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SUSPENSION IN WILLIAMSBURG, N. Y. WILLIAMSBURG, N. Y., Oct. 1.-The Mechanics and Farmers' and Citizens' Banks have suspended.
Citizens Bank (New York, NY)
Episode Information
- Episode UID
3689566190694- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Bank ID
-
368956619hash - Start Date
- October 13, 1857
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
a40e8ec106b5e973
Response Measures
None
Events (3)
1.
October 13, 1857
Run
- Cause
- Macro News
- Cause Details
- Widespread financial panic of October 1857 produced heavy withdrawals and runs on Wall Street banks, including Citizens'.
- Newspaper Excerpt
- There is a general run on the Wall street banks and intense excitement in the street.
- Source
- newspapers
2.
October 13, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspension of specie payments amid the broader monetary panic affecting many New York banks.
- Newspaper Excerpt
- The following banks have suspended today: ... Citizens, ...
- Source
- newspapers
3.
November 1, 1857
Reopening
- Newspaper Excerpt
- We are glad to learn that the Citizens' Bank of New York city yesterday resumed specie payments, and that specie continues to increase steadily and satisfactorily in the vaults of the banks of that city.
- Source
- newspapers
Newspaper Articles (13)
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Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.
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Later: General Nuspension I : Messrs. Cook & Sargent received yesterday afternoon a dispatch stating that the following New York Banks had suspended Marine Bank. Irving Bank Citizen's Bank. New York Exchange Bank Ocean Bank North River Bank Merchant's Bank. It is expected that the others " il suspend forthwith, and there is but littl. 'oubt that the Boston Banks, and all the Panks of New England will have to suspend this week. A tremendous excitement prevailed at New York yesterday.
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General Bank Suspension and Excitement in New York. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens, Chatham, Bulls Head, St. Nicholas and Market Street Banks.There is a general run on the Wall Street banks and intense excitement in the streets. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on state st., is announced. Harrisburg, Oct. 13. The House reconsidered yesterday's vote on the reiief bill, by a vote of 55 to 32.
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Suspension of New York Banks. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchants Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head, St. Nicholas and Market Banks. There is a general run on all the Wall Street Banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order.
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PROGRESS OF THE RESSURE EFFECT OF THE GENERAL SUSPENSION. EXCITEMENT ABATED. New-York City Bills taken at Par. ARRANGEMENTS IN REGARD TO STATE MONEY SAVINGS BANKS FALL BACK ON THE LAW. DEPOSITORS REQUIRED TO GIVE NOTICE. The Run Running Out. MERCHANTS ASK ACTION FROM THE LEGISLATURE THE EFFECT OUT OF THE CITY. From the unparalleled excitement of Monday, Wall street yesterday fell back to comparative apathy. Everybody seemed satisfied that the suspension was the only course to be pursued, and, although the event was the leading theme of conversation, no surprise and but little dissatisfaction was manifested. The ordinary course of business, which had been in a condition of derangement and uncertainty, began to take its usual form, and from the chaos of the past week some promising signs of order began to appear. Of course, the run on the Discount and Circulation Banks in a great measure ceased; but the Seamen's and Bowery Savings Banks were besieged at an early hour. In order to avert the serious consequences which would inevitably result from the exhaustion of their specie, the officers of the various Savings Institutions held a meeting, and resolved to take refuge behind that clause of the law which requires depositors to give notice of their intention to withdraw their money. This course materially checked the flow of specie, and will probably terminate the unwise panic among depositors. In the course of the day our reporters visited all the Banks in this City, Brooklyn and Jersey City. Below we give the result of their inquiries: ARTISANS' BANK. The Artisans' Bank is doing a very quiet business. It is restored to the Clearing-House, and stands now on a par with its fellow-suspenders. BANK OF AMERICA. The business was conducted at this bank as at the others-no specie being paid out. But few persons were in attendance, and there was no excitement. AMERICAN EXCHANGE BANK. The business transacted at the counter of this bank was large. The line of persons numbered over fifty Checks were certified and received on deposit, and, as in the case of the other banks, no coin was paid out. BANK OF COMMERCE. The Bank of Commerce has paid checks in the bills of other banks, received considerable deposits of gold, loaned $30,000 or more, and conducted business as usual, with the exception of paying specie. The Bank of Commerce receives special deposits of specie, checks drawn against which will be paid in specie. BANK OF THE REPUBLIC. The Bank of the Republic refused our reporter information on Tuesday. It was not applied to yeeterday. BULL'S