotic Bank, which paid only small sums on Sat urday, *have now a'together suspended.The savings Bank pay either in City Banks or in Va. money, and demand the six days notice from depositors. Va. money is at a discount of 5 per et., and the tendency is still downward. Business is nearly paralvzed, and uncurrent money unsaleable Boston, Sept. 28. Mesar- Jewell & Co. publisher-, of this city, have suspended Their liabilities are $100,000. Alexandr Va. 28. The banks here are paying out small sums of peele only. Philadelphia, Sept. 28. There is still no concert of action among the banks. They commenced paying 83 bills. but 11 P. M. the North American Bank which previously redeemed all notes, sus pended specie pa ments, and the same course will now in time universal. The Philadelphia Bank suspended specie pay ments, but redeemed checks with notes of other banks following this course, Cincinnati, Sept. 28. Exitement consequent upon continued unfavorable advices from the East. paraland attention of business men i- entirely turned from the ordinary routine to the all aborting question of the latest newsfrom the East. Banking Houses contimeto quote N. Y. Exchange at par, but only small sums can be purchased at this rate. Sumas of 85,000 and upwards cannot be bought at less than 5 per cent. premium. No paper can be negotiated, SO that it is useless logive quotations. The paper of an iron and a shoe and leather house went to protest. and B. Holms manufacturer, has made an assignment: not one of them. however, are insolvent. J. .I. Anderson & Co. and Darely & Banksdale, Bankets. of St Louis, have suspended.Nashville Bank of Nashville, Tenn. has alsuspended. New York, Sept. 28. Rumored failure of Clark, Dodge & Co. and Phelps, Dudge& Co., are entirely un true Exchange on Philadelphia 10 per cent.i Rates for money on the street, in some cases six per cent. per month. Assignment of the Ohio Trust Co. is un f expected. President Stetson returns to it Cineinnati to morrow. to procure a stay of 'n proceedings il The Metropolitan, Republic, Merchants bank of N. Y. Mechanic, American, Ex change. Union, and Phonix banks. have isd sued circulars, assuring the public of their 11 ability and determination to maintain as specie basis for their circuiation, and ex press the opinion that the tendency of spc . ere and produce to this point. will 3001 es relieve the banks of the present pressure. lie Norfolk Sept. 28. he Some feeling is manifested here about the in Baltimore and Philadelphia suspensions, but 11" the banks so far have remained firm. Richmond. Va. Sept. 28. The banks paying out specie, and led is generally believed that they have deter 11 mined to go on. There i- no run as yet are Both the Stanton Banks, the Central an the Bank of the Valley have suspended. est Philadelphia, Sept. 28. The Governor has not decided betwee Banks, and there is pressure for and agains calling a =pecial session. es Boston, Sept. 28. the The Suffolk Bank refuses to redeem bil to of New England country.