HEAD BANK. Notwithstanding the reports which have been circulated for some days past relative to the suspension of this bank, it continued to pay specie upon its notes, as well as upon checks, until about 2 clock p. m. yes. terday, when it complied with the advice given by other banking institutions, and suspended specie pay. ments, having between $10,000 and $11,000 in its vaults. Quite & number of deposits were made in the bank yeeterday. BUTCHERS' AND DROVERS' BANK. The Butchers' and Drovers' Bank, which suspended Tuesday, with considerable specie on hand, opened again yesterday for business, on the non-specie paying baris, giving bills for some checks, certifying others. The officers of the bank express confidence that in the course of a few days they will be enabled to cash checks where the amounts are small. BROADWAY BANK. At the Broadway, the usual business was transacted, with the exception of paying specie. There had been 8 run on the United States Marshal's office, and Capt. Rynders came around about noon for a pile of bills. A large amount was drawn out in bills. CENTRAL BANK. The Central Bank is situated at the junction of Fulton and Washington streets, and was the first to stop. It is stated that this bank is endeavoring to make settlement, of which it will in due time apprise depositors, checkholders, and others having business to transact with it. CITY BANK. This institution resumed business on Wednesday morning in all its branches except the payment of specie. CHATHAM BANK. The business at this bank is carried on as usual, specie payments excepted. Checkholders exchanged largely for bills cn Wednesday morning. A few small specie deposits were made. On Tuesday $17,000 were paid out before stopping. Only $800 remained at the time of suspension. When our reporter called at 4 m. for further information, the officers had gone home. CITIZENS' BANK. The injunction which was recently put upon this bank, and precluded it from transacting any business whatever, was removed yesterday morning, when it immediately resumed operations, except paying out specie. CHEMICAL BANK. The Chemical Bank paid specia all day. It resolutely refuses to suspend. There was quite a brisk run from 10 to 12; it fell off then to almost nothing. The business of the day resulted in & diminution of specie of, say $35,000, a much less sum than was expected. The officers feel an increased confidence in their ability to meet everything in coin. They have received deposits to a large extent, principally in specie. One man deposited $9,000. One man said yesterday that he had about $15 000 locked up in his safe, which he would send round in the morning. When it becomes generally known that it is determined to pay specie, there can be no doubt that its specie will be largely increased. The average amount of coin in its vaults last week was $343,000. To-day it has $400,000. The Chemical Bank receives the bills of other banks on deposit; checks on these its are payable in currency only. This will protect the bank from depositors who deposit merely for the purpose of running it, and will preserve the specie value of the old deposits. The President of the bark, Mr. Jones, assures us that he voted against suspension in every instance at the meeting of the banks on Tuesday evening, and that he can by no means be held as acquiescing in the
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F. M. French, Maitland, Phelps & Co., Wm. Nelson & Son, Barclay & Livingston, Foster, Elliott & Co., Grinnell, Minturn & Co., Howland & Aspinwall, Tucker, Cooper & Co., Charles H. Russell, Augustus Schell, J. H. Brower & Co. At 3½ o'clock the number of merchants present could not have been less than 1,000. Edwin D. Morgan read the call of the meeting and nominated James Brown as President. The nomination was acceded to. James Lee and Robert C. Goodhue were appointed Secretaries. Peletiah Perit, President of the Chamber of Commerce, offered the following resolutions for adoption: Resolved As the sense of this eeting, that the exigencies of public affairs require an immediate extra session of the Legialature in order that such measures of relief may be granted as in their wisdom may be deemed just and expedient for the public good, and to enable the banks to continue their aid to the manufacturing and commercial industry of the State, to give employ. ment to the labor of the city and to renew specio pay ment at an early day. Resolved, With the view to liquidate the indebtedness of the interior, and to basten the shipment of produce to the seaboard, that it is the duty of the New York merchants and of the banks to afford every facility in their power without delay. Resolved, That in the judgment of the New York merchants assembled. looking at those great elements of wealth. the varied and large crops of the United States. the existing monetary de mangement may with certainty be speedily corrected, and be followed by a restoration of confidence to the ordinary machinery and credit of business; so that while the severity of the crisis will be long remembere d, so too will the speedy arrival of prosperity. be a Committee to present these Resolved, That resolutions to the Governor of the State, at Albany, and to solicit his immediate action thereon. Mr. Perit advocated the adoption of the resolutions. He said he would not attempt to speak at length upon them, as it would be impossible for him to be heard by but a small portion of the assemblage, and he did not know it was necessary that he should speak at length, as he was positive that the resolutions would meet with the full acquiescence of the merchants. To day the merchants found themselves in a position new and novel. The banks yesterday had found themselves obliged to suspend specie payments, though on the previous day it was known that they were perfectly solvent. The merchants had anqualified confidence in the entire solvency of the banks; there could be no doubt that their assets were abundant to meet all their liabilities; and, if this were true, he regarded it as the duty of merchants to sustain the banks by every means in their power, and this duty he considered imperative. Mr. Perit thought that their first duty was to represent to the Governor of the State the necessity that existed for an immediate call for an extra session of the Legis lature, to remove the penalties now imposed upon the banks for & suspension of specie payments, in order that the regular current of business might be restored to its legitimate channel. That step was provided for by the resolutions. Further, he suggested that it was the duty of merchants to give all their influence and all their aid to sustain the banks in the presenexigercy, and also to use all forbearance in their dealt ings with one another, and to give every indulgence possible in the present pressure. Moses H. Grinnell seconded the resolutions, which were put to vote and unanimously adopted. Theodore Dehon moved that the committee provided for by the resolutions be appointed by the President. The motion was carried, and the President named the following gentlemen as such committee: Moses H. Taylor, John C. Green, Royal Phelps, Moses H. Grinnell, Schuyler Livingston, Charles H Russell, Charles H. Marshall Abraham Hewitt, On motion the President and Secretaries of the meeting were added to the committee. Mores H. Grinnell then offered the following resolution: Resolved, That we, as merchant, and citizens, have entire confidence in the ability of the banks of the City of New York to meet all their engagements dollar for dollar. Mr. Grinnell said he should not offer any extended remarks. The resolutions which had been adopted with such unanimity expressed his sentiments, and he did not doubt that the Governor would respond to the call contained in them. But in accordance with what he deemed to be their duty to the banks, he had offered this resolution of confidence in their soundness, and he hoped it would be adopted, notwithstanding the fact that they bad been compelled to suspend pecie payment the previous day. But if they had done so, the banks had as tangible property to meet their liabilities as any merchant in the room, and that they intended to pay their debts as the merchants intended to pay theirs. (Applause). The resolution was seconded, and afterwards unanimously adopted. The meeting then adjourned. A consultation between the members of the Committee was at once held, and at 5 o'clock they left, on the Hudson River Railroad, for Albany. THE COURTS-SUSPENDED BANKS TO GO ON. The universal suspension of specie payment has already made some change in the circumstances and prospects of the banks. On Tuesday orders were made at the Special Term of the Supreme Court that the Marine and Citizens' Banks should show cause why receivers should not be appointed. Yesterday these orders were vacated, the suits and all proceedings withdrawn, and the banks will go on as usual. The Judges say that in like manner they will vacate all orders which have been granted appointing receivers, excepting, of course, such banks as have gone into liquidation. Of such there is only one-the Mechanics' Banking Association. The result will be that all the banks will be placed on an equal footing, and all will on. go enting ininnetions and appointing re-
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ous Bank Suspensions--Heavy Run on the Wall Street Banks Police Called Out!!! NEW York, Oct. 13. The following banks have suspended today Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizen's, Chatham, Bullshead, St. Nicholas and Market Banks. There is a general run on the Wall St. banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on State street, is announced. NEW York, Sept. 12. No important event to-day in money affairs beside the suspension of the Grocers Bank. There were a few unimportant failures of merchants. There is a rumor that a party of business men have gone to Albany, to urge the Governor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the Banks to continue specie payments at all hazards. The failure of the Merchant's Bank created no excitement.The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank, and the Grocer's Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kerby & Co., of that city, each with liabilities in Atlantic cities of one million. Our Bank returns to-day show a decrease in loans of upwards of $2,500,000, and an increase of $3,750,000 in specie. At the 2d Board to-day, stocks were lower generally. I.C. bonds 50; N. Y. C. R. R. 53; M. S. 9; I. C. 703; C. & T. 22; C. & P. 8; Erie 8; Cal. & Chi. 54; Ch. & R. I. 55; Harlem 51. The sailing of the steamer Atlantic for Liverpool has been postponed till the 24th. BOSTON, Oct. 12. Nothing new to notice in money affairs. The stringency continues, and with little transaction.