6. September 30, 1857 The New York Herald New York, NY
Article from The New York Herald, September 30, 1857

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$122,728,212 Excess of Imports Thus, ins ead of commerce having been in the last three years, as our cotemporary erromenoualy asserted, $28,000, 000 in our favor, it was actually to the amount of $122,000,000 against us But that's not all. We did not merely nd , broad $122,000,000, but $140,000,000 in coin and builion during these three years, or about $28,000,000 over and above our liabilities on account of commercial excharge, which latter sum went out in part papment of interest on the foreign debt. Not the movements of a couple of millions from one part of the United States to the other, but the exportation of such coloscal sums as these e plain the present condition of affairs. As our cotemporary's recent specialians on finances are based upon the supposition of the balance of trade having been la our fa. vor-- supposition which turned out to be A gross errorwhat becomes of all his reasoning, deductions and conola stone? What a sad wreck, what & waste of ink and paper! Those who set out to lead the public mind on poutine and finances should, besides a issue grammar, have studied the rediments of arithmetic THE BANK RXCITRMENT-PROCLAMATION FOR AN EXTRA SESSION OF THE LEGIBLATURE, 1[rom the Philadelphia Ledger, Sept. 29 The excliement in reference to the banks had so far subsided yearerday that there was very little throng about any of them, though several of them were kept busy in cashing their five dollar billa and arranging with depoeltore. the Southwark, as accounted. cashed all its bills that were offered: the Tradesmen's redeemed its five dollar issues, as did the Western, armers' and Mechanics', Gired and Commercial The Mechanics', it was understood, redeemed all its issues. Most of the banks paid their checks under . certain amount, in their own bills and the country banks; and gave specte for the fractional parts of are dollars. Up to about eleven o'clock the Farmers' and Mechanics' paid their ten as well as five dollar notes in specie, but stopped off on the former after that hour. The Pbiladelphia Bank gave notice tast no notes would be redeemed, and that checks would be paid in notes Instead of being marked "good." The Bank of Pez a Township and Northern Liberties also redeemed their fives The Bank of North America made specie yments until about eleven o'clock, when they stopped and commenced to mark all checks under $50 "good," DO to give due bills for those of a larger amount The course persued by the banks indicated very little concert of action. Yesterday the notes of all except two or three were more freely taken by storekeeper# than on Batur day. and there seemed to be A better feeling generally in regard to them The Governor has called an extra session of the Legisia turn, to device some relief to the present financial trou. bics. The efforts of the members when they meet should be directed to a resumption of spoote payments at the carliest practicable period. Aa indefinite ruspension would be an extended evil. The community believe that suspension has been forced upon the banks as & temporary measure, and sound policy should induce the banks BOD regard 16, and use every means in their power to place themaeives in a proper position by resuming at the earlient fav. The following is the Governor's proclamation:IN THE NAME, AND BY THE AUTHORITY OF THE COMMONWEALTH OF PANNSYLVANIA, JAMES POLLOCK, GOVERNOR OF THE SAID COMMONWEALTH:A PROCLAMATION. Whereas. a serious Financial revulation has occurred, result ing in the suppension of special payment by the banks of this at other States of the Union, and the failure of many long es. stablished commercial honses leading to the destruction of confinance, and to the general embarralment and depression of trade, and hrealening to affect the credit of the Commonwealth and the great industrial Interests of the peopie; And hereas. an occasion 80 expra ordinary requires prompt and efficient action to relieve en alarmed and suffering communits: therefore, I. James Follock, Governor of the commonwealth of Pennsylvania, by virtue of the powers conferred on me! the censtitution, do hereby convene the General is memy of this commonwealth, and require the members of the Senate and House of Representatives to meet 11 their re. spective houses in the capital at Harrisburg, on Tuesday. the eixh day of October, A. is. 1867. at 12 o'clock at noon of that day. then and here to take Into consideration. and adopt such measures of rellef In the premises as the present exigency may seem to them in their wisdom to demand. In testimone whereof. I have hereunto set my hand, and caused the great seal of the commonwealth to be affided, at Earrisbers. this 28th day of September in the year of our Lord. 1847 and of the independence of the United States the eighty second. By the Governor, ANDREW G. CURTIN, Secretary of the Commonwealth

7. September 30, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, September 30, 1857

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Financial Matters. WASHINGTON, Sept. 28. notice posted on the bank of the Metropo, says, that institution is under painful nessity of suspending specie payments for theresent. The trustees remark that they " make every excertion to resume. The ba paid out $65,000 on Saturday. be bank of Washington and Patriotic Bk. which paid only small sums on Saturd. have now altogether suspended. The Sangs Bank+ BOSTON, Sept. 28. essis. Jewell & Co., of this ei have suspended. Their liabilities are grow. ALEXANDRIA Va., Sept. 28. be banks here are paying out small sums efecie only. PHILADELPHIA, Sept. 28 3 here is still no concert of action among thanks. They commenced paying five dolbills, but at = o'clock the North Amerie Bank which previously redeemed all noteinspended specie payments, and the same cise will now become universal. The Philaphia Bank suspended specie payments, b redeemed checks with notes of other lks following this course. CINCINNATI, Sept. 28. scitement consequent upon continued anlisable advices from the East, paralyzes honess, and the attention of business men intirely turned from the ordinary routine ter all absorbing question of the latest news fa the East. J. Anderson & Co., and Darley & Banks a. Bankers of St. Louis, Tenn., has also ended. New York, Sept. 28. change on Philadelphia 10 per cent. bs of money on the street, in some cases, or cent. per month. ae Metropolitan. Republic, Merchants' it of N. Y., Mechanic, American, Exchange, lan and Phenix banks, have issued circu Massuring the public of their ability and drmination to maintain a specie basis for " circulation, and express the opinion that ttendency of specie and produce to this 16, will soon relieve the banks of the presexressure, Boston, Sept. 28. - Suffolk Bank refuses to redeem bills of N England country banks.

8. September 30, 1857 Staunton Spectator Staunton, VA
Article from Staunton Spectator, September 30, 1857

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# THE SUSPENSION IN PHILADELPHIA. A letter from Philadelphia, written on Saturday, says: The excitement produced by the Bank suspensions yesterday has been extensive. Almost immediately upon the announcement that the Bank of Pennsylvania had ceased to pay specie, the Girard, Mechanics', Commercial, Farmers' and Mechanics', Western, Philadelphia and other Banks were beset by anxious note-holders, demanding specie. In an incredible short period of time, the tide of emigration flowed into the buildings of all these concerns, and the panic became general. The police were stationed about in the different Banks, to prevent any regular outbreak. Speeches, arguments, exclamations, inquiries and denunciations were rife upon the prevailing topic. Some funny scenes were enacted in the crowd. One rough and powerful looking fellow, evidently from the rural districts, went about flourishing a bag of gold which he had just obtained for some notes which he happened to present in time. At a meeting of Bank officers held yesterday afternoon it was resolved that the payment of specie for the notes or other obligations of the Banks should be suspended this morning, and that it is therefore understood, that whilst all our Banks will be open for business as usual, coin will not be paid out. This course has very wisely been determined on, with a view to sustain and, indeed, to save the business community. Properly viewed, it is a measure of self protection in which our citizens are all interested. # THE SUSPENSION IN BALTIMORE. The Baltimore American of Monday, referring to the Bank suspension in that city, says: The immediate effect of the suspension on Saturday was to brighten the aspect of commercial affairs and relieve the apprehensions so constantly prevailing for the past month. The price of money fell from 2 1-2 to 1 1-2 per cent. and an advance of prices occurred at the stock board. The disasters that threatened the business community have thus been arrested, and the general feeling among the merchants was one of approval of the course adopted by the Banks. According to a rigid construction of the charter of our Banks they forfeit their corporate franchises by the suspension, but inasmuch as it has been general and was invoked by an unavoidable necessity, to disregard which would have produced the worst results, there will be no hesitation on the part of Legislature in taking any action that the contingency may require. # RAISING THE CENTRAL AMERICA. The New York Post says that negotiations are going on between the Boston Submarine Armor Company and the underwriters of the Central America, to raise her hull, which is supposed to lie in about 28 fathoms water. The specie in her alone would furnish ample inducement for the experiment, if her position can be accurately fixed, and that it can, is probable, from the fact that Captain Herndon was reported to have given her position to the vessel which refused to come to his relief. Should the work be undertaken promptly, there is thought to be a reasonable chance of success. It is now positively known that Dr. Tate, of Virginia, has been appointed Sixth Auditor of the Treasury, in the place of Col. Phillips; and James Madison Cutts, father-in-law of Senator Douglas, has been appointed Second Comptroller vice Mr. Brodhead removed.