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Bank Suspensions in New York. The intelegence from New York yesterday was of a sombre character. No less than fifteen of the banks of that city, two of them of a million capital, have been obliged to suspend specie payments. According to the Constitution of that State, any bank which suspends is placed in the hands of Receivers. Such suspension is equivalent to a failure. The following are the dispatches received upon the subject: A despatch to the Merchants' Exchange says, the Ocean, Marine, Riverand Merchants Exchange have suspended specie payments; and there is a heavy run upon the Republic Bank. Other banks are also beset by the public. The St. Nicholas, Citizen's Bull's Head. Irving and Pacific Banks have also suspended. The following are their respective capitals: St. Nicholas, $750,000; Citizen's, $400,000; Bull's Head, $178,300. Pacific, $422,000. The Mercantile Bank. capital $1,000,000. and the New York Exchange, capital $130,000, have also suspended. A despatch to Merchants' Exchange from New York, savs that there has been a great run upon the American Exchange Bank, Wall street, which is almost impassible. Mr. Leavitt. former President of the bank, addressed the crowd, assuring them of the solvenev of the bank, and of their ability to pay all demands against them. Our regular correspondent telegraphs as follows:NEW YORK, October 13, The St. Nicholas, Marine, Pacific, Irving, Merchants' Exchange, North River. New York Exchange, Citizens and Ocean Banks suspended to-day. Telegraphic despatches from New York announce the suspension of four additional banks, the Market, with a capital of $100,000000. and the New York Exchange, with a capital of $1000,000. The bank of New capital $2,000,000, and Bank of Broadway. capital $500,000. There seems to be a want of confidence in the banks by the community of New York, in remarkable comparison to the feeling of confidence in this city. An exchange broker of this city received a telegraphic despatch from his correspondent in New York to immediately draw all his funds from the New York banks. A number of the banks that have suspended are small and weak. The total capital of the suspended banks is a little short of TEN MILLION DOLLARS. LATEST.-Our despatches received at a late hour last night, state that all the New York Banks have resolved to suspend specie payments so far as paying it over their counters is concerned.-Boston Traveller, Oct. 14.
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Boston, Oct. 13. The suspension of Messrs. Geo. T.& W. P. Lyman, commission merchants on State street is announced. New York, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchants, Exchange, N. Y. Exchange, North River, Irving, Citizens. Chatham, Bulls-Head, St. Nicholas and Market Banks. There is a general run on the Wall street Banks, and intense excitement in the street.— Policemen are stationed at many of the Banks to preserve order.
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Suspension of Eighteen Banks--Resólusion of others to Suspend. [From the New York papers of Wednesday.| Since the financial crisis has been upon us the city has not passed through so severe an excitement as was witnessed yesterday. At an early hour in the day rumérs were rife that several of the city banks had Buspended, and immediately the vicinities of the different institutions mentioned, and in fact of all the banks in the city, were surrounded with anxious and alarmed crowds, whose excitement was not allayed by seeing the omisous ammouncement ou the doors of the closed banks, "This bank hassuspended." Wall street in particular exhibited a scene which it had not presented since the terrible times of 1837. The banks were literally besieged, not alone by those particularly interested but by multitudes of idlers and alarmists.To such an extent did this reach that the aid of the police had in some instances to be called in to enable the clerks to transact business. On the street the panic manifested steelf in thousands of alarmed faces either passing burriedly along from bank to bank, or gazing in silent stupor from the opposite side walks at the crowds accending and descending the steps of the banking houses upon which the excitement seemed to concentrate. It may be hardly necesmry to my that much of this alarm was needless; but when we look at the notual number of banks which suspended during the day-irrespective of the vague rumors with reference to others flying around through an already over excited community-it is no wonder that the equanimity of the city should have been 80riously disturbed. The banks which closed yesterday are as follows:-North River Bank, Ocean Bank, Irving Bank, Merchant's Exchange, New York Ex. change, Citizens Bank, Marine Bank, Market Bank, Chatham Bank, Tradesman's Bank, St. Nicholas Bank, Butchers' s Drovers Bank, People's Bank, Bull's Head Bank, New York Bank, Leather Manufacturers' Bank, Artisans' Bank, and Broadway Bank. The Banks is Greenwich street closed their like mildfit --
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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;
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WASHINGTON NEWS AND GOSSIP THE TIMES IN NEW York.-Clouds portentious are gathering in, thicker and darker momentarily, around the condition no less of those who can find no work and are without the means of buying bread, in New York, than those who have bread and all the comforts and luxuries of life to spare. While gaunt hunger impels the first-mentioned class to deeds of violence, the timidity incident to possessions shakes the nerves of the class we mention last above. The newspapers of New York are already busily and earnestly discussing the chances of bread riots to come off there with perhaps the first freeze of winter The unemployed and hungry are holding open air meetings, demanding what they call their rights-thank God, no nativeborn Americans are yet of the same opinion as to their rights, because to be of that opinion argues one to hold to the doctrines of Danton, Robespiere, and the quite as dangerous Socialists of later times. They talk in their fierce appeals of "governing classes" in this country, which proves that they are persons wholly incapable of appreciating the theory and practice of our Government. That they are among us, but not of us. The trouble lies, in the main, in the interminable propensity of the improvident to insist on continuing to work in large cities like New York. instead of locating themselves in rural districts where less work will produce more wages, and where all surroundings induce one not to spend all one makes, as in New York city, but to saveas much as can, as in every rural district in the United States. Ten toone nine-tenths of the present hungry crowd in New York at this moment are improvident people, who, had they been working in villages instead of in such a seductive city, would have had by them the means of living comfortably throughout the winter without either begging or threatening to procure bread, without the loss of self-respect. or virtually proclaiming themselves enemies to society. That the reader may comprehend the state of things among them, we quote first the Courier and Enquirer of the day before yesterday, and, next, the New York correspondence of the Pennsylvanian "THE UNEMPLOY threats of personal violence uttered by a number of unemployed workingmen at their meeting on Monday do not appear to have been idle or unmeaning Yesterday morning a squalid troop of men, old women. boys and girls down the wooden railing that su rounded Tompkins Square, and carried them off for firewood Hammers and axes were vigorously applied, to root up the posts which remained fast in the ground, and so successfully was the work accomplished that. were it not for the trees. the Square would now present the appearance of a vast vacant lot. Even the benches were carried off. Another party encountering a baker wagon in avenue B, made an attack upon it, and seized some fifty loaves Many articles were stolen from stores where they were placed upon the sidewalk for show, and a general clos. ing of stores of all kinds was the necessary consequence throughout that quarter of the city Deputy Superintendent Carpenter instructed the commanding officers of the different precinets not to withdraw the men stationed at the polls on any account whetsoever. and to keep the rest of their force in the station houses, in readiness to be dispatched to any quarter where their services might be needed. The rowdyism which prevailed to some extent in some portions of the city, was looked upon as a feint to draw the potice away from the polls. and in consequence the spirit of lawlesness spent itself for the want of opposition to give zest to its enjoyment. [Correspondence of Philadelphia Pennsylvanian.] NEW YORK, Nov 2. 1857. There have been ominous doings in our streets to-day At o'clock this morning, a numerous body of workingmen. between 500 and 900 strong. assembled in Tompkins Square, in obedience to call published in the German newspapers, to deliberate upon the hard times, and to take coonsel in reference to means of relief. The great majority of these workmen appeared to be Germans and other foreigners Several speeches of arather alarming character were made, and then the workmen formed in procession, and marched down to the Park, ranging themselves in a semi-circle in front of the City Hall Additional speeches of an inflammatory kind were also made here, and for awhile not a little excitement prevailed. One of the speakers said nothing but physical force could be expected to redress their wrongs now There were but two classes in this coun try, now-those who eat roast beef and drank champagne, and those who could not get a crust of bread to eat. He proposed that those who had the roast beef should share with the latter After a good deal more of this kind of talkthe crowd all the while increasing- was finally resolved to draw up a petition to the Common Council, praying that the kmen out of employ may be given WO k on the Central Park also, that the Mayor's recommendation for the purchase of 50,000 barrels of flour be favorably acted upon A committee to prepare this petition was appointed, and the meeting then quietly dispersed. to meet again on Wednesday evening, to go to the Board of Aldermen in a body to present it Though not a little of the talk' at meeting was sound and fury, signifying nothing,' still these meetings of hungry men thus early in the winter foreshadow serious trouble. RESUMPTION.-We are glad to learn that the Citizens' Bank of New York city yesterday resumed specie payments, and that specie continues to increase steadily and satisfactorily in the vaults of the banksof that city. Of course. the banks now keep two accounts-a specie account, and a current-funds account. Otherwise, a depositor of specie might as well drop it into a fathomless well as SO to deposit it. We trust that each succeeding day will bring us news of the resumption of an additional bank somewhere. heat in Iowa, on the banks of the Mississippi river, is selling at forty cents per bushel, and standing corn, yielding well, in portions of Wisconsin and Illinois, at five dollars per acre-the work of the defaulting banks and speculators. That is to say, the derangement of the exchange of the country is traceable to the non-specie payment of the banks and the over-trading of the speculators and the impossibility of procuring safe exchange, or its equivalent, where the produce exists in immense quantities, compels its holders thus to give it away, as it were, to get rid of it. It strikes us that such lessons as the farmers of the West are now learning, will teach them the necessity for the enactment of laws by which speculation will be repressed and