9. October 1, 1857 American Lancaster Gazette Lancaster, OH
Article from American Lancaster Gazette, October 1, 1857

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T NCIAL The Very Latest from the La Ea PITTLBURGH, Sept. 28 The relative to banks is subsiding this morn Mechanics' Bank has suepended 4 die payment on all notes Pinladelphica Sept. 28 is und stood that the Governor will have a pi lamation ture to morrow; calling the Legi together on the Restrimently in Lober, sion. to action upon the bank susp There is still B3 concert of action any bant They commenced this morning pay bank five dollar billys hut melork North America. which previor redeemed all notes, suspected specie uriversal. ments. The same course will now been I The Philadelpi is Bank suspended eie payments and redeemed checks / notes. Other banks following course. W 11 II ASHINGTON not per on the bank the Metropolis, says bank panic created by the suspension of o mand having caused # much larger for specie than was (M) icipated, institution is under the painful necessit suspending ent specie payments for the P The trustees say they will make ev exertion to resume, and that the bank I out 865 On Saturday. The Bank of Washington and L Patri Bank, which paid out small sums on urday, have not altogether suspended. Savings Banks pay either in city bank Virginia money, and demand SIX days tice from depositors. Virginia money is at a discount of per cent., and the tendency is still do ward. Businesssie nearly paralyzed, uncurrent money is unsaleable. BOSTON, Srpt. 7.-Messrs. Jewelt & publishers, of this city have suspen with liabilities amounting to $100,000 ALEXANDRIA, Va. Sept.-The b here only. are paying out small sums of sp RICHMOND, Sept. 26.--No bank sus sion yet. There is much excitements bank suspensions at the North. 11 NEW York, Sept. 28. -The rum failures of Clark, Dodge & Co., n true. Phelps, Dodge & Co., are entirely k Exchange on Philadelphia ten per Rates for money on the street in some ses are six/per cent. per month y The assignment of the Ohio Trust ( A pany was unexpected. President Ste d returns to Cincinnat to-morrow, to cure A The Metropolitan. Pepublic and h of New York, Mechanics merican Exchange, Union and Pho he Banks, have issued cirenlars assuring Public of their abil ty and determine to tion. maintain a-specie basis for their eine and es pressing the opinion that tendency of specie and produce to ct point present wills pressure. causes of d The money market benefits very strin M tions. but the hanks renzain firm in their to Some very lieavy failures are repo Advices the from Albany mention a un Savings spartment by sm di (de the tors. There is nepressure dent. bill holders is quiet Norfolk, V Sept. 28 Some is manitested ere about the Balti and Philadelphia suspensios, but banks 80 fire: have remained firm. RICHMOND, Va, Sept. 28.-The h there are paying specie, and it is beli hat they have determin There Staunton B the Central and bay the Valley have suspended D and PITTSBURGH, Pa., Sept. banks but the Pittsbi the Act a' meeting of the Executive officer the banks to-day, resolutions were ade red for that a temporary suspension of the the ment of coin is necessary to protect the business men and enabling the bank tate the discount paper and exchangethe cashiers of The respective banks he peremptorily instructediby their board resume when a similar action is add to by the Eastern banks. the The excitement/has 0004 be PHILADELPHIA, September 28 tied Governor has not yet decided abo the proclamation for an extra session o legislature. There 1st much 11 felling tween the banks and there is, a pre 5 sion. for and against the calling of a specia Boston, Sep. 28.-The Snffolk adw refuses to redeem bills of the New En the country banks, act, StraLouis, Sept.28--The banking b Ohio. of Darby & Barksdale, and J.J. A son & Co, have suspended. NASHVILLE, Sept. 28 The Bar iday Vashville suspended this morning. A meeting of the merchants mended the Union, Planters) and re Bank to suspend but they refused. Several of the free Banks were th out today bale Confidence is felt that the Bank of : their dise villle, plus. will pay, and have a large THE LATEST. BOSTON, Sept. 28. P. M.-The S Bank refused to redeem bills of the bal try banks of New England, for indiv Sins "the alleged Trason that the am uppresented wasgreaterthan the clerks attend to. who elec- 42. The deposits of country money

10. October 2, 1857 The Athens Post Athens, TN
Article from The Athens Post, October 2, 1857

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have reached us, in relation to the panie in commercial circles and the Bank suspensions at the East: Philadelphia, Sept. 26.-The financial exeitement continues. The Bank of Pennsylvania pays no specie-the Mechanies bank redeems its ten dollar notes-the Girard its $5'm, but refuses payment for checks. The majority of the Banks pay checks. The M.V. ing Institutions require two weeks notice be fore paying checks. Ballimore, Sept. 26.-A meeting of the Presidents of all the Banks took place this morning, and they resolved upon 12 total susP. nsion of specie payments. Philadelphia, Sept. 26.-The news of the suspension of banks in Baltimore has caused additional excitement. The Tradesman's Bank as well IIM the North American pay eve. rything. The following banks pav everything. The following banks pay their five dollar notes: The Commercial, Philadelphia Manufacturers and Mechanics, and Farmers and Mechanies-and the followi pay their $10's-the Northern Liberties and Western, and $5's in cases of necessity. The Penn Township and onsolidation Banks have sus pended. All pay certific d checks, except the Girard. Some banks refuse to receive deposits, The Washington Bank, Washington, pays only $5's and small checks Other Banks are hold ng conferences. Philadelphia, Sept. 25.-The Bank of Pennsylvania h N suspended specie payments. in conse quence of a heavy run. There is :1 general alarm ns to the solvency of the banks. The Girard Bank has temporarily refused pay depositors' checks. Busin NS is nearly suspended in consequence of the punie. Philadelphia. Sept. 25:-A conference of the Presidents of the Banks of this city was held today, and they resolved on a temporary suspension of specie payments on the checks of depositors, DN well as on all bank bills over the denomination of ten dollars. This arrangement goes into effect tomorrow. The Presidents desire the public to discredit al exaggerated reports in regard to anything like total failures in Philade lphin. The Brokers are highly excited. Washington, Sept. 28 -Several CANCE of yellow tever have occurr d at Key West. St. Johns, N. B.. Sept. 28-The screw steatner Jura arrived with London dates of the 15th. Consols 901: Money more stringent; Wheat active and firm; Corn active and steady: Flour buyyant. Philadelphia, Sept. 28.-There is still no concert at action among the Banks. They paid specie on five doll- bills till 11 o'etock. when the North American Bank suspended. The suspension iN now exp eted to become universal. The "Philadelphia Bank" has sus pended. Alexandria, Va., Sept. 28.-The Banks are paving on small notes only. Washington, Sept. 28.-The Metropolis Bank suspended. The "Washington" and "Patriotic" Banks are still paying small bills. Savannah, Sept. 28.-The Banks demand the six day's notice from depositors, Virginia bil 8 five per cent. discount. New York. Sept. 28.-There is a panie in the stock market. Philadelphia, Sept. 28.-Business is de r ng. d by the vacillating coursed the Banks. St. Louis, Sept. 28.-.. J. Anderson & Co. and Darby & Co., and Barksdale, Bank. ers, have suspended. New York, Sept. 28 -There is no truth in the reports of the failure of Clark, Dodge & Co. and Phelphs, Dodge & Co. The Metropolitan Republic, Merchants', Mechanics', AmerieanExehange,Union and Phoenix banks have issu d cirentars,stating their intention to maintain a specie busis, The Norto 1. and Richmond Banks are firm. The Staudon Bank and Bank of the Valley of Virginia have suspended. New York. Sept. 28 -Money very strin. gent. The Banks are firm. Some very heavy failures are reported. Albany, Sept. 28.-There has been a run upon the Saving bank by sm ill depositors. Boston, Sept. 28 -The Suffolk bank re. fuses to redeem the bills of New Engl and country banks. New York, Sept. 28.-Cotton dull, flour 5 to 525, whest decline 6 to 10 cents, e.rn offered at 70, mess pork declined 10c. Chiengo beef declined 25c, bacon 12 for hams, 11 for shoulders, whiskey 24, coff. e quiet, sugar heavy. Pittsburg, Sept. 28.-Every bank except the Pittsburg bank had suspended. The ..ffi cers of the bank adopted a resolution that temporary suspension of coin was necessary to protect business men. The excitement has nearly subsid d. Cincinnati, Sept. 28.-Business is paralized Exchange on the East of sums of $5,000. five per cent. N. gotiable P per unsaleable. Flour unsettled, wheat nommal. J. B. Holmes, manufacturers, have assigned. 0 her failures are reported, but names not disclos d. Boston, Sept. 26.-The banks have increas et their specie four hundred th insand dollars during the past week. and are stronger than they were a forthight ago, No panie. 11. B. Lovejov, clothier, has failed. The bills of the Hopkinston bank were refused by the Suffork bank. Trenton, N. J. S pt. 28. -J mes S. Sterfing h N miled. His assets are a ple. A he VV run was made on our banks,Th ir liabi ities were met. All are in good condition. WHAT A NEWSPAPER OUGHT To BR.....

11. October 3, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 3, 1857

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weeks notice. The Banks were besieged before 10 and is transacting business, but paying no specie. The Mechani's Bank is paying specie for tens. The Girard Bank refuses to do any business and renders no satisfaction to depositors and bill holders. The Girard Bank has now come to terms, partially redeeming fives with specie, but refusing to honor checks of dep sitors. Most of the other banks were making checks good. There is no concert of action among the banks ; each is apparently taking a different course. The Bank of North America is paying specie for tens, but issuing no note or check. The Bank of Commerce is refusing specie, but is paying notes for checks. ASHINGTON, Sept. 26. The Bank of Washington suspended specie payments on everything but fives and small checks. The Board of Directors of the Metropolis and Patriotic Bank are now in conference and it is not yet known what action will be taken thereon. THIRD DISPATCH. The Bank of the Metropolis has concluded to continue full payment and are feeling themselves secure against all demands. The Patriotic Bank is redeeming its fives and small checks. There is a continual crowd at Banks. NEW YORK, Sept. 26. Banks are all strong, and the utmost confidence is exhibited in them. The Banks have issued a circular on account of the suspension of the Philadelphia Bank, notifying their customers that all collections maturing out of the city of New York, will, at the option of the dealer, be either recalled or paid.

12. October 3, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 3, 1857

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Bank Affairs in Phíladelphia. PHILADELPHIA, Sept. 28. There is still no concert of action among the Banks. They commenced paying five dollar bills out at 11 o'clock. The North American Bank,'w hich previously redeemed all notes, suspended specie payment, and the same course will now become universal. The Philadelphia Bank suspended specie payment and redeemed checks with notes of others